September 4

Lloyds exposed to resort failure

first_img whatsapp Share More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Show Comments ▼ Lloyds exposed to resort failure British taxpayers are on the hook for millions of pounds of losses after Sea Island, an exclusive US holiday resort part-owned by Lloyds Banking Group, filed for Chapter 11 bankruptcy. The founding family behind the property hopes to sell it to out of bankruptcy to a consortium of investors for $198m (£126m). At the end of last year, Lloyds was among banks exposed to the tune of $340m through loans to the company. Sea Island began life in 1929 and has hosted prestigious guests such as Presidents Coolidge and Eisenhower. whatsapp Wednesday 11 August 2010 8:46 pm KCS-content Tags: NULLlast_img read more

September 4

Dow crashes below crucial 10,000 level

first_imgThursday 26 August 2010 8:46 pm whatsapp Share Tags: NULL Dow crashes below crucial 10,000 level whatsapp Show Comments ▼ THE Dow Jones closed below the psychologically-crucial 10,000 level yesterday as investors shrugged off better than expected US jobs figures to focus on an expected downgrade for US GDP today.The US blue chip index fell 0.7 per cent to 9986.81 – its lowest level since 6 July ahead of today’s GDP growth for the second quarter which analysts are predicting could be almost halved from the preliminary forecast of 2.4 per cent to just 1.4 per cent. There are also fears of what Fed chairman Ben Bernanke’s speech on the economy today, will reveal. Investors want to “see if the pulse of the Fed is beating at a fast rate with anxiety over the economy,” said Avalon Partners’ Peter Cardillo. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content last_img read more

September 4

RAB issues a late night profits warning and says it will cut jobs

first_img LONDON based hedge fund operator RAB Capital, warned yesterdfay its full-year loss will be larger than expectations after losing nearly one-quarter of its assets in July and August from poor performance at one of its largest funds and from investor redemptions.Assets sank to $1.05bn at 31 August, from $1.26bn at 30 June and $1.35bn at the start of 2010, because of a 15 per cent loss in its flagship Special Situations fund in the two months, and from a European bank pulling cash from RAB’s fund of funds.The hedge fund, which is famous for having bought shares in Northern Rock before the bank was nationalised, issued the warning after the market closed last night and said that it will have to make cuts to its 100-strong workforce. RAB would not confirm the number of job losses but said the cuts would cause an “exceptional charge” of £5.5m. Barely two weeks after the new chief executive, Charles Kirwan-Taylor took the helm, he said RAB had a strong capital and liquidity position, but that the company’s cost base was too high compared with its revenues and its full-year results would be “significantly” below expectations. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPuffer fish snaps a selfie with lucky divernypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.com RAB issues a late night profits warning and says it will cut jobs whatsapp whatsapp Tags: NULL KCS-content center_img Share Show Comments ▼ Thursday 16 September 2010 9:05 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndolast_img read more

September 4

CFO confidence crashes

first_img Share CFO confidence crashes Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo MORE than a third of chief financial officers expect a double dip recession as confidence crashes to its lowest level in 18 months.As a result, finance bosses are maintaining a strong focus on keeping costs down and three quarters warn against taking risks, according to a Deloitte survey.However, larger companies are no longer suffering from the credit famine, with banks much more open to lending and the cost of borrowing back to pre-recession levels.Despite the gloomy outlook, 59 per cent see revenues rising over the next 12 months, and most see profits margins improving too. An overwhelming 82 per cent see M&A activity continuing to pick up over the next year.Deloitte partner Margaret Ewing said: “UK corporates entered 2010 with a cautious view on the sustainability of the recovery and have stuck to this view.” Monday 11 October 2010 12:02 am center_img KCS-content whatsapp whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Tags: NULLlast_img read more

September 4

Banco Popular addresses capital

first_img Share Banco Popular addresses capital KCS-content whatsapp Tags: NULL Show Comments ▼ Spanish bank Banco Popular is to reinforce its position ahead of the new Basel III regime on capital adequacy, with plans to raise up to €679m (£577m) of new capital. The bank will strengthen its capital base by €579m-€679m with a 3 per cent capital increase taken up by France’s Credit Mutuel-CIC, and a €400-500m bond issue for retail investors compulsorily convertible into shares. Chairman Angel Ron said: “Banco Popular’s capital will be well above the minimum core capital requirements and will thus achieve a position of advantage.” Tuesday 16 November 2010 9:22 pm Read This NextRicky 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 whatsapplast_img read more

