Aegon says 'no damage' to brand following Nalbandian disqualification - Marketing
The financial services company signed a five-year deal with the Lawn Tennis Association (LTA) in 2008, believed to be worth around £25m a year.
As part of the commercial partnership, Aegon became the headline sponsor of the pre-Wimbledon tournament at Queen's Club in West London, which was renamed the Aegon Championships.
In yesterday's final, the crowd was left fuming after the referee ruled Nalbandian had to forfeit the match, mid-way through the encounter, because he injured an official.
The match was being televised live by the BBC.
Speaking to Marketing, Ian Murray, head of sponsorship and events at Aegon, said: "This is not bad news for us. Things happen in sport. What you have seen in the media is that this was the right decision [to disqualify Nalbandian].
"From a sponsor's point of view, I am disappointed about the final and it is not great for sports. But I don't think there is any damage to our brand."
Murray added that the incident would not have any impact on the LTA's sponsorship agreement with Aegon.
Follow John Reynolds on Twitter @johnreynolds10
UPDATE 4-Mexico's Televisa accepts Iusacell deal conditions - Reuters UK
* Televisa says yes to Cofeco conditions for Iusacell deal
* Iusacell still evaluating conditions
* Conditions tied to advertising, programming, corporate governance (Adds analyst comments, industry background)
MEXICO CITY, June 18 (Reuters) - Broadcaster Televisa said on Monday it had accepted conditions imposed by Mexico's competition watchdog to approve its bid for half of cellphone company Iusacell, but the deal was still mired in uncertainty as the latter continued to evaluate the ruling.
However, some analysts believe it would be extremely rare for Televisa to move ahead and accept the conditions without having consulted Iusacell first.
Mexico's federal competition commission, Cofeco, slapped several conditions on the transaction, which were made public last week. Iusacell said the conditions were extremely harsh, costly and difficult to meet.
The tie-up is expected to create a stronger contender in the Mexican mobile market, now dominated by companies owned by the world's richest man, Carlos Slim.
Mexico has struggled with how to create competition in its broadcasting and telecommunications industries. Those markets are defined by several tycoons who have been battling to enter each other's strongholds.
The government has so far denied Slim the chance to enter the television market, which is dominated by Emilio Azcarraga of Televisa and Ricardo Salinas Pliego of TV Azteca, Mexico's No. 2 broadcaster and Iusacell's sister company.
A Televisa-Iusacell tie-up would allow the country's leading television company to enter Mexico's coveted mobile phone market, now dominated by Slim's America Movil.
Luis Nino de Rivera, a spokesman for Iusacell's parent, Grupo Salinas, told Reuters on Monday that Iusacell was still evaluating the ruling by Cofeco.
"Each one has to make its own evaluation," he said. "The joint evaluation of the business was made a long time ago."
Iusacell has until midweek to decide whether it will accept the Cofeco conditions, which involve television advertising, programming and corporate governance.
Televisa gave Iusacell the $1.6 billion it offered for 50 percent of the mobile company months ago, before the transaction was approved by regulators.
The Televisa-Iusacell deal is tightly linked to a planned auction of television frequencies. Regulators have made a successful conclusion of the auction a condition for the tie-up to go ahead.
"If after 24 months the auction of a third television network has not been made successfully, it will automatically trigger a mechanism to dissolve the partnership between Televisa and Grupo Salinas in Iusacell," regulators said.
Under the conditions set by Cofeco, Televisa and TV Azteca will also have to refrain from forcing would-be TV advertisers to become Iusacell customers.
Asked if Iusacell was working on a "Plan B" if they decided to reject the Cofeco conditions, Nino de Rivera said: "We are working on that, in all the alternatives we have." He declined to elaborate.
Televisa declined to comment further on Iusacell on Monday.
Telecom analyst Gabriel Sosa Plata said he thought chances that Iusacell would reject Cofeco's conditions were thin.
"Televisa's announcement was agreed with Iusacell. If you are sharing half of the business, it is very unlikely that the company notifies without telling its partner," said Sosa Plata, who is also a professor of communications at the Universidad Autónoma Metropolitana in Mexico City.
However, he did not rule out entirely the possibility of Iusacell challenging Cofeco's ruling in courts. "Iusacell has always had a strategy of confrontation and litigation," he said. "Many of the decisions taken by the company (in the past) have been to generate attention and tension in the sector. It is part of the media strategy of the company."
Televisa's own attempt to team with NII Holdings' Mexican unit, Nextel, two years ago was derailed by dozens of legal challenges from Grupo Salinas' companies. Televisa and Nextel eventually parted ways.
Regulators' concerns that the Televisa-Iusacell deal could lead to additional concentration of content in the telecoms and media industries were reflected in the list of conditions, which also extended to advertising and pay-TV packages.
Televisa shares were down 1.5 percent at 55.49 pesos ($4.01) on Monday. ($1 = 13.83 Mexican pesos) (Reporting by Cyntia Barrera Diaz; Editing by Simon Gardner, Maureen Bavdek and Matthew Lewis)
Nicole Scherzinger wows on her first day as X Factor judge - The Sun
The former Pussycat Dolls singer, 33, who was a guest judge on the show in 2010, was confirmed as Kelly Rowland's replacement last week.
