The increase in margins is supported by increase in premiums due to the implementation of the new variable annuity products and increase in fee income due to increases in average assets under management resulting from improvements in equity markets and increased deposit activity as equity market improvements created an environment where investors were willing to re-enter the capital markets.

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Premium networks continue to retain their appeal as a business due to high margins and high fee per subscriber.

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The clubs have to agree whether a loan fee is due to the parent club and who picks up the tab for the player's salary.

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The Albanian language, already used in many primary schools and in a fee-paying university that is due to open officially this autumn, must become the medium of teaching in some secondary schools as well.

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All this is due to something leading politicians and BBC mandarins understand but is a mystery to most licence fee payers.

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Going forward, growth in the subscription fee is likely to slow due to pressure from pay-TV service providers and expected competition from NBC and Fox, who are planning to launch nationwide sports networks to compete with ESPN.

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The worrying, but not unexpected, aspect was the decline in media networks revenues as mild growth in affiliate fee was not able to make up for advertising revenue declines due to lower ratings at Nickelodeon and MTV.

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