Why firms need to be freed to spend

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first_img whatsapp Why firms need to be freed to spend Tuesday 15 February 2011 4:10 am Tags: NULL DESPITE repeated promises from the coalition that it would tackle the burden of red tape, a raft of new employment rules are set to come into force over the next few years. As we report on page 1, these will cost UK firms billions of pounds in extra recurring costs, even on the government’s own figures; seven major changes are planned for 2011 alone. This is an idiotic situation. Public spending is rightly being reined in over the next four years to prevent national bankruptcy. Unfortunately, this will impact on consumer spending – which is why we need a corporate sector-led spending recovery to compensate. That means encouraging private firms (existing and new) to spend and recruit. Instead, the coalition – with some exceptions on tribunals – is continuing to heap costs on UK Plc, or acquiesce to EU rules which will only discourage such spending and hiring. It’s ridiculous.So far, consumer spending has been stronger than many expected. But this won’t last – so more corporate spending will be desperately needed in 2011 and beyond. Ian Stewart, Deloitte’s excellent chief economist, has crunched the numbers in a research note. Over the last year UK consumer spending rose two per cent in volume terms, despite lower wages after tax and inflation. Three forces have kept consumer spending rising – only some will keep helping out.The first is the Bank of England’s ridiculously low interest rates, still at 0.5 per cent: these (and some deleveraging) are the main reasons why debt servicing costs have tumbled 25 per cent over the last two years. Between 2007 and 2010, real wages fell three per cent in the UK. But an average consumer had more income in real terms left after taxes and interest payments to spend in 2010 than in 2007. The second force boosting consumer spending is that welfare payments (including the state pension) now make up 35 per cent of total consumer incomes in the UK and have risen by 12 per cent over the last two years, Deloitte’s figures reveal. Some of this has been clawed back by higher tax but most hasn’t yet.The third force has been the stock market recovery, which has indirectly and directly boosted millions: since the first quarter of 2009, households’ net financial wealth, after stripping out mortgage and other debts, is up 33 per cent. UK households’ financial assets are worth more than twice as much as their debts, a rare reassuring statistic in an otherwise bleak balance sheet. So despite sluggish house prices and high debt, the net worth of households – the sum of assets and liabilities – has risen 13 per cent from the lows of two years ago.So what of the future? Equities will continue to help. Nevertheless, a rise of one per cent or so in consumer spending is likely this year, so new sources of growth are needed. Necessary interest rate hikes will be the biggest drag on consumers. Cuts will hit some benefits – but spending is driven by higher income households, which will be less affected. The top 60 per cent of earners account for approximately 80 per cent of consumer spending. The best hope is for inflation to ease – allowing real wages to start rising – and corporates to start hiring. Profit-fuelled firms are beginning to splash out – but the last thing the coalition should be doing is hitting them again and again. Cameron needs to start delivering on his promises – and unleash the private [email protected] me on Twitter: @allisterheath Show Comments ▼ More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org KCS-content whatsapp Share last_img read more

Mergers and acquisitions tumble

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first_img whatsapp Mergers and acquisitions tumble Show Comments ▼ Share Tuesday 1 March 2011 8:02 pm The value of acquisitions in the UK by British companies plummeted to £10.1bn in 2010, compared with £12.2bn registered in 2009. Expenditure on acquisitions in the UK by foreign companies fell to £9.8bn from £12.1bn. Net transactions abroad by UK companies were at their lowest value since 1987 at £2.2bn. KCS-content whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tags: NULLlast_img read more

Sainsbury’s misses quarter four target as times get tough

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first_img J Sainsbury, the third-biggest supermarket group, missed fourth-quarter sales forecasts and said trading was likely to remain tough as shoppers face rising fuel prices and government spending cuts.The group, which trails Wal-Mart’s Asda and industry leader Tesco by annual sales, said on sales at stores open over a year rose one per cent, excluding fuel but including VAT sales tax, in the ten weeks to 19 March.That was down from 3.6 per cent growth in the previous quarter and compares with an average forecast rise of 2.4 per cent in a Reuters poll of 10 analysts.“We expect the consumer environment to remain tough, with our customers facing fuel price inflation, uncertain employment prospects and government spending cuts,” Sainsbury’s said, adding its performance was better than the wider grocery market.Sainsbury’s has been growing sales faster than most of its rivals for several quarters, helped by its strength in the more affluent south of England as well as its expansion into online and convenience shopping and non-food ranges like clothing. John Dunne Wednesday 23 March 2011 3:53 am whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.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.com Share Tags: NULL Show Comments ▼ whatsapp Sainsbury’s misses quarter four target as times get tough last_img read more

