RBS to quit its 199 Bishopsgate office by end of the year

first_img ROYAL Bank of Scotland will vacate its Bishopsgate office, while a second lease on its Regent’s House building hangs in the balance.The bank is scaling back its property portfolio as it prepares to shed thousands of jobs. It is understood RBS will leave 199 Bishopsgate before the end of the year. It will keep its remaining offices at 135, 250 and 280 Bishopsgate. The 1,300 staff who work at the property will be relocated to the bank’s other offices.It is not clear when the bank will leave Regent’s House, with sources claiming it could take years to finalise a deal to quit the property.RBS last night insisted a final decision has yet to be made. It said: “We are constantly reviewing our property portfolio to ensure we manage it as efficiently as possible.”It is understood relatively few staff work in the Regent’s House office.The move from the Bishopsgate office will signal a break with the most turbulent period in the bank’s history. It took control of the building after its disastrous acquisition of Dutch lender ABN Amro. whatsapp KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo RBS to quit its 199 Bishopsgate office by end of the year whatsapp Tags: NULLcenter_img Share Sunday 10 October 2010 11:53 pm Show Comments ▼ Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap last_img read more

ThyssenKrupp predicts higher profits in 2011

first_img whatsapp ThyssenKrupp predicts higher profits in 2011 STEELMAKER ThyssenKrupp said it sees profit rising next year, driven by economic growth in Germany and emerging markets, but analysts said its outlook sounded conservative.ThyssenKrupp has benefited from a strong rebound in Germany’s export-driven economy, whose automotive and engineering sectors posted robust profit margins while construction remained weak.The Eurozone’s biggest economy is powering ahead of other states, with exporters’ strength in emerging markets helping Germany grow while domestic demand is steadily taking hold.“Thyssen is exposed to booming German markets as well as the relatively favourable environment in Austria, the Netherlands and Scandinavia,” said Herman Reith, an analyst at BHF Bank.“There is also the euro-dollar rate, which makes exports from these countries competitive.”ThyssenKrupp chief executive Ekkehard Schulz said that emerging markets such as India, China and Brazil are growth drivers, along with central and eastern Europe.ThyssenKrupp said adjusted earnings before interest and taxes would be around €2bn (£1.68bn) compared with €1.2bn in fiscal 2010. Show Comments ▼ whatsapp Sharecenter_img Tags: NULL KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comGloriousaCouple Wins Lottery, 5 Years Later, Their House Had To Be DemolishedGloriousa Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tuesday 30 November 2010 7:33 pmlast_img read more

US set to sue E&Y for Lehman audit

first_imgMonday 20 December 2010 9:27 pm Show Comments ▼ whatsapp Share US set to sue E&Y for Lehman audit NEW YORK prosecutors are said to be preparing to file a lawsuit against accountant Ernst & Young for its involvement in Lehman Brothers’ collapse in 2008.The civil case will reportedly charge Ernst & Young with helping Lehman Brothers to mislead investors during its time as the bank’s auditor, specifically homing in on the use of a controversial accounting technique called Repo 105. The lawsuit may seek fines and damages from the Big Four accountant if it can prove it failed to spot evidence that Lehmans’ accounts mislead investors, the report in the Wall Street Journal said.The lawsuit would be filed by Andrew Cuomo, the New York state attorney general, but would be pursued by his successor, Democratic New York state senator Eric Schneiderman, as Cuomo is due to step down at the end of December to become governor of New York state. A suit of this kind would be unusual, legal experts said yesterday, as it has been rare for prosecutors to charge audit firms directly since auditor Arthur Andersen collapsed after being sued for its role in the Enron scandal.Ernst & Young is also being investigated by the UK’s Financial Reporting Council and the Accountancy and Actuarial Discipline Board over the allegations, originally published in an report of Lehman’s collapse by bankruptcy lawyer Anton Valukas.Valukas said Lehman used Repo 105 without telling investors or regulators to temporarily remove up to $50bn (£32.2bn) of risky assets and liabilities from its balance sheet in 2008. Ernst & Young and the SEC declined to comment yesterday. KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Why firms need to be freed to spend

