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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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Stocks: Earnings back in focus

Category : Stocks

Investors may see a bounce back after ‘sell in May’ sentiment took hold on Wednesday but earnings will again hold sway.

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Apple readies for record bond sale

Category : Business, Stocks

The company plans to sell an undisclosed amount of fixed and floating-rate notes with maturities ranging from 3 years to 30 years. Goldman and Deutsche Bank are the underwriters.

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George Shoppers Go Gaga for Latest Designer Collection

Category : Stocks

George G21 Talent graduate designs sell out on George.com and in-store in minutes

220% uplift week on week

Lady Gaga snaps up graduate range for world tour

The rest is here: George Shoppers Go Gaga for Latest Designer Collection

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VIDEO: Burma prepares for energy sell-off

Category : World News

Burma is preparing to sell off 30 off-shore oil and gas blocks to international firms

Originally posted here: VIDEO: Burma prepares for energy sell-off

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UK to sell nuclear fuel firm stake

Category : Business

The UK government is preparing to sell its one-third stake in Urenco, the world’s second-largest provider of nuclear fuel.

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BT wants a broadband bounce from sport, but may have scored an own goal

Category : Business

The complex relationship between BT and BSkyB rests on gaining new customers for the former, rather than advertising

BT and BSkyB are at loggerheads. BSkyB is refusing to allow BT to advertise its new sports channels on Sky Sports, and BT has complained to Ofcom. Now leaving aside the fact that BT can (and does) advertise on any of BSkyB’s other channels, and that BSkyB and BT have both previously declined advertising from direct competitors – so there is plenty of precedent for BSkyB’s position – this dispute really is a storm in a teacup. What lies behind it, however, really couldn’t be more serious and the key questions are all for BT.

BT has spent upwards of £1bn on sports rights – mainly 38 Premier League games a year, top-flight rugby and WTA tennis. When you throw in production and other costs some analysts’ estimates put the total bill at nearly £450m annually. Sky has between five and six million sports subscribers and recent history with Setanta and latterly ESPN suggests that maybe a million of them will pay extra for the additional content BT will offer. Of course in addition to recruiting Sky customers BT will hope to attract new subscribers too, but even if it doubles that number to two million, simple arithmetic suggests it would have to charge them close to £30 per month just to cover costs.

Since no one seriously expects anyone to pay that much just for BT’s sports channels – which are still no real match and certainly no substitute for Sky’s – some analysts expect BT to lose in excess of £200m a year on them.

The only way of making sense of this from a BT investor’s point of view is to see it not as a loss but as an investment in improving the position of BT’s core business – broadband, and especially high-speed broadband. BT has been losing broadband market share to BSkyB – which from a standing start has gone to second in the market behind BT, the legacy operator, in just eight years.

The sharp end of that battle is the 2.5 million Sky TV customers who currently take their broadband from BT. Were BT to lose them, or even many of them – and on today’s trends that could happen – the loss of revenue (line rentals and broadband fees) could top £700m a year. Which is why BT really wants to package up its sports offering with its broadband services. In other words, for BT this is not about sport or even pay-TV, it is about broadband.

Which brings us back to the current spat over advertising. After Ofcom’s pay-TV review, BSkyB faced being compelled to wholesale its premium sports channels to BT at regulated prices. But with no obligation running the other way – on BT to wholesale to BSkyB – BT would then have been in the enviable position of promoting its YouView platform service as the only place to get all Premier League football. And that was the position last year when BT spent its £730m on football rights. But the Competition Appeals Tribunal decision to upend the Ofcom ruling means there is no obligation on BSkyB to wholesale its channels to BT at all.

BSkyB is now saying it will wholesale its premium sports channels to BT – allowing BT to sell them on to its customers – but only if BT will allow BSkyB the same arrangement with its sports channels. If such an arrangement was agreed, BSkyB would almost certainly drop its objection to BT running adverts on Sky Sports as the rivals would in effect be commercial partners.

But the problem for BT is that if BSkyB retails BT Sports as part of its offer to its customers, the telecoms company gets the money but not the customers – they belong to Sky. And no customer data means no capacity to try to sell them broadband packages. Which defeats the strategic point of spending £1bn on sports rights. Which could lead investors to wonder what else BT might have done with all that cash.

Card firm to sell US arm for £26.1m

Category : World News

Credit card insurer CPP announces extension to its lending facility in the wake of an agreement to to sell its US arm for £26.1m.

Link: Card firm to sell US arm for £26.1m

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Warning over ‘quick house sales’

Category : Business

Consumers who want to sell their houses via so-called “quick sale” companies are in danger of being misled, according to the Office of Fair Trading.

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Investors bail out of stocks

Category : Stocks

Bank of America’s earnings miss sparked a bank sell-off, while tech shares were pressured by Apple, which sank more than 5%.

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AUDIO: Should we be bullish on gold?

Category : Business

Earlier this week Cypriot authorities agreed to sell their gold reserves to raise cash for their bailout, but that news helped to send gold to its biggest fall in five months.

Continued here: AUDIO: Should we be bullish on gold?

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