Two British brothers are on the cusp of tying up the financing for their takeover of grocer Asda, the U.K.’s largest leveraged buyout in more than a decade, Bloomberg News reported. In a deal that could shake up Britain’s highly competitive grocery market, Zuber and Mohsin Issa and TDR Capital will pay less than a billion pounds of their own money to gain control of Asda in a transaction valuing the country’s third-largest grocer at 6.8 billion pounds ($9.2 billion). The Issas and TDR struck a deal with Walmart Inc. to take control of Asda in October, with the U.S.
Read more
Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Mario Draghi, the former head of the European Central Bank, became a hero to financial markets and the European Union after he defused the continent’s debt crisis by promising to do “whatever it takes” to save the euro, the Wall Street Journal reported. That could turn out to be the easy part. Mr. Draghi must now show he has what it takes to become Italy’s next prime minister, convince the country’s fractious parties to back him, and reverse a long economic decline in the depths of the worst pandemic in a century. The euro’s future could once again hinge on how Mr. Draghi fares.
Spain’s government is considering debt relief for companies as extended pandemic restrictions and a slow European vaccine rollout tip the economy into another downturn, according to officials, Bloomberg News reported. One proposal would excuse a portion of the debt borrowed through Spain’s state-backed loan guarantee program for companies that stand a good chance of surviving after the pandemic, the officials said. They asked not to be identified because the talks are confidential and no decision has been reached.
Read more
France and the Netherlands appear to be readying for a clash with the European Commission over a fresh aid package to debt-laden carrier Air France-KLM, Bloomberg News reported. Dutch Finance Minister Wopke Hoekstra warned lawmakers on Wednesday he couldn’t rule out the possibility that the airline will be asked by European regulators to give up airport slots in exchange for approval for more state aid.
New passenger car registrations in Germany fell more than 30% in January to around 170,000 vehicles, an industry source told Reuters on Wednesday. Car dealerships have been hit by a second lockdown amid the coronavirus pandemic in Germany, with non-essential stores closed since mid-December, and by tax breaks for consumers running out at the end of 2020. New car registrations in December had been up by almost 10%.
Read more.
Read more
The eurozone economy shrank again at the end of the year as lockdowns across the region took their toll on economic activity, MarketWatch.com reported. Across the 19 countries that use the euro as their currency, gross domestic product fell by 0.7% in the fourth quarter, the European Union's statistics agency Eurostat said Tuesday in a first estimate for the period. On an annualized basis, the economy shrank by 5.1%, Eurostat said.
Fresh from toppling the head of Germany’s top financial regulator last week, lawmakers are turning their fire on finance minister Olaf Scholz and his deputy Joerg Kukies, Reuters reported. As their inquiry into the collapse of Wirecard gathers pace, it has put Germany’s biggest fraud centre stage in national elections in which Scholz wants to stand for chancellor. “The focus of the parliamentary inquiry will more and more shift to the role of Scholz and his ministry,” Florian Toncar, a lawmaker involved in the investigation said.
Read more
British businesses ravaged by the pandemic skipped more than 4 billion pounds ($5.5 billion) in rent last year. With the bill coming due, a battle over sharing the pain is heating up, Bloomberg News reported. Landlords, acknowledging the damage wrought by almost a year of enforced closures and depleted foot traffic, are demanding lenders bear some burden as about one-fifth of commercial rent is behind. Regulators are urging banks to avoid taking a hard line. Retailers and restaurateurs, hammered by the deepest recession in three centuries, say the pile of debt isn’t their fault.
Read more
The owners of a family-run cafe in Hungary's capital had planned to engage in a bold act of civil disobedience on Monday, but reconsidered after the government there issued a decree that would place the already struggling business into bankruptcy, the Associated Press reported. Before the arrival of the coronavirus pandemic, the Kucko Coffeehouse in Budapest served fine coffees from its designer Italian espresso machine and a cozy atmosphere offering pastries, sandwiches, ice cream, and breakfasts to mostly local residents.
The number of U.K. listed companies at risk of insolvency has doubled as restrictions aimed at curbing the spread of the coronavirus continue to ravage the economy, Bloomberg News reported. A record 35% of U.K. companies issued profit warnings last year, according to a report by the consulting firm EY. There was also a surge in the number of companies issuing three or more profit warnings in a 12-month period, a warning sign for insolvency. “Many U.K.