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2025-01-20
Why British newspapers are still in demand: New owners circle The Telegraph and Observer By ALEX BRUMMER Updated: 22:02, 25 November 2024 e-mail View comments The physical disappearance of newspapers on the daily commute in Britain is one of the more obvious signs of the diminishing power of printed media. Yet each day there are still at least nine titles to choose from on the news-stands. When titles threaten to vanish there is never any shortage of would-be media moguls ready to take up the cudgels. A long tussle over future ownership of the Telegraph and Sunday Telegraph titles has reached a critical stage. Exclusive talks with Dovid Efune, proprietor of the New York Sun, expire this week. Late help has come for the American-backed offer with two prominent British figures – former Chancellor and founder of You Gov Nadhim Zahawi and British-Egyptian billionaire Mohamed Mansour – reported by the FT to be in ‘advanced’ talks to join the US consortium. At the other end of the political spectrum, the Scott Trust, owner of the Guardian and Observer, is due to decide whether to press ahead with the sale of the Observer to slow news website Tortoise Media. Scoops: Britain's printed media continues to break the big stories of the day and set the news agenda The decision comes in the face of a vote for strike action against the deal by Guardian and Observer colleagues. The Observer is in reasonable health with a paper circulation of 100,000 copies and made profit of £3million in the last financial year. The days of ‘It’s The Sun Wot Won It’ – the totemic headline after John Major’s victory in the 1992 election – may be over. Yet newspapers remain agenda-setting and can have a volcanic influence of events. Mirror revelations of Downing Street ‘parties’ in the pandemic was a nail in the coffin of Boris Johnson’s government. A series of scoops and regular revelations by from Sunday Times, the Sun and the Daily Mail – joined by the broadcast media – about Keir Starmer’s freebies, and those of his colleagues, turned a triumphal entry to Downing Street into scrambled eggs. The tussle between press and government has deepened over Labour’s badly received tax-raising budget. The opportunity to make a difference to national events still makes newspaper ownership an alluring prospect. It may not yet be a trend. But a different generation of owners is emerging, several of them deeply immersed in the opportunities provided by tech. RELATED ARTICLES Previous 1 Next The loss of ITV's independence would be a blow to creative... Backlash grows over failure on business rates as Kingfisher... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Jeff Bezos, the founder of Amazon, who has unlimited resources, is busy seeking to revitalise the Washington Post in the US after previous owners, the Meyer-Graham family, capsized. The Ochs-Sulzberger dynasty, which has controlled the New York Times for generations, was spared ignominy by former BBC boss Mark Thompson. His digital-first approach turned around the group’s finances which have since been augmented by the ‘Grey Lady’s’ acquisitions of online sports bible The Athletic and addictive word game Wordle. Digital is the way forward in the UK. The Independent, spawned after Rupert Murdoch’s printing revolution at Wapping almost four decades ago, has been reinvigorated online and made a healthy £3.5million profit over the last 15 months. Its embrace of artificial intelligence (AI), to provide foreign language additions, has helped attract 5.7m registered users and reduced dependence on advertising revenues. The long running uncertainty over the Telegraph’s ownership could soon be at an end. Early contenders including private equity outfit RedBird, supported by Abu Dhabi funding, and DMGT (owner of the Mail titles) are no longer in contention. Hedge fund tycoon Paul Marshall swooped in to buy the Spectator out of the Telegraph group for £100million and rapidly installed the mercurial former Cabinet Minister Michael Gove as editor. For the moment, Marshall has faded away as a potential buyer for Telegraph titles. Almost out of the blue, New York-based digital publisher Efune, backed by heavyweight American commercial funding, has emerged as the most likely new owner with an offer at first thought to be worth up to £550million. Industry speculation suggests that figure is regarded as very unlikely to be achieved. The Manchester-born proprietor of the New York Sun has shown consummate skill in taking defunct titles and turning them around. He began by transforming one of the few Yiddish language papers Algemeiner, closely read in the Charedi Jewish community, into an online English language title reporting on Jewish issues and Israel. Pledge: Tortoise Media founder James Harding, a former editor of the Times and BBC News, is promising £25m of new investment in the Observer It was from this small beginning that he took control of the New York Sun, one of the Big Apple’s oldest newspaper brands first published in 1833, which was all but defunct when Efune landed in 2020-21. He put the broadsheet title, once part of the Pulitzer publishing empire, online, giving New Yorkers and everyone else a more conservative alternative to the famously liberal New York Times. Efune’s funding reportedly comes from investment firms Oaktree and Hudson Bay Capital and the family office of US philanthropist Michael Lefell. The former Telegraph proprietor Conrad Black, who was forced out amid charges of financial wrongdoing two decades ago, is a director of the New York Sun. The would-be buyer comes from a respected rabbinical family and is a nephew of the Kalms