New Castle trader Chiesi pleads guilty

first_img 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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com New Castle trader Chiesi pleads guilty whatsapp whatsapp Wednesday 19 January 2011 8:39 pm Tags: NULL Share KCS-content Show Comments ▼ A FORMER hedge fund trader pleaded guilty to passing inside information to Galleon Group founder and co-defendant Raj Rajaratnam in a New York court yesterday.Danielle Chiesi had been due to stand trial alongside Rajaratnam, who denies any wrongdoing.The former trader at New Castle Funds, which was once part of Bear Sterns, was accused of making around $4m (£2.5m) in illegal profits from trades on confidential company information during 2008. She learnt secret data about technology firms Intel, IBM and AMD, prosecutors said.Chiesi allegedly used tip-offs from former IBM executive Robert Moffat, which she then passed to Rajaratnam. Moffat pleaded guilty and was sentenced to six months in prison and a $50,000 (£32,410) fine last September. Of the 24 people criminally charged in the Galleon insider trading case, 16 have now pleaded guilty. The federal court in New York is due to sentence Chiesi on 13 May. She is set to receive between 37 and 46 months in prison as part of a plea bargain, but her lawyer said she is not expected to testify against Rajaratnam. last_img read more


BT surprises the market as profits surge

first_img Show Comments ▼ Share KCS-content Thursday 3 February 2011 7:57 pm BT surprises the market as profits surge whatsapp Tags: NULL BT shares jumped over three per cent yesterday after the telecoms giant unveiled better than expected results, buoyed by improvements at its Global Services division.BT’s core profit rose seven per cent to £1.48bn in the last quarter of 2010, despite a three per cent sales decline, as it continued to slash costs. Global Services’ sales fell seven per cent but its profit margin jumped an impressive 7.1 per cent. Technology research firm Ovum said the performance was surprisingly strong, with the division having undergone a massive restructuring.Analyst Mark Giles said: “This is a huge bonus for the group – it shows it has cleared up some bad commercial deals very effectively.”BT retail gained broadband market share in the quarter, adding 188,000 customers, or 53 per cent of new business in the sector. This was partly due to strong take-up of its BT Vision internet TV service, which more than doubled its quarterly uptake with 40,000 net additions. But the division still reported its tenth successive quarter of consumer revenue decline, down four per cent, compared to business revenue up one per cent. Overall revenue at the division fell three per cent to £1.97bn from £2.02bn a year earlier. However, Ebitda jumped four per cent in the same period to £452m.Chief executive Ian Livingston said: “Retail had a good quarter with our highest share of DSL broadband net additions for eight years. If you want cheap and cheerful, we’ve got it; if you want the best, we’ve got it.”BT’s pension deficit, which in December 2008 stood at £9bn, fell to £3.7bn thanks to improvements in the market, a change to statutory accountancy methods and BT’s £525m annual contribution. The stock closed up 3.6 per cent at 184.9p. 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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com whatsapplast_img read more


Keeping it in the family

first_imgWednesday 9 February 2011 8:37 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack 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 ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Share 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 ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 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 Farm RUPERT Murdoch likes to keep things in the family.His son James is head of European operations at News Corp and chairman of BSkyB – the firm 39 per cent owned by News Corp and the target of a controversial takeover plan.Now Elisabeth is about to be welcomed back into the fold after a ten-year hiatus. Both her and James were groomed to play major roles in the Murdoch empire. She was a senior figure at BSkyB before quitting after a public row with executive Sam Chisholm. Her loss was keenly felt by her father, who will be especially glad to have her back on board after the departure of her brother Lachlan, the deputy chief operating officer at News Corp, who was seen as a shining light before his shock resignation in 2005.After a TV production project with Sky collapsed, Elisabeth founded The Shine Group and built it from a niche player to the sixth most powerful independent production company in the UK. She proved she is a shrewd operator, investing heavily in its international operations, most notably buying US production company Reveille, maker of hit show Ugly Betty.She is now slated for a board role at News Corp, although it is unlikely her presence will prove particularly worrisome for James, who remains the heir apparent of the empire.Regardless, the deal makes her a very rich woman. Already wealthy, she will personally collect in the region of £371m from the sale.Elisabeth, 42, is Rupert Murdoch’s second daughter and the eldest of three children from his second marriage.She has been married twice, first to banker Elkin Kwesi Pianim, then to communications mogul Matthew Freud, the son of former Liberal MP Sir Clement Freud, and great-grandson of Sigmund Freud. Keeping it in the family center_img whatsapp Show Comments ▼ KCS-content whatsapp Tags: NULLlast_img read more


