Goldman-backed Neyber set to be rescued by rival Salary Finance March 1, 2020 The Goldman-Sachs backed lender Neyber will reportedly sell its assets to rival Salary Finance. Neyber is expected to appoint administrators this week, according to Sky News reports. The consumer finance provider will offload its assets including its blue-chip customer contracts to Salary Finance. Sky News sources said the deal was almost certain to happen in [...]
Debenhams denies lenders’ support is wavering over debt restructuring March 1, 2020 Debenhams today denied that the commitment of its lenders to a debt for equity swap is wavering, as the beleaguered retailer responded to reports that securing a debt restructuring is dependent on landlords granting steep rent cuts. The high street chain could be forced to close further stores if it is unable to negotiate lower [...]
Car shipping cartel to face UK class action March 1, 2020 Five shipping companies who ran a cartel for importing cars to the UK will face a class action lawsuit. MOL, “K” Line, NYK, WWL/EUKOR and CSAV are being sued for overcharging UK consumers and businesses. The European Commission ruled in 2018 they had breached competition rules by coordinating rates and capacity. Brussels imposed a €395m [...]
The new Formula One season is almost upon us but McLaren chief Zak Brown has one eye on 2021 March 1, 2020 Last year’s fourth-placed finish in the Formula One constructor’s championship saw McLaren end one of the most turbulent decades in the team’s history on a high. While it was a huge step forward – climbing from ninth and sixth in the previous two seasons – maintaining that trajectory this year looks all but inconceivable. Mercedes, [...]
Lloyds faces fresh police probe over fraud claims March 1, 2020 Lloyds Bank is reportedly facing a fresh police investigation over allegations of fraud against small business. The Sunday Telegraph first reported that Avon and Somerset Police are investigating allegations made against the bank by property investor Kashif Shabir. Shabir lost his business after Lloyds foreclosed on his loans and appointed a receiver to sell his [...]
Sir Keir Starmer in bullying row with his Constituency Labour Party March 1, 2020 Sir Keir Starmer has been accused of being complicit in the bullying of local party members in what has been described by some as a smear campaign against the Labour leadership frontrunner. A complaint has been made by the Holborn and St Pancras Constituency Labour Party (CLP) to party general secretary Jennie Formby, claiming Starmer’s [...]
NMC Health hires investment bank Moelis for debt restructuring March 1, 2020 NMC Health has hired investment bank Moelis to advise on a debt restructuring, in the latest turn of events for the embattled healthcare operator. Reuters reported that three sources familiar with the matter said NMC had hired the bank in relation to its ability to meet debt obligations. Last week the Financial Conduct Authority announced [...]
Could coronavirus push global stock markets into bear territory? March 1, 2020 After coronavirus fears sent US and UK stocks to their worst week since the 2008 financial crisis, some analysts are raising the prospect that equities could fall into bear market territory – a fall of 20 per cent from recent highs. The US’s S&P 500 index has slumped 13 per cent since it hit a [...]
Portsmouth’s fan-led revival reaches new milestone with Arsenal FA Cup clash March 1, 2020 When Portsmouth welcome Arsenal to Fratton Park on Monday night there will be a release of emotions from the almost 20,000 Pompey fans present, many of whom are responsible for the club’s slow but steady revival. The fifth-round tie is the furthest the club have progressed in the FA Cup since the 2010 final and [...]
Government set to scrap entrepreneurs’ relief in £2.7bn tax grab March 1, 2020 Plans have been drawn up by the Treasury to hit businesses with a £2.7bn tax rise in this month’s budget. Chancellor Rishi Sunak is set to scrap entrepreneurs’ relief, which gives a capital gains tax cut to people who start their own businesses. The scheme cuts the amount of capital gains tax paid, when they [...]
