Sanofi $20bn Genzyme bid nears finale

first_img EXECUTIVES at Sanofi-Aventis and Genzyme were last closing in on a takeover deal worth nearly $20bn (£12.4bn), ending months of speculation surrounding a potential agreement.Under the slated agreement, Sanofi is expected to pay around $74 per share for the US biotech company, valuing it at $19.2bn. The figure is a five-cent-per-share increase on the approach made by Sanofi chief Chris Viehbacher in August last year, which was rejected outright by Genzyme boss Henri Termeer.The deal would also incorporate a contingent value right (CVR), which could add a tradable value of up to $5 to $6 a share for the acquired shareholders, dependent on the performance of Genzyme’s experimental new multiple sclerosis drug Lemtrada. Though sources close to the deal said that the terms of the takeover had already been agreed, a final announcement could be delayed until later this week, but is likely to come ahead of Sanofi’s annual results on Wednesday.Analysts say the CVR is a sensible way to offset doubts over Genzyme’s future performance, despite the US company projecting peak annual sales of $3.5bn.“They are not paying upfront for a lot of uncertainty – that’s important,” said Helvea analyst Karl-Heinz Koch. “At $74 plus a CVR, the deal terms would be within reason…The earnings leverage to Sanofi is substantial.”The merger talk surrounding Genzyme has boosted the company’s share price in recent months, with its stock closing at $73.40 on Friday, a 47 per cent increase on July last year, when its share price struggled to top $50. While Sanofi’s initial $18.5bn proposal was deemed “opportunistic” by Termeer, the last couple of weeks have seen intensive two-way discussions between the companies’ boards, with the revised bid running slightly above Genzyme’s market cap and the CVR adding value for its shareholders.Sanofi sought advice during negotiations from JP Morgan, Evercore Partners and Morgan Stanley, with Genzyme turning to Credit Suisse and Goldman Sachs. Sanofi’s acquisition of Genzyme, which specialises in developing so-called orphan drugs for rare diseases, comes at a time when the pharmaceutical industry as a whole is being forced to diversify to remain relevant. The French pharmaceutical giant relies on its pipeline of prescription and over-the-counter drugs, which are dependent on patents to avoid competition from generics. But rights on its blood-clotting duo Plavix and Lovenox will expire in 2012, with rival Teva announcing in late January that the US Food and Drug Administration is poised to approve its Lovenox generic.The UK pharmaceutical industry also took a hit last week when Pfizer confirmed plans to shift its R&D operations to the US after more than 50 years. Chief executive Ian Read signalled this was part of a “fundamental change in culture” as the company moves to offset losses expected when its blockbuster cholesterol pill Lipitor faces generic competition for the first time in June. KCS-content Sanofi $20bn Genzyme bid nears finale More From Our Partners Police 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.orgInside 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.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Sunday 6 February 2011 10:42 pm Tags: NULL Show Comments ▼ whatsapp Share whatsapplast_img read more

Asia gives profit boost to Suzuki but competition in India freezes forecasts

first_img 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily 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 whatsapp SUZUKI Motors, Japan’s No4 automaker, posted a 31 per cent rise in quarterly profit yesterday on brisk sales in Asia, and stuck to its conservative forecasts as competition intensifies in the key Indian market.Suzuki has enjoyed robust earnings growth compared with most domestic rivals thanks to its limited exposure to the stronger yen and heavy weighting in India, where majority-held unit Maruti Suzuki India sells every other car.But falling margins in India due to rising raw materials prices and slowing growth in the country’s car market have weighed on Suzuki’s shares, which have been the worst performer among Japanese auto stocks in the past three months.“The trend of rising sales and profits remains, but the pace of growth has slowed compared with the first and second quarters,” senior operating officer Takao Hirosawa said, citing margin pressure from higher raw materials prices in India.In the October-December third quarter, operating profit at the maker of the SX-4, Swift and other compact cars came to 23.64bn yen (£178.6m), up 31 per cent from a year earlier and roughly in line with estimates.That brought its nine-month profit to 92.46bn yen, just shy of its full-year forecast of 100bn yen. A survey of 21 analysts put the profit at a much better 115.8bn yen for the year to March 31, up 46 per cent from last year. KCS-content Tags: NULL Monday 7 February 2011 7:54 pmcenter_img whatsapp Asia gives profit boost to Suzuki but competition in India freezes forecasts Show Comments ▼ 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 PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 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 Sharelast_img read more

