iafkhqvo

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img KCS-content Share Tags: NULL FINANCIAL TIMESCREDIT SUISSE TO ISSUE COCOS EARLY Credit Suisse’s chief executive said he hoped to begin issuing billions of dollars in contingent-capital bonds in the next year to help shore up the bank’s financial strength well ahead of new Swiss regulations. Brady Dougan also defended Credit Suisse’s decision to award one-off payments to about 400 senior employees whose bonuses had been slashed to avoid a 50 per cent supertax on bonuses over £25,000 in the UK.MYNERS CALLS FOR BANK BREAK-UPLord Myners, City minister in the last government and a key figure in the financial bail-outs at the height of the global crisis, has called for a break-up of Britain’s biggest banks. He argues that the future of the industry “lies in less monolithic institutions” and urges the Commission on Banking, to focus on boosting competition.BARRATT TO REFINANCE £1.45BNBarratt Developments has opened talks with lenders to refinance its £1.45bn borrowing facilities less than a month after Taylor Wimpey, its largest rival, agreed new banking arrangements. Barratt, the UK’s largest housebuilder by volume, entered preliminary discussions with its banks, including Lloyds, HSBC and Royal Bank of Scotland, during the past few weeks to secure new facilities by the middle of next year, according to sources familiar with the situation.HYBRID CAR SALES TO TOTAL UNDER 1M Sales of hybrid cars will total less than 1m this year and account for barely two per cent of the world passenger-vehicle market. JD Power and Associates estimates sales of the cars, which are driven by batteries over short distances and a combustion engine over longer ones, will reach 934,000 this year, up from 728,000 in 2009, the industry’s worst year in decades.THE TIMESCORPORATE BOSSES HEAD FOR WHITEHALLDavid Cameron hopes to inject private sector discipline into Whitehall by appointing some of Britain’s top business leaders to new corporate-style boards for government departments. The chief executives of GlaxoSmithKline and Centrica, Andrew Witty and Sam Laidlaw, are among the new non-executive directors due to be announced this week. DISNEY TO WIDEN APPEAL TO GEEKSWalt Disney is trying to persuade more women to enter the macho world of science fiction by wooing them with two timeless attractions: shoes and jewellery. Almost 30 years on from the original Tron film, the world’s biggest media company is tapping into the growing female market for “geek chic” with a range of high-end Tron-themed accessories ahead of the release of the sequel.The Daily TelegraphMETRO BANK RAISES £52M FOR GROWTHMetro Bank has successfully completed its second round of capital raising and can now accelerate its expansion in UK retail banking. The bank, the first high street bank to be launched in a century, raised £51.7m at a 20 per cent premium to its original share price. Vernon Hill now owns 21 per cent of the bank and has a stake worth £32m.HEDGE FUNDS HEAD FOR HIGH COURTACPI Investments, the London-based hedge fund with more than $2.75bn (£1.74bn) on its books, is set for a High Court clash with a rival fund after the departure of one of its senior managers. ACPI, run by ex-Goldman Sachs colleagues Alok Oberoi and Brett Lankester, has filed a lawsuit against RMG Wealth Management, seeking to ban it from using what it alleges is confidential information gained from Stephen Greene.THE WALL STREET JOURNALEUROPETAX DEAL SET TO PASS SENATE Democrats are predicting that a much-debated tax agreement will win approval comfortably in the Senate on Monday, with a margin that they hope will add momentum to the deal in the House. But even with President Barack Obama, former President Bill Clinton and a growing number of Senate Democrats backing the deal, House Democrats remained eager to test whether they could push Republicans to raise the proposed tax rate on estates. OPEC STEADY WITH TARGET OUTPUT OPEC left its crude-oil production ceiling intact, despite recent signs that a recovering world economy might pressure the group to open its spigots next year. The Organisation of Petroleum Exporting Countries kept its targeted oil output rate at 24.85m barrels a day at a meeting Saturday. 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 NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Sunday 12 December 2010 11:21 pmcenter_img WHAT THE OTHER PAPERS SAY THIS MORNING whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Show Comments ▼ whatsapplast_img read more

