- Owner of U.K.’s Daily Mail Nears Deal to Buy Rival Daily Telegraph The Wall Street Journal
- Daily Mail Owner Agrees to Buy The Telegraph, Consolidating Right-Leaning Media in Britain The New York Times
- Daily Mail Owner DMGT Says Signed £500 Mn Deal To Acquire The Telegraph Barron’s
- RedBird Capital Withdraws from Telegraph Acquisition Amid Regulatory Concerns and Newsroom Opposition SSBCrack News
- Why the Telegraph £500m takeover shows a digital power play – and a political dilemma The Independent
Category: 3. Business
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Owner of U.K.’s Daily Mail Nears Deal to Buy Rival Daily Telegraph – The Wall Street Journal
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Does Baxter Offer Opportunity After a 37% Share Price Drop and Business Restructuring?
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Wondering if Baxter International is a hidden gem or a value trap? You’re not alone, especially with the stock catching the eye of investors searching for a bargain.
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Despite a tough market stretch with a 20.1% dip over the past month and a dramatic 37.4% drop year-to-date, many are asking whether the risk has actually created new upside.
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In recent weeks, headlines have focused on Baxter’s strategic moves, including updates around divestitures and streamlining its business operations. These changes have been interpreted by some as steps toward stabilizing the firm’s financial health and regaining investor confidence.
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According to our quick scorecard, Baxter International scores 5 out of 6 on key valuation checks. This suggests it is undervalued by several important measures. We’ll walk through those methods next and share why the real picture of value might be even more nuanced than these scores alone reveal.
Find out why Baxter International’s -43.6% return over the last year is lagging behind its peers.
The Discounted Cash Flow (DCF) model aims to estimate a company’s intrinsic value by projecting its future cash flows and discounting them back to today. For Baxter International, this method uses expected Free Cash Flow (FCF) figures as a core input.
Currently, Baxter International generates FCF of around $261 million. Analyst forecasts extend to 2027, expecting FCF to grow steadily to $943 million by that year. Beyond this, projections are extrapolated, with FCF expected to exceed $1.4 billion in 2035. These projections highlight consistent growth in operational cash generation, which is a fundamental signal of underlying value.
By aggregating and discounting these future cash flows, the model calculates an intrinsic value of $29.53 per share. This figure is almost 38% higher than the current market price, suggesting the stock could be significantly undervalued if these expectations are met.
Based on the DCF outcome, Baxter International is trading at a sizable discount to its calculated intrinsic worth. This indicates strong upside potential for value-oriented investors.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Baxter International is undervalued by 38.0%. Track this in your watchlist or portfolio, or discover 918 more undervalued stocks based on cash flows.
BAX Discounted Cash Flow as at Nov 2025 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Baxter International.
The Price-to-Sales (P/S) ratio is often the go-to valuation metric for companies where top-line growth provides useful context, especially if earnings are volatile or temporarily negative. This makes P/S a relevant benchmark for Baxter International right now, as it highlights how much investors are paying for every dollar of revenue, regardless of short-term profit swings.
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Fed’s Collins: Monetary policy currently in right place, hesitant about cutting rates
BOSTON, Nov 22 (Reuters) – Federal Reserve Bank of Boston President Susan Collins said Saturday that she’s still leaning against the U.S. central bank cutting its interest rate target next month as it faces ongoing risks to both its inflation and job mandates.
“I do see reasons to be hesitant” about lowering the cost of short-term borrowing at the December 9-10 Federal Open Market Committee meeting. “My own view is that policy is currently in the kind of mildly restrictive range after the 50-basis-point easing that we did in September and October, and that’s appropriate” given the current state of the economy, Collins told reporters at a conference at her bank.
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The challenge for the Fed right now is that it faces ongoing risks created by above-target inflation while at the same time the job market is softening, she said. For monetary policy, “I see risks on both sides and it’s really about balancing those risks.”
Collins was asked if she was willing to dissent against a rate cut at the upcoming Fed meeting, which is likely to be unusually fractious for a committee that typically sees policymakers set policy by clear consensus. She said she has not decided what she wants the Fed to do at the meeting and would like to see more data before making a call.
