Market expert sees more upside in European stocks
Mike Mussio, president of FBB Capital Partners, said "investors would do well to revisit their allocation towards international markets," particularly the euro zone.
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Telegraph
38 minutes ago
- Telegraph
TNT Sports brands rugby rebel league ‘delusional'
Power brokers at TNT Sports, England's principal rugby broadcaster, have rubbished the emergence of a proposed breakaway league, called R360, branding it 'delusional' and ' commercially unsustainable '. Telegraph Sport revealed last week how Mike Tindall, the Rugby World Cup winner and member of the Royal family, was one of the driving forces behind rugby's new breakaway global league, pitched as 'driving generational change in rugby', which is scheduled to launch later this year with a number of players reportedly having signed pre-contractual agreements which are valid until September. But the concept has been derided by both TNT Sports and Premiership Rugby, the two bodies who agreed a new television deal until the end of the 2030-31 season last month. 'I'm going to take my TNT Sports hat off just for the moment,' said Andrew Georgiou, president and managing director of Warner Bros. Discovery Sports, which owns TNT. 'I've been involved in sport for 25 years. I can't tell you how many of these PowerPoint presentations have come across my desk with people who were absolutely certain that what they had on that page was going to be the new thing. It was going to be absolutely the new thing. 'I don't know the details of what's happening, no one's come to us and made a presentation, no one's told us what the new format is, no one told us what the new schedule is. I mean, I actually don't know much about it. But the one question that I think you guys should be asking is, 'how are they going to grow the revenue by putting this event on?' Where's the money coming from? The media industry is going through a massive generational change. There's been more change in the media industry in the last five years than there has been since the invention of cable television in the late 70s and early 80s. 'So, if these folks believe that they are going to grow the revenue by putting this thing on, I think they're delusional. I really do. What it will do is further complicate what is already a well-functioning rugby ecosystem. And so I would just ask some pretty fundamental questions around whether this is a commercially sustainable model. The fact that it's being likened to LIV Golf, I think is a perfect analogy. It's a perfect comparator to what this is really going to be. Commercially unsustainable.' When it was suggested that TNT Sports, therefore, would not be interested in bidding for broadcast rights on the new league, Georgiou replied: 'You bet.' Both TNT and the Premiership have experienced unprecedented growth this season. The league has seen 30 sold-out match days up from 18 last season and 13 the season before. This weekend's final, between Bath and Leicester, sold out in record time – with last season's show-piece also a full house – while growth among fans aged between 18 and 34 increased by 30 per cent in one year. Furthermore, Bath's play-off victory over Bristol last week was the most-viewed Friday night match ever on TNT. Red Bull's investment in Newcastle is understood to be nearing completion and Simon Massie-Taylor, Premiership Rugby's chief executive, believes that the league's previous financial woes are behind them and a new chapter is beginning. At board level, the Premiership will not allow itself to become distracted by R360 and Massie-Taylor has said that 'there has not been any engagement' with the breakaway league. 'It's not a threat per se,' said Massie-Taylor. 'But we have no idea how it could ever work full stop. But definitely for the club game. In England, in France, URC, southern hemisphere, how would it actually work and help develop the club game? 'But rugby needs roots, it doesn't need pop-ups. Rugby needs roots. The complicated thing about rugby is there's an international game, there's a club game that relies on, there's a community game. The whole thing's linked, the community game's inspired by both. Funding comes down to help the community game and there's this whole sort of connectedness to it. And that sometimes is an inhibitor to growth because you have to find a solution that compromises all these types of things. 'But without those roots, it's very difficult to understand how a system could ever work. The whole phrase [is] 'it takes a village', right? That one person who's going to turn up and go out on the field, there's a whole system, a whole team, a whole grass-roots network that needs to develop that person beyond just rocking up. 'I'd be worried if players are counting on that because they may miss out on genuine opportunities that exist within their club. Things need sanctioning for a start and things need money coming through the door before these people can actually get paid.'