Wal-Mart opposes sex-bias case at class-action suit filed in the US

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first_img Share Wal-Mart opposes sex-bias case at class-action suit filed in the US whatsapp SEVERAL US Supreme Court justices questioned yesterday whether female employees at Wal-Mart can proceed with the largest class-action sex-discrimination lawsuit in history that seeks billions of dollars.At issue in the case was whether a small group of women who began the lawsuit 10 years ago against the world’s largest retailer can represent a huge nationwide class that could total millions of women.After attorneys for Wal-Mart and for the employees presented arguments, a crowd of protesters that had gathered outside the Supreme Court shouted “fair pay now” and carried signs such as “Stop discounting the women of Wal-Mart”.Chris Kwapnoski, a 24-year Wal-Mart employee and one of the named plaintiffs in the case, confidently told reporters after the arguments, “We’re not going to lose.”She recalled being told by a manager to “brush the cobwebs off” and “doll up” if she wanted advancement.After listening to the attorneys, the top court took the case under advisement, with a ruling expected by late June. The decision could change the legal landscape for workplace and other class-action lawsuits. KCS-content whatsapp Tuesday 29 March 2011 8:43 pm Show Comments ▼ Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Boris picks new deputy mayor

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first_img Share Tags: NULL whatsapp whatsapp KCS-content Boris picks new deputy mayor center_img Show Comments ▼ Monday 18 April 2011 7:37 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndo More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.com Mayor of London Boris Johnson has appointed Edward Lister, the Conservative leader of Wandsworth Council, as his deputy mayor following the death of Sir Simon Milton. Lister will step down from Wandsworth Council, where he has been a councillor since 1976, to work as Johnson’s chief of staff and deputy mayor for planning. Milton died suddenly last week, aged 49. last_img read more

Raketech adds Intrum’s Billberg to board

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first_img Raketech adds Intrum’s Billberg to board Online affiliate and content marketing company Raketech has appointed Annika Billberg to its board of directors Tags: Online Gambling Topics: Marketing & affiliates People Strategy Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Online affiliate and content marketing company Raketech has appointed Annika Billberg to its board of directors. Billberg currently serves as chief brand and communications officer at credit management services Intrum and will balance these responsibilities with her new role at Raketech. Prior to her time with Intrum, Billberg had a spell as head of investor relations and corporate communications at IT service company HiQ, as well as equity research analyst at Hagströmer & Qviberg. “I look forward to supporting the management team in the continued journey, with more acquisitions as well as new products and markets on the agenda,” Billberg said. “The company has also made solid progress in looking over its activities within sustainability and responsibility, where there is good potential to take the lead and push the entire industry in the right direction.” The appointment comes after Raketech also recently added Fredrik Svederman, previously chief financial officer at Evolution Gaming, and Christian Lundberg, who has spent time in leading operational positions with the likes of Microsoft and Fortum, to its board. Lundberg, who now serves as chairman at Raketech, said: “Over the last year, Raketech has undergone a substantial transformation journey, both in terms of staff and its way of working. “We have doubled the number of employees to more than 100 people, acquired several leading assets, and rolled out a new operational model based on three clear growth pillars. “To have the right expertise on the board is vital for our continued development, and both the board and management team welcome Annika to the company.”Related article: Raketech unveils new brand identity Marketing & affiliates 24th May 2018 | By contenteditor Email Addresslast_img read more

Unibet becomes first World Chess final partner

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first_img Gambling operator also extends backing of Cheltenham Festival  Subscribe to the iGaming newsletter Unibet will be backing both horses and knights after signing partnerships with the famous Cheltenham Festival and the World Chess Championship.The opertaor confirmed it has extended its sponsorship of the Champion Hurdle until 2023. It will also back the Road to Cheltenham series of races leading up to the festival.Meanwhile, governing body World Chess has announced that Unibet has become the official betting partner of the FIDE World Chess Championship Match London 2018. The event takes place in November as defending champion Magnus Carlsen of Norway faces American challenger Fabiano Caruana.Unibet also sponsored The World Rapid and Blitz Chess Championship in 2015, but this is the first time the World Championship match has signed a betting partner.World Chess and Unibet will produce additional digital content for this year’s tournament. As part of the partnership, Unibet will receive a full suite of exclusive rights, including digital advertising, the use of exclusive photo and video content and the opportunity to take part in a round of the First Move Ceremony.Richard Østrøm, country manager for Unibet Norway, said: “Since Magnus Carlsen became world champion, we have seen a large and growing interest in betting on big chess tournaments.“As the leading online bookmaker in Europe, we want to be a part of and contribute to big sporting events, and we are very happy to be the preferred betting partner for World Chess both before and during the World Championship.”World Chess said Unibet will have “exclusive betting rights” to the event, with the company offering a range of markets from outright to next move. Unibet will also offer fans exclusive promotions on the championship rounds throughout the match.Østrøm added: “We believe that this year’s World Championship showdown between Magnus Carlsen and Fabiano Caruana in London will establish chess as a permanent fixture in betting.” AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling 8th August 2018 | By contenteditorcenter_img Topics: Marketing & affiliates Sports betting Email Address Unibet becomes first World Chess final partner Marketing & affiliateslast_img read more

