Virgin Media’s net loss

Virgin Media lost 19,500 customers in the second quarter, 51,400 fewer than in last year’s second quarter. Its net loss grew to £447 million, from £119 million a year earlier, after a £366 million charge to write down the value of Virgin Mobile. The communications group introduced the BBC iPlayer, which was viewed 10.5 million times. Virgin said that it would roll out its super-fast 50Mb broadband service this year. Customers taking its fastest broadband service rose 82 per cent. Average revenue per user for cable clients was £41.63 a month, against £42.16 last time.

Eurozone rates held

Expectations of further increases in eurozone interest rates faded after the European Central Bank held rates and admitted that growth in the 15-nation bloc had weakened faster than it had expected.

Jean-Claude Trichet, the ECB President, sidestepped questions on whether it now expected the eurozone to slide into recession. In a sign that the ECB is likely to keep rates at their present seven-year high for an extended period, he insisted that inflation remained its chief fear.

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