Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City A.M., in a bid to avoid administration. Read more: [...]
London Stock Exchange denies cyber attack as UK probes trading outage January 6, 2020 The London Stock Exchange has denied that a cyber attack was responsible for a major trading outage in August, as UK security agencies reportedly investigate the cause of the incident. A British intelligence agency contacted the London Stock Exchange (LSE) in the past two months to request additional information about the outage on 16 August, [...]
Xerox secures $24bn financing for HP hostile takeover bid January 6, 2020 Printer maker Xerox has announced it has secured $24bn (£18.3bn) financing for its $33.5bn takeover offer for HP – a deal the computing giant is opposing. HP rejected Xerox’s $22 per share offer in November, saying it “significantly” undervalued the company. Xerox then took the proposal directly to HP shareholders. Read more: Xerox takes $33.5bn [...]
Burger King launches plant-based Whopper – but it isn’t vegan or vegetarian January 6, 2020 Burger King is launching a plant-based version of its Whopper in the UK, but vegans and vegetarians won’t be able to enjoy the new burger. The Rebel Whopper, which is made from soy, is not suitable for those avoiding meat because it is cooked on the same grill as the fast food chain’s beef burgers. [...]
Oil prices jump and gold hits seven-year high amid heightened Middle East tensions January 6, 2020 Oil prices have continued to rise after US President Donald Trump threatened Iraq with sanctions if the country expels American troops. Gold also hit a seven-year high as investors seek shelter from mounting tensions in safe haven assets. Read more: Qasem Soleimani: Trump threatens Iraq with sanctions if US troops are expelled The precious metal [...]
Qasem Soleimani: Trump threatens Iraq with sanctions if US troops are expelled January 6, 2020 President Donald Trump has threatened Iraq with severe sanctions after its parliament called for US forces to leave the country, as the backlash over the killing of Iranian military commander Qasem Soleimani intensifies. “We have a very extraordinarily expensive air base that’s [in Iraq]. It cost billions of dollars to build, long before my time. [...]
Chilango CVA: investors back burrito bond bailout measures December 31, 2019 Investors who ploughed £5.8m into Chilango’s burrito bonds are set to have their investments converted into shares as the struggling Mexican chain fights to stay afloat. Under company voluntary agreement proposals (CVA) launched earlier this month, shareholders were offered the choice between cashing out bondholders’ investments at a rate of 10p per pound or transferring [...]
Vivendi sells Universal Music Group stake to Tencent consortium December 31, 2019 Vivendi has sold a 10 per cent stake in Universal Music Group to a Tencent-led consortium, in a deal valuing the label housing Lady Gaga, The Beatles, and Taylor Swift at €30bn (£25.5bn). The deal allows both companies to expand in the recovering global music market, giving Chinese conglomerate Tencent more access to US artists, [...]
Huawei predicts ‘difficult’ 2020 as US sanctions bite December 31, 2019 Huawei has cut its full-year revenue forecasts, with the Chinese tech giant’s chairman saying 2020 is likely to be a “difficult year” for the company after US trade blacklisting disrupted growth and its ability to source key parts. The world’s biggest maker of telecom network equipment and second largest smartphone manufacturer said its full-year revenue [...]
National living wage set to rise over six per cent in 2020 December 31, 2019 Almost three million workers are set to receive a 6.2 per cent pay rise from April, after the government announced plans to raise the national living wage. The raise, which the government says will be “the biggest cash increase ever”, comes as prime minister Boris Johnson seeks yo shore up support from the working class [...]
