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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Retailers in the U.K. reported a brighter start to the new year, with sales rising after four straight months of falls, though rebounding inflation and low consumer confidence suggest the outlook for the sector remains uncertain, the Wall Street Journal reported. U.K. retail sales volumes were 1.7% higher in January than in the prior month, from a fall of 0.6% in December, the Office for National Statistics said Friday. Food store sales volumes jumped 5.6%, the largest rise since March 2020, following falls in recent months, the ONS said.
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Mastercard's agreement to settle a landmark lawsuit brought on behalf of British consumers was approved by a London tribunal on Friday, despite opposition from the firm that funded the litigation, Reuters reported. The global payments processor said the Competition Appeal Tribunal had approved an agreement it announced in December to settle the long-running litigation over card fees for 200 million pounds ($253 million).
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The car loan mis-selling scandal risks blowing a £5.5bn black hole in the public finances, posing a fresh challenge for Rachel Reeves as she scrambles to balance Britain’s books, The Telegraph reported. Treasury officials have warned the Chancellor that a string of major firms could use compensation payments to people who were mis-sold loans to legally cut their corporate tax bills – reducing revenue for the Treasury at a time when she is battling to meet her fiscal targets.
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Mastercard's agreement to settle a landmark lawsuit brought on behalf of British consumers drew criticism on Wednesday, in a dispute that could deter funders from involvement in Britain's burgeoning class action sector, Reuters reported. The global payments processor in December announced an agreement to settle long-running litigation over card fees for 200 million pounds, far below the 10 billion-pound ($12.6 billion) valuation previously put on the lawsuit.
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Cash-strapped Thames Water bought itself some more time to reorganize its debts after a London judge approved an emergency loan worth as much as £3 billion ($3.8 billion), Bloomberg News reported. The plan will see the money come from a number of Thames’ existing senior creditors, including investment firms Elliott Management, Silver Point and Pimco. The loan comes weeks before Thames, the UK’s largest water and sewer company, was due to run out of cash and gives some much needed breathing space for it to negotiate a major restructuring with its lenders.
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