Buffett backs Japan stocks

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first_imgMonday 21 March 2011 9:10 pm 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 Wrap BILLIONAIRE investor Warren Buffett yesterday called Japan’s stock market sell-off after the disasters of the past week an “extraordinary event” that has created a “buying opportunity” for shares in local companies. Japan’s Nikkei index ended last week more than ten per cent lower after fears of damage to companies’ long-term growth prospects caused investors to sell. But Buffett said the event did not alter Japan’s long-term economic prospects. He would “certainly not” sell Japanese stocks and believed the market would recover. Buffett backs Japan stocks KCS-content whatsapp Share Show Comments ▼ whatsapp Tags: NULLlast_img read more

Soaring inflation will worsen cuts, says IFS

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first_img 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 Wrap Share Tags: NULL whatsapp Show Comments ▼ Thursday 24 March 2011 9:31 pm whatsappcenter_img HIGH inflation will deepen spending cuts that the government is banking on to reduce the UK’s deficit, the Institute for Fiscal Studies (IFS) said yesterday.While departmental spending, in real terms, allowing for inflation, was due to be cut by an average of 11.2 per cent over four years according to October’s figures, cuts are now estimated at 11.7 per cent.Consumer price inflation has shot up to 4.4 per cent in recent months, with the Bank of England concerned it could soon exceed five per cent. In November the Office for Budget Responsibility (OBR) predicted inflation of 2.8 per cent for this year, yet was forced to revise the forecast up to 4.2 per cent on Wednesday.The government’s spending plans are “uncomfortably dependent” on the OBR’s wider forecasts and judgements on the economy, the IFS director Paul Johnson said, referring to its GDP forecasts and estimates of the economy’s output gap.In a statement released to coincide with chancellor George Osborne’s Budget, the OBR admitted that danger to the deficit reduction plan.“The biggest threat is the possibility that we have over-estimated the amount of spare capacity in the economy, now or in the future,” it said.“If the output gap was roughly 1.5 per cent of potential output smaller than our central estimate then the government would no longer be on course to balance the cyclically-adjusted current budget in five years’ time.” KCS-content Soaring inflation will worsen cuts, says IFS 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}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald last_img read more

Terra Firma mulls a sale of its Odeon and UCI brands

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first_imgThursday 31 March 2011 8:35 pm Show Comments ▼ whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 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.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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Guy Hands’ private equity firm Terra Firma is mulling the sale of its Odeon and UCI cinema business.Speculation over a possible sale has surrounded the cinema brands for months, with rival private equity player BC Partners thought to be interested.City A.M. understands a sale is one of several options for the firm, with a refinancing also an option. The firm could also choose to hold its ground. Sources close to the firm say it is unlikely Terra Firma would accept less than £1bn for the business.Hands is expected to ask Bank of America Merrill Lynch to host an auction should he decide on a sale.UCI and Odeon have a similar UK market share of around one quarter each, with Odeon valued at roughly £800m and UCI at £300m.Hands took a £12m dividend from Terra Firma earlier this year despite a fall in operating profits.The payment is the first significant dividend payment by the company since its inception nine years ago, with all previous payouts under £25,000 a year. Tags: NULL whatsapp Share KCS-content Terra Firma mulls a sale of its Odeon and UCI brands last_img read more

VOICE OF THE CITY

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first_img Show Comments ▼ Tags: NULL Share whatsapp whatsapp KCS-content 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Tuesday 19 April 2011 8:32 pm THE latest City A.M. Voice of the City panel is now online. To participate go to www.cityam.com/panel and answer the questions below. Results will be published in next Tuesday’s paper. All data provided is confidential and will not be shared with any other party. Do you think that Gordon Brown is a suitable candidate to be the next head of the International Monetary Fund?Completely suitableSomewhat suitableNot suitable or unsuitableFairly unsuitableCompletely unsuitableDon’t know How will the government’s plans to limit immigration affect the prospects for UK economic recovery?Very damagingFairly damagingNo effectFairly helpfulVery helpfulDon’t knowHow concerned are you that disagreements within the coalition government will destabilise the UK economy?Very concernedFairly concernedNot at all concernedDon’t knowParticipants could be in with the chance of winning a free luxury weekend to Paris. In September, we’ll put panellists who have responded to at least 80 per cent of surveys into a prize draw. Full T&Cs available on request. VOICE OF THE CITY last_img read more

