Qinetiq wins NASA deal worth $2bn

first_img 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 PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe 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 Farm Show Comments ▼ Share KCS-content Monday 22 November 2010 7:17 pmcenter_img 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Qinetiq wins NASA deal worth $2bn UK DEFENCE technology group Qinetiq has won a multi-year engineering contract with US Space Agency NASA worth up to $2bn (£1.25bn).Qinetiq’s US arm will provide engineering support and ground operations to the Kennedy Space Centre in Florida from March 2011, although contract terms are still being finalised.The deal is for at least five years, with options for a further three, and is worth up to $2bn (£1.25bn).Profit margins will be at the lower end of Qinetiq’s range due to the size and quality of the contract.The work is expected to include designing and developing ground systems and equipment for NASA launch vehicles and spacecraft and technology for NASA mission requirements and operations, among others.Qinetiq shares closed up by 1.25 per cent at 113.70p as investors welcomed the news, which comes at a time of government spending cuts on both sides of the Atlantic.The UK Ministry of Defence budget has been cut by eight per cent in real terms over the next four years while the US recently cancelled NASA’s $108bn Constellation manned space programme to get astronauts to the Moon by 2020 and Mars by 2030.Qinetiq shares fell by more than a third in October after it lost a major MoD army, navy and air force training contract, but rallied last week as it announced a 14 per cent rise in 2010 first half profits.The group employs about 6,000 people in the UK and has staff in most US states. It was forced to issue two profit warnings in November 2009 and January 2010 due to delays in UK and US government contract decisions. Tags: NULLlast_img read more

New bank law to give Ireland sweeping powers

first_img alison.lock Show Comments ▼ New bank law to give Ireland sweeping powers IRELAND’S government has passed a new law giving it wide-ranging powers to shrink and overhaul its banks.The bill, which applies to banks that have received state support, building societies and credit unions, will enable the government to force losses on junior bondholders on a case-by-case basis in the High Court.Ireland has agreed to radically overhaul its banks as part of an €85bn (£71bn) EU and IMF bailout package.“This bill will allow the minister to take the actions required to bring about a domestic retail banking system that is proportionate to and focused on the Irish economy,” Finance Minister Brian Lenihan said in a statement.“The banking system must play its role in providing the credit to the real economy to support our recovery.”The new law will allow the finance minister to transfer banks’ assets and liabilities and “take or prevent any actions in order to support the government’s banking strategy”.It will also enable the government to inject part of the near €10bn capital required by Allied Irish Banks before the end of the year, and will facilitate the planned restructuring of nationalised lenders Anglo Irish Bank and Irish Nationwide Building Society.The powers contained in the law will expire at the end of 2012 in recognition of their exceptional nature.The bill will be debated by parliament on Wednesday, and it is expected to come into effect at the end of the week.Lenders to Irish banks are already leaning on junior bondholders to shoulder part of the cost voluntarily.Bank of Ireland, which needs to raise €2.2bn under the bailout plan, is offering holders of its subordinated debt a swap into government-guaranteed paper at around 50 per cent of face value.Nationalised lender Anglo Irish Bank has already offered to exchange some €1.6bn of subordinated debt at a discount of 20 cents per share.Subordinated debt in Allied Irish Banks is trading at a discount of more than 70 per cent, reflecting investors’ view that it too will seek a contribution for the near €10bn in additional capital it needs to raise by the end of February. whatsapp Tags: NULL Share whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.com Tuesday 14 December 2010 3:33 pmlast_img read more

Rio Tinto in $1bn Alcan expansion

first_img Rio Tinto in $1bn Alcan expansion RIO TINTO plans to spend more than $1bn on two of its Canadian aluminum smelters, aiming to boost efficiency, cut costs and deliver on commitments made when it acquired Canada’s Alcan.The Anglo-Australian mining giant, which bought giant Canadian aluminum maker Alcan in 2007, said yesterday it will spend about $760m to complete the first phase of its AP60 plant in Quebec. The new plant will house the most cost-effective, energy-efficient and environmentally friendly smelting technology commercially available, the company said. whatsapp whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily 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 ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tuesday 14 December 2010 9:20 pmcenter_img KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Show Comments ▼ Share Tags: NULLlast_img read more