family which founded electronic retailer Dixons, now known as Currys. Efune’s newspaper background would suggest an intelligent, Right leaning, Israel supporting digital future. Efune is pledging coverage of ‘clear eyed consequential issues of the day’ and describes himself as a ‘lifelong newsman’. As with all transfers of newspaper ownership, any deal will have to cross the public interest hurdles of media supervisor Ofcom and Culture Secretary Lisa Nandy. The union hostility among Guardian and Observer staff over the proposed disposal of the world’s oldest Sunday newspaper to online start-up Tortoise is a profound obstacle. There is, however, a determination by Tortoise founder James Harding, a former editor of the Times and BBC News, to get the job done – and he is promising £25million of new investment in the title. Disentangling the Obs from the Guardian, where large slices of the paper including City and Sport are jointly produced, won’t be simple. Production arrangements also are shared. Harding has lined up an eclectic mix of financiers for the deal, including South African tycoon Gary Lubner, formerly of Autoglass, through his ‘This Day’ philanthropic foundation. His ambition also reportedly is being supported by American asset manager Standard Investment, managed by David Millstone and David Winter. It has stakes in digital media start-ups Puck, Air Mail and publisher Spiegel & Grau. Historic printed media titles may find themselves under financial pressure and in search of long-term online future. But there is no shortage of finance, much of it American (as with Premier League football clubs) ready to colonise the digital media future. In this universe, traditional titles such as the Telegraph and Observer have become the new honeypots for busy bees seeking to revolutionise media finances, lift performance and gain a voice on UK domestic and geo-political events. 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That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top storiesDick's Sporting Goods shares rise on analyst optimism ahead of resultsjili super ace demo free download



Newcastle slump to surprise defeat on frustrating night of firsts against West HamSANTA CRUZ, Calif. (AP) — Two people were rescued and a third swam to safety after a California pier under construction partially collapsed and fell into the ocean Monday as the state’s central coast was pounded by heavy surf from a major storm expected to bring hurricane-force winds to the seas off the Pacific Northwest, authorities said. Residents were warned to stay away from low-lying areas near the beaches around the Santa Cruz Wharf, about 70 miles (112 kilometers) south of San Francisco, as the storm rapidly gained strength. “You are risking your life, and those of the people that would need to try and save you by getting in or too close to the water,” the National Weather Service’s Bay Area office said on the social platform X. Lifeguards rescued two people from the water, officials with Santa Cruz Fire Department said. No one had serious injuries, Mayor Fred Keeley said. The mayor said the section of the wharf that collapsed had been damaged over time. The structure was in the middle of a $4 million renovation following destructive storms last winter. “It’s a catastrophe for those down at the end of the wharf,” said David Johnston, owner of Venture Quest Kayaking, who was allowed onto the pier to check on his business. Tony Elliot, the head of the Santa Cruz Parks & Recreation Department, estimated that about 150 feet (45 meters) of the end of the wharf fell into the water around 12:45 p.m. It was immediately evacuated and will remain closed indefinitely. Some of the wharf’s pilings are still in the ocean and remain “serious, serious hazards” to boats, the mayor said. Each piling weighs hundreds of pounds and is being pushed by powerful waves. Gov. Gavin Newsom’s has been briefed and the state’s Office of Emergency Services is coordinating with local officials, his office said. Forecasters warned that storm swells will continue to increase throughout the day. “We are anticipating that what is coming toward us is more serious than what was there this morning,” the mayor said. Ocean swells along California’s central coast could reach 60 feet (18 meters) as the Pacific storm gains strength through Monday, the weather service said. “A rapidly developing storm will bring hurricane force winds to the areas well offshore of the Pacific Northwest tonight,” the weather service’s Ocean Prediction Center said on X. The end of the pier that broke off had been shut down during renovations. The portion, which included public restrooms and the closed Dolphin restaurant, floated about half a mile (0.8 kilometers) down the coast and wedged itself at the bottom of the San Lorenzo River. Those who fell into the water were two engineers and a project manager who were inspecting the end of the wharf, officials said. No members of the public were in the area. Building inspectors were now looking at the rest of the Santa Cruz Wharf’s structural integrity. Monday’s collapse came about a year after the Seacliff State Beach pier just down the coast was battered beyond repair by a heavy winter storm. Further up the West Coast, dangerous surf conditions and waves up to 30 feet (9.1 meters) were expected from the central Oregon coast up through southwestern Washington. Winds could peak near 80 mph (130 kph) and a high surf warning in effect until 10 p.m. Monday night, forecasters said. In a post on X, the National Weather Service office in Portland, Oregon, said “it will likely go down as some of the highest surf this winter.” ___ Dazio reported from Los Angeles.

