Tuesday, July 16, 2013

Guardian Still Losing Half-a-Million a Week

Guardian News and Media made an annual loss of £30.4 million last year, as hard as they try to spin it that still means they are haemorrhaging half a million quid a week. Guardian Media Group made an operating loss of £54.8 million last year, reporting profits before tax of £22.7 million. Presumably meaning their profits after tax were £22.7 million. For three years Guido has been asking GMG where their 50.1% stake in TMG (Autotrader) is held. Guido has asked the GMG CEO Andrew Miller and Alan Rusbridger, who to be fair – despite sitting on the GMG board – admitted he had no idea. Also fortuitously Guido was sat at a lunch next to Dame Liz Forgan chair of the Scott Trust, asked her about GMG’s offshore secrets and she said Guido was the last person she would tell. So much for that famed commitment to openness and transparency.  Still no answer, we’re working on the theory that they have created an aggressive tax avoidance structure – solely to avoid UK tax – maintaining for 7 years an offshore Cayman’s holding corporation.*

Some good news though: the Guardian annual report says their hedge fund investments and investments exploiting third world emerging markets are performing well. Alan Rusbridger meanwhile took home total remuneration of £491,000, with chief executive Andrew Miller pocketing £769,000, including a £100,000 bonus fat-cat bonus putting him on some 72 times the earnings of the Guardian’s lowest paid staff. Austerity is only for the staff…

*If any bean counters have any ideas as to why Trader Media Group’s financing costs are so high when it is so profitable, please share in the comments, could it be that they loaded the onshore part of the group up with debt that is serviced by paying the interest, presumably tax-free, offshore to the GMG Caymans holding company? They then can use the tax free profits to support the loss making journalism? Does that theory make sense? How exactly does the money flow from TMG to GMG?

See also Guardian’s Offshore Secrets

Friday, July 12, 2013

First New Snowden Photo

Wearing the same shirt as the last time he was pictured, he certainly has the look of a man who has slept in an airport for the last two weeks…

Via Guardian.

Grande Floppuccino

By Guido’s calculations the Guardian coffee shop is costing them £240,062-a-year, that’s around £20,000 blown already since it opened at the end of May. They were clearly having a slow start when Guido paid them a visit, though perhaps things have picked up? One co-conspirator decided to find out yesterday lunchtime:

The numbers don’t look good either. At prime time they had only sold 94 cups, well short of the 270-a-day they need to stay afloat.

Maybe Guido is being unfair and it’s not just Guardian Coffee that is struggling. How might the other cafes and restaurants in the Shoreditch box park be getting on by comparison?

Oh dear…

H/T @libdemlife

Monday, July 8, 2013

Telegraph’s Rowena Mason Off to Guardian

Congratulations are in order for the Telegraph’s political correspondent Rowena Mason, who has landed a move to the Guardian. She is off in the next few weeks. Perhaps a more natural home.

Rowena isn’t taking Guido’s calls, this time…

Wednesday, July 3, 2013

Seumas Milne Despairs at Fall of Berlin Wall

Given the incredible footage of the mass protests coming out of Egypt against an Islamist leader who has betrayed his country’s transition to democracy, you might have thought our metropolitan liberal elite would come down on the right side for once. As ever, the strongest defence of a terrible regime comes from the Guardian’s former Stalinist Seumas Milne. In Milne’s warped world, apparently tearing down the Berlin Wall was a bad thing:

“The tumultuous Paris upheaval of May 1968 was followed by the electoral victory of the French right. Those who marched for democratic socialism in east Berlin in 1989 ended up with mass privatisation and unemployment. The western-sponsored colour revolutions of the last decade used protesters as a stage army for the transfer of power to favoured oligarchs and elites. The indignados movement against austerity in Spain was powerless to prevent the return of the right and a plunge into even deeper austerity.

In the era of neoliberalism, when the ruling elite has hollowed out democracy and ensured that whoever you vote for you get the same, politically inchoate protest movements are bound to flourish. They have crucial strengths: they can change moods, ditch policies and topple governments. But without socially rooted organisation and clear political agendas, they can flare and fizzle, or be vulnerable to hijacking or diversion by more entrenched and powerful forces.”

Bonkers…

Sunday, June 30, 2013

Observer Pulls Splash After Source Turns Out to Be 9/11 Truther
Read Pulled Story in Full Here

Today’s Observer first and second editions look very different:

A quick Google of Wayne Madsen, their source for a series of serious allegations made against the National Security Agency, would have told them he is a conspiracy theorist who believes Mossad were involved in 9/11 and that President Obama is gay. Here is the Observer story that was humiliatingly pulled late last night:

“At least six European Union countries in addition to Britain have been colluding with the US over the mass harvesting of personal communications data, according to a former contractor to America’s National Security Agency, who said the public should not be “kept in the dark”.

