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Tyrie warns banks over hasty exits

first_img Show Comments ▼ Tyrie warns banks over hasty exits Share whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content Tags: NULL whatsapp Thursday 28 October 2010 9:24 pm THE chairman of the influential Treasury Select Committee yesterday warned UK banks against making a sudden move offshore, after City A.M. revealed Barclays was weighing up the cost of quitting the UK.“My thought should be to say that the global commercial environment for financial services and banking is likely to remain unclear for some time, including regulatory structures,” Andrew Tyrie said.He added: “Given that, I would have thought that many boards would think twice before taking precipitate action to move elsewhere.”On Thursday, City A.M. revealed that senior Barclays executives had begun trying to work out whether it would be economically worthwhile moving offshore, most probably to New York. Like other banks, Barclays has been hit by the one-off bonus tax, the bank levy, a raft of restrictions on bonuses, the threat of a forced break-up, and the raising of the top rate of tax from 40p to 50p.However, Tyrie pointed out that the regulatory environment in the US is also far from stable. Earlier this year, President Obama signed the Dodd-Frank bill into law, severely limiting the amount of proprietary trading that banks could engage in. Barclays has declined to go into details about the thoughts of its senior directors on making a move. But it confirmed that it was exploring all its options. last_img read more

Tullett revenue hit by slowdown

first_img whatsapp Friday 12 November 2010 4:03 am Show Comments ▼ John Dunne Tullett revenue hit by slowdown Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sharecenter_img A slowdown in trading activity caused quarterly revenues to dip at Tullett Prebon the world’s second-biggest interdealer broker, as concerns over the global economy forced many investors to stay on the sidelines.Tullett said that revenues for the four months from July to October had fallen three per cent from last year to £292m.“Market activity in the period since the half year has been relatively subdued without any sustained periods of higher volatility,” Tullett said in a statement.Shares in both Tullett and larger rival ICAP, which publishes its own trading update next week, fell sharply on Thursday on expectations that the companies might suffer a slowdown in business. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Tags: NULLlast_img read more

Walmart

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem KCS-content EMERGING markets might be booming, but South Africa seems, at first glance, an odd place for Walmart to expand. Inflation is in the high single digits; unemployment is at 20 per cent; and the workforce is highly unionised. Massmart, South Africa’s third largest grocer, is not without promise, however. It offers Walmart a route into 13 near-by countries, which are expanding far more quickly than their developed neighbour. Sales at Massmart are already growing quickly, averaging 15.5 per cent over the last ten years. Walmart is unlikely to boost the top line much faster, but its record of margin expansion will serve it well.Massmart’s ebitda margin is at 4.9 per cent, compared to 6.5 per cent at its American suitor. If executives can bring down costs (no mean feat when one considers the power of the trade union) this deal could yet come good. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULL Sharecenter_img whatsapp Monday 29 November 2010 7:51 pm Walmart whatsapp Show Comments ▼last_img read more