September 4

OSBORNE’S AUSTERITY CHRISTMAS: A CHEAP TREE AND EMPTY RED BOX

first_img whatsapp whatsapp KCS-content FOLLOWING on from The Capitalist’s report yesterday on what George Osborne will be collecting in taxes from you this season, readers might be happy to know that the chancellor will himself will be enforcing an austerity Christmas on his office.He certainly had a sorry Christmas tale to tell at yesterday’s lunch with the political reporters of the Westminster lobby. Incensed by the costliness of the usual treasury Christmas tree, last year coming in at £875 due to a “PFI scheme”, he announced that this year would see a festive austerity drive. But, as with everything in government, it proved more complicated than anticipated. His permanent private secretary – the chancellor’s chief assistant – was soon on the case with an email entitled “Facts about the Christmas tree”. It turned out the tree was typically chosen from a catalogue provided by a contracted private company, whose options ranged from “indulgence” to “decadence”, with a bespoke tree available for a maximum of £875.Should the chancellor choose to go outside the designated provider, his assistant listed a variety of concerns, including “who will dress the tree”, “how will we get it into the building (will we need a van?)”, “who will water the tree if required” and “where will we find a ladder to decorate it”.Cue a full-blown government kerfuffle over “the line to take” regarding departmental Christmas trees. Soon, the Cabinet Office was sending out an email entitled: “Christmas Tree (unclassified)”, with a policy designed to “give appropriate wiggle room while striking OK tone”. Suffice to say, they got the tree donated.Meanwhile, the chancellor also had some shocking revelations about the budget: it turns out that the red budget box waved by many a chancellor outside Downing Street is in fact empty. The key was lost many years ago, making the whole spectacle an elaborate charade. So when the Opposition next tells you that government promises on tax are “empty”, there might be something more to their claims than political point-scoring.FLASHERSOutrageous news reaches The Capitalist’s inbox! I’m told that recent months have brought a tumultuous variety of dinner guests to one high-end City restaurant.The proprietor was in touch to report that she has “seen three willies, a ring being chucked into the Thames and a woman screaming at me that my waiter touched her napkin”. It begged a follow-up. The three flashers were all of different parties, it seems. One involved a rather exhibitionist fellow so inebriated that he stripped naked and jumped onto a wall facing the Thames to pose for pictures. The verdict? “Very white, very small… bearing in mind it was about -1C.” Yikes.Meanwhile, another chap seemed to have trouble finding the men’s in his befuddled state. Luckily our restaurateur was on the ball, so to speak, stopping him before he peed on her property.Yet another party included a guy insistent upon calling himself “gorgeous Graham”, but other details were scarce.So who were these indecent fellows? Do you know them? Get in touch.TRADER’S DELIGHTBetter act fast – the WorldSpreads £100,000 trading competition closes today and it has already registered 100 winners. The contest offers a share of the £100,000 money pot for those able to make ten consecutive profitable trades, with the profit having to be at least five points. The betting provider reports that markets with the tightest spreads were, unsurprisingly, the most popular, with many involving zero-point spreads. And it wasn’t just professional traders – many were making bets from home. “To win this competition ten years ago,” said WorldSpreads chief executive Conor Foley, “you needed a Reuters feed and a cabbie with inside knowledge. Now the financial markets are open to all.” The big society in action, surely?TAKING THE BISCUITWe’ve all heard of workers being taken out for a day by a sick child requiring care, but an excuse given by one fund manager at a well-known firm recently really takes the biscuit. Having sent his beloved dog off to a “canine boot camp” to try and purge the animal of its misbehaviour, he was urgently called to drive many miles to pick up the pooch after the trainer called him to report that her husband had left her and she was too distraught to drive. “This one stretches the bounds of credulity to new levels,” reports our source, “but is probably true as it’s just a bit too fanciful! Truth, as they say, is stranger than fiction.”HAPPY CHANUKAHFinally, last night saw the final light being illuminated on the Canary Wharf menorah for the eigth night of Chanukah.Chanukah sameach! by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald OSBORNE’S AUSTERITY CHRISTMAS: A CHEAP TREE AND EMPTY RED BOX Thursday 9 December 2010 8:41 pm Show Comments ▼ Share Tags: NULLlast_img read more

September 4

Britons downbeat over economy

first_img Share Britons downbeat over economy Tags: NULL Tuesday 8 February 2011 8:27 pm Show Comments ▼ More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comcenter_img People in emerging markets are among the most optimistic about the economic recovery in the world, research from Ipsos MORI revealed yesterday. Over half the respondents in two of the “BRIC” nations – Brazil (78 per cent) and India (61 per cent) – expect their economy to get stronger in the next six months. In China 44 per anticipate economic strengthening. Britons were far more pessimistic, with only 13 per cent rating the economy as “good” and only one in 10 optimistic about the future of their local economy. In Europe, people in Germany and Sweden were the most positive in their economic outlook. KCS-content whatsapp whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndolast_img read more

