BAE growth hit after defence budget cuts

first_img whatsapp whatsapp BAE growth hit after defence budget cuts Defence group BAE Systems said changes from the armed forces review would hit growth this year and reduce earnings per share next year.“Changes from the Strategic Defence and Security Review (SDSR) are expected to result in some reduction in growth for 2010,” BAE said in a statement. The company said that a reduction in its financial planning assumptions resulted in a one pence reduction in earnings per share, per annum.The government on Tuesday said it would delay renewing its nuclear deterrent and cut back its army, navy and air force as part of the harshest spending cuts for a generation, aimed at reducing a record budget deficit.The armed forces review, the first since 1998, unveiled a military with fewer people, fewer ships, fewer aircraft, fewer nuclear warheads and a smaller budget.Britain said the BAE-made Harrier aircraft would be retired from service but that the Tornado fleet, which BAE also makes, would be maintained.Orders for nine of BAE’s Nimrod MRA4 reconnaissance aircraft, due to start entering service this year, were also scrapped, while an order for Joint Strike Fighter jets – on which BAE is a partner – will be cut.However, the Royal Navy said BAE could go ahead with an order to build seven Astute class submarines.BAE, Europe’s largest arms contractor, also said its outlook for 2010 remains subject to talks on the cancellation of an offshore patrol vessel programme by Trinidad and Tobago.“Whilst the financial consequences (of the Trinidad and Tobago deal) cannot be definitively assessed at this time … the group estimates a charge of up to £150m, before tax, may be required in its 2010 accounts,” BAE said. John Dunne Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Share Show Comments ▼ Thursday 21 October 2010 3:33 am Tags: NULLlast_img read more

ASA bans “misleading” and “irresponsible” betting system ad

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The UK’s advertising standards authority has upheld three complaints against a website advertising a system for online casino bets, two for misleading and unsubstantiated claims and one for advertising gambling irresponsibly.The website,, owned by tipster Paul Coleman, featured text including the statements: “I’ll Teach You How To Make £50-£100 or more a Day”; “No Work…No Hassle…No Risk”; “make £60 in the first hour” and “a system that’s guaranteed to pay” among other claims suggesting the system advertised could be a substitute normal income and was risk-free.In addition, tet on the site said the system “takes advantage of a glitch in the way online casinos work”, that it was unique and that it only applied to online casino games.A complainant challenged the ad on three grounds.The first claim was that the claims the system was “no-risk” and the profits mentioned were misleading and unsubstantiated, while the second argued that claims the system was unique, developed by Coleman and would only work in online casinos were also misleading and unsubstantiated.A third claim argued the ad was socially irresponsible because it suggested gambling could replace traditional sources of income.In response, Coleman said the ad was “designed to generate interest in an opportunity to make money from roulette and was based on his experience of using a system that he had developed”.In addition, Coleman said that “most of the feedback he received” from clients said that they had earned money by using his system. In addition, he said that he “could not be responsible” for clients who did not follow the rules correctly.Coleman added that the web page featuring the ad would be removed and the system would no longer be on sale. The website in question continues to advertise Coleman’s tipster services for horse racing and football on its other pages.The ASA upheld all three complaints. On the complaint regarding guaranteed profits, it said Coleman “had not provided any evidence to demonstrate that any users of the system had been successful and achieved profits”.“We concluded that the claims for the system’s success and profitability had not been substantiated and were therefore misleading,” it said.On the claim that the system was unique, the ASA said Coleman “had not provided any evidence to demonstrate how his system worked, how it differed from other gambling systems or how the method was exclusively designed for non-traditional casinos”. As such it ruled this claim to be misleading as well.When it came to the claim that the ad promoted irresponsible behaviour, the ASA pointed to the CAP code, which says advertisers must not suggest that gambling can be a solution to financial concerns, an alternative to employment or a way to achieve financial security.The ASA highlighted claims such as those using the system being able to escape the “rat race”, or being able to quit “tedious and irritating” jobs as being liable to be interpreted as the gambling system acting as  alternative to employment and a way to achieve financial security.“We concluded that the ad promoted a gambling service as an alternative to employment and a way to achieve financial security, and was therefore socially irresponsible,” the ASA added.As a result, the ad must not appear again in its current form, and Coleman was warned that he must produce evidence to support claims that his system was risk-free or that it was a new system, as well as that he must not promote gambling as an alternative to employment or a path to financial security. Casino & games The UK’s advertising standards authority has upheld three complaints against a website advertising a system for online casino bets, two for misleading and unsubstantiated claims and one for advertising gambling irresponsibly. Regions: UK & Ireland 17th June 2020 | By Daniel O’Boyle Topics: Casino & games Legal & compliance Marketing & affiliates Tags: Online Gambling Subscribe to the iGaming newsletter Email Address ASA bans “misleading” and “irresponsible” betting system adlast_img read more