Over recent days, a wide range of officials have staked out positions on whether the Fed should cut what is now a 3.75% to 4% federal funds rate target range by a quarter-percentage-point. The Fed’s other two rate cuts were driven by officials’ desire to support a softening job market while still keeping interest rate policy in a place where it can depress inflation that continues to overshoot the Fed’s 2% target.
Fed officials are also moving toward the meeting with a dearth of the data they usually rely on to set monetary policy, with the government shutdown only recently resolved. A substantial number of policymakers have been against cutting rates amid ongoing inflation concerns.
Some of the gravity on that internal debate shifted Friday with a speech by New York Fed leader John Williams, who said “I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral.” That caused futures markets to increase what had been declining odds of a near-term easing.Some on the Fed have prepared observers to see an unusual level of formal disagreement at the FOMC meeting. For those who have accused the Fed of groupthink when it comes to setting policy, “get ready: You might see the least groupthink you’ve seen from the FOMC in a long time,” Fed Governor Christopher Waller said on Monday.
Collins told reporters “we’re in a complex period” for setting monetary policy. “I think having a range of views is important, and I think there are some periods where there’s, you know, more of a range. If we all thought exactly the same thing, I think that would be, would be problematic.”
The Boston Fed bank president also said in her comments to the press that her outlook for the future of the economy is relatively benign, with unemployment rising a bit, and inflation pressures eventually moderating from current levels. She added that financial conditions are putting some wind at the economy’s back.
Collins also explained what could alter her view on the right path for interest rate policy. “Looking at both sides of the mandate, there are risks on the employment side, and certainly, if I saw more evidence of more softening and weakness, I would take that seriously.”
Reporting by Michael S. Derby
Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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UAE announces $1 billion initiative to expand AI in Africa – Reuters
- UAE announces $1 billion initiative to expand AI in Africa Reuters
- UAE cements global AI leadership with focus on human capital, training ANI News
- Top AI Agent Development Companies in UAE to Watch in 2026 vocal.media
- Abu Dhabi’s AI Majalis Initiative Empowers Communities And Enhances Their Participation In Shaping The Future Menafn.com
- How AI Research Labs Became the New High-Stakes Global Arms Race Entrepreneur
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Babies who drank ByHeart formula got sick months before botulism outbreak, parents say
As health officials investigate more than 30 cases of infant botulism linked to ByHeart baby formula since August, parents who say their children were sickened with the same illness months before the current outbreak are demanding answers, too.
California public health officials confirmed late Friday that six babies in that state who consumed ByHeart formula were treated for botulism between November 2024 and June 2025, up to nine months before the outbreak that has sickened at least 31 babies in 15 states.
At the time, there was “not enough evidence to immediately suspect a common source,” the California Department of Public Health said in a statement.
Even now, “we cannot connect any pre-August 1 cases to the current outbreak,” officials said.
Parents of at least five babies said that their infants were treated for the rare and potentially deadly disease after drinking ByHeart formula in late 2024 and early 2025, according to reports shared with The Associated Press by Bill Marler, a Seattle food safety lawyer representing the families.
Amy Mazziotti, 43, of Burbank, California, said her then-5-month-old son, Hank, fell ill and was treated for botulism in March, weeks after he began drinking bottles filled with ByHeart formula.
Katie Connolly, 37, of Lafayette, California, said her daughter, M.C., then 8 months old, was hospitalized in April and treated for botulism after being fed ByHeart formula in hopes of helping the baby sleep.
For months, neither mother had any idea where the infections could have originated. Such illnesses in babies typically are caused by spores spread in the environment or by contaminated honey.
Then ByHeart recalled all of its products nationwide on Nov. 11 in connection with growing cases of infant botulism.
As soon as she heard it was ByHeart, Mazziotti said she thought: “This cannot be a coincidence.”
ByHeart officials this week confirmed that laboratory tests of previously unopened formula found that some samples were contaminated with the type of bacteria that leads to infant botulism.
Marler said at least three other cases that predate the outbreak involved babies who drank ByHeart and were treated for botulism, according to their families. One consumed ByHeart formula in December 2024. The other two were sickened later in the spring, he said.
An official with the U.S. Centers for Disease Control and Prevention said federal investigators were aware of reports of earlier illnesses but that efforts are focused now on understanding the unusual surge of dozens of infections documented since Aug. 1.
