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List of Top Adsense Earning Bloggers of 2010

2011-03-31T03:36:00.001-07:00

List of Top Adsense Earning Bloggers of 2010

December 11, 2010
Love Your Health Money Family & Relationship

Couple of years back John Chow published a most popular post on his blog named something like the internet’s biggest Google Adsense publishers. And that the list contained eight individuals who were making over six figure incomes online through their websites. Things have changed quite a lot since then. For example, ShoeMoney now deals more with affiliate marketing, Jason Calacanis who was making six figure earnings in a month from Weblogs sold it to AOL, those FreeWebLayouts guys don’t really exist anymore, and a lot of new bloggers have have starting to pop up. Some of them are doing extremely well.
Please note before you continue reading, the list are in no specific order and nor is it complete. I will be adding couple more to this list. I can not guarantee the accuracy of the data presented here. Most of them we will never know until a big thing happens to their blogs, such as John Wu who sold his blog Bankaholic for more than $15 million.
Top Adsense Earning Bloggers of 2010 are:
Amit Agarwal who blogs at Labnol.org – Digital Inspiration: A Technology Blog on Software and Web Applications.
Website Description: Digital Inspiration is an award winning technology blog that helps you in taking maximum advantage of the software tools and web technologies at your disposal so that you spend more time doing things you really love.
Estimated Earnings: AdSense Revenue of Daily $1,500, Monthly $46,000 and Yearly $525,000

Traffic info – This site reaches over 178K U.S. monthly people. The site appeals to a slightly male slanted crowd who are interested in technology related topics such as softwares, internet and web how-tos..The typical visitor subscribes to PC World, reads zdnet.com, and patronizes cduniverse.com.
Alexa Traffic Rank: 2,784. Quantcast Traffic Rank: No Data. Compete Traffic Rank: 5,774.
-
Maki writes his materials on DoshDosh.com – Internet Marketing and Make Money Online blog.
Blog Description: A popular blog about internet marketing, making money online and social media. Includes many tutorials on marketing and money making for beginners to experts.
Estimated Earnings: Adsense Revenue of Daily $600, Monthly $16,000 and Yearly $185,000

Traffic info – This site reaches approximately 11,955 U.S. monthly people. The site attracts a middle aged, HH income up to $60k following.
Alexa Traffic Rank: 8,922. Quantcast Traffic Rank: 105,768. Compete Traffic Rank:14,595.
-
Danny Sullivan leads the blog website at SearchEngineLand.com – Must Read News About Search Marketing & Search Engines.
Blog Description: Search Engine Land is a must read hub for news and information about search engine marketing, optimization and how search engines such as Google, Yahoo, Microsoft Live.com and Ask.com work for searchers.
Estimated Earnings: Google Adsense revenue of Daily $2,500, Monthly $60,000 and Yearly $685,000

Traffic Info: His site has over 256K+ U.S. monthly people. The site is popular among a 35-49, somewhat male following.
Alexa Traffic Rank: 2,020. Quantcast Traffic Rank: 6,046. Compete Traffic Rank: 3,964.
-
Tim Carter showcases his skills for construction and handyman task on his popular blog AskTheBuilder.com – The Home Improvement Resource site.
Blog Description: AsktheBuilder.com: Build and remodel your home the right way. Learn how the master craftsmen of old built things to last.
Estimated Earnings: His website earns from Adsense at the rate of Daily $275, Monthly $7,500 and Yearly $90,000

Traffic Info: Tim’s site ranks in the top 5,000 and gets over 416K+ U.S. monthly people. The site is popular among a skewing older, more educated, somewhat wealthy, more male following.
Alexa Traffic Rank: 18,948. Quantcast Traffic Rank: 4,195. Compete Traffic Rank: 3,508.
–
Please note, so far I have only been able to add only 5 bloggers to this top adsense earning list. I will be adding more top earners. Last updated on November, 2010
As always, please feel free to leave suggestions, ask any questions for help or simply talk about things we just discussed. We highly appreciate your involvement and input everyday, so that we can bring quality content to share with all our visitors.
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8 Responses to “List of Top Adsense Earning Bloggers of 2010”

Zero Earner Says:
January 1st, 2010 at 10:53 am Don’t forget the top Adsense earner to this day is still the Markus Friend, which we all know; Shawn Hogan of this massive DigitalPoint forum; and Darren Rowse of Problogger.net. But I think the top adsense earner is Chris Knight of EzineArticles for sure because he got tons of content that brings in millions of organic search traffic from the web and most important of all he got ads all over the site. lol
TJ Holmes Says:
January 2nd, 2010 at 2:56 pm I would like to know how much John Chow is making these days. And ShoeMoney as well, he used to make six figure years ago, now I wonder how much more he is earning from his blog.
Adsense Tips Says:
January 3rd, 2010 at 3:28 pm I don’t know about other guys, but I know that this labnol guy earns over a $1,000 a day from Google Adsense for sure. He once showed a screenshot image of his earning somewhere. I would easily rank him among the adsense earners among bloggers who are doing it single handedly.
adsense starter kit Says:
January 18th, 2010 at 9:40 pm If anyone wants to know the real truth behind how to make money online with adsense, let me know. There are many people who make lots of money but we kept our blogs and the websites secret. Best way to win in this game is to work hard and look upto the top earners. I aspire myself among these list in the future. Heck if I am lucky and become one of the top 100 adsense earner I would be happy too. Will do happy dance.
padma Says:
December 23rd, 2010 at 4:17 am A quick visit to browse the income by blogging stars great encouragement for bloggers. Keep it up with many more.wish you merry Christmas and a prosperous 2011.http://forexinternationaldesk.com/
making money online is real thing Says:
February 9th, 2011 at 9:25 pm Yes. digg owner income is more then above website.
adsense earning sky high Says:
February 9th, 2011 at 9:53 pm I lIke it good collection but there are many more sites earning more than this
TOP ADSENSE EARNERS 2011 Says:
February 10th, 2011 at 7:01 pm Here’s the list of the top tech gurus earning loads of money with the help of Google Adsense :
1. Markus Frind: PlentyOfFish.com – $300,000 per month
Markus runs a profitable dating site
2. Kevin Rose: Digg.com – $250,000 per month
Kevin partnered with digg.com and runs several similar
websites and ad programs.
3. Jeremy Shoemaker – $195,000 per month
Jeremy runs an online blog and gains lots of exposure
through his success and envy.
4. Jason Calacanis: Weblogs, Inc. – $190,000 per month
He started weblogs and is piggybacking on shoemaker
5. Moe Somani: Classified Intl. – $185,000 per month
Moe sold his retail clothing empire to become a popular tech guru
and runs multiple classified sites and submission tools
6. Tim Carter: AskTheBuilder.com – $30,000 per month
Tim gives advice on building free of charge but support has
him making money throgh adsense.
7. Joel Comm – $24,000 per month
Joel runs several niche sites
8. Shawn Hogan â€” DigitalPoint.com $10,000 per month
Shawn is climbing up fast with his site and he left his job
at McDonalds to start his own site after attending part-time
at a local technical college

Pantheon Resources - Half Yearly Report

2011-03-31T02:51:00.001-07:00

Pantheon Resources (Berlin: P3K.BE - news) plc

Unaudited Interim Results for the six months ended 31 December 2010

Pantheon Resources plc ("Pantheon (LSE: PIN.L - news) " or "the Company"), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, today announces its interim results for the period ended 31 December 2010.

KEY POINTS

· Pantheon is currently preparing for the drilling of the Kara Farms #1H ("KF#1H") well, the second well at its Tyler County venture.

· Progress continues, with the operator recently invoicing the JV partners for funds to complete both the site works for KF#1H and for the cost of the drilling pipe.

· Negotiations to contract a suitable drilling rig are currently in progress, while site works should commence shortly.

· Loss for the six month period ended 31 December 2010 was £379,218 (2009:£702,559 loss).

