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Guinness Battles Rivals For Premier League Deal

Written By Unknown on Jumat, 30 Januari 2015 | 12.06

By Mark Kleinman, City Editor

The owner of Guinness is among a pack of blue-chip companies battling to secure the title sponsorship of the English Premier League in a deal expected to be worth more than £150m.

Sky News has learnt that Diageo, the FTSE-100 alcoholic drinks producer, is working on a bid for the rights which is likely to be tabled in the coming weeks.

Barclays, the incumbent sponsor, has signalled to the administrators of English football's top division that it may also bid despite widespread expectations that it would withdraw when its existing deal expires at the end of next season.

Illustrating the global appeal of the sponsorship, Samsung, the Korean consumer electronics giant which sponsors the current Premier League leaders Chelsea, is understood to have expressed an interest in bidding for the title sponsorship.

Ford and Mastercard have also been touted as potential candidates, although it was unclear on Thursday whether they were likely to make formal offers.

Insiders confirmed the Premier League had gone to the open market with the property, which is one of the most valuable single-sport sponsorship deals in the world.

Diageo does not have a top-level football sponsorship deal in the UK, and senior executives believe the Premier League could offer a valuable platform to promote the brand across Africa, Europe and Asia, where it is enjoying substantial sales growth.

However, sponsorship industry sources pointed out that Diageo's ambitions of landing the deal could be complicated by the fact many Premier League clubs have individual supply and sponsorship agreements with rival beer brands.

They also highlighted the impact of possible curbs on sports sponsorship by alcohol brands after the General Election in May.

Labour has previously implied that it could seek to restrict or ban such tie-ups, although the party has made no announcement that such a measure will become official policy.

In 2012, Barclays agreed a three-year deal with the Premier League valued at £120m, which includes global title sponsorship rights, UK and international TV programme accreditation, extensive advertising rights, matchday tickets and hospitality, as well as joint community activity.

Barclays had been expected to walk away from its association with the Premier League after more than a decade, with some executives reportedly describing it as possessing "zero value".

But sources close to the bank confirmed that it had made no such decision to withdraw and said it was continuing to evaluate a potential renewal.

Under the terms of the auction being run by the Premier League, the incumbent sponsor does not have the right to match a higher bid from a rival, according to a source.

The Premier League's growing global audience has fuelled expectations that the next three-year deal could fetch upwards of £60m annually, with a deal expected to be concluded before the summer.

In addition to the headline cost, sponsors must commit a minimum sum to "activating" the association.

The fight for the title sponsorship comes as a more lucrative battle to secure live television rights looms.

The Premier League is expected to announce in the next fortnight the outcome of its next domestic TV rights auction, which last time commanded an overall price of more than £3bn.

Sky plc, the owner of Sky News, owns the majority of the rights under the existing deal, with BT holding the remaining packages.

Virgin Media, which is owned by the US media company Liberty Global, has called on Ofcom, the media regulator, to delay the TV rights while a competition investigation is ongoing.

Barclays, Diageo and the Premier League all declined to comment.

12.06 | 0 komentar | Read More

Amazon Shares Rise On Quarterly Profit Results

Shares in the online retailer Amazon rose by more than 8% in aftermarket trading after the company's quarterly profit results beat expectations.

Investors pushed the e-commerce giant's shares to $338.60 (£224.93), a rise of $26.92 (£17.89).

Amazon posted profits of $214m (£142m) in the three months until 31 December, exceeding Wall Street forecasts, but down on the same period in 2013.

The online retailer posted revenue of $26.33bn (£19.5bn) over the three-month period, missing expectations.

Amazon Prime membership rose 53% during 2014, despite price rises put in place by the Seattle-based company.

Amazon has long focussed its spending on expanding into new areas such as cloud computing and video streaming, a strategy which has affected profitability.

Google posted fourth-quarter earnings figures of $4.8bn, or $6.91 ($4.59) per share, a 41% increase on the same period in 2013.

Analysts had forecast earnings of $7.12 (£4.72) per share, according to FactSet.

The company's revenue for the three-month period rose 15% to $18.1bn.

12.06 | 0 komentar | Read More

Tesco Drink Recalled Over 'Disgusting Smell'

Written By Unknown on Kamis, 29 Januari 2015 | 12.06

Tesco has recalled one of its own-brand squash drinks after customers complained of a "disgusting smell" and some children were reportedly left vomiting.