RBS losses weigh on brand image but Lloyds is flat

first_img RBS losses weigh on brand image but Lloyds is flat More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comPolice 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.com whatsapp whatsapp THE beauty of continuous daily data is that it allows for an instant assessment of how the public is reacting to advertising or events. Over the last week we have seen three of the major banks – HSBC, Lloyds Banking Group and RBS – announce their annual results and we can already look at BrandIndex to see how the public has reacted to that.PAY?ATTENTION The first thing to note is the attention score – this is the total number of people who have heard anything about a brand in the past two weeks, whether it be positive or negative. Over the past week RBS and Lloyds’ attention have both doubled with approximately a third of the population talking about each of them. HSBC only announced its numbers on Monday but its attention score is also now starting to rise. LLOYDS?FLATLINESSo how have recent announcements affected buzz scores (all positive mentions in attention minus any negative ones)? Following its £2.2bn profit announcement, Lloyds has maintained an essentially flatline score around the zero mark. i.e. a sixth of people are hearing positive things and a sixth of people negative things about them – so more people are hearing news, but the proportion hearing good versus bad remains the same. RBS’s £3.6bn losses, however, have seen its buzz scores nosedive again. The -8 reading at the start of last week had fallen to -29 by Monday, indicating that nearly all news heard about RBS has been negative. Although it is very early days for HSBC, it saw a minor bump in buzz on Monday (the day it announced) and over the next couple of days we will be able to start fully appreciating the impact for the bank.Stephan Shakespeare is founder and chief executive of YouGov Tuesday 1 March 2011 8:20 pm KCS-content 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 PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Share Show Comments ▼ Tags: NULLlast_img read more


Tognum could hold out for improved bid

first_img Tags: NULL Tognum could hold out for improved bid More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.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.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com ENGINE-MAKER and takeover target Tognum posted a 31 per cent rise in adjusted net profit to €159.2m yesterday, helping to highlight questions about Rolls Royce and Daimler’s €3.2bn (£2.75bn) joint offer plans. Tognum’s management is hoping for Rolls and Daimler to raise their €24 per share bid, according to sources yesterday. “Everyone would be satisfied with €27 per share,” one person said.Tognum chief executive Volker Heuer declined to comment on the offer price, saying that the firm would respond once it has received a written offer, following Wednesday’s indicative 50:50 joint bid. “At Tognum, all signs show we’re going for growth,” said Heuer. “With our balanced business portfolio and our proven growth strategy, we will benefit strongly in the current year from the recovery of our markets.”Germany-based Tognum said revenues rose 1.4 per cent to €2.6bn as order intake rose 21.5 per cent during the year as industrial firms, particularly in the oil and gas sector, resumed spending on new equipment. Rolls Royce declined to comment on the offer price, but said: “Tognum is a growing business, with a complimentary product set to our own. Their results are in line with our expectations and underpin the industrial logic of our proposed JV offer.” KCS-content whatsapp Share Show Comments ▼ whatsapp Thursday 10 March 2011 7:18 pmlast_img read more


Chime Group moves into sport

first_img Advertising business Chime Group yesterday announced that it has bought London-based sports marketing company Icon, whose customers include football regulation bodies FIFA and UEFA, for £11m ($17.7m). The transaction will be financed by a vendor placing of £7.15m and cash placing of £5.1m at 260p a share. The group is also in talks to buy a Brazilian marketing firm ahead of the next football World Cup and the Olympics, both to be held in Brazil. whatsapp Share 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap whatsapp Wednesday 6 April 2011 7:59 pm Chime Group moves into sport Show Comments ▼ KCS-content Tags: NULLlast_img read more