FTSE closes the week on a high

first_imgFriday 21 January 2011 3:53 pm FTSE closes the week on a high Show Comments ▼ whatsapp alison.lock ENERGY stocks led the FTSE into a rebound today following the sharp sell-offs seen in the past two days’ sessions.The FTSE 100 closed up 28.34 points, or 0.5 per cent, at 5,896.25, having hit a five-week closing low on Thursday.Royal Bank of Scotland was by far the biggest riser, up 6.5 per cent to 44.94p on reports it was in negotiations to leave the government’s asset protection scheme early. Analysts estimated it could make £100m from exiting the scheme.Lloyds Banking Group also gained 0.8 per cent in sympathy with the move.The index still closed more than 40 points below its high for the day, with volume at 145 per cent of the average of the last 90 trading days.“A lot of short-term traders who bought in this morning after the sharp recent sell-off have achieved their aims and sold up,” said Ed Woolfitt, head of trading at Galvan.Some of the shares that were hardest hit in the sell-off this week were the strongest gainers, such as Weir Group, which bounced 2.23 per cent to close at 1,653p.Search software firm Autonomy gained 3.93 per cent to 1,480p, helped by news of two licence deals for its Intelligent Data Operating Layer product.“Technology shares got a nice boost after some broker upgrades across the sector, and this effect has rippled through to ARM Holdings, which pushed higher,” said Michael Hewson, market analyst at CMC Markets.“Autonomy has joined RBS near the top of the leader board and started to claw back some ground after its recent declines, as it announced two more new contract wins to make it six this week,” he added.Energy shares provided the bulk of the gains for the blue-chip index, with BG Group up 1.1 per cent and Royal Dutch Shell up 1.3 per cent, supported by new “buy” recommendations from Investec Securities.Miners also recovered following recent sharp falls after soaring growth data from China raised fears of further interest rate rises there.Among the fallers, luxury goods group Burberry shed 1.3 per cent to 1,031p, extending Thursday’s falls on worries over the impact of any Chinese rate rise on its key Asian markets.Solid figures from conglomerate General Electric helped US shares rise, but disappointing results from Bank of America kept the gains in check.The Dow Jones industrial average was up 53.81 points, or 0.46 per cent, at 11,876.61. The Standard & Poor’s 500 Index was up 6.78 points, or 0.53 per cent, at 1,287.04. The Nasdaq Composite Index was up 10.90 points, or 0.40 per cent, at 2,715.19.“Wall Street has joined in the party mood, with earnings from GE far exceeding expectations and helping deflect attention from the chunky impairment charge lodged by Bank of America,” said Ben Critchley, a sales trader at IG Index. center_img whatsapp Share Tags: NULLlast_img read more

Facebook to launch first mobile phone

first_img HTC will unveil two new Facebook branded mobile phones next month, City A.M. has learned.The Taiwanese manufacturer will launch an official tie-up with Mark Zuckerberg’s $50bn (£31.6bn) social network at the Mobile World Congress event in Barcelona.The high-end smartphones will be the first to bear the Facebook branding and colours. It could look similar to the mock-up pictured right, also created by HTC.It is understood the phones will run on a tweaked version of Google’s Android operating system and will prominently display users’ Facebook messages and news feed on the home screen.Other areas of integration expected include being able to call or email friends from information stored on their Facebook page.Facebook has aggressively pushed mobile versions of its social network and industry insiders see this as an attempt to consolidate its position as the world’s leading social network.Facebook’s Joe Hewitt (who worked on the Firefox web browser) and Matthew Papakipos (a leading member of the Google Chrome browser team) are thought to be behind the launch. It is unclear if the phone will be tied to a single carrier in the UK.The phone will draw comparisons to Google’s Nexus range, also manufactured by HTC. City A.M. exclusively revealed the new version of the phone, the Nexus S, would be sold in the UK through an exclusive deal with Carphone Warehouse. More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity 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’DefinitionLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsappcenter_img Share Show Comments ▼ Facebook to launch first mobile phone Tags: NULL Tuesday 25 January 2011 9:21 pmlast_img read more

Australia flood costs to soar

first_imgThursday 27 January 2011 8:35 pm Australia flood costs to soar whatsapp Show Comments ▼ LOSSES from the floods devastating Australia to the Lloyd’s of London market may run to hundreds of millions of Australian dollars, its chairman Lord Levene said yesterday.Asked alongside Davos meetings to estimate the cost of the disaster, Levene said it could leave Lloyd’s underwriters with net losses, but said Lloyd’s’ total bill would not reach A$1bn (£630m).With floodwaters still high in Queensland and Victoria states, losses are continuing to rise, but Levene played down the effect on insurers. “As far as we’re concerned, the costs are all in the normal course of business,” he said in an interview. UK insurers have been cagey to date about their level of exposure to the floods. In a trading update on Wednesday Hiscox, another Lloyd’s insurer and reinsurer that wrote £1.7bn in premiums last year, said its position on the floods “is still evolving, however we believe we are underweight in this area.”Levene said he expected Lloyd’s 2010 results to be “OK” but “they won’t be brilliant.” The floods follow extensive losses to Lloyd’s insurers from the earthquake that hit New Zealand last September. whatsapp Share KCS-content More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLlast_img read more

