26th July 2013
1) The television fight between BSkyB and BT promises to be one of the most interesting in business. But BSkyB certainly looks geared up for it. It posted increased revenues of 7% and saw pre-tax profits rise 5.7% to £1.26bn and announced a £500m share buyback this week. Several brokers are rating it a buy.
2) Make sure you know what you are invested in. The Archbishop of Canterbury Justin Welby lashed out pay-day lenders this week and said the Church of England was throwing its weight behind credit unions in a bid to compete such firms out of existence as the Guardian reports. Now it turns out that the CofE holds an investment of around £1m in Wonga through private equity firm, Accel. That will change swiftly however. Despite the embarrassment, Mindful Money still finds itself on the bishop’s side.
3) The UK economy grew at 0.6 per cent in the second quarter. In normal times, this would be unspectacular but not these days. Economist Shaun Richards crunched the numbers on Mindful Money
4) More than 200,000 people may lose out on Equitable Life compensation because the Government has lost their details. Tell your friends to check if they have a policy.
5) The City Watchdog, the Financial Conduct Authority this week slapped the state-owned Royal Bank of Scotland with a £5.6m fine. The troubled bank was hit with penalty for incorrectly reporting transactions it made in wholesale markets. The bank, which is more than 80 per cent taxpayer owned failed to correctly report 44.8m transactions between November 2007 and February 2013. In addition it was found to have failed to report 804,000 transactions at all during the same period. Good it’s got such a handle on its business.