UK roundup: Tesco vs Texan firemen, PPF, Monarch, Greybull Capital

first_imgIn other news, the Pension Protection Fund (PPF) has acquired a 10% share in airline Monarch as part of a deal to rescue the company.The airline has attracted a £125m investment from Greybull Capital, granting the private equity company a 90% stake.The agreement will also see the underfunded Monarch Airlines Retirement Benefit Plan fall into the UK lifeboat scheme, which the company said had a deficit of £158m.Alan Rubenstein, chief executive at the PPF, welcomed the deal, which has been signed off by the Pensions Regulator.“We have been in lengthy and detailed negotiations with the numerous interested stakeholders for some time to ensure the interests of members and levy payers are protected,” he said.“It is very important to us that pensions liabilities are treated seriously and properly on any restructuring. We are pleased that those involved with the Monarch case understood this fundamental point.” UK retailer Tesco is being sued by a US pension plan after an accounting error caused it to overstate its profit.The supermarket chain, which disclosed last week that it had overstated profits by £263m (€334m), is being sued by the $181m (€143m) Irving Firemen’s Relief and Retirement Fund over “significant losses” incurred due to the error.The Texan pension fund claimed in a filing seen by Bloomberg that it acquired the retailer’s shares at artificially inflated prices.Tesco’s share price has been in gradual decline over the last year, standing at more than 371 pence in late October last year, but falling to 168 pence by Friday closing.last_img read more

Digital challenge sees Veikkaus complete stage-1 of corporate transformation

first_img Related Articles StumbleUpon Lottery leaders to address COVID-19 crisis at SBC Digital Summit April 17, 2020 Veikkaus, Finland’s state-owned gambling operator has detailed the successful completion of the initial phase of its ongoing ‘transformation programme’.At the start of 2019, Veikkaus governance announced that it would undertake ‘significant operational restructure’ of its ‘restaurant gambling division’, having identified a number of ‘cost reduction areas’.Competing against a ‘trend of fierce online gambling competition’, Olli Saarikoski, President and CEO of Veikkaus confirmed that corporate governance had reduced operational headcount by 300-360 staff, terminating ‘part-time contracts’.Fulfilling a key mandate, Saarikoski details that the legacy operator has undertaken strong progress on its digitisation strategy, as Veikkaus counters a ‘demographic shift’ which sees Finnish consumers’ turning towards online gambling.“Our objective is to ensure Veikkaus’ future in the tightening digital competition, where gaming is shifting strongly towards the digital channel. As a result of the structural changes in retail trade, our point-of-sale network has also been reduced considerably in the past few years.”Saarikoski details in Veikkaus update.Despite its corporate adjustments, Veikkaus was criticised last April by Finland’s Health & Welfare Department, for failing on ‘its responsibility mandate’ by failing to convey responsible gambling messages across its advertising.Further political pressure, saw Veikkaus position as state-owned gambling operator come under scrutiny of Finland’s Social Affairs Ministry, which stated that the gambling operator had failed to curb problem gambling rates, a key mandate in Veikkaus absorbing RAY and Fintoto enterprises back in 2017.Olli Saarikoski would comment on responsible gambling initiatives –  “There has been a lot of public debate over