GiG fined $25k for New Jersey geolocation failings

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first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Gaming Innovation Group (GiG) has been fined $25,000 (£19,140/€22,300) by the New Jersey Division of Gaming Enforcement (NJDGE) for breaching geolocation rules in the US state.The operator accepted a single online bet from someone located outside of New Jersey’s state boundaries.The NJDGE has opted not to disclose the value of this bet nor the type of wager that was placed.New Jersey law strictly limits operators to only taking bets from people who are inside the state and the regulator has issued the fine as a result of this breach.GiG, which is yet to comment on the ruling, won approval to launch its online gambling services in New Jersey in June 2018. This January, GiG launched a new land-based and online sportsbook in partnership with Hard Rock Hotel & Casino Atlantic City.Earlier this year, GiG also secured a vendor registration to enter into the New Jersey affiliate market. GiG is now able to refer website traffic to regulated casinos and sportsbooks on a cost-per-acquisition basis.GiG is the latest leading online operator to face a fine in New Jersey after the state’s regulator also handed out financial penalties to GVC Holdings, The Stars Group and Rush Street Interactive in recent months.PokerStars operator The Stars Group was fined $10,000 for accepting bets on basketball games featuring teams from two colleges in the state, while Rush Street was issued a penalty of $30,000 for allowing minors to access its igaming services – the first punishment for this offence in New Jersey. GVC’s bwin brand, meanwhile, was fined $81,000 after allowing a number of self-excluded players to gamble via its platform.Image: Famartin Email Address GiG fined $25k for New Jersey geolocation failings Gaming Innovation Group (GiG) has been fined $25,000 (£19,140/€22,300) by the New Jersey Division of Gaming Enforcement (NJDGE) for breaching geolocation rules in the US state. Tags: Online Gambling Companies: GiGcenter_img 2nd May 2019 | By contenteditor Regions: US New Jersey Subscribe to the iGaming newsletter Topics: Legal & compliance Legal & compliancelast_img read more

Washington DC sports betting legislation becomes law

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first_img Regions: US Washington DC Email Address Legal & compliance 9th May 2019 | By contenteditor Subscribe to the iGaming newsletter The sports betting legislation enacted by the Washington DC Council in January has now formally passed into law, following a 60-day congressional review.This paves the way for the roll-out of mobile wagering in the city, powered by the DC Lottery’s main supplier Intralot.Read the full story on the iGB North America site now The sports betting legislation enacted by the Washington DC Council in January has now formally passed into law, following a 60-day congressional review. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling OTB and Betting Shops Washington DC sports betting legislation becomes law Topics: Legal & compliance Lottery Sports bettinglast_img read more