“That doesn’t mean that they’re not necessarily part of this,” said Dr. Jennifer Cope, a CDC scientist leading the probe. “It’s just that right now, we’re focusing on this large increase.”
Because so much time has passed and because parents of babies who got sick earlier may not have recorded lot numbers of product or kept empty cans of formula, “it will make it harder to definitively link them” to the outbreak, Cope said.
Connolly said it feels like her daughter has been forgotten.
“What I want to know is why did the cases beginning in August flag an investigation, but the cases that began in March did not?” Connolly said.
Cope and other health officials said the strong signal connecting ByHeart to infant botulism cases only became apparent in recent weeks.
Before this outbreak, no powdered infant formula in the U.S. had tested positive for the type of bacteria that leads to botulism, California health officials said. The number of cases also were within an expected range. A test of a can of open formula fed to a sick baby in the spring did not detect the bacterium.
Then, beginning in August and through October, more cases were identified on the East Coast involving a type of toxin rarely detected in the region, officials said. More cases were seen in very young infants and more cases involved ByHeart formula, which accounts for less than 1 percent of infant formula sold in the U.S.
Earlier this month, after a sample from a can of ByHeart formula fed to a sick infant tested positive for the germ that leads to illness, officials notified the CDC, the U.S. Food and Drug Administration and the public.
Less than 200 cases of infant botulism are reported in the U.S. each year. The disease is caused when babies ingest spores that germinate in the gut and produce a toxin. The bacterium that leads to illness is ubiquitous in the environment, including soil and water, so the source is often unknown.
Officials at the California Infant Botulism Treatment and Prevention Program track reports of botulism and the distribution of the only treatment for the illness, an IV medication called BabyBIG.
Outside food safety experts said the CDC should count earlier cases as part of the outbreak if babies consumed ByHeart formula and were treated for botulism.
“Absolutely, yes, they should be included,” said Frank Yiannas, former deputy commissioner for food policy and response at the U.S. Food and Drug Administration. “Why wouldn’t they be included?”
Sandra Eskin, chief executive of STOP Foodborne Illness, an advocacy group, agreed.
“This outbreak is traumatic for parents,” she said. “They may have fed their newborns and infants a product they assumed was safe. And now they’re dealing with hospitalization and serious illness of their babies.”
Connolly and Mazziotti said their babies are improving, though they still have some lingering effects. Botulism causes symptoms that include constipation, poor feeding, head and limb weakness and other problems.
After months of uncertainty about the potential cause of the infection, Connolly said she “became completely obsessed” with the link to ByHeart formula. Now, she just wants answers.
“We deserve to know the data that can help us understand how our babies got sick,” she said.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
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Can Nasdaq’s Recent Tech Partnerships Justify Its 13% 2025 Price Surge?
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Ever wondered if Nasdaq’s stock is truly worth its current price, or if there is untapped value beneath the surface?
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While the share price has edged up 0.7% over the past week, it has also seen a 13.2% gain year-to-date, indicating signs of growth potential.
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Recently, Nasdaq’s stock has attracted investor attention following notable tech partnerships and major financial market developments. These events have provided new energy and context to recent price movements, leading to speculation about future developments.
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Currently, Nasdaq scores just 1 out of 6 on our valuation checks, so examining how different approaches assess its value may be helpful. There is also a more insightful way to consider valuation, which will be revealed by the end of this article.
Nasdaq scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.
The Excess Returns Model estimates a company’s value by calculating how much profit it generates above its cost of equity on invested capital. Essentially, it measures the effectiveness with which Nasdaq can grow shareholder wealth beyond what investors could expect from an average investment of similar risk.
For Nasdaq, the model considers a Book Value of $20.99 per share and a Stable EPS of $4.09 per share. These values are derived from forward-looking analyst estimates of return on equity. The company’s Cost of Equity stands at $1.97 per share, while the calculated Excess Return is $2.12 per share. Nasdaq’s average Return on Equity is an impressive 17.65%. A stable Book Value is projected to reach $23.15 per share in coming years, according to analyst consensus.
