first_img whatsapp alison.lock Sales at US retailers grew at a slower pace than expected in January as building material and restaurant outlets experienced weaker trade, new official figures have shown.A separate dataset also showed another large hike in US import prices in January as energy costs shot up further.Total retail sales rose 0.3 per cent in January, the US Commerce Department said, in the seventh straight month of growth, but below December’s sales increase, which was revised to 0.5 per cent from 0.6 per cent.The slight decline is most likely attributed to the snowstorms that battered large areas of the US during January.Import prices rose 1.5 per cent, almost double economists’ consensus forecast of 0.8 per cent, according to Labor Department data.Petroleum prices rose 3.4 per cent in January and have risen 18.5 per cent over the past four months. Non-petroleum costs rose 1.1 per cent in January, the largest advance in that category since April 2008.Export prices rose 1.2 per cent in January, exceeding the consensus forecast of 0.7 per cent. They were led by agricultural export prices, which rose 3.2 per cent.Economists had expected retail sales to increase 0.6 per cent last month. However, compared to January 2010, sales were up 7.8 per cent. Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap New US data paint uncertain retail picture Share Show Comments ▼ Tuesday 15 February 2011 9:00 am whatsapp Tags: NULLlast_img read more


first_imgSunday 27 February 2011 11:06 pm Tags: NULL Why premiums will keep falling despite the New Zealand quake whatsapp Share Show Comments ▼ THE earthquake that devastated Christchurch in New Zealand last week also shattered insurance companies’ hopes of a quieter year for disasters than 2010.The quake, which has claimed more than 100 lives and devastated historic and commercial city centre buildings, may cost the industry $12bn – more than double the $5.5-6bn insured cost of the quake that flattened parts of the city’s suburbs last September. It’s an ominous sign for insurers with exposure to the Antipodean region, following a season of extreme events including flooding across chunks of Australia, cyclones in Cairns and bush fires at Perth.“2011 is starting off as another active year for insured losses,” RBS analyst Joanna Parsons said. “The insurance sector is bound to be weaker on the news.”The tremor also followed a busy past year for catastrophes. 2010 had the second-highest number of natural disasters on record, with 960 loss events that left the global insurance industry with a $37bn bill, according to Munich Re. “The number of catastrophes documented in 2010 far exceeded the average for the last ten years,” Munich Re’s reinsurance chairman Torsten Jeworrek said.But it is not yet clear whether insurers’ losses are high enough to push premiums up. “The issue…for the wider insurance industry is how many major catastrophe losses will occur in 2011, which has implications for year-end profit before tax, and at what point the ‘pain’ triggers a broad pricing re-rating,” Parsons said.The insurance industry says it has spare capacity, and the large pools of capital firms have available to underwrite risk have upped competition for business. The result is lower premium rates every year, including a 7.5 per cent fall in the 2011 renewals. Underwriters are clear that to return premiums to a growth path the industry needs a seriously large loss. Peel Hunt analysts led by Stuart Duncan said of the earthquake: “While this event is very saddening and will be costly, it is not a market moving event, with estimates suggesting that losses of $50-$70bn would be required to move rates.”And 2010’s figures pale into insignificance before natural disasters of that size. The single most costly catastrophe for insurers on record was $71bn, from Hurricane Katrina, which devastated US states Louisiana, Mississippi and Alabama and virtually destroyed New Orleans. That event alone pushed 2005’s insured loss to $100bn – almost three times 2010’s level.Hurricanes have caused seven of the ten biggest insurance losses in the past 40 years and far outstrip the damage done by earthquakes. Only the 9/11 World Trade Centre terrorist attack (a $22.8bn loss) and the Northridge earthquake to hit California in 1994 (a $20.3bn loss) come close to the impact of those storms. Nonetheless, underwriters are still feeling the pinch from current disasters withseveral issuing profit warnings or full-year results affected by catastrophe losses.Lloyd’s of London’s 52 managing agents took a $324m combined loss from New Zealand’s September quake, equivalent to 5.9 per cent of the total market loss, according to JP Morgan analysts. Catlin’s full-year pre-tax profit fell by a third to $406m from $603m after taking a $218m catastrophe-related hit. Brit Insurance chief executive Dane Douetil on Friday blamed “higher than average catastrophes” for a 30 per cent drop in pre-tax profits to £119.2m from £171.3m in 2009.Amlin lost $160m from September’s earthquake while Hiscox, which reports results today, took a £37m hit from that event and warned last month that snowy winter weather could cost it £16m. Outside Lloyd’s, Royal Sun Alliance said its 2010 losses were £255m higher than it expected due to extreme weather in Europe. Yet the companies are well-capitalised enough to afford such losses. Despite the seriousness of the New Zealand earthquake, it will take much more to push up premiums across the industry. KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.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.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comWhy people are finding dryer sheets in their mailboxesnypost.com whatsapplast_img read more


