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Rupert Murdoch's audacious bid to cement his eldest son's control over one of the world's most influential media empires has failed, a US report said Monday. The first family of news -- commanding a stable that includes Fox News, The Wall Street Journal and a host of British and Australian media -- had been the inspiration for the hit TV series "Succession." Like the fictional version, this real-life fight pitted the children of a powerful patriarch against each other for who should be the face and the voice of the empire after the old man dies. Murdoch, now 93, had long intended that his children inherit the empire, and jointly decide its direction. The eldest daughter, Prudence, has had little involvement in the family business, but at various times the other three -- Lachlan, James and Elisabeth -- have all been considered as successors. But in recent years Murdoch senior had reportedly grown concerned that Fox News -- the crown jewels of the collection -- might drift away from its lucrative right-wing moorings after his death, to reflect the more centrist views of James and Elisabeth. He had therefore sought to designate Lachlan -- who currently heads Fox News and News Corp -- as the controlling player in the wider business. That had required rewriting the terms of an irrevocable trust that passed power to the four siblings jointly, stripping three of them of voting power, while allowing them to continue to benefit financially. Rupert Murdoch had argued that giving control to Lachlan -- who is understood to share his father's worldview -- was in the financial interests of the whole brood. The family intrigue played out behind closed doors in a Nevada courtroom, where Murdoch senior and his four children were understood to have given several days' evidence in September. In a decision filed at the weekend, probate commissioner Edmund J. Gorman Jr. said the father and son had acted in "bad faith" in trying to rewrite the rules, The New York Times reported, citing a copy of the sealed court document. The plan to alter the trust's structure was a "carefully crafted charade" to "permanently cement Lachlan Murdoch's executive roles." "The effort was an attempt to stack the deck in Lachlan Murdoch's favor after Rupert Murdoch's passing so that his succession would be immutable," the Times cited the ruling as saying. "The play might have worked; but an evidentiary hearing, like a showdown in a game of poker, is where gamesmanship collides with the facts and at its conclusion, all the bluffs are called and the cards lie face up. "The court, after considering the facts of this case in the light of the law, sees the cards for what they are and concludes this raw deal will not, over the signature of this probate commissioner, prevail." Murdoch's lawyer, Adam Streisand, did not immediately reply to an AFP request for comment. The ruling is not final, and must now be ratified or rejected by a district judge. That ruling could be challenged, perhaps provoking another round of legal arguments. The complicated structure of the irrevocable trust reflects the colourful familial relationships that shaped Rupert Murdoch's life as he built the multibillion-dollar empire. The trust was reported to have been the result of a deal agreed with his second wife -- mother of Lachlan, Elisabeth and James -- who wanted to ensure her offspring would not be disenfranchised by children Murdoch had with his third wife, Wendi Deng. The Murdoch empire has transformed tabloid newspapers, cable TV and satellite broadcasting over the last few decades while facing accusations of stoking populism across the English-speaking world. Brexit in Britain and the rise of Donald Trump in the United States are credited at least partly to Murdoch and his outlets. hg/nroFact-checking gun ownership
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info The Duke of York has confirmed that he "ceased all contact" with a businessman, known only as H6, who is accused of being a Chinese spy. This happened as soon as concerns were raised about him, according to a statement from his office. Andrew had met the individual through "official channels" and there was "nothing of a sensitive nature ever discussed". H6, who was described as a "close confidante" of The Duke , lost an appeal over a decision to bar him from entering the UK on national security grounds. This followed a case brought to the Special Immigration Appeals Commission (SIAC) after then-home secretary Suella Braverman said in March 2023 that he should be excluded from the UK. In a briefing for the home secretary in July 2023, officials claimed that H6 had been able to generate relationships between prominent UK figures and senior Chinese officials "that could be leveraged for political interference purposes". They also suggested that H6 had downplayed his relationship with the Chinese state, which combined with his relationship with Andrew, 64, represented a threat to national security. A statement from Andrew's office read: "The Duke of York followed advice from His Majesty's Government and ceased all contact with the individual after concerns were raised. The Duke met the individual through official channels with nothing of a sensitive nature ever discussed. He is unable to comment further on matters relating to national security." In a hearing back in July, the specialist tribunal heard that the businessman was informed by Andrew's adviser that he could represent the duke when liaising with potential investors in China. It was also mentioned that H6 had been invited to Andrew's birthday party in 2020. A letter from the adviser, Dominic Hampshire, referencing the birthday party was found on H6's devices when he was stopped at a port in November 2021. On Thursday, Mr Justice Bourne, Judge Stephen Smith and Sir Stewart Eldon dismissed the challenge. Tom Tugendhat, the Conservative MP for Tonbridge who served in the Cabinet as minister of state for security under the previous government, told BBC Radio 4’s Today programme on Friday: “The United Front Work Department which is a branch of the Communist Party is seeking influence across the UK in everything across social, academic, financial, industrial, and various other ways.” When asked whether Prince Andrew ’s advisers should have been aware of H6, Mr Tugendhat said: “It’s not immediately obvious, it could be someone who’s British who’s working in China and who’s come under the influence, so it’s not quite as black and white as it may first appear – but it’s certainly extremely embarrassing. “It demonstrates I’m afraid that the Chinese state is extremely clear that what its ambition is is to secure influence over foreign countries. “They always talk about no interference in other people’s business when people talk about human rights in China, but they do nothing but interfere in the UK and in many countries across the world.”These Alleged Facebook, X, And Goodreads Posts From The Alleged UnitedHealthcare CEO's Killer Are Going Viral
