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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Churchill to feature on new banknote

Category : Business, World News

Sir Winston Churchill will feature on the new design of a banknote which will enter circulation in 2016, the Bank of England announces.

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Is the Bitcoin boom just a bubble?

Category : Business

The value of individual Bitcoins hit a record high of almost $147 before falling back to $117 on Wednesday – as the value of all Bitcoins in circulation approaches $1.4bn

Link: Is the Bitcoin boom just a bubble?

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Scots newspapers see sales slump

Category : Business, World News

Sales of several major Scottish newspapers fall substantially in the past month, according to the latest circulation figures.

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New York Times report sales rise

Category : Business

Paid-for digital subscriptions reach almost 600,000 but advertising suffers year-on-year declines

The New York Times has reported an 11% increase in paid-for digital subscriptions to almost 600,000 in the three months to the end of September.

However, both print and digital advertising at the paper suffered year-on-year declines. The Times reported a small profit of $2.28m (£1.41m) in the third quarter. Digital subscriptions rose 11% between the second and third quarters to 592,000 with Arthur Sulzberger Jr, chairman and chief executive of the New York Times Company, saying that digital subscription trends have “remained robust”.

A breakdown shows that paid subscribers to the New York Times and its sister paper, the International Herald Tribune, amounted to 566,000, an increase of 57,000 or 11%, quarter on quarter. Paid subscribers to the NYT-owned Boston Globe were 26,000 at the end of the third quarter, up 3,000 or 13% compared to the previous three months.

“While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose led by the expansion of our digital subscription base,” Sulzberger said. Total revenue fell 0.6% year on year to $449m as the tough advertising market continues to batter the publishing company. Total advertising revenues fell 8.9% year on year in the third quarter to $182m.Print advertising at the company’s newspapers, slumped by 10.9% year on year in the third quarter. Digital revenues fell 2.2% year on year to $44.6m mainly because of lower national display and property ads. Digital ad revenues account for 24.4% of total ad revenues. The publisher said this was “largely due to the challenging economic environment, ongoing secular trends and an increasingly complex and fragmented digital advertising marketplace”.

Circulation revenues increased a healthy 7.4% year-on-year to $234m, thanks to print cover price increases and growth in digital subscriptions. The company said that it expects circulation revenues to increase in the “mid to high single digits” in the final three months of 2012 thanks to the growth in digital subscribers and print price increases.

Ad revenue declines are expected to be about the same in the fourth quarter as they were in the three months to the end of September.

The company said it had completed the sale of how-to web operation About Group for $300m.

Canaco Announces All Remaining Drill Results at Handeni

Category : Stocks

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 20, 2012) - Canaco Resources Inc. (TSX VENTURE:CAN) (“Canaco” or the “Company”) is pleased to provide all remaining drill results from the Handeni project, including diamond drilling at Magambazi and both diamond and reverse circulation (RC) drilling at regional targets within the Handeni project area.

Link: Canaco Announces All Remaining Drill Results at Handeni

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Flood of fivers relieves the £5 drought

Category : Business

Bank of England reveals that 10 times as many five-pound notes are now being issued than a year ago, addressing long-standing consumer complaints about a shortage

The fiver famine is officially over: the Bank of England has revealed that nearly 10 times as many £5 notes are now being dispensed by cash machines than in the summer of 2010.

For years, the shortage of £5 notes in circulation – and the tatty, held-together-with-tape state of many of them – has annoyed both the public and businesses. Shoppers complained about being lumbered with handfuls of pound coins as change because the retailer had run out of fivers.

In 2007, Bank of England governor Sir Mervyn King bemoaned the situation in a Mansion House speech, saying: “There has been much, and in my view justified, criticism of their availability and condition … The public need £5 notes.”

Five years on, the fortunes of the humble fiver have been transformed. In March 2010, the Bank told major financial institutions and cash machine operators to increase the proportion of £5 notes issued at ATMs. It revealed on Thursday that they have exceeded the minimum target set, and that fivers now make up 1.5% of notes dispensed by value.

Almost £200m of £5 notes are now dispensed by ATMs each month, and by March this year more than 5,000 cash machines were giving out fivers, compared to just 670 in 2009.