The UK’s largest housebuilder says the road to recovery will be long

first_img Show Comments ▼ Tags: NULL whatsapp Sunday 19 December 2010 9:53 pm PERSIMMON chief executive Mike Farley is not looking for a magic bullet. The boss of the country’s largest housebuilder is clear that the sector has endured its worst slump since World War Two and faces at least a two-year road to recovery.The industry tends to listen when Farley speaks. Not just because he runs the UK’s largest housebuilder by market value (currently around £1.1bn), but because three years ago – when his closest rivals were buying at the height of the market – he decided to pass.Persimmon took a long hard look at Taylor Woodrow but decided not to buy its rival. George Wimpey took the bait and completed a £5bn merger in 2007. But after two years of heavy losses, and racking up £1.5bn of debt, the newly created Taylor Wimpey almost went bust. An amiable Farley, sitting in his spacious office in the firm’s beautiful two-storey Georgian manor house near York, agrees that he was right to keep his hand in his pocket on that occasion.He says: “That was the best deal we never did. We could see Taylor Woodrow’s exposure to the US market. We saw the slowdown there, and didn’t think the price was justified.”Not doing the deal meant Farley did not have to tap his shareholders for more cash during the worst of the housing slump. His largest rivals Taylor Wimpey and Barratt, who bought Wilson Bowden for £2.2bn in cash and stock in 2007, were forced to go cap in hand.But Persimmon made losses during the two-year downturn, just like the rest of the industry; in 2008, its debt hit £1.14bn. Farley cut back on building, slashed overheads by half (saving £50m a year), and brought staff numbers down by more than half from 5,000 to around 2,400. “We have come through a difficult period after the financial crisis; our priority now is to rebuild margins and carefully control our cash,” says Farley. “We cannot borrow lots of cheap money as we could a few years ago.”Farley, 54, adds: “Mortgages coming back to an affordable level is the fundamental issue. People do not have the large deposits of £30,000 to £40,000 they are being asked to provide. “Banks are not willing to lend mortgages on 90 to 95 per cent loan-to-value ratios anymore. And in the rare cases they are, they are setting interest rates of six per cent. “The norm now for banks is a 70 to 75 per cent loan-to-value ratio. I don’t see this massively changing throughout 2011. Next year will be a year of stability.”The company said in a trading statement earlier this month that its debt is expected to be cut to £80m by the end of the year, £20m below its summer guidance. Farley says: “We have been paying down debt over the last few years. We have not had to go to our shareholders and ask them for cash. This is something you only do as a last resort.”The company says it expects its housebuilding to rise five per cent, completing 9,400 houses this year, and its margins to double from 2009 to stand at eight per cent.Earlier in August the business posted a first-half profit of £101.4m, compared to £9.8m a year ago, largely boosted by a £70.7m write-back on the value of the land it holds. Sales rose 27 per cent to £776.6m, and the average selling price for its homes rose 8.6 per cent to £168,936. The firm was also able to pay a 3p dividend, the first payout shareholders had received in two years. But Farley is not in any danger of getting carried away with these figures. They are rises from a low base.Farley says that at the height of the 2007 boom, banks were approving 120,000 mortgages a month. This fell to a low of 27,000 a month in November 2008. Currently banks approve around 50,000 mortgages a month but the long-term average is 92,000 a month. So the industry is about half as big as it has become accustomed to.Persimmon owns three brands. Its upmarket houses are built under the Charles Church label, which range up to £1m-plus and account for 22 per cent of sales. Persimmon is its family home brand and accounts for 60 per cent of revenues, while Westbury builds social housing and accounts for the remaining sales. The majority of its homes are built on the edges of urban areas around the country. Farley remembers exactly where he was when he realised his industry had hit its biggest slump in a generation. “It was 10am at the start of week 14 in 2008,” he says. At the time, he was sitting at his desk on Monday morning, reading the weekly sales figures as he always does. But this time it was hard to believe what he was seeing. “Sales had fallen off a cliff,” he recalls. “They were down 30 to 40 per cent. I had never seen that sort of decline before. Normally sales fluctuate a few percentage points week on week. Also, when you do see a fall, it is centred on a particular region for whatever reason. But this was right across the board. Banks had run out of cash and had simply stopped lending.”This led Farley to cut back on housebuilding and staff for the last two years. But now he believes the industry has begun its long climb towards better times. He says he can get the firm’s margins back up to pre-crisis levels of between 15 and 17 per cent “in the next three years”. The housebuilding boss says he will be able to do this by a mixture of continued cost cutting, and the “careful management” of its properties and its landbank, which has enough plots to build on for six years.Although the business will complete 9,400 homes this year, it will only buy 8,500 plots. “We are being cautious when it comes to land,” says Farley.However, a rise in margins will be determined in the main by a rise in house prices. And most data shows that house prices, after making gains earlier in the year, are beginning to stall if not decline.Farley rejects this. He says: “A lot of this data includes wild month-on-month fluctuations that we do not see when we come to actually selling houses. We say prices are stable.” He does not see the government’s Comprehensive Spending Review in October greatly hitting the housing market. Earlier in the year, Farley openly worried about the effect that 500,000 fewer public sector jobs – which will be slashed as part of the government’s austerity drive – would have on his industry.However, the Office of Budget Responsibility last month said public sector job losses are unlikely to top 330,000. And Farley is also pleased with the staggered nature of the cuts.He says: “They will be phased in over four years. This will give the private sector time to adjust and provide more work. These jobs cuts will not all come at the beginning of the period. This is better news than we had anticipated.”Persimmon said this summer it will create 600 jobs this year.But Farley is under no illusion that this modest growth will herald a return to the go-go years of housebuilding any time soon. And consolidation is certainly off the agenda.He says: “We have good geographical coverage. We can grow to build 14,000 homes a year with the infrastructure we already have. We have no need to consider an acquisition at this time.”Farley likes to spend three days a week on the road inspecting sites. He says: “It’s good to be at the sharp end. I like to see what’s going on. Our people are working very hard at the present time. But we are beginning to make progress. We are opening new sites and buying new land.” This leaves the housebuilder with the tough task of rebuilding sales, margins and profits – one brick at a time.CV | MIKE FARLEYAge: 54Work: Joined George Wimpey as a graduate trainee in 1972, spent five years as a construction manager for Wilcon Homes; joined Persimmon in 1983 and was appointed to the board in 1989; then, after a variety of roles, became chief executive in 2006 Education: Lanchester Polytechnic (now Coventry University)Family: Married, with two childrenLives: Oxfordshire and BrittanyHobbies: Follows England Rugby and Swindon Town FC and sails his 505 dinghy off the French coast. whatsappcenter_img Share KCS-content The UK’s largest housebuilder says the road to recovery will be long last_img read more