Further information:

Pantheon Resources plc

Jay Cheatham, CEO

Justin Hondris, Director - Finance &mp; Corporate Development

+44 20 7484 5359

Oriel Securities Limited (Nominated Adviser)

Michael Shaw/Richard Chin

+44 20 7710 7600

STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2010

Pantheon Resources plc ("Pantheon" or "the Company") is preparing for the drilling of the Kara Farms #1H ("KF#1H") well. This will be the second well at its Tyler County venture. Negotiations to contract a suitable drilling rig are currently underway. Separately, the Joint Venture ("JV") is awaiting completion of the site works once the heavy equipment becomes available. The operator, Vision Operating Company LLC, has invoiced the JV partners for the funds required to complete both the site works for KF#1H and for the cost of the drilling pipe.

Pantheon's net average production for the first half year to 31 December 2010 was 21 barrels of oil equivalent per day ("boepd"), compared with 61 boepd in the equivalent period in 2009. At the Bullseye project in South Louisiana, gross production from Jumonville #1 averaged 65 boepd for the period July 2010 to end December 2010. Gross output from Jumonville #2 averaged 166 boepd for the same period. Additional upside remains in the Camerina zone for each of these wells. It remains the intention to recomplete in the Camerina in the future. There also remain two updip locations on the Bullseye project which are considered prospective. The Baptist well in South Texas continues to produce in excess of 100 mcfpd gross.

Financial Review

The Group made a loss for the period ending 31 December 2010 of £379,218 (unaudited) compared with a loss of £702,559 for the equivalent period last year.

The combined production of Bullseye and Baptist, although modest, generates valuable cash flow for the Company. This has been aided by the dramatic increase in oil prices from around US$75 per barrel in July 2010 to around US$100 per barrel in March 2011.

Cash and cash equivalents as at 31 December 2010 were £3,164,118 and the Company has no debt.

Outlook

The calling of funds to complete the KF#1H well site provides a clear indication that progress continues to be made towards drilling this critical well for Pantheon. The key for Pantheon remains to drill and bring the KF#1H well into production. The Board's confidence for the forthcoming Tyler County well and project continues to be undiminished.

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Jay Cheatham, who has over 30 years' relevant experience within the sector.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2010

		6 months ended 31 December 2010	6 months ended 31 December 2009	Year ended 30 June 2010
		(unaudited)	(unaudited)	(audited)
		£	£	£

Turnover		128,347	419,841	639,372
Cost of sales		(134,144)	(313,899)	(700,484)

Gross (loss)/profit		(5,797)	105,942	(61,112)

Administrative expenses before share
based payments and impairment losses		(368,090)	(382,846)	(779,763)
Share based payments		(9,222)	(19,213)	(84,489)
Impairment of intangible assets		-	(272,028)	(312,758)
Impairment of tangible assets		-	-	(1,086,036)
Total (Euronext: FP.NX - news) administrative expenses		(377,312)	(674,087)	(2,263,046)

Operating loss		(383,109)	(568,145)	(2,324,158)

Interest paid		-	(134,595)	(222,074)
Interest received		3,891	181	5,836

Loss before taxation		(379,218)	(702,559)	(2,540,396)

Taxation		-	-	-

Loss for the period		(379,218)	(702,559)	(2,540,396)

Other comprehensive (loss)/income for the period:

Foreign currency movement		(354,202)	4,311	660,535

Total comprehensive (loss)/income for period		(733,420)	(698,248)	(1,879,861)

Loss per ordinary share (basic)	(note 2)	(0.37)p	(1.45)p	(3.34)p
Loss per ordinary share (diluted)	(note 2)	(0.37)p	(1.45)p	(3.34)p

All of the above amounts are in respect of continuing operations.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2010

	Share	Share	Retained	Currency	Equity	Total
	capital	premium	earnings	reserve	reserve
	£	£	£	£	£	£
Group
At 30 June 2010	1,020,998	21,915,804	(15,647,981)	1,092,199	669,917	9,050,937
Net (Berlin: NETK.BE - news) loss for the period	-	-	(379,218)	-	-	(379,218)
Other comprehensive Income:
Foreign currency translation	-	-	-	(354,202)	-	(354,202)
Total comprehensive income for the period	-	-	(379,218)	(354,202)	-	(733,420)
Share based payment - options	-	-	-	-	9,222	9,222
Balance at 31 December 2010	1,020,998	21,915,804	(16,027,199)	737,997	679,139	8,326,739

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2009

	Share	Share	Retained	Currency	Equity	Total
	capital	premium	earnings	reserve	reserve
	£	£	£	£	£	£
Group
At 30 June 2009	398,372	14,723,365	(13,280,569)	431,664	758,412	3,031,244
Net loss for the period	-	-	(702,559)	-	-	(702,559)
Other comprehensive Income:
Foreign currency translation	-	-	-	4,311	-	4,311
Total comprehensive income for the period	-	-	(702,559)	4,311	-	(698,248)
Share based payment	-	-	-	-	19,213	19,213
Transfer of previously expensed share based payment on cancellation of options	-	-	126,153	-	(126,153)	-

Issue of shares	622,626	7,189,628	-	-	-	7,812,254
Balance at 31 December 2009	1,020,998	21,912,993	(13,856,975)	435,975	651,472	10,164,463

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2010

	Share	Share	Retained	Currency	Equity	Total
	capital	premium	earnings	reserve	reserve
	£	£	£	£	£	£
Group
At 30 June 2009	398,372	14,723,365	(13,280,569)	431,664	758,412	3,031,244
Net loss for the year	-	-	(2,540,396)	-	-	(2,540,396)
Other comprehensive Income:
Foreign currency translation	-	-	-	660,535	-	660,535
Total comprehensive income for the period	-	-	(2,540,396)	660,535	-	(1,879,861)
Share based payment	-	-	-	-	84,489	84,489
Transfer of previously expensed share based payment on cancellation of options	-	-	172,984	-	(172,984)	-

Issue of shares	622,626	7,192,439	-	-	-	7,815,065
Balance at 30 June 2010	1,020,998	21,915,804	(15,647,981)	1,092,199	669,917	9,050,937

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2010

	31 December 2010	31 December 2009	30 June 2010
	(unaudited)	(unaudited)	(audited)
ASSETS	£	£	£
Fixed assets
Intangible fixed assets (note 3)	3,619,268	2,262,064	3,539,252
Tangible fixed assets (note 4)	1,444,324	2,149,822	1,597,093
	5,063,592	4,411,886	5,136,345


Current assets
Trade and other receivables	346,586	282,179	345,572
Cash and cash equivalents	3,164,118	6,699,339	3,848,111
	3,510,704	6,981,518	4,193,683
Total assets	8,574,296	11,393,404	9,330,028

LIABILITIES

Creditors: amounts falling due within one year	247,557	257,843	279,091
Short term borrowings	-	971,098	-
Total liabilities	247,557	1,228,941	279,091

Net assets	8,326,739	10,164,463	9,050,937


EQUITY
Capital and reserves
Called up share capital	1,020,998	1,020,998	1,020,998
Share premium account	21,915,804	21,912,993	21,915,804
Retained losses	(16,027,199)	(13,856,975)	(15,647,981)
Currency reserve	737,997	435,975	1,092,199
Equity reserve	679,139	651,472	669,917

Shareholders' funds	8,326,739	10,164,463	9,050,937

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2010

	6 months ended 31December 2010	6 months ended 31December 2009	Year ended 30 June 2010
	(unaudited)	(unaudited)	(audited)
	£	£	£
Net cash (outflow)/ inflow from operating activities	(108,254)	(291,542)	(1,136,567)

Cash flows from investing activities
Interest paid	-	-	(170,227)
Interest received	3,891	181	5,836
Expenditure on tangible fixed assets	696	(99,240)	(206,047)
Funds used for drilling and exploration	(226,124)	(331,278)	(2,048,504)
Net cash inflow from investing activities	(221,537)	(430,337)	(2,418,942)

Cash flows from financing activities
Proceeds from issue of shares	-	7,843,741	7,843,741
Issue costs	-	(377,802)	(377,802)
Short term loans received	-	61,000	61,000
Short term loan repaid	-	(162,714)	(836,536)
Net cash inflow from financing activities	-	7,364,225	6,690,403