Some parents have raised the possibility that it could have caused their children's upset stomachs.

The supermarket said it had withdrawn the Tesco No Added Sugar Double Concentrate Apple and Blackcurrant 750ml and 1.5-litre products.

A flavour additive was added in error to the squash, but Tesco said it posed no food safety risk.

A post on the PlayPennies website which had alerted users to the recall led to a flurry of replies from those who said they had opened the squash and noticed an unusual odour.

Others reported their children had been physically sick after drinking it.

One poster wrote: "I bought 2 bottles of this squash over a week to a fortnight ago.

"We opened one and it smelt absolutely disgusting ... the only way to describe the smell was that it had been mixed with used toilet water..."

Clairedavies85 said: "Had this other day. The smell was horrendous but drank it anyway as I thought they just changed it.

"Since then both my daughter and partner have had bad bellies."

MrsD32 posted: "We finished a bottle of this yesterday and opened a new one last night.

"My eldest 2 children are off school today, one with diarrhoea and the other was sick all night. I hope this is a coincidence Tesco but it's not looking very likely!"

Swilly26 wrote: "I gave this to my son on Sunday then Sunday night he was sick. He's had some more today and been sick again..."

A message on the Tesco website said: "Sorry, this product is currently not available."

A Tesco spokeswoman said: "We have investigated with our supplier complaints about Tesco No Added Sugar Double Concentrate Apple and Blackcurrant 750ml and 1.5l.

"A flavour additive, which is not part of the ingredients for this product, has been added in error. The additive is called Dimethyl Disulphide and is a common ingredient in food products.

"It is an approved additive and poses no food safety risk. However, it does have a strong odour, similar to garlic, which customers are likely to find unpleasant.

"Only products bought since the New Year may be affected, they will have a best-before date of October 2015.

"Any customers can return this product, open or unopened, to any Tesco store."

It is the latest in a string of problems for the company, including falling sales and a £263m profits overstatement.

Tesco announced last month it would close 43 stores as it moved to save costs, and has now revealed the locations, placing 2,000 jobs at risk.

12.06 | 0 komentar | Read More

Briton Named New Chief Executive Of McDonald's

A Briton has been named as the new chief executive of McDonald's, as the fast food chain tackles disappointing sales worldwide.

Steve Easterbrook will become the new president and CEO of the company in March. His predecessor, Don Thompson, had only held the position for two-and-a-half years.

Net income at McDonald's plummeted by 21% in the fourth quarter to $1.1bn (£726m), as customers shopped around for healthier, cheaper and more customisable alternatives.

Sky's Business Presenter, Ian King, said: "This is really quite noteworthy - as one thinks of McDonald's as being an all-American company.

"Mr Easterbook has been with McDonald's since 1993. He came to the attention of the US board after what he did running the UK business, which had been going through a really sticky time a decade ago."

The company's board of directors believe Mr Easterbrook can "effectively lead the company to improved financial and operational performance".

Last Friday, McDonald's announced drastic changes to its menu - with plans to offer custom-made Big Macs and allow diners to place orders on their mobile phones.

McDonald's is still smarting from a food safety scare in China, where it faced allegations of using contaminated beef and chicken in its products.

The chain is expecting weak sales for the first half of 2015, and also plans to open fewer restaurants in regions with the poorest growth.

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Greece: Alexis Tsipras Visits War Memorial

Written By Unknown on Selasa, 27 Januari 2015 | 12.07

The leader of Greece's left-wing anti-bailout Syriza party has laid flowers at a World War Two memorial in Athens as his first act after being sworn in as Prime Minister.

Alexis Tsipras was formally appointed Greece's youngest prime minister at a secular ceremony in the capital on Monday.

As an atheist, he becomes the first prime minister to be sworn in without the traditional oath and blessing of basil and water from the Greek Archbishop.

Footage has emerged of the 40-year-old laying red roses at the National Resistance Memorial in the Athens suburb of Kaisariani.

The site, a former rifle range, was where the Nazis executed 200 Greek communist resistance fighters on 1 May, 1944.

