I can’t wait Danny, that I just have to see.
The e-bill falls short
SO THE Government has finally got its act together and published its industry-friendly Electronic Communications Bill, which should become law early next year. God forbid, it’s even reached a stage where it’s able to bandy around a word not normally associated with new media companies – profit, having generated revenues of £4.6m and operating profit of £277,000 in the three months ending on 30 June.
I just hope Danny keeps his promise and, once he becomes a paper millionaire, starts travelling to work in an old-fashioned sedan chair carted by hand-picked dusky maidens and wearing a ludicrous crown at a jaunty angle (his words, not mine). It started life as a football e-mail service which turned into a community-driven website, but it soon evolved into a global publishing business which now covers a flurry of sectors such as music, rugby and dating, all spearheaded by content supremo Danny Kelly.
If any new media company were ever going to thrive on the London Stock Exchange, 365 has to be it. Either 365 knows something that we don’t (that the market is going to bounce back up) or it’s just being optimistic, resting its laurels on a strong business strategy.
The difference between the recent high-profile flotations of Freeserve and QXL, and the imminent offering of 365, is that the latter has a tangible business proposition owning shedloads of content while QXL and the rest don’t actually own anything, not even the fickle users they claim are theirs Clearly, 365’s strength lies in its publishing model. Personally, I’m still waiting for a decent satirical community-driven website that offers something more than the health and beauty bumph widely available offline.
New media, new profit
BUCKING THE trend of slicing a stock flotation price in a last-minute panic, 365 Corp curiously decided to raise its price range to 150-160p last week, obviously feeling confident that it could sustain a high enough share price.

Oddly enough, Handbag came out the worst, perhaps something to do with the name, lack of demographic targeting and confused strategy? Another interesting finding was that women don’t like being singled out as “women” on the Web.
Women clearly are not going to spend too long visiting sites that offer the same thing they already get from the huge range of women’s magazines. While the Optimedia research states the obvious, it’s reassuring to discover that I am not alone in finding the sites patronising. I haven’t come across anyone who is excited enough about them to take more than a curious first look, myself included.

Last week, I saw the first bit of official research, which might change the focus of some of these superficial women’s sites. Ever since the likes of Handbag , iCircle and CharlotteStreet launched, I’ve been conducting an unofficial straw-poll of what women really think of them. Ever since the likes of Handbag , iCircle and CharlotteStreet launched, I’ve been conducting an unofficial straw-poll of what women really think of them. I haven’t come across anyone who is excited enough about them to take more than a curious first look, myself included. IN THE mad rush to beat their competitors, the new breed of women’s portals forgot just one thing – thorough research.

IN THE mad rush to beat their competitors, the new breed of women’s portals forgot just one thing – thorough research. “I am rocking on my heels at the money that seems to being offered to some people.”. The offer has upset staff elsewhere in the organisation who see it as a serious breach of the mutual ethos.
Other financial institutions have also been affected, with Scottish Widows writing to their staff telling them that “the grass was not necessarily greener on the other side”.
Neil Ross, who replaced Mr Spowart as chief executive of Standard Life Bank, said he expected more staff would be tempted to the new venture because salaries on offer were as much as 30 per cent higher than industry norms in the city. Within a few days of his resignation, a “dream team” of 11 senior staff had given notice at their current firms, followed over the next few weeks by more staff at all levels.
In a bid to stop the losses, Standard Life Bank this month offered bonuses of up to a year’s wages – capped at £50,000 – if staff stayed for 18 months, but another nine have since left. He declined to detail plans for new products, although he expects that the Internet part of the new company will account for 30 per cent of its business in the first year, rising rapidly as more and more people come online and become familiar with the technology.
He said applications had been received from people working across the financial services sector in Edinburgh.

Applications started from the day his resignation was announced last month, he said. “I took 74 phone calls at home that night, and the phone hasn’t stopped ringing since. We have had more than 1,400 applications for the 600 jobs that will eventually be created.”
Mr Spowart said he would like to think it was because of him that people wanted to work for the company, but believed it was because it offered the opportunity to be in at the start of something new and innovative. The new £750m venture – code named Greenfield.co – is due to start operating next April.
Mr Spowart, 48, who led Standard Life Bank from nothing to a £3bn company in two years and captured 17 per cent of the UK mortgage market since January, said all but two staff who have joined the firm had applied rather than been approached. Staff at Standard Life Bank are shunning loyalty bonuses of up to £50,000 being offered in an attempt prevent them been poached by Halifax’s new Internet-based bank being set up near Edinburgh.

