Blockbuster exploring strategies to scratch back: inform

Wed Feb 24, 2010 1:12am EST Related News UPDATE 4-Movie Gallery files bankruptcy, to shut 805 storesWed, Feb 3 2010Movie Gallery hires restructuring lawyers-sourcesThu, Jan 28 2010Movie Gallery preparing to file bankruptcy -WSJWed, Jan 27 2010

(Reuters) - Blockbuster Inc has hired a law firm and an investment bank to explore how the video rental firm can cut its $1 billion debt load, the Wall Street Journal reported on Wednesday.

Law firm Weil, Gotshal Manges and the bank, Rothschild Inc, will also look at other strategies, such as acquisitions or partnerships, the newspaper said, citing people familiar with the matter.

Bondholders have also begun talking with potential advisers to move toward reworking Blockbuster"s capital structure, such as converting debt to equity, the WSJ said.

"We don"t contemplate filing for bankruptcy," it quoted Chief Executive Jim Keynes as saying.

Blockbuster is struggling to pare huge debt it inherited a decade ago when it was spun off from Viacom Inc, while trying to handle the increasing challenge from Netflix Inc and Redbox as well as Apple, Amazon.com, Google, Hulu and cable companies that have expanded video-on-demand offerings.

Blockbuster has also been in talks with Hollywood Video rental chain Movie Gallery Inc, which filed for bankruptcy the second time in three years earlier this month, about acquiring assets, the business daily said.

Last month, the once mighty U.S. video chain, said it had a weaker-than-expected holiday season, fueling concerns about its viability.

The company, which already has sold off most of its international operations and may shut as many as 20 percent of its U.S. stores this year, said it plans to further reduce costs in 2010 and to remain "conservative" in its spending.

However, the restructuring discussions are in early stages and no major actions appear imminent, the paper said.

Blockbuster could not be immediately reached for comment by Reuters outside of regular U.S. business hours.

The firm"s shares are trading around 38 U.S. cents, down from 67 cents at the end of 2009 and far off heights of more than $28 in 2002.

(Reporting by Archana Shankar in Bangalore; Editing by Neil Fullick)

Running the nation shouldnt be childs fool around Alice Thomson

Alice Thomson & , : {}

Why are we so obsessed by all our leaders having children? Its not enough for them to tackle the national debt, they have to be able to blow up a paddling pool (Gordon Brown), opine on Gina Ford (Nick Clegg) and begat lots of children (David Cameron). If you arent fecund you may as well not try to become prime minister. You will be sidelined because you dont understand, hard-working families; your childs first smile is what makes you part of the human race.

Winston had Mary, Randolph, Sarah, Diana and Marigold. Margaret had the twins. Tony gave us Euan, Nicholas, Kathryn and baby Leo. Ted Heath was always considered strange for preferring the piano over the patter of tiny feet.

Bachelor Brown was beaten to the leadership of the Labour Party before he found Sarah. Being able to juggle prams, potties and Pingu DVDs with red boxes, Mr Brown later admitted, was vital if you aspire to the top job. As a father, any time I now see a child suffering, I feel thats a stain on the soul of our society, he explained.

William Hague was plagued by the question of whether he and Ffion would give the Tories a baby. Michael Portillo suffered during the Tory leadership election in 2001 because he didnt procreate.

BACKGROUNDElection baby for Samantha CameronCameron: okay, Im a posh babyface Baby is due during the Party conference seasonSamantha Cameron prepares for battle

Voters expect the father of the nation to be the father of a family. Mr Blair was the first to realise the power not just of kissing other peoples babies but producing his own. Being a dad with a mug transcended class and showed a real investment in the countrys future. President Obama set the stakes even higher: Malia and Sasha are held up as examples, make their own beds, give away their Christmas presents and help their mother in the vegetable plot.

But it is bizarre that voters want a prime minister who is going to be distracted every time he goes up the stairs, a leader whose first priority, unless he is callous and coldhearted, is going to be his family, a politician who is sleep-deprived rather than alert.