Read More
vponjpab

US Fed to continue bond buying despite positive economic data

first_imgTuesday 14 December 2010 3:19 pm alison.lock whatsapp STRONGER-than-expected US retail sales in November and rising producer prices have added to evidence that its economic recovery is gathering pace in the fourth quarter.But the Federal Reserve said the improvement was still too slow to bring down unemployment and confirmed it would still buy $600bn (£380bn) in bonds to stimulate growth and create jobs.The US Commerce Department said total retail sales increased 0.8 per cent in November, advancing for a fifth straight month, as consumers shook off unemployment fears to hit the shops at the start of the holiday season.Sales were up 7.7 per cent compared to November last year, and receipts at petrol stations also surged. Separately, producer prices increased 0.8 per cent last month, the Labour Department said, above forecasts for a 0.6 per cent gain. Core wholesale prices, which exclude volatile food and energy prices, rose 0.3 per cent.But the Fed’s latest statement contained little acknowledgment of this uptick in the data and instead focused squarely on high unemployment.It described the economy’s expansion as “continuing,” a modest upgrade from its November description of “slow”.Its steady emphasis on economic weakness surprised some analysts who expected clearer acknowledgment of recent signs the recovery has gained momentum.Excluding autos, sales rose 1.2 per cent in November, the largest gain since March and exceeding economists’ expectations for a 0.6 per cent gain. Sales for October were also revised up, to 1.7 per cent from a previously reported 1.2 per cent gain. Share US Fed to continue bond buying despite positive economic data 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrapcenter_img Tags: NULL whatsapp 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 PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼last_img read more

Read More
ceiqwviz

Eurozone industry rebounds

first_img Eurozone industry rebounds whatsapp Tags: NULL Tuesday 14 December 2010 9:06 pm EUROZONE industrial production rebounded in October, driven upwards by a resurgent Germany, official data revealed yesterday.After a decline the previous month, production sprung back with a 0.7 per cent increase across the single currency area.Compared to the same time in 2009, industry expanded by 6.9 per cent, according to the Eurostat office.Yet growth was lower than expected by economists. And the Eurozone remains reliant on strong core economies, as the troubled periphery stalls recovery.“The German industrial sector very much led the way for the Eurozone, markedly out performing most other countries,” said Howard Archer of IHS Global Insight.Industrial production contracted in Greece (-4.6 per cent), Portugal (-2.8 per cent) and Spain (-1.9 per cent) from the previous year.Meanwhile, Ireland’s production fell by 4.8 per cent compared to September, as the crisis grew in the run up to last month’s €85bn (£72bn) bailout. Germany recorded a 12.1 per cent increase on the previous year, and was boosted by another rise in business morale, as the ZEW Indicator of Economic Sentiment climbed 2.5 points on November. The survey measures the expectations of investors, with more anticipating an improvement in business conditions (than those expecting a deterioration) over the next six months.In neighbouring France, new inflation figures showed consumer prices rising by 0.1 per cent in November. Year-on-year consumer price index (CPI) inflation stands at 1.6 per cent.Eurozone inflation figures are expected tomorrow. 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap whatsapp KCS-content Show Comments ▼ Sharelast_img read more

Read More
borxztdc

Hutchison in $6bn stock offer

first_imgTuesday 18 January 2011 7:12 pm whatsapp KCS-content Hutchison in $6bn stock offer whatsapp HUTCHISON Whampoa plans to spin off its holdings in two ports assets, a move expected to raise $6bn (£3.8bn) in what could be Southeast Asia’s largest ever stock offering.The listing by Hutchison, a ports-to-telecom conglomerate owned by Hong Kong tycoon Li Ka-shing, will take place on the Singapore Stock Exchange, allowing the company to use the proceeds for investments in its ports and infrastructure business.“Hutchison’s divestments will likely result in a meaningful reduction in the company’s net debt and increase the company’s financial flexibility,” said Kalai Pillay, senior director at Fitch’s Asia-Pacific corporates team, noting that the deal will also reduce cash flows to Hutchison from the ports business.The key assets of Hutchison Port are deep-water container port operations in Hong Kong, China’s southern Guangdong province and Macau.Hutchison proposes to spin off Hutchison Port Holdings Trust in a separate listing in Singapore, where regulations are favourable for trusts-like companies to list, it said in a filing with the Hong Kong stock exchange yesterday.The statement helped explain why Hutchison would float the ports unit in Singapore rather than Hong Kong, where heavy demand from investment funds have made Hong Kong by far the top exchange for public listings in the last two years.Shares of Hutchison fell 2.4 per cent yesterday to HK$93.65 per share in a broader market down 2.4 per cent. Traders attributed the dip to the run up the stock has enjoyed this year.Hutchison’s shares have risen 17 per cent since the beginning of the year, making it the second-best performer among the main Hang Seng index. 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap Show Comments ▼ Share Tags: NULLlast_img read more