first_img RATINGS agency Moody’s is not about to cut Ireland’s debt rating, a senior credit officer said yesterday, though the ratings agency is monitoring the new Irish government’s attempts to win easier terms for its loans under an EU/IMF rescue deal.Moody’s cut Ireland’s rating by five notches to Baa1 in December and put the country on negative outlook, meaning more downgrades could follow, amid fears further bank losses will hit the public purse and further weaken economic growth prospects.“The negative outlook reflects … risks in the next 12 to 18 months. We are currently monitoring how things develop in Ireland and we will act when deemed appropriate,” Dietmar Hornung, vice president and senior credit officer at Moody’s, said.Ireland agreed an €85bn (£73.3bn)?bailout with the EU and the IMF last year to try and resolve a prolonged banking crisis, but investors fear the deal will bankrupt the former Celtic Tiger economy.Ireland’s Prime-Minister-in-waiting Enda Kenny is seeking better repayment terms on Dublin’s bailout package.Kenny has less than three weeks to persuade Europe’s paymaster, Germany, to reduce the interest rate on the EU’s €40bn contribution and give Dublin more time to restructure its banks before a hoped-for EU-wide deal on the debt crisis is hammered out at a March 24-25 summit. Ireland’s debt rating will not be cut, says ratings agency KCS-content Monday 7 March 2011 9:18 pm Show Comments ▼ whatsappcenter_img 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 AthletesBetterBeautooverload.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 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’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 WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Share Tags: NULL whatsapplast_img read more


first_img 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 PastUndoBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadaUndoStuff AnsweredBest Meal Delivery for SeniorsStuff AnsweredUndoAlphaCuteBizarre Hells Angels Rules, #10 Is MandatoryAlphaCuteUndoUpWellNess30 Second Method to Near-Instant Relief from “Bone on Bone” Joint PainUpWellNessUndoTruthfinderEnter Your Name, Wait 105 Seconds, Here’s What Your Friends Can Know About YouTruthfinderUndoBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach RaiderUndo IF you happened to be in Cannes yesterday afternoon, you would have been treated to the sight of a middle-aged, straw-haired man riding a Boris Bike into the centre of town.On closer inspection, you would have spotted that that figure was, in fact, the London Mayor Boris Johnson, who was livening up the MIPIM property fair as only he knows how.Just hours after delivering his keynote speech at the convention, Boris was escorted 6km along the seafront by the French police, where he and his communications director Guto Harri joined the last leg of the Aedas Cycle to Cannes charity ride.Boris wore a business suit for his sedate lap of honour, and on alighting at the Palais des Festivals, he had the grace to admit he looked rather out of place among the 83 battle-scarred cyclists from the property world, who had cycled 1,500km in six days.Other than that, the riders on the trip – who included John Wallace, chief executive of Qatari Diar; Stuart Carr-Jones, vice-president of JP Morgan; and Giles Clark, relationship director at Barclays Corporate – said the adventure passed without incident.Unless you count the “bumps” in Kent, when two riders fell off on the A20; the hospitalisation of one of the eight motorcycle outriders after a crash near Lyon; or the time the guide bus got lost, setting the timings back so much the team had to cycle through a gorge in the dark.No wonder there were “tears of relief” when the group reached its final destination.NO PAIN, NO GAINGOOD to see that Jon Pain, the former managing director of supervision at the Financial Services Authority, has returned to gainful employment after losing out on one of the top jobs at the regulator in a clash of horns with Hector Sants (pictured left).No matter that Pain steered the UK’s banks, insurance groups and all other financial services firms through the darkest days of the financial crisis. When push came to shove, chancellor George Osborne persuaded Sants to stay on as chief executive and Pain was forced to seek career advancement elsewhere.Pain is having the last laugh though – he has now been snapped up by KPMG to join the firm as a partner in its Financial Services Regulatory Centre of Excellence, starting in July after the obligatory period of gardening leave.If you can describe helping KPMG’s clients navigate their way through the new world of financial regulation at a time of “unprecedented change” as a laugh, that is.BOY RACERSIT’S official: Morgan Stanley has the fastest