The gesture, which is likely to be seen as symbolic given Syriza's firm anti-austerity platform will put it into conflict with European lenders including Germany, was watched by dozens of supporters.

Mr Tsipras has agreed to form a governing coalition with the right-wing Nationalist Independent Greeks party after his party fell just two seats short of an outright majority in the Greek parliament.

The unusual pairing of parties from opposite ends of the political spectrum, but with a shared drive to reverse painful austerity measures, raises the prospect of a stand-off with European creditors.

In his victory speech Mr Tsipras vowed Greece would abandon the "catastrophic austerity" measures imposed under the EU-IMF deal.

He has also promised to renegotiate the repayment terms of Greece's €240bn (£179bn) international bailout.

"Greece leaves behinds catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and anguish," Mr Tsipras told thousands of supporters in Athens.

Syriza's policies have prompted a firm response from Greece's international lenders, including economic powerhouse Germany.

A spokesman for the German Chancellor said Angela Merkel still expects Greece to stand by its commitments to its creditors.

"The Greeks have the right to vote for whom they want. We have the right to no longer finance Greek debt," said German minister Hans-Peter Friedrich.

Jeroen Dijsselbloem, head of the Eurogroup made up of the eurozone's 19 finance ministers, said Greece's eurozone membership depended on it complying with its agreements.

Financial markets slumped early on Monday, but recovered ground to largely post gains in the wake of the election.

The FTSE closed at 6,852, up 19 points, while the Nasdaq was trading up marginally during the afternoon. The Athens Stock Exchange saw a drop of 9.4%, with the country's top four banks losing a combined market value of €2.7bn.

On the currency markets, the euro was flat at $1.1264 while it was trading up at 74.7p against the pound.

It is feared that plans to renegotiate the terms of the bailout will not only plunge Greece further into financial crisis, but will embolden other anti-austerity movements in Europe.

Many in Europe have lined up to congratulate Syriza, hailing its win as a "big slap in the face" for Europe.

Prime Minister David Cameron and Chancellor George Osborne, meanwhile, have warned of the threat an unstable Greece could pose Britain and the rest of Europe.

Syriza won 149 seats in the 300-seat parliament in Sunday's vote.

It had an 8.5-point lead over the ruling conservative New Democracy party of outgoing Prime Minister Antonis Samaras.

Mr Tsipras used his first post-election tweet to respond to a congratulations message from British actor and comedian Hugh Laurie.

"Thank you Dr", he replied, in a reference to Laurie's role in the US television series House.

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Gallery: Tsipras' Surprising First Post-Election Tweet

Syriza party leader Alexis Tsipras' first tweet after sweeping to victory in Greece's general election was somewhat unexpected

His first victory tweet was to British actor and comedian Hugh Laurie for this message of congratulations

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12.07 | 0 komentar | Read More

Why Syriza's Victory Is A Poisoned Chalice

Syriza has just overturned one of the most rigid two party systems in modern European politics.

It has triumphed at the ballot boxes despite massive resistance from investors and media. It has somehow persuaded the Greek people that it can turn around the economy and renegotiate the country's bailout.

Now, the hard work begins.

Having formed a Government, the next few weeks will be crucial for Alexis Tsipras. In essence there are three intertwined questions.

First, can he secure any kind of compromise from his fellow eurozone ministers over the Greek bailout? After all, that was his key pledge in his election manifesto. Doing so will not be easy: it will mean persuading the European Council and the eurogroup in Brussels, where he'll travel in mid February, that he is serious.

A compromise is still the most likely outcome, though Mr Tsipras's decision to join up with the right-wing Independent Greeks is a bold first step. They share few policies with Syriza save for their outright opposition to the bailout.

Second, do his plans for the domestic economy add up? During the campaign, Syriza made a number of radical proposals: free electricity, subsidised rent, free healthcare, higher salaries and pensions for the civil service, an increase in the minimum wage, abolishing the existing property tax and so on.

The party claims these policies will be self-financing: they will cost €11.4bn, but the stronger growth they engender will mean €12bn of extra revenues. The Greek finance ministry, which routinely examines such proposals, estimates they would cost at least €17.2bn.

Third, how will investors, taxpayers and depositors react? After all, if there are bank runs, or if people attempt to pull their money out of the country, the plans of both Greece and the rest of the eurozone could be rendered irrelevant.

