Vue screens investors for blockbuster Cineworld challenge

Creative Media NewsTuesday, 14 February 2023, 8:000

Vue International has secured backing from Barings and Farallon Capital Management in advance of Cineworld’s bid deadline later this week. Europe’s largest privately owned cinema operator has secured financial backing from its new shareholders to mount a takeover bid against its struggling competitor, Cineworld. Barings and Farallon Capital Management have agreed to provide Vue International...

American fund KPS buys Princess Yachts.

Creative Media NewsMonday, 13 February 2023, 10:000

Former sponsor of golf equipment manufacturer TaylorMade, KPS Capital Partners, will purchase a controlling position in Plymouth-based luxury yacht builder Princess. The largest luxury yacht builder in the United Kingdom is being sold to new private equity investors 15 years after its previous change of ownership. Plymouth-based Princess Yachts is being sold to KPS Capital...

Heathrow returns to pre-pandemic passenger figures

Creative Media NewsMonday, 13 February 2023, 4:000

The use of electronic passport scanners for youngsters under the age of 18 is being tested while the airport said that the peak period over the half-term break “has been going extremely well.” Last month, the number of passengers at Britain’s main airport rebounded to pre-pandemic levels. Heathrow stated that 5.4 million passengers traveled through...

Climate goals ‘may result in increased taxes’

Creative Media NewsMonday, 13 February 2023, 2:000

The United Kingdom has made significant strides towards achieving net-zero carbon emissions by 2050, but higher taxes may be required to reach this goal. According to renowned economist Lord Nicholas Stern, public and private investment in new technologies is required. A former BP executive has urged the United Kingdom to follow the United States in...

Business News

Castore sportswear prepares for $200m fundraising.

Creative Media NewsSaturday, 11 February 2023, 12:000

The Manchester-based sportswear firm supported by Sir Andy Murray is working with Rothschild to finance approximately $200 million to fund its expansion. Castore, the British sportswear company funded by Sir Andy Murray, is in discussions with investors on a $200 million investment round as it escalates its competition with global competitors Adidas and Nike. The...

Why are BP, Shell, and other oil majors so profitable?

Creative Media NewsSaturday, 11 February 2023, 8:000

The major oil firms, ranging from BP and Shell in the United Kingdom to ExxonMobil and Equinor in Norway, have reported astounding profit figures. As a result of the invasion of Ukraine, the price of oil and gas has risen significantly. People around the world are struggling to pay their energy bills and fill up...

UK economy avoids recession, but Hunt warns

Creative Media NewsFriday, 10 February 2023, 18:000

The United Kingdom just escaped sliding into recession in 2022, according to newly released data, as the economy had zero growth between October and December. According to the Office of National Statistics (ONS), this is despite a 0.5% drop in economic output in December, which was partially caused by strike action. The Chancellor of the...

UK economy narrowly avoids recession amid December strikes.

Creative Media NewsFriday, 10 February 2023, 8:000

The ONS reported that the World Cup’s absence from Premier League football lowered output in December 2022. Early official numbers indicate that the UK narrowly averted recession in the second half of last year, despite growth reversing sharply in December due in part to the impact of strikes and the absence of Premier League football....

Taxpayer-backed NatWest raises bonus pot for second year.

Creative Media NewsFriday, 10 February 2023, 0:000

The lender, in which taxpayers own just under 45%, has put up plans to pay out much more than last year’s £298m bonus pool. NatWest Group, a bank backed by the government, will enhance its annual bonus pool for the second consecutive year. As higher interest rates boost the profitability of the business. The lender,...

UK’s biggest gas supplier warns output is at capacity.

Creative Media NewsThursday, 9 February 2023, 20:000

Equinor is hardly a household brand in the United Kingdom, but its commentary on market constraints is crucial amid predictions that Europe may face another race to obtain sufficient supply before the winter of 2023-2024. The CEO of the largest gas supplier to the United Kingdom, Norway’s Equinor, has cautioned that it will be tough...

McDonald’s signs UK sexual harassment protection agreement.

Creative Media NewsThursday, 9 February 2023, 16:000

A labour organisation says the company hasn’t taken employee health and safety seriously, while the company says it is. McDonald’s settled with the equality watchdog for its treatment of UK employee sexual harassment claims. In 2019, a union representing some employees reported that more than one thousand complaints had been filed. The Bakers, Food, and...

Microsoft’s $69bn Activision purchase nears UK watchdog ban.

Creative Media NewsThursday, 9 February 2023, 12:000

Microsoft asserts that “solutions” will be developed in response to the CMA’s competition concerns, while the developer of Call of Duty claims the CMA does not comprehend the game sector. The United Kingdom’s competition watchdog has moved closer to blocking Microsoft’s planned $69bn (£56bn) acquisition of Call of Duty gaming company Activision. The Competition and...

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