Applying the Excess Returns methodology, Nasdaq’s estimated intrinsic value works out to $63.52 per share. Compared to the current share price, this represents a 38.0% premium, indicating that the stock is considerably overvalued based on this approach.
Result: OVERVALUED
Our Excess Returns analysis suggests Nasdaq may be overvalued by 38.0%. Discover 918 undervalued stocks or create your own screener to find better value opportunities.
NDAQ Discounted Cash Flow as at Nov 2025 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Nasdaq.
The Price-to-Earnings (PE) ratio is widely regarded as a reliable valuation metric for profitable companies because it allows investors to see how much they are paying for each dollar of earnings. For companies like Nasdaq, which generate consistent profits, the PE ratio provides a straightforward way to compare value against other similar businesses.
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These under-the-radar chip stocks could deliver rapid sales growth for the next 2 years
By Britney Nguyen and Philip van Doorn
Nvidia isn’t the only semiconductor company with compelling revenue-growth prospects – Credo and Astera Labs are also among players expected to put up stellar numbers
Astera Labs, Nvidia and Credo are among the chip companies with the best projected revenue-growth prospects looking out two years.
Nvidia Corp. increased sales by 62% in its latest quarter, and analysts see more revenue momentum ahead. But investors looking for fast growth in the chip sector have a number of places to look beyond the world’s largest company.
The artificial-intelligence trade has come under pressure in recent weeks, reflecting a flurry of concerns around factors such as the interest-rate outlook, OpenAI’s future position in the AI ecosystem and even Nvidia’s (NVDA) own swelling inventory levels.
That means investors might need to start getting more selective when looking for AI winners. Focusing on sales-growth expectations over the next two years could be a good place to start.
Below is a list of rapidly growing companies in the semiconductor industry. Two of them are Credo Technology Group Holding Ltd. (CRDO) and Astera Labs Inc. (ALAB), which both make high-speed connectivity components for data centers and other AI infrastructure.
Credo and Astera Labs have been “rocket ships” in terms of customer demand because both companies are “addressing one of the key bottlenecks” in the AI buildout, which is connectivity, William Blair analyst Sebastien Naji told MarketWatch.
Nvidia and its competitors have turned to rolling out new graphics processing units on an annual cadence, “but the actual processors themselves are still operating much faster than the rest of the system can actually process that data,” Naji said. Therefore, connectivity has become a more critical part of improving overall system performance.
The companies stand to drive future sales growth by capitalizing on the AI-infrastructure buildout, which Nvidia Chief Executive Jensen Huang said could drive up to $4 trillion worth of spending through the end of the decade. Naji noted Astera Labs and Credo are also in the process of diversifying their businesses via a mix of new customers and product offerings.
For instance, a new switch from Astera Labs “meaningfully increases the average sales price of the solutions that they’re selling,” he said.
Up until last year, Amazon.com Inc. (AMZN) was Credo’s main growth driver and customer, representing about two-thirds of its revenue, Naji noted. But Credo, which sells active electrical cables, now has “five reliable hyperscaler customers,” he said. Those are are Amazon, Microsoft Corp. (MSFT), xAI, Meta Platforms Inc. (META) and Oracle Corp. (ORCL)
At a high level, Naji acknowledges concerns about valuations. The stocks aren’t cheap relative to near-term earnings estimates, but Naji sees “plenty of pent-up” demand as well as a high likelihood of beats and raises over the next few quarters as the new products manifest more in financials.
Screening semiconductor companies for expected sales growth
To identify which semiconductor manufacturers are expected by analysts to increase revenue most quickly over the next two years, we began with a list of 76 companies.
The list includes all 30 stocks in the PHLX Semiconductor Index SOX, which is tracked by the iShares Semiconductor ETF SOXX. To this we added 36 more companies in the S&P Composite 1500 index XX:SP1500 that were identified by LSEG as being in the “semiconductor” or “semiconductor equipment and testing” industries, or the “semiconductors and semiconductor equipment” Global Industrial Classification Standard group.
Then we added 10 more industry players that are based outside the U.S. whose stocks are held within the portfolio of the iShares MSCI World ETF URTH. This exchange-traded fund tracks the MSCI World index of developed markets.
