Austria: Irish must make concessions March 15, 2011 AUSTRIAN finance minister Josef Proell warned yesterday that Ireland will have to give ground if it expects Europe to reduce the punitive 5.8 per cent interest rate it is paying on its €85bn (£74bn) bailout funds. “If Ireland wants anything, it has to deliver something. Greece showed that,” said Proell at a meeting of Eurozone [...]
Partygaming moves closer to Bwin merger March 15, 2011 ONLINE gaming company PartyGaming has moved closer to its agreed merger with Austrian rival Bwin, confirming that the tie-up is planned to complete on 31 March. The merger was formally entered into the Vienna companies’ register yesterday, in a filing by Bwin. The Austrian company’s shares will cease trading on 25 March in anticipation of [...]
New UK laws tougher on libel tourism March 15, 2011 CHANGES to the UK’s libel laws will make it more difficult for overseas claimants to pursue a case in the UK courts, in an effort to clamp down on so-called libel tourism. The new Defamation Bill, released in draft form by justice secretary Kenneth Clarke (pictured) yesterday, will require claimants to prove “substantial harm”, and [...]
High street brands popular for legal advice March 15, 2011 WITH the implementation of the “Tesco law” looming, a new report from YouGov into the legal services sector provides positive news for big brands looking to diversify into this sector. It reveals that consumer willingness to seek legal advice from retailers or high street brands is high; 60 per cent of consumers would consider using [...]
Kraft chief exec snubs request to appear before the Commons March 15, 2011 KRAFT executives came under fire from MPs yesterday after chief executive Irene Rosenfeld refused to appear before a committee looking at the US food-maker’s takeover of Cadbury. Three underlings were left to defend Kraft’s behaviour during its £11.5bn hostile takeover last year. Kraft bosses told the business select committee that they couldn’t guarantee that manufacturing [...]
Debenhams on track with solid results March 15, 2011 DEBENHAMS yesterday buoyed the retail sector as it said it was on target to meet forecasts despite economic headwinds. The chain forecast first half pre-tax profit in line with a market consensus of about £128m but said trading across the high street was likely to be difficult in its second half. Like-for-like sales in the [...]
ANALYST VIEWS: IS DEBENHAMS HEADING IN THE RIGHT DIRECTION? March 15, 2011 HONOR WESTNEDGE | VERDICT RESEARCH Despite rising commodity prices and high levels of promotional activity on the rest of the UK high street, Debenhams has managed to improve its gross margin on the previous year. Through focusing on its own-bought product, the retailer is in a better financial position to face a tough second-half. JONATHAN [...]
LUMINAR LOSES OUT AS CLUBBERS STAY HOME March 15, 2011 LUMINAR, the struggling nightclub group reported same outlet sales down 18.6 per cent for the year to 26 February. The company said yesterday a drop in the number of admissions to clubs had taken its toll. However, Britain’s biggest nightclub group, which operates 80 large-scale late-night venues, said trade had picked up since January.
JJB unveils rescue plan March 15, 2011 JJB Sports yesterday said it has secured key support from its bank and major shareholders as it battles to avoid administration. The loss-making retailer said investors including the Bill and Melinda Gates Foundation had agreed to back its latest £65m fundraising, while Bank of Scotland is also prepared to extend £25m in working capital. However, [...]
Morrisons ditches MBL March 15, 2011 Home entertainment distributor MBL Group has warned of job losses for “many of its employees” after supermarket Morrisons pulled the plug on a 14-year relationship with the firm. MBL, which supplies Morrisons with CDs and DVDs, has put itself up for sale in the hope of securing a rescue deal. Morrisons – the UK’s fourth [...]