For the time being, the signs are relatively reassuring on this front. Although share prices have fallen in recent months - and the Greek government's cost of borrowing has risen - the reaction this morning has been quite muted. In fact, the euro rose against the dollar as trading began.

However, investors will have to prepare themselves for a rocky few months. Both sides are likely to engage in some serious brinksmanship as they tackle the core debate: does Greece really have any hope of paying off its bailout loan? And, if not, how do they agree a way of reducing its debts without outraging at least one constituency across the continent.

No wonder Yanis Varoufakis, Tsipras's primary economic adviser, has described the election victory as a poison chalice.

12.07 | 0 komentar | Read More

BA Owner IAG Tables Fresh Bid For Aer Lingus

Written By Unknown on Senin, 26 Januari 2015 | 12.07

By Mark Kleinman, City Editor, in Davos

The parent company of British Airways (BA) has approached Aer Lingus about a fresh takeover bid for the Irish carrier.

Sky News can exclusively reveal that International Consolidated Airlines Group (IAG) submitted a revised proposal to the board of Aer Lingus within the last couple of days.

Sources said that the board of IAG had authorised an improved all-cash offer earlier this week worth at least €2.50 a share, which would value the Dublin-based airline at more than €1.3bn (£971m).

Directors of Aer Lingus discussed the proposal on Friday with their investment banking advisers from Goldman Sachs, according to insiders.

The disclosure of the approach by Sky News is likely to trigger stock exchange statements by both companies on Monday.

The fresh overture could be sufficient to persuade Aer Lingus to enter into formal takeover discussions with IAG, although it was unclear this weekend whether there were significant conditions attached to the proposal.

It was also unclear whether IAG might be prepared to raise its offer for a third time if the current proposal is rejected.

IAG's chief executive, Willie Walsh, is a former Aer Lingus pilot who went on to run the airline before taking the helm at BA in 2005.

He has made two previous approaches for the Dublin-based carrier, pitched at €2.30 and €2.40 a share, in the past six weeks.

Both were rebuffed by Aer Lingus on the basis that there were undisclosed conditions attached and that they "fundamentally undervalue[d] Aer Lingus and its attractive prospects".

Mr Walsh's attempt to acquire Aer Lingus is designed to cement its grip on take-off and landing rights at London's Heathrow Airport, while enabling him to improve the Irish carrier's profitability by combining some operations with those of IAG.

Already the largest carrier at Heathrow, a merger of the two companies would create a group with close to half of the available slots there.

A Government commission on aviation capacity led by Sir Howard Davies is due to recommend after the General Election whether Heathrow or Gatwick should be allowed to construct a new runway.

Even if Aer Lingus's board is minded to open talks with IAG, Mr Walsh will need to persuade the Irish Government and Ryanair chief executive Michael O'Leary of the bid's merits.

Ryanair owns a 29.8% stake in Aer Lingus and has fought a long-running battle with regulators over both that shareholding and a string of its own bids for its rival dating back to 2006.

Ryanair has been reported to be willing to consider an offer of between €2.50 and €2.70 a share, although the airline insisted on Saturday that this was inaccurate.

The Irish Government holds a 25.1% stake in the airline, and reports have suggested that it could insist that IAG retains Aer Lingus's Heathrow slots solely for flights to and from Ireland as a condition for approving a deal.

Analysts have argued that such a pre-condition would make Aer Lingus less attractive to Mr Walsh, who in addition to his IAG role is also chairman of Dublin's state debt management agency.

IAG was created in 2009 from the merger of BA and Iberia, which has been radically restructured by Mr Walsh against initially intense opposition from Spanish labour groups.

Since then, it has also acquired Vueling, another Spanish carrier, struck an alliance with American Airlines and considered several other big takeovers.

IAG shares closed on Friday up 2.1% at 536p, valuing it at almost £11bn, while Aer Lingus shares closed up 0.4% at €2.35, giving it a market capitalisation of €1.25bn.

Aer Lingus is preparing for a transition in its leadership regardless of Mr Walsh's efforts to acquire it.

The airline's chief executive, Christoph Mueller, is leaving in May to run Malaysia Airlines, which is being nationalised following the disasters last year involving flights MH370 and MH17.