first_img KCS-content Tags: NULL Show Comments ▼ Share whatsapp center_img Why firms need to be freed to spend Tuesday 15 February 2011 4:10 am DESPITE repeated promises from the coalition that it would tackle the burden of red tape, a raft of new employment rules are set to come into force over the next few years. As we report on page 1, these will cost UK firms billions of pounds in extra recurring costs, even on the government’s own figures; seven major changes are planned for 2011 alone. This is an idiotic situation. Public spending is rightly being reined in over the next four years to prevent national bankruptcy. Unfortunately, this will impact on consumer spending – which is why we need a corporate sector-led spending recovery to compensate. That means encouraging private firms (existing and new) to spend and recruit. Instead, the coalition – with some exceptions on tribunals – is continuing to heap costs on UK Plc, or acquiesce to EU rules which will only discourage such spending and hiring. It’s ridiculous.So far, consumer spending has been stronger than many expected. But this won’t last – so more corporate spending will be desperately needed in 2011 and beyond. Ian Stewart, Deloitte’s excellent chief economist, has crunched the numbers in a research note. Over the last year UK consumer spending rose two per cent in volume terms, despite lower wages after tax and inflation. Three forces have kept consumer spending rising – only some will keep helping out.The first is the Bank of England’s ridiculously low interest rates, still at 0.5 per cent: these (and some deleveraging) are the main reasons why debt servicing costs have tumbled 25 per cent over the last two years. Between 2007 and 2010, real wages fell three per cent in the UK. But an average consumer had more income in real terms left after taxes and interest payments to spend in 2010 than in 2007. The second force boosting consumer spending is that welfare payments (including the state pension) now make up 35 per cent of total consumer incomes in the UK and have risen by 12 per cent over the last two years, Deloitte’s figures reveal. Some of this has been clawed back by higher tax but most hasn’t yet.The third force has been the stock market recovery, which has indirectly and directly boosted millions: since the first quarter of 2009, households’ net financial wealth, after stripping out mortgage and other debts, is up 33 per cent. UK households’ financial assets are worth more than twice as much as their debts, a rare reassuring statistic in an otherwise bleak balance sheet. So despite sluggish house prices and high debt, the net worth of households – the sum of assets and liabilities – has risen 13 per cent from the lows of two years ago.So what of the future? Equities will continue to help. Nevertheless, a rise of one per cent or so in consumer spending is likely this year, so new sources of growth are needed. Necessary interest rate hikes will be the biggest drag on consumers. Cuts will hit some benefits – but spending is driven by higher income households, which will be less affected. The top 60 per cent of earners account for approximately 80 per cent of consumer spending. The best hope is for inflation to ease – allowing real wages to start rising – and corporates to start hiring. Profit-fuelled firms are beginning to splash out – but the last thing the coalition should be doing is hitting them again and again. Cameron needs to start delivering on his promises – and unleash the private [email protected] me on Twitter: @allisterheath whatsapplast_img read more

HOW THE BANK OF ENGLAND’S INTEREST RATE SETTERS ARE DIVIDED

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm KCS-content MARTIN WEALEThe newest member leapt off the fence last month to support a rate rise.CHARLES BEANThe Bank’s deputy governor might be expected to side with King, yet has been sounding more hawkish than usual of late.MERVYN KINGThe Bank’s governor insisted they could be “many quarters” away from a slow normalisation of rates.ADAM POSENDefiantly dovish, the US member wants more monetary easing through buying assets.ANDREW SENTANCELeader of the hawks, has voted for a 0.25 per cent rise since June, and now wants a 0.5 per cent hike.SPENCER DALEThe Bank’s head economist voted for higher rates.PAUL TUCKERStill on the fence, yet tipped to be the next to jump.PAUL FISHERThe Bank director recently proposed “looking through” the UK’s high inflation, yet may be persuaded to budge in future.DAVID MILESSiding with doves, spoke of the dangers of tightening policy yesterday. Tags: NULL HOW THE BANK OF ENGLAND’S INTEREST RATE SETTERS ARE DIVIDED whatsappcenter_img Wednesday 23 February 2011 9:04 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Show Comments ▼ Sharelast_img read more