Net increase/(decrease) in cash and cash equivalents	(329,791)	6,642,346	3,134,894

Effect of foreign currency translation reserve	(354,202)	4,311	660,535

Cash and cash equivalents at the beginning of the period	3,848,111	52,682	52,682

Cash and cash equivalents at the end of the period	3,164,118	6,699,339	3,848,111

RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

	6 months ended 31 December 2010	6 months ended 31 December 2009	Year ended 30 June 2010
	(unaudited)	(unaudited)	(audited)
	£	£	£
Operating loss	(383,109)	(568,145)	(2,324,158)
Impairment	-	272,028	1,398,794
Depreciation	86,092	187,929	493,846
Loss on retirement of assets	-	-	9,336
Cost of issuing shares and options	9,222	19,213	84,489
Decrease/(increase) in trade and other receivables	(1,014)	(122,765)	(266,811)
Increase/(decrease) in trade and other payables	(31,536)	(210,867)	(189,620)
Effect of translation differences	212,091	131,065	(342,443)
Net cash (outflow)/inflow from operating activities	(108,254)	(291,542)	(1,136,567)

NOTES TO THE FINANCIAL INFORMATION

FOR THE PERIOD ENDED 31 DECEMBER 2010

Accounting policies

A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below.

1.1.

Basis of preparation

This financial information has been prepared using the historical cost convention. In addition, the financial information has been prepared in accordance with the International Financial Reporting Standards ("IFRS") including IFRS 6, Exploration for and Evaluation of Mineral Resources, as adopted by the European Union ("EU") and in accordance with the provisions of the Companies Act 2006.

This interim report has been prepared on a basis consistent with the Group's expected accounting policies for the year ending 30 June 2011. These accounting policies are the same as those set out in the Group's Annual Report and Financial Statements for the year ended 30 June 2010, which are available from the registered office or the website (www.pantheonresources.com).

The group financial information and statements are presented in UK pounds sterling and is unaudited. This interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The comparative figures for the year ended 30 June 2010 have been taken from the Group's statutory accounts for that financial year, which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not contain references to any matters to which the auditors drew attention without qualifying their report and did not contain any statement under section 498 (2) or 498 (3) of the Companies Act 2006.

1.2.

Basis of consolidation

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill.

Goodwill arising on acquisitions is capitalised and subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.

All the companies over which the Company has control apply, where appropriate, the same accounting policies as the Company.

1.3.

Foreign currency translation

(i) Functional and presentational currency

The financial statements are presented in Pounds Sterling ("£"), which is the functional currency of the Company and is the Group's presentation currency.

Items included in the Company's subsidiary entities are measured using United States Dollars ("US$"), which is the currency of the primary economic environment in which they operate.

(ii) Transactions and balances

Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. The resulting exchange gain or loss is dealt with in the income statement.

The assets, liabilities and the results of the foreign subsidiary undertakings are translated into Sterling at the rates of exchange ruling at the year end. Exchange differences resulting from the retranslation of net investments in subsidiary undertakings are treated as movements on reserves.

1.4.

Cash and cash equivalents

The company considers all highly liquid investments, with a maturity of 90 days or less to be cash equivalents, carried at the lower of cost or market value.

1.5.

Deferred taxation

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised or the deferred liability is settled.

Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilized.

1.6.

Exploration and development costs

The Group follows the 'successful efforts' method of accounting for exploration and evaluation costs. All costs associated with oil, gas and mineral exploration and investments are capitalised on a project by project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general corporate overheads. If an exploration project is successful, the related expenditures will be transferred to Developed Oil and Gas Properties and amortised over the estimated life of the commercial reserves on a unit of production basis. Where a licence is relinquished or project abandoned, the related costs are written off. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised.

The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the group to obtain necessary financing to complete the development of the reserves and future profitable production or proceeds from the disposition thereof. When production commences the accumulated costs for the relevant area are transferred from intangible fixed assets to tangible fixed assets as 'Developed Oil &mp; Gas Assets' or 'Production Facilities and Equipment', as appropriate.

Amounts recorded for these assets represent costs and are not intended to reflect present or future values.

1.7.

Impairment of exploration and development costs and depreciation of fixed assets

Impairment reviews on development and producing assets are carried out regularly. When events or changes in circumstances indicate that the carrying amount of expenditure attributable to a successful well may not be recoverable from future net revenues from oil and gas reserves attributable to that well, a comparison between the net book value of the cost attributable to that well and the discounted future cash flows from that well is undertaken. To the extent that the carrying amount exceeds the recoverable amount, the cost attributable to that well is written down to its recoverable amount and charged as an impairment.

Developed Oil and Gas Properties are amortised over the estimated life of the commercial reserves on a unit of production basis

Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs less estimated residual value of each asset over its estimated useful life as follows:

- Production Facilities and Equipment are depreciated by equal instalments over their expected useful lives, being seven years.

- Office equipment are deprecated by equal annual instalments over their expected useful lives, being four years.

1.8.

Share based payments

On occasion the Company made share-based payments to certain employees (including directors) by way of issues of share options. The fair value of these payments is calculated by the Group using the Black Scholes option pricing model. The expense is recognised on a straight line basis over the period from the date of award to the date of vesting, based on the Group's best estimate of shares that will eventually vest.

1.9.

Financial instruments

Information about the impact of financial instruments on the Group's risk profile, how the risks arising from financial instruments might affect the entity's performance, and how these risks are being managed, is required to be disclosed.

The Group's principal financial instruments comprise cash and cash equivalents, trade and other receivables and trade and other payables.

The main purpose of these financial instruments is to finance the Group's operations. The Group has various other financial assets and liabilities such as receivables and trade payables, which arise directly from its operations. It is, and has been throughout the entire period, the Group's policy that no trading in financial instruments shall be undertaken.

The main risk arising from the Group's financial instruments is market risk. This and other minor risks are summarised below. The Board reviews and agrees policies for managing each of these risks.

Market risk

Market risk is the risk that changes in market prices, and market factors such as foreign exchange rates and interest rates will affect the entity's income or the value of its holdings of financial instruments.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return.

The Company does not use derivative products to hedge foreign exchange risk and has exposure to foreign exchange rates prevailing at the dates when funds are transferred into different currencies.

Cash flow interest rate risk

The Group's exposure to the risks of changes in market interest rates relates primarily to the Group's cash and cash equivalents with a floating interest rate. These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are non-interest bearing. The Group does not engage in any hedging or derivative transactions to manage interest rate risk.

In regard to its interest rate risk, the Group continuously analyses its exposure. Within this analysis consideration is given to potential renewals of existing positions, alternative investments and the mix of fixed and variable interest rates. The Group has no policy as to maximum or minimum level of fixed or floating instruments.

Currency risk

The functional currency for the Group's operating activities is the Pound Sterling and for exploration activities the United States of America dollar. The Group has not hedged against currency depreciation but continues to keep the matter under review.

Financial risk management

The Directors recognise that this is an area in which they may need to develop specific policies should the Group become exposed to wider financial risks as the business develops.

Liquidity risk

Liquidity risk is the risk that the entity will not be able to meet its financial obligations as they fall due.

The objective of managing liquidity risk is to ensure as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions.

The entity has established a number of policies and processes for managing liquidity risk. These include:

- Continuously monitoring actual and budgeted cash flows and longer term forecasting cash flows;

- Monitoring the maturity profiles of financial assets and liabilities in order to match inflows and outflows; and

- Monitoring liquidity ratios (working capital).