gambling problems. It is good that the responsibility of our operations and the reliability of our games are still seen as significant values. Veikkaus keeps monitoring the development of gambling-related problems regularly and developing measures to control problem gambling. At present, Veikkaus is preparing for comprehensive identification on decentralised slot machines, which will be introduced in 2022, enabling the players, for example, to set limits on their own gaming.” Share Veikkaus calls for early introduction of Finnish age verification measures August 28, 2020 Submit Veikkaus seeks new wagering lead as Kauhanen departs to lead Finnish Hippos June 12, 2020 Sharelast_img read more

NASCAR results at Pocono: Kyle Busch claims fourth victory of the season; moves to ninth on all-time wins list

first_imgMORE: Watch the NASCAR live & on demand with fuboTV (7-day trial)​Kyle Larson appeared headed for his first win of the year after taking Stages 1 and 2 but hit the wall hard late in Stage 3 after a restart. The No. 42 car finished 26th after leading 35 laps.Brad Keselowski finished second, his sixth top-five finish of the year, to stay near the top of the Cup Series standings. Erik Jones, Chase Elliott and Clint Bowyer rounded out the top five. Elliott’s fourth-place finish was his fifth consecutive top-five finish of the season.Martin Truex Jr. entered Sunday as the defending race champion and favorite to build off his win last weekend at Charlotte, but spoiled any hopes of a repeat victory just 91 laps into the race. Truex hit pit road with a giant plume of smoke trailing his No. 19 and was quickly pushed back to the garage by his crew with engine failures.Sunday’s race was moved up in start time in an effort to beat approaching storms, but the precautionary moved ended up being for not, as rain never came as the sun shined when Busch claimed his checkered flag.Sporting News tracked live lap-by-lap updates and highlights from the Pocono 400. Follow along below.NASCAR at Pocono: Live updates, highlights from Pocono 400(All times Eastern.)Caution flags: 8Lead changes: 13Lap leaders: Kyle Busch (79), Kyle Larson (35), William Byron (26), Daniel Suarez (9), Brad Keselowski (4), Chase Elliott (2), Clint Bowyer (2), Denny Hamlin (1)Pocono 400: 2019 winner, top 20 order of finishFinishDriverTeam (Car No.)Laps led1.Kyle BuschJoe Gibbs Racing (18)792.Brad KeselowskiTeam Penske (2)43.Erik JonesJoe Gibbs Racing (20)4.Chase ElliottHendrick Motorsports (9)25.Clint BowyerStewart-Haas Racing (14)26.Denny HamlinJoe Gibbs Racing (11)17.Joey LoganoTeam Penske (22)8.Daniel SuarezStewart-Haas (41)99.William ByronHendrick Motorsports (24)2610.Aric AlmirolaStewart-Haas (10)11.Kurt BuschChip Ganassi Racing (1)12.Ryan BlaneyTeam Penske (12)13.Daniel HemricRichard Childress Racing (8)314.Chris BuescherJTG Daugherty Racing (37)15.Alex BowmanHendrick Motorsports (88)16.Ryan NewmanRichard Childress Racing (6)17.Matt DiBenedettoLeavine Family Racing (95)18.Paul MenardWood Brothers Racing (21)19.Jimmie JohnsonHendrick Motorsports (48)20.Michael McDowellFront Row Motorsports (34)5:02 p.m.: Kyle Rowdy wins his fourth race of the year, making it look pretty easy at the end.Pocono [email protected] ties @RustyWallace for 9th on the all-time Monster Energy #NASCAR Cup Series wins list by taking the #Pocono400! pic.twitter.com/HLl5rrPvTK— Xfinity Racing (@XfinityRacing) June 2, 20194:59 p.m.: Three to go, and Busch is increasing the margin between first and second.4:57 p.m.: Five laps left with Busch in front, followed by Keselowski, Jones and Chase Elliott.4:55 p.m.: He had no choice, as Larson heads to pit