Betfair slides on open as total revenues fall September 5, 2013 Online bookie Betfair has seen total revenues fall by 13 per cent in the three months ended 31 July (release). While sports revenues grew by 18 per cent in the period to £4m, in all other areas, revenues declined with gaming incomes falling by 31 per cent and exchange by 13 per cent, and management [...]
Before the open – 05/09 September 5, 2013 It's central bank rate decision day across Europe, with both the Bank of England and European Central Bank announcing policy this afternoon. The FTSE is expected to rise slightly on news that the US is growing at a "modest to moderate" pace from yesterday's Beige Book update. #FTSE called up 20. Generally firmer tone for [...]
Dixons sells off e-tailer PIXmania and Electroworld stores as group sales grow September 5, 2013 High street chain Dixons as confirmed that it is selling off pure e-tailer PIXmania, and electrical goods retailer ElectroWorld operations in Turkey. PIXmania has been sold to German industrial holding company A.G. (release). Dixons boss Sebastian James said that being a purely online business "PIXmania needs a different kind of entrepreneurial vigour". Dixon's ElectroWorld operations [...]
Any Other Business – 05/09 September 4, 2013 It was battle of the music firms yesterday, as the Ministry of Sound announced it was starting legal proceedings in the High Court against streaming music firm Spotify. “The action has been brought on Spotify because it is making available playlists that copy well known Ministry of Sound compilations” said the Ministry yesterday. Spotify meanwhile [...]
The legacy of Hugo Chavez: Venezuela now has the world’s worst public institutions September 4, 2013 On the passing of Hugo Chavez this March, we looked briefly at his economic legacy, and the performance of Venezuela against its South American neighbours. The latest World Economic Forum global competitiveness report, released today, is even more striking. Out of 148 countries, here's how Venezuela's institutions fare: 148th for property rights 148th for the [...]
Former Co-op Bank boss says his warnings over Verde branch deal were ignored September 4, 2013 Former Co-op Bank chief executive Neville Richardson has said that the failed Verde branches deal "was the right deal at the wrong times" and that "the board and CEO of Co-op Group at that time did not accept my warnings and were determined to press ahead. That is why I stepped down." Richardson said that [...]
Obama says he didn’t set a red line over Syrian intervention September 4, 2013 US President Barack Obama has said that he "didn't set a red line" over Syrian intervention, but that "the world set a red line". The President said that his "credibility is not on the line" on Syria, having offered Congress a vote on further action, scheduled for 9 September. More details and analysis on the [...]
Obama says he didn’t set a red line, the world set a red line September 4, 2013 US President Barack Obama has said that he "didn't set a red line" over Syrian intervention, but that "the world set a red line". The President said that his "credibility is not on the line" on Syria, having offered Congress a vote on further action, scheduled for 9 September. Obama believes that Congress will approve [...]
Cowgate: “Bullish” announcement from Barclays September 4, 2013 The Barclays rights issue announcement is turning some heads (release). Rather than linking to the Barclays website, all links to Barclays actually direct to Hereford, a site that sells bull semen. A Barclays spinner told City A.M. "I'm absolutely not saying anything more on Cowgate". An updated release has now been issued, but the old [...]
Trouble at Olympus: SFO brings criminal charges against tech company September 4, 2013 The Serious Fraud Office (SFO) has charged camera and medical equipment company Olympus with offences of "making a statement to an auditor which was misleading, false or deceptive". The alleged offences are said to have taken place between April 2010 and March 2011 and arose from a global fraud case for which Olympus Corporation was [...]
