Can a currency save an economy? What the UK example teaches us June 2, 2015 Much has been said of global currency wars in the past few years. If there has been such a war, then arguably the UK fired the opening shot with a trade-weighted depreciation in the value of the pound of nearly 30 per cent between the summer of 2007 and the end of 2008. This was [...]
Has Greek brinkmanship in debt negotiations damaged its position in the single currency? June 2, 2015 Konstantinos Venetis, an economist at Lombard Street Research, says Yes Taking negotiations down to the wire in the hope of preventing a “Gr-accident” has actually brought one closer. Greece’s state coffers dried up, the banking system suffered severe strain, and the economy relapsed into recession. Confidence is low and elevated uncertainty has increased the risk [...]
Now American Apparel has taken out a restraining order against Dov Charney June 2, 2015 It's a special case when the company you founded takes out a restraining order against you – but then again, American Apparel's relationship with founder and former boss Dov Charney is a special case. The company confirmed in a regulatory filing today that it had been granted a restraining order against Charney, who was dramatically [...]
Fitbit has priced its shares for its IPO June 2, 2015 Exercise tracker startup Fitbit is pricing its shares at between $14 and $16 when it IPOs. The company behind the cult fitness device that measures an individual's activity, plans to offer nearly 22.4m shares from its Class A common stock, while shareholders are selling a further 7.5m of their Class B stock. Fitbit [...]
Canary Wharf owner Brookfield buys Center Parcs June 2, 2015 After all the effort Brookfield put into buying Songbird, the parent company of Canary Wharf, it's clearly in need of some leisure time: the Canadian investor has just bought Center Parcs from Blackstone. Read more: Brookfield – Center Parcs' next big owner Although its price was undisclosed, it is thought Brookfield paid somewhere in the region [...]
AO World share price crushed as retailer misses expectations with £2.2m annual loss June 2, 2015 The figures Online retailer AO World missed expectations in its first full year as a listed company, sending its share price down by more than six per cent. The online home appliance retailer delivered an annual loss of £2.2m, despite growing revenue by 23.8 per cent to £476.7m, from £384.9m last year. Read more: AO World [...]
British Land issues £350m convertible bond to fund One Sheldon Square Paddington and Surrey Quays acquisitions June 2, 2015 British Land, one of the UK's biggest developers, has launched a £350m convertible bond. The senior, unsecured convertible bonds, due in 2020, will be used to fund its acquisition of two central London properties and future spending. The developer splashed £210m on increasing its ownership of One Sheldon Square in Paddington in April, and bought [...]
Playtech makes £460m bid for Plus500: Boss Mor Weizer calls deal “immediately revenue enhancing” June 1, 2015 Playtech has announced that it is in the process of buying Plus500, in a deal worth nearly £460m. The online gaming firm said that it would pay 400p a share for the Israel-based and London-listed trading platform. The deal is expected to be concluded by the end of September. Plus500 has previously been [...]
Online marketplace Notonthehighstreet appoints retail veteran Darren Shapland as its chairman June 1, 2015 Online platform for independent retailers notonthehighstreet.com has appointed Darren Shapland as its new chairman. Shapland currently serves as the chairman of the retail businesses Poundland, Topps Tiles and Maplin Electronics. He is also a non-executive director at Ladbrokes and Wolseley, chairing the audit committee. The experienced retailer has also previously worked with other major firms. [...]
Jamie Oliver looking for a pukka pay day as restaurants go to tender June 1, 2015 British private equity firm 3i has been named as one of several prospective bidders being courted to buy a significant stake in Jamie Oliver’s burgeoning restaurant empire. 3i, which counts itself among some of the UK’s oldest private equity firm’s, has previously invested in restaurant chain Giraffe, which it subsequently sold to Tesco. Bids for [...]