Chicago boom looks good for US factories

first_imgMonday 28 February 2011 8:17 pm CHICAGO’S purchasing managers’ index (PMI) reached a 22-year high in February, surprising economists and boding well for today’s US-wide manufacturing results.The PMI hit 71.2 this month, driven upwards by growth in production and new orders, which reached their highest level – 75.9 – since 1983.All index scores above 50 indicate economic expansion.“This strong report indicates continued improvement in the pace of Chicago-area business expansion, and supports our above-consensus forecast of 61.5 for the February ISM manufacturing index,” concluded Nicholas Tenev of Barclays Capital.The ISM index is released this morning.There was further good news for the US recovery yesterday, as consumer spending edged up 0.2 per cent in January – the seventh straight month of gains, according to official data from the Commerce Department.The increase was below the expectations of economists, yet continued to grow following an upwardly revised 0.5 per cent rise in spending in December.Meanwhile, US incomes jumped by one per cent in January, the largest increase since May 2009, after an upturn of 0.4 per cent in December.And savings jumped to $677.1bn (£417.5bn) in January, the highest level since August, from $620.9bn in December.The surge in incomes, well above consensus expectations of a 0.4 per cent rise, reflected the boost from unemployment insurance tax relief, according to Barclays Capital.“Spending was soft, we expected that after the soft January retail sales report,” added Sean Incremona, an economist at 4Cast in New York.“Income was surprisingly very strong, there was probably some sort of flattering effects from payroll or tax cuts or some sort of effect from the changeover from the new year,” Incremona said.The report also showed the Federal Reserve’s preferred measure of consumer inflation — the personal consumption expenditures price index, excluding food and energy — edged up 0.1 per cent last month, after being unchanged in December.However, there was more doom for the ailing US housing market, as contracts for pending sales of previously owned homes fell faster than expected in January to the slowest pace in three months, data from a real estate trade group showed yesterday. Share KCS-content More From Our Partners A 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Chicago boom looks good for US factories Show Comments ▼ whatsapp whatsapp Tags: NULLlast_img read more

