Thorntons agrees credit facility August 11, 2009 Chocolatier Thorntons said yesterday that it has completed its refinancing, having agreed a new £52.5m revolving credit facility with its three banks. The firm undertook a restructuring last month, which saw it create two separate business units – retail and manufacturing – in order to create greater accountability.
New liquidity rules risk international turf war between regulatory bodies August 11, 2009 THE Financial Services Authority’s plans to implement new liquidity guidelines risks sparking a “turf war” between regulators, City sources warned yesterday. UK financial institutions will have to hold greater volumes of liquid assets from the beginning of next year, with detailed guidelines due to be issued by the City watchdog in September. But financial services [...]
Catlin for 20 Gracechurch August 11, 2009 CATLIN, the biggest underwriter in the Lloyd’s of London insurance market, has made an offer for a 120,000 sq ft space at 20 Gracechurch Street. In what is the second biggest City property deal this year City A.M. can exclusively reveal the insurer will be paying around £45 per square foot for 15 years. It [...]
HOW BLEAK IS THE OUTLOOK FOR IHG? August 11, 2009 SAM HART CHARLES STANLEY“InterContinental Hotels’ interim results were weak, impacted by very tough conditions in the global hotels industry. The results were, however, towards the upper end of market expectations. Cost savings remain a high priority in the current environment and the outlook is tough.”CHARLIE MENEGATOS ACCENDO MARKETS“While boss Andrew Cosslett said he expected the [...]
Careful not to cut spending too soon August 11, 2009 ANOTHER day and further signs there is some life left in the poor battered UK economy.. Yesterday it emerged that house prices rose for the third month in a row in June, according to government figures. And takeovers are back, it would seem, with the blue-chip insurer Friends Provident succumbing to an increased £1.85bn bid [...]
Atticus closes key funds August 11, 2009 THE activist hedge fund group co-chaired by Nathaniel Rothschild, Atticus Capital, is handing $4bn (£2.42bn) back to its investors and closing down a flagship fund, along with a smaller vehicle. Rothschild, a scion of the famous banking family, was brought into the business as co-chair by founder Timothy Barakett in 1996. Yesterday Barakett wrote to [...]
Junior lenders lose out at the Car Wash trial August 11, 2009 A GROUP of junior lenders yesterday lost their legal fight to prevent a controversial debt-for-equity rescue plan for failed firm IMO Car Wash. The landmark ruling sparked fears that creditors further down the seniority scale will be pushed aside when it comes to recovering value from failed firms. Lord Justice Mann ruled in favour of [...]
FSA waters down planned rules on banking bonuses August 11, 2009 THE Financial Services Authority (FSA) has watered down plans to regulate how bankers receive their bonuses due to fears that firms could move abroad to avoid the rules. The City watchdog had considered recommending that two thirds of each bonus should be deferred and individual rewards be governed by the firm’s overall performance. But the [...]
THANKS, BUT NO THANKS August 11, 2009 RATAN TATA, the head of Jaguar Land Rover owner Tata Motors, told the government yesterday it no longer needs financial support for the carmaker. Tata said the company had secured direct bank loans, as well as guarantees that would allow it access to a £340m European Investment Bank loan.
Investors hungry for Findel August 11, 2009 Home shopping group Findel yesterday said that it has received strong support from investors for its £81m fundraising, with 97.9 per cent of shares available under open offer being taken up. The owner of Kleeneze announced the offer, along with a share placing, in July. Both were at an offer price of 20p per share.