boy racers in the City, after zooming to victory in the TeamSport go-karting championship at Tower Bridge.The four Morgan Stanley drivers – Dave Pethers, Will Alderson, Paul Railston and Mikey Horton (three pictured below) – scored 100 points to beat the team from Bank of America Merrill Lynch into second place with 92 points.Just to ram the point home, Pethers also set the new record for the fastest lap time of 49.49 seconds – faster than the previous record set by Top Gear’s original Stig, Perry McCarthy, when he opened the eco-track at the end of January.At the bottom end of the leaderboard, Credit Suisse managed to come ninth – despite calling its team Here for the Beer – while the slowest lap of the night, 53.43 seconds, was recorded by the team from ING, otherwise known as Carry on Karting. Or perhaps they shouldn’t. SWEEPING PLAINS THE organisers of the Cartier International Day at Guards Polo Club (above) are looking forward to welcoming the country’s financial leaders to this year’s event on Sunday 24 July.To get City A.M.’s readers in the mood, The Capitalist can reveal this year’s party will have a Kenyan colonial estate theme, styled with the trappings of the 1940s Rift Valley heyday including a dramatic structure “more used to being set overlooking Kenya’s sweeping plains”.It remains to be seen how that will translate to the outskirts of Windsor – but the three-course African-inspired menu is certain to be memorable. Tuesday 8 March 2011 7:44 pm Share whatsapp 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.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI 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.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comcenter_img BUSINESS AS USUAL AS BORIS BIKES TO CANNES Show Comments ▼ KCS-content Tags: NULLlast_img read more


first_img Share Goldman may file Lehman plan Show Comments ▼ Goldman Sachs said yesterday it was part of a group of Lehman Brothers creditors looking to file an alternative proposal to divide up what remains of the failed bank’s assets. Lehmans has proposed two separate plans for returning billions of dollars to bondholders, the most recent in January, but creditors are yet to approve them. Hedge fund Paulson complained last year that the first proposal benefitted large banks over other creditors, and proposed another in December. Lehmans cannot exit bankruptcy proceedings until a plan is approved by all eligible creditors. whatsapp Thursday 10 March 2011 8:35 pm KCS-content whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: NULLlast_img read more


first_img GAINS on disposals have cushioned GlaxoSmithKline’s first-quarter profit from a sharp fall in sales of flu products, following last year’s pandemic-linked windfall.The UK’s biggest drugmaker admitted the first three months of 2011 were tough but highlighted an improving picture in underlying growth as its diversified portfolio adjusts to pressure on prices and competition from generics.Quarterly sales fell 10 per cent to £6.59bn while earnings per share before major restructuring rose nine per cent to 32.2p.Analysts expected sales of £6.66bn and earnings per share of 30.4p, according to consensus forecasts.Exceptional demand for vaccines and anti-flu drug Relenza flattered results a year ago and their absence this year – plus sharply lower revenue from diabetes pill Avandia and herpes drug Valtrex – lopped around £1bn off quarterly sales.But chief executive Andrew Witty said yesterday the negative drag from these products was set to decline. “We expect underlying sales growth to translate into sustainable reported growth as we exit the year and move into 2012,” he said.Quarterly profit was shielded by chunky disposal gains on the group’s stake in Quest Diagnostics and the sale of North American rights to coldsore treatment Zovirax, which together added 7.1p to earnings per share. whatsapp Glaxo grows profit despite drop in sales KCS-content Tags: NULL Show Comments ▼ Share Wednesday 27 April 2011 8:00 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 ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof whatsapplast_img read more


first_img Show Comments ▼ Share Wednesday 27 April 2011 8:13 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 ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof KCS-content STV will pay ITV £18m after lengthy legal battle ITV has settled a long-running legal dispute with its Scottish network partner, lifting a huge cloud from STV’s outlook.STV will pay ITV £18m, less than analysts were expecting. The settlement also boosts the chances of STV resuming a dividend, sending its share price up 10.6 per cent yesterday.Relations between the two broadcasters soured in 2009 after STV opted out of some ITV programmes to show homemade shows instead.ITV said then it would start legal proceedings to recover what it described as a £38m shortfall in network programme contributions. STV said the claim was completely without merit and launched its own legal challenge. But yesterday the two sides said they had agreed to settle the dispute.The £18m consists of a £7.2 cash payment payable this year and £10.8m either in programme rights at the end of the year or cash. whatsapp whatsapp Tags: NULLlast_img read more