BA crew won’t strike over Easter

first_imgThursday 14 April 2011 9:23 pm More From Our Partners LA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.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.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.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.comColin Kaepernick to publish book on abolishing the policethegrio.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com KCS-content whatsapp Tags: NULL BA crew won’t strike over Easter whatsapp Show Comments ▼ British Airways cabin crew will not strike over the Easter and royal wedding bank holidays, the airline and Unite union said in a joint statement yesterday. BA’s new chief executive Keith Williams and Unite boss Len McCluskey have agreed to extend a prior deadline of 15 April for any strikes to be announced, meaning crunch talks can continue and Unite will hold off from calling disruptive action over the holidays. Both parties said they would continue to work towards “lasting peace”. Share last_img read more


BILL OF THE WEEK

first_img whatsapp Sunday 17 April 2011 10:02 pm KCS-content whatsapp 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 TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com BILL OF THE WEEK Show Comments ▼center_img Four bankers chose City favourite 1 Lombard Street to celebrate a deal in a low-key fashion, opting for the reasonably priced set lunch at £24.50. However, their restraint went out of the window when they spotted the wine list and, before they knew it, they had ordered some “superlative” bottles from the 1 Lombard Street cellar. The Capitalist hears the party enjoyed an “extremely rare” Egly Ouriet 1999, a bottle of Domaine Leflaive Bienvenues-Batard-Montrachet from 2001 and a Chateau Leoville-Las Cases 1982 – the claret credited with sending sales of Bordeaux into orbit. To set the seal on their successful deal, the bankers chose a bottle of Chateau d’Yquem 1991 – the sweet wine that set the standard for Sauternes “perfection”. The bankers may not have got much work done for the rest of the afternoon, but at least no-one can fault their dedication for quality over quantity. Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Tags: NULLlast_img read more


China price war leads to Playtech profit warning

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Playtech’s share price nosedived this (Monday) morning after the Isle of Man-based company warned that its full-year revenue from Asia is on course to be about €70m (£62m/$82m) lower than expected.Playtech confirmed in a trading update that average daily revenue in Asia continues to be impacted by an “increasingly competitive backdrop” and cited “a particularly aggressive pricing environment from new entrants” towards the end of the first half of the year.However, iGamingBusiness.com understands that the arrival of new local and international market entrants in China, which has led to a bruising price war in the country, is the key factor behind the latest announcement, which comes eight months to the day after the company issued its most recent profit warning.It is understood that the full impact of the price war, which has been unexpectedly sudden, will be felt in the second half of the year, with the outlook in other parts of Asia having remained relatively unchanged for Playtech.The company has also faced challenges in Malaysia, where its licensees have found themselves under greater scrutiny than ever before due to efforts from the country’s authorities to crack down on illegal gambling.Playtech, which will announce its financial results for the six months ended June 30 on August 23, said: “If the current run rate in Asia continues unchanged for the remainder of 2018, including no material improvement in Malaysia, Playtech’s expected revenue from Asia will be circa €70m lower than original expectations.”Owing to the “relatively sudden” downturn in Asia and the company’s centralised cost base, the “vast majority” of the revenue loss would drop through to adjusted earnings before interest, tax, depreciation and amortisation, which is projected to be between €320m and €360m in 2018.By midday on the London Stock Exchange, Playtech’s share price had plummeted by about 28% since the start of the day’s trading.Chief executive Mor Weizer said: “Clearly the recent trading performance in Asia is disappointing. We have taken steps to further support our partners in the region and we will continue to work to preserve our position in the face of an increasingly competitive environment.”Playtech did not disclose the level or nature of “support” for its partners in Asia – a line that was also mentioned in its profit warning issued in November – and did not break down the €70 shortfall in expectations into geographical markets.However, it is understood that the company believes that the latest development – underlining the volatility of operating in unregulated territories – vindicates Playtech’s efforts to increase its focus on regulated markets.In April, the company confirmed a deal to acquire a controlling stake in Italy-based Snaitech and late last month Playtech secured approval from Italy’s financial watchdog for its mandatory offer for the remaining shares.In its trading update, Playtech said that it “believes the increased activity due to the Fifa World Cup and general strength in the Italian gaming market is encouraging for the current period”, even though Snaitech is currently a separately-listed company.Weizer (pictured) added: “In line with our stated strategy, progress in fast-growing, regulated and soon to-be-regulated markets continues apace. Momentum in key regulated markets continued in the first part of 2018 with new agreements with Gala Leisure in the UK, SAS in Portugal and Totalizator, the Polish national lottery.“Additionally, regulatory developments in the US represent a significant opportunity for the group. The organic growth reported in the non-Asian B2B gaming business combined with the recent acquisition of Snaitech in Italy provides management with confidence that this strategy will materially improve the quality and diversification of Playtech’s performance in 2018 and beyond.” 2nd July 2018 | By contenteditor Topics: Finance Finance China price war leads to Playtech profit warning Email Address Tags: Online Gambling Subscribe to the iGaming newsletter Regions: China Playtech sees share price plummet as it is impacted by new rivals in Chinalast_img read more