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NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Solomon Partners , a leading financial advisory firm and independent affiliate of Natixis, is pleased to announce the appointment of Arik Rashkes as a Partner and Group Head. Arik will be responsible for leading and building out a broader coverage effort within the Financial Institutions sector. With the addition of the Financial Institutions Group, Solomon now operates 12 industry groups with over 30 discreet sub-segments. "Launching a Financial Institutions Group aligns with our mission to expand and serve clients across a diverse set of industries,” said Marc Cooper, CEO of Solomon Partners. "We are honored to have Arik, a highly respected expert in the financial services field, join us to lead this new initiative.” Mr. Rashkes brings over 25 years of experience to Solomon Partners. He joins from Houlihan Lokey, where he served as Co-Head of US Financial Services and Head of Insurance. In these roles, he advised numerous Fortune 500 and international companies, mid-caps, entrepreneurs, and private equity investors. His previous experience includes positions at Blackstone Advisory Partners, where he focused on M&A transactions in the insurance sector, and Deutsche Bank in the Financial Institutions Group, where he executed multinational and cross-border transactions for insurance companies. He began his career at Citi in 1999. "Arik epitomizes the strengths Solomon Partners is known for,” added Marc Cooper. "He is among the foremost experts in the insurance industry, an exceptionally talented banker, and a true trusted advisor. His impressive track record of orchestrating complex transactions across the insurance sector speaks for itself.” Mr. Rashkes commented, "There is a tremendous opportunity to build a first-class Financial Institutions Group at Solomon, and I am excited to lead this effort.” Mr. Rashkes earned a BA in Business Administration from the Arison School of Business at Reichman University in Israel and an MBA from Columbia Business School. About Solomon Partners Founded in 1989, Solomon Partners is a leading financial advisory firm with a legacy as one of the oldest independent investment banks. Our difference is unmatched industry knowledge in the sectors we cover, creating superior value with unrivaled wisdom for our clients. We advise clients on mergers, acquisitions, divestitures, restructurings, recapitalizations, capital markets solutions and activism defense across a range of verticals. These include Business Services, Consumer Retail, Distribution, Financial Institutions, FinTech, Financial Sponsors, Healthcare, Grocery, Pharmacy & Restaurants, Industrials, Infrastructure, Power & Renewables, Media and Technology. Solomon Partners is an independently operated affiliate of Natixis, part of Groupe BPCE. For further information, visit solomonpartners.com . A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c76ea22e-5df8-421e-82b0-aecdb89e6d21 CONTACT: Kalen Holliday [email protected]The standard Lorem Ipsum passage, used since the 1500s "Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" Thanks for your interest in Kalkine Media's content! To continue reading, please log in to your account or create your free account with us.In Pictures: Politics frames the debate as Ireland holds five ballots in 2024
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SARAH FERGUSON, PRESENTER: From his days in student politics then as an organiser, a national secretary of the Australian Workers' Union, Bill Shorten 's trajectory was clear. BILL SHORTEN: And if you won't give it to us, well, we will come and take it! SARAH FERGUSON: He rose to national prominence during the Beaconsfield mine disaster in 2006. BILL SHORTEN: One man has died, and two other men are missing. SARAH FERGUSON: Shorten was elected to federal parliament, swept up in the tide of Kevin-07. BILL SHORTEN: I am inexpressively proud to be here as part of this new fresh and hopeful Rudd government. SARAH FERGUSON: Bill Shorten was ever the coming man. A natural backroom operator with ambitions to move to the front. In 2010 he was a key player in the overthrow of Kevin Rudd in favour of Julia Gillard. Three years later, Shorten again worked the numbers, this time in Rudd's favour. Becoming Opposition Leader, Shorten fought two elections boldly campaigning on Australia's housing tax incentives. In 2019, despite being ahead in the polls, he suffered a crushing loss to Scott Morrison. Bill Shorten counts as his greatest political achievements his role in establishing and reforming the National Disability Insurance Scheme. BILL SHORTEN: My final advice to future parliamentarians, all our time here is finite. Fill every unforgiving minute with 60 seconds of distance run and I and the Australian people will be urging you on and wishing you well and for the last time, I thank the House. (Applause) SARAH FERGUSON: Welcome to 7.30. BILL SHORTEN: Good evening, Sarah. SARAH FERGUSON: Now you've just delivered your valedictory speech, we have just seen some excerpts of it. How will history describe you? BILL SHORTEN, NDIS MINISTER: We will have to find out. I think it has been a complete privilege to serve in parliament. No-one in my family has ever been a politician, I think I have been exceedingly lucky. I'm grateful to the voters who sent me to...