HEDGE FUND TYCOON TRIFON NATSIS IS SAFE AS HOUSES

first_img Show Comments ▼ KCS-content Share Tuesday 1 March 2011 7:54 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 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 whatsapp center_img whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org GOOD news for hedge fund tycoon Trifon Natsis, co-founder of Brevan Howard Asset Management, as The Capitalist can reveal his planning application for major improvements to his Hampstead home has been recommended for approval by Camden Council.The planning officer dealing with the application has recommended the scheme receives the go-ahead in an internal report, as he doesn’t believe the lavish development will have a negative impact on the character of the Hampstead conservation area. Nor does he think it poses issues of structural instability.All being well, then, the grand designs will get the green light from Camden’s councillors at the Development Control Committee meeting on 17 March, and Natsis’ home will soon be the talk of the neighbourhood.Of particular note, The Capitalist hears, is the south-facing terrace ringed with a balustrade, which sounds like the perfect place for Natsis to host a housewarming party. Just a shame that since Natsis is now based in the fund’s Geneva office – where he also has a home – those London-based soirees may be limited.TRUSTING FUNDSBANKERS beware: the world of private funds will be exploded next Monday when Justin Cartwright’s latest novel Other People’s Money hits the bookshelves.Cartwright’s fiction focuses on an “old posh bank in trouble”, Tubal & Co, and as part of his research he interviewed scores of characters at small investment firms to see just how far they would go to prop up a failing bank.He recalls: “I asked [one banker] whether it would be possible that my small – fictional – private bank would pad its assets in a crisis by using family money, or whether they would use client money. Without a moment’s hesitation he said they would use client money, which could be easily channelled into the bank … before any regulators or auditors started to ask questions.”So who is this source – “the most controversial person, no question” – that Cartwright questioned? “Someone who deals in international trusts,” was all the author would reveal, adding that “none of [the bankers] wanted to be quoted”. Funny, that.ANIMAL KINGDOMIt’s a leap year for Deloitte, after the firm’s work to help preserve the Rubeho Forest in Tanzania was recognised by having a species of frog named after it – the Nectophrynoides deloittei, to be precise.If this trend for renaming reptiles after global corporates continues, things could get very silly indeed, with the PricewaterhouseCooper lizard going head to head with the Ernst & Young gecko. Safe to say, though, that the sea birds of the Gulf of Mexico will be spared being tarred with oil giant BP’s “safety record” brush. HEDGE FUND TYCOON TRIFON NATSIS IS SAFE AS HOUSES Tags: NULLlast_img read more

Property asking prices up

first_imgMonday 21 March 2011 4:36 am Property asking prices up whatsapp John Dunne Asking prices for houses in England and Wales are 0.9 percent higher than a year earlier, a monthly survey by property website Rightmove showed on Monday.March’s annual rate of growth in asking prices picked up from a reading of 0.3 per cent in February. The month-on-month rate of growth, which is subject to seasonal volatility, slowed to 0.8 percent from February’s four-month high of 3.1 per cent.Overall the figures do little to shift the picture of stagnant house prices shown in other industry surveys, as limited mortgage availability, slow wage growth and job worries deter many house-buyers.Rightmove saw some grounds for optimism for estate agents, as higher levels of enquiries and viewings in January and February appeared to be converting into sales.“The falling time on the market and stable spring stock levels would normally point to a healthy housing market. However, this year’s celebrations will be severely muted by the knots the market has found itself tied up in,” Rightmove director Miles Shipside said.Activity was stronger for more expensive housing, as the wealthy buyers for these properties generally did not need a mortgage that covered as large a share of the property’s cost as those for cheaper houses, Rightmove added. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’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’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrapcenter_img Share whatsapp Show Comments ▼ 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 AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Tags: NULLlast_img read more