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group's main counterparties are the operators of the respective projects. Funds are normally only remitted on a prepayment basis a short period before the commencement of drilling. The Group has adopted a policy of only dealing with what it believes to be creditworthy counterparties and would consider obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

Loss per share

	6 months ended 31 December 2010 basic &mp; diluted	6 months ended 31 December 2009 basic &mp; diluted	Year ended 30 June 2010 basic &mp; diluted
	(unaudited)	(unaudited)	(audited)
	£	£	£
Loss attributable to equity shareholders	(379,218)	(702,599)	(2,540,396)
Weighted average of ordinary shares at period end	102,439,914	48,097,898	74,876,908
Loss per share	(0.37)p	(1.45)p	(3.34)p

Intangible fixed assets

	Exploration &mp; development costs
	£
Group
Cost:
At 30 June 2010	3,539,252
Additions	226,124
Effects of foreign exchange	(146,108)
At 31 December 2010	3,619,268

Impairment:
At 30 June 2010	-
Impairment during the period	-
At 31 December 2010	-

Net book value:
At 31 December 2010	3,619,268

At 30 June 2010	3,539,252

Tangible fixed assets

	Developed (Chicago Options: ^RJSDTRUSD - news) Oil and Gas Properties	Production Facilities &mp; Equipment	Office equipment	Total
	£	£	£	£
Group
Cost:
At 30 June 2010	2,654,871	639,441	5,424	3,299,736
Additions	-	(694)	-	(694)
Effects of foreign exchange	(108,611)	(27,385)	-	(135,996)
At 31 December 2010	2,546,260	611,362	5,424	3,163,046

Depreciation:
At 30 June 2010	1,599,969	98,254	4,420	1,702,643
Charge for period	41,787	43,621	684	86,092
Effects of foreign exchange	(66,003)	(4,010)	-	(70,013)
At 31 December 2010	1,575,753	137,865	5,104	1,718,722

Net book value:
At 31 December 2010
	970,507	473,497	320	1,444,324

At 30 June 2010	1,054,907	541,187	1,004	1,597,093

Share based payments

The share options charge during the year for £9,222 relates to options issued in a previous accounting period. The charge reflects the apportioned charge for this period, valued by reference to the Black-Scholes option pricing model taking into account the following input assumptions as outlined below:

Dates issued 11 September 2009

Share price £0.1225

Exercise Price ranging £0.30 - £0.60

Expected volatility 69.2%

Vesting period ranging 11 September 2009 to 30 June 2011

Expected dividends Nil

Risk free interest rate 0.50%

Discount for illiquidity of unlisted options 30%

The volatility percentage is an estimation of the expected volatility in the share price for a junior exploration Company which is listed on AIM having regard to comparative companies, quantum of cash raised, targeted (institutional) investment group and risk profile.

All other options in existence during the year were fully expensed in prior years.

Approval by Directors

The interim report for the six months ended 31 December 2010 was approved by the Directors on 30 March 2011.

Availability of Interim Report

The interim report will be made available shortly on the Company's website (www.pantheonresources.com), with further copies available on request from the Company's registered office.

Events after the Reporting Period

There were no events of any materiality which occurred after 31 December 2010.

ENDIR GIGDXUUXBGBB

Market overview: FTSE 100 up 15

2011-03-31T02:48:00.003-07:00

LONDON (ShareCast) - 1020: Contract caterer Compass (LSE: CPG.L - news) is heading higher after a "slight" increase in like-for-like revenue in the first half of 2010. Satellite communications giant Inmarsat (EUREX: ISAF.EX - news) is also wanted after buying Norwegian maritime broadband supplier Ship Equip for $159m. Interdealer broker ICAP (LSE: IAP.L - news) is heading lower despite enjoying a "solid" fourth quarter. FTSE 100 (Euronext: VFTSE.NX - news) up 15 at 5,964.
0820: Company updates have been given the thumbs up this morning, helping the top share index move closer to the 6,000 point mark. TUI Travel (Other OTC: TTVLF.PK - news) leads the way in the FTSE 100 after saying underlying trading has been "satisfactory" during the last six months and, like Thomas Cook on Tuesday, not changing its estimate of the cost of trouble in North Africa. In the FTSE 250 (FTSE: ^FTMC - news) , London Stock Exchange (LSE: LSE.L - news) is wanted after saying grew average daily value traded in UK equities by 2% over the past year and is finishing the period on a strong note. There is more bad news from the retail sector though. Babycare products group Mothercare (LSE: MTC.L - news) falls after saying margins were squeezed by clearances of Christmas stock. FTSE 100 up 18 at 5,967

£30m online festival con'

2011-03-31T02:48:00.001-07:00

Kara Gammell, 11:32, Thursday 31 March 2011

Festival-goers are being warned to be extra vigilant as fraudsters are set to con them out of £30m this year.
The study by Viagogo, the ticket exchange, has revealed that scammers gearing up to make £3m a month this summer through ticket scams with eBay identified as the hot spot for fraudulent activity. The research has revealed that one-in-six ticket buyers on eBay have fallen victim to a ticket scam with tickets that either never arrived or were found to be fake. While one-in-50 festival-goers last summer fell victim of a ticket scam, with more than 67,000 fans missing out on their chosen summer festival.
Edward Parkinson, director at the ticket exchange, said: "Every time a fan uses a website to buy tickets where sellers are not vetted or held accountable for their actions, they are at risk of being scammed. With the festival calendar arguably looking stronger than ever and festivals selling out at the box office in record time, we estimate that scam artists could make up to £10 million in the build up to the festivals this summer."
Fans are also being warned to be extra vigilant around high demand festivals as a number of suspicious websites are claiming to offer tickets even before the official sale date.
Mr Parkinson pointed out that fans should not judge a site by its appearance and must thoroughly research the sites before they make a purchase.
"Check to see whether the website has been endorsed by events or brands that you recognise," he said.
"Legitimate ticket resale websites will have partnerships with leading entertainment properties. Anyone can make a guarantee but fans must remember that the guarantee is only as good as the guarantor. If a site is selling festival tickets at a price that seems too good to be true, it probably is."

More finance stories from telegraph.co.uk

Cameron rules out big tax cuts at budget

2011-02-05T17:43:00.003-08:00

Prime Minister David Cameron ruled out big tax cuts at next month's budget, confirming in a Sunday newspaper interview that his focus remained on reducing Britain's budget deficit. Skip related content

Business executives killed in Iraq plane crash

2011-02-05T17:43:00.001-08:00

The chief executive of private equity group MerchantBridge and two JPMorgan executives were among seven people killed when a small plane crashed in northern Iraq, officials said on Saturday. Skip related content

Matt Cardle wins!

2010-12-13T02:26:00.001-08:00

It was a close final, impossible to predict. But in the end, it will be Matt Cardle’s cover of Biffy Clyro’s ‘When We Collide’ which will be released as the ‘X Factor’ winner’s single.

The former painter and decorator beat off a strong challenge from Liverpudlian soul singer Rebecca Ferguson after a sing-off in which she sang Duffy’s ‘Distant Dreamer’. And it even seemed that the group in third place, One Direction, could have won it.

But it was to be Matt’s night. After a performance by Take That, the result of the viewers’ vote was revealed and he had beaten Rebecca.

“I want to thank all the judges,” said Matt. “I want to thank everyone who voted for me. And congratulations to everyone who got to the final. I didn’t expect this in a million years. I feel totally blessed, it’s mind-blowing.”

Judge Dannii added: “He deserves it. His family believed in him. Sometimes he didn’t think that he had it. He was brilliant.”

Matt has been the Yahoo! users’ favourite for some time and they were proved right.

“I love him,” wrote Natalie Smith. “And I like his voice,” agreed Ryesh Patel.

“I am pleased for Matt,” said Gary Smith. “He seems like a nice down-to-earth guy. And he’s always performed well.”

There was sympathy for Rebecca too.

“Well done to Rebecca,” said Marlon Barry. “She’s been a class act all the way through. I think I’d really like to buy her album.”

What did you think? Is Matt the right man to win? Do you think Rebecca will make a career now? Will Matt be more like Leona Lewis or Steve Brookstein?

Best credit cards this Christmas

2010-12-13T02:25:00.001-08:00

With Brits planning to spend an average of £414 on Christmas, having the right credit card could help relieve some of the financial pressure.

