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SBD Global/December 17, 2013/FinancePrint All
British power supplier Aggreko "has won contracts to supply power" at the 2014 World Cup in Brazil and the 2014 Commonwealth Games in Glasgow, "following a challenging period" for the company, according to Angela Monaghan of the London GUARDIAN. Shares in Aggreko rose 5.8%, "making it the biggest FTSE 100 riser on Monday morning." The contracts "are a welcome boost for the company, which faced a weakened outlook at the end of last year," when the end of its 2012 London Olympics contract "coincided with declining military work and doubts over contract extensions in Japan, prompting two profit warnings in two months" (GUARDIAN, 12/16). INSIDE WORLD FOOTBALL's David Owen reported the move is expected to save about $20M in running costs for the 12 World Cup host cities. Under the deal, Aggreko, which has "wide experience of working on major events," will "provide temporary broadcast power solutions" for 2014 World Cup stadiums, "as well as the international broadcast centre in Rio de Janeiro." FIFA TV Dir Niclas Ericson said he was "delighted" that Aggreko had joined the operational lineup. Ericson said that "reliable and consistent broadcast power provided by temporary infrastructure was 'essential' to ensure that the images from the 12 stadiums are transmitted to 200-plus countries and territories worldwide." The deal was "of huge importance" since it not only ensured "the successful delivery of the TV images, but will also result in a significant reduction in operational investments for all 12 host-cities" (INSIDE WORLD FOOTBALL, 12/16).
The French government on Friday performed a U-turn and "exempted Monaco from paying the 75 percent tax" on earnings of more than €1M ($1.37M) that will be introduced in '14, according to the AFP. Deputies in the National Assembly had agreed that Monaco, which is subject "to vastly different tax laws in the principality, would also be subject to the controversial new tax imposed on all other professional clubs in the French league set-up." However, Budget Minister Bernard Cazeneuve confirmed on Friday afternoon that "the decision had been reversed because of the 'risk' that the tax law could be considered unconstitutional if applied to a company not registered in France." As a result, a narrow majority (12 to eight) of deputies "went back on their vote of the previous night." However, Cazeneuve added that the aim was still to "treat all clubs equally." The amendment agreed by MPs on Thursday ahead of the '14 budget "sought to force all foreign-based sports clubs affiliated to a French federation and playing in a French competition to pay the tax" (AFP, 12/13).