Sky hits 10m subscribers

first_img Share Monday 8 November 2010 9:03 pm Show Comments ▼ whatsapp BSKYB issued a statement of intent to potential bidder News Corp yesterday when it announced it has broken through the 10m subscribers barrier.With Sky’s board said to be determined to play hardball with Rupert Murdoch’s News Corp, its swelling subscriber base will prove a powerful bargaining tool.But analysts are already questioning how far Sky can continue to grow, with the firm already claiming to have a penetration of 36 per cent of UK households.Sky’s customer growth rate in the last quarter dropped back to 2006 levels after a surge in demand created by its HD offerings pushed it to record levels last year.Sky chief executive Jeremy Darroch claims the firm now has “more ways to grow than ever”, pointing to innovations such as 3D TV. But demand for this technology has been patchy (Sky has not yet released any figures) and its long-term success is far from guaranteed, especially while it still requires special glasses.Moreover, Sky could soon face the biggest challenge to its dominance since Freeview brought multi-channel TV into almost every home in the country, with no monthly charge, back in 2002. YouView, the BBC backed venture, looks set to launch its online TV platform in the second quarter next year, allowing customers to stream HD TV from the internet.Without another “game changing” innovation like HD, it seems inevitable Sky’s growth rate will drop.Enders analyst Toby Syfret sees the broadcast giant continuing to add subscribers until it hits a glass ceiling of between 11 and 11.5m.He told City A.M.: “A slowdown is inevitable but I don’t think there is anyone who can touch Sky at the moment. It is still growing and will continue to do so for the time being, unlike satellite TV in other markets, including Sky’s Italian venture.”He added: “But it will gradually decline. As its scale increases it is more affected by churn [customers leaving for other providers] and its 3D technology is as yet unproven.”But Sky has other ideas. It believes the Pay TV market has the potential to expand from the current 50 per cent of households to closer to 80 per cent – the level seen in the US. It also points to its broadband offering – the fastest growing in the UK, which has the potential to pull in more customers.Adding to a subscriber base of 10m is a tall order. If anyone can do it, it is Sky.TIME LINE | THE RISE AND RISE OF SKY1989News Corp launches Sky in the UK.1990Sky merges with BCB to form BSkyB. It launches its first pay-as-you-go service. Large debt pushes News Corp close to bankruptcy, before lender Citibank steps in.1991Sky Sports launches its first channe.1992Sky signs £304m deal for exclusively live coverage of the new FA Premier League. 1994Around 17 per cent of BSkyB is floated on the UK and US stock exchanges.1995BSkyB enters the FTSE 100 index.1998Sky Digital launches the UK’s first digital TV service, with over 140 channels. 2003Sky passes the milestone of seven million customers in the UK.2006Sky launches its broadband service.2008Sky passes nine million customers. June 2010News Corp bids for 61 per cent of Sky it doesn’t already own. Bid is rejected.November 2010Sky reaches 10m customers. center_img Sky hits 10m subscribers KCS-content whatsapp Tags: NULLlast_img read more

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Post Office to serve banks’ customers

first_img Royal Bank of Scotland (RBS) and NatWest customers will be able to access current and business accounts at Britain’s 12,000 post offices after the government ditched plans for a state-backed Post Office bank.The agreement means post offices will provide services for 80 per cent of current accounts in Britain, postal affairs minister Edward Davey said.“Setting up and capitalising a bank would be time-consuming and extremely expensive,” Davey said in a statement. “At a time when public finances are under huge strain … funding is better spent modernising and maintaining the network.”An RBS spokesman said no start date had been set because the two sides were still finalising details of the agreement, but they were aiming to launch it as quickly as possible.HSBC and Santander will be the only banks in Britain that do not enable all their current account holders to use post offices, and the government is encouraging them to join their peers, a Department for Business spokesman said. The government is also eager for the Post Office to branch into other financial services, the department said. It said the Post Office would offer new products through its relationship with Bank of Ireland and look into ways it and credit unions could work more closely together.The government also wants branches to become its “front office” and a pilot project had been agreed for the Post Office to print government forms on demand, the department said.Last month the government said it would provide £1.3bn of extra funding to the Post Office. Share Post Office to serve banks’ customers Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory 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 Wrapcenter_img Tags: NULL KCS-content whatsapp whatsapp Tuesday 9 November 2010 7:40 pmlast_img read more