UK retail sales fall

first_img whatsapp whatsapp Thursday 24 March 2011 6:13 am Share UK retail sales fall center_img John Dunne Show Comments ▼ Tags: NULL Retail sales fell more than expected in February, retracing some of January’s rebound after a jump in prices which was only partly due to the rise in VAT, hit volumes, official data showed.The Office for National Statistics said sales volumes including automotive fuel fell 0.8 per cent last month after a downwardly revised increase of 1.5 per cent in January. That took sales up 1.3 per cent on the year. Analysts had forecast a fall of 0.6 per cent on the month and an annual rise of 2.3 per cent.The ONS said the fall in sales was broad-based. The only two sectors to record sales growth on the month were automotive fuel and non-store retailers.It noted that prices including fuel leapt at their fastest monthly pace since 1994, up 2.5 per cent. Excluding fuel, prices were 2.4 per cent higher on the month – the biggest rise since the series began in 1988.Prices were also significantly higher on the year, with the implied deflator including fuel up 3.9 percent — its highest since September 2008 — after a rise of 2.7 percent in January.The ONS said that higher prices were only partly due to January’s 2.5 percentage point increase in value added tax.It noted that the rise in prices had been accompanied by a fall in sales volumes and said there were signs that high food prices were also having an impact on volumes in that sector.The figures will add to the Bank of England’s worries about rising price pressures and weak consumer demand.Excluding fuel, retail sales fell 1 percent percent on the month and were up 1.2 per cent on the year, versus forecasts for a fall of 0.6 per cent on the month and a rise of 2.4 per cent on the year.High inflation, muted wage growth and the uncertain economic outlook are expected to weigh heavily on consumer spending in the months ahead, dampening a recovery in the economy which has in the past been heavily reliant on consumer demand.Weak growth coupled with high and rising inflation pose a dilemma for the Bank. The central bank held interest rates at their record low of 0.5 per cent this month, saying it was worried about the sharp deterioration in consumer spending. last_img read more

Sweden and Singapore top in ICT

first_img Sweden and Singapore top in ICT KCS-content Tags: NULL Share whatsapp whatsapp Tuesday 12 April 2011 7:57 pm Sweden and Singapore are the most competitive countries in the digital economy, according to a study by the World Economic Forum (WEF). Nordic and Asian economies are best at using information and communications technologies (ICT) to boost their growth, the WEF said. Finland is in third place, Switzerland fourth and the United States fifth. The WEF report focuses on the power of ICT to transform society in the next decade through modernisation and innovation. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼last_img read more

Cameron: No UK ground troops for Libyan war

first_img Show Comments ▼ Cameron: No UK ground troops for Libyan war LIBYAN rebels came under fire on the outskirts of Ajdabiyah yesterday, forcing them eastwards and denting hopes of an end to the war’s stalemate.One witness said he saw around a dozen rockets land near the western entrance to town, which rebels wanted to use as a staging post to retake the oil port of Brega. But although some rebels made it into the outskirts of Brega, 50 miles to the west, many others retreated to Ajdabiyah after six were killed by rockets fired by Gaddafi loyalists.Yesterday marked a month since the UN Security Council passed a resolution authorising force to protect civilians in Libya.The United States, France and Britain said last week they would not stop bombing Gaddafi’s forces until he left power. But despite NATO air strikes, rebels have been unable to hold gains in weeks of fighting.Prime Minister David Cameron said yesterday the constraints on deploying ground troops in Libya were making the campaign more difficult, but it was the right decision. He told Sky News: “What we’ve said is there is no question of invasion or an occupation – this is not about Britain putting boots on the ground.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads KCS-content Sunday 17 April 2011 11:08 pmcenter_img whatsapp Tags: NULL whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Sharelast_img read more

