Softbank taps Goldman for Wework debt financing plan December 9, 2019 Wework saviour Softbank has approached Goldman Sachs for financing as it attempts to reinvigorate the flexible working space provider. The banking giant is securing a $1.8bn (£1.4bn) line of credit, the first stage in Softbank’s $5bn debt financing package for Wework. Read more: Wework names four new executives and outlines six point plan for profitability [...]
Tullow Oil share price plummets 70 per cent as chief executive quits December 9, 2019 Shares in Tullow Oil collapsed today after its chief executive resigned, wiping over £1.2bn off the firm’s market value as the firm cut its prediction for how much oil it will produce over the coming years. Shares fell 72 per cent as Pat McDade, along with exploration director Angus McCoss, said they had quit the [...]
Election 2019: Tories backtrack over claim aide was punched at Leeds Hospital December 9, 2019 The Conservatives have been forced to backtrack over claims a government aide was punched by a Labour activist during an altercation at Leeds General Infirmary. Health secretary Matt Hancock had been visiting the hospital after pictures emerged of a four-year old boy with suspected pneumonia sleeping on the hospital floor with coats for cover. However, [...]
Jaguar Land Rover sales fall despite hopes for Chinese recovery December 9, 2019 Jaguar Land Rover sales fell last month, despite the car maker seeing “green shoots” of a recovery in the all-important struggling Chinese market. The manufacturer, which is owned by Indian conglomerate Tata, saw retail sales drop 3.4 per cent year-on-year in November. Read more: British car industry troubles run far deeper than Brexit But in [...]
Fines levied by the FCA rocket more than 500 per cent December 9, 2019 The value of fines issued by City watchdog the Financial Conduct Authority (FCA) this year has soared to £391.8m. Research from law firm RPC found the level of fines so far this year was up more than 550 per cent on the £60m levied last year. The increase in fines by the FCA has been [...]
Margrethe Vestager says EU will review competition rules in light of increasing digitalisation December 9, 2019 The EU will review its rules on how it defines markets to react to increasing digitalisation, EU competition chief Margrethe Vestager said today. Vestager said it was time to review the EU’s market definition notice which has been in place since 1997. “Changes like globalisation and digitisation mean that many markets work rather differently from [...]
Netflix dominates Golden Globe nominations with 34 nods December 9, 2019 Netflix has secured 34 nominations for this year’s Golden Globe awards, dominating both the TV and film lineups. The streaming giant secured 17 nominations for both divisions of the awards, in an extraordinary validation for the streaming giant, which received its first Globes nod five years ago. Read more: Apple TV Plus gives Netflix chills [...]
Aerospace engineer Senior mulls selling aerostructures division December 9, 2019 Senior, an engineering supplier to the likes of Boeing and Daimler, has admitted it is thinking about selling off its aerostructures division, in a deal that could be worth up to £450m. Shares in the FTSE 250 company rose 5.5 per cent today after it confirmed reports that emerged over the weekend that a sale [...]
Chilango confirms plans to launch CVA and exit leases December 9, 2019 Embattled Mexican chain Chilango has confirmed plans to launch a company voluntary arrangement (CVA) in a bid to secure its future. City A.M. revealed yesterday that the chain was planning to launch a CVA – a controversial restructuring agreement that would allow it to re-open rent negotiations with landlords – as it battles cash-flow issues. [...]
Private equity tycoon Guy Hands looks to buy struggling Kier Living December 9, 2019 Private equity tycoon Guy Hands has reportedly made a bid for the housebuilding arm of struggling construction firm Kier. Hands’ private equity firm – Terra Firma Capital Partners – is one of the last remaining bidders for Kier Living. Read more: Kier’s COO leaves with immediate effect Analysts told Sky News that the company could be [...]