G4S, the private security firm that failed to provide enough guards for the London 2012 Olympics, is scrambling to raise £600m by selling shares and business units to cut its debts, which have ballooned to £2bn since its public dressing down by MPs. The company, which also stands accused of defrauding the government by charging for tagging offenders who had returned to prison or even died, is hoping to raise £350m by selling fresh shares and up to £250m by disposing of non-core businesses. Ashley Almanza, G4S's new chief executive, admitted that "balance sheet repair is required" in order to "reduce the risk of a credit downgrade", which would cost the company an extra £25m to £30m a year. Almanza took over from Nick Buckles, who quit in June under intense political pressure in the wake of the Olympics shambles, and has begun a strategic review of the business. As well as the Olympics and tagging fiascos, G4S guards were earlier this year found to have … [Read more...] about G4S scrambles to raise £600m by selling shares and business units
Business
Troubled South African Airways to receive $272 million as it goes into business rescue
(CNN)The South African government has announced that the country's troubled national airline, South African Airways, will urgently go into "voluntary business rescue." In a statement released by the country's Minister of Public Enterprises, Pravin Gordhan, the air carrier will receive 2 billion rand (more than $136 million) from existing lenders ahead of the business rescue, and another 2 billion rand at a later date through the country's national treasury. State-owned SAA has relied on government bailouts to stay afloat in recent years. The government says the move ensures there will not be any further unplanned stoppages or cancellations of flights but insists it is not a bailout. Ethiopian Airlines pilots followed Boeing's emergency procedures before crash: report "The board of SAA has adopted a resolution to place the company into business rescue. This decision is supported by the government. "This is the optimal mechanism to restore confidence in SAA and to safeguard … [Read more...] about Troubled South African Airways to receive $272 million as it goes into business rescue
Small Business Saturday 2019: Participating Businesses In Grafton
GRAFTON, MA — You may not think about it much, but independently owned boutiques, gift shops, mom-and-pop hardware stores, restaurants and the like in Grafton are fighting for survival against malls, big box stores and online retailers. Small Business Saturday, held annually on the Saturday after Thanksgiving, was created to give them a boost and help level the field of competition. This year, the 10th anniversary of the "Shop Small" movement, the all-local shopping event falls on Nov. 30. Here's a list of the some businesses that have signed up so far: Reunion Tap & Table, 198 Worcester StKoopman Lumber, 82 Worcester StTst* Grafton Grill, 10 Bridge StGrafton Inn, 25 Grafton CmnBushel 'N Peck, 8 Worcester StGrafton Liquors- Emv, 77 Worcester StFitzy's Car Wash, 85 Worcester StFivestar Liquors, 197 Worcester StThe Olde Post Office Pub, 1 Ray StPepperoni Express, 92 Worcester AveGymnastics Learning Center, 574 Lake StreetTruth Organic Spa and Wellness Center, 55 N Main StAnd … [Read more...] about Small Business Saturday 2019: Participating Businesses In Grafton
India to lead Nivea owner’s global business expansion
German skin and personal care company Beiersdorf, the maker of Nivea Cream, says the India business, that has been growing at a CAGR (compounded annual growth rate) of 25% in the last three years, will spearhead the company’s global business expansion.Dr. Ralph Schimpf, global vice-president, quality management, Beiersdorf, told The Hindu that, “We set up our direct presence in India only in 2006, but in a short time, the country has emerged as the fastest-growing single geography for us in the entire world. India has outpaced the growth of China and the entire Asia Pacific (APAC) region.’’To intensify its presence outside Europe, Beiersdorf had acquired Coppertone, a sunscreen brand in the U.S., from Bayer for $550 million in May this year.Europe currently accounts for 55 to 60% of the company’s market, while the rest of the world, including the U.S., Asia-Pacific, are currently in the 40 to 45% range. `This revenue ratio is changing for us with India … [Read more...] about India to lead Nivea owner’s global business expansion
Slowdown pinches business travel. But there’s a silver lining
The economic slowdown has hit India's travel sector, and it is not just the leisure segment that is seeing a slump in activities. Business travel too is suffering.According to Prashant Pitti, Executive Director, EaseMyTrip, the travel industry is witnessing slowdown owing to the increasing price of ATF (average ticket fare) and dropping margins on air tickets.“In corporate travel segment, there has been cost cutting and average spend on travel has also dropped as compared to last year,” he said.Close But there is a silver lining as companies are focusing on travel cost optimisation, which is helping the corporate travel sector grow. related news World's most popular travel destinations of 2019: Only 1 Indian city makes top-10 list 87% female Indian business travellers harassed on business trips: Survey Jet Privilege goes for brand revamp; to be known as 'InterMiles' According to Anish Khadiya, co-founder and Chief Business Officer, ITILITE, an AI-powered … [Read more...] about Slowdown pinches business travel. But there’s a silver lining