Anglo to restructure debts

first_img Anglo to restructure debts KCS-content Share Tuesday 21 December 2010 8:24 pm Show Comments ▼ whatsapp whatsapp Bondholders at Anglo Irish Bank have voted to support a restructuring of the bank’s debts. More than 90 per cent of holders of two sets of outstanding bonds have agreed to take part in the restructuring in exchange for an offer of 20 per cent of the face value of their claims. The exchange, which offers less than market value for the bonds, is being seen as a test case for bank debt restructurings. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily 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 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 ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

BEST OF THE BROKERS

first_img Share 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 KCS-content Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe 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 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 AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam Show Comments ▼center_img whatsapp ARM HOLDINGSRBS rates the technology company “buy” with a target price of 625p. Hewlett Packard’s introduction of the Palm operating system on its PCs later this year could help ARM penetrate the notebook PC market, moving its market share from one per cent in 2011 to 20 per cent by 2015. RBS estimates that ARM’S earnings per share would be boosted by 2.25p for every 10 per cent unit share gain. BARCLAYSMorgan Stanley rates the UK bank “overweight” but has cut its target price from 400p to 380p. The broker believes better visibility on returns in several aspects of the business, including Barclays Corporate and impairment charges, could fuel better returns on equity. Morgan Stanley looks to Barclays’ full-year results on 15 February for an update on this strategy. INTERNATIONAL AIRLINES GROUPInvestec has begun covering the newly-merged airline with a “hold” rating and a target price of 281p. The broker believes that the recent hike in jet fuel prices has more than offset any synergy gains from the British Airways / Iberia tie-in and predicts that the firm will underperform in the short-term. Investec forecasts earnings per share of 15 cents (12.7p) in 2011, nine cents below consensus forecasts. Thursday 10 February 2011 7:54 pm whatsapp BEST OF THE BROKERS last_img read more

Ladbrokes in lift as online games boom

first_imgThursday 17 February 2011 8:25 pm whatsapp Ladbrokes in lift as online games boom 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 ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal 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 Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com LADBROKES yesterday reported a 20 per cent jump in annual profit as online gaming helped it overcome a seven per cent fall in bets staked at its shop counters.In its digital operation the UK’s largest betting firm saw profit rise by 36 per cent to £62.7m.Revenues from online sports betting grew 16.9 per cent to £65.1m.Horseracing margins worsened due to the introduction of an odds guarantee promotion in August and relatively poor results in some of the significant racing festivals of the year, including the Grand National and Royal Ascot.Chief executive Richard Glynn, who has overseen a strategic review of the business since taking the reins last year, said the group was in good shape.Having extended its in-play offering and launched new mobile phone apps, Glynn said the company expected to invest an additional £50m during 2011 and 2012 in order to further improve its technology. He added: “We have laid solid foundations in 2010 upon which to build. We have set out our strategic goals and we have a clear set of priorities on which to focus.”The company said it was planning to expand its highly successful in-game betting operation.Ladbrokes opened 40 stores in the year and carried out refurbishments on 130. Mobile phone transactions now account for 15 per cent of all digital sales. center_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 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 KCS-content Share whatsapp Tags: NULLlast_img read more