first_img Topics: Casino & games Finance Lottery Sports betting Slots Table games Casino & games IGT reduces losses in 2018 Email Address Regions: Europe US Southern Europe Italy AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling OTB and Betting Shops Slot Machines International Game Technology (IGT) has reported a 2.2% year-on-year decline in revenue for 2018, though a reduction in operating costs and foreign exchange gains helped the supplier cut its full-year loss to $21m (£16.0m/€18.7m). Subscribe to the iGaming newsletter 7th March 2019 | By contenteditor International Game Technology (IGT) has reported a 2.2% year-on-year decline in revenue for 2018, though a reduction in operating costs and foreign exchange gains helped the supplier cut its full-year loss to $21m (£16.0m/€18.7m).Revenue for the year fell to $4.8bn, comprising $4.1bn in service revenue, down 2% year-on-year, and product sales of $785m, also representing a 2% decline from the prior year.“Our 2018 results are in line with the improved outlook we provided in October. The year was characterised by strong global Lottery performance, resilience in Italy, and progress in North America Gaming,” IGT chief executive Marco Sala said. “We’ve established solid foundations to build on – securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019.”This decline was largely due to a weaker performance from IGT’s international division, which saw revenue fall 7% to $820m. This was down in part to a 27% drop in gaming services revenue, which fell to $140m. Much of this decline was recorded in the fourth quarter of the year, ended December 31, 2018, when performance suffered in comparison to the prior year, which saw revenue boosted by the supplier reaching a contract milestone with a client. This offset a 1% year-on-year increase in international lottery revenue to $329m.The North American Lottery division, meanwhile, saw revenue grow marginally to $1.2bn, with a 5% decline in gaming revenue masked by a stable contribution from the lottery vertical.The North America Gaming and Interactive unit, however, saw revenue fall 13% to $1.0bn, with gaming services revenue down 20%, with much of the decline attributed to the divestment of the DoubleDown Interactive social gaming business to South Korea’s DoubleU Games. In the prior year, DoubleDown had contributed $111m to full-year revenue.IGT’s Italian business saw revenue grow 3% to $1.8bn, with gaming revenue flat, and lottery revenue up 6%.At the end of 2018, IGT saw its total installed base decline to 14,905 machines, as a result of a 17% drop in machines installed in casinos, offset in part by a 57% increase in government-sponsored video lottery terminals. This, IGT noted, was largely due to the roll-out of terminals in Greece for OPAP.Operating costs for the year fell 14% to $4.2bn, with cost of services falling to $2.5bn, and cost of product sales down at $491m. IGT also saw impairment losses plummet, down from $715m in 2017 to $120m. As a result the business posted an operating profit of $647m, up from a prior year loss of $51m.Non-operating expenses declined 63% to $343m, which could be attributed to a foreign exchange gain for the year of $129m, compared to a foreign exchange loss of $444m in 2017.As a result, IGT made a pre-tax profit of $304m, a major turnaround from the $926m loss before income tax in the previous year. Post tax profit stood at $115m, though this was wiped out by a $136m payment relating to net income from non-controlling interests. This resulted in a net loss of $21m for the year, compared to a $1.1bn loss in FY2017.For the fourth quarter of the year, revenue was down 6% at $1.3bn, with IGT attributing the decline to sports betting dynamics in the prior year, including an unusually low payout percentage in Italy and large international product sales. Marginal growth in North American Lottery revenue failed to offset declines in the North American Gaming and Interactive and International segments, and a flat performance in Italy.Costs for Q4 were up 6% at $1.2bn, which coupled with non-operating expenses of $81m resulted in a net loss of $70m for the quarter. Once $30m of income attributable to non-controlling interests was stripped out, the quarterly loss rose to $102m.last_img read more


first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 28th June 2019 | By Joanne Christie Happy Friday igamers! This weeks Diary questions Electronic Arts’ assertion that loot boxes are just like Kinder Eggs, chuckles at Hills’ creative writing donation, considers the state of racing Down Under and ponders SBKings.Kinder surprise The Diary was surprised to find out that the UK parliament is doing anything other than being generally paralysed by Brexit when it happened upon a hearing on Immersive and Addictive Technologies. This saw MPs put reward mechanics such as loot boxes under the microscope, with the likes of Electronic Arts and Fortnite publisher Epic Games contributing. The Epic Games representative at one point claimed that his company didn’t make any money from the wildly successful Fortnite, so things were going… interestingly. But it was the EA rep’s assertion that loot boxes, banned in Belgium and the Netherlands, detested by a significant chunk of gamers, and a cause of concern for parents, were nothing more than Kinder Eggs, that stood out. First, this showed the console gaming industry is really treading new ground when faced with regulatory scrutiny. Second, it provided a quick and easy go-to quote for the sector’s detractors to beat it with. Third, Kinder Eggs are banned in the US. Whatever the reasons, saying a core mechanic in your titles is equivalent to something that has been banned in a major market is… sub-optimal. The gambling sector is increasingly seen as the black sheep of the entertainment industry, and it hasn’t always been the best at handling public affairs. But this hearing suggests it has lots to teach the console gaming sector.