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Markets News Afternoon: Independent News & Media PLC sells UK-based Independent titles for Stg£1; Initial weekly jobless claims dip in US
By Finfacts Team
Mar 25, 2010 - 4:48:21 PM
Independent News & Media PLC has announced the sale of UK-based newspapers, The Independent and The Independent on Sunday to Independent Print Limited a company controlled by the family of Russian businessman Alexander Lebedev. IPL will acquire all rights to The Independent, The Independent on Sunday and the related website, www.independent.co.uk.
The consideration payable by IPL is Stg£1. As part of the transaction, INM will pay IPL Stg£9.25m over the next ten months for use within the titles, in exchange for IPL assuming all future trading liabilities and obligations. The disposal is subject to certain conditions, including Irish Competition approval. Existing Independent and Independent on Sunday staff will transfer to IPL, who will continue to operate from the current premises in Kensington, London.
INM and IPL have also entered a new commercial agreement that ensures that all of INM’s market-leading publications worldwide will continue to have full access, in real-time, to the Londan-based titles’ editorial copy.
Commenting, Gavin O’Reilly, Group Chief Executive Officer of INM said, “This is a most satisfactory and positive outcome for the titles, their staff and for INM’s shareholders. The transaction will be immediately earnings accretive for INM. After our successful refinancing in late 2009, this transaction marks an important milestone in the repositioning of our Group and will allow INM to focus solely on its market leading, cash generative assets in Ireland, Northern Ireland, South Africa, Australia and New Zealand.
“I wish IPL and the staff every success for the future in continuing the development of these important and influential titles. I believe that the Lebedevs will be progressive and supportive owners of the Independent titles which have played such an important role in British public life for nearly 25 years. I wish them, the Titles and our former colleagues every success for the future.
As a result of this disposal, Ivan Fallon, chief executive of Independent News & Media UK has retired from the group. Gavin O’Reilly commented:
“Ivan has made a significant contribution to INM since he joined the Group in 1994. He first led INM’s very successful investment in South Africa, before taking on the challenges of the UK market, where The Independent led the industry moving to the compact format. We wish him continuing success with his future endeavours.”
The Portuguese government is expected to submit its austerity plan to parliament Thursday. Meanwhile, the country's neighbor Spain reported its deficit reached 11.4% of GDP. Ofelia Marín from Banca March discusses the economic outlook for the two countries:
EX-Anglo Irish finance chief released: Gardaí said today that a man who was being questioned at Irishtown Garda Station, in South Dublin, about accounting manipulation and other financial irregularities at Anglo Irish Bank has been released from custody without charge.
Willie McAteer was arrested at his home in Dublin early Thursday morning.
Fmr. Dallas Fed President Robert McTeer and Michael Pento, of Delta Global Advisors, parse Bernanke's testimony:
US markets
The Department of Labor reported today that initial jobless claims fell to the lowest level in six weeks with a dip of 14,000 in the week ended March 20th to 442,000.
The four-week moving average of claims, which seeks to smooth out volatility, dipped to 453,750 last week, the lowest level since September 2008, from 464,750.
The number of people with continuing claims dropped 54,000 in the week ended March 13th to 4.65 million, the lowest since Dec 2008.
Federal Reserve Chairman Ben Bernanke said at a Congressional hearing today that the the US economy still needs low interest rates and that the central bank will be ready to tighten credit“at the appropriate time.”
On Thursday, the Dow has risen 94 points or 0.87% to 10,930.
The S&P 500 has advanced 0.98% and the Nasdaq Composite has climbed 1.27%.
In Europe, the Dow Jones Stoxx 600 has gained 0.96% Thursday.
Before setting off for the EU summit in Brussels which begins at 5:00 pm local time today, German Chancellor Angela Merkel set out Germany's position on support for Greece, which she termed a "last resort." Meanwhile, Jean-Claude Trichet, European Central Bank president, provided good news on liquidity financing for Greek banks.
On the New York Mercantile Exchange, oil for May 2010 delivery is trading at $81.10 up 49 cents from Wednesday's close. In London, Brent crude for May delivery is trading at $79.97 a barrel.
Currencies
The euro is trading at $1.3344 and at £0.8969.
For live currency updates, check the right-hand column of the Finfacts home page. The dollar traded at a record low $1.6038 per euro on July 15, 2008.