Read More
kraejgda

Carphone sees earnings at top end of forecasts

first_imgTuesday 18 January 2011 3:10 am Tags: NULL John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Carphone Warehouse, Europe’s biggest mobile phone retailer, expects full-year earnings at the top end of forecasts, driven by a strong performance at its US joint venture, it said.The group, which owns 50 percent of a venture with US electricals retailer Best Buy as well as a 47.5 per cent stake in Virgin Mobile France, said earnings would be at the top end of a range of 13.5 to 14.0 pence a share.Revenues at European stores open at least a year rose 0.7 per cent in the 13 weeks to 1 January, the third quarter of its financial year, just below analysts’ average forecast of a 1 percent rise, according to a company poll.However, connections at Best Buy Mobile U.S. were up 33.6 per cent, above the forecast increase of 25 per cent, and Carphone said its share of full-year profit from the venture would be £90-£100m, compared with its previous estimate of £85-£95m. whatsapp Show Comments ▼center_img whatsapp Carphone sees earnings at top end of forecasts More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comConnecticut man dies after crashing Harley into live bearnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Sharelast_img read more

Read More
cjfirmmk

ARM suffers after bad note

first_img whatsapp ARM suffers after bad note KCS-content ARM shares dropped 2.62 per cent yesterday after Barclays Capital downgraded the stock from ‘overweight’ to ‘equalweight’, saying that, for the first time in years, the firm’s stock was fairly valued. He also raised his target for the stock from 370p to 650p. The downgrade followed a massive sale of stock by ARM chief technology officer Mike Muller, who raised over £2m by selling 350,000 shares at 579p each. Tags: NULL Sharecenter_img whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Show Comments ▼ Tuesday 8 February 2011 8:43 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmlast_img read more

Read More
zfzrqcej

Merkel party in crushing defeat

first_img Share Tags: NULL KCS-content whatsapp Show Comments ▼ whatsapp GERMAN chancellor Angela Merkel’s Christian Democrats suffered a crushing defeat in a regional election in the city-state of Hamburg yesterday.The rout, the party’s worst post-war result, will cost the CDU three seats in the upper house, or Bundesrat, and will make it harder for her coalition to pass laws.The unexpectedly large scope of the defeat may cause turbulence for her party at the national level with six further regional elections looming.The CDU fell to 20.8 per cent from 42.6 per cent in the last election in 2008, according to German television. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 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 Wrap Merkel party in crushing defeat Sunday 20 February 2011 10:57 pmlast_img read more

Read More
xhwckzza

Delaware legalises sports betting

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Delaware has become the first state to legalise sports betting in the US after last month’s Supreme Court ruling on the matter. The Supreme Court voted to repeal the federal 1992 Professional and Amateur Sports Protection Act (PASPA), which had blocked states from regulating sports wagering, with the exception of Nevada, Oregon, Delaware and Montana. New Jersey had led the bid to overturn PASPA, but Delaware has pulled ahead in the race to legalise such activities after Governor John Carney confirmed sports betting will begin in the state on June 5. Consumers in Delaware, which is also only one of three states to offer legalised online gaming activities, will be able to place sports wagers at three locations. Delaware Park, Dover Downs Hotel & Casino and Harrington Raceway & Casino will offer sports betting services. “Delaware has all necessary legal and regulatory authority to move forward with a full-scale sports gaming operation, and we look forward to next week’s launch,” Carney said in a news release. “We’re hopeful that this will bring even more visitors into Delaware to see first-hand what our state has to offer.”Confirmation of the launch comes after Carney last month said that he expected Delaware to begin taking sports bets in June. The USA Today newspaper reports that the Delaware Lottery has also published an online betting tutorial for SportsPick, the state’s sports gaming product. Delaware, which had been offering parlay NFL wagering via partial exemption under PASPA, is yet to confirm whether it will allow betting on college sports events. State lottery regulations currently ban any bets being taken on Delaware’s two Division I colleges – Delaware State and the University of Delaware.Related articles: Delaware eyes swift sports betting legalisation US sports betting ban overturned Delaware legalises sports betting Email Address Subscribe to the iGaming newsletter Topics: Legal & compliance Sports betting Tech & innovationcenter_img Regions: US Delaware Delaware has become the first state to legalise sports betting in the US after last month’s Supreme Court ruling on the matter 1st June 2018 | By contenteditor Legal & compliancelast_img read more

