Punch breaks debt obligations as restructuring talks continue April 15, 2014 STRUGGLING pub operator Punch Taverns has breached its debt obligations relating to part of its £2.3bn debt mountain, the company said yesterday. Punch’s debt structure is complex and split into two securitised vehicles. Punch A holds £1.45bn of gross debt, while Punch B holds £884m. The firm breached a debt covenant related to Punch A [...]
Imperial moves iconic French brands to Spain April 15, 2014 QUINTESSENTIAL French cigarette brands Gauloises and Gitanes will no longer be made in France as part of Imperial Tobacco’s dramatic cost cutting measures that will send production of the brands to Spain. The company blamed tough economic conditions, increased regulation and taxes, and growth in illicit tobacco trade for the closures. The measures, which will [...]
Albemarle and Bond is rescued from scrapheap April 15, 2014 THE UK’S second biggest pawnbroker Albemarle & Bond will remain a fixture of the high street after it was rescued from bankruptcy yesterday. The company, second to rival H&T in the pawnbroking market, has been acquired by a consortium led by former Bank of Scotland boss Sir Peter Burt and his investment firm Promethean Investments. [...]
City mourns bow-tied branding pioneer Olins April 15, 2014 TRIBUTES have been flooding in following the news yesterday of branding legend Wally Olins’ passing on Monday. The man who not only rebranded British Telecoms as BT, but also made wearing black rimmed glasses and bow ties cool long before east London’s hipsters got hold of them, has died of a short illness, aged 83. [...]
Boris follows Cameron to the Two Cities lunch April 15, 2014 PUNDITS watching to see if Boris Johnson will try to return to parliament and run in the next election might be pricking their ears at the news from the Two Cities Conservative fundraiser. Following David Cameron’s guest appearance at last year’s do, Boris Johnson has been revealed as this year’s guest and by all accounts, [...]
Chinese money supply rising at slowest pace for over a decade April 15, 2014 THE MONEY supply in China is growing at the weakest pace since 2001, according to official figures released yesterday, as analysts prepare for an announcement of more modest GDP growth today. M2, a measure of the amount of money in the economy, grew by only 12.1 per cent during the year to March. Last year, [...]
Exports widen Eurozone trade surplus April 15, 2014 THE EUROZONE’S trade surplus expanded in February according to figures published yesterday in Brussels, with the size of Germany’s exports continuing to raise the prospect of a growing political row. If Germany’s current account surplus grows to an even greater level this year, as is expected to happen by many economists, the European Commission may decide [...]
Worries over Ukraine weigh on investor sentiment in Germany April 15, 2014 INVESTOR morale has been knocked by the recent political turmoil in Ukraine, according to a leading German survey released yesterday. The Zew index declined for a fourth straight month in April, dipping to 43.2 from 46.6 in March. Yet while investors are worried about potential effects from Ukraine, the environment remains positive for now. The [...]
UK most sceptical of paying for education April 15, 2014 BRITISH parents are among the least likely to say that paying for a child’s education is a good investment, according to a report released this morning. HSBC research into priorities for education in 15 countries reveals that only 35 per cent of parents in the UK say that paying for schooling is the best investment [...]
Davey writes to firms about Eco April 15, 2014 Energy secretary Ed Davey yesterday wrote to the gas and electricity suppliers, calling for more detailed information on the cost of the Energy Company Obligation (Eco), a scheme that obligates the larger firms to install energy-saving measures in customers’ homes. Energy UK and regulator Ofgem said they welcomed proposals that increased transparency.