Washington DC drops “royalty fee” from sports betting bill

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first_img The committee overwhelmingly voted to strike the amendment from the bill, which now goes forward to the full council for a first reading on December 4. The other amendments were all passed, though the designated facilities tenet also caused controversy.Councilmember White also raised concerns about the amendment on designated facilities and the two-block extension exclusivity. This applies to four major sports venues in D.C., including RFK Stadium, Capital One Arena, Nats Park and Audi Field. Evans noted there is a strong argument being made by operators that every company should compete in the city, though also noted that others had pushed for the D.C. Lottery to be the exclusive sports betting operator in the state. The state favours the latter approach and Evans said he has tried to come up with a hybrid solution to please all parties. In terms of how this will work, he spoke of a yet-to-be-announced agreement between MGM and Nats Park. This would mean fans visiting the venue would only be able to bet via the MGM app inside the stadium, while access to other apps would be blocked when within two blocks of the venue. However, when outside of this area and similar exclusion zones, punters would only be able to bet via the D.C. Lottery app. Councilmember White was concerned that this limitation could mean the state misses out on revenue, saying the bars and restaurants near to sports venues is where fans are most likely to place wagers. He said he would work with Evans and his staff to appease these concerns.New Jersey and West Virginia are among the states to have passed sports betting laws since the repeal of PASPA, but opted against any sort of integrity fees for the leagues. The American Gaming Association is also against such a system. Washington DC drops “royalty fee” from sports betting bill AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Approved amendments include in-venue exclusivity for major sports arenas such as Nats Park Topics: Legal & compliance Lottery Sports betting Washington D.C.’s City Council has advanced a bill to legalise sports betting in the state, but removed an amendment awarding a so-called royalty fee for professional sports leagues.The Committee on Finance and Revenue signed off on Bill B22-0944 during a meeting at the District of Columbia Council yesterday (November 28).During the meeting, committee chair and councilmember Jack Evans set out how the state intends to authorise the D.C. Lottery to partner with vendors to offer both in-person and online sports wagering.However, Evans’ hopes of adding what he described as a “royalty fee” of 0.25% of revenue to appease the major sports leagues were rejected by his fellow council members before the bill was ratified to go to a hearing before the full council next week (December 4). Beginning the committee meeting, Evans said state forecasts place revenue at $7.7m (£6.0m/€7.8m) for the city’s 2019 fiscal year and $91.7m in revenue over the first four years following the passage of B22-0944, which was originally introduced in September. Evans then set out four technical amendments to the bill, which he encouraged the committee to accept in order for the bill to progress. Amendments included specifically excluding fantasy sports from the bill, adding language to reaffirm the D.C. lottery as the contracting authority, setting a two-block exclusivity zone for designated gambling facilities at sports venues, and also language related to a royalty fee. This final point proved a sticking point for some members of the committee after Evans, who admitted the royalty fee is controversial, set out a new agreement with sport leagues. Evans said he had spoken to number of leagues about a potential integrity fee where the state would pay a portion of revenue to the leagues in exchange for official data. The leagues had requested 0.25% of all stakes placed in the state – the handle – in return for giving the D.C. Lottery exclusive use of official data. Evans rejected this proposal, instead instead putting forward a plan for the state to pay 0.25% of betting income after expenses, including winnings and staff pay. This, in turn was rejected by the leagues, which argued it undervalued their data, and resulted in a compromise whereby the D.C. Lottery would gain use of the leagues’ logos and trademarks in return for 0.25% of sports betting revenue. Evans urged the committee to approve the amendment, saying that it could be changed at a later date, either before the first or second reading in the full council. “I can’t say this is right or wrong, but what I would like to do is keep it as it is and move forward,” Evans said. “This is more about my best efforts to give everybody something and try to do the right thing. I could argue why we shouldn’t do a royalty fee and why we should do it, and there is no right answer that I can come up with.” However, some members of the committee voiced their displeasure at plans for the integrity fee, with Councilmember Vince Gray saying: “I don’t understand why we have to invest another 0.25% of the revenue when it’s not done anywhere else in the US. I appreciate the efforts you have made to find a compromise here, but this is not something I want to find a compromise on. “I believe these sports leagues do very well and they don’t need another 0.25% of revenue that could instead go towards supporting valuable programs in DC,” Gray added. Email Addresscenter_img Tags: Mobile Online Gambling Subscribe to the iGaming newsletter 29th November 2018 | By contenteditor Regions: US Washington DC Legal & compliancelast_img read more