Inflation pressures ease in Germany

first_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Tags: NULL whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads Producer price inflation in Germany unexpectedly eased in March, down to an annualised rate of 6.2 per cent, from February’s peak of 6.4 per cent. However, compared to February producer prices were up 0.4 per cent. Consumer goods prices grew by 0.3 per cent on the month, the highest rate for consumer goods since September 2008. Fuel-driven costs were the main factors behind the inflation, along with mining. center_img Show Comments ▼ KCS-content Inflation pressures ease in Germany Wednesday 20 April 2011 8:06 pmlast_img read more

Pennsylvania sportsbooks could be approved as “early as mid-August”

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Topics: Casino & games Legal & compliance Poker Slots Pennsylvania sportsbooks could be approved as “early as mid-August” Subscribe to the iGaming newsletter Executive director of the Pennsylvania Gaming Control Board, Kevin O’Toole, says the regulator is at an advanced stage in its preparations for the launch of igaming and sports wagering in the state. iGaming Business North America: How on the whole have the framework and regulations been received by the various stakeholders in PA?Kevin O’Toole: Initially it’s important to note that in Pennsylvania we have embarked on a multi-faceted group of gambling expansion initiatives, and igaming is one of the key expansions, but not the only one.We are dividing our time as best as possible to roll out a number of other initiatives, including airport gaming, which would be internet-based at qualified airports.But certainly igaming is up there at the top in terms of potential success and interest by all the various stakeholders. We have promulgated regulations, we’re not finished with that process but we’ve done the licensing, we’ve done some of the operational points, including the registration of accounts, and we’ve addressed the stakeholders involved.So that would be the current land-based casinos, that have a significant role, as well as platform providers, who would provide the hardware and software to run the igames. And we’ve also incorporated, in an effort to be as competitive as possible, the ability to use skins.We’ve had discussions with all of the various stakeholders, there have been very good exchanges of perspectives, but I’m sure there will still be some areas that necessitate further conversations to  make sure that the stakeholders understand what our expectations are.And also that we understand what their logistical concerns are, we want this to be a successful endeavour but we also have an obligation to make sure that the objectives of our statute are met.Some potential stakeholders have informed investors that they will be launching real-money igaming in PA in the second half of this year.  Is this a still a realistic timeline, and when do you anticipate a full roll-out of all products?We have a specific timeframe set out in our standard Gaming Act and the first timeframe is a 90-day period. During that period any of our land-based casinos can put in their requests for interactive gaming, which would include all three of the types of games that are authorised.In Pennsylvania the legislature authorised poker-type games, slots and table games. So we will see what we get in the first 90 days and then after that period is over we have a 30-day period where any other of the land-based casinos that may want less than the three-game package would be able to request something less.Then after that we have to assess where we are and see what is still available. There is an overall limit on the number of igaming certificates – it’s a pretty generous limit of 39; 13 poker, 13 slot and 13 table games. Then we have the opportunity to request qualified gaming entities who might be interested in entering the Pennsylvania market at that point.There is a strong possibility that we may get up and running in the latter part of this year. If it’s not the latter part of this year I would be confident in saying the first quarter of next year at the latest. We’ve positioned our agency to be able to process those petitions expeditiously.The 54% tax on slots settled upon by legislators will create some extra work for you in terms of protecting regulated sites from offshore competition and helping channel players to the legal offer. How will you be going about this?That’s a topic that bears further consideration after you roll out and after you see how the activity is being received. We are a jurisdiction that doesn’t have igaming at the moment. Illegal igaming is out there, we certainly recognise that.But fortunately we believe that our land-based casinos are doing very well so I don’t think we would conclude at this point that illegal igaming is having a serious affect on our casino industry.We would certainly look at all facets of how to address illegal competition once we get up and running.It’s important to note that our legislature provided a complex piece of legislation, very well thought out on their part and it has different tax rates. We have a much lower tax rate for poker play and table games so the challenge will be to make it successful on slot-like games.There is a consideration of tax rates but we are encouraging our land-based casinos to accept the entire package of games. They are going to need experienced platform operators to help with that.The land-based casinos holding the main licences will be able to launch five platforms and unlimited skins off these. Why did you decide