BP inks $7bn Indian deal with Reliance

first_img whatsapp whatsapp BP inks $7bn Indian deal with Reliance BP has lined up one of the biggest-ever foreign direct investments in India after agreeing to pay Reliance Industries $7.2bn (£4.4bn) to jointly explore deepwater oil and gas deposits in the country. The long-term deal with Reliance, which could see BP pour $20bn into the project, was sealed at Downing Street yesterday. BP will take a 30 per cent stake in Reliance’s oil and gas production contracts and set up a joint venture for selling gas in India, the firms said, with further payments dependent on the exploration’s success.The agreement is BP’s second cross-border exploration deal in as many months. BP is set to enter arbitration with its partners in TNK-BP next month over its £10bn share swap with Russia’s Rosneft.“It’s kind of similar to the Russian deal ­– it’s getting access to longer term positions which could be material,” said Oswald Clint from Sanford Bernstein. “But we’ve got a key risk here. The gas price is regulated, it’s not rising as quickly as people expected.”BP chief executive Bob Dudley told reporters yesterday that Reliance’s exploration spaces contain gas reserves of up to 15 trillion cubic feet, adding: “The whole world’s looking for gas, particularly in Asia… we believe it is going to be a very, very valuable fuel.”Reliance’s tie-in with BP is still subject to Indian regulatory approval, which has proved a sticking point for other energy investors in the country including Cairn and Vedanta.Reliance Industries, which runs the world’s biggest refining complex, is controlled by Mukesh Ambani, an Indian tycoon listed last year as the world’s fourth-richest man by Forbes magazine. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com 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 ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndocenter_img Show Comments ▼ Monday 21 February 2011 7:53 pm KCS-content Share Tags: NULLlast_img read more

Rush to avoid hike in stamp duty

first_imgSunday 20 March 2011 11:03 pm whatsapp whatsapp KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo 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 Wrapcenter_img Rush to avoid hike in stamp duty Share Show Comments ▼ Millionaires in London are scrambling to snap up properties before the rise in stamp duty, according to the latest Rightmove house price index released today. Across the whole market in the capital, asking prices were down 1.5 per cent in March on the previous month – yet are still up 3.8 per across the quarter as a whole, the survey said. “Bonus driven buyers and stamp duty savers looking to invest in bricks and mortar,” said Miles Shipside of Rightmove. “Shortages of quality property remain, resulting in keen competition and speedy sales in the capital – it’s a performance that struggling estate agents in the rest of the country are watching with jealousy.” Annualised asking prices rose by just 0.9 per cent across the UK, compared to 1.6 per cent in London. Average prices in the UK are £231,790, compared to £424,307 in the capital. Tags: NULLlast_img read more

Trading arm is the key to miner’s value

first_img KCS-content Monday 18 April 2011 8:38 pm Share Trading arm is the key to miner’s value NEGOTIATIONS over Glencore’s valuation are set to focus on the mining giant’s trading arm as commodity investors worry about the possible departure of key traders and the intangible nature of the people side of the business.“When you have hard assets you know the price for a metal and on that basis you are able to have a relatively high level of certainty,” Olivetree Securities’ Christian Georges told City A.M. “Whereas with trading… there’s a question mark over the ability of a trader to get it right.”Glencore argues that its trading arm should add a premium to its value because it makes its “earnings less volatile than those of equivalent pure commodity producers”.Its sizeable share of the market for traded commodities – it trades 60 per cent of marketable zinc and 50 per cent of marketable copper – could also give the company a degree of pricing power, although there is no suggestion that it could manipulate the market.But mining investors are wary of buying into a trading arm where many of the key figures could cash out after a few years. “There’ll be a little bit of pressure on pricing because fund managers won’t want to feel they’re taken advantage of,” says Renaissance Capital’s Jonathan Williams.Many have compared Glencore’s float to that of Goldman Sachs in 1999, with one industry source saying: “They’re seen as flash and arrogant, a bit like the Goldman Sachs of the industry.”A third sky-high valuation from one of the banks on the deal emerged yesterday, with Bank of America Merrill Lynch analysts valuing the company at a maximum of $70bn (£43bn) in addition to the $9-$11bn to be raised by the float. Barclays Capital and Credit Suisse have put similarly high values on the firm.Oriel Securities’ Charles Cooper says that Glencore’s equities assets, which include stakes in Rusal and Xstrata, were worth $20bn alone. But on corporate governance he said: “Who wouldn’t have concerns with a company with stakes in state-run mining enterprises from Armenia to Zimbabwe?” More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Show Comments ▼ whatsapp whatsapp Tags: NULLlast_img read more

