"I have frequently observed that newspapers by their nature enjoy strong local appeal and brand loyalty. Such that the Irish Independent would be a difficult sell in Cape Town and our Portugese compatriot's flagship Jornal de Noticias is unlikely to do well in Finglas. The moral is that in each location around the world Independent News & Media has identifiable brand strengths which can command great consumer loyalty and good margins because they satisfy the local desire for news, sport, entertainment, politics and commentary.