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A rescue deal for Eddie Stobart has been approved by shareholders, securing thousands of jobs ahead of Christmas. The deal will see an offshore fund called DBay Advisors inject £55million into the cash-strapped company in exchange for a majority stake in the trucking firm. The rescue, which allows Eddie Stobart to avoid a potential administration, will hand DBay control of the haulier as well as a stronger claim to any money it makes. The funds it is providing are via a high cost loan. Ohio man sparks mass panic as homemade NUCLEAR REACTOR is found in his garage prompting evacuation of 40 homes DBay said: “We would like to thank shareholders for supporting our transaction which will bring immediate stability to the business. "Eddie Stobart’s loyal staff are the best in the industry and we are pleased to be able to provide certainty over their jobs throughout the Christmas period and beyond."In other business newsALSO in the news today are a big deal in the life … [Read more...] about Eddie Stobart rescue deal approved, securing 6,600 jobs

NEW YORK, Nov 14 (LPC) - Private credit funds with deep pockets, capital flexibility and sticky investments are positioning themselves for the yield bonanza that could follow if a cooldown in the US economy was to further shutter bank liquidity and investor appetite for broadly syndicated loans. Banks, wary of an economic downturn, have in some instances stepped back from lending to companies perceived as riskier. Private debt investors, including private equity firms and business development companies (BDCs), are filling the void, siphoning liquidity to leveraged borrowers in the absence of traditional sources of debt. Private debt funds globally raised US$110bn in 2018 and US$129bn in 2017, according to research firm Preqin. This year, even when the leveraged loan business has shrunk, investors are expected to allocate more than US$100bn to private credit funds. “A lot of capital formation has been done, especially since 2008, in the private credit space. In many ways, those … [Read more...] about Direct lenders ready for bonanza as US economy cools

•The Reps’ case against Osinbajo, NEMA DG on N39.5b IDP intervention funds By Levinus Nwabughiogu Nigerians are at it again. A feeling of déjà vu has engulfed the polity. Public funds had been wasted, misappropriated or embezzled.Investigations had also been conducted and reports of indictment made public. Same arms of government had always traded claims, but, this time, the number two citizen of the country and the lower chamber of the national parliament are the dramatis personae. The first segment of the face-off was between a former Secretary to the Government of the Federation, SGF, Mr Babachir Lawal, and the Senate. Senators had launched an investigation into the expenditures of the Presidential Initiative in the North East (PINE) and alleged a fraud of over N200 million said to have been perpetrated by Lawal in a grass cutting contract for the Boko Haram ravaged North-East and recommended his sack. 2019 Elections: RTEAN reads riot act to members in … [Read more...] about ‘B/Haram survivors didn’t get food on which officials paid N800m demurrage’

Marc Brown loves to shop at BrightHouse. Over the past couple of years, he has bought a television, two sofas and a hi-fi from the store, and today he has come in to buy two tablet computers, one for himself and one for his mother. With BrightHouse there is no need to pay straight away; instead, the price is divided into small weekly chunks, repayable over the next few years. Since he began shopping with BrightHouse, his weekly payments have gradually notched up. Once the cost of the new tablets is added, Marc, 38, a former Southwark council employee who lost his job in 2007, will be paying BrightHouse £103 a week. He receives about £140 a week in benefits payments, leaving him £37 a week for everything else. "My mum helps with the bills," he says. His enthusiasm for the model is undented by the steep weekly charge. He likes the system for its "affordability". In the post-recession reshaping of the British high street, there have been several notable winners: … [Read more...] about Buy now, regret later? The secret of BrightHouse’s success

News of all that's transpired on and off the football field Former England, Arsenal and Chelsea defender Ashley Cole, one of the most decorated players in English domestic football, announced his retirement from the game on Sunday, bringing an end to a colourful 20-year career. The 38-year-old, who also had spells at AS Roma in Italy’s Serie A and LA Galaxy in Major League Soccer, last represented Championship (second-tier) outfit Derby County before his contract expired at the end of last season. Former England defender Ashley Cole. Photograph: File The left back won three Premier League titles, seven FA Cups and a League Cup during his career. He also won the Champions League and UEFA Cup once each while at Chelsea. Cole often found himself in the news over the years over his private life, including his marriage to singer and television personality Cheryl Cole. “After hard consideration, it’s time to hang my boots up and look towards my next chapter, which will … [Read more...] about Soccer Extras: Former England defender Cole hangs up boots

Greg at the garage outside his house. Photo: Michelle Groskopf Since February, the Stockton Economic Empowerment Demonstration has given 130 individuals — randomly selected from neighborhoods with a median household income at or below Stockton’s of $46,033 — monthly payments of $500, no strings attached. The disbursements are part of an 18-month pilot program studying the effects of a universal basic income (UBI). Since February, I have followed five of the recipients to watch how this unexpected windfall has changed their lives. Month One “I haven’t been really getting anywhere. Just been working. Trying to make plans but never follow through with the plan.” The day before the first $500 installment hits, I meet Greg at his house on the north side of Stockton. Small ranch homes with three-car garages line the street. Cars pack the driveways, one behind the other, suggesting households with too many adults in them. We were supposed to … [Read more...] about Greg Just Tries Not to Think About the Bills and the Debt and His Bad Credit