Being prime minister to 60 million Britons requires concentration. In her book Speaking for Myself Cherie Blair explained that they were frequently woken by Leo during the night just after a European summit or before a G8 meeting. Her children were also blamed for everything from the Dome (after its content was subjected to the Euan test) to getting drunk in Leicester Square. It may be better if leaders had to stay single, wedded to their vocations.

Many of the most productive politicians dont have children. Lord Mandelson seems to be writing Labours manifesto and running the election campaign single-handedly (his dogs dont demand bedtime stories). While Mr Clegg complains that Miguel, his one-year-old son, doesnt sleep through the night, Vince Cable, unencumbered by baby bottles, is demolishing Labours economic record. Ann Widdecombe, Betty Boothroyd and Barbara Castle, among the most impressive women in politics, never had to worry that they werent going to make it to parents evening. They could concentrate their energies on their jobs.

Policies are also affected. With Leo crawling about above the state rooms, Mr Blair increased maternity and paternity leave and child benefit. As a mother of four I applauded, but the one in four who is childless had to cough up for Surestart programmes and after-school clubs as well as covering year-long maternity leaves. Those who dont have children are ignored while every would-be incumbent of Downing Street worships at the Mumsnet shrine.

The irony is that while we demand that our leaders appear normal, the most superhuman father would struggle. Whether it is Mr Cameron or Mr Brown bouncing on the Downing Street trampoline in June, one thing is certain: they cannot have it all. Either their children or the country will have to take second place.

Rio and Chinalco pointer $1.35bn Simandou iron ore project

Times Online & , : {}

Rio Tinto, the Anglo-Australian miner, has sealed a $1.35 billion (892 million) understanding with the Chinese miner Chinalco to rise a outrageous iron ore margin in Guinea.

Under the conditions of the non-binding agreement Rio, that owns 95 per cent of the large Simandou project, pronounced that the state-owned Chinalco would take an primary 47 per cent interest for $1.35 billion.

The agreement comes at a ethereal theatre of family in between Rio and China. On Monday 4 Rio executives, together with the Australian adult Stern Hu, will face hearing in Shanghai charged with receiving bribes and enchanting in industrial spying during iron ore stipulate negotiations.

Last Jun Rio deserted a $19.5 billion partnership with the Chinese association in foster of a corner try with BHP-Billiton, the rival.

Related LinksNo pretence is off boundary to a assured BeijingRio Tinto and Chinalco looking Guinea dealSavers need inducement to plume own Nests

"We have prolonged believed that Rio Tinto and Chinalco could work together on vital projects fo mutual benefit," Tom Albanese, Rio"s arch executive, pronounced currently in a statement.

Rio pronounced that the project, that involves building a whole a mine, a railway and a port, would emanate tens of thousands of jobs in the bankrupt West African nation during building a whole and about 4,000 full-time posts when operations start.

"Chinalco brings the own skills and capabilities in vital projects and entrance to the infrastructure imagination of alternative Chinese organisations,"" Mr Albanese said. "We hold the Simandou plan is a large-scale, long-life item and is the singular most appropriate underdeveloped source of high-grade iron ore."

The Simandou cave contains an estimated 2.5 billion tonnes of high-quality iron ore and could furnish 200 million tonnes a year, relating Rio"s complete Pilbara operation in Western Australia.

However the company, that has been operative on Simandou for about twelve years, has had difficulties building the mine. It is fighting a a statute by the country"s troops rulers that nude it of a northern territory of the land that was since to the miner BSG Resources, owned by Beny Steinmetz, the Israeli billionaire.

Only a couple of areas around the universe have enough concentrations for long-term, mercantile mining of iron ore.

Simandou, that could beget revenues of at slightest $10 billion a year, would be the initial big iron ore cave outward the strongholds of Australia, Brazil and South Africa. It would additionally give China the initial approach interest in a high-quality, large-scale iron ore mine.