CDI takes control of Pennsylvania’s Lady Luck Casino

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first_img US casino and racetrack operator Churchill Downs Incorporated (CDI) has finalised a deal to assume management of Lady Luck Casino Nemacolin in Farmington, Pennsylvania, from Eldorado Resorts.The agreement, which was first announced in August of last year, is worth a cash consideration of $100,000 (£76,700/€88,700) and also includes the acquisition of certain assets related to the management of the casino.The Pennsylvania Gaming Control Board state regulatory body has approved the deal, allowing the transaction to go through.Opened in 2013, Lady Luck Casino Nemacolin is located close to the Nemacolin Woodlands Resort in Farmington. The facility operates approximately 600 slot machines and 27 table games.However, Lady Luck Casino Nemacolin does not currently have sports wagering services available to customers. Pennsylvania is one of several states to have legalised sports betting in the wake of last year’s Supreme Court ruling on PASPA.The deal comes after CDI last week also finalised its acquisition of certain ownership interests of Midwest Gaming Holdings, the parent company of Rivers Casino Des Plaines in Illinois. CDI will pay approximately $407m (£309.9m/€360.0m) for the assets.The agreements follow CDI reporting a positive performance in 2018, during which revenue increased 14.3% year-on-year to $1.01bn. CDI noted its casino division had performed well during the year, with revenue up 17.3% to $411.2m. CDI takes control of Pennsylvania’s Lady Luck Casino Subscribe to the iGaming newsletter US casino and racetrack operator Churchill Downs Incorporated (CDI) has finalised a deal to assume management of Lady Luck Casino Nemacolin in Farmington, Pennsylvania, from Eldorado Resorts. Casino & games Topics: Casino & games Strategycenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 12th March 2019 | By contenteditor Regions: US Pennsylvania Email Addresslast_img read more

NetEnt agrees £220m acquisition of Red Tiger Gaming

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first_img NetEnt agrees £220m acquisition of Red Tiger Gaming Stockholm-listed casino games developer NetEnt has agreed the first acquisition in its history, with a deal to take control of slot specialist Red Tiger Gaming worth up to £220m. Tags: Mobile Online Gambling Slot Machines Stockholm-listed casino games developer NetEnt has agreed the first acquisition in its history, with a deal to take control of slot specialist Red Tiger Gaming worth up to £220m (€245.3m/$271.4m).NetEnt will acquire Red Tiger in an all-cash deal, with an initial enterprise value of approximately £197m, followed by an earn out of up to £23m to be paid by 2022.“I am very pleased to welcome Red Tiger into the NetEnt Group,” NetEnt chief executive Therese Hillman (pictured) said. “The acquisition combines two of the leading and most innovative companies in the online gaming industry.“We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide.”Founded in 2014 by the team behind Cayetano Gaming, Red Tiger has quickly established itself as a leading supplier in the industry, with its Daily Jackpots feature in particular proving a huge hit with players. The company has approximately 170 employees, with operations in Malta, the Isle of Man and Bulgaria.Red Tiger chief executive Gavin Hamilton said: “This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt group. Accessing NetEnt’s unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth.“At Red Tiger we’ll remain focused as always on driving further innovation and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers.”NetEnt will pay an initial £197m for 100% of shares in the business, and a further £23m may be payable in 2022, based on Red Tiger’s financial performance over the coming two years, for a maximum enterprise value of £223m. This represents a multiple of 12 times the supplier’s earnings before interest, taxes, depreciation and amortization (EBITDA) for 2019, which is projected to reach £18m.As a result of the acquisition, NetEnt said, it would incur approximately SEK55m in transaction- and financing-related costs. The deal is being financed primarily through new debt facilities provided by Danske Bank and Nordea.Lazard acted as financial advisor to NetEnt in relation to the transaction, with Cirio Advokatbyrå serving as legal advisor. Subscribe to the iGaming newsletter Email Addresscenter_img 5th September 2019 | By contenteditor Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games Strategy Slotslast_img read more