Image: PA Photos

Consumers will increase their festive spending by 19% this year, according to a survey from shopping site Twenga. On an individual level, this equates to £414 per person.
If you're worried about how you'll foot the bill in the light of government cuts and high inflation, shrewdly spending on a credit card could make things a little easier. We take you through some of the market-leading credit card deals for Christmas shopping and warn about potential pitfalls.

Best for Christmas cashback
If you're savvy, you could use a rewards credit card to earn money on your Christmas shopping. Paying 5% cashback on purchases within the first three months (limited to £100 cashback total), the American Express Platinum cashback card has long been a market leader.

After three months, you earn up to 1.25% depending on your spending. On top of rewards, it offers a six-month interest free period on new purchases.

Alternately, you could earn other types of rewards for your spending. With the BA American Express Credit Card, you could receive 1,000 airmiles by spending more than £500 in the first three months.

What could go wrong
Sounds too good to be true? The reason credit card companies offer such attractive rewards is that many customers don't possess the self discipline to clear the balance in full each month.
As soon as borrowers accumulate a debt on a rewards card, they'll usually start paying interest at a hefty rate - 19.9% APR in the case of both these cards. Fail to clear the balance in full and interest payments could easily outweigh rewards, leaving your finances even more strained in the New Year.

Compare rewards cards today

Best for avoiding interest
Expenses almost invariably increase at this time of year so it could be worth putting your festive spending on a card with 0% purchasing power. Waiving interest for an introductory period, these cards allow borrowers to spread the cost of an item they can't currently afford.

With the Tesco Clubcard Credit Card you get 13 months interest free, reverting to 16.9% thereafter. Further, you earn one Clubcard point for every £4 spent on the card (wherever you shop, not just at Tesco). If you're a regular in the retail giant, these points could bag you future discounts on your supermarket shopping.

Elsewhere, the Barclaycard Platinum Credit Card with Purchase offers a 12-month interest free period and then charges 18.9% APR. What's more, the Barclaycard Freedom programme pays you reward money if you use the card at participating retailers including Pizza Express and Shell.

If you have a Nectar card, you could also get 12 months interest free on purchases with the Sainsbury's Credit Card. Also note this card comes with a lower 15.9% APR at the end of the introductory period.

What could go wrong
Credit card providers may withdraw the 0% introductory offer if you fail to make your minimum monthly repayments or exceed your agreed credit limit, completely undermining your original intention in taking out the card.
Likewise, it could be a mistake to transfer a balance onto a card designed for purchases. Borrowers looking for a balance transfer card could be better off with one of the cards below.

Compare 0% purchase cards today

Best for clearing Christmas debt
Despite our best intentions, some of us will end up overspending during the festive period.

Should this happen, you could pay off your debt more quickly by using a balance transfer card early in the New Year. Both the Barclaycard Platinum Credit Card and the MBNA Platinum Visa Credit Card offer 16-month interest free balance transfer periods. If you took out a card in the New Year, you would have well into 2012 to clear your debts.

What could go wrong?
Despite the advantages of transferring a balance, you should keep an eye on the balance transfer fee. In most cases this is around 3% or £30 on a debt of £1,000.

With both 0% balance transfer and purchase credit cards, it makes sense to pay off the card in full before the interest period kicks in. For instance, Barclaycard charges 16.9% APR and MBNA 16.8%.

Compare balance transfer deals today

Santa's 75 little helpers
Even if you choose not to earn rewards or take advantage of an interest free offer, paying for your Christmas shopping with a credit card could offer extra protection on items between £100 and £30,000.
Section 75 of the Consumer Credit Act allows you to seek compensation from your credit card company if something goes awry with one of your festive purchases. This means you'd have an extra avenue if your goods weren't delivered, were faulty or not as described.

The rates and information in the above article were correct at the date of publication but may be subject to change.

Related links
Which credit card is right for you?
Get rewarded for credit card spending
Partner feature: credit card jargon explained
The new credit card booby trap

EU deal to include investors in default worsened crisis

2010-12-12T13:09:00.001-08:00

Germany and France agreeing to make investors participate in losses in sovereign default was an important factor in the intensification of the euro zone sovereign debt crisis, a Bank for International Settlements report said on Sunday. Skip related content

Half of German loans to Spain are to its banks - BIS

2010-12-12T13:08:00.003-08:00

Almost half of German banks' lending to Spain is to the country's banks whereas most of their lending to Greece is to the public sector, according to a rare breakdown of international lending data. Skip related content

Price by

PriceStock prices
Company name	Last price	Percentage change
Central Securities Corporation	21.37	+0.13

The data released on Sunday by the Bank for International Settlements gives a key insight into whether a country's bank loans to Greece, Ireland, Portugal and Spain are to the public sector, banks or other private sector companies.

Worries about the exposure of banks to peripheral euro-zone countries have spooked investors in the last month, after a debt and banking crisis spread from Greece to Ireland, requiring massive international rescue packages.
Fears have mounted that the crisis will spread to Portugal and Spain, lifting the cost for each country to raise funds.
British banks had $131.6 billion (83.2 billion pounds) of outstanding loans to Ireland at the end of June, which included $31.1 billion (19.6 billion pounds) to banks and $97 billion (61 billion pounds) to other private companies.
French banks had $57.3 billion (36.2 billion pounds) of loans to Greece, including $38.7 billion (24.4 billion pounds) to non-bank private companies and $17.8 billion (11.2 billion pounds) to the public sector. German banks lent $36.8 billion (23.2 billion pounds) to Greece, including $22.6 billion (14.2 billion pounds) to the public sector.
The BIS data showed German banks had $181.6 billion (114.8 billion pounds) of loans to Spain at the end of June, including $81.1 billion (51.2 billion pounds) to its banks and $74.4 billion (47.0 billion pounds) to other private companies. Almost two-thirds of UK bank loans of $104.7 billion (66.2 billion pounds) to Spain were to non-bank private firms.
BIS data are the best indication of cross-border bank lending and have shown how interconnected lending across Europe is.
In its latest quarterly review, BIS said banks cut lending to Europe during the second quarter, in contrast to increased lending to Asia, especially China and India.
Lending to Greece, Ireland, Portugal and Spain fell by $107 billion (67 billion pounds), assuming that all lending was in euros, BIS said. Lending to the public sectors of the four countries fell by $44 billion (27 billion pounds) and loans to banks dropped by $43 billion (27 billion pounds).
(Reporting by Steve Slater; Editing by Toby Chopra)

Dollar emerges as the funding currency of choice - BIS

2010-12-12T13:08:00.001-08:00

Expectations of low U.S. interest rates and one-way bets against the dollar saw it emerge as the new funding currency of choice for FX carry trades, the Bank for International Settlements (BIS) said in its quarterly review. Skip related content

German finance minister criticises bailout 'speculation'

2010-12-12T13:07:00.003-08:00

German Finance Minister Wolfgang Schaeuble on Sunday criticised "speculation" that Portugal and possibly Spain would require a bailout, but stopped short of a denial that such action would be required. Skip related content

Related photos / videos

Wolfgang Schaeuble Enlarge photo

When credit cards are your only option

2010-12-12T13:07:00.001-08:00

Credit card spending is on the rise again. While some debt charities and economists might be concerned, there are times when spending on your credit card isn’t just the right option, it’s the only one.