Our screen centered on projected compound annual growth rates (CAGR) for the companies’ sales from calendar 2025 through 2027. These are based on consensus estimates among analysts working for brokerage and research firms polled by LSEG, with adjustments for companies (such as Nvidia) whose fiscal reporting periods don’t match the calendar.
We cut the list of 76 companies to 66 for which consensus estimates through 2027 were available from groups of at least five analysts.
Here are the 20 remaining semiconductor companies expected to grow sales most quickly from 2025 through 2027:
Company Ticker Estimated sales CAGR from 2025 through 2027 Forward P/E Astera Labs Inc. ALAB 40.2% 60.8 SiTime Corp. SITM 36.7% 61.0 Nvidia Corp. NVDA 36.5% 25.1 Credo Technology Group Holding Ltd. CRDO 36.3% 55.7 BE Semiconductor Industries N.V. NL:BESI 35.1% 40.0 Advanced Micro Devices Inc. AMD 35.1% 32.8 Broadcom Inc. AVGO 32.3% 36.2 Impinj Inc. PI 23.1% 52.9 Micron Technology Inc. MU 22.5% 10.8 ACM Research Inc. ACMR 22.0% 13.7 Arm Holdings PLC ARM 20.7% 62.7 Taiwan Semiconductor Manufacturing Co. Ltd. TSM 19.0% 22.5 Lattice Semiconductor Corp. LSCC 19.0% 44.5 Allegro Microsystems Inc. ALGM 18.8% 27.2 Teradyne Inc. TER 18.2% 30.6 Marvell Technology Inc. MRVL 17.5% 23.5 First Solar Inc. FSLR 17.4% 11.1 Microchip Technology Inc. MCHP 17.3% 22.9 Silicon Laboratories Inc. SLAB 16.8% 45.7 Rambus Inc. RMBS 16.4% 29.7 Source: LSEGThe table includes forward price-to-earnings ratios. These are Thursday’s closing prices divided by consensus earnings-per-share estimates for the next 12 months. In comparison, the S&P 500’s SPX forward P/E multiple is 22.8; that is lower than the P/E for all but five stocks on the list above. But the S&P 500’s projected revenue CAGR from 2025 through 2027 is a weighted 6.8%, according to LSEG, which is a low level compared with the 20 companies listed here.
A look at some of the other top names
Teradyne Inc. (TER), which designs and manufactures automatic testing equipment, is among the top 20 companies in the semiconductor industry with the highest projected revenue CAGR through 2027.
When analyzing Teradyne’s earnings report in October, Morgan Stanley’s Shane Brett noted that the company’s core businesses of networking, memory and custom chips was “really strengthening.” But a big question is whether the company will get qualified by Nvidia.
Brett sees opportunities for Teradyne to gain share in the compute-testing market, especially as the incumbent Advantest Corp. (ATEYY) (JP:6857) is seeing demand from Nvidia, Advanced Micro Devices Inc. (AMD) and Broadcom Inc. (AVGO) outpace supply, though “the timing and specific customers remain uncertain.”
Meanwhile, memory-chip maker Micron Technology Inc. (MU), which has been among the top performers in the S&P 500 this year, should be able to build upon momentum in its business of dynamic random-access memory thanks to supply shortages.
While Micron did not preannounce its fiscal first-quarter results during a conference appearance this week as some on Wall Street were looking forward to, UBS analyst Timothy Arcuri is upbeat about the period and the prospect of a durable cycle for high-bandwidth memory even beyond that.
Programmable-chip maker Lattice Semiconductor Corp. (LSCC) is another semiconductor company that is expected to see a high sales CAGR through 2027. The company designs and manufactures low-power field-programmable gate arrays, or FPGAs, which are chips that can be programmed and reprogrammed after manufacturing for different tasks.
Historically, most of Lattice’s exposure has been in the automotive and industrial markets, KeyBanc Capital Markets analyst John Vinh told MarketWatch. Those markets, however, have been in a downturn, and the expected recovery has been shallower than what investors were expecting at the beginning of the year because of uncertainties over U.S. trade policy.
Vinh expects more meaningful recovery in the industrial market next year as the cyclical semiconductor industry comes out of an inventory-destocking cycle.
Meanwhile, the communications and computing segment has been “the other key growth driver” for Lattice, Vinh noted, which refers to communications infrastructure and both traditional and AI data centers.