Wayne Madsen, a former US navy lieutenant who first worked for the NSA in 1985 and over the next 12 years held several sensitive positions within the agency, names Denmark, the Netherlands, France, Germany, Spain and Italy as having secret deals with the US.

Madsen said the countries had “formal second and third party status” under signal intelligence (sigint) agreements that compels them to hand over data, including mobile phone and internet information to the NSA if requested.”

You can read the full pulled story here. Guardian journalists are this morning frantically distancing their paper from the Observer, despite them sharing a website and a boss. Google is your friend…

Tuesday, June 18, 2013

Wake Up and Smell the Losses

Guido has done his best to provide free advertising for the Guardian’s ill-fated coffee shop, yet it all seems to have been in vain. This is the scene in Shoreditch sent in by a reader this afternoon:

At the time of going to pixel just 41 cups have been sold today, well short of the 270-a-day they need to flog to break even. Perhaps they are being put out of business by all those fake GCHQ coffee shops they’ve been telling us about…

Friday, June 14, 2013

Glenn Greenwald: In His Readers’ (Predictably Unkind) Words

The award for the stupidest idea of the week goes to the Guardian, who are encouraging readers to fill out a template offering their opinions on Glenn Greenwald and publishing the results without moderation. Cue the predictable:

Fair to say there are lot in a similar vein. Read them and share your own thoughts here. Why do they do it?

Thursday, June 13, 2013

Guardian Will Give Your Data to Intelligence Agencies

Google, Microsoft, Apple et al denying Glenn Greenwald’s claim that they allowed the National Security Agency “direct access” to their servers was pretty awkward for the Guardian. Obviously the last brave freedom fighters defending us against an omnipotent surveillance would never do that, right? Here is the Guardian’s own privacy policy:

“Please note that we reserve the right to access and disclose personal data to comply with applicable laws and lawful government requests, to operate our systems properly and to protect both ourselves and our users.”

The same rule the software giants say they play by. Is this “direct access”?

H/T @guywalters

Tuesday, June 11, 2013

Another Guardian “Deleted Voicemail” Moment

As Putin winds up Obama by offering whistleblower Edward Snowden asylum in Russia, the wheels are beginning to come off of the Glenn Greenwald global gloating tour. Yesterday, in his usual tetchy style, he let slip that he had been working with Snowden in February, before he started working for private NSA contractors Booz Allen in March. As Guy Walters notes it could look like Greenwald and Snowden planned to look for abuses, quite plausibly to serve their own agenda.

David Allen Green notes that no evidence has yet been produced that anyone working for the NSA or GCHQ breached any law whatsoever, or that any information was obtained without a court order. Anyone except Snowden; who likes to type under a hood so satellites cannot see his screen.

Bob Cesca raises real questions over the veracity of Greenwald’s journalism. First, his assertion – repeated four times in his original article – that the NSA has “direct access” to the Google, Apple, Microsoft etc servers, is contested by the companies themselves. They insist the NSA had to pass the safeguard of agreeing consent. Unless they are not telling the truth, the phrase “direct access” is an exaggeration. Guido is still sceptical of their denials, but the Guardian accused them of “direct access” without evidence.

Secondly, the Washington Post has amended its own original story, now saying that PRISM was used to “track foreign targets” and not US citizens. Greenwald has not changed his own story that US citizens were targeted. Why the change from WaPo; why the sudden, unexplained discrepancy?

Once again the Guardian have lit the touch-paper only for it to emerge that the most damning part of the story is evidence free. Maybe it was the NSA that deleted those Milly Dowler text messages? Guido understands that Alan Rusbridger is in New York at the moment. He should be mopping up not boasting…

See also: More Questions for Glenn Greenwald.

UPDATE: This, according to the Mail, is the girlfriend Snowden left in Hawaii:


Seen Elsewhere

From the IRA to Windsor Castle | WSJ
Coulson: Everything You Need to Know in 6 Seconds | MediaGuido
Mo Ansar’s Silence | Adrian Hilton
Gove Loses WWI Battle | Conservative Woman
5 Reasons Labour Likely to Win General Election | Sunny Hundal
Dave Surrounded By Topless Women | Sun
UN Loony says Britain Most Sexist Country | Sun
Farage is a Good Reason to Leave the EU | Dan Hannan
UKIP Blocked Expenses Questions | Times
NHS Showdown Coming | Paul Goodman
Sons of Brown | Telegraph


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Cathy Jamieson MP, Labour’s Shadow Treasury minister, commenting on Treasury analysis of the economic impact of tax changes…

“If the Treasury is looking at the economic impact of tax changes, then surely it should examine the impact of the rise in VAT and cuts to tax credits? George Osborne’s £12 billion VAT rise knocked confidence, helped to choke off the recovery and has cost families £1,350 over the last three years.”



orkneylad says:

What’s he been doing FFS, mining bitcoins?


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