Ofcom hits back at BSkyB accusations

Ofcom, the communications watchdog, has issued a rare response to accusations from BSkyB that the regulator's footdragging had forced the broadcaster to delay its new terrestrial pay-television product. BSkyB, in which News Corporation, parent company of The Times, has a 39.1 per cent stake, said that it had put the planned new product, dubbed Picnic, on ice because of Ofcom's long decision-making process. Ofcom responded in a statement last night saying that it “rejects the implications of BSkyB's comments”, highlighting several reasons for the length of time involved. (Amanda Andrews)

Hopes rise for rate cut

Hopes of an interest rate cut grew as Paul Tucker, a member of the Bank of England's rate-setting committee, said risks to inflation and growth were on the downside. Mr Tucker cautioned that the pound's weakness was inflationary, but analysts said this could signal that Mr Tucker, who has voted to hold rates in each of the past five meetings, could be more amenable to a cut in the future. (Gráinne Gilmore)

Gem of an offer

Gemfields Resources, which has rights to the Fabergé brand, has made a £33 million offer for TanzaniteOne, the biggest miner of the blue-violet gemstone that is found only in Tanzania. Gemfields, which is majority owned by Pallinghurst Resources, said that the proposed takeover would create the world's leading miner of coloured gemstones. (Thomson)

New Star loses fund

New Star Asset Management has lost a £1.4 billion fund management mandate for the Family Assurance Friendly Society. It is understood that New Star lost the Family contract, consisting of children’s investment trusts, to Abbey, a unit of the mortgage bank owned by Banco Santander, of Spain. The departure represents about 6 per cent of New Star’s £19.1 billion assets. (Miles Costello)

Shift in hiring trend

Employers are favouring temporary contracts in the economic downturn. Russell Clements, chief executive of SThree, the British recruitment company, said that the number of permanent positions it was filing had dropped by about 10 per cent in the past three months, with banking undergoing the biggest drop-off in hiring, down 50 per cent year on year. (Dow Jones Newswires)

Deka buys Moorhouse

Hammerson and its joint venture partner Pearl Assurance have sold a long leasehold interest in Moorhouse, 120 London Wall, a 30,100 sq m office building for £230 million to Deka Immobilien Investment, a German open-ended fund. The cost of Hammerson's 67 per cent interest in the scheme was £142 million, while its share of the net sale proceeds will be £152 million. (Thomson)

Tesco aims at Argos

Tesco has launched a fresh price assault on Argos by cutting the cost of 1,500 products, from hard drives to skipping ropes, in its latest Tesco Direct catalogue. Britain's biggest retailer is distributing six million copies of the catalogue next week in its latest effort to win more business from high street rivals. Argos reported its worst quarterly sales for nine years on Thursday — a 5.8 per cent fall. (Steve Hawkes)

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