She signed a £750,000 deal to become the fourth panel member.
At the time Nicole said: “I’m so excited to join the UK X Factor family. It's where I got my start, so it feels great to come full circle.
"I can’t wait to see what talent the UK has to offer and to help inspire and bring out the best in these artists.”
Nicole has also been a judge on X Factor USA, but boss Simon Cowell sacked her after the first season in a huge shake-up of the talent show.
Fellow judge Tulisa Contostavlos also took to the red carpet at the Newcastle auditions today, but failed to compete with Nicole in the glamour stakes.
The 23-year-old looked sweet in a candy-striped strapless number.
But Nicole stole the show in a teal one-shoulder dress with gold belt detail, which whipped up in the wind showing off her underskirt.
Nicole joins Tulisa, Louis Walsh and head judge Gary Barlow on the panel.
Opposition votes down another part of Ont. gov't budget - CBC
Opposition members voted down a budget schedule today in defiance of Premier Dalton McGuinty’s weekend warning to New Democrats to stop making major changes to his government’s budget.
The finance committee was voting on four budget schedules on Monday, which would change arbitration for firefighters, police, Toronto Transit Commission staff and essential hospital staff.
However, the New Democrats and Progressive Conservatives on the committee on Monday afternoon voted down Schedule 22, which would have changed the rules on contract arbitration for firefighters.
The vote came hours after NDP Leader Andrea Horwath said that she was willing to compromise and allow the budget to pass.
At an early morning news conference Horwath said she was proposing "a path forward."
"My caucus and I will be allowing the final budget bill to pass on Wednesday, June 20," she said.
The crisis started when NDP and the Conservatives voted down a number of schedules attached to the Liberal budget during finance committee hearings last week.
Premier Dalton McGuinty said the move had "gutted" the budget and threatened to call an election.
Horwath says NDP can’t support changes to arbitration
On Monday, Horwath said her party was committed to voting against four schedules that will make changes to the labour arbitration system in the province — changes that she said her party cannot support.
The other issues of contention would be allowed to pass.
The Liberals are in a minority in the legislature and need the support of one of the other parties in order to pass legislation.
The NDP could either vote with the government in Wednesday's vote, or abstain. Either way the budget would pass.
Horwath admitted that she was offering a compromise way to resolve the impasse. The focus will now shift to the finance committee meeting on Tuesday.
Over the weekend Premier Dalton McGuinty wrote an open letter to Horwath.
The letter contained none of the inflammatory language from last week: no accusations of back-stabbing, no threats of calling an election. However, McGuinty insisted the budget bill must remain intact.
"Getting the government's budget passed is important for economic stability. The budget provides the foundation for the government's economic and fiscal plan — a plan that will keep Ontario's economy growing and ensure the government stays on track to a balanced budget," he wrote.
Premier wants deal in writing
McGuinty wanted Horwath to promise — in writing — not to cut more sections out of the budget and to put back the parts her MPPs already removed.
Horwath said Monday she had sent a letter to McGuinty outlining her new position.
Finance Minister Dwight Duncan responded a few hours later, accusing the NDP leader of confirming "in writing, that she has no intention of keeping her word."
"I will continue monitoring the developments at committee closely. If the intent of any budget schedule is reversed or a schedule itself is blocked, I will have no choice but to request the premier to review all options."
Duncan's comments could mean that Liberal threat to call an election still exist.
His comments also came before the defeat of Schedule 22 on Monday afternoon.
Darren Bravo forced home with injury - ESPN.co.uk
Darren Bravo, the West Indies' batsman, has returned home following the groin strain which he picked up during the first one-day international. Meanwhile, there remain doubts over the fitness of Chris Gayle, who has been sent for a scan on his foot injury, along with Andre Russell who also missed training at The Oval.
Gayle had picked up a stress reaction in the bone on his left foot during the warm-up match last Wednesday against Middlesex at Lord's, while Russell injured his left shoulder in the defeat at West End on Saturday. A West Indies team spokesman said both players had been sent for precautionary scans with the outcome expected later in the day.
It is understood that in Gayle's case, the West Indies physio CJ Clark just wanted a scan to allay any further fears and the batsman is expected to take field on Tuesday, but the situation could change if the scans reveal anything untoward. In the absence of Bravo, West Indies will hope Gayle returns strengthen the top order following the heavy 114-run defeat in the opening match.
With the updated ICC regulations not allowing a runner, Bravo walked in at No. 9 in the first ODI and could barely run as he managed 8 towards the end of the match. He was the second West Indies player to pick an injury during the game as Russell later slipped while turning for a second run early in his innings. Russell had already had a forgetful day going wicketless in his six expensive overs which went for 43 runs.
During the Test series Shannon Gabriel (back) and Kemar Roach (shin) were forced out of the tour.
Nagraj Gollapudi is an assistant editor at ESPNcricinfo
© ESPN EMEA Ltd
BJP-RSS want Kalam for president; he may decide today - Hindustan Times
Kalam's decision can change the whole political equation, as if in case he agrees to contest for the poll, NDA may decide to support him.