Rio"s comparison officials not long ago summarized plans to make firm family with China. Mr Albanese is scheduled to attend the China Development Forum in Beijing this weekend.

hair wig

Phil Neville can fill the opening in England patrol left by Wayne Bridge International Football

Patrick Barclay, Chief Football Commentator & , : {}

With a bit of luck, Wayne Bridges withdrawal from the World Cup will infer educational as Ashley Cole recovers from damage in great time to resume his on all sides as Englands left behind in South Africa. Then all Fabio Capello will need is a deputy for Bridge on the bench.

Before we residence some-more murky assumptions and the subject of either England, with all the complications that have arisen over new weeks, sojourn critical possibilities for the title, let it be stressed that Bridge deserves no critique over his decision. Far from it; his have a difference was cool and definitely understandable, as well as perfectly timed prior to Capello names his patrol for the accessible compare opposite Egypt at Wembley.

The last thing England need is a stability sideshow, a diversion from the technical and tactical issues that need to be addressed on Wednesday and in the dual serve matches prior to England flog off their debate in Rustenburg. They concern, between others, the surreptitious means of Bridges withdrawal: such was John Terrys opening for Chelsea opposite Inter Milan in San Siro last night that a little of us wondered if he, rather than Bridge, should dump out of the squad.

But Terry, armband or not, is a tie in Capellos defence. Alongside Glen Johnson and, when fit, Rio Ferdinand, his inheritor as captain. But who right afar deputises for Cole? My choice, since a transparent field, would have been immature Kieran Gibbs, of Arsenal, but he as well is regarded as doubtful to be match-fit by early June.

Related Links"Devastated" Bridge snubs EnglandCapello hopes time will heal injuries and egosMultimediaOLIVER KAY QA: Bridge has shop-worn World Cup hopes DEBATE: Has Bridge let down the nation?

Joleon Lescott? The actuality that he plays a opposite role, centre back, for Manchester City would not severely have a difference if his general appearances hitherto had been unconditionally convincing. But he tends to see nervous. Leighton Baines has admirers, but is untested, whilst Nicky Shorey fails to magnitude up. While the most appropriate fit English left behind in the Barclays Premier League is Gareth Barry by a mile, Capello would perceptibly instruct to lose the shift he provides in executive midfield.

So Stephen Warnock, his Aston Villa colleague? He should be tested at the initial opportunity, but, the some-more you think about it, the some-more you consternation if a stop for Phil Neville competence have sense; nonetheless Everton have use of him anywhere alternative than left back, he played there for England mostly sufficient in his girl (least happily when he gave afar a match-losing chastisement opposite Romania at Euro 2000) and stays an glorious professional.

All in all, it is as well shortly to be worrying unduly. Yes, I know I sloping England to win the World Cup. And I have proposed to sidestep my bets. But vagaries of form, fitness and even in isolation hold up can have the design shift quickly. There is positively no fact for branch the depart of Bridge in to the wake of a nation.

hair wig

Tory confidant says Cameron cannot equivocate raising taxes Politics The Observer

Sir Alan Budd expel doubts on Conservative claims that they could move the open necessity underneath carry out but raising taxation. Photograph: Martin Argles

A Conservative supervision would have to lift the ubiquitous turn of taxation as well as cut spending to move the mountainous open necessity underneath control, the economist who will head the Tories" new spending watchdog has insisted.

Sir Alan Budd, who will lead a new bureau for bill shortcoming if David Cameron wins power, has additionally expel disbelief on Conservative claims that they can lift down spending amply merely by "efficiency savings", but attack frontline services.

The remarks, echoed by Lord Turnbull, a former cupboard cabinet member underneath Tony Blair, are contained in Cameron Uncovered, a hard-hitting Channel 4 documentary about the Tory personality to be promote tomorrow evening. The programme is presented by the Observer"s arch domestic writer Andrew Rawnsley.

While the Tories have not ruled out taxation rises, together with an enlarge in VAT, they are perplexing to encourage electorate forward of a ubiquitous choosing by emphasising that the bulk of spending cuts can be completed but the suffering of taxation rises, and by potency savings.