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Pearson looks to east to grow

first_img Pearson looks to east to grow 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 PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Wednesday 24 November 2010 9:05 pm whatsapp Show Comments ▼ EDUCATIONAL publisher Pearson says it plans to continue its expansion in India. The firm wants to strengthen its position as the Indian education sector continues its rapid growth.It says it will consider acquisitions and partnerships to fuel the expansion. Pearson Education International boss Mark Anderson said: “We are in India for the long term. We are always talking to people [about] expanding our services and presence.”The news comes a day after Pearson bought South African firm CTI for £31m. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comKansas coach fired for using N-word toward Black playerthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comColin Kaepernick to publish book on abolishing the policethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comcenter_img Tags: NULL Share whatsapp KCS-content last_img read more

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IG Group revenue on the rise

first_img Tags: NULL Share 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 PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 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 Farm IG Group revenue on the rise More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comcenter_img whatsapp Show Comments ▼ British spread-betting company IG Group said it expected higher first-half revenue and had won market share amid ongoing economic uncertainty which has led to subdued trading volumes.IG, which says it is the world’s biggest spread-better by revenue, forecast first-half turnover of £157m ($249m), up nine per cent. It said costs were in line with management’s expectations.IG competes with unlisted rivals such as CMC Markets and City Index, and all three companies have targeted retail investors looking to gamble on the world’s financial markets.IG said it had higher turnover in its core domestic market as well as at its overseas businesses, such as Australia, Germany, Japan and Singapore. Thursday 9 December 2010 3:27 am whatsapplast_img read more

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Park sees Xmas savings jump

first_img Park sees Xmas savings jump KCS-content Share Show Comments ▼ Christmas savings group Park has reported a jump in savings as a growing number of people are putting money aside for the coming festive season.The company, which encourages consumers to put away regular savings for Christmas and guarantees a minimum of one per cent interest, said Christmas savings increased by 37 per cent to £5.8m this year, while the average amount saved rose by 6.9 per cent to £401. In the six months to 30 September, revenues came in 49 per cent higher, at £50.9m. “Our business has always done well in austere times as people prepare for an expensive time of year,” managing director Chris Houghton said. “Credit is harder to get and is expensive and there’s more general prudence as people want to avoid getting into debt,” he added. He said the group was taking orders for next year. More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Thursday 9 December 2010 7:09 pmcenter_img Tags: NULL 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 The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo whatsapp whatsapplast_img read more

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Debenhams markets share “on the rise”

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotBack 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 Proof whatsapp Debenhams markets share “on the rise” Share Debenhams has claimed it is winning market share from rivals as it posted a small rise in sales over the key Christmas trading period that was hit by December’s snow.Chief Executive Rob Templeman said he was pleased with the department store group’s Christmas performance given the adverse weather that gripped the nation last month but would not commit to forecasting underlying sales growth for the balance of the firm’s year to end-August 2011.“What we’ve got to see is how consumer sentiment unfolds over the next six to eight weeks, then we’ll be in a better position to talk about how we think the future lies,” he said.Many retailers fear the £81bn of spending cuts announced by the government, as well as tax rises, a slowing housing market and hikes in transport and fuel costs will hit consumer demand in the months ahead.Debenhams, which trades from 167 stores in Britain, Ireland and Denmark, and about 60 franchised outlets in 23 countries, said sales at stores open over a year increased 0.3 percent including VAT sales tax in the 19 weeks to 8 January.The firm said December’s snow impacted like-for-like sales by 2.5-3.0 per cent, or about £30m.It said gross transaction value increased 4.2 per cent over the period, with gross margin ahead of the previous year and market share won in men’s, children’s and women’s clothing. Tags: NULL Show Comments ▼center_img John Dunne Monday 10 January 2011 6:32 am whatsapp 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 last_img read more

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Rising export markets give morale boost