​Hills gets creative You’ve got to love William Hill’s sense of humour. This week it announced that it was donating $50,000 of a legal settlement reached with FanDuel to a Rutgers University master of fine arts creative writing programme. The settlement, agreed back in January, concerned a lawsuit alleging  FanDuel copied sections of a betting guide Hills produced when it started operating at Monmouth Park Racetrack last year and used it alongside its own launch at Meadowlands. The betting giant’s evidence of plagiarism included a number of identical sections of text and diagrams, and even a line from FanDuel’s guide that read: “Alternate & reverse lines are propositional wagers offered by William Hill on each baseball game.” Although Hills has said previously it would donate some of the funds to creative writing programmes, there’s a hint of irony in the choice of a master’s level degree. Surely even high school level English should have been sufficient to avoid the alleged offences. What would have perhaps been even more fitting to the situation is if it had funded something such as a basic Microsoft Word course – one that expanded the knowledge of would-be plagiarists beyond ‘copy and paste’ to the ever so slightly more advanced ‘find and replace’ perhaps? Although we guess it wasn’t keen to give those lacking imagination any ideas. Then again, the settlement amount was never disclosed so perhaps we can look forward to more announcements in future…When it’s more than just crying poor Whenever bookies complain about high taxes and levies, their concerns are often dismissed as the exaggerations of gambling companies raking in the cash while sports such as racing struggle. Warnings that punters will suffer are usually dismissed as empty threats, but this week one Australian bookie proved that they aren’t. TopSport, which describes itself as a low-margin bookie and which serves the kind of big punters many others won’t, pulled a number of its products in Victoria and Western Australia, publishing an open letter on its reasoning. It said the changes had “been forced upon us by the continuation of what can only be termed ruthless race fields levies” by racing bodies in those states. “In recent years, the wagering industry has borne witness to a rapid and rampant escalation in the fees and taxes payable by wagering operators to racing and licensing authorities. To compound the burden, the Governments of each State and Territory have now also chimed in with their quite heavy-handed Point of Consumption taxes. The result is a taxation burden that can no longer be viably absorbed within our retained earnings under our current business model,” said the letter. It went on to outline some rather telling figures that showed it had been operating at a loss in those states for some time. In a column discussing the move, Racenet described it as a “deeply disturbing message for those running racing in those states”. It will be interesting to see if the powers that be heed the message.SBKings? Someone has discovered the words ‘DraftKings hearts SBTech’ carved onto a tree, and the industry rumour mill is in overdrive. This would be an interesting deal for a number of reasons. It suggests that the daily fantasy-turned sports betting behemoth has significant cash to burn. It’s a huge stamp of approval for SBTech’s solutions and capabilities, which have already been burnished by its Oregon Lottery deal. But the rumblings will be causing Kambi some concern – its share price was down 19.02% at the time of writing. It would have good reason to be aggrieved; it has helped DraftKings soar to the upper reaches of the New Jersey market, yet this is its second major partner (after 888) to make noises about bringing technology in-house. However, it is leading the way in Pennsylvania, where three of its clients have been the first to launch online wagering. The entry of its former parent Kindred Group to the US fray will help it further. Bed hopping in the nascent US industry is not entirely unexpected. Operators were always likely to evaluate partnerships following the initial rush to get tech and get live, so the Diary won’t be surprised if we see further shifts, even if these DraftKings-SBTech rumours come to nothing.​That’s it for this week. See you next week! Topics: Sports betting iGB Diary Horse racing Happy Friday igamers! This weeks Diary questions EA’s assertion loot boxes are like Kinder Eggs, chuckles at Hills’ creative writing donation, considers the state of racing Down Under and ponders SBKings Email Address Horse racing Tags: Race Track and Racino iGB Diary: Kinder Egg surprise, creative Hills, bookie mutiny Down Under and SBKings? 