Merkel to meet Valls on growth September 11, 2014 FRENCH Prime Minister Manuel Valls yesterday said he would meet Chancellor Angela Merkel in Germany next weekend to discuss growth. He said: “Growth is too weak in Europe. We need to stop austerity policies and do everything to encourage investment.” His visit comes two weeks after his sacked economics minister Arnaud Montebourg said that Germany was [...]
Li seeks to cash in on growing plane leasing September 10, 2014 LI KA-SHING, Asia’s richest man yesterday aims to become a force in the global aircraft leasing business after it was announced that as his flagship investment firm held talks with lessors on building up a portfolio of planes. The Hong Kong tycoon’s Cheung Kong Holdings was reported by Reuters to be in discussions to form [...]
Russia cutting gas supply to Poland by 20pc September 10, 2014 POLAND and Germany yesterday announced that Russia had cut their gas supply, with Warsaw saying it was down 20 per cent. Some European officials believe Moscow could use gas supply disruptions as its trump card in a confrontation over Ukraine that has already brought ties between Moscow and the west to their lowest since the [...]
Twitter seeking to raise $1.3bn in debt offering September 10, 2014 MICROBLOGGING site Twitter yesterday announced it planned to raise $1.3bn (£800m) to invest in acquisitions and expansion. The company planned two offerings worth $650m each in convertible senior notes due to mature in 2019 and 2021, the microblogging website said in a filing. Twitter will also grant initial purchasers an option to buy up to [...]
UK commuters feeling strain of taking the train September 10, 2014 If you are a regular traveller on the 16:46 from London Euston to Crewe and are wondering why you never get a seat, it’s because you are on the most crowded train service in Britain. According to figures released yesterday by the Rail Executive of the Department for Transport, last autumn the four-carriage service carried an [...]
Dollar Gen goes hostile in $9.1bn bid for Family September 10, 2014 US DISCOUNTER Dollar General yesterday went hostile in its $9.1bn (£5.64bn) bid for rival Family Dollar, making a direct approach to its shareholders after twice being shunned. The move could jeopardise Family Dollar’s agreement to sell itself to fellow discounter Dollar Tree for a lower cash-and-stock deal of $8.5bn, or $74.50 per share. Dollar General [...]
Thorntons sees profits rise 60pc September 10, 2014 Cost cutting at chocolate maker Thorntons helped it report a 60 per cent rise in annual pre-tax profit. Pre-tax profits for the year to 28 June rose to £7.5m, compared with £4.7m last year. The firm has undergone a three-year cost-cutting programme, closing 39 stores last year. It said that sales at stores which had [...]
Sweet teeth help Krispy Kreme post 22pc rise in quarterly profits September 10, 2014 DOUGHNUT retailer Krispy Kreme yesterday reported that its quarterly earnings rose 22 per cent as it posted stronger revenue, driven by sales at locations open more than 18 months. For the period ending 3 August, Krispy Kreme reported a profit of $5.8m (£3.6m), up from $4.7m a year earlier. Chief executive Tony Thompson said: “A key [...]
US discounters get antitrust request for info September 9, 2014 TWO TOP US discounters yesterday reported that they had received a second request for information from American antitrust regulators about Dollar Tree’s $8.5bn (£5.25bn) bid to acquire Family Dollar. The move by the Federal Trade Commission (FTC), which Dollar Tree said last week was coming, means the deal’s government-mandated waiting period would be extended until 30 [...]
Payday lender Wonga hires Tara Kneafsey to manage consumer loans September 9, 2014 Embattled payday lender Wonga yesterday announced the appointment of Latvian insurance expert Tara Kneafsey as its UK consumer loans managing director in a bid to clean up its image. Wonga has been bringing in new management, including new chairman Andy Haste, who joined in July following anger over its sending of threatening letters to customers [...]
