The owner of the politically right-leaning New York Sun has emerged as the favourite to acquire the Daily and Sunday Telegraph ahead of Friday’s deadline for bids.
Though a late entrant to the auction British-born Dovid Efune’s BID is considered by several parties as the potential new frontrunner.
He is thought able to offer a competitive bid of around £550m while not attracting the political and regulatory objections that saw a bid backed by the United Arab Emirates ruling family blocked by the government.
Mr Efune is one of only two bidders to have attended senior management presentations at the Telegraph.
Advertisement
They have broadly welcomed the prospect of his ownership while conceding that “none of the bidders are perfect”.
If the bid is successful it could provide a link between the Telegraph and its former owner Conrad Black.
Lord Black, who is a regular contributor to the New York Sun, was convicted of fraud and obstructing justice in 2007 and jailed for more than three years, but was pardoned in 2019 by Donald Trump when he was US President.
There are several other bidders who remain in the hunt for one of Britain’s most influential and profitable daily newspapers and its Sunday sister publication.
Backed by funds from fellow hedge fund boss Ken Griffin, some have speculated that Sir Paul wants to add to a growing right-leaning media empire that includes GB News.
However, sources close to the deal suggest that the bid may be losing momentum.
National World, which owns regional titles including the Scotsman and the Yorkshire Post, is also in the running and its owner, David Montgomery, was the other bidder to attend a presentation by the current Telegraph management.
Advertisement
Attendees were reportedly underwhelmed by his plans for the group – perhaps unsurprising given his track record of cutting jobs at other titles.
One attendee described his ideas for the Telegraph’s future as “dated” and “a bit like dad dancing – he doesn’t understand modern media”.
Lord Rothermere, the controlling shareholder of the Daily Mail, is thought to have refreshed interest in the auction having previously walked away citing inevitable competition objections from regulators and a new Labour government.
Former chancellor Nadhim Zahawi, who is close to the Telegraph’s former owners, the Barclay family, is also thought to be trying to raise money in the Middle East to finance a bid.
Advertisement
Rupert Murdoch’s News UK had shown early interest but is no longer considered a bidder, having been more interested in the Spectator.
Sources close to the deal say there are other potential bidders who may emerge as Friday’s midnight deadline approaches.
The Telegraph is back up for sale after an audacious attempt backed by Redbird IMI – a vehicle largely funded by Manchester City owner Sheikh Mansour – to take ownership of both the Telegraph and the Spectator by paying off the previous owner’s debts collapsed.
The bid was vetoed by the previous Conservative government, who balked at the idea of a foreign state having majority ownership of politically influential UK newspapers and periodicals.
Advertisement
Titles like the Telegraph and the Spectator don’t come up for sale very often and are considered “trophy assets”.
Assets like this have prestige and influence, which means they command a higher price than their financial performance alone can justify.
Redbird IMI effectively paid £600m for both titles with many thinking they had overpaid.
However, Sir Paul Marshall paid £100m for the Spectator alone despite the fact it only makes around £2m in profit a year.
Advertisement
That valuation has fuelled optimism at Redbird IMI that the Telegraph, which makes a profit of over £40m, will fetch “north of £500m”.
If so, the Gulf bidders will be able to walk away from their attempted swoop without damage to their wallets or dignity.
It is expected to take several weeks or even months for the ownership to be settled as various legal and regulatory hurdles are cleared.
A POPULAR TV presenter has revealed the key hotel habits she swears by to avoid getting sick on her travels.
Catriona Rowntree, 53, is a seasoned traveller having presented Australia’s Getaway for 27 years but has now revealed her top hotel hacks she swears by.
3
Catriona Rowntree recommends turning off the air con ‘immediately’Credit: Getty
3
Advertisement
Catriona has presented Australia’s Getaway for nearly 30 yearsCredit: Getty
One of her key tips is how to avoid getting sick when staying overseas – and that’s to turn off the air-con “immediately” in order to avoid catching a cold.
She also told Escape that you should never drink the water.
Catriona also recommended the best time to travel was in the shoulder season – the period between high season and off-season.
For anyone wanting a more authentic experience while abroad the TV personality recommended using a local travel concierge.
Advertisement
If you don’t want to get hit in the wallet, always avoid the mini bar as they’re always overpriced.
Catriona also recommended taking a little sample of your favourite coffee or tea with you.
She also said to always be nice to whoever is checking you in as “a genuine smile and kindness is always rewarded”.
A quirky tip she also revealed was to take an egg cup from home if you like a boiled egg because “no one ever seems to supply them”.
Advertisement
Another useful tip was to photograph where you parked the car at the airport as “I guarantee you’ll return pooped and forget where you left it”.
Catriona also had advice for those going on a cruise.
Inside the trendy Dubai hotel with rooftop pool, cinema and and five restaurants
She recommended booking a salon treatment the moment you get on board so you can get all the “location goss” from the beautician.
The Getaway star also said to never take candles or hair straighteners/tongs on a cruise ship.
Advertisement
Catriona also revealed the three essential items she always took with her on her holidays.
Firstly, she always packed a pair of earplugs as she said she was always wakened by bumps in in the night.
Another thing she always had with her was a wool scarf, which she said could serve a number of purposes, from keeping her warm on flights, to covering her hair and shoulders if she went to visit a religious site and also to use as a cover for her pillow if she was staying at a “dodgy hotel”.
The third item was a shower cap as she said not every hotel had them.
Advertisement
Not only does it keep your hair dry but she used them to cover her shoes if they go dirty.
Not only that but they were also ideal for wrapping her “wet cozzie in” having gone for that last holiday swim.