All Saints edges closer to sale amid administration fear

first_img whatsapp Monday 25 April 2011 10:57 pm All Saints edges closer to sale amid administration fear HIGH street fashion retailer All Saints is set to complete a sale to US private equity house Goode Partners by the end of this week, despite fears its creditors could put it into administration.Sources close to the process said the US firm was “leading the deal” to buy all of the ordinary shares in the company for more than £100m, as part of a consortium of buyers.But there are suggestions the retailer’s main lender, Lloyds Banking Group, has threatened chief executive Stephen Craig with the liquidation of his firm should the buyout deal fail.The bank, which provides All Saints with a £28.5m loan facility, was also said to have put KPMG on standby to initiate administration proceedings should talks fail. Talks are set to continue today between management and bankers over the future of the business.Craig told City A.M. last night there had been no threat of liquidation, adding that Lloyds had been “fantastic” throughout the sale process.He said: “It’s been a case study in relationship banking.“Where we’re at in the transaction is that I believe it will complete this week. If it doesn’t complete this week then, in my view, it’s only because of the Royal Wedding.”All Saints was put on the block after majority shareholders Kaupthing and Glitnir, the Icelandic banks that collapsed during the financial crisis, were forced to sell their assets by administrators.Retail mogul Kevin Stanford, who bought the fashion brand in 2003, also holds a “Z-share” in the business – a position that could net him 50 per cent of the value of the transaction.All Saints has more than 60 stores and almost 50 concessions across the UK, Europe, America and Russia. KCS-content Tags: NULL whatsapp Show Comments ▼ More From Our Partners Brave 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.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comKansas coach fired for using N-word toward Black playerthegrio.com Sharelast_img read more

The rise of African gaming

first_img The rise of African gaming African markets have shown a huge ability to adapt, only recently have mobile punters in Sub-Saharan Africa transitioned to 3G connections, which is predicted to account for 60% of users by 2025.Despite this slow uptake, technology is hugely advanced in markets across the continent, spurred on by a general distrust of state institutions and an increasing number of start-ups looking to capitalise on promising African markets.Perhaps one of the first sectors to fully embrace this is telecommunications. Storming onto the scene in Kenya, M-Pesa changed the game for mobile payment solutions by providing a platform that bypassed the need for internet connection through SMS money transfer.According to CEO Bob Collymore, mobile sports betting has “absolutely taken over everyone else” in terms of volume.After integrating the technology into their sportsbook in 2017, Betika immediately saw a rise in repeat users on their platform.“The new M-Pesa payment solution allows users on our mobile, USSD and online platform to withdraw and deposit into their betting accounts without leaving the platform, a first in the betting category,” says Betika’s brand manager Patricia Wachira.“This has led to repeat customers who have experienced a seamless user experience from deposit, searching and selecting matches and placing bets.”Nigeria is experiencing a similar boom in mobile betting as the number of digital payment start-ups increases.“We added Paystack as one of our payment options without any fanfare, without announcing to our customers, and within a month it shot up to the number one most used payment option on the website,” says Akin Alabi, founder of NairaBET.Paystack solving the problem of fragmented payments in the Nigerian market is just one example of how African start-up culture has helped cultivate the growth of the gaming industry.With many entrepreneurs taking inspiration from the European market, the affiliate sector has witnessed a sudden burst of new entrants onto the market.“The possibility for affiliate marketing is huge, but the opportunity has not yet been realised,” says Martin Sack, group manager of online business development at Sun International.Founding partner at Kenyan affiliate marketing site CheckiOdds Dev Karia says the biggest challenge to affiliate marketing is educating African operators on the benefits.“This model is tried, tested, and successful in Europe. The benefit of affiliate marketing is that you can prove your return on investment, and engage a new generation of social media users,” he explains. “The opportunity [for operators] is huge.”Karia says using an African start-up is beneficial to several areas of the economy, not just gambling. “We understand the Kenyan mind-set better than, say, a European competitor moving into the market.”The surge in African SMEs, demonstrated by telecommunications and affiliate start-ups in particular, is cultivating African gaming economies specifically for African punters.Though many suppliers are Europe-based and have deals with local sportsbooks, several operators are frustrated by the lack of customisation and adaptation of their product to the African market.“Technology providers think they’re equipped, but actually aren’t. There are tons of customisation requirements that need to be taken into consideration when applying these products into the African market that simply aren’t,” says one operator.There are no signs of the African start-up boom slowing down. In Uganda, 28.1% of the population are entrepreneurs and Google has introduced its Launchpad Accelerator in a number of African markets including Ghana, Kenya, Nigeria, South Africa, and Uganda – jurisdictions where the gambling market has shown huge growth and potential.Attention from international investors, distrust of traditionally state-run industries such as banking, and a desire to source suppliers locally rather than import, all contribute to the infectious African entrepreneurial spirit.The general market mood begs a number of questions around its potential: to what extent will blockchain take hold in the gaming sector?Are backend technology platforms next? What other sectors could impact African gambling markets? Regardless of the answers, one thing is for sure: the African start-up space is particularly interesting to watch. Tags: Mobile Online Gambling Emily Taylor explains how the rise of technology and appetite for a local gaming industry is fuelling the boom in igaming start-ups on the continent Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter 24th August 2018 | By Hannah Gannage-Stewart Regions: Africa Topics: Sports betting Email Addresslast_img read more