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Where Domino’s Pizza Could Be by 2025, 2026, and 2030
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Analysts are saying that Domino’s Pizza could decline by 2030, a bearish long-term outlook that has some investors questioning whether DPZ can maintain its dominance in a slowing pizza market. If you’re bullish and want exposure anyway, SoFi lets you trade Domino’s Pizza stock with zero commissions, and new users who fund their account can receive up to 1,000 dollars in stock. You can also earn a 1 percent bonus if you transfer your investments to SoFi and keep them there until December 31, 2025, giving investors a small kicker on top of potential returns.
Domino’s Pizza has leaned heavily on its massive delivery network, rapid store expansion and fast-growing digital ordering system, but investors should expect continued volatility as the company chases ambitious global targets in a challenging consumer environment. Rising food and labor costs, tightening household budgets and intensifying competition continue to shape the stock’s risk–reward profile.
Don’t Miss:
This breakdown looks at DPZ’s 2030 forecasts, current Wall Street sentiment and the forces behind both the bullish and bearish cases.
Wall Street currently maintains a Buy rating on Domino’s, with Benzinga reporting an average price target around 488 dollars. The most bullish target sits at 574 dollars, while the lowest is 340 dollars, reflecting a wide range of expectations driven by cost pressures and uneven demand trends.
Year
Bullish
Average
Bearish
2025
424.45
403.64
391.65
2026
412.19
290.8
231.16
2027
315.04
268.93
222.31
2028
407.85
347.12
305.06
2029
378.87
340.65
299.21
2030
304.17
221.56
176.6
2031
240.82
205.67
169.84
2032
311.59
265.25
233.06
2033
289.45
260.15
228.59
2040
181.86
154.88
136.02
2050
70.57
57
45.96
These projections come from CoinCodex models analyzing historical trends, volatility patterns and longer-term moving averages.
Domino’s long-term strategy remains compelling for those who believe in scalable, franchise-driven restaurant growth. The company’s aim to reach 50,000 global stores provides a clear expansion pathway, particularly in international markets where new units continue to open at a rapid pace. More than 85 percent of U.S. revenue now comes from digital ordering, giving Domino’s an efficiency edge and helping lift average order values. The franchise model also insulates the parent company from many operational risks while allowing it to generate stable, high-margin royalty and supply chain revenue.
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Britain’s Daily Mail publisher enters exclusive talks to buy Telegraph Media Group for $654 million
LONDON — The publisher of Britain’s Daily Mail has entered exclusive talks to buy Telegraph Media Group in a deal that would link two news groups that have traditionally supported the right-leaning Conservative Party.
Daily Mail and General Trust plc said on Saturday that the talks were designed to finalize the terms of a 500 million-pound ($654-million) deal to buy the Telegraph from an Abu Dhabi-backed venture known as Redbird IMI.
The proposed transaction comes after concerns about foreign ownership of British news organizations stalled Redbird IMI’s efforts to take control of the Daily Telegraph and its sister Sunday publication two years ago.
Culture Secretary Lisa Nandy said she would review any new acquisition to ensure it protects the public interest and complies with legislation governing “foreign state influence” in media mergers.
DMGT said it expected to complete the transaction “quickly.”
“Under ownership the Daily Telegraph will become a global brand, just as the Daily Mail has,” Chairman Jonathan Harmsworth, also known as Lord Rothermere, said in a statement.
The battle over ownership of the Telegraph, a fixture on Britain’s media landscape since 1855, began in 2023, when the Barclay family lost control of the company in a dispute with its lenders.
In November of that year, a venture between New York-based RedBird Capital and Abu Dhabi’s International Media Investments said it had agreed to acquire the Telegraph in exchange for loans that would allow the Barclays to repay their debts to Lloyds Banking Group.
But that deal triggered a debate in the House of Commons about the dangers of foreign influence over Britain’s news media — and by extension the national political debate.
The previous government, led by Conservative Prime Minister Rishi Sunak, quickly announced plans to review the proposed deal.
“It would not be appropriate for a foreign state to interfere with the accurate presentation of our news or the freedom of expression in newspapers,” then-Culture Secretary Lucy Frazer said at the time.
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