But Budd, a arch mercantile confidant to Tory chancellors in between 1991 and 1997 and one of the strange members of the Bank of England"s financial process committee, pronounced the line was tough to defend.

"It is going to be really formidable in law to grasp the kinds of cut in necessity that will be indispensable but a little increases in the ubiquitous turn of taxation similar to that," Budd says. "It only doesn"t appear to me probable to do it all on the open spending side."

He questions either required spending reductions can be completed but a approach stroke on frontline services. "You can"t keep the same turn of services, publicly funded, as are now running. It"s easy to contend "get absolved of waste". Everybody will get absolved of waste, but in the finish people notice that there aren"t the services they formerly had."

Turnbull, who has been assisting Cameron and his shade chancellor, George Osborne, safeguard their process programme will mount up to scrutiny, tells the programme it is not "believable" to contend all frontline services can be protected. "I don"t think it"s believable. It"s transparent that frontline services are going to be in for a really mean, gaunt time."

Osborne tells the programme, however, that it is wrong to contend frontline services will fundamentally be hit. "I don"t accept that," he says. "The total Conservative argument, the total complicated Conservative argument, is that you need constructional remodel to open services to enlarge their productivity, so we get some-more for less.

"So I think you can urge the approach these services are delivered and live inside of the equates to as a country. These are not exclusive things," the shade chancellor says.

Earlier this year the shade commercial operation secretary, Ken Clarke, pronounced taxation increases were something "every Conservative attempted to avoid". But he refused to order them out. Asked about the awaiting of a climb in VAT from 17.5% to 20%, Clarke said: "When you"re the majority gladdened nation in the horse opera universe ... afterwards you cannot begin earnest you are not ever going to begin augmenting taxation.

"We will try to equivocate it, we"ll minimise it if we have to, by carrying correct carry out of open spending, that we haven"t had in this nation in the last twelve years."

Setting up the bureau for bill shortcoming will be one of the initial acts of a Tory supervision so it can tell forecasts forward of the puncture bill programmed inside of the initial 50 days of a Conservative administration.

Osborne has pronounced it will be down to him and the supervision "to comment for promises done to the British people". Budd has pronounced the bureau will "keep the chancellor"s feet to the fire".

Meanwhile, Cameron affianced yesterday that a Conservative supervision would crack down on rubbish and extreme bureaucracy from "day one".

In a debate to the Welsh Conservative discussion in Llandudno, the Tory personality pounded Labour"s "spendaholic culture" and regularly pronounced he longed for to broach "more for less".

He pronounced shortening final on the state and reforming open services would have "a surpassing impact" on how most the supervision spent. "But the law is, it might take years to feel most of the benefits – and we can"t means to wait for that long," he said.

"We need to begin removing some-more for less from day one. So there is a third member to the plans – slicing out waste."

Craig Bellamy should watch his tongue, says Chelsea"s John Terry Football

John Terry has responded to Craig Bellamy"s critique of his character, suggesting the City brazen is a hypocrite. Photograph: Scott Heavey/Action Images

John Terry has pronounced Craig Bellamy might be guilty of pomposity following the Manchester City player"s vicious comments per his event with the mom of Wayne Bridge"s child.

Terry has finished no open criticism about the reports of his extra-marital event with Vanessa Perroncel, a story that cost him the England captaincy and a long-standing loyalty with Bridge, but he has responded to the views of Bellamy.

Speaking after Manchester City"s 4‑2 feat at Stamford Bridge on Saturday, Bellamy pronounced of Terry: "Everybody in football knows what the man is like. But that is off the field."

Terry"s repartee was purposeful and to the point. "People in glasshouses should not throw stones," the Chelsea captain said.

Bridge"s Manchester City team-mates sojourn confused by the diagnosis the full-back perceived at Stamford Bridge.

Bridge – a former Chelsea player – was booed by most of the home fans after snubbing Terry"s outstretched palm prior to the match, and that has left down really bad between the City players.