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Nearly half of US teens are online ‘constantly,’ Pew report findsVoters in Ireland were more than usually busy in 2024, casting their ballot in five different polls – for two referenda in March, local and European ballots in June and a general election in November. The country’s political comings and goings were further punctuated by an emotional announcement in March from former premier Leo Varadkar that he was resigning as taoiseach and Fine Gael leader. He was succeeded the following month in both roles by Simon Harris. But the year had so much more to offer than just politics, and PA news agency photographers were on hand to capture some of the highlights.
Storebrand ASA ( OTCMKTS:SREDF – Get Free Report ) was the target of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 68,900 shares, a decrease of 29.5% from the November 30th total of 97,700 shares. Based on an average trading volume of 100 shares, the days-to-cover ratio is presently 689.0 days. Storebrand ASA Price Performance Shares of SREDF stock opened at $11.19 on Friday. Storebrand ASA has a fifty-two week low of $10.95 and a fifty-two week high of $11.19. The stock’s 50-day moving average is $11.03 and its two-hundred day moving average is $10.72. Storebrand ASA Company Profile ( Get Free Report ) Read More Receive News & Ratings for Storebrand ASA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Storebrand ASA and related companies with MarketBeat.com's FREE daily email newsletter .Eduardo Camavinga injured in Real Madrid's match against Liverpool
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New Delhi: The country's private telecom operators face twin challenges on investment recovery in the New Year - customers leaving their network after tariff hikes and satellite players mainly Elon Musk's Starlink eyeing a chunk of their bread and butter data business. Private operators have invested around Rs 70,000 crore in telecom infrastructure and radiowave assets this year to expand the coverage of next-generation 5G services which is one of the main highlights of 2024 for the sector. To recover investments and protect margins, private telcos resorted to tariff hikes in mid-year but that move backfired. Advt Around 2 crore subscribers dropped their connections. Reliance Jio , Bharti Airtel and Vodafone Idea jointly lost 2.6 crore customers due to a 10-26 per cent price hike. Around 68 customers switched to state-run player BSNL which refrained from price hike. The loss-making PSU still offers generation-old 3G service and is on the path of rolling out 4G network across the country. Despite subscriber loss, private players need to recover investment and invest more in 5G to offer new-age services to drive future growth. According to EY India Markets and Telecom leader Prashant Singhal , the cumulative investment of Reliance Jio, Bharti Airtel and Vodafone Idea was around Rs 70,200 crore in 2024. Digital Infrastructure Providers Association ( DIPA ) Director General Manoj Kumar Singh says the telecom infrastructure sector looks at a cumulative investment of Rs 92,100 crore to Rs 1.41 lakh crore in 2022-2027 to support the 5G ecosystem. Union Minister Jyotiraditya Scindia also backed telecom operators on the tariff hike issue citing investments made by companies in the network. The rollout of 5G services in 2024 has paved the way for the adoption of emerging technologies like artificial intelligence which offers huge growth potential. "5G deployment has been a game-changer. We've witnessed a significant surge in 5G base transceiver stations, rising from 412,214 in December 2023 to 462,854 by November 2024," says DIPA, whose members include Indus Towers and American Tower Corporation. Advt Impending huge investments in 5G and maintaining healthy margins in the face of subscriber loss are not the only challenges for private telecom players. A new threat from satellite broadband service providers is staring at private telcos in the New Year. The satellite broadband sector has seen intense lobbying on the spectrum allocation issue in 2024. Private telecom operators led by Mukesh Ambani-promoted Jio have been for strongly protesting against the administrative allocation of spectrum to satellite broadband service providers like Elon Musk's Starlink. Telcos fear that allocation of radiowaves to satellite broadband providers without auction will come at a low price and make a dent in their data subscriber market share. The government's decision to allocate satcom spectrum without auction also saw political mud-slinging with opposition members equating the move with 2G