road with a lot of damage. Tough way to end what’s been a good day. Third time he’s won two stages and failed to record a [email protected] gets clipped into the wall off @ClintBowyer’s nose!We stay green at @poconoraceway! pic.twitter.com/G09h7RezYq— #NASCARSalutes (@NASCAR) June 2, 20194:54 p.m.: Larson crushed the wall, but he’s staying out there for now. Keselowksi has jumped to second.4:53 p.m.: Restart with nine laps to go. Kyle Busch opted not to pit under caution and is still in the lead.4:45 p.m.: Ricky Stenhouse hits the wall hard with 14 laps remaining as another caution flag comes out. He goes straight to the garage. 21 drivers are on the lead lap.That’s a lotta damage. Ricky is done early. pic.twitter.com/20qZSU1dZf— FOX: NASCAR (@NASCARONFOX) June 2, 20194:43 p.m.: Fifteen laps left in this race. It’s Busch, Jones and Bowyer in the top three.4:38 p.m.: All drivers have now pitted, and Kyle Busch reassumes his lead.4:33 p.m.: Now Byron takes the lead as Suarez pits. Byron and Daniel Hemric are 1-2 but haven’t pitted with 25 laps [email protected]_SuarezG gives up the lead to come in for fuel.He turns over the top spot to @WilliamByron. pic.twitter.com/PL9oRrl1rR— #NASCARSalutes (@NASCAR) June 2, 20194:31 p.m.: Suarez has a 5.3-second lead over Byron with 28 laps left but has yet to pit.4:26 p.m.: Harvick is penalized for having a tire roll away on pit road.Looked like Harvick’s crew lost touch of the tire while having some trouble with the right rear during that stop. He’s on pit road with 34 to go to serve his penalty. #Pocono400— PRN (@PRNlive) June 2, 20194:25 p.m.: Busch, Harvick and Hamlin all pit with 35 laps to go. Daniel Suarez is the new leader.4:23 p.m.: Busch and Harvick are over five seconds in front of the rest of the field, but all five of the top-five drivers have yet to pit.4:19 p.m.: Brad Keselowski is the first to hit pit road with 41 laps remaining. He takes two new tires.4:14 p.m.: Kevin Harvick is beginning to eat into Busch’s lead with 45 laps left.4:08 p.m.: Whew. William Byron nearly spins out. He hit the wall, but he saved it.Hold onto it, @WilliamByron! 😱The 2⃣4⃣ gets out of the groove and brushes the wall off the corner. pic.twitter.com/sB1NmOmiRw— #NASCARSalutes (@NASCAR) June 2, 20194:06 p.m.: 56 laps to go as we start Stage 3 with Kyle Busch in first.3:57 p.m.: Larson captures the flag for both Stage 1 and 2 at Pocono. Logano and Byron are second and third.Stage 2 winner: Kyle Larson3:55 p.m.: Now Kyle Larson is back out front.3:52 p.m.: Chase Elliott takes the lead with five to go as Busch heads to the pits.3:51 p.m.: And Truex is now being pushed to the garage. His day is finished.Not what you want to see if you’re an MTJ fan. 😭@MartinTruex_Jr’s crew pushes the No. 19 behind the wall after suffering engine issues. pic.twitter.com/Xubh8LYUL4— #NASCARSalutes (@NASCAR) June 2, 20193:50 p.m.: Truex hits pit road with eight to go and a whole lot of smoke coming from his car. He said he is “blowing up.”3:44 p.m.: Some unexpected issues as well for Aric Almirola with 13 laps left in the stage forces him to pit.Issues for @Aric_Almirola as well!The 1⃣0⃣ opts not to chance it and comes to the attention of his pit crew. pic.twitter.com/G5dpQXM80r— #NASCARSalutes (@NASCAR) June 2, 20193:40 p.m.: David Ragan heads to pit row with a flat rear right tire due to body damage.3:33 p.m.: Hello, Clint Bowyer. Bowyer passes Busch for the lead. Busch takes it right back.3:32 p.m.: Restart with 28 laps left in Stage 2.3:24 p.m.: Corey LaJoie makes contact with the wall, and it’s another yellow flag from the debris.3:22 p.m.: Martin Truex Jr. was one of the favorites entering the day, but he’s all the way back in 19th.3:20 p.m.: Back under green with Kyle Busch in first and 35 laps left in Stage 2. Larson takes this restart four wide.For the record, we do not advise making your Sunday drives mirror a @poconoraceway restart. 