GVC furthers Changing for the Bettor with SOGG partnership

first_img The project has been agreed as part of GVC’s wider campaign to make gambling safer, which has already seen the operator pledge to commit 1% of gross gaming revenue to the research, education and treatment of problem gambling by 2022.It has also agreed to invest $5m in a responsible gambling research project, conducted in partnership with Harvard Medical School’s Division on Addiction and partnered EPIC Risk Management to launch a youth outreach programme across the UK.The operator, having prevailed in its calls for a so-called ‘whistle to whistle’ advertising ban around live sports broadcasts, has also called for a blanket prohibition on broadcast advertising. As part of its commitment to ensuring spectators can watch live sport with no inducement to gamble, it will end all shirt sponsorship deals and not allow its brands to appear on pitchside hoardings. “Online gambling became a devastating addiction for me. In many cases, an addict will not know they have a problem until it’s too late,” Bradford said. “Psychologically, it takes you over.“GVC’s commitment to funding pioneering treatment centres and exploring technologies that may stem a problem in the making is good news, and I’m pleased that they have asked SOGG to work alongside them.” GVC Holdings has stepped up its corporate social responsibility campaign Changing for the Better by partnering the Safer Online Gambling Group (SOGG), a body set up by a former gambling addict to raise awareness of gambling-related harm.Through the partnership, GVC will provide SOGG with funding to develop tailored digital therapy tools for those showing signs of problem gambling.“We believe that it is vital to increase collaboration between operators, regulators and independent treatment providers and are very pleased to be able to partner with SOGG and support their development of digital therapy tools to treat problem gambling behaviour,” GVC director of responsible gambling Grainne Hurst said.SOGG, a non-profit body, was set up by former gambling addict David Bradford and his son Adam earlier this year. Bradford suffered from gambling addiction for more than 30 years, ultimately going to prison for stealing £50,000 from his employers to fund his habit and racking up more than £500,000 in debt.It was established to provide a platform to facilitate communication and action between the industry, families affected by gambling and policymakers. SOGG has already garnered support from the Conservative and Labour Parties, and is currently exploring ways to collaborate on effective intervention strategies with the UK’s National Health Service. Tags: Mobile Online Gambling GVC furthers Changing for the Bettor with SOGG partnership Subscribe to the iGaming newsletter Casino & games 21st May 2019 | By contenteditor GVC Holdings has stepped up its corporate social responsibility campaign Changing for the Better by partnering the Safer Online Gambling Group (SOGG), a body set up by a former gambling addict to raise awareness of gambling-related harm. Topics: Casino & games People Sports betting Strategy Regions: UK & Ireland AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

Codere appoints Sánchez Serrano to lead digitalisation

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Gambling group Codere has named Luis Sánchez Serrano as its new corporate director of technology and digitalisation.Sánchez Serrano, who will report to group chief executive Vicente Di Loreto, is a newcomer to the gambling industry, having spent most his professional career in banking.His previous roles include senior positions with Liberbank, Bankinter and Banco Espirito Santo, in which he focused on transformation projects, innovation and digitalisation of each organisation. “This appointment strengthens our team and consolidates the strategy of change and transformation undertaken in our group to continue fulfilling our commitment to the client and creating value,” Di Loreto said.The addition of Sánchez Serrano to the senior team comes after Codere in April announced a series of changes to its organisational structure to help simplify management processes and give more accountability to regional divisions.Codere said the new structure will allow the group to improve its operational capabilities and improve the efficiency of its management processes, with the idea of giving more prominence to certain sections of the business and strengthening functional areas.In May, Codere reported a year-on-year decline in revenue during the first quarter, despite seeing growth across its Mexican, Italian, Spanish and online operations.Operating revenue in the three months to March 31, 2019 amounted to €357.7m (£323.3m/$401.2m), down 6.7% on the €383.3m of the first quarter of 2018, with Codere citing the devaluation of the Argentine Peso as the primary reason behind this decline. Subscribe to the iGaming newsletter Tags: Online Gambling OTB and Betting Shops 17th July 2019 | By contenteditor Gambling group Codere has appointed Luis Sánchez Serrano as its new corporate director of technology and digitalisation. Sánchez Serrano will report directly to group chief executive Vicente Di Loreto.center_img Codere appoints Sánchez Serrano to lead digitalisation Topics: People Strategy People Email Addresslast_img read more