"I don"t know since the throng reacted the approach it did," pronounced the goalkeeper Shay Given. "I don"t see what he has finished wrong."

Gareth Barry, a team-mate for both bar and country, has asked for supporters to assimilate Bridge"s predicament. "I am unhappy to see Wayne has pulled out of the England squad," pronounced the midfielder. "He is a good player and would urge the patrol and group when he plays. But similar to most alternative people have said, I apply oneself his decision. You can"t suppose yourself in that on all sides and what you"d do unless it happens to you.

"Being the chairman Wayne is, he didn"t wish to massage anything in. He used to fool around for Chelsea, he kept his emotions to himself and his opening was brilliant."

Not that Barry believes any magnetism for Bridge will stop Terry"s England team-mates giving their most appropriate for the inhabitant side. "It"s personal issues and as professionals you have to put it aside. Once we are together it will all be lost and we will try to win a diversion of football since that is what it is all about," he said.

Roman Polanski wins most appropriate executive esteem in Berlin Film The Guardian

Roman Polanski. Photograph: Caetano Barreira/EPA

Roman Polanski was crowned most appropriate executive at the Berlin movie legal holiday for his thriller The Ghost Writer, in a move a little saw as politically encouraged since of his quarrel opposite US extradition over sex charges.

The Ghost Production year: 2010 Countries: France, Germany, UK Cert (UK): fifteen Directors: Roman Polanski Cast: Ewan McGregor, Kim Cattrall, Olivia Williams, Pierce Brosnan More on this movie

The 76-year old film-maker, who was incompetent to attend the awards rite since he is underneath residence detain in his Swiss chalet, sent a purposeful acceptance matter around his producers, saying: "Even if I could be there I wouldn"t, since the last time I went to a legal holiday to get a prize, I finished up in jail."

Polanski was referring to the Zurich movie festival, where he was arrested last Sep at the ask of US authorities. Since afterwards he has been hold in custody, initial in prison and after at his home, where he is electronically tagged and incompetent to move serve than his garden. The director, who jumped US bail in 1978 after revelation carrying sex with a minor, has perceived outspoken await from most of Europe"s inventive elite.

Watch the trailer for The Ghost Writer, expelled in the UK as The Ghost Link to this video

Polanski took the supposed "Silver Bear" prize for his instrumentation of a Robert Harris novel about a man commissioned to write the memoirs of a beleaguered former British budding minister.

Film critics gave a churned greeting to the decision. The Hollywood Reporter said: "Whatever the reasons for the jury"s decision, the Silver Bear for Polanski will expected be seen as a vigilance of oneness with the director." The German regressive Welt am Sonntag journal pronounced that whilst the Zurich movie legal holiday had brought Polanski disgrace, Berlin had "rehabilitated him, at slightest artistically".

In the loyal character of the Berlinale, a legal holiday that likes to broach surprises and has a domestic corner frequency seen elsewhere, the jury, that was led by the German executive Werner Herzog and enclosed the actress Renée Zellweger, awarded the tip Golden Bear prize, for most appropriate film, to an outsider. The Turkish movie Bal (Honey), by executive Semih Kaplanoglu, tells the story of a child who goes in poke of his blank beekeeper father. The movie draws courtesy to environmental problems close to the Black Sea coast.

Son of Babylon, by British-based Iraqi executive Mohamed Al-Daradji, that was filmed on place opposite 7 Iraqi cities and chronicles the odyssey of a child and his parents mother in poke of his lost father, cumulative the Peace endowment and the Amnesty International award.One of the documentary highlights at the 10-day eventuality was Exit Through the Gift Shop, a movie by the British travel artist Banksy, that offers an innovative discernment in to the travel art stage in Britain and the United StatesUS. Festival organisers insisted that Banksy, who appears in the movie usually in conformation and with a sheltered voice, was benefaction at his own premiere but was incognito.

There was no endowment for the underline The Killer Inside Me by British executive Michael Winterbottom, that captivated most critique for the impassioned violence.