Thomas Cook boss says ‘blame the lenders’ after holiday giant’s collapse September 29, 2019 The last ever boss of collapsed holiday giant Thomas Cook has laid the blame for the 178-year-old firm’s failure firmly at the door of its lenders. Former chief executive Peter Fankhauser said if bondholders and a syndicate of banks – including Barclays, Morgan Stanley, Lloyds and Royal Bank of Scotland – had taken action to [...]
Senior official for Brexit planning and head of the Border Delivery Group set to quit September 28, 2019 The director general for EU exit implementation is set to quit his role just weeks before the UK is due to leave the European Union. Matthew Coats will step down from his post as one of the UK’s most senior ranking officials for Brexit planning in the latest upheaval of the civil service, according to [...]
City Moves for 26 September – Who’s switching jobs at Aldermore, TORI Global and FDM Group? September 26, 2019 Today’s City Moves includes Aldermore, TORI Global and FDM Group. Aldermore Claire Cordell has been appointed chief financial officer (CFO) and an executive director of specialist bank Aldermore. Claire joined Aldermore in 2014 having oreviously held senior finance roles at RSA Insurance and Credit Suisse, and currently works as the company’s director of finance. Claire [...]
Are UK supermarkets ready for Brexit? September 25, 2019 “One can say very clearly what the direction will be: higher prices, less choice, and poorer quality, because all of those dimensions have been improved by these open trading relationships that we’ve had over the last 40 years […] Brexit, almost in whatever version it is, will introduce friction, it will introduce barriers. That makes [...]
Metro Bank shares crash to record low after it scraps £250m bond issue September 24, 2019 Shares in Metro Bank closed over 35 per cent down at a fresh record low after the lender cancelled a crucial £250m bond issue designed to bolster its balance sheets to meet regulatory demands. The challenger bank’s shares opened down as much as 17 per cent before trimming losses slightly, but then crashed again in [...]
Metro Bank share price sinks after investors snub £250m bond offering September 24, 2019 Metro Bank’s shares fell almost ten per cent in early trading after the struggling lender was forced to ditch a £250m bond offering yesterday after a lack of demand from investors. The challenger bank’s shares fell as much as 12 per cent in morning trading, but then trimmed its losses to 6.8 per cent. Read [...]
Thomas Cook collapse: Assets under the hammer as liquidators move in September 23, 2019 Collapsed airline Thomas Cook will be sold as a whole or in parts after it went into liquidation this morning, the firm’s second largest shareholder has said. Neset Kockar, boss of Turkish holiday group Anex Tour, owned a near-eight per cent stake in the travel giant when it went under. Read more: Tui share price soars [...]
Timeline – Thomas Cook’s humble beginnings to a billion-pound collapse September 23, 2019 Thomas Cook’s insolvency has left hundreds of thousands of people stranded abroad, and cost tens of thousands of jobs in the UK. But it has been a long time coming. With debts ballooning over the last 10 years and a near-miss in 2011, Britain’s oldest travel firm has endured a bumpy ride in recent years [...]
Boris Johnson: Don’t bank on Brexit breakthrough in New York September 23, 2019 Prime Minister Boris Johnson played down hopes of a breakthrough in Brexit negotiations as he jetted off to New York this morning. Johnson, who is set to speak to the German and Irish leaders when in the US, cautioned reporters that the trip may not be “the moment.” Read more: Sadiq Khan fires warning shot [...]
Dominic Raab hints parliament could be suspended for a second time September 22, 2019 Foreign secretary Dominic Raab has refused to rule out proroguing parliament for a second time. The Supreme Court, the UK’s highest court, is due to hand down its ruling on two cases lodged against Boris Johnson’s decision to suspend parliament. Read more: Brexit negotiations are moving forward with momentum, says Stephen Barclay One is an [...]