Dozens of staff have quit since Standard Life, the mutually-owned Scottish insurance arm, made the offer in an effort to stop key staff being poached by Jim Spowart, the founder of Standard Life’s own successful banking operation, who left to set up a similar direct banking operation for Halifax.

Staff at Standard Life Bank are shunning loyalty bonuses of up to £50,000 being offered in an attempt prevent them been poached by Halifax’s new Internet-based bank being set up near Edinburgh. We believe that they are prepared for a fight.”
The union is seeking urgent talks with NatWest and the Royal Bank of Scotland to achieve assurances that any job losses will be achieved through natural wastage and volunteers.. Closing a bank branch can badly affect customers just at the time when we want to retain them.”
The takeover battle for NatWest was sparked by Bank of Scotland’s original offer, worth about £22.35 billion.
The company has been seen as underperforming the rest of the banking sector.
Mr Goodwin, who would become chief executive of the combined group if the RBS offer is accepted by shareholders, said: “This is a good price and a fair price for NatWest.”
RBS pledged minimal disruption to customers and said the two banks could use the same information technology platform – usually a major stumbling block for merging companies.
Mr Goodwin was keen to stress that the RBS takeover was less risky than the Bank of Scotland’s offer.
RBS expected to dispose of NatWest’s Gartmore and US Greenwich NatWest investment arms, but it would probably retain Ulster Bank, UK Greenwich NatWest and Coutts, the royal banker.
The senior management team of the combined group would be made up of RBS executives.
RBS chairman Viscount Younger would remain as chairman, Sir George Mathewson, RBS chief executive, would become executive deputy chairman and Mr Goodwin would become chief executive.
Describing its offer as “unsolicited”, RBS said it was still open to negotiations with the NatWest board.
Sir George said there was no animosity between his executive and its NatWest counterparts despite the breakdown of talks on Saturday.
“Making a decision like that is a very difficult thing for a board in a company with the history, and traditions NatWest has.”
The NatWest and RBS retail operations would continue to be run as separate entities.
NatWest issued a statement saying it was considering the offer.
“In the meantime, the board of NatWest recommends that shareholders take no action,” it said.
The banking union UNIFI warned today that it was considering industrial action over the NatWest job losses.
The union condemned news of further cutbacks and said that unless a pledge of no compulsory redundancies was given, it would consider balloting members for action.
“With NatWest preparing to sack a third of its workforce, who will be left to serve customers?” asked joint general secretary Rory Murphy.
“Our members are very angry over the way NatWest has gambled with their jobs. Closing a bank branch can badly affect customers just at the time when we want to retain them.”
The takeover battle for NatWest was sparked by Bank of Scotland’s original offer, worth about £22.35 billion.
The company has been seen as underperforming the rest of the banking sector.
Mr Goodwin, who would become chief executive of the combined group if the RBS offer is accepted by shareholders, said: “This is a good price and a fair price for NatWest.”
RBS pledged minimal disruption to customers and said the two banks could use the same information technology platform – usually a major stumbling block for merging companies.
Mr Goodwin was keen to stress that the RBS takeover was less risky than the Bank of Scotland’s offer.
RBS expected to dispose of NatWest’s Gartmore and US Greenwich NatWest investment arms, but it would probably retain Ulster Bank, UK Greenwich NatWest and Coutts, the royal banker.
The senior management team of the combined group would be made up of RBS executives.
RBS chairman Viscount Younger would remain as chairman, Sir George Mathewson, RBS chief executive, would become executive deputy chairman and Mr Goodwin would become chief executive.
Describing its offer as “unsolicited”, RBS said it was still open to negotiations with the NatWest board.
Sir George said there was no animosity between his executive and its NatWest counterparts despite the breakdown of talks on Saturday.
“Making a decision like that is a very difficult thing for a board in a company with the history, and traditions NatWest has.”
The NatWest and RBS retail operations would continue to be run as separate entities.
NatWest issued a statement saying it was considering the offer.
“In the meantime, the board of NatWest recommends that shareholders take no action,” it said.
Fred Goodwin, RBS chief operating officer, said the cuts would be made in several areas, including back office administration functions and at the two head offices.
However, he pledged there would be no branch closures as a result of the deal.
“Branch closures are a very expensive way of achieving cost efficiencies.