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RBS sounds out investment banks for Direct Line disposal

first_imgMonday 30 August 2010 9:20 pm Share More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice 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.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.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com whatsapp KCS-content Tags: NULL Show Comments ▼ RBS sounds out investment banks for Direct Line disposal whatsapp STATE-OWNED Royal Bank of Scotland has begun sounding out advisers for the multi-billion pound disposal of its Direct Line business.RBS, 83 per cent backed by the taxpayer, has until the end of 2012 to offload the car and home insurance operation under European Union rules on accepting government aid. Sources said the Scottish lender held a first-round “beauty parade” of investment banks last week as floating or selling a company of Direct Line’s size will require around 18 months’ groundwork.RBS would prefer to hold an initial public offering (IPO) of the unit but will consider a trade deal at the right price. US investment sage Warren Buffett is thought to have flagged an interest in bidding for Direct Line through his Berkshire Hathaway vehicle, as is American insurer Allstate.The process is complicated by the fact Direct Line plunged from a first-half profit of £217m to a loss of £231m, as the rise of no-win, no-fee law firms prompted a surge in road traffic accident claims. The deficit will make an IPO less attractive.Industry insiders said RBS was likely to get a price tag well below the £6bn valuation put on the business by former boss Sir Fred Goodwin. The final price is also likely to be below the £4.5bn offered by CVC in 2008. last_img read more

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Insiders hope gambling ad changes can be agreed next week

first_img Subscribe to the iGaming newsletter Secretary of State for Digital, Culture, Media and Sport Jeremy Wright is among those to have welcomed reports that a voluntary ban on betting advertising during sports broadcasts is close to being agreed.Wright (pictured) said further restrictions on advertising would be a “welcome move” in response to an erroneous BBC report that Remote Gambling Association (RGA) members have already agreed to voluntarily implement a ban on gambling advertisements during live sports events other than horse racing.iGamingBusiness.com understands it is hoped an agreement will be reached by next Wednesday (Dec 12), although it must be signed off by the Industry Group for Responsible Gambling, which represents all five major UK gambling industry associations.Wright welcomed the industry’s proactive approach since discussions over changes to the Gambling Industry Code for Socially Responsible Advertising began last month.“Welcome move from gambling firms today on advertising ban during live sport,” Wright said. “Pleased to see industry responding to concerns raised and helping to protect children and vulnerable people from risks of gambling related harm.”Critics of the gambling industry were disappointed to see that the reported provisional deal applies only to television advertising. The Campaign for Fairer Gambling argued that only a ban covering shirt and league sponsorship, and pitch-side scrolling displays will be effective.GambleAware chief executive Marc Etches said that while the charity supported action on television advertising, changes must also be taken on online marketing.“We have been saying for a long time now that gambling is being increasingly normalised for children,” he said. “They are growing up in a very different world than their parents, one where technology and the internet are ever present.“So while we welcome this move by betting companies, it is important to pay attention to analysis that shows the marketing spend online is five times the amount spent on television.“The fact that it is reported one in eight 11 to 16 year olds are following gambling companies on social media is very concerning.”The proposed “whistle-to-whistle” ban was enough to cause a significant blow to major gambling operators’ share prices. William Hill shares were trading down 3.3% at 157.2p today (December 6), while Ladbrokes and Coral owner GVC was down 4.0% to 692.5p and Unibet owner Kindred Group was down 3.7% to SEK86.5.Free-to-air broadcaster ITV, which shows many England international football matches, was down by 4.3% to 132.35p. Insiders hope gambling ad changes can be agreed next week 6th December 2018 | By contenteditor Politicians, campaigners and investors react to reports an agreement to stop betting advertising during live sport broadcasts is near  Topics: Marketing & affiliates Marketing & affiliates Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more