600 Little Chef jobs lost.
Source: Sky news
Raymond and Danny Grehan declare bankruptcy.
Source: Reuters
Ready steady cook caught shoplifting at Tesco.
Antony Worrall Thompson, a celebrity crunch victim back in 2009, is in the news again, for shoplifting.
He was recently caught shoplifting cheese from Tesco.
Related link: Celebrity Crunch Victim Antony Worrall Thompson goes into administration
Source: Sky News
5000 investment bank jobs to go at RBS.
Source: Derek Alexander at Daily Record
SeaFrance ordered to close, 1000 jobs lost.
Source: Sky News
Blacks goes into administration.
Source: The Independent
La Senza to close four Northern Ireland stores.
Source: Dailymail.co.uk
Barratts cut 1610 jobs.
Source: BBC News
Logica to make 1300 redundant.
Source: The Guardian
SAAB GB goes into administration.
Source: Mary Vancura, Business-Sale.com
Will Italy be the biggest Credit Crunch Victim?
It is feared that Italy, the eurozone’s third biggest economy, could become the next victim of the debt crisis. It has taken three trading days since the failure of the G20 summit to detonate the explosive charge on Italy’s €1.9 trillion (£1.6 trillion) bond market, the world’s third-largest stock of public debt. Italy is fast becoming the next Greece. The country has 120% debt-to-GDP ratio, and its debt now stands at $2.2 trillion.
After Silvio Berlusconi, the consensus seems to be that a technical government can step in, implement reforms and reverse the growing credit crunch affecting Italian bonds.
Companies in administration
November 2011
Sushi restaurant Moshi Moshi enters administration – Tue, 08 Nov 2011
Scottish glazier AC Yule falls into administration – Tue, 08 Nov 2011
Powys-based Llangoed Hall Hotel falls into administration – Mon, 07 Nov 2011
Buyer sought for playground maker Timberline – Fri, 04 Nov 2011
Eden Hotel Collection acquires former Von Essen premises – Thu, 03 Nov 2011
Luminar closes some clubs but continues search for buyers – Thu, 03 Nov 2011
October 2011
Historic bone ash company Jesse Shirley enters administration – Fri, 28 Oct 2011
Luminar placed into administration by its banks – Thu, 27 Oct 2011
Hampton by Hilton hotels on the market following administration – Wed, 26 Oct 2011
Norian Beds calls in administrators – Wed, 26 Oct 2011
Assets of train excursion firm for sale – Tue, 25 Oct 2011
Potential administration for Olympic contractors, Parry Bowen – Mon, 24 Oct 2011
Glenorchy Lodge Hotels on the market following administration – Thu, 20 Oct 2011
Options Utility Services calls in administrators – Thu, 20 Oct 2011
Finance provider Davenham Group plc in administration – Tue, 18 Oct 2011
Buyer sought for caravan retailer Discover Leisure – Tue, 18 Oct 2011
Administrators consider future of Orkney Boats Limited – Fri, 14 Oct 2011
Search reportedly underway for buyer for Broker Assistance – Fri, 14 Oct 2011
Buyer sought for car electronics firm Pi Shurlok – Thu, 13 Oct 2011
Holloway White Allom in asset sale post-administration – Wed, 12 Oct 2011
Administrators looking for interest in Thomson Litho – Wed, 12 Oct 2011
TNT Magazine put into administration – Tue, 11 Oct 2011
Administration of Waters AutoPlanet confirmed – Fri, 07 Oct 2011
Limerick’s Opera Centre site back on the market – Wed, 05 Oct 2011
Sources mount about Waters Auto Planet administration – Wed, 05 Oct 2011
Administration a “realistic possibility” for Rangers – Tue, 04 Oct 2011
Swindon Travel ceases trading ahead of administration – Tue, 04 Oct 2011
Avilton Foods sold in pre-pack administration – Mon, 03 Oct 2011
Edinburgh’s Raeburn House Hotel up for sale – Mon, 03 Oct 2011
September 2011
RBS to put Jarvis Hotels through a pre-pack administration – Fri, 30 Sep 2011
Administrators try to find buyer for Motorauctions Leeds – Fri, 30 Sep 2011
Alexon facing potential pre-pack administration – Thu, 29 Sep 2011
Sony Centres up for sale following administration – Tue, 27 Sep 2011
Res-Q Contact Services saved in a pre-pack administration deal – Mon, 26 Sep 2011
Buyer sought for Huddersfield’s Thatchers Furnishings – Fri, 23 Sep 2011
Buyer sought for Highland Toffee brand – Wed, 21 Sep 2011
Buyer sought for Towcester’s Whittlebury Hall – Mon, 19 Sep 2011
School travel company Pinnacle falls into administration – Thu, 15 Sep 2011
Brintons Carpets bought by Carlyle in pre-pack deal – Tue, 13 Sep 2011
Architects Browne Smith Baker fall into administration – Mon, 12 Sep 2011
Assets of FD Kitchens for sale – Wed, 07 Sep 2011
Sharrow Bay Hotel’s search for a buyer continues – Wed, 07 Sep 2011
Administrators appointed to refinishing firm Hex Holdings – Wed, 07 Sep 2011
Buyers sought for Walmsley branches following administration – Fri, 02 Sep 2011
Browns Construction Group in administration – Thu, 01 Sep 2011
August 2011
Coventry City Football Club facing administration – Wed, 31 Aug 2011
Dodd’s Group owners enter administration – Wed, 31 Aug 2011
Scarborough’s Royal Hotel up for sale following administration – Tue, 30 Aug 2011
Children’s brand owner Chorion facing administration – Tue, 30 Aug 2011
PwC handling Parkridge Holdings administration – Fri, 26 Aug 2011
Famous Fitzbillies bakery bought out of administration – Tue, 23 Aug 2011
Care home business Rotel in hands of administrators – Tue, 23 Aug 2011
Oldham property developer in administration – Mon, 22 Aug 2011
O’Grady haulage firm enters administration – Mon, 22 Aug 2011
Nitenite hotel for sale as parent firm enters administration – Fri, 19 Aug 2011
Assets of administration-struck Strathclyde Homes being sold – Fri, 19 Aug 2011
Fit-out specialists Britspace enter administration – Tue, 16 Aug 2011
Buyer sought for TJ Hughes store following administration – Mon, 15 Aug 2011
Administrators seek buyer for BKF Plastics – Fri, 12 Aug 2011
Lombok furniture chain considers administration – Fri, 12 Aug 2011
Carlisle site for sale following administration – Tue, 09 Aug 2011
Irish hotel and courthouse enters administration – Tue, 09 Aug 2011
Regional Landmark Hotels follows subsidiaries into administration – Tue, 09 Aug 2011
Tourists stranded as Holidays 4 UK enters administration – Thu, 04 Aug 2011
Lancashire’s Colne Precinct falls into administration – Wed, 03 Aug 2011
Derbyshire’s Bear Inn falls into administration – Tue, 02 Aug 2011
Davis’s Hotel Verta enters administration – Tue, 02 Aug 2011
Growth of China – What does it signify in global economy?
