Internet Fusion Group racing to sell Surfdome

Creative Media NewsSaturday, 25 March 2023, 6:000

FRP Advisory is helping the parent firm of equestrian, fashion, and surfwear brands sell urgently. The company behind a group of well-known outdoor sports clothing brands is scrambling to find a buyer after an agreement to convert it into a London-listed cash shell fell through. The professional services firm FRP Advisory has been hired to...

Evergrande: Crisis-hit Chinese property giant proposes debt restructuring

Creative Media NewsFriday, 24 March 2023, 6:000

Evergrande has announced plans to restructure approximately $20 billion (£16.2 billion) in offshore debt, which could serve as a model for other struggling developers. According to the company, the measures will aid “efforts to resume operations and resolve problems on shore.” Evergrande’s liabilities exceed $300 billion, and the company defaulted on its debts in late...

Another rise in UK interest rates is anticipated as prices soar.

Creative Media NewsThursday, 23 March 2023, 20:000

After an unexpected increase in the rate of inflation, the Bank of England is anticipated to raise interest rates for the eleventh time in a row. Analysts expect the Monetary Policy Committee to raise the Bank rate from 4% to 4.25 %. The policymakers must strike a balance between containing inflation and maintaining financial stability....

Fever-Tree raises prices as shoppers choose “budget-friendly” choices.

Creative Media NewsThursday, 23 March 2023, 16:000

The company expects higher glass costs to have a significant impact this year, resulting in price increases for consumers. Fever-Tree, a premium manufacturer of tonics, intends to increase prices as it continues to deal with a rise in expenses. The company, which had previously warned of a significant strain on its profit margins, made the...

Vegetable shortages cause an unexpected surge in UK inflation.

Creative Media NewsThursday, 23 March 2023, 8:000

The cost of living increased more than anticipated last month as salad and vegetable shortages contributed to the fastest increase in food prices in 45 years. Inflation rose to 10.4% in February, up from 10.2% in January, as the price of alcoholic beverages in restaurants and pubs pushed up household expenditures. Last month, clothing prices...

Steel tycoon Gupta fears winding-up petition as Aartee row escalates.

Creative Media NewsWednesday, 22 March 2023, 20:000

Administrators of Aartee Bright Bar are attempting to dissolve the company just weeks after its acquisition by Sanjeev Gupta’s GFG Alliance. A dispute between the steel magnate Sanjeev Gupta and one of his largest UK customers has escalated after administrators filed a petition to liquidate a company he acquired only weeks ago. Alvarez & Marsal...

Stocks rebound after Credit Suisse’s forced purchase.

Creative Media NewsTuesday, 21 March 2023, 12:000

The forced takeover of Credit Suisse over the weekend and a coordinated effort to ease the flow of dollars around the globe are unable to stem the bleeding on the stock markets. In response to measures to alleviate the sector’s confidence crisis, bank stocks are mounting a comeback following sharp early declines across Asia and...

Resolution Foundation says stagnant pay cost UK workers £11,000 a year.

Creative Media NewsMonday, 20 March 2023, 20:000

Due to fifteen years of wage stagnation, British employees are £11,000 worse off annually. The data comes from the think tank Resolution Foundation, which focuses on low- to middle-income households. In addition, household revenues in the UK have fallen further behind those in Germany. In 2008, the annual disparity was over £500; it is now...

Virgin Orbit plots bankruptcy amid investor rescue talks.

Creative Media NewsMonday, 20 March 2023, 14:000

Alvarez & Marsal and Ducera are helping Virgin Group’s commercial space satellite firm secure emergency funding. Days after ceasing operations and furloughing its employees, Virgin Orbit initiated the development of comprehensive insolvency contingency plans. The commercial space satellite venture founded by Sir Richard Branson’s Virgin Group is collaborating with restructuring firms Alvarez & Marsal (A&M)...

Boris Johnson: Ex-PM to defend Partygate with proof

Creative Media NewsSunday, 19 March 2023, 22:000

Boris Johnson will defend himself before MPs question him about Covid rule-breaking events. Wednesday will be a crucial televised testimony session for the former prime minister before the Commons Privileges Committee. The committee has not yet released its final verdict. But its initial update earlier this month suggested that Mr. Johnson may have repeatedly misled...

Silicon Valley Bank UK awards £15m in bonuses days after £1 rescue

Creative Media NewsSunday, 19 March 2023, 18:000

The bank’s new owner approved bonuses of £15 million to £20 million for SVB UK workers this week. The British arm of Silicon Valley Bank (SVB UK) paid out employee incentives totaling millions of pounds just days after its insolvency was averted by a Bank of England-orchestrated rescue deal. HSBC, the new proprietor of SVB...

Major US banks help First Republic with $30bn

Creative Media NewsSaturday, 18 March 2023, 22:000

America’s biggest banks unite after investors hammer the sector due to rising interest rates. Eleven major banks have joined forces to provide $30 billion (£24.7 billion) to end the crisis of confidence encircling another major US bank. After Silicon Valley Bank’s Friday failure, sector-wide balance sheet review lowered First Republic’s share price this week. (SVB)....

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