against a cap on the number of skins, as is in place in New Jersey?We looked at other jurisdictions and New Jersey has a very successful model and they will continue to be very successful. We wanted to make sure that we had an open and competitive marketplace for internet gaming. The idea was to encourage competition and availability of game content.We think that we’ve created a welcoming environment in Pennsylvania. When we get more information from the casinos that want to get into igaming we’ll know a lot better.The new rules state that skins must not offer games “independent… from the interactive gaming certificate holder’s webpage”. Does this mean that URLs of the skins will need to run off the main licence holder’s homepage, and that players will only be able to access the skin sites from there?We’re looking for a dual branding application, where the skin is identified as well as who is behind that skin. It’s a new activity in Pennsylvania so with that we’re expecting that the platform operators and skins will adapt to a dual branding application.They can be through the same website or URL, if that’s the most efficient way to do it, but all players in our jurisdiction, just like in other jurisdictions, have to register and provide identification and through that account we want that account to be centralised with the certificate holder.The account can be set up through the platform operator or directly with the certificate holder. But there has to be a technological aspect that allows the registered accounts to all be in a centralised database. We want the certificate holder to know who the registered players are on their platform.PA legislators recently passed temporary regulations for ilottery, which run for two years. What are the next steps for you as a regulator in this area? Do you expect to have a permanent framework and full ilottery offer in place within this time frame?We have a two-year window of time to study how these regulations are working and to receive comments from the various stakeholders. Then towards the tail end of that two-year period we can make modifications, and there is a specific process for permanent regulations, which we will follow. So it will be in the early part of 2020 that we put together any changes that we think are beneficial.Following SCOTUS striking down the US ban under PASPA, you can now move forward with regulating sports betting in Pennsylvania. When do you anticipate this happening and the first sportsbooks going live?With the US Supreme Court striking down PASPA, the PA Gaming Control Board can now begin to implement the legislation that was passed late last year authorising our casinos to engage in sports wagering activity. Our board will begin approving regulations in the next several weeks and that process should be complete by the end of June or mid-July. The 13 casino licensees in Pennsylvania can begin to submit to the board petitions for a sports wagering certificate. These petitions will include the details for establishing sportsbooks. Those petitions will be reviewed by the board and, if everything is in order, the petitions could be approved as early as mid-August.Can you tell us a bit more about the consumer protection measures that will be put in place alongside the new regulations? What have you learnt from other jurisdictions in this regard?We have a very strong commitment to ensuring the awareness of the potential for problem gambling, we require a number of different initiatives currently, including training at land-based casinos and that is also in our igaming legislation.But we’re also going to require that the platform operators offer patrons the ability to set limits and those limits can be based upon how long they want to play.If they only want to play a certain amount of time they can select an option to stop after a period of time, and they could also set an amount limit, that is their losses get to X amount, they’ll have to stop gambling for that session. And they could also impose upon themselves account balance limitations that control the stake.We have a requirement that any individual can request to be excluded from igaming – that is successful in the land-based casinos but the application of that concept is significantly different on the igaming side. So we’re still discussing among ourselves and with some of the stakeholders how best to implement a self-exclusion programme.Players in our jurisdiction, as well as New Jersey, Delaware or Nevada, can bet on multiple accounts because we’ll have multiple certificate holders, so it gets a little more difficult to effectively apply a self-exclusion when a player can establish multiple accounts.On the land-based side, we have 12 casinos, so if someone wants to self-exclude, we have a process in place where all 12 of those casinos do their best to keep a self-excluded person out of their property but on the land-based you have pictures of people.I think you can do it, you can apply it based on identifiers, but it’s harder. It’s a new venture and we’re still working out the details.Related articles: More than skin deep (paywall) Pennsylvania regulator talks up online gaming launch in 2018 Pennsylvania: golden goose or poisoned chalice? (paywall) Penn National slams “unworkable” PA online slots tax Regions: US Tags: Card Rooms and Poker Online Gambling Slot Machines Executive director of the Pennsylvania Gaming Control Board, Kevin O’Toole, says the regulator is at an advanced stage in its preparations for the launch of igaming and sports wagering 23rd May 2018 | By Joanne Christie Casino & gameslast_img read more