The UN nuclear watchdog's board of governors passed a resolution chiding Iran's poor cooperation with the agency after hours of heated exchanges, diplomats told AFP late on Thursday, a move Tehran called "politically motivated". The censure motion brought by Britain, France, Germany and the United States at the International Atomic Energy Agency's 35-nation board follows a similar one in June. But it comes as tensions run high over Iran's atomic programme, with critics fearing that Tehran is attempting to develop a nuclear weapon -- a claim the Islamic Republic has repeatedly denied. The resolution -- which China, Russia and Burkina Faso voted against -- was carried by 19 votes in favour, with 12 abstentions and Venezuela not participating, two diplomats told AFP. Ahead of the vote on Thursday night, the United States and its European allies sought to rally support for their resolution by denouncing Iran. In its national statement to the board, Washington said that Tehran's nuclear activities are "deeply troubling". London, Paris and Berlin in a joint statement drew attention to the "threat" Iran's nuclear programme posed "to international security", stressing that it now had enough highly enriched uranium for four nuclear weapons. In a first reaction after the vote, Iran's ambassador to the IAEA, Mohsen Naziri Asl, told AFP that the resolution was "politically motivated", citing its "low support" compared to previous censures. The confidential resolution seen by AFP says it is "essential and urgent" for Iran to "act to fulfil its legal obligations". The text also calls on Tehran to provide "technically credible explanations" for the presence of uranium particles found at two undeclared locations in Iran. Moreover, Western powers are asking for a "comprehensive report" to be issued by the IAEA on Iran's nuclear efforts "at the latest" by spring 2025. Since 2021, Tehran has significantly decreased its cooperation with the agency by deactivating surveillance devices to monitor the nuclear programme and barring UN inspectors. At the same time, Iran has rapidly ramped up its nuclear activities, including by increasing its stockpiles of enriched uranium. That has heightened fears that Tehran might be seeking to develop a nuclear weapon, which it denies. The resolution comes just as IAEA head Rafael Grossi returned from a trip to Tehran last week, where he appeared to have made headway. During the visit, Iran agreed to an IAEA demand to cap its sensitive stock of near weapons-grade uranium enriched up to 60 percent purity. "This is a concrete step in the right direction," Grossi told reporters Wednesday, saying it was "the first time" Iran had made such a commitment since it started breaking away from its obligations under the nuclear deal. The landmark 2015 deal -- which curbed Iran's nuclear programme in exchange for sanctions relief -- fell apart three years later after the unilateral withdrawal by the United States under then-president Donald Trump. In retaliation, Tehran began gradually rolling back some of its commitments by increasing its uranium stockpiles and enriching beyond the 3.67 percent purity -- enough for nuclear power stations -- permitted under the deal. Although symbolic in nature at this stage, the censure motion is designed to raise diplomatic pressure on Iran. Iran's Foreign Minister Abbas Araghchi said Thursday the censure "will disrupt" interactions with the agency, but stressed Tehran would remain keen to cooperate. Earlier, Araghchi had warned of a "proportionate" response by Iran if the board passes the resolution. According to Heloise Fayet, a researcher at the French Institute of International Relations, the resolution has the potential to "harm Rafael Grossi's efforts". "But Western powers are frustrated by the lack of effectiveness of his diplomatic manoeuvres and are looking for firmer solutions," she told AFP. On Wednesday, Grossi said he could "not exclude" that Iran's commitment to cap enrichment might falter "as a result of further developments". Foreign policy expert Rahman Ghahremanpour said Tehran might retaliate to the new censure by "increasing the enrichment levels". But he does not expect any drastic "strategic measures" as Iran does not want to "aggravate tensions" before Trump returns to the White House. pdm-anb-kym/givCHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now! A US judge on Monday upheld her decision to reject Elon Musk's massive $55.8 billion compensation package at Tesla, denying an attempt to restore the pay deal through a shareholder vote. In a court filing, Chancellor Kathaleen McCormick of Delaware's Court of Chancery ruled that Tesla's attempt to ratify Musk's compensation package through a June shareholder vote could not override her January decision striking down the package as excessive and unfair to shareholders. McCormick found multiple flaws in Tesla's ratification attempt, including "material misstatements" in documents provided to shareholders about the effect of their vote. "The motion to revise is denied," McCormick wrote. "The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law," she added. The court also awarded $345 million in attorney fees, significantly less than the $5.6 billion requested by the lawyers of plaintiff Richard Tornetta, a Tesla shareholder. Read also Vietnam