Money saving website sells for £87m - MSN UK News Money saving website sells for £87m - MSN UK News

Friday, June 1, 2012

Money saving website sells for £87m - MSN UK News

Money saving website sells for £87m - MSN UK News

Martin Lewis pledged to donate 10 million pounds to charity after agreeing to sell his MoneySavingExpert website

Martin Lewis pledged to donate 10 million pounds to charity after agreeing to sell his MoneySavingExpert website

Personal finance journalist Martin Lewis has secured his own multimillion-pound fortune by agreeing the sale of his website for up to £87 million., which was set up by Mr Lewis in 2003 and now sends a weekly email to around five million subscribers, is to be bought by price comparison website MoneySupermarket.

Mr Lewis, who is well known as a television pundit on money matters, will receive £60 million upfront in a mixture of cash and shares and a further £27 million conditional on meeting targets over the next three years.

He plans to donate £10 million to charity from the deal, including £1 million to Citizens Advice, while he will retain full control over the website.

According to Google Analytics, the MoneySavingExpert website attracted 39 million unique visitors and around 277 million page impressions in the year to October 31. It generated revenues of £15.7 million over the same period.

Mr Lewis said the deal, which needs the approval of MoneySupermarket shareholders, ensured the website would be around for many years to come.

He added: " has become part of people's daily lives, far bigger than the man who founded it, and now is the right time for it to stand on its own two feet."

Mr Lewis said he chose Moneysupermarket because it is not owned by any product providers and had signed up to an editorial code which ensures the website's content will be free from commercial pressures.

He will stay as editor-in-chief for the next three years, with the help of Moneysupermarket's resources and the website's existing 42-strong staff.

"After that, the door is open for me to carry on, and I hope to do so, though perhaps with fewer hours than now, so I can spend more time on my media work and other projects I'm passionate about. These include getting financial education on the curriculum," Mr Lewis said.

CANADA STOCKS-TSX sinks as growth fears intensify - Reuters

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Liverpool Manager Brendan Rodgers: Enough Money to Spend -

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Liverpool captain Steven Gerrard has, meanwhile, confirmed Werner's claim Rodgers was always first choice and confirmed also he had spoken to the new boss ahead of the appointment.  

"I'm excited, I'm really looking forward to working with Brendan. We shared a phone call last night and I'm really looking forward to meeting him in person and getting started. What I can go on record and say is that Brendan was the first choice. I was in the loop all the way through the last few weeks with the Liverpool board and owners - and Brendan Rodgers was the first choice," ESPN quoted Gerrard as saying.

"When he was in the running for the job, I was speaking to the Chelsea boys and some of the players who had worked with him as well. They all spoke highly of him, said he was a good coach and a good guy: very honest and supports his players very well. That's all you ask for as a player," the England captain added.

Rodgers received praise from football pundits and fans across the globe last term for effectively deploying his positive, Barcelona-inspired tiki-taka style of play at Swansea's first season in the English top-flight and managing to finish 11th in the table.

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Stocks see worst day of the year after weak jobs report -

Richard Drew / AP

Trader John Panin, left, and specialist Frederick Edwards work on the floor of the New York Stock Exchange Friday. Stocks fell sharply Friday after the release of a dismal report on U.S. job creation.

A gloomy U.S. jobs report and signs of a global economic slowdown hammered Wall Street Friday, wiping out the stock market’s gains for 2012 and leaving investors wondering where to turn.

The Dow Jones industrial average sank 275 points, or 2.2 percent, chalking up its biggest one-day drop since November. The market index closed down 0.8 percent for the year and off 2.7 percent for the week.

Market participants had expected to see a mildly negative employment report Friday, but they “hadn’t discounted the kind of numbers we saw this morning,” Barton Biggs, a hedge fund manager at Traxis Partners, told CNBC Friday.

Biggs also warned that the chance of a “mild double-dip recession” is now about 40 percent.

“I’m not that bearish about the economy and the market, but am I ready to step in in a big way? No,” he said.

Friday’s jobs report from the Labor Department showed the U.S. economy created only 69,000 jobs in May, the fewest in a year, as the nation’s unemployment rate rose to 8.2 percent from 8.1 percent in April -- the first increase in 11 months.

The government also said the economy created far fewer jobs in the previous two months than first thought, revising numbers down to show 49,000 fewer jobs created.

Friday’s steep market drop spooked investors. The VIX index, a measure of investor fear, rose to levels not seen in five months. And the value of government bonds and gold soared as investors sought safe places to park their money.

The weak U.S. outlook added to a growing global sense of gloom. New data from the euro zone Friday showed unemployment in the region was 11 percent in April -- the highest level since records began in 1995. And there are signs that manufacturing in China -- a driver of global growth in the recession -- is slowing.

Many had looked to the U.S. as a bright spot of growth in the global economy, but Friday’s jobs report added more evidence to the view that growth in the U.S. is slowing, suggesting weaker corporate earnings ahead and weighing on stock prices.

Related: Recession storm clouds threaten global economy

Stocks saw their worst month in two years in May, ending more than 6 percent lower, as investors worried about Europe’s ongoing debt crisis. The downturn in the aggregate U.S. market has shaken some $1 trillion out of investors’ pockets.

Investors will have to put up with more uncertainty in June, analysts say, as the fate of the euro zone waits to see the outcome of Greece’s elections on June 17.

Greece, which unleashed the financial turmoil in the euro zone, will go to the polls for a crucial second election on June 17 that may determine whether it remains a member of the currency union. Investors are concerned about the unknown consequences of a Greek exit, fearful that it may precipitate the disintegration of the euro zone.

Despite the market downturn Friday and global economic fears, Peter Sorrentino, senior portfolio manager at Huntington Asset Management, counsels that investors can still find value in the market.

“We’re seeing stock prices back down where they were at the beginning of the year, but earnings are still there,” he told CNBC, noting that company balance sheets are very strong, as corporations have spent years paying off debt and raising cash to record levels.

Sorrentino added that, after Friday’s downturn, bargains can still be found in the agriculture and energy sectors.

Shares of Facebook continued to slide below their initial public offering price of $38, closing down 6 percent at $27.72.

Are there any bright spots in the market?

No money for brain research - Lancashire Evening Post
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