European Expansion Hot Topic For NFL, NBA
London, United Kingdom (AHN) – With the NFL’s fourth annual game at Wembley Stadium Sunday, commissioner Roger Goodell addressed the possibility of a London franchise joining the league.
“Each year, the different barometers indicate that our popularity continues to rise,” Goodell told reporters during a Saturday press conference. “I think the next step will be multiple games (in Europe). And if that’s successful then I think the idea of a franchise here is realistic.”
Goodell said two games will eventually be played across the pond, but economic instability kept it to one this season. Though Wembley eventually sold out for this year’s matchup between struggling teams the San Francisco 49ers (1-6) and Denver Broncos (2-5), tickets did not move very quickly.
While Goodell hopes for one team in the near future, NBA Commissioner David Stern is a bit more ambitious. In Miami for the home debut of the newly-minted Heat, Stern suggested an entire European division could be possible within 10 years.
“It’s a wonderful topic, because 10 years ago, I said, ‘Oh, it’s inevitable, it’ll happen in 10 years. And now what I’m saying is, ‘It’s inevitable, it’ll happen in 10 years,’” Stern said at a business leaders’ luncheon the morning after Miami’s 96-70 thrashing of the Magic.
“But in terms of globalization, we’re going to see a desire for franchises in Europe – and in about 10 years, you’ll send me a postcard.”
Stern hopes to follow the NFL’s footsteps by bringing a game to London by 2012, but an actual franchise may be a bit too far-fetched.
Stern said in February the NBA expects to suffer a $400 million loss this season, and the possibility of league contraction could be on the table in upcoming contract talks.
Both leagues have collective bargaining agreements that end following the current season and have not been renewed.
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Lloyds Banking Group expected to make full-year profit
Lloyds Banking Group will confirm this week that it remains on track to make its first full-year profit since the bank’s partial nationalisation two years ago.
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Sony Lifts Outlook With Profitable 2Q
Tokyo, Japan (AHN) – Sony reported profits for the second quarter on Friday, beating expectations and coming back from a loss a year ago. The Japanese electronics giant raised its profit forecast for the full year despite the strong yen.
Net income for the period ended Sept. 30 was 31.1 billion yen ($375 million), up from a loss of 26.3 billion yen a year ago. Revenue rose 4.3 percent to 1.7 trillion yen, driven by an increase in sales in all businesses except the music unit, which fell 10 percent to 111 billion yen ($1.3 million).
Sales of networked products and services, such as personal computers and PS3, led growth with a 5 percent increase to 369.1 billion yen ($4.4 million).
Sony revised its profit outlook for the full year from 60 billion yen to 70 billion yen ($869 million) but said it expects a “difficult business environment” until the end of the year in March 2011.
It cut its sales forecast by 3 percent to 7.4 trillion yen because of the stronger local currency. The average rate of the yen during the quarter was 84.9 yen against the dollar, 9.2 percent higher than during the same period a year ago.
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Gross Domestic Product Grew At A Tepid 2% During Q3
Washington, D.C., United States (AHN) – Real gross domestic product (GDP) grew at an annual rate of 2 percent during the third quarter of 2010, according to the first estimate released Friday by the U.S. Commerce Department’s Bureau of Economic Analysis.
This compared to private sector expectations of 2.1 percent, BEA officials said.
Economic growth so far this year has averaged a moderate 2.8 percent.
“Today’s data show that the economy grew for the fifth consecutive quarter and the recovery continues with strong business investment, U.S. exports and consumer spending,” U.S. Commerce Secretary Gary Locke said. “Business spending on equipment and software has grown 17.8 percent over the past year, and foreign demand for U.S. products also remained strong, with U.S. exports increasing 12.2 percent over the past four quarters. Consumer spending is another encouraging sign in today’s data, representing the fifth consecutive increase in consumer spending, which has been accelerating over the past three quarters.
“Initiatives by President Obama and this administration, like the recently passed Small Business Jobs Act, along with improvement in the business investment climate and credit markets, support economic growth likely to continue into the fourth quarter and 2011. Our commitment to strengthening America’s economy is steadfast and our mission will not be complete until more Americans can find jobs that provide them with a sense of security and hope for the future,” Locke added.
Growth in business inventories accounted for about two-thirds of the growth although consumer spending also rose despite continued high unemployment.
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New Unemployment Claims Fall Slightly
Washington, D.C., United States (AHN) – Initial claims for jobless benefits dropped slightly while continuing unemployment compensation claims dipped below 4.4 million, the United States Labor Department announced Thursday.
New claims for unemployment compensation fell by 21,000 to 434,000 for the week ending Oct. 23 down from 455,000 the week before. It was the lowest number of new claims since July.
The unemployment rate among workers eligible to receive unemployment benefits held steady at 3.5 percent. The overall unemployment rate for all workers is 9.7 percent.
Economists had expected 458,000 new jobless claims. Although the lower numbers were encouraging, economists warned that other labor-market readings indicate the economy has not yet turned the corner.
In the meantime, the news gave stocks a brief boost when the markets opened on Thursday. However, the rally soon fizzled as stock prices edged downward on mixed corporate earnings reports.
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Family Pays Tribute To Pace University Student Killed By Police
Pleasantville, NY, United States (AHN) – Family, friends and members of the Pace University football team paid tribute to Danroy “D.J.” Henry Jr. on Friday as the investigation into his death continued.
A memorial service was held at Boston Convention and Visitor Center on what was supposed to be the 21st birthday of Henry, who played wide receiver and defensive back for the football team. The event will be followed by the first game of the football team since his death, a home game on Saturday that will have players wearing black wristbands emobroidered with his number, 12.
Henry died on Oct. 17 after being shot by Mount Pleasant police trying to contain an unruly crowd in a bar in Thornwood. The business management junior allegedly two struck officers with his car.
Police say an officer had knocked on the window of a car parked in the fire lane outside the bar during the brawl. The car, driven by Henry, accelerated and struck the officer, who ended up on the hood of the vehicle. A second officer attempted to pull the first officer from the hood but was also mowed down by the vehicle. The first officer then shot at the car and another officer fired into the car before it crashed into a police cruiser.
Henry’s family and students who witnessed the incident have raised doubts about the police’s reconstruction of events that led to his death. This week, the family requested the Justice Department to take charge of the investigation, citing the leak of a blood alcohol test as proof the probe is compromised. The family has also criticized police for failing to protect gunpowder evidence on the car.
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Cocoa one hiccup away from – another – deficit
ABN Amro analysts cut their forecast for the world cocoa surplus, and warn that even this outcome factors in sanguine assumptions
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Cocoa one hiccup away from – another – deficit
ABN Amro analysts cut their forecast for the world cocoa surplus, and warn that even this outcome factors in sanguine assumptions
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Airlines Join Battle Against Britain’s Air Passenger Duty
London, England, United Kingdom (AHN) – British airlines have warned of a dip in air travel because of the 50 percent rise in Air Passenger Duty on Nov. 1.
The tax hike could cause passengers to pay up an extra $150 (100 pounds), making air travel no longer affordable for many Britons.
The duty is being levied by the British government to help ease the country’s budget deficit and as an environmental tax. It is the second increase in air passenger duty in two years.
British Airways Chief Executive Willie Walsh spoke out against the increase a few weeks ago when he keynoted a travel operators’ conference in the Caribbean.
Britain collects the duty on all travelers leaving Britain with fees based on a new four-tier system based on geography.
Travel agents advised passengers to check the real prices of their plane tickets because most quotes exclude the air passenger duty and other taxes due.
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