Austria: Irish must make concessions

first_img Austria: Irish must make concessions 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 TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 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 Herald KCS-content Show Comments ▼ Share whatsapp center_img 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’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tuesday 15 March 2011 8:37 pm whatsapp AUSTRIAN finance minister Josef Proell warned yesterday that Ireland will have to give ground if it expects Europe to reduce the punitive 5.8 per cent interest rate it is paying on its €85bn (£74bn) bailout funds.“If Ireland wants anything, it has to deliver something. Greece showed that,” said Proell at a meeting of Eurozone finance ministers (known as ECOFIN). “Ireland must say now what it wants and… what it can give.”His comments will inflame sentiment in Ireland, where voters were angered by French president Sarkozy’s demand that the country raise its low 12.5 per cent corporate tax rate in order to qualify for any relief on its debt interest. New Irish Prime Minister Enda Kenny flatly refused the demand.Newedge bonds strategist Bill Blain said: “Picking a fight with the Irish by threatening their sovereignty, or making demands they can’t possibly back away from, is never a positive thing. They can be quite belligerent.”Eurozone leaders pointedly restructured Greece’s €110bn debt but not Ireland’s on Saturday, cutting interest on Greek’s bailout funds by one per cent and extending its maturity by 3.5 years.Observers still think that Greece and Ireland run high risks of default, however.ECOFIN announced yesterday that it will agree on the details of how it will boost the Eurozone’s main bailout fund by next week.They agreed on Saturday to increase the fund’s ability to lend from €250bn to its full €440bn, but did not specify how this would be achieved while maintaining its AAA rating.EU?leaders also agreed to strengthen the Stability and Growth Pact, mandating that indebted countries front-load fiscal consolidation and increase competitiveness by increasing the efficiency of their labour markets. Tags: NULLlast_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_imgCHIP FIRM GAINS SIZABLE INFUSION A Silicon Valley start-up has raised one of the biggest funding rounds in years in the semiconductor industry, a sector that many venture-capital firms have been avoiding. The $108m infusion in Tabula is also notable because Tabula is targeting a market niche that has attracted a number of other entrants that subsequently went out of business. The company spent nearly eight years perfecting a technology for programmable chips. BRITAIN SET FOR “BROLLY AND SUNBLOCK” SUMMERBritain faces a “brolly and sunblock” summer with June thunderstorms threatening Wimbledon and Glastonbury, followed by a mixed July and scorching August in time for the school holidays. As the clocks went forward and British summer time started, weathermen predicted this summer will see worse weather than the last two years.THE WALL STREET JOURNALSANTANDER, CCB TO TARGET SMALLER CHINA TOWNSSpain’s Banco Santander SA will take a 19.9 per cent stake in a joint venture with China Construction Bank Corp. to provide banking services outside of China’s major cities, an area of increasing interest to foreign financial institutions looking to make a mark in China. KCS-content TULLOW LOOKS TO RAISE GHANA OIL STAKEIreland’s Tullow Oil is seeking to increase its stake in Ghana’s offshore Jubilee field through the $300m acquisition of shares controlled by allies of John Kufuor, the former president, industry officials in London and Ghana said. Tullow’s bid is higher than offers made by other mostly Ghanaian groups.THE TIMESNEW INVESTOR SAVOURS TASTE OF WESTBURY’S ROBUST RESULTSIntermediate Capital Group has acquired 20 per cent of Westbury Street Holdings, Britain’s fourth-biggest caterer. The purchase by the FTSE 250 listed investment firm comes soon after it took stakes in Courtepaille, the French restaurant chain, and Quorn, the meat-free food group. whatsapp Share Monday 28 March 2011 1:03 am FINANCIAL TIMESHOLLYWOOD MAKEOVER FOR YOUTUBEGoogle is deepening its ties with Hollywood by enlisting top stars to supply original content for YouTube in a bid to boost profits and user engagement at the company’s online video site. Google has been making the rounds of Hollywood’s biggest talent agencies, outlining plans to create a network of channels based around specific themes or niches, such as fashion, food and video games. whatsapp 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}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Today YOU’VE GONE TOO FAR, TOO FAST, POWER CHIEFS TELL CHANCELLORThe introduction of a carbon tax in the Budget to penalise coal-fired power stations that emit greenhouse gases threatens to accelerate the closure of generating plant, potentially creating a serious energy supply gap in the middle of the decade. The electricity generating industry has warned the Treasury that it has gone too far, too fast.The Daily TelegraphJOHN LEWIS INTRODUCES THE “NEVER ENDING REFUND” TO ENCOURAGE SHOPPERS IN AUSTERE TIMESThe days of buying a new dress that you shove in the back of the wardrobe and never wear are over after John Lewis announced it is scrapping its 28 day return limit for a “never ending refund”. The retailer is the first major high street name to scrap the refund limit. L&G SET FOR REAL ESTATE LENDING DRIVELegal & General, the UK’s fourth largest insurer, is gearing up for a push into lending money to the UK commercial real estate market to help fill the debt gap left by retreating banks. The insurer has appointed Ashley Goldblatt, who has worked in the company’s fixed income team, to prepare a strategy to invest into debt in the property market, which has been hamstrung since the credit crisis by the lack of available bank finance. Show Comments ▼ ODDBINS SEEKS ADMINISTRATIONOddbins, the wine retailer, has applied to go into administration to protect itself from creditors’ claims. The move, which the company described as “purely precautionary”, was enacted at the end of last week after one creditor issued a winding-up order. WHAT THE OTHER PAPERS SAY THIS MORNING Tags: NULLlast_img read more

How good a job do you feel George Osborne is doing as chancellor?

first_img Show Comments ▼ How good a job do you feel George Osborne is doing as chancellor? Tuesday 5 April 2011 8:39 pm whatsapp KCS-content Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comcenter_img whatsapp 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 TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com We’re restarting our weekly readers’ panel with PoliticsHome.com to let you have your say on politics and the City. To answer the above question and more, including your views on Sir John Vickers’ Independent Commission on Banking, apply to join at www.cityam.com/panel.You could be in with the chance of winning a free luxury weekend to Paris. In September, we’ll put panellists who have responded to at least 80 per cent of surveys into a prize draw. Full T&Cs available on request. Tags: NULLlast_img read more

