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 [...]
Sterling hits new two-year low as no-deal Brexit risk jumps July 16, 2019 The pound tumbled to fresh two-year lows against the dollar today after the two candidates to replace Theresa May pledged to abandon the controversial Northern Ireland backstop proposals, ramping up the chances of a no-deal Brexit. Read more: Amber Rudd: I won’t lie down in front of bulldozers to stop no-deal Brexit Boris Johnson and [...]
Boris Johnson considering suspending parliament to force through a no-deal Brexit July 16, 2019 Boris Johnson is considering shutting down parliament at the end of October to stop MPs blocking a no-deal Brexit. According to Sky News, the plan would involve Johnson, if he wins the race to succeed Theresa May as Prime Minister, scheduling a Queen’s Speech for the beginning of November. It is conventional for MPs to [...]
Ryanair warns of service cuts, blaming Boeing 737 Max ban July 16, 2019 Ryanair today warned investors it has been forced to reschedule summer 2020 due to a delay in the delivery of new Boeing 737 Max planes. The budget flyer had ordered 58 Max 200 models from Boeing in time for its summer 2020 schedule, but now expects just 30 to be ready in time. Read more: [...]
England cricket chiefs must build on the foundations laid by remarkable World Cup win July 15, 2019 In January the England and Wales Cricket Board released a 35-page document entitled Inspiring Generations, which set out the governing body’s five-year plan to drive youth participation and diversify cricket’s fan base. One of the six priorities outlined was to “inspire through elite teams”. Sunday’s remarkable events at Lord’s have handed the ECB an opportunity [...]