Business split over Britain’s future in the EU January 20, 2013 THE LEADER of the British Chambers of Commerce yesterday warned City A.M. that multinational companies may not have Britain’s national interest at heart when discussing the UK’s future relationship with the EU. “For business leaders involved in multinationals the British interest may be secondary, as Britain is a gateway for accessing the common market,” John [...]
Cyprus bailout delayed by two more months amid wrangling January 20, 2013 A BAILOUT for Cyprus has been delayed at least two months amid wrangling over how the country’s debt-laden government could afford it. Cypriot leaders claim the setback is because a review of its banking sector’s capital needs is not yet finished. But Germany is also balking at the prospective deal, claiming not enough is being [...]
World leaders flock to Davos yearly meeting January 20, 2013 THE WORLD’S most prominent policymakers, economists and businessmen will on Wednesday descend on Davos to hammer out a consensus on building sustainable growth. The small Swiss village will host close to 50 heads of state or government and more than 1,500 business leaders, as well as top academics and representatives from charities and Non-Governmental Organisations [...]
French call for Europe promotion January 20, 2013 French Finance Minister Pierre Moscovici said yesterday he hoped his Dutch counterpart Jeroen Dijsselbloem, who is expected to become head of the Eurogroup, would promote Europe with as much commitment as Jean-Claude Juncker did over the past eight years. Ahead of a meeting of Eurozone finance ministers today, Moscovici said that gathering was set to [...]
Weidmann warns on ECB buybacks January 20, 2013 Bundesbank chief Jens Weidmann warned against relying on the European Central Bank as the only crisis manager, telling a Finnish newspaper that its bond buyback programme was risky.”Central banks in recent years have been pulled into the role of a crisis manager. Some think that central banks are the only able ones. I consider this [...]
Mario Monti launches campaign January 20, 2013 Italian Prime Minister Mario Monti launched his campaign for a second term yesterday with a speech calling for deep-rooted reforms to kick start economic growth, four weeks ahead of a parliamentary election. “Italy needs radical reforms. Radical reforms for those who are outside protected interest groups, and for young people who cannot find work because [...]
HMV Canada owner Hilco in lead for stores January 20, 2013 VULTURE turnaround fund Hilco UK is poised to add to its stable of Canadian HMV stores after taking the lead in the race to salvage its bankrupt UK sibling. Hilco, which bought out HMV Canada from parent HMV group in 2011 for £2m, is currently heading a pack of around 50 suitors for the iconic [...]
Blockbuster administrators to shut 129 stores and shed staff January 20, 2013 BLOCKBUSTER, the DVD and games rental chain, is to close 129 stores of its 528 stores over the coming weeks and make 760 staff redundant, the firm’s administrators Deloitte said this weekend. These are on top of the 31 store closures that had already been decided before the retailer fell into administration last Wednesday. Deloitte [...]
Music and film industries offer concessions to keep HMV afloat January 20, 2013 THE WORLD’S biggest music and film companies are backing a takeover attempt for HMV, and are considering new supply terms to keep a rejuvenated company afloat. The likes of Universal Music and Warner Bros are understood to be exploring a range of options, such as cutting prices on CDs and DVDs or easing payment terms. [...]
Hotel Chocolat reports record full-year profit January 20, 2013 HOTEL CHOCOLAT, the upmarket chocolatier, offered some hope to Britain’s beleaguered high streets this weekend after reporting record sales and profits. The retailer and cocoa grower posted a 84 per cent leap in pre-tax profits to £5.4m on sales up six per cent to £63.8m in the year to 30 June 2012. Angus Thirlwell, co-founder [...]