IAG, which is being advised by Deutsche Bank, and Aer Lingus both declined to comment.

12.07 | 0 komentar | Read More

Post Office To Expand 'Challenger' Money Arm

By Mark Kleinman, City Editor

The Post Office will this week publicly target becoming one of Britain's leading financial services providers by the end of the decade, amid ministerial support for its vast network to play a greater role in banking provision.

Sky News has learnt that the state-owned entity will announce on Monday that it is to amalgamate its range of financial products under a new umbrella brand, Post Office Money.

The move is designed to promote the Post Office as a leading 'challenger' brand in financial services at a time when the big five high street banks are reducing the number of branches they operate.

On Tuesday, Vince Cable, the Business Secretary, will meet major lenders to thrash out details of additional efforts to allow bank customers to make more use of the Post Office's 11,500 outlets.

The Post Office currently offers products including insurance, mortgages, savings accounts and foreign exchange, some of which are provided through a partnership with Bank of Ireland.

Further products, including a new range of current accounts, are expected to follow.

Speaking to Sky News, Nick Kennett, director of financial services at Post Office Money, said:

"Consumers want a choice about how they manage their money; at Post Office Money our customers have access to an unrivalled network as well as online and phone, combined with multi-award winning products.

"We have been listening to our customers and know that people are facing some big financial decisions, and through the new Post Office Money we want to become their first choice when thinking about a mortgage, credit card or a safe haven for their savings."

The Post Office network has around three million customers within its banking and insurance business and nine million people use its foreign currency exchange services, while 2,500 of its branches open on Sundays.

Mr Kennett acknowledged that the target of doubling the size of the Post Office Money business by 2020 was ambitious but said its principles of fairness and accessibility were major advantages at a time of widespread consumer mistrust of major banks.

The details of Government-led efforts to strengthen the Post Office's role in the provision of banking services are expected to become clear after Tuesday's meeting.

Mr Cable has been angered by the decision of lenders including Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS) not to renew a commitment not to close branches when they are the last one remaining in a local community.

The banks argue that rapid technological changes, with customers now performing billions of transactions remotely each year, have rendered such a pledge obsolete.

Mr Cable told Sky News earlier this month: "There are a lot of people who are not connected who also need to do basic banking functions, and we mustn't be in a position where large numbers of villages and other small communities are effectively being cut off from banking.

"If the banks cannot perform that service we need an adequate substitute, and they've got a responsibility to help provide it."

He added that the banks should "think about… how to address any additional financial and operational burdens on the Post Office", implying that they could face a substantial bill for any new programme.

12.07 | 0 komentar | Read More

Three Dials O2 To Become Biggest Mobile Firm

Written By Unknown on Minggu, 25 Januari 2015 | 12.06

A cash deal of more than £10bn could lead to the creation of the UK's largest mobile phone operator, with Three taking over O2.

Three's parent, Hutchison Whampoa - owned by the richest man in Asia, Li Ka-Shing - said it was in "exclusive negotiations" with Telefonica to buy the UK's second-largest mobile firm for £10.25bn.

Hutchison confirmed in its statement that it had offered £9.25bn, with a deferred further payment of up to £1bn after completion of the deal but it said any agreement would be subject to due diligence and regulatory approvals.

Any tie-up would be likely to interest industry authorities as it would reduce the number of players in the UK mobile phone market to three - hitting competition - despite the possibility of both brands remaining.

The telecoms watchdog, Ofcom, could demand that Three and O2 hand over some spectrum capacity to rivals.

A combined player would create a company with a current market share of around 40% - with 31 million customers between them.

Three, which is currently the smallest of the UK's mobile operators in terms of market share behind Vodafone, has been setting lower price tariffs in a bid to attract new customers and grow its stable.

EE - which is the current market leader with 32% - is on the verge of being snapped up by former O2-owner BT in a deal worth £12.5bn.

BT is bidding to become a so-called "quad play" provider by bundling home phone, mobile, TV and broadband services together in a single package.

Its proposed deal with EE sparked a frenzy of speculation about whether other players in those markets would look to follow suit through either acquisitions or partnerships.

Telefonica's willingness to part with O2 was seen as acceptance that it did not want to enter the quad play arena in what is a declining mobile phone market.

It is widely believed to be looking at emerging markets to achieve growth.