Times
an hour ago
- Times
Rachel Reeves to reinstate winter fuel payments for nine million pensioners
Rachel Reeves has announced plans to restore winter fuel payments for all pensioners with an income of less than £35,000 in her biggest U-turn since taking office. In one of her first acts as chancellor, Reeves stripped ten million people of the benefit, worth between £200 and £300 per year, in an effort to balance the books. The decision was met with widespread criticism from cabinet ministers and backbenchers, and was blamed in part for Labour's poor performance in the local elections last month. The chancellor announced that the payments will be reinstated for nine million pensioners, with money clawed back from higher income households at the end of the next financial year. The Treasury said that only about two million pensioners would miss out. It is not clear how the government will pay for the move. Ministers admitted the new threshold would cost the government £1.25 billion — wiping out all but £250 million of the planned £1.5 billion worth of savings from restricting the benefit this year. However, the government insisted that even after the U-turn the policy would save £450 million. The Treasury said Reeves would set out how the shortfall will be covered in the autumn budget amid warnings that it would require tax rises in other areas in order for the chancellor to hit her fiscal rules. Ministers said that the cost of the change would not be paid for through additional borrowing. The delay to explaining how the policy change will be paid for is likely to lead to accusations that the chancellor is making an unfunded pledge, something she has repeatedly insisted she will not do. The government argues that it is right to defer the announcement until the autumn budget, when decisions on tax and spending are made. Reeves insisted that her original decision had been the right one. Economists pointed out that the fiscal picture is significantly worse now than it was then. She said: 'Targeting winter fuel payments was a tough decision, but the right decision because of the inheritance we had been left by the previous government. It is also right that we continue to means-test this payment so that it is targeted and fair, rather than restoring eligibility to everyone including the wealthiest. 'But we have now acted to expand the eligibility of the winter fuel payment so no pensioner on a lower income will miss out. This will mean over three quarters of pensioners receiving the payment in England and Wales later this winter.' Kemi Badenoch, the Conservative leader, said Starmer was attempting to 'clear up a mess of his own making'. 'This humiliating U-turn will come as scant comfort to the pensioners forced to choose between heating and eating last winter,' she said. Under the plans, the payments will be restored to all pensioners this winter. The government will then recoup the money from those earning more than £35,000 automatically through their tax bills. The announcement will be seen as an attempt by Reeves to clear the decks before the spending review on Wednesday. The review will allocate £113 billion on infrastructure such as public transport schemes and nuclear energy. It will also increase the NHS budget by about £30 billion a year and boost investment in the Ministry of Defence. However, there are likely to be some significant losers, as unprotected departments face real-terms cuts. Yvette Cooper, the home secretary, is still in negotiations with Reeves over her budget amid a row over police funding. The chancellor has offered the home office a real-terms increase in police funding. However, Cooper argues that this is not enough to cover the cost of meeting the government's flagship pledge to recruit 13,000 more neighbourhood police officers.
The Sun
an hour ago
- The Sun
Nottingham Forest ‘write to Uefa over Crystal Palace Europa League decision' as they stand to benefit from Eagles ban
NOTTINGHAM FOREST have reportedly written to Uefa over concerns about Crystal Palace taking part in the Europa League. Palace's historic FA Cup final win over Manchester City booked their place in Europe for the first time. 2 2 But complications around John Textor's stake in both Palace and French club Lyon have resulted in the South Londoners' spot being in doubt. Uefa rules on multi-club ownership prevent any two clubs controlled by the same person or group from competing in the same competition. Both Palace and Lyon have qualified for next year's Europa League, but the Ligue 1 side would have precedence as they finished higher in their domestic league. And now The Times state Forest made contact with European football's governing body to highlight the potential breach. Should Palace be kicked out of the Europa League, it is understood Nottingham Forest would be promoted from the Conference League and take the Eagles' Europa League place. Forest themselves made the necessary changes to their ownership structure when it became apparent both they and owner Evangelos Marinakis' other team Olympiacos could both qualify for the Champions League.