Catena blames regulatory pressure for missed Q1 targets

first_imgFinance Catena Media has cited the impact of regulations on its operator partners as the main reason it failed to hit revenue targets for the first quarter of 2019, while rising costs also hit the affiliate giant’s profits for the period.Revenue for the three months through to March 31, 2019, amounted to €26.1m (£22.4m/$29.1m), an increase of 9% on €23.9m last year but below original forecasts.Search revenue was responsible for €21.7m of this total, up from €20.4m in Q1 of 2018, while subscription activity contributed €900,000 to overall revenue, compared to zero last year. This comes despite a decline in new depositing customers – down 7% year-on-year to 124,007.Catena also noted that 78% of total revenue generated during the quarter came from locally regulated or taxed markets.However, this revenue increase was accompanied by a rise in operating costs: up from €15.3m to €18.4m. Personnel costs jumped from €4.1m to €5.6m, while other operating costs were also up from €4.1m to €5.9m.Catena put this increased spending primarily down to sales and marketing, due to ongoing investment in the US market and the financial services segment. The affiliate giant said that these strategic investments will continue to strengthen its margins moving forward.Despite this higher spend, Catena was able to post an operating profit of €7.8m for the quarter, but this was down on €8.6m in the same period last year. Profit before tax also fell from €5.1m to €2.0m, while profit attributable to the equity holders of the parent company fell from €4.7m to €1.9m.However, earnings before interest, tax, depreciation and amortisation increased by 8% year-on-year to €11.2m.Catena CEO Per Hellberg acknowledged that regulations impacted operators negatively during the quarter, which in turn meant the affiliate giant came in below its revenue expectations.  However, he also said Catena is continuing with its long-term strategic plan and foresees this having a positive effect from Q2.“Everything we are doing is now converging in the right direction,” he said. “We are continuing our long-term transformation, based on the strategies of organic growth, fewer but larger brands and increased cost control.“We are agilely adapting to changing conditions and expect to see positive developments from the second quarter onwards.”Hellberg named Sweden as a problematic region in Q1, with revenue from many operators down “dramatically” as a result of the new laws that came into effect earlier this year. However, he also said that this will likely benefit Catena in the long term. “History has taught us that that new regulations tend to initially dampen the markets somewhat before turning upwards again,” he said. “New regulation in Sweden further solidified this theory.“Revenue of many operators dropped dramatically in Sweden. For the long term we expect this will prove beneficial for us. Since operators will need even more players, there should be even higher demand for our services.“Additionally, with Swedish legislators considering restricting marketing channels for online gambling, our offering will grow even stronger.”Hellberg also noted growth prospects in the US and that the talk of new states regulating has now turned to action. Although forecasts for the market are not yet in, he said there is potential to double US revenue in the second half of 2019.“Our state-wide brands, such as playpennysylvania.com, are already top-ranked for what we believe are relevant searches and relevant content for consumers and local operators,” he said.“National brands such as PlayUSA.com, BonusSeeker.com, legalsportsreport.com and thelines.com, all have numerous pages dedicated to Pennsylvania. This is a strategy we are well prepared to replicate.” AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 3rd May 2019 | By contenteditor Catena Media has cited the impact of regulations on its operator partners as the main reason it failed to hit revenue targets for the first quarter of 2019, while rising costs also hit the affiliate giant’s profits for the period. Subscribe to the iGaming newslettercenter_img Tags: Online Gambling Topics: Finance Marketing & affiliates Catena blames regulatory pressure for missed Q1 targets Email Addresslast_img read more


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