NDA ally JD (U) on Monday remained non-committal on their decision to back BJP candidate. "NDA is trying to create consensus. we have time till June 30. We have time, we'll take it and decide", said party leader and Bihar chief minister Nitish Kumar.
On Friday before UPA announced its presidential candidate, Kalam had said that he will take reight decision at right time.
"It is a good idea, will take right decision at right time," APJ Abdul Kalam told reporters on his name being suggested for President.
TV news channels report, Kalam is being pressurised by several political parties to contest polls.
After being snubbed by the UPA, TMC chief Mamata Banerjee is still keen on Kalam's name for presidential poll.
After UPA announced its decision to back Pranab, Mamata Banerjee said the game is not over yet. She even launched a facebook page seeking support to back Kalam.
"I have said. I won't say anything more. In my life, I do what I say and if someone thinks the game is over, it's not that", she told reporters.
Mamata is expected to formally announce party's candidate for presidential polls. Mamata has issued specific diktat to ensure no cross-voting. A formal announcement will be made on Monday evening.
BJP led NDA on the other hand is still divided on whom to support. On Sunday, BJP sought to bring around their NDA allies to support former Lok Sabha speaker PA Sangma as a common non-Congress candidate against the UPA’s Pranab Mukherjee in the presidential elections, but failed to overcome the differences.
While the Shiv Sena skipped the meeting, Janata Dal (United) leader Shivanand Tiwari said a contest against Mukherjee was best avoided. But party chief and NDA convenor Sharad Yadav said Advani should get time to work on a consensus over Sangma.
Whole scenario now depends on Kalam's decision as Sangma emerged as BJP's choice only after APJ Abdul Kalam remained non-committal.
KEY DEVELOPMENTS:
* Senior BJP leader Advani calls up former President APJ Abdul Kalam
* BJP sends Sudheendra Kulkarni to Kalam's residence to persuade him to contest poll
* JD(U) remains non-committal
* SAD declares support for nominee selected by the BJP
UPDATE 2-KKR buys hedge fund provider Prisma Capital - Reuters UK
(Adds more background on fund-of-funds environment)
By Nadia Damouni and Svea Herbst-Bayliss
June 18 (Reuters) - Kohlberg Kravis Roberts, the private equity company, has bought hedge fund money manager Prisma Capital Partners LP, marking the latest move by the private equity sector to boost assets by bolting on smaller funds-of-funds shops.
Founded by three former Goldman Sachs Group Inc partners, Girish Reddy, Thomas Healey and Gavyn Davies, Prisma uses a fund-of-fund strategy for an institutional client base of insurance companies, institutional investors, endowments, pension plans and family offices. More than 90 percent of its $7.8 billion in assets under management belong to institutional investors.
Reddy will run KKR & Co LP's global hedge fund-of-funds business, working with KKR executives globally. Healey and Davies will become senior advisers to KKR.
Hedge fund managers create specialized portfolios from funds of funds that are designed to offset risk for a hefty fee, often about 10 percent of the profits, that are tacked on top of the individual managers' fees.
Assets invested with funds-of-funds managers have fallen in the few last years, even though investments in the hedge fund industry as a whole continue to grow past the $2 trillion mark set last year.
Penny pinching investors, like the state of Massachusetts, are preferring to cut out the funds-of-funds middlemen in favor of less costly direct investments.
At the same time the industry still suffers a touch from the fallout of the Bernie Madoff scandal where some funds-of-funds, promising top notch due dilligence, allocated money to Madoff's Ponzi scheme.
This makes life for the smaller funds-of-funds tough while the biggest players on Wall Street, such as Blackstone Group LP , which has its BAAM unit, appear to be having little trouble attracting institutional investors and using that money to help seed some of the industry's potential new stars.
Over the last few years private equity firm TA Associates has purchased a minority stake in hedge fund-of-funds firm K2 Advisors and ahead of its initial public offering, Carlyle Group LP bought fund-of-funds group AlpInvest Partners and took a stake in long-short hedge fund Claren Road Asset Management.
As part of the KKR-Prisma agreement, all cash proceeds received by management at closing will be reinvested in Prisma funds. The money management unit of Dutch insurance company Aegon, which also helped set up Prisma in 2004, will sell its minority stake in the firm, but remains a significant investor in Prisma's funds.
"Transactions like this investment by KKR reflect a trend," said John Caccia, a partner in the Investment Management Group of law firm Skadden, Arps, Slate, Meagher & Flom LLP. "Investors are using a variety of structures...to manage objectives" such a balancing portolios, performance and access to new top managers.
The deal is expected to close in the fourth quarter of 2012 with the Prisma investment team remaining intact and core investment operations and processes also staying the same. Prisma will continue to operate under the Prisma brand. Financial terms of the deal were not disclosed.
Goldman Sachs served as financial adviser to Prisma and Aegon. Schulte Roth & Zabel LLP served as legal counsel to Prisma and Aegon. Simpson Thacher & Bartlett LLP acted as lead legal counsel to KKR. (Reporting By Nadia Damouni in New York and Svea Herbst-Bayliss in Boston; editing by Andre Grenon and Leslie Gevirtz)
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