FTSE slips as earnings news dominates

first_img The FTSE pushed downwards at the close for the Easter break despite a strong start boosted by a positive round of US results last night.The FTSE 100 closed down 3.96 points or 0.1 per cent at 6,018.30, having jumped 2.1 per cent over the day to close back above the 6,000 level for the first time since the start of March.“Today’s trading session has the feel of the city of London packing its bags for various trips around the country and abroad ahead of four bank holidays in close succession rather than investors stock picking,” said City Index market strategist Joshua Raymond.“Trading has been somewhat quiet today and the lower volumes in the market expected over the coming trading sessions could add a dose of volatility to indices next week and cloud true market sentiment a little.”Investors digested a mixed bag of corporate results throughout the day, led on the upside by software maker Autonomy, which surged 7.4 per cent to 1,620p after revealing a forecast-beating quarterly performance.Banks and miners performed well, with Barclays and Lloyds Banking Group each closing more than one per cent up, and with precious metals miner Fresnillo ending up 2.2 per cent higher at 1,648p.Among other gainers were oilfield support services provider John Wood Group, which closed 3.8 per cent higher at 706p; metals technology specialist Johnson Matthey, which gained 2.3 per cent to finish at 1,924p, and stockbroker
Hargreaves Lansdown, which saw a 2.3 per cent rise today after publishing a heartening interim management statement yesterday. It closed at 634p. The telecoms sector lagged, led by Vodafone, which ended 4.3 per cent down at 169.05p to become the day’s biggest faller.“Dutch peer Royal KPN cut its 2011 forecast, and even positive results from US partner Verizon, who managed to beat expectations posting Q1 earnings of $0.51 cents a share, failed to stem its losses,” said CMC Markets analyst Michael Hewson.Oil prices rose, with US crude trading above $112 (£68.40) a barrel and Brent crude above $124 a barrel, which caused a downward trend on travel-focused stocks.“Firm oil prices have also undermined the leisure sector with Intercontinental Hotel Group and Carnival Cruise lines slipping back, though TUI Travel managed to buck that trend after being tipped by Deutsche Bank,” Hewson said.US results were similarly mixed. Morgan Stanley saw profits tumble by half, but saw its shares rise 2.9 per cent as investors saw it generated stronger-than-expected fixed-income trading revenue.General Electric reported an 80 per cent rise in profit, but its shares fell two per cent as it failed to match investors’ high expectations. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Thursday 21 April 2011 1:50 pm Share FTSE slips as earnings news dominates Show Comments ▼ alison.lock whatsapp Tags: NULLlast_img read more

Stride hits out at ‘excessive and disproportionate’ fine

first_img Regions: UK & Ireland Topics: Finance Legal & compliance Tags: Online Gambling Subscribe to the iGaming newsletter Stride Gaming has branded a £7.1m (€8.2m/$9.2m) fine for its Daub Alderney subsidiary as “excessive and disproportionate”.The operator has called on the UK Gambling Commission to lower the penalty, which was issued for serious failings in Daub’s anti-money laundering and player protection controls, to £4m.Gambling Commission officials noted that issues related to the identification of anti-money laundering risk, such as payment details not matching the customer and duplicate accounts, were not fit for purpose.This in turn meant that Daub was unable to identify customers with potential gambling problems, such as previously-excluded individuals using new accounts or different payment cards to continue playing.The company’s own audit found that it had insufficient source of funds (SOF) data on more than 700 account holders who had deposited more than £50,000.In September Stride said it had set aside £4m as it was expecting to be hit with a “significant financial penalty” for past business practices of one of its subsidiaries.However, with the fine issued significantly higher than expected, Stride is now calling on the Commission to reconsider its decision, while at the same time ruling out appealing against the findings or penalty.Stride said it has addressed all of the failings identified by the Commission “in full” and also assessed the controls framework required to meet its licence conditions and codes of practice.The company added that Deloitte LLP has carried out an independent review of these processes and will now also conduct biennial control audits to assess the operating effectiveness of those controlsNon-executive chairman Nigel Payne accused the UKGC of having presented “certain factual inaccuracies” to the regulatory panel in the course of its investigation. This, Payne argued, had “coloured” the size of the fine that was ultimately issued.“We are of the view that both the industry and its regulator must be as one in its combined attempt to better regulate the industry and accordingly, we will be seeking to engage with the UKGC to improve the robustness of the process that we have just been through,” he added. Finance 14th November 2018 | By contenteditor Company calls for Daub Alderney fine to be lowered to £4m AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Stride hits out at ‘excessive and disproportionate’ fine Email Addresslast_img read more

