Lenders prop up Cineworld with £680m cash injection September 10, 2022 Cineworld has secured $785m (£677.4m) from existing lenders, who have sought to prop up the ailing retailer. The cinema chain officially filed for bankruptcy in the US earlier this week, having announced last month that it was voluntarily seeking a Chapter 11 bankruptcy filing, sending shares down 25 per cent. The company, which operates 747 cinemas [...]
Market wrap: London stays open and sees shares and pound rise September 9, 2022 Markets in London traded as usual on Friday, and saw shares and the pound trade higher. The London Stock Exchange confirmed that it planned to maintain normal opening hours after the death of the Queen, but would close during any public holidays. The FTSE 100 joined an international rally, which saw global markets break out [...]
City Moves: Who’s switching jobs in the Square Mile? September 9, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Verdane Specialist growth equity investment firm Verdane has hired an M&A veteran as partner into its London office. Helena Svancar, who joins the investment team, was previously head of M&A at Swedish telecoms and technology heavyweight Ericsson. The [...]
UK chips strategy must lure investment, says Dell executive September 9, 2022 The UK’s semiconductor strategy must make the country a more attractive destination for investment, a Dell executive has told City A.M. “We would like a business friendly, technology friendly environment, where it’s easier for us to invest more and its easy for us to see opportunities for us to make a positive difference,” Adrian McDonald, president for Europe, [...]
Industry body backs fracking revival September 8, 2022 One of the UK's leading energy bodies has welcomed the Government's decision to lift the moratorium on fracking.
Energy firms welcome Government support package for households September 8, 2022 Energy firms have broadly welcomed the announced support package for households this winter, but called for more focus on demand.
Former Disney chief says he didn’t buy Twitter because of bot concerns September 8, 2022 Disney’s former chief has said the company did not purchase Twitter back in 2016 because a “substantial portion” of its users “were not real”. Speaking at Vox Media’s Code Conference, Bob Iger explained that the media giant had debated snapping up the social media firm, but decided against it. “We did look very carefully at all of [...]
Gymshark and Boohoo chiefs call for new British startup competition September 8, 2022 CHIEFS from Gymshark and Boohoo have urged the Prime Minister to back a new entrepreneurship competition in a push to get British startups back on track. In a letter to Liz Truss, the group of entrepreneurs, which also include top dogs from crowdfunding firm Seedrs and food-sharing app Olio, called on the government to fill [...]
Vin Murria pushes for M&C Saatchi takeover finish September 8, 2022 VIN MURRIA and her investment vehicle AdvancedAdvt pushed to bring the final offer process to a close as the hostile takeover of M&C Saatchi continues on. The entrepreneur and AdvancedAdvt (ADV), which already own 22.3 per cent of the advertising giant, have been locked in to a dramatic tussle with rival suitor Next Fifteen to [...]
Renewable generators to be shifted onto new contracts in market shake-up September 8, 2022 The Government will introduce new fixed price contracts for existing renewables generators, taking them off lucrative legacy deals.