first_img Tags: NULL Rising export markets give morale boost Show Comments ▼ BRITISH exports rose by 4.1 per cent (£0.9bn) in November, official data showed yesterday, as a separate survey revealed buoyant confidence among exporting companies.Overall the UK’s trade deficit edged upwards to £4.1bn, but only because of rocketing oil prices and erratic items, the Office for National Statistics (ONS) said.Excluding these elements, exports rose by 3.4 per cent on the previous month, while imports increased just 0.3 per cent.Exports beyond the EU were slightly down in the three months to November compared to the three previous months, but still up on the same time in 2009.“Exporters must reinforce their efforts to move into fast-growing emerging economies such as India and China,” said David Kern of the British Chambers of Commerce, commenting on the figures.Goods and services exported to Germany increased by 10 per cent over the same period, according to Goodwin, as the German economy continues to thrive.“The growth in export volumes was broadly based,” said Simon Hayes of Barclays Capital. “Buoyant export growth was reported for basic materials and both finished manufactured and semi-manufactured goods,” he added. The consistently high level of imports could also be interpreted as a sign of domestic demand holding strong, some analysts said.And confidence among exporters for this year’s prospects remains extremely high, according to a survey conducted by Travelex.Well over half – 65 per cent – of respondents expected their export activity to increase in 2011, the survey said.And 59 per cent expressed confidence in current economic conditions, while three quarters “clearly rejected” any chance of a double dip recession.However, importers are concerned about the impact of this month’s VAT hike, said David Sear of Travelex.One respondent to the survey commented: “Tax hikes suppress business motivation, because the more money you make, the more tax you pay.” Share whatsapp whatsapp More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com Wednesday 12 January 2011 7:43 pm KCS-content last_img read more

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Euro bailout fund rejig is set for March

first_img Show Comments ▼ Euro bailout fund rejig is set for March EUROZONE finance ministers called yesterday for an increase in the effective lending capacity of the currency bloc’s rescue fund, but German finance minister Wolfgang Schaeuble said there was no urgency and it would be March before a firm plan was in place.Schaeuble said that with bond markets calmer, there was no rush to take action now and work was being prepared for a late March EU summit.“There will not be results today, the market developments in the last week have, thank God, taken any urgency out of these discussions,” he said.Schaeuble’s comments came as Eurozone finance ministers gathered in Brussels yesterday to thrash out proposals for a regional rescue package ahead of a European Council meeting next week.The meeting came as the European Financial Stability Facility (EFSF), Europe’s main bailout fund, said that it had appointed financial advisers for its first sale of debt on Monday.Citigroup, HSBC and Societe Generale will advise on the deal, which will involve an auction of €3 to €5bn of debt in order to fund the €85bn bailout of Ireland.At the meeting of finance ministers, Holland’s Jan Kees de Jager indicated that the Eurozone’s more stable countries could be willing to fund an expansion in the region’s rescue fund, something that has so far been blocked by France and Germany.“If needed, we will stand ready with an emergency fund to assist a country that needs it,” he said. But he added: “The emergency fund, only, will not be a solution, we need fiscal consolidation.” Share whatsapp KCS-content More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA 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.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Monday 17 January 2011 9:01 pm Tags: NULLlast_img read more

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Oil hits $100 due to Suez supply fears

first_imgMonday 31 January 2011 9:26 pm whatsapp Show Comments ▼ KCS-content Oil hits $100 due to Suez supply fears whatsappcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropUndoBetterBe20 Stunning Female AthletesBetterBeUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoUpbeat NewsThese 25 Celebrities Ruined Their Career in a Matter of MinutesUpbeat NewsUndoTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo Share More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org OIL surged over $100 a barrel for the first time in more than two years yesterday as investors feared the turmoil engulfing Egypt could disrupt shipments passing through the Suez canal and impact supply. Brent crude for March, the global benchmark, leapt by $1.59 to settle at $101.01 a barrel – the highest since Lehman Brothers’ collapse in September 2008 – as the protests against President Hosni Mubarak’s regime intensified.While Egypt is not a major oil-producing country, its Suez Canal is a crucial passageway linking the Red Sea and the Mediterranean through which an estimated two million barrels of oil pass through each day – roughly equivalent to the daily oil output of Iraq.Oil cartel OPEC secretary general Abdullah Al-Badri yesterday tried to reassure markets by saying it would up supply if there was a real shortage, but reiterated that the Suez, which is patrolled by armed guards, remains open with shipping uninterrupted.“We are trading on fear,” said Tom Bentz, a broker at BNP Paribas Commodity Futures in New York. Analysts said that the main concern was that the unrest in Egypt, which follows upheaval in Yemen and Tunisia, could spark turmoil in the Middle East and crucial oil producing regions such as Saudi Arabia – the world’s largest oil exporter. “2011 is already turning out to be a year when it would be risky to get heavily involved in the oil market without maintaining a fairly strong focus on the key geopolitical developments,” said BarCap in a note.Stock exchanges were also rattled by Egypt’s woes with major markets in Asia and Europe falling. Japan’s Nikkei fell 1.1 per cent, London’s FTSE 100 dropped 0.31 per cent to 5,862.94, and Germany’s DAX slipped 0.36 per cent to 7,077.48. The Bank for International Settlements data showed yesterday that French banks were the most exposed to Egypt, being owed £11bn in total by the Egyptian government and companies, with UK banks owed £6.7bn.Violent clashes saw the death toll in Egypt reach over 100 yesterday and local and foreign travel companies have suspended all outgoing trips as tourists rush to evacuate the country. HSBC, which has a total of 100 branches in 13 cities in Egypt, said yesterday it will remain under lockdown for a third day today, maintaining customer access via the Internet and phone. last_img read more