Morgan Stanley in hacker hit

first_imgTuesday 1 March 2011 7:31 pm Tags: NULL whatsapp KCS-content MORGAN Stanley was the target of a “very sensitive” attack by Chinese hackers, according to a series of leaked emails.It is understood the firm was targeted by the same hackers that gained access to Google a year ago.Morgan Stanley is thought to be the first financial institution to be hit by “Operation Aurora” hackers.Attacks first surfaced in 2009 and have now affected more than 200 companies.It is not clear what information the hackers could have stolen and Morgan Stanley declined to elaborate on the attacks.A spokesman for Morgan Stanley said: “At the time of the incident over a year ago, Morgan Stanley notified the handful of retail clients who may have been potentially affected by the security breach, as well as its regulators and law enforcement agencies. “Morgan Stanley invests significantly in IT Security and manages a robust programme to deal with malware and attempted computer compromises. Like any other company in our industry, we deal with these matters in the normal course of conducting business.”The details emerged after a second attack on computer security firm HBGary, which is contracted by the bank. HBGary’s emails were hacked by a group called Anonymous, which posted conversations about the Aurora hack online.FAST FACTS | OPERATION AURORAThe attack on Morgan Stanley occurred a year ago but only came to light this week.At least 200 firms are understood to have been hacked by Chinese hackers, dubbed “Operation Aurora” by security firm McAfee. Morgan Stanley in hacker hit center_img whatsapp More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com 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 PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo Share Show Comments ▼last_img read more

LUMINAR LOSES OUT AS CLUBBERS STAY HOME

first_img More From Our Partners Police 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.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com LUMINAR, the struggling nightclub group reported same outlet sales down 18.6 per cent for the year to 26 February. The company said yesterday a drop in the number of admissions to clubs had taken its toll.However, Britain’s biggest nightclub group, which operates 80 large-scale late-night venues, said trade had picked up since January. 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 AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todayautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia whatsapp Share whatsapp Show Comments ▼center_img Tags: NULL KCS-content LUMINAR LOSES OUT AS CLUBBERS STAY HOME Tuesday 15 March 2011 8:26 pm last_img read more

Judge ruling leaves DFS operators in limbo

first_img Topics: Legal & compliance Sports betting DFS Subscribe to the iGaming newsletter Tags: Fantasy Sports 30th October 2018 | By contenteditor DFS The futures of DraftKings and FanDuel in one of the operators’ biggest markets look uncertain after a judge in Albany ruled that daily fantasy sports (DFS) are a form of gambling and should be illegal in New York State.Acting Supreme Court Justice Gerald Connolly made the ruling on Friday in response to a lawsuit submitted by anti-gambling organisations, according to the Journal News.Connolly ruled that a law dating back to 2016 that allows daily fantasy sports to operate is in violation of the gambling ban in the state constitution.The lawsuit was launched after the state’s lawmakers legalised DFS as games of skill just months after Eric Schneiderman, then Attorney General, had issued cease and desist orders against DraftKings and FanDuel in 2015, forcing the operators to temporarily halt operations in the state.The lawsuit argued that lawmakers should have sought a public referendum to justify the change in law.However, the implications for DFS in the state remain unclear, with DraftKings responding to the latest development by claiming that the company can maintain its offering to players.“We are pleased that the court upheld the New York legislature’s decision to decriminalise daily fantasy sports contests and that DraftKings can continue to offer their services to players,” DraftKings counsel David Boies said.“We are continuing to study the court’s decision invalidating the regulatory structure and are committed to working with the legislature.”The office of the state’s Governor, Andrew Cuomo, who signed off on the 2016 law in question, said that it would review the judge’s ruling.The latest development in New York State underlines the tumultuous regulatory and legislative outlook facing DFS and gambling operators in the US.Only last week, Indiana’s Supreme Court ruled that DraftKings and FanDuel could use could use “college players’ names pictures and statistics for online fantasy contests”. New York State judge says DFS is gambling and should be illegal Regions: US New York Judge ruling leaves DFS operators in limbo AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more