DC sports betting licensing process to begin “within weeks”

first_img Washington DC’s sports betting licence application process is to begin within weeks after formal rules were approved by the District of Columbia regulator.The Office of Lottery and Gaming (OLG) gave the green light to updated plans, which outline matters such as licence terms, and support implementation of the Sports Wagering Lottery Amendment Act passed by the DC City Council in December 2018.The document also includes responses to comments on initial regulations by stakeholders including DraftKings, William Hill and MGM Resorts, who are likely to apply for licences.The OLG said in a statement that it will release additional information and guidance to potential applicants for sports wagering licenses as it prepares to formally launch the licensing process in the coming weeks.DC Lottery executive director Beth Bresnahan, whose company has a contract with Intralot to run its sports betting operations, said: “The 115-page document incorporates feedback from potential operators in the District’s emerging sports wagering industry submitted during the public comment period that closed on July 15.Read the full story on iGB North America. Topics: Sports betting Washington DC’s sports betting licence application process is to begin within weeks after formal rules were approved by the District of Columbia regulator. 3rd September 2019 | By contenteditor DC sports betting licensing process to begin “within weeks” Sports bettingcenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Washington DC Subscribe to the iGaming newsletter Email Addresslast_img read more

Mississippi sportsbook handle bounces back in August

first_img Email Address Mississippi sportsbook handle bounces back in August Mississippi’s sports betting market bounced back in August after a weak July, as bettors placed $19.9m in sports wagers in August, up 48.5% month-on-month.The rise compared to July was largely fuelled by the start of the college American football season and the approach of the NFL, as American football bets surpassed $6m, up 792% month-on-month and 152% year-on-year and revenue totaled $1.8m. Handle was up 347% year-on-year compared to August 2018, the month that legal betting was introduced in Mississippi.The majority of money wagered in the state – which only allows betting in casinos – again came from properties in the coastal region to the South of the state, where $13m was wagered and casinos took in $1.8m in revenue. At 65.4% the proportion of bets coming from the Coastal region drastically increased from July’s 54%, as the handle in the state increased 50.2% while revenue more than tripled.Read more on iGB North America. Sports betting 19th September 2019 | By Daniel O’Boyle Regions: US Mississippi Topics: Sports betting Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

BGC rolls out festive safer gambling campaign

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Marketing & affiliates 17th December 2019 | By contenteditor The Betting and Gaming Council (BGC), the trade association for the UK gambling industry, has launched a new multimedia campaign to promote safer gambling over the festive period. Email Address Subscribe to the iGaming newsletter BGC rolls out festive safer gambling campaign The Betting and Gaming Council (BGC), the trade association for the UK gambling industry, has launched a new multimedia campaign to promote safer gambling over the festive period.The Limits are Good campaign will focus on men aged between 18-34, with the aim of encouraging them to set deposit limits and not overindulge on betting at Christmas.The campaign will feature a series of short digital films and associated content, each featuring a humorous but thought-provoking social situation where limits are good. Films are now live YouTube and also will be rolled out across various operator channels and in retail locations over the coming weeks.Throughout the campaign, the BGC will promote a number of new limit-setting tools either launched or redesigned by operators in recent months. Data for the take-up of these tools will be used to help track the success of the campaign.The BGC will also monitor the number of visits and visitors to deposit limit pages both online and in operator mobile apps.“We set limits on what we do every day and betting and gaming should be no different,” BGC chairman Brigid Simmonds said. “Over the festive period with so many important sporting events, if people wish to have a bet it’s important not to lose track of how long you spend or the amount you have staked. “Tools are available online and in betting shops and casinos to help you set your time and spend limits and we encourage everyone to use these. “Gillian Wilmot, chair of the Senet Group, added: “This campaign draws on real-life gambling behaviours to promote tools which help gamblers stay within self-determined limits. “Our behavioural research identified that most gamblers maintain a range of informal strategies to maintain control of their gambling. By formalising limit-setting tools, operators can do more to empower their customers to gamble safely.”The new campaign comes after the BGC last week called for further education for young people and their parents to help combat underage and illegal gambling.The BGC was responding to a University of Bristol report, which, commissioned by GambleAware, claimed UK young people will have developed regular patterns of play and gambling habits by the age of 20, with more than half of 17 year-olds gambling in some form. Regions: UK & Ireland Topics: Marketing & affiliateslast_img read more