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WHAT THE OTHER PAPERS SAY THIS MORNING

first_imgTuesday 15 February 2011 4:09 am whatsapp Tags: NULL WHAT THE OTHER PAPERS SAY THIS MORNING KCS-content center_img Share whatsapp Show Comments ▼ FINANCIAL TIMESBARCLAYS FORCED TO ADAPT COCOS BONUS PLANBarclays has been forced to adapt its plans to pay bonuses for staff with a new financial instrument that has been hailed by regulators as a key tool for rebuilding the capital strength of banks. Bob Diamond, the UK bank’s new chief executive, had hoped to use the new contingent convertible capital notes – known as coco bonds – to pay as much as half of the deferred pay element of the bonuses. LARGEST BOND FUND CUTS ITS US GOVERNMENT HOLDINGSThe world’s largest bond fund sharply cut its exposure to US government-related debt in January, before US bond yields rose this month to their highest level in almost a year. Pimco’s Total Return Fund, run by Bill Gross, a founder of Pimco, reported that its holdings of US government-related securities fell from 22 per cent in December to 12 per cent in January.LLOYDS SHUTS DOWN ITS EQUITIES ARMLloyds Banking Group has pulled the plug on its equities business as the government-backed institution refocuses its investment banking division away from riskier activities. The equities arm formed part of Lloyds’ capital markets business and helped mid-sized corporate customers to issue shares through rights issues, initial public offerings and placements.NORTH BEARS BRUNT OF AUSTERITY AS SHOPPERS STAY AWAYThe climate of austerity is being felt disproportionately in the shops of northern towns with high rates of public sector employment, research has shown. Sharp drops in numbers of shoppers have been recorded in the north east and Northern Ireland by research house Experian, which tracks footfall in shops nationally.THE TIMESPEPSI COMES OFF THE SHELVES AS PRICE WAR INTENSIFIESSainsbury’s customers were unable to buy Pepsi-Cola for two weeks after a price dispute with Britvic. The drinks group, which has sold Pepsi in Britain since 1987, had asked the supermarket for a rise of as much as 10 per cent, according to The Grocer. The supermarket refuse. VODAFONE’S INSTANT SOLUTION FOR NATURAL DISASTERSVodafone has developed an “instant network” that can be set up in less than 40 minutes to help aid agencies in disaster areas to begin relief work straight away. The new network technology, developed in conjunction with Chinese equipment maker Huawei, will be unveiled at the Mobile World Congress in Barcelona, and a prototype will be tested by Télécoms Sans Frontières.The Daily TelegraphGOLD COMPANIES CRITICISED FOR TREATMENT OF CUSTOMERSGold companies criticised for treatment of customers. CashMyGold, Cash4Gold and Postal Gold agreed to make changes following an investigation by the Office of Fair Trading. Two other companies – CashYourGoldNow and Money4Gold – have ceased trading. SHELL TO BOOST INVESTMENT IN BRAZIL Royal Dutch Shell is to boost its investment in Brazil by billions of dollars after surpassing its forecasts for oil production in the country last year. The Anglo-Dutch company will drill ten new wells in the next 18 months, seven of them in the Campos Basin, around 60 miles off the coast of Espirito Santo state. Estimates suggested Shell will invest around $2.5bn (£1.57bn) in the next wave of drilling.THE WALL STREET JOURNALBNP PARIBAS AND OTHERS SUSPEND IVORY COAST OPERATIONS French bank BNP Paribas, Citigroup and Nigeria’s Access Bank temporarily suspended operations in Ivory Coast yesterday, after the Central Bank of West African States warned on Friday that dealing with the disputed Ivory Coast regime of Laurent Gbagbo puts banks at risk of being sanctioned. ECUADOR COURT ORDERS CHEVRON TO PAY $8.6 BNAn Ecuadorean court ordered Chevron to pay more than $8.6bn in damages for oil pollution that allegedly took place in the country’s Amazon region, a milestone in an 18-year lawsuit. Chevron, which inherited the lawsuit when it bought Texaco in 2001, denies the allegations and vowed yesterday to appeal the court’s judgment. last_img read more

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