Sporting Group prepares for an FDJ-led future

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first_img18th December 2019 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Sporting Group prepares for an FDJ-led future Tags: Mobile Online Gambling OTB and Betting Shops Regions: Europe UK & Ireland US Western Europe France Topics: Finance Sports betting Strategy Tech & innovation La Francaise des Jeux’s acquisition of Sporting Group added an interesting component to the French giant’s B2B business, and one that could be increasingly important in a largely homogenised industry.The news that Sporting Group was to be acquired wasn’t so much a surprise, as it was certainly a hot property. A number of high profile suppliers had been linked with a deal for the business, previously owned by Swedish businessman Magnus Hedman. What was intriguing was the acquirer.That La Française des Jeux (FDJ), until November majority owned by the French state, was to buy the business was a clear sign of the operator’s intent to grow its B2B business. While it has owned sportsbook technology platform Laverock Von Schoultz (LVS) since 2010, 2019 saw FDJ announce that ramping up its B2B business would be a key element of its 2025 growth strategy.While the 2020 strategy led to the B2B elements being consolidated into the FDJ Gaming Solutions (FGS) division, the 2025 plan will put greater emphasis on growing this unit’s client base.While FDJ’s attention has been taken up by the €1.89bn initial public offering, Sporting Solutions’ trading feed has been integrated into LVS’ Advance Betting Platform (APB). There are two deals being finalised, in North America, that mark the first time FGS and Sporting Group have worked together to secure contracts.“It’s got off to a good start from a combined business point of view,” Sporting Group chief executive Simon Trim (pictured) says of the months following the deal.While it retains a retail betting monopoly in France, FDJ’s core B2B business remains the lottery solutions operation. Sporting Solutions clearly fits in here, considering it counts Danske Spil and the Singapore Pools among its clients.US prospects However, with the US market opening up – and considering some US-facing suppliers were reportedly also in the running to acquire Sporting Group – it’s not a surprise that it will be an area of focus.“With the US opening up there’s a big market to be going after, both for retail and online,” Trim says. “So that’s going to be a key part of [FGS’] international strategy.”It’s arguably a surprise that it hasn’t made a push for that market yet, but in Trim’s eyes the timing just wasn’t right. Much has been made of the first 18 months of legal wagering being a period where the focus was on getting live and acquiring customers, with product to replace marketing as the focus of the market at a later date.“I think what you’ve seen is the first wave, which is about speed to market for fantasy operators, casinos and racetracks that have the clients already,” he explains. “So the main driver has been around the sports betting engine. The likes of Kambi, SBTech, where you can stand up a service quickly have been able to take advantage of that.”Much has been made of operators investing for the long-term. After all, today many will be reinvesting up to 100% of revenue into marketing. The biggest companies in the sector are claiming that it will take up to five years before they can turn a profit. As Trim points out, it’s much harder to make money than people thought.“It wasn’t as if there wasn’t sports betting in the US before, there was a degree of naivety, and I think there was a need for more skill and expertise than people realised,” he says.Whatever way you look it, the US sportsbook market is currently not worth as much as operators  are spending, so  a lot of what is being done is being done on belief,” he continues. “Larger operators probably need at least ten meaningful states – ie those with large populations – to open up with the right taxation and regulatory structures.“In the meantime they need  to be in every jurisdiction, and are spending heavily to gain market access, build their brands, secure distribution – that’s the game they have to play. And some are doing it better than others.”He says Sporting Solutions was “never going to be part of that initial rush” into the US market. With the ABP integration, not to mention the proprietary platform powering fixed-odds betting for Sporting Index, it can now boast a solution to power wagering for lotteries to independent casinos. It’s not harmed by the credibility of FDJ behind the business either.“For us I think this next round is much more interesting,” he says.While this sets out the future for the Solutions component of Sporting Group, what about Index? After all the spread betting product was where the whole business started.It still has a place, with a new fixed odds product launched to capture a bigger wallet share of existing customers.“We know they’re betting on fixed odds elsewhere and we have a full product set through Sporting Solutions, so it was a natural progression to launch under our own brand,” he says.“We can also demonstrate the quality of our B2B solutions and pricing through Sporting Index, because I do think we’re in the most regulated and cut-throat market in the world in the UK, so if we can show we’re taking business and being successful there, it shows what we can do for all our Sporting Solutions clients.”That’s not to say it’s shifting away from the core product: “Spreads is king still. It’s a fantastic business for us, and gives us a differentiated product in a world where everyone’s starting to look the same.“We’ve been around with all those established USPs, in-play since 1992, cash-out since 1992, so we still feel we have a lot of heritage within the brand that we can grow further.”So while the Solutions part of the business may attract more attention, Trim sees it as driving Index, and vice versa.As part of a listed business, he’s unable to offer any figures on financial performance, but says the Cricket and Rugby World Cups have ensured a good year for the business, even without a major football tournament.De-skilling Perhaps key for Sporting Group in future will be the skills it has retained through maintaining its own trading and risk management services – something that has arguably been lost across the wider industry.Trim argues that the future of the sportsbook industry will be driven by risk management, which can be used to differentiate pricing for operators.“If you look at how quantitative risk management now dominates financials – which is essentially computers following the trading rules set by humans – 60% of trading activity on the US stock market is automated through computers carrying out the expert trading strategies they have been programmed to follow,” he says.“This is what we are replicating through our Quantitative Trading Services (QTS) solution for sports book operators. It’s a marriage of automated algorithms set by our in-house experts.”And the expertise to develop these expert trading strategies is something that is sorely lacking across the rest of the industry, he says.As a trader by trade, Trim believes it’s “ridiculous” how the industry now runs.“You’ve gone through over a decade of sportsbooks shedding the talent needed to run a sportsbook,” he syas. “In-play was a whole new product for most operators, so it was a case of getting the product out and making sure it wasn’t too different from the market, so you could choose to buy commoditised prices to power it.“And if any player showed any skill, they’d be limited, with the focus shifting from competing on price to acquiring recreational mass market punters through free bets and bonus boosts.“Today, however, price differentiation is necessary to generate revenue for operators – who no longer have the experience to do it. Essentially there’s too much in-play content to be managed manually, and the sort of professionals that can price events have been replaced by marketers.“You’ve now got operators that don’t have the skill to price or the capability of automating trading strategies, so they’re stuck with a business model that is increasingly failing,” he explains.While this hardly bodes well for the industry, it in turn creates an opportunity for specialists such as Sporting Group.“From a Sporting Index point of view, we’re on a proprietary tech stack, all our own spreads and fixed odds systems, with all our own prices and traders,” Trim adds. “It puts us in a situation that can drive our stagey and allow us to pivot quite quickly.”Considering this state of affairs, it’s no surprise that there was so much mooted interest in the business. And considering the charge often levelled at the largest operators, that they’re too big to think strategically and innovate, it certainly suggests some good forward planning on FDJ’s part. Subscribe to the iGaming newsletter Email Address La Francaise des Jeux’s acquisition of Sporting Group added an interesting component to the French giant’s B2B business, and one that could be increasingly important in a largely homogenised industry. Financelast_img read more