Everi announces $25m marketing solutions acquisition

first_img Everi Holdings has bolstered its player loyalty and marketing solutions through the acquisition of assets from Micro Gaming Technologies (MGT). Everi announces $25m marketing solutions acquisition Email Address Finance Regions: US Everi Holdings has bolstered its player loyalty and marketing solutions through the acquisition of assets from Micro Gaming Technologies (MGT).Las Vegas-headquartered Everi will pay a total of $25m (£19.0m/€22.3m) for MGT’s products, software and technologies for casino operators. The single-source provider of gaming products, financial technology and player loyalty solutions said the assets represent a complementary addition to its portfolio of FinTech products and services.Under the terms of the transaction, Everi acquired certain assets of MGT for an initial payment at the time of closing of $15m, with a further $5m to be paid 1 April 2020 and another $5m on 24 December 2021.Everi said it expects to fund the acquisition from existing cash on hand and future cash flow.Darren Simmons, Everi’s executive vice president and FinTech business leader, said: “The acquisition of the MGT assets will further strengthen our ability to provide our customers with a one-stop shop of comprehensive, integrated solutions that enable a seamless, convenient experience for casino patrons while delivering operational efficiencies for casino operators.“By combining our existing Everi player loyalty and marketing solutions with these assets from MGT, we will be better positioned to offer our customers the industry’s most extensive suite of loyalty and marketing technology.“We have already begun the process of developing a roadmap for integrating the best functionality of MGT’s platform with the best of our existing loyalty and FinTech suite of products and services with an eye towards further strengthening our overall solution set.”In its most recent filing in Q3 2019, Everi announced that its revenue increased 12% to a quarterly record $134.6m, reflecting growth in both Games and FinTech revenues. Net income improved 350% to $9.3m from $2.1m.Looking ahead following the MGT announcement, Simmons added: “We see a significant opportunity for growth in the player loyalty market and the planned acquisition of the MGT assets represents a significant step forward in our goal to establish loyalty and marketing-based services as a meaningful growth driver for our business.“In addition, combining the product capabilities of MGT’s solutions with our innovative existing and planned FinTech digital products will help accelerate the development and commercialisation of our ‘Digital Neighbourhood.’” Topics: Finance Marketing & affiliates Strategy Tech & innovation 2nd January 2020 | By contenteditor Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Paymentslast_img read more

Sports betting amendment passes SD senate

first_img Topics: Legal & compliance Sports betting 12th February 2020 | By Daniel O’Boyle Email Address Subscribe to the iGaming newsletter Legal & compliance A bill to amend the constitution of South Dakota in order to allow sports betting has passed the state senate by a vote of 24-10.The bill, SJR501, was introduced by state senator Bob Ewing and passed by the local Government committee on February 7 by a 5-2 vote before passing in the senate on February 11.The state constitution of South Dakota currently prohibits gambling, except for roulette, keno, craps, “limited” card games and slot machines, provided there are conducted within the city limits of Deadwood, a town in the Black Hills Forest close to the Wyoming border. Senator Ewing’s constituency includes the city of Deadwood and most of Lawrence County, of which Deadwood is the county seat.Under the new constitutional amendment, sports betting would also be allowed, but again only within Deadwood.Read more on iGB North America. Sports betting amendment passes SD senate AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US South Dakotalast_img read more