Metro Bank in talks to sell £500m of loans back to US hedge fund July 21, 2019 Struggling lender Metro Bank is set to sell £500m of mortgages back to US hedge fund Cerberus in a bid to shore up its capital position, according to Sky News. Read more: Metro Bank shares fall further amid boardroom bust-up In February 2018 Metro Bank bought £523m of buy-to-let mortgages, mainly made up of London [...]
Shane Lowry deals with the pressure to complete his first Major win at the Open Championship in Portrush July 21, 2019 Shane Lowry may not have been the local hero everyone was talking about leading up to the Open Championship, but after a fourth scintillating round earned him a six-shot win and a first ever Major, the Irishman’s was the only name on people’s lips at Royal Portrush on Sunday evening. And not just on the [...]
Iranian seizure of tanker ‘constitutes illegal interference’, UK tells UN July 21, 2019 The UK has told UN authorities that Iran’s seizure of a British-flagged tanker “constitutes illegal interference”, as the diplomatic crisis in the Strait of Hormuz worsens. In a letter to the United Nations Security Council, Britain’s UN mission wrote this weekend that the Stena Impero “was exercising the lawful right of transit passage in an [...]
London law firm Mishcon de Reya to explore IPO option July 20, 2019 London law firm Mishcon de Reya has begun preparations for a flotation or stake sale valuing the firm at several hundred million pounds, according to Sky News. Mishcon is looking to hire bankers in the coming months to explore its options, although any formal decisions about raising capital are yet to be made. Read more: [...]
Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
There’s no ‘war chest’ for extra spending, watchdog warns PM hopefuls July 18, 2019 Boris Johnson and Jeremy Hunt have been warned there is no “war-chest or pot of money” that would make big spending increases “a free lunch” by the UK’s budget watchdog. Read more: No-deal Brexit could cause ‘full blown’ recession in 2020 The Office for Budget Responsibility (OBR) said today that the next prime minister must [...]
Shares in Reach spike after it confirms JPI Media takeover talks July 18, 2019 Shares in media group Reach jumped as much as nine per cent this morning after it confirmed it is in early talks to buy assets from i newspaper owner JPI Media. The Daily Mirror publisher today said it is in discussions with JPI Media, which owns hundreds of regional titles across the UK, but warned [...]
Daily Mirror owner Reach ‘joins race to buy JPI Media’ July 17, 2019 Reach, the owner of the Daily Mirror and Daily Express, is said to have thrown its hat into the ring to buy JPI Media, which owns the i newspaper. The firm, formerly known as Trinity Mirror, has reportedly sent an indicative offer for the company which owns hundreds of regional titles. The news was first [...]
Stranger Things vs Mickey Mouse: How the media old guard is adapting to disruption July 17, 2019 As I discussed earlier this month, disruption is everywhere (see Five things every investor needs to know about disruption). Incumbent companies have a choice: they can either deny the changes are happening, or they can adapt to the new regime. Faced with the seemingly inexorable rise of streaming services such as Netflix and Amazon Prime Video, [...]
Investor ‘threatens to oust chair’ at troubled printer De La Rue July 16, 2019 Banknote and passport producer De La Rue faces fresh boardroom disruption after a City investor is said to have threatened to force its chairman out. Crystal Amber activist fund has written to the company, informing the board that it plans to force an EGM unless chairman Philip Rogerson resigns by its annual shareholder meeting later [...]