property tycoon on death row faces appeal verdict PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! While acknowledging their calculation method was technically sound under Delaware law, which bases fees on the percentage of benefit achieved, McCormick ruled that such a large award would constitute an excessive windfall. Shareholders originally backed the Musk compensation plan in March 2018 that was specifically designed to reward the 53-year-old founder for Tesla's significant growth. But in a lawsuit, Tornetta accused the defendants of failing in their duties when they authorized the pay plan and alleged that Musk dictated his terms to directors, who were not sufficiently independent from their star CEO. He also accused Musk of "unjustified enrichment" and asked for the annulment of a pay program that helped make the entrepreneur the richest man in the world. During a trial in 2022, Musk countered that investors in Tesla were some of the "most sophisticated in the world" and able to keep tabs on his management. He said Tesla had been the laughingstock of the auto industry , and it was only the massive success of the company's Model 3 that turned things around. Read also Norway suspends deep-sea mining projects: govt allies Musk insisted that he played no role in coming up with the package nor discussed his deal with the board members, some of them close friends, who ultimately signed off on it. The Delaware Court of Chancery has been a pillar of US capitalism for more than a century and is the jurisdiction where roughly two-thirds of American Fortune 500 companies are registered. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: AFP

Several times following New England’s 24-21 loss to the Buffalo Bills, Patriots coach Jerod Mayo said he wanted to review the game film before making a final assessment of his team’s performance. He did, and on Monday he said the overarching feeling he was left with was one of pride. Going toe-to-toe with one of the best teams in the NFL is commendable. Mayo also remains confident this group has even more room for growth over its final two games this season. “To be frank, I don’t believe in good losses,” Mayo said. “I think there’s a lot to learn from the game. Look, we’re headed in the right direction, but it’s all about consistency, and we have to do that on a down-after-down, a game-after-game basis to be successful in this league.” What is also clear is that despite their 3-12 record, Patriots rookie quarterback Drake Maye wants people to know that he and his teammates believe in their coach. No matter what conversations might be going on outside the Patriots locker room regarding shortcomings by the coaching staff, or Mayo’s job status. “We’ve got his back, and he’s coached us hard. He wants to win. We all want to win. We’re all frustrated,” Maye said. “We’re just plays away, and it’s basically me turning the ball over. I think it’s just a testament to these guys that keep fighting. We keep fighting. Shoot, we’re not going to make the playoffs; we’re out of the race, and these guys are coming in, frustrated when we don’t score. ... So, I think we’re building something good, building something that feels right here, and I’m proud to be a Patriot.” The Patriots entered the week scoring only 7.5 points per game in the first half this season, which ranked 29th in the NFL. The offense woke up with 14 points in the first half on Sunday, notching multiple offensive touchdowns in the first half for the first time in 2024. Stopping the run has been an issue for New England’s defense for most of the season and it was on display against the Bills. With Buffalo trailing 14-0 in the second quarter, running back James Cook sliced through the interior of the Patriots defense and broke free for a 46-yard TD run. It was a big chunk of Buffalo’s 172 yards on the ground for the game. CB Jonathan Jones. He was tasked with being the primary defender on Buffalo’s top receiver Khalil Shakir for most of the game. The veteran held his own, helping limit the Bills’ leader in catches and receiving yards to only two catches for 22 yards on six targets. Jones also forced a fumble by Shakir in the fourth quarter, though Shakir was able to recover it. Marte Mapu. The linebacker started at safety with Jabrill Peppers sidelined with a hamstring injury. Mapu was strong for most of the game and had a chance to set up the Patriots offense in the second quarter when he snagged his second career interception, picking off Josh Allen’s pass in the end zone. But Mapu decided to run the ball out of the end zone and was tackled on the New England 1-yard line. The poor starting field position eventually led to a punt and the Patriots couldn’t add to their 14-7 lead. The Patriots didn’t announce any injuries during the game. But along with Peppers, cornerback Marcus Jones also sat out with a hip injury. 2-6 — The Patriots’ record in one-score games this season. Four of those have been by three or fewer points. The Patriots host the Los Angeles Chargers on Saturday. AP NFL: https://apnews.com/hub/nflDick's Sporting Goods shares rise on analyst optimism ahead of resultsCreation of Informa TechTarget, the B2B Growth Accelerator for the Technology Sector

West Ham surprise Newcastle with 2-0 away win

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