Daniel Milano, 14:07, Friday 10 December 2010

Monthly spending on credit cards is growing for the first time since 2008, with spending set to exceed £112.5 billion in 2010, independent market analyst Datamonitor reports.
But this doesn't have to be a bad thing. No one would recommend maxing out your plastic to fund a lifestyle you can't afford any other way, but using your cards more and paying off the balance in full each month can make great financial sense.
More than that, in a growing number of situations, cutting up your cards would leave you not just inconvenienced, but entirely incapable of buying certain things.
Here are just some of the situations where credit cards are more than just an optional extra, but allow you to do things that other payment options simply don't.
Building up a credit score
Using a credit card wisely is a good way to demonstrate that you can handle debts responsibly. Diligent users can even build a good credit profile without having to pay interest, which is helpful when looking to secure a mortgage or an increased line of credit.
In fact, rather than making a virtue of you never having owned a credit card or been overdrawn, mortgage lenders have been known to refuse loans because the person applying had never shown evidence that they were good at repaying debt.
By taking out a single card and paying it off in full every month, you can quickly build up the sort of credit history that proves to financial institutions you are responsible and will see you offered the best deals.
Check out your credit report with a free 30-day trial of CreditExpert
Sporting events
Sporting events frequently have strict rules when purchasing tickets. The FIFA World Cup, for example, only allows sports fans to pay with MasterCard.
As Visa is one of the official sponsors of London 2012, they have exclusivity for the use of their products — meaning tickets can only be purchased for the games using Visa's payment system. In addition, when you are at various events, the only plastic you can use has to be supplied by Visa.
Tickets for London 2012 go on sale in 2011 and if you are planning to purchase tickets and you don't have a Visa account, you will have to set one up.
Compare top credit cards now
Keeping your card in your wallet
New technology allows you to pay for things without taking your card out of your wallet or handing over cash - but it's only available to credit card users.
Contactless technology speeds up the purchasing process by removing the need to wait for change or enter a Pin into a handset, without sacrificing security.
When you use one of these cards, the radio frequency identification (RFID) chip creates a unique number for the particular transaction - so even if that number falls into the wrong hands, it will be useless. On top of this, you can only use the card for small purchases and it will periodically ask for your Pin to check someone else isn't using it on your behalf.
For example, Barclaycard Platinum Credit Card and Barclaycard Initial Credit Card customers can benefit by using their card to pay for everyday items for £15 or less which offers convenience if you don't have any cash for a small payment.
Get paid for spending
If you get a credit card with a rewards programme you are eligible for a host of benefits and if you're savvy, you can make your credit card work for you. However, you need to pay off your debt in full each month or you'll face high interest payments that outweigh any rewards you've earned.
For example, the American Express Platinum Cashback Credit Card is the market leader, offering 5% cashback on all purchases within the first three months — up to £100. After that, it pays up to 1.25%.
Taking out this card could be a smart move if you're planning an expensive purchase before the VAT hike in January.
Supermarket shoppers can also earn rewards. With the Tesco Clubcard Credit Card you receive one Clubcard point for every £4 you spend anywhere in the world, but since your card also doubles as a Tesco Clubcard, you'll get that point plus standard points for any money you spend in Tesco itself. These can be exchanged for a selection of rewards including groceries, airmiles and trips to theme parks.
Compare top rewards credit cards now
Emergency funds without savings
For those diligent and well organised savers, this point may not apply to you. If you have arranged an accessible emergency fund you should be in good shape. For the rest of us, having a spare credit card in your wallet, a drawer at home or possibly the glove compartment of your car can provide an instant emergency fund if you lose your wallet or are confronted by an unforeseen expense.
Extra protection
When you buy something with a credit card worth between £100 and £30,000 you get an extra level of protection that you don't receive if you pay by debit card or with cash. Thanks to section 75 of the Consumer Credit Act if you buy something that turns out to be faulty, fails to turn up (even in the event of a company going bust) or is misrepresented you can claim the money back from your credit card provider.
This may be particularly helpful if you're making a purchase online, where goods can arrive broken, not as described or even not at all.
More on Section 75 protection
Renting a car
Most major rental companies require a credit card to initiate or reserve a car for hire even if you plan to pay cash for the car itself. Having a card that offers discounts on car hires is particularly beneficial especially when you take the insurance into account.
When you pay cash, you will have to put up the money for insurance but when you pay with certain cards insurance is already provided.
Compare top credit cards online

World stocks tick higher; bonds stabilise

2010-12-10T17:58:00.001-08:00

World stocks edged higher on Friday as investors grew more confident about the prospect for economic recovery following robust U.S. and Chinese data while Treasuries stabilised after a sell-off earlier this week. Skip related content

Price by

PriceStock prices
Company name	Last price	Percentage change
RBC INC	45.00	–

Friday's data showed China's imports and exports were much stronger than expected in November, robust numbers that served a reminder that Chinese demand was still growing apace and could pave the way for an interest rate rise as soon as this weekend.

Recent figures suggest the United States and stronger European economies are also picking up steam.
"The Chinese numbers and the performance of the U.S. overnight justify a higher start," Heino Ruland, strategist at Ruland Research in Frankfurt, said.
On Wall Street on Thursday, the benchmark S&P 500 index hit a two-year high with data showing first-time claims for jobless benefits fell more than expected last week.
MSCI world equity index rose 0.1 percent while the FTSEurofirst 300 index gained the same amount.
TREASURIES RECOVER
U.S. Treasuries edged up thanks to a strong auction of 30-year bonds that reflected investor appetite. Treasuries sold off heavily earlier in the week on U.S. President Barack Obama's plans to extend low tax rates. However, those plans hit some opposition ahead of a Senate vote next week.
Rising U.S. Treasury yields this week and growing inflation concerns in developing economies -- together with the prospect of tighter Chinese policy -- also encouraged investors to scale back their already overstretched bets on emerging markets.
Emerging stocks lost 0.2 percent, partly on concerns about China's possible measures to tighten the economy.
"Data all suggest that further policy normalization is needed to keep China's economy on an even keel. So far, China has made only modest moves in this direction," RBC said in a note to clients.
"We expect to see more urgency from Beijing in the months ahead as tackling inflation becomes a greater priority, with both rate hikes and currency appreciation likely to be employed."
Ten-year Treasuries were up 8/32 in price to yield 3.185 percent, off a six-month high of 3.330 percent reached on Wednesday.
The sale of $13 billion of reopened 30-year U.S. bonds went through at a yield below the level trading on the open market, indicating investors bid aggressively for the debt, with strong demand particularly from foreign buyers.
The dollar was steady against a basket of major currencies, while the euro was also unchanged at $1.3236.
U.S. crude oil rose a quarter percent to $88.59 a barrel. The bund futures rose 0.2 percent.
(Reporting by Natsuko Waki, editing by Mike Peacock)

Factory gate inflation eases unexpectedly in November

2010-12-10T17:55:00.001-08:00

British factory gate inflation slowed unexpectedly in November after petroleum prices rose less quickly than the same time a year ago, official data showed on Friday. Skip related content

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PriceStock prices
Company name	Last price	Percentage change
CPI Corporation Common Stock	28.59	+0.19
STE GENERALE-A-	41.31	-0.28
INVESTEC	497.60	+0.45

The Office for National Statistics said annual producer output price inflation slowed to 3.9 percent in November from 4.0 percent in October, confounding forecasts for a pick-up to 4.1 percent.

No input price data was available, however. The ONS said it was delaying the publication of these figures until Monday, December 13 due to "potential errors".
Nonetheless, Friday's data should provide some reassurance to the Bank of England that pipeline inflationary pressures are easing even though a rise in VAT next year is likely to keep consumer price inflation well above the Bank's 2 percent target.
"It could be a sign that factory gate inflation is past its peak, which would at least be helpful for goods price inflation at the CPI level if that trend were to be maintained," said Philip Shaw, economist at Investec.
There was no market reaction to the figures.
Before the data, economists had broadly expected that a rise in oil and other commodity prices would push up PPI over the past month.
The ONS said the slowdown in the headline PPI inflation was due to a slower rate of increase in petroleum prices than last year. Nonetheless, petroleum products were the biggest single contributor to output price inflation, up 9.8 percent on the year.
However, core producer price inflation -- excluding oil, food and tobacco -- picked up to 3.3 percent last month from a downwardly revised 3.2 percent in October, but was also below forecasts for a rise to 3.5 percent.
"What surprises me is the muted state of output price inflation given the clear improvement in manufacturing demand. I don't think there are any adverse implications for CPI inflation -- quite the reverse," said Brian Hilliard, economist at Societe Generale. (Reporting by Fiona Shaikh and David Milliken; Editing by Hugh Lawson)

Austrian banker Kohn key to Madoff crimes -trustee

2010-12-10T17:54:00.001-08:00

Austrian banker Sonja Kohn was a "criminal soul mate" of Bernard Madoff for 23 years, running an international network of banks and funds to help perpetrate the biggest fraud in financial history, a court-appointed trustee for the Madoff firm said on Friday. Skip related content

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Bernard Madoff leaves the Manhattan federal courthouse in New York Enlarge photo

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PriceStock prices
Company name	Last price	Percentage change
UNICREDIT	1.70	-0.03

Irving Picard, the lawyer recovering money for the victims of Madoff's decades-long multibillion dollar fraud, sued Kohn and the bank she founded, Bank Medici, as well as Italy's UniCredit and its unit, Bank Austria, and 53 other defendants.