Read More
borxztdc

Scientific Games reaches settlement in Shuffle Tech antitrust suit

first_imgLegal & compliance Subscribe to the iGaming newsletter Email Address Settlement will see supplier pay $151.5m to Shuffle Tech and two other plaintiffs to bring dispute dating back to 2012 to a close Topics: Legal & compliance Scientific Games has reached a settlement with Shuffle Tech International and two other companies in a long-running legal dispute over an allegedly frivolous patent lawsuit regarding automatic card shuffling machines.As part of the settlement Scientific Games is to pay Shuffle Tech, Aces Up Gaming and Poydras-Talrick $151.5m, around 45% of the $335m it had been ordered to pay by an Illinois jury in August this year.“While we firmly believe that the jury decision was wrong, we are pleased with the outcome of the settlement and that this matter will be resolved for good,” Scientific Games chief legal officer and executive vice president James Sottile said.The case dates back to 2012, when Scientific Games filed a lawsuit against the three companies, alleging the trio had infringed on the solutions provider’s patents in the development of an automatic card shuffling machine.Shuffle Tech, Aces U and Poydras-Talrick responded with an antitrust lawsuit in 2015. They argued that the supplier had misled the US Patents and Trademark Office by filing broad and vague trademarks that were designed to help it control the automatic card shuffling machine market.This ultimately saw the jury rule in the trio’s favour, awarding them compensatory damages of $105m which, due to the nature of the case, were trebled to $315m. Coupled with lawyers’ fees and related costs, this left Scientific Games facing a total payment of $335m.The supplier has always denied wrongdoing, and at the time pledged to push for a review of the finding of liability and the damages awarded. In the settlement announced yesterday (December 13) Scientific Games did not admit any liability.The settlement is conditional upon the trial court entering an order to vacate the judgement reached following the jury’s verdict, though Scientific Games expects this to go ahead. Once this condition has been fulfilled, all litigation relating to the matter will be ended, and all pending motions and filings dropped. 14th December 2018 | By contenteditor Scientific Games reaches settlement in Shuffle Tech antitrust suit AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Read More
qvnytvih

Lottoland makes €76m bid for Zeal’s German business

first_img Lottoland Holdings has proposed a cash offer of up to €76m for Zeal Network’s core German business in the latest twist in the drama relating to the latter’s proposed takeover of Lotto24. The lottery operator’s proposed offer, signed by CEO Nigel Birrell and published this morning by Zeal, would see it acquire the Germany-facing Tipp24.com brand. It called on the company to “immediately postpone” next week’s vote on the acquisition of Lotto24. Subscribe to the iGaming newsletter Lottoland makes €76m bid for Zeal’s German business 11th January 2019 | By contenteditor Regions: Europe Central and Eastern Europe Germany Lottoland Holdings has proposed a cash offer of up to €76m ($87.6m) for Zeal Network’s core German business in the latest twist in the drama relating to the latter’s proposed takeover of Lotto24.The lottery betting operator has made a bid, signed by CEO Nigel Birrell (pictured) and published this morning by Zeal, to acquire the lottery brokerage’s Germany-facing Tipp24.com business. It is also looking to purchase Zeal’s UK-based subsidiary Tipp24 Services Ltd, its customers and related intellectual property and infrastructure.Lottoland confirmed the proposed offer would not include acquiring the MyLotto24 brand.Following due diligence, Lottoland said it would formally offer between €60m and €76m for the assets, assuming a market value of around €38m.Lottoland, which owns a 4% stake in Zeal, said its offer was a superior proposition for shareholders to the proposal filed by Zeal in November 2018.It called on Zeal to immediately postpone next week’s Extraordinary General Meeting, at which shareholders are set to vote on the Lotto24 acquisition. Instead, shareholders should be allowed to evaluate Lottoland’s proposal after due diligence had taken place, the operator said.Lottoland, which holds a 4% stake in Zeal, this morning reiterated that it believes the brokerage’s offer for Lotto24 “destroys value, makes no strategic or economic sense and will result in a massive loss of billings and a substantially lower margin (potentially even a negative margin) for the combined new group.”Citing Zeal’s rationale for its purchase of Lotto24, Lottoland said its proposed takeover would offer significant risk reduction from an operational, tax, and regulatory perspective, improved growth potential, and cost synergies.“By divesting itself of the German lottery betting business, the company is reducing its operational, tax and regulatory risks in much the same way as through the transaction,” Lottoland said.“It will no longer be exposed in Germany to the volatility created by big wins, the uncertainty surrounding the outcome of the pending German legal VAT case and the assumed risk of an outright ban on lotto betting.”Highlighting the souring of relations between the two groups, Birrell’s letter addressed to Zeal chiefs Helmut Becker and Jonas Mattsson said the offer was made “despite our efforts to enter into a nondisclosure agreement and despite your reluctance to share any information with us or answer our questions.”Zeal announced the proposed takeover of Lotto24 in November, saying that the combination would create a digital lottery giant with over five million around the world, billings of around $500m (£391.2m/€436.3m) and a diversified international footprint.Lotto24, which originally operated as Zeal’s German lottery brokerage division, was spun off as an independent business from the group in 2012.Zeal reported billings of €280.5m and revenue of €134.3m in 2017. For the first nine months of 2018, billings were up 5% year-on-year to €212.4m, with revenue up 19% at €111.2m for the same period. As of September 30, it had 3.5m registered customers.Lotto24 generated billings of €220.7m and revenue of €25.2m in 2017. The business upgraded its full-year guidance for 2018 in October, and now expects to see billings growth of between 38% and 43% for the year.center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Finance Topics: Finance Lottery Email Addresslast_img read more

Read More