Another day, another glut of speculation about what the future holds for Tottenham Hotspur under José Mourinho. After trolling his own employers by cavorting behind that flag while celebrating Wales’s qualification for Euro 2020, Real Madrid rebel Gareth Bale is being linked with a return to his former club, whose new manager tried to sign him when he was in charge of Manchester United. Both Real Madrid and Bale’s agent, Jonathan Barnett, are believed to be in agreement that the Welshman will not be going anywhere until next summer at the earliest. While David Hytner, the Guardian’s man on the Tottenham beat has it on good authority that Mourinho won’t be given any money to spend in January, that hasn’t stopped idle gossipmongers elsewhere linking Sporting Lisbon midfielder Bruno Fernandes, Benfica centre-back Rúben Dias and Manchester United midfielder Nemanja Matic with moves to White Hart Lane. Mourinho is also understood to be an admirer of … [Read more...] about Football transfer rumours: Gareth Bale to Tottenham Hotspur?
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The government has continued selling assets it no longer considers should be held in the public sector with the £591m disposal of the remaining shares it owns in Royal Mail. Bankers were hopeful of selling the shares, which represented a 14% stake in the company, for less than a 5% discount on the Royal Mail’s share price on Monday at around 455p. Royal Mail shares are trading at about 471p, which values the company at approximately £4.7bn. In June, the government sold about 50% of its then existing stake, amounting to approximately 15% of the company, at 500p per share raising £750m. Three US-owned banks handled the sale on behalf of the government for zero fees. The banks say they do such deals for the government for prestige reasons and to build up their franchises. Barclays, the UK bank most likely to be able to handle a deal like this, was not included. The original sale of the first 60% of shares in Royal Mail was heavily criticised when bankers priced the … [Read more...] about Government to sell remaining 14% stake in Royal Mail
Why did Thomas Cook fail after 178 years in business? The immediate answer is that it was unable to secure a £200m lifeline from its bankers, including government-owned RBS. But in truth the tour operator’s woes go back much further – a victim of a disastrous merger in 2007, ballooning debts and the internet revolution in holiday booking. Add in Brexit uncertainty, and it was perhaps only a matter of time before the giant of the industry collapsed. In May, the group reported a £1.5bn loss, with more than £1bn written off from the 2007 merger with MyTravel – better known for its brands Airtours and Going Places. That deal was supposed to create a European giant, promising £75m-a-year cost savings and a springboard to challenge emerging internet rivals. In reality Thomas Cook was merging with a company that had only made a profit once in the previous six years, and the deal saddled the group with huge debts. Thomas Cook’s collapse is not … [Read more...] about Why did Thomas Cook collapse after 178 years in business?