The complaint in U.S. Bankruptcy Court in New York said the litigation seeks to recover $19.6 billion in damages. Since Madoff's arrest two years ago, Kohn has not travelled to New York, where she first met Madoff in 1985 and they became business partners, the 161-page complaint said.
Separate lawyers representing Kohn and Bank Medici, now known as 2020 Medici, were not available to comment.
Picard's complaint said that Kohn's denial to Austrian authorities that she was close to Madoff, was false.
"In Sonja Kohn, Madoff found a criminal soul mate, whose greed and dishonest inventiveness equalled his own," Picard said in a statement. Her husband, her mother and son and daughter were also named as defendants in the lawsuit.
Some of them invoked their Fifth Amendment Rights to remain silent hundreds of times when they were deposed by the trustee, the court document said.
It said even after Madoff's arrest, Kohn laundered hundreds of thousands of dollars through various sham entities. "This dissipation is ongoing," Picard claimed.
The liquidator of BLMIS has filed a blizzard of lawsuits in recent weeks to meet a mid-December legal deadline, the second anniversary of Madoff's arrest.
Madoff, 72, is serving a 150-year prison sentence after pleading guilty in March 2009 to orchestrating a massive Ponzi scheme in which early investors were paid with the money of new clients and almost no actual trading took place.
"THE MEDICI ENTERPRISE"
The complaint dubbed Kohn's part "The Medici Enterprise" and a "deliberately Byzantine structure," and said elements had been "purposefully concealed" from the trustee, United States and other law enforcement authorities.
"We believe that even more information regarding the full scope of this criminal enterprise will be revealed," Picard said.
Separately on Friday, Picard said that his team of lawyers at Baker & Hostetler LLP had reached settlements totalling $80 million with an undisclosed number of charities and nonprofit organizations that withdrew more than they deposited in Madoff's firm.
Overall, about $2.6 billion has been recovered. The trustee and his lawyers have sued individual investors, hedge funds and banks for amounts totalling about $51 billion. They said on Friday that the estimate of the total lost in the Ponzi scheme is approximately $19.6 billion.
Previous estimates of the amount of money that flowed through Bernard L. Madoff Investment Securities LLC (BLMIS) over the decades have varied from as much as $65 billion by U.S. prosecutors to $21.2 billion by the trustee.
KOHN'S CENTRAL ROLE
The complaint claimed that $9.1 billion of stolen money was directly attributable to Kohn, her relatives and a labyrinth of feeder funds and banks in Austria, Italy and Gibraltar. It said Kohn presented herself to potential investors with BLMIS as Madoff's close friend.
"Kohn was paid by both Madoff and by those who sought to invest with Madoff" and lived a luxurious lifestyle, staying regularly at Claridge's hotel in London, the complaint said.
Timothy Pfeifer, counsel at Baker & Hostetler LLP, said that those accused in the Kohn lawsuit were "arguably the single most critical building block" for Madoff's massive fraud.
The amount sought by Picard in the Kohn lawsuit was the largest yet in his bid to collect Madoff money to repay thousands of swindled investors who have made claims in the same court.
It was also the first to cite racketeering claims.
The complaint against Kohn said that Madoff kept records of the BLMIS accounts for which he secretly paid Kohn and may have tried to destroy them before he was caught. Madoff secretly paid Kohn at least $62 million in secret kickbacks for bringing investors to BLMIS, the complaint said.
Kohn and the Medici Enterprise fed almost $4 billion through so-called feeder funds into BLMIS, including Primeo Fund, Thema International, Herald Fund, Alpha Prime Fund, Senator Fund, and Herald (Lux), the complaint said.
It said they had nominally different operating structures or regulatory regimes, but were functionally identical, as each was invested exclusively through BLMIS.
The case is Irving Picard v Sonja Kohn et al, U.S. Bankruptcy Court for the Southern District of New York, No. 10-5411.
(Additional reporting by Sylvia Westall, editing by Dave Zimmerman)

Parking ticket for dead man

2010-12-10T17:53:00.001-08:00

A parking warden ticketed a car in Cambridge without realising the driver was dead in the back seat.
The grey Nissan Qashqai was parked in a pay-and-display bay in a car park at the River Cam, Cambridge when it was ticketed.
The parking warden didn't see the man slumped in the back seat until after he had put the ticket on the car.
Other people parked in the car park thought the man, who was in his fifties, was sleeping in the car.
Parking wardens are forbidden from waking up people in cars in case doing so gives them a shock.
It's thought the driver had parked on Wednesday to do some Christmas shopping and that he suffered a heart attack when he returned to his car.
The police are not treating the as yet unnamed man's death as suspicious.
The parking warden is said to be very disturbed by the experience.
It's not the first time parking wardens have ticketed vehicles with dead occupants - in fact it seems to be surprisingly common.
Three tickets were put on a car in New Mexico with a dead female driver in November, while a dead man in Seattle, USA was ticketed in August.
Kyle Fortune

Royal Attack Raises Questions Over Security

2010-12-10T06:08:00.001-08:00

The attack on a car containing the Prince of Wales and the Dutchess of Cornwall during student protests in London has raised questions about royal security. Skip related content

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Champions League - Top ref reveals most annoying player

2010-12-10T06:07:00.001-08:00

One of FIFA's top officials has hung up his whistle - and immediately spilled the beans on the most annoying player he has ever officiated over.

France joins Germany in quashing e-bonds

2010-12-09T16:58:00.001-08:00

France joined Germany on Thursday in rejecting a proposal for eurozone member states to issue joint bonds as a response to the debt crisis that has seen markets push up borrowing rates. Skip related content

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Audit regulator warns EU over auditing plans

2010-12-09T16:57:00.001-08:00

Radical European Union proposals to shake up auditing and corporate governance could destroy a cornerstone of the successful capital market, a regulator said on Thursday. Skip related content

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EU Internal Market Commissioner Michel Barnier wants to inject more competition into auditing, a sector dominated by just four companies.

Brussels is mulling compulsory rotation of audit partners who check a company's accounts, and making it easier for local auditors to work alongside the "Big Four" who dominate the global sector.
"We are likely to see some fairly challenging proposals from Europe at the outset, but they will be subject to debate," Richard Fleck, a director at the Financial Reporting Council, told an accountancy conference.
"My hope is that we don't end up with Europe taking a damaging approach to some of the good things that go on in financial reporting in a reaction to the Anglo-American model, and secondly in an attempt to advance a number of self interests including some of the more regional firms," Fleck said.
Barnier, who will be grilled by MPs about his regulation plans next Monday, also wants tougher corporate governance so that independent board directors are more questioning and all shareholders have a strong voice.
Fleck said the EU has reservations about the "comply or explain" approach commonly used in Britain whereby companies explain to investors why they are not abiding by corporate governance best practice.
"There are even proposals to replace national contract laws with European contract laws, despite decades of legal precedent in member states, to potentially destroy one of the cornerstones for the capital market's success in the UK," Fleck said.
"Where will this go? Will it happen? You have to hope national allowances come through in the end ... The status quo won't survive," Fleck added.
The FRC polices UK corporate reporting and auditing and will soon publish a paper on increasing company transparency and ensure all board members fully understand the business.
"We are very keen to see an annual report that is fair and balanced," Fleck said.
"I now expect to see that we will be moving towards seeing annual reports that really do make a thorough and coherent start to finish exploration of what the company is about," Fleck said.
(Reporting by Huw Jones; Editing by Will Waterman)

Lapland tourism crippled by Finnair strike

2010-12-09T16:56:00.001-08:00

Businesses in Finnish Lapland on Thursday pressed for a quick end to a 10-day strike by Finnair that is keeping customers away from the Arctic during the brief but vital Christmas season. Skip related content

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FINNAIR	5.34	+1.51

"These two months (December and January) account for 70 percent of Lapland's entire income," said Timo Rautajoki, chairman of the Lapland Chamber of Commerce.