Norsk Tipping introduces latest responsible gaming feature

first_img Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Norsk Tipping introduces latest responsible gaming feature Subscribe to the iGaming newsletter 3rd July 2019 | By contenteditor Regions: Europe Nordics Norway Tags: Mobile Online Gambling Slot Machines Topics: Casino & games Legal & compliance People Sports betting Bingo Slots Bingo Norwegian state-owned gambling operator Norsk Tipping has again tightened its responsible gambling controls, with players now shown an overview of their playing habits when they log into their online accounts.The operator noted that this summary of gambling activity has been available in players’ accounts for several years, but until now players have had to visit it themselves.“Now we are going to actively show the customer their net consumption for the last seven, 30 and 365 days,” the operator’s responsible gaming advisor Tanja Sveen explained. “We believe this can increase awareness of spending habits.”The decision to introduce “active viewing” of gambling history was taken in part as a result of conversations with customers that had lost significant amounts of money gambling.Sveen said that when contacted about their gambling, these players are asked to estimate how much they have lost in the past year.“[It] is common for them to guess only half of their actual loss,” she explained. “Many have an ‘aha moment’ when they discover the actual sum, then want to change their behaviour.”She also noted that in 2018 Norsk Tipping saw the number of at-risk customers increase to 10,000, up from 6,000 in the prior year.“[This] growth comes mainly from customers who play casino games online,” Sveen said. “Showing the customers their account overview is therefore particularly important for such high-risk games, where a game round only takes three seconds. One can play almost continuously, and it is often the case that many small gains camouflage significant losses.”The account overviews will initially be shown automatically once a week, but customers can change the frequency to have it shown either daily or monthly. The summary is also linked to a full breakdown of customer spending.The feature will initially be introduced for Norsk Tipping’s online channels, for customers playing medium- to high-risk games such as casino, bingo or sports betting, and those considered at-risk or problem gamblers.Sveen said that the operator was also working on developing a similar system for land-based channels, with a view to having the same functionality live towards the end of 2019, or early in 2020.The measures is the third new responsible gambling feature to be rolled out by Norsk Tipping in 2019. In April it introduced a new limit on players gambling with winnings over NOK20,000 (£1,856/€2,068/$2,334), noting that after a big win customers were likely to gamble larger amounts.
This was followed by the launch of two-factor verification for its Multix and Belago gaming terminals in May.“The work on gaming responsibility is a continuous process, and we put a lot of resources into maintaining a rapid roll-out of new features,” Norks Tipping chief executive Åsne Havnelid said. “This latest measure will be important for many players and have a good preventative effect on problem gambling.“Transparency is an important principle for Norsk Tipping’s relationship with the company’s customers,” Havnelid added. “Games should be a pleasant addition to everyday life – and how much money customers use to [play them] should not be a secret.” Norwegian state-owned gambling operator Norsk Tipping has again tightened its responsible gambling controls, with players now shown an overview of their playing habits when they log into their online accounts.last_img read more

Monopoly Megaways by Big Time Gaming

first_img Email Address Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter What Chance this happened sooner or later? The World’s most popular board game meets (arguably) online casino’s most popular reel mechanic.Monopoly Megaways has a slick land-based feel and will appeal to a broad demographic due to its engaging mechanics. The game features reactions, free spins and Big Time Gaming’s unique Reel Adventure, giving the player the feel of the board game with the excitement of a modern slot!Monopoly Free Spins features a collection mechanic that rewards the player with higher multipliers and more spins as MR MONOPOLY moves around the board!As more reactions that move MR MONOPOLY, the more the multiplier goes up and the so does the potential!You can play the demo to this, and other BTG slots, here! and if you are looking to review this game for your affiliate site, you can download the affiliate pack with all the info and creative from First Look Games here! 10th December 2019 | By Aaron Noy What Chance this happened sooner or later? The World’s most popular board game meets (arguably) online casino’s most popular reel mechanic. Topics: Casino & games Slots Monopoly Megaways by Big Time Gaminglast_img read more