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first_img Email Address Subscribe to the iGaming newsletter Topics: Casino & games Finance Tech & innovation Slots Video gaming AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Inspired Entertainment saw revenue fall $10.2m (£8.4m/€9.1m) in the second quarter of its financial year, with the decline blamed on the UK government’s decision to reduce maximum B2 machine stakes to £2.The cut, effective 1 April, was responsible for $5.5m of the company’s revenue decline. Total revenue for the three months ended 30 June fell 27.6% year-on-year to $26.7m, Inspired reported.Service revenue from server-based gaming was down 33.1% to $16.4m as a result of the B2 stake cut, which also resulted in a 41.1% year-on-year decline in customer gross win per unit per day across UK licensed betting offices.Despite this Inspired executive chairman Lorne Weil said he was confident that the business would be able to mitigate the impact of the stake cut.“The impact of the Triennial Implementation was in line with our expectations,” Weil explained. “We believe we’ve taken much of the hit on the loss of revenue in the second quarter with very little mitigation so far. “We’ve actually begun to see the revenue creep back up, with gross win per unit per day improving from 44.5% decline in April to a 38.0% decline in June,” he said. “This trend has continued thus far in the third quarter and we anticipate the trend will be more pronounced with the acceleration of shop closures and the restructuring mitigation.”Further decline was recorded in revenue from the Greek market, offset by an $0.2m increase in Italian revenue.Hardware revenue, meanwhile, fell to $1.1m, due to lower UK hardware sales. Despite this, the supplier has been awarded a contract to supply OPAP with an additional 580 video lottery terminals in the country. In total it will roll out 8,940 terminals for the operator.During Q2 Inspired also agreed to sell around 1,000 of its used gaming terminals, freed up by UK shop closures, to Playtech BGT Sports, which plans to repurpose the machines as self-service betting terminals. It has also extended its supply contract with William Hill to 2022.Virtual sports revenue for the quarter was down 8.0% at $9.2m. This decline was blamed on the rephrasing of an annual contract with a major customer, as well as long-term licensing deals being fully amortised. Despite these impacts, Inspired noted, it saw revenue growth in the UK retail market – due in part to the migration of customers to virtuals from B2 machines – and Belgium.Inspired’s interactive division has launched four new clients during the quarter, taking its total number live to 40, while also signing supply deals with Loto-Québec (for virtual sports) and SBTech, for casino games.Q2 also saw Inspired agree to acquire Novomatic UK’s Gaming Technology Group, a supplier of Category B3, C and D gaming terminals to pubs, arcades, motorway service areas and holiday resorts. Inspired will pay $120m in cash for the business, with the deal expected to close in the third quarter of 2019.“We see our pending transformational acquisition of NTG […] as a huge catalyst in our business, dramatically increasing our size, scope and scale and augmenting the existing growth trends for our company,” Weil said.Executive vice president and chief financial officer Stewart Baker added that integration planning was progressing.“We have a good track record of growing Inspired’s margins and we believe we can achieve $12.3 million to $13.3m of annualised synergies within the first six months of this integration in addition to bringing down the cost of our debt,” Baker said.Earnings before interest, tax, depreciation and amortisation for the quarter fell 42.6% to $8.9m.Despite posting declines in revenue-related costs for the quarter, as well as a drop in selling, general and administrative expenses, the decline in revenue contributed to Inspired posting a $4.5m operating loss. After other expenses, including interest expenses, of $6.1m, plus income tax of $0.1m, the net loss for the quarter stood at $10.7m, compared to a $4.0m loss in the prior year.For the six months to 30 June, revenue was down 18.8% at $60.4m, with service revenue declining to $56.4m, and hardware revenue down to $4.0m. As in Q2, revenue-related costs and selling, general and administrative expenses fell, though lower revenue, plus increased stock-based compensation expenses and acquisition-related costs saw the business post an operating loss of $5.2m.Other, finance-related expenses increased to $10.5m, resulting in a net loss of $15.7m, compared to $4.5m in H1 2018. Inspired Entertainment saw revenue fall $10.2m (£8.4m/€9.1m) in the second quarter of its financial year, with the decline blamed on the UK government’s decision to reduce maximum B2 machine stakes to £2. The supplier posted a net loss of $10.7m for the period. Regions: UK & Ireland Tags: Mobile Online Gambling OTB and Betting Shops Slot Machines Video Gaming Casino & games 12th August 2019 | By contenteditor Inspired revenue hit by FOBT stake cut in Q2last_img read more