The global economy, in its current state is resting on three pillars, United States, the European Union and China. United States faced a debt crisis in the month of May when it reached the debt ceiling of the government and there was a bitter political bickering for over two months about the ways to combat the debt crisis. European nation got hit next and is currently under the effect of it. There is a spreading fear that the single currency of Euro can break apart. Thus, China in the present condition is slowing edging towards the pinnacle of world super power.
The fact that China is standing at a pivotal position now and this reflects a lot about the kinds of development that has been since the time China emerged as a fully fledged market economy with its entry into the World Trade Organization. The terms of trade in globalization have been altered by with the financial meltdown of the west and the rising growth that the east has been showing. This is leading to a shift in the balance of power that was fundamental. This increase in economic power through the last two decades, have given rise to political clout of China was displayed most recently in the G20 summit held in Cannes. Now China has a seat in the top table.
Although the focus was events of the Eurozone crisis, the shift of power that has taken place was palpable. Great European leaders like Nicolas Sarkozy and Angela Merkel were seen holding out the begging bowl and requesting China to help out in the Euro bailout fund by proving capital from China’s foreign currency reserves. It wasn’t surprising to see the leaders of China lecturing Europe about getting its act together. It wasn’t long back that the scene used to take place the other way round.
From the point of view of the growing economic and political power of the east, the backwash from Europe and the lukewarm recovery of the US will be beneficial for China as this will encourage it to focus more and rely on domestic demand as a source of growth. This means that the currency of China, Yuan will rise up a notch on the foreign exchange market encouraging consumers to buy cheaper imports and making exports costlier. This will lead to a rebalancing of the global economy in the long run.
Kavin Matthews is a finance professional with extensive knowledge on debt and its effect on the economy around the world. You can find more of his writings at http://www.facebook.com/debtcc.
Experts foretell another fearful credit downgrade for the US
It was just on the 5th of August, 2011 that the top notch credit rating of the US was downgraded by one notch by the Standard & Poor’s credit rating agency. All the consumers, investors and financial analysts were worried about the impact of the credit downgrade on the investment market and are now habituated with it. Though experts suggested that the interest rates on personal loans would increase, there has been no serious effect that is seen within the industry. Though this credit downgrade resulted from the inability of the Obama administration and the Congress, there are fears of yet another downgrade by the end of 2011 provided the Congress fails to agree to a long term plan that can tame the nation’s $14.9 trillion.
The previous downgrade was a decision of the ace credit reporting agency Standard & Poor’s but research reveals that the Bank of America units predict that the next credit downgrade would be a decision of either Fitch or Moody’s. The stock and bond markets swooned after the Standard & Poor’s curbed the nation’s bond rating in the month of August, after the long months of bickering by the Congress on how best to reduce the expenses and also curb the budget deficit. Research reveals that the United States spends almost 40% more in a year than it collects on taxes.
All the major credit rating agencies strongly feel that another credit downgrade is round the corner if the Congress emerges unsuccessful and can’t come up with an authentic plan to reduce and curtail the deficit. This is the reason why the experts are predicting at least one more credit downgrade by the last week of November, 2011 or the first week of December. Instead of agreeing to cut down the deficits, or add new taxes, the president Barack Obama and the Congress appointed a bipartisan “super-committee” so that they could reach the deal and lower the US debt deficit by at least $1.2 trillion by the last week of November, 2011. If there’s no further deal, there will be some automatic across-the-board cuts through which there will be a restriction on discretionary spending. The Congress would be free to stop all of these reductions if it wanted.
Therefore, if you’re a debtor who is worried about the future interest rates, you must look at the big picture. Take firm decisions so that you don’t fall in trouble in the near future. Make sure you save enough money and form a cushion on which you can fall back during uncertain times.
Author Bio: Kavin Matthews is a financial writer who deals with the contemporary finance world. He loves to analyze certain present financial issues so that he can make people aware of the pros and cons of their financial decisions. He contributes news articles to various blogs, communities and websites. To know more on debt, you may follow us to http://twitter.com/debtcc
Activision no longer heros as 500 jobs cut.
Source: MCVUK News