Catriona also shared her top tips for flying long haul.
She said that she always dresses in layers and never wore a belt in order to stay comfortable.
Advertisement
The experienced travellers also said she used packet wipes to remove any makeup, so she could do it sat in her sea.
She also advised to try to watch a film made in the country she was going to.
A quirky thing she revealed was that she never touched alcohol whilst watching a sad movie on a plane.
Catriona said: “The low air pressure and high altitude make me cry like a baby.
Advertisement
“Consider yourself lucky you weren’t sitting next to me when I watched Bridges over Madison County, when drinking a red vino. SO embarrassing.”
3
The TV presenter also said to avoid using the mini bar as the drinks are overpriced (stock image)Credit: Getty
In his column “Why Europe will not catch up with the US” (Opinion, September 19), Janan Ganesh lists a number of reasons why Europe has underperformed the US since 2000 and why it will continue to do so.
Technological advancement may well help in respect of one of these; that of linguistic barriers, which have long hampered the single European market (although multiple languages don’t seem to have created such a problem for Switzerland).
We are approaching the point at which artificial intelligence, coupled with Bluetooth-enabled hearing devices, will enable simultaneous translation of speech, allowing Speaker A to speak in his or her native tongue, while those who are being spoken to will hear what is said in their respective native languages.
Likewise, when they respond in their native tongues, Speaker A will hear their words in her native language. This will render modern language courses obsolete, and people’s time can be freed up to study something far more useful. This will cause Europeans to have to find some other excuse for their continued underperformance — for continue it will.
Advertisement
There is an old joke told in the US. There are two kinds of Europeans; on the one hand you have those who are dynamic, resourceful and hardworking, while on the other hand you have those who stayed behind.
Paul Shotton Chief Executive, Biosurfactants Ridgefield, CT, US
You recently ran two pieces on online fraud (Opinion, August 20; and Inside Business, September 10). This is one of the biggest financial crime threats facing all our societies, and is widely under-reported by victims.
The Association of Certified Anti-Money Laundering Specialists estimates that fraud scams and bank fraud caused $485.6bn in losses globally in 2023; that in Europe 80 per cent of reported frauds are cyber-enabled and that cross-border fraud rates are nine times higher than for domestic fraud.
Luckily, financial intelligence units and regulators of major countries are aware of the threat and taking measures, both by “following the money” and educating the public.
One recent example is the successful investigatory efforts of Tracfin, the French financial intelligence unit, which in 2023 froze six times more suspicious transactions than in 2021 and 2022 combined, part of France’s efforts to curb subsidies fraud, VAT fraud and social security fraud.
Advertisement
Payment institutions, normally payment originators (banks, electronic money institutions) should make use of all the guidance provided by the authorities to enhance their detection and prevention systems to stop suspicious payments and report them to the authorities.
And finally, potential victims need to be aware of the risk and identify fraud attempts. Of late some US states (California, Pennsylvania and Connecticut) have begun taking legislative measures to force financial institutions to protect their elderly clients by allowing banks and credit unions to suspend or delay payments if the bank suspects exploitation, theft or fraud.
Ultimately, investigators and police rely on victims reporting the crime and on financial institutions reporting on suspicious activity that they observe.
Leonor Vereda Consultant and Former Financial Crime Compliance Officer, UBS Basel, Switzerland
CHOCOLATE lovers have been left thrilled after discovering a “strange combo” hidden within a new Cadbury’s bar.
The expert chocolate makers have tried their hand at creating a bold new flavour that has got shoppers going wild online trying to hunt down the sweet treat.
2
The interesting Pink Lemonade Cadbury chocolate bar has finally started hitting shelvesCredit: Facebook / Newfoodsuk
Customers have finally started getting their hands on Cadbury‘s new Dairy Milk Pink Lemonade edition which has recently hit some shelves across the globe.
Advertisement
Described as being the classic Dairy Milk chocolate on the outside with a “flowing raspberry lemonade flavoured centre”, the snack is sure to attract chocolate fans.
A picture of the oozing pink creme coming from the choc soon went viral online with hundreds curious as to what it tastes like.
One intrigued shopper said: “Oooh i wanna try this.”
A second said: “Need to try that.”
Advertisement
As a third simply said: “Yummy.”
Despite the seemingly global appeal for fresh new flavours of chocolate the pink delight is actually only available in one country so far.
Australiais the lucky nation who currently sell the Dairy Milk variation with it being seen in various stores including the iconic Woolworths.
They have the 46g bar’s flying off the shelves at the moment.
Advertisement
For those Brits who are interested in trying out exactly what a mixture of fizzy raspberry and smooth milk chocolate is like then the best bet is to order a bar online.
Ebay are currently advertising a bulk order of the bars online with other companies such as WorldSnacks also having them in stock for a range of different prices.
How to save money on chocolate
WE all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.
Consumer reporter Sam Walker reveals how to cut costs…
Advertisement
Go own brand – if you’re not too fussed on flavour and just want to supplant your chocolate cravings, you’ll save by going for supermarket’s own brand bars.
Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.
Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.
Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.
Advertisement
They usually do this if the product is coming to the end of its best before date or the packaging is slightly damaged.
Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.
So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.
More chocolate bargains
It comes as shoppers are racing to stock up on their chocolate treats for Christmas – don’t miss out.
The mega deal starts online and in stores tomorrow, Wednesday, September 25.
Customers will need a Clubcard to bag the discount – which will see Cadbury Heroes, Celebrations, Cadbury Roses and Quality Street reduced from £6.00 to £3.95.
This means shoppers will be pocketing a 34 per cent discount on the sweet treats and saving £2.05.
You must be logged in to post a comment Login