spectrum case. As per the Comptroller and Auditor General of India (CAG), 2G spectrum allocation caused a notional loss of Rs 1.76 lakh crore to the national exchequer. Scindia said the country cannot forget the "2G scam" -- a blot on the country's history. "A scam that not just led to a colossal loss of Rs 1,76,645 crore to the exchequer, but also gave government-corporate collaboration its worst name, a.k.a crony capitalism," he said on X. The minister reiterated that even administrative allocation of spectrum to satcom players will be done at a price recommended by the Telecom Regulatory Authority of India (TRAI). Indian Space Association (ISpA) Director General AK Bhatt has batted for expeditious allocation of satcom spectrum, saying it would help satcom players start their services in India as soon as possible and bring the unconnected areas under the coverage. According to analysts, satcom players' entry may delay mobile services tariff hikes by telcos and new entrants may trigger another round of price war which may push the sector into another round of financial stress as well as lower investments in the network. Private players like Vodafone Idea are already ridden under huge debt. It has awarded a Rs 30,000 crore contract to Nokia, Ericsson and Samsung for the supply of 4G and 5G network equipment for three years. GX Group CEO Paritosh Prajapati says that the investment in the Indian telecom sector will continue as operators are looking to improve their network. EY India Markets and Telecom leader Prashant Singhal cautions that it is crucial for the telecom industry to find a balance between tariff rationalisation to recover their investments without compromising on subscribers' experience. "Telecom companies should not ignore low paying customers and it is very much required to include them in the data-led digital economy as per government mission of inclusive development. Operators also need to invest in building infrastructure on which the entire digital economy including start-ups, e-commerce are thriving," says Singhal. According to a joint report by Google, Temasek and Bain & Company, India's internet economy alone is expected to register a six-fold growth and touch about Rs 80 lakh crore by 2030. The report estimated that India's internet economy was in the range of Rs 12.86 lakh crore to Rs 14.5 lakh crore in 2022. Singhal said that internet companies or the new age businesses are generating high margins and their corporate social responsibility funds can be used for building rural and remote networks where returns are low for telecom operators. Telecom industry body COAI has been pushing for revenue sharing with foreign big tech companies like Google, Amazon, Facebook, WhatsApp etc as videos, images and other content on these platforms are estimated to consume 80 per cent bandwidth. "The massive traffic created by LTGs (large traffic generators)has significantly strained telecom networks, compelling TSPs to invest an additional Rs 10,000 crore in infrastructure in 2023, according to our study. "While TSPs bear these costs, LTGs, without contributing, amass multiple incomes through subscriptions, ads and data-driven marketing, with revenues largely outside India's tax ambit," COAI Director General SP Kochhar said. He said that telcos also faced the blow of equipment theft as well during the year. Telecom equipment theft has emerged as a major issue affecting Indian TSPs, incurring an estimated Rs 800 crore in losses already, causing major disruptions in 4G/5G expansions and impacting the quality of mobile services, Kochhar said. Also, the year 2024 ends with the unsolved menace of pesky and fraud calls with scamsters powered by high-speed 5G networks devising new strategies like digital arrest, misusing AI to extort money. PTI Published On Dec 28, 2024 at 06:19 PM IST Telegram Facebook Copy Link Be the first one to comment. Comment Now COMMENTS Comment Now Read Comment (1) All Comments By commenting, you agree to the Prohibited Content Policy Post By commenting, you agree to the Prohibited Content Policy Post Find this Comment Offensive? Choose your reason below and click on the submit button. This will alert our moderators to take actions REASONS FOR REPORTING Foul Language Defamatory Inciting hatred against a certain community Out of Context / Spam Others Report Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTelecom App Get Realtime updates Save your favourite articles Scan to download App Bharti Airtel Reliance Jio Vodafone Idea COAI cellular operators association of india telecom news digital infrastructure providers association DIPA prashant singhal mukesh ambani