In total, around £4bn worth of £5 notes are expected to enter circulation in 2012, compared with just over £2bn in 2010.

In the past, cash machine operators have been partly blamed for the shortages. They are said to dislike fivers because they take up a lot of space relative to their value, meaning that busy machines are likely to run out sooner. Also, because £5 notes get used more regularly than higher denomination notes, they have a much shorter lifespan, with the average £5 note lasting for only one year before it becomes too damaged to use.

The Bank said it had also worked with the industry to improve the quality of the £5 notes in circulation.

Perhaps the announcement sends out two other signals, though: that the much-debated “death of cash” may be some years away, and that belt-tightening in the current climate means more people are watching the pennies and keen to withdraw smaller sums from ATMs.

Trinity Mirror to launch paid-for tablet editions

Category : Business

Newspaper publisher to launch tablet editions of the Daily Mirror, Daily Record and key regional titles this summer

Trinity Mirror chief executive Sly Bailey is to launch paid-for tablet editions of key titles including the Daily Mirror – priced at less than £10 per month – and said that the publisher is in good shape in its fight against Rupert Murdoch’s Sun on Sunday.

Bailey said that Trinity Mirror intends to launch tablet editions of the Daily Mirror, Daily Record and key regional titles this summer.

The company it owns more than 100 newspapers including the Liverpool Echo and Manchester Evening News

Content from the Sunday Mirror will be made available through the Daily Mirror electronic edition, and the Sunday Mail through the Daily Record. A spokesman said The People, the company’s smaller circulation Sunday, will get its own paid-for tablet edition at a later date.

Exact pricing was not spelled out, but Bailey said that the paid-for tablet editions would offer significant extra content and functionality over traditional web access in order to attract subscribers. The Sun’s iPad app costs £4.95 for 30 days.

Trinity Mirror also plans to launch advertising-funded apps for the flagship MirrorOnline website on the iPhone and Android platforms in the second quarter. The chief executive said that the publisher could also look to charge for various iPhone and Android apps in the future.

The publisher, which has said that it does not believe in a full paywall around web content, first announced plans to launch paid-for products last year.

Bailey also said that Trinity Mirror was unperturbed by the loss of more than 900,000 copy sales of the Sunday Mirror and The People in just three weeks, following the launch of Rupert Murdoch’s cut-price Sun on Sunday in February.

“It is still very early days [and] we are continuing to focus on the overall publishing package,” she said. “We are where we forecast to be three weeks after the launch of the Sun [on Sunday]. There are encouraging signs of stabilisation, we are exactly where we modelled the market given the cover price war.”

Three weekends after the return of News International to the Sunday red top market, the circulation levels of the Sunday Mirror and The People are still marginally ahead of where they were prior to the closure of the News of the World in July.

However, impact of the launch of the Sun on Sunday was evident in Trinity Mirror’s outlook for 2012. In March, the first full calendar month that Rupert Murdoch’s Sunday edition of the Sun has been on shelves, the company forecast there will be a 1% decline in circulation revenues in its nationals division.

By contrast, circulation revenues for the publisher’s national titles increased in January and February by 13% and 7% respectively – as the absence of a News International title last July benefited sales.

Trinity Mirror is looking to diversify its revenue beyond a traditional reliance on advertising and circulation income. Total digital revenues were £37.6m in 2011, a slight increase year-on-year, just 5% of the publisher’s total revenue of £746m.

Digital ad revenues make up just 2.5%, or £3.4m, of the total £135m in ad revenue made by the national newspaper division. The regional newspaper division saw made £28.2m in digital ad revenue in 2011, a promising 15% of the £191.7m in total ad revenue of the division.

Overall the regional newspaper division saw advertising revenues fall 10.4% year-on-year – it was 9.5% down in 2010 – as operating profit fell 15.9% to £36.5m.

Bailey reiterated her belief that consolidation in the regional newspaper market is necessary, but said that the market still needed to bottom out to give a clear picture of the value of potential targets.

“We believe that scale in the regional market can be an important driver of value for shareholders,” she said. “We will consider further regional consolidation, but there has to be a strong commercial and strategic fit. We are looking for revenue benefits and not just cost cutting [synergies].”

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