Four Seasons facing rising bills as hedge funds jostle for control December 4, 2016 Unsustainable debt and a looming £26m interest payment have thrown the future of care home operator Four Seasons in to doubt. Last week it was revealed Four Seasons lost £27.4m in the three months to the end of September but must pay £52m interest on its debt every year. It currently has cash reserves of just £51.3m [...]
Venezuela introduces new higher-value notes in response to the world’s highest rate of inflation December 4, 2016 Venezuela’s central bank has announced that it will introduce a new set of coins and notes as the country with the world’s highest inflation struggles to make its currency usable. Six new bills will enter circulation from 15 December, ranging in value from 500 Venezuelan bolivars up to 20,000 bolivars. This means the highest-value note [...]
Retail shareholders hold out for better deal in RBS lawsuit December 4, 2016 A subset of shareholders suing RBS over how it handled a financial crisis fundraising are holding out for a better deal, despite other investors closing in on an out of court offer. Shareholders are currently due to face off against the bank in court next March, claiming the lender misled them into taking part in a 2008 [...]
TUI Group shifts its tourist destinations focus to match changing demand after terrorist attacks hit Eastern Mediterranean December 4, 2016 Flexibility on destinations has been vital to strategy for the world’s biggest tourism operator TUI Group ahead of its full-year results, as customer demand changes in the wake of terrorist attacks and instability in formerly popular destinations. Recent terrorist attacks and a deteriorating security situation have dampened demand in the eastern Mediterranean, which includes countries [...]
Austrian election: Independent Van der Bellen victorious as far-right’s Hofer concedes defeat December 4, 2016 Austrian independent candidate and former Greens leader Alexander Van der Bellen has won the country's presidential race after far-right candidate Norbert Hofer conceded defeat. Initial projections showed Van der Bellen with an unassailable lead of around 54 per cent to Hofer's 46 per cent. Herbert Kickl, Hofer's campaign manager told the state-backed broadcaster ORF: The bottom line [...]
This housing chief thinks EU regulation protecting newts is holding back housebuilders December 4, 2016 Housebuiding in the UK is being held back by newts and other animals protected by EU regulation, one leading housebuilder has said. John Tutte, chief executive of housebuilder Redrow, has said that "we haven't got a shortage" of great-crested newts. But, due to shortages in places such as Spain, the amphibians are protected by EU [...]
Southern Rail and Tube strikes: Everything you need to know December 4, 2016 Industrial action across key routes into London are set to bring misery for commuters heading to the capital this week and beyond. Drivers on the Piccadilly, Hammersmith and City and Circle London Underground lines will strike from Tuesday evening onwards, while conductors on Southern trains will walkout on the same day. Here's what you need [...]
Italian banks still struggling along as country heads to the polls December 4, 2016 Italian lenders have been scrambling to bolster their position as the country heads to the polls today to vote in its constitution-changing referendum. The country's banks, which are burdened with some €360bn (£301.5bn) in non-performing loans between them, have been suffering for some time and there are concerns a 'No' vote could send more unwanted shocks [...]
Private equity groups circle Oasis, Warehouse and Coast December 4, 2016 Private equity groups are reportedly interested in buying up fashion brands Warehouse, Oasis and Coast, also known as the Aurora Fashion Group. The group recently appointed PwC to conduct a "strategic review" for the business, and is thought to be seeking a sale worth £100m. Read more: MPs pay surprise visit to Sports Direct's Shirebrook warehouse [...]
Doubts are emerging over Tata’s long-term commitment to Port Talbot blast furnaces December 4, 2016 New concerns are emerging over Tata's commitment to maintaining two blast furnaces at the Port Talbot steelworks. The Indian conglomerate is expected to commit to the long-term future of the site within weeks, but with one furnace in need of relining, observers are concerned Tata will only implement a short-term fix. The furnace is due [...]