Holidays giant Thomas Cook gave a boost to its flagging share price today by announcing a new short-term loan deal with its banks.
The arrangement will provide Thomas Cook, which merged with Midlands Co-operative Travel recently, with an extra £100m of headroom for its seasonal cash low point of December and January.
– Proposals to double the size of the IMF as part of a broader international response to Europe’s debt crisis ran into resistance from the United States and others, burying the idea for now and putting the onus firmly back on Europe.
The outlines of the plan, that had the backing of several developing economies, emerged as G20 finance ministers and central bankers met in Paris to discuss a world economy under threat from European nations mired in debt.
A second day of talks on Saturday may produce more robust language on the urgency of tackling the euro zone debt crisis but little of substance is likely to be inked in with an EU summit in nine day’s time the make-or-break moment.
A communique and round of closing news conferences are expected around 16:00 British time with other decisions set up for a G20 leaders’ summit in Cannes on November 3/4.
One G20 source said emerging market policymakers backed injecting some $350 billion into the International Monetary Fund.
U.S.
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The Food and Drug Administration said preliminary results of an agency-funded study show women using Yaz and other birth control pills with the synthetic hormone drospirenone face an increased risk of developing blood clots.
The early data suggests that women taking the contraceptives face a 1 12 times greater risk of experiencing the dangerous side effect compared with women using other, older birth control pills, according to a safety announcement posted on the FDAs website yesterday.
The offer to buy Manchester broker CBG Group has become unconditional after 90 per cent of its shareholders gave it the green light.
Late last month, rival Giles lodged a 32p per share offer to take over CBG, which valued the AIM-listed company at £5.1m.
That offer, a 50 per cent premium to the group’s price at the time talks started, has now been accepted by more than more than 90 per cent of CBG’s investors.
That means Giles can now compulsorily buy up the remainder of CBG’s at the same price.
The moves means Giles, which has 900 staff and offices in Wigan and Chester, will expand its north west presence.
– U.S. stocks are setting up for another turbulent week that will begin with a focus, oddly enough, on the weather.
Traders juggling European debt worries and soft economic data are now staring at satellite images, tracking the path of Hurricane Irene, expected to hit New York over the weekend.
The unusually large storm traveled up the U.S. East Coast on Friday, threatening 55 million people, and was expected to cause billions of dollars in property damage.
Major U.S. exchanges are preparing to deal with power outages and flooding, and that could affect trading on Monday.
For now at least, the NYSE and Nasdaq expect to be open for trading as usual on Monday morning.