In order to provide more capital to Time Out, British private equity firm, Oakley Capital Investments Ltd. has decided to acquire a 50% share of the magazine publisher. After the buyout, the Founder of Time Out, Tony Elliot will own a 50% part of the organization.
The capital raised from the deal will help Time Out in expanding online. Apart from this information, none of the two organizations revealed any information regarding the agreement.
As per reports the declaration which had been made by the Irish government of a EUR 15 bln 4 yr austerity plan, yesterday has failed to overturn pressure on Irish asset markets.
The pressure on Irish bond market and banking shares is still quite intense despite the 10 yr bond spreads for Portugal, Spain and Greece which yesterday are said to have come off their highs during the session.
Reports suggest the involvement of Britain's biggest banks in behind-the-scenes talks concerning a common plan intended to cut bonus payouts and increase lending to small businesses.
Some discussion had taken place last week by the senior executives from Barclays, HSBC, Standard Chartered and Royal Bank of Scotland. Ever since the politicians and business leaders have been asking for the lowering of pooled bonus pot ahead of January's bonus round, all the authorities are busy discussing ways and measures.
The euro is on the way to another currency crisis as response of the problematic financial situations in Ireland, Portugal and possibly Spain. Financial analysts report a second low month of the European currency against the US dollar.
The volume of foreign exchange trading, however, stayed to be light as the US national holiday Thanksgiving approaches.
On Wednesday, Brian Lenihan, Irish Finance Minister showed his confidence in the Ireland's economy by saying that the problem of debt crisis in the country would not cause havoc for the Euro Zone.
Speaking with France 24 television Lenihan said, "I have absolutely no doubt that Ireland will not cause any serious dislocation in the euro zone". He was of the view that for a small country like Ireland, the problems that erupt are addressed by an EU monetary support package.
Carbon dioxide (CO2) emissions, the root cause of global warming, will hit record levels this year, a report prepared by the CSIRO has claimed.
The report claimed that CO2 emissions from the burning fossil fuels, such as coal, oil and gas, would accelerate once again, after dipping during the global financial crisis that severely hit developed economies.
Increase in Vat and a cut of £81bn in public sector spending will slow down the Britain’s recovery by increasing the unemployment and will increase the burden on consumer’s pocket.
The Organization for Economic Co-operation and Development, corrected its earlier forecast of 2.5 percent by giving fresh forecast of 1.7 percent increase in UK national income. For the current year the predicted growth rate is 1.8 percent and will be 2 percent for the next year.
According to the government spokesman Steffen Seibert, Germany being confident in Dublin's plan for tackling financial problems, is not forcing Ireland for accepting aid from the European Union.
Stefan said, "The German government greatly supports the Irish government's policies and has great confidence in the courageous reform policies contained in the four year programme it is expected to present in early December."
He didn't reveal anything about the possibility of increase in corporate taxes.
A parliamentary committee has blamed the WA Government for investing in a project without even evaluating the prospects of the investment. The investment in question is related to the millions of dollars that were spent by the West Australian Government on the development of Oakajee Port.
It needs to be noted that it was way back in May, 2009 that the state government had committed the $4.4 billion Oakajee project, a sum of $339 million. The promised money was borne by the Commonwealth, after Premier Colin Barnett had strongly supported financing of the project.
This is believed to be the best time for the Global Entrepreneurship Week since at this point of time future economic growth in the North East is to be driven by the private sector.
This worldwide movement has been designed to help the people in unleashing the enterprising talents in events all over the globe.
Peter Jones, entrepreneur and Enterprise UK chair, said “Entrepreneurs are not born, they are made. Entrepreneurship is a skill that can be taught just like any other. That’s why Global Entrepreneurship Week is so vital right now”.
Telecoms giant BT has reported a year-on-year increase of 13 per cent in pre-tax profits to 496 million pounds for the quarter ended September.
The number of BT’s broadband users jumped 33 per cent to settle at 253,000 in the three months to the end of September.
BT Vision gained 24,000 new customers in the concerned quarter, which pushed the total up to 520,000.
Commenting on the figures, BT CEO Ian Livingston said, “We have made significant progress in improving profitability and cash flow, enabling us to invest in building the foundations for revenue growth in 2012/13.”
On Thursday, the borrowing costs in Ireland increased significantly. Following this, Jose Manuel Barroso, European Commission President gave an indication that the region might need some aid.
Speaking to the Handelsblatt newspaper, the European officials told that they had been monitoring developments in Ireland keenly and could be provided aid very quickly if necessitated.
The inflation forecast for the coming months have been augmented by the Bank of England on Wednesday. It has hence delayed the downward trend forecast last quarter to late next year.
Inflation is said to be standing at 3.1%, which according to the bank would rise to as much as 3.5 per cent by the end of the year.
This rise would however take place much before the bank would fall to back to current levels toward the end of next year, and would then back towards the target of 2% after that.
Following the Portuguese debt issue which is said to have highlighted the persisting peripheral jitters, the demand by the premium investors of holding 10-year Irish Government bonds over the German Bund, is said to have hit a euro lifetime high on Wednesday.
Having cleared the house LCH, the Irish/German spread too was found to be under pressure. There was an increase in the margin, after the Clearnet hiked margin requirements for the Irish debt which sis aid to be requiring almost
15% of net exposure.
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