September 4

Why I don’t believe rates should be going up

first_img Why I don’t believe rates should be going up Tags: NULL KCS-content Share Show Comments ▼ whatsappcenter_img whatsapp Sunday 20 February 2011 10:58 pm The Bank of England releases its latest minutes this week and so the great rate debate continues. Will anybody have joined Andrew Sentance and Martin Weale in voting to hike? Many argue raising domestic rates can’t curb imported inflation but Sentance points out it might strengthen sterling, which would help. In practice, every currency analyst I’ve asked dismisses lasting appreciation of the pound from higher base rates. Sentance also argues the output gap is less than imagined by doves. I agree, but only because most experts, including current and ex-MPC members, tell me you can’t measure it. In which case output gaps as an argument for doing anything is hopeless. Employment fell in the fourth quarter, wage growth is sluggish, broad money growth restrained (around two per cent), bank lending constrained (Barclays has cut asset finance to firms with a turnover of under £5m), house prices stagnant (at best) and mortgage lending abysmal. Oh, yes, and we’re about to launch an cutback in government spending with more tax rises. So against that backdrop, what’s the argument for raising rates? Not to cure imported inflation in two years’ time, but credibility. If people begin to think the Bank is no longer committed to the inflation target, then it’s game over for monetary credibility. But credibility with who? The holders of over 11m mortgages, of which an ever greater number are pegged to variable rates? If credibility is the only reason for putting up rates then we’ve already lost it. Supporters of higher rates, including the editor of this publication, also say they have to rise at some point from this emergency base, so you may as well start now. True, if you assume there’s no risk from a tightening cycle. But as we saw in last week’s Channel 4 news report on food banks, many families are on the verge of financial meltdown. Rate rises now could have a disastrous impact on sentiment, that quickly translates into something far worse. At that point the political pressure on the government to offset tighter monetary policy with less austerity will be overwhelming. The reality is we’re no longer discussing whether monetary policy can impact inflation – we’re arguing over whether we maintain the pretence that it can. The narrow two per cent inflation target (plus or minus one per cent) is out of date. We should change the remit to one similar to the Fed, including growth and employment – and let us stop discussing making futile gestures purely for the sake of appearance. Ross Westgate is co-anchor of CNBC’s Worldwide Exchange. Tweet @rosswestgate last_img read more

September 4

News Corp nears BSkyB deal with OFT

first_img News Corp nears BSkyB deal with OFT Tags: NULL whatsapp Thursday 24 February 2011 8:55 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Sharecenter_img RUPERT Murdoch’s News Corp is closing in on a deal with regulators over its £7.8bn bid for broadcaster BSkyB, sources said yesterday.The media group is close to agreeing a series of undertakings with the Office of Fair Trading that would satisfy its concerns that a takeover would unduly concentrate the UK’s media sector.The concessions may see News Corp make structural changes such as separating out or essentially surrendering control of its Sky News unit rather than just ensuring the two news providers remain distinct.Sources close to News Corp told City A.M. last night that there had been a lot of back and forth with the regulators after the company submitted its proposals to them. News Corp is keen to avoid a full Competition Commission probe into its bid to acquire the remaining 61 per cent of BSkyB it does not already own and is prepared to make concessions to do so. Culture secretary Jeremy Hunt has said he intends to refer the deal to the Commission, but last month granted News Corp an extension to address media plurality issues. Analysts have said News Corp would be unlikely to offer Sky News as a concession unless necessary. But Murdoch is now thought to be keen enough to close the deal for BSkyB, which is currently valued at £13.2bn, to agree to it.It would almost certainly mean News Corp avoiding a six-month review by the Competition ­Commission.FAST FACTS | BSKYB TAKEOVERNews Corp made a 700p per share bid for BSkyB’s remaining 61 per cent in June 2010.The deal values the broadcaster at £13.2bn. If Jeremy Hunt approves an agreement, the deal will go to a 15-day public consultation. whatsapp More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Show Comments ▼ KCS-content last_img read more

September 4

Intertek buys Moody in deal worth £450m

first_img Intertek buys Moody in deal worth £450m SHARES in safety services provider Intertek jumped yesterday after it revealed an 11 per cent profit increase and plans to acquire a rival. Profit before tax for the FTSE 100 listed firm hit £211.9m for the year to 31 December 2010, up from £191.5m a year earlier. Consensus forecasts had estimated pre-tax profits of £209m. The quality control company, which tests a range of products from toys and footwear to computers, also reported revenues of £1.4bn for the period.Underlying profit at the firm stood at £206.5m, whilst a final dividend of 18.8p per share will be proposed at the group’s annual general meeting in May. Intertek also said it had agreed to buy technical inspection and certification firm Moody International, adding to its international reach. The group will spend £450m on Moody, buying the Sussex-based company from private equity house Investcorp.The deal, which is funded entirely in cash, will help Intertek to expand its presence in Asia and other emerging markets, where Moody has significant expertise. Intertek said it expects pre-tax cost synergies to reach £6m within three years.Chief executive Wolfhart Hauser said: “As market conditions continue to improve, the enlarged group is very well positioned to continue its record of strong organic revenue growth of high single digits.Shares in the firm closed up five per cent at 1,994p per share. KCS-content Show Comments ▼ whatsapp Share Monday 7 March 2011 8:36 pm Read This NextRicky 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap whatsapp Tags: NULLlast_img read more