😳We’ll leave this to the professionals. 👍 pic.twitter.com/azeP0uiwEP— #NASCARSalutes (@NASCAR) June 2, 20193:14 p.m.: Another caution almost immediately on the restart. Matt Tifft spins out after he hits the apron on the inside of the track.3:07 p.m.: Caution on Lap 58 as Matt DiBenedetto goes into the wall.Whoops pic.twitter.com/Lb0yZIt6Sz— FOX: NASCAR (@NASCARONFOX) June 2, 20193:06 p.m.: Kyle push makes the pass for first one lap after the restart.3:00 p.m.: Brad Keselowski stayed off pit road, and as a result has taken the lead.2:56 p.m.: Larson wins his second stage of the season.Kyle Larson holds on to win Stage 1 of the #Pocono400!2. Byron3. Keselowski4. Harvick5. Almirola6. Blaney7. Suarez8. Logano9. Truex Jr.10. Menard pic.twitter.com/n2Es9f5S69— PRN (@PRNlive) June 2, 2019Stage 1 winner: Kyle Larson2:53 p.m.: Busch, Jones and Hamlin all pit with three laps left.2:51 p.m.: Five to go in Stage 1 as a few raindrops start to fall.2:46 p.m.: Ty Dillon turns into the wall and takes some damage on the right side. No wreck, but he’ll need some repairs shortly.2:40 p.m.: Restart on Lap 34 with Larson still in first. Austin Dillon’s day is done.2:33 p.m.: Austin Dillon goes into the wall pretty hard on Turn 3 of Lap 30. Paul Menard clipped him a bit, maybe. Caution.CAUTION: @austindillon3 backs his machine into the outside wall in Turn 3 to bring out the yellow.#Pocono400 | @poconoraceway pic.twitter.com/UheuMKFcL8— #NASCARSalutes (@NASCAR) June 2, 2019Ouch. 😣@austindillon3 | #Pocono400 pic.twitter.com/BqG7PnkBj2— #NASCARSalutes (@NASCAR) June 2, 20192:28 p.m.: Back in the green and Brad Keselowski and Larson go back-and-forth for first.2:25 p.m.: Kyle Larson takes just two tires and wins the race off pit road.New leader: LARSON (2 tires) pic.twitter.com/GpZbiaBQZJ— FOX: NASCAR (@NASCARONFOX) June 2, 20192:21 p.m.: Lap 20 competition caution for heavy rains overnight. Byron has led all 20 laps. Jones and Kyle Busch are second and third. Kevin Harvick changed all four tires a lap before the caution. Interesting to see if that’ll pay off.2:15 p.m.: Kurt Busch is doing everything he can to make it five more laps to the competition caution. He’s complaining of pressure issues and is dropping quickly.The 1⃣ is not a happy machine early at @poconoraceway.Listen in to @KurtBusch diagnose the issue. 🔊 pic.twitter.com/zIRWBe9D0B— #NASCARSalutes (@NASCAR) June 2, 20192:09 p.m.: Erik Jones makes an early pass on his teammate Kyle Busch to move up to second. 2:05 p.m.: Tought start already for Ryan Blaney. Maybe some contact, but he dropped 10 positions on Lap 2.2:03 p.m.: Green flag! 160 laps to the checkers; need to complete the first two stages for this race to count.GREEEEEEEEEN pic.twitter.com/VESSxuiwIo— FOX: NASCAR (@NASCARONFOX) June 2, 20191:54 p.m.: Engines fired. There will be a competition caution on Lap 20. Kyle Busch did what he’s done all season. Busch made it look easy, running a nearly flawless race as he picked up this fourth win of the Monster Energy Cup Series season with a victory at Pocono Raceway Sunday afternoon.The win was Busch’s third career victory at Pocono and the 55th of his Cup Series career, moving him into a tie with Rusty Wallace for ninth on the all-time list. Busch led a race-high 79 laps and cruised to victory at the end, despite not winning either of the race’s first two stages.last_img read more