CDI launches BetAmerica online casino in Pennsylvania

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first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Churchill Downs Incorporated (CDI) has announced the launch of a BetAmerica-branded online casino platform in the state of Pennsylvania.The new platform will enable players across Pennsylvania to access more than 40 games and slots including tables games such as blackjack and roulette, as well as slot titles Starburst, Divine Fortune and Big Branded Rockin’ Slots.The launch follows the roll out of a BetAmerica online sportsbook in the state in December of last year.Both new and existing customers on the casino platform can access up to 100 free spins on slots. Players can log in to their account each day of a promotional period – which runs from 1-5 February  – to receive 20 free spins per day.Read the full story on iGB North America. Tags: Mobile Online Gambling Churchill Downs Incorporated (CDI) has announced the launch of a BetAmerica-branded online casino platform in the state of Pennsylvania. 3rd February 2020 | By contenteditor Subscribe to the iGaming newsletter Casino & games Topics: Casino & games Regions: US Pennsylvania CDI launches BetAmerica online casino in Pennsylvania Email Addresslast_img read more

Intralot signs gaming partnership with Major League Baseball

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first_img Intralot has agreed a new deal to become an authorised gaming partner of Major League Baseball (MLB). 24th July 2020 | By contenteditor Intralot signs gaming partnership with Major League Baseball Email Address Topics: Sports betting Intralot has agreed a new deal to become an authorised gaming partner of Major League Baseball (MLB).Under the agreement, which came into effect ahead of yesterday’s (23 July) start of the 2020 regular season, Intralot will have access to official MLB data, marks, and logos for its sports wagering platforms.According to Intralot, the deal will benefit lottery customers and their players by providing them with an enhanced player experience across retail and online platforms.Intralot agreed the new partnership through its Intralot Inc. US subsidiary.Read the full story on iGB North America.center_img Subscribe to the iGaming newsletter Regions: US Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Esports Entertainment expands Dignitas partnership

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first_imgCasino & games Esports Entertainment expands Dignitas partnership 17th August 2020 | By contenteditor Esports Entertainment Group has expanded its partnership with Dignitas, the esports vertical of digital sports and media business New Meta Entertainment (NME). Tags: Online Gambling Video Gaming Esports Entertainment Group has expanded its partnership with Dignitas, the esports subsidiary of digital sports and media business New Meta Entertainment (NME).Under the deal, the esports betting operator will take the naming rights to Dignitas’ Counter-Strike: Global Offensive (CS:GO) esports team, with branding for its VIE.gg exchange betting platform to appear on players’ jerseys.This will builds on a multi-year deal signed in June 2019, under which the VIE.gg platform serves as an official partner of Dignitas.Esports Entertainment and Dignitas will also jointly roll out strategic digital and physical activations, with a focus on the New Jersey marketplace. Dignitas last year become the first esports organisation to open a gaming facility in the state.In addition to the US, Esports Entertainment said the deal will allow it to access the European market through its association with, Dignitas’ CS:GO team hailing from Scandinavia.“Expanding our existing partnership and placing our brand in front of the millions of engaged Dignitas fans around the world further demonstrates our commitment to growing VIE.gg into the leading wagering platform in esports globally,” Esports Entertainment chief executive Grant Johnson said.Dignitas and NME chief executive Michael Prindiville added: “Our co-branded CS:GO team and the immense opportunity around esports betting content in our home state of New Jersey enable us to tell unique and engaging stories at the forefront of both esports betting and competition to millions of fans worldwide.”center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Topics: Casino & games Esports Marketing & affiliates Video gaming Email Addresslast_img read more