HMV DEBT REFINANCING June 7, 2011 Q.WHAT DOES THIS HMV REFINANCING INVOLVE? A.HMV’s lenders RBS and Lloyds have agreed to supply two term loans of £70m and £90m that mature in September 2013, and a £60m revolving credit facility. The deal refinances its previous £240m debt facility with £220m of fresh debt. The banks will charge HMV interest of four per [...]
ONCE AGAIN, THE ECB MAY SURPRISE US June 7, 2011 IN THE movie Groundhog Day, Bill Murray wakes up each day only to find himself repeating the activities of the day before. There is a bit of a Groundhog Day feel to the currency market this week, as traders once again prepare for the monthly European Central Bank (ECB) press conference. Recall that last month [...]
HARTSON: YOUNG BOSS BETTER FOR WEST HAM June 6, 2011 Ex- Hammers striker insists club should have hired an up-and-coming manager instead of Allardyce FORMER West Ham star John Hartson believes the east London club have made a mistake in appointing Sam Allardyce as boss, insisting they should have put their faith in a young up-and-coming manager. Barcelona gambled on the inexperienced Pep Guardiola three [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]
Jane Norman lenders ask PwC to find buyer June 5, 2011 HIGH STREET fashion chain Jane Norman has been put on the block by PwC at the request of its lending syndicate, a source familiar with the process said yesterday. PwC is thought to have sent out sale information on Jane Norman, which is majority owned by a group of 11 banks following the collapse of [...]
Why critics of ETFs should be ignored June 5, 2011 IN the UK, like in many other countries, Exchange Traded Funds (ETFs) are increasingly becoming a threat to old-school fund managers. ETFs, for those not yet familiar with the product, are investment funds that are traded on stock markets – like ordinary shares. But perhaps because of their growing popularity with investors, who enjoy their [...]
London is top global city for visitors June 1, 2011 LONDON has fought off both New York and Paris to be crowned the world’s number one destination city, with an expected 20.1m inbound passengers visiting the capital this year, according to a survey out yesterday. Foreign visitors to London are expected to pull in a record $25.6bn (£15.58bn) this financial year alone. “London has yet [...]
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2011 Wainbridge The property investment and asset management firm has appointed Graham Langlay-Smith as chief financial officer. Langlay-Smith joins from Credit Suisse, where he was a director of the European team of DLJ Real Estate Capital Partners. Prior to Credit Suisse, Langlay-Smith was chief financial officer of real estate developer TrizecHahn Europe, and has also held [...]
Adidas braced for sales dip May 30, 2011 SPORTSWEAR giant Adidas said it is braced for further blows to its sales in Japan if there are more power cuts over the summer. The German company said that although the earthquake and nuclear crisis at the Fukushima plant “could have been worse” the state of the country’s power network was unclear. Adidas has said [...]
Burberry sees profits surge as Asia booms May 26, 2011 BURBERRY is stepping up spending on new stores to cash in on a boom in demand for luxury goods in Asia as it met forecasts with a 39 per cent jump in full-year profit. Profit for the 12 months to the end of March were £296m with revenues up 27 per cent to £1.5bn. The [...]