He added that even if the strike were to end today, losses would add up to five million euros (6.6 million dollars).
Finnair has only been able to operate around a third of its flights worldwide after being largely grounded by a Cabin Crew Union strike that began on November 30.
"We demand that the strike negotiations come to some agreement, because this situation is unbearable for Lapland's tourism and our reputation abroad," Esko Lotvonen, head of the Regional Council of Lapland, told AFP.
Even though some charter planes from Britain and Russia, for example, are flying Lapland routes, Finnair is by far the major conduit for travellers to isolated Arctic Circle communities.
"During the strike there should have been around 80 flights to Lapland tourist destinations, but we've flown only half of that," Finnair spokeswoman Hanna-Kaisa Nurmi told AFP.
Rautajoki of the chamber of commerce meanwhile said that the region's tourism had been starting to recover after crashing in 2009 due to the economic crisis.
But he warned that the strike was eating away at the gains that had been made by tourism businesses.
Jyrki Niva, the managing director of Lapland Safaris, said that his company, like many small enterprises, was having to cut down on seasonal workers as the customers suddenly disappeared.
"This week has been a total catastrophe for our business," he told AFP.
Niva said his employees were struggling to keep track of the customers that are getting through because many are being re-routed to other cities hundreds of kilometres (miles) away from where they were supposed to arrive.
"And now foreign holiday organisers are telling us that we're very unreliable as a destination ... it's upsetting, but we are so reliant on Finnair," he said, echoing the frustration that many people in the industry are having with the repeated airline strikes that have occurred in the past year.
A pilots' strike last December also stranded travellers during the crucial Christmas season, while travel was thrown into chaos earlier this year by separate stoppages by baggage handlers and airline mechanics.
"Our small business up here are living hand to mouth, this is terrible for them," head of the Northern Lapland Tourism Board Maaret Mattus said, adding that the strike was also scaring away future customers as this was also the peak season for booking holidays.
She described the past year's airline strikes as a severe blow to the small Arctic communities that build their livelihoods on the Christmas season.
"This is affecting everyone here, absolutely everyone," she added.

Tuition fees protests turn violent

2010-12-09T16:55:00.001-08:00

Thousands of protestors and police have been involved in ugly clashes in Westminster as Parliament votes on a plan to treble university tuition fees. Skip related content

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Fees protesters attack royal couple

2010-12-09T14:27:00.001-08:00

The Prince of Wales and the Duchess of Cornwall have been attacked by protesters as tuition fees demonstrations descended into vandalism and violence. Skip related content

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Charles and Camilla were unharmed after their car was struck and daubed in paint as they made their way to the Royal Variety Performance in central London.

When the royal couple arrived at the London Palladium they appeared relaxed and smiled - though their Rolls-Royce limousine had clear signs of damage.
The passenger-side rear window was badly cracked and the car was spattered with paint thrown in the Regent Street attack
Prime Minister David Cameron said it was "shocking and regrettable" that the royal couple's car had been attacked.
It came amid several hours of violence which saw a number of police and protesters taken to hospital following a series of running battles in the Westminster area after MPs voted to hike tuition fees to up to £9,000.
Protesters attacked a number of Government buildings near the House of Commons, smashing windows at the Treasury and the Supreme Court, vandalising statues in Parliament Square, including that of Winston Churchill, and damaging shops on Oxford Street.
Police condemned the behaviour, with Superintendent Julia Pendry describing the demonstrators' actions as "outrageous". She added: "This is not peaceful protests at all - this is acts of wanton vandalism, wanton violence and a complete disrespect for central London." Twenty people have so far been arrested.
Home Secretary Theresa May said: "I utterly condemn the increasing levels of violence and disorder that some of the protesters have been, and still are, involved in. What we are seeing in London tonight, the wanton vandalism, smashing of windows, has nothing to do with peaceful protest."
And Mr Cameron added that those who came "determined to provoke violence, attack the police and cause as much damage to property as possible... must face the full force of the law".

Continental guilty over 2000 Concorde crash

2010-12-09T13:02:00.000-08:00

A French court blamed Continental Airlines Monday for the 2000 Concorde crash in which 113 died, but did not jail anyone for the disaster that effectively ended commercial supersonic air travel. Skip related content

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AIR FRANCE - KLM	14.14	+0.02
EADS	17.92	-0.57

The court found the US airline criminally responsible for the Paris crash, caused by a strip of titanium that fell from a Continental DC-10 and later shredded the supersonic jet's tyre, which led to a fire in the fuel tank.

Continental was ordered to pay a fine of 200,000 euros for the crash and to pay Concorde's operator Air France a million euros in damages. The US airline said it would appeal against the ruling, which it termed "absurd".
The judge gave Continental employee John Taylor a 15-month suspended jail sentence for having incorrectly manufactured and installed the titanium strip.
His supervisor Stanley Ford, accused of approving Taylor's work without checking it, was acquitted, as were three French aviation officials, including the former head of the Concorde programme, 81-year-old Henri Perrier.
Perrier -- who directed the Concorde programme at Aerospatiale, now part of EADS, from 1978 to 1994 -- had been accused of ignoring warning signs from a string of incidents on Concorde planes before the accident outside Paris.
Flight 4590 to New York smashed into a hotel in a ball of fire just after take-off from Charles de Gaulle airport on July 25, 2000, killing 100 mostly German passengers and nine crew on board and four people on the ground.
The US airline issued a statement slamming the "absurd" ruling, which it said was aimed at deflecting responsibility from Air France.
"Portraying the metal strip as the cause of the accident and Continental and one of its employees as the sole guilty parties shows the determination of the French authorities to shift attention and blame away from Air France, which was government-owned at the time and operated and maintained the aircraft, as well as from the French authorities responsible for the Concorde's airworthiness and safety," it said.
"To find that any crime was committed in this tragic accident is not supported either by the evidence at trial or by aviation authorities and experts around the world."
The court said French officials were guilty of "no serious misconduct" after being accused of failing to draw lessons from exploding tyre incidents that dogged Concorde from 1979 until the fleet was permanently grounded in 2003.
The officials had made design changes to strengthen the supersonic jet's tyres but not the fuel tanks, one of which was ruptured by shredded rubber from the burst tyre.
While clearing the aviation officials of criminal charges, the court ruled that planemaker EADS bears some civil responsibility and should pay 30 percent of any compensation to victims' families and Continental the rest.
Most of the families of the people who died in the crash agreed not to take legal action in exchange for undisclosed levels of compensation from Air France, EADS, Continental and Goodyear tyre maker.
Continental had denied that the titanium strip triggered the disaster by shredding Concorde's tyres, with lawyer Olivier Metzner insisting the supersonic jet had already been on fire for 700 metres (yards) of runway.
Metzner maintained throughout the four-month trial hearings that ended in May that Air France's maintenance was negligent and the plane should never have been allowed to fly.
But the court ruled that "none of the evidence collected or witness testimony corroborates" this theory, instead criticising Continental for its "defective maintenance."
A separate suit by Air France against Continental for commercial damages has been on hold pending the outcome of the criminal trial.
The prosecution had demanded a fine of 175,000 euros for Continental and suspended jail terms for the two Americans as well as for Perrier, who was absent from court for health reasons.
During their 27 years of service, the jets suffered dozens of tyre blowouts or wheel damage that in several cases pierced the fuel tanks -- a flaw that Perrier's team and the French civil aviation were accused of missing.

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