Users of Twitter could face legal action for contempt of court if they use the site to breach privacy injunctions Users of Twitter could face legal action for contempt of court if they use the micro-blogging website to breach privacy injunctions, the attorney general has warned. Twitter played a key role in the exposure of footballer Ryan Giggs’s alleged affair with reality TV contestant Imogen Thomas, after an MP argued in the House of Commons that it was not possible to prosecute 75,000 of the site’s users who had named him. Alleged details of a number of injunctions have been anonymously posted on Twitter, and Giggs’s lawyers were taking legal action to discover the identity of those who named him. The attorney general, Dominic Grieve, said on Tuesday that Twitter users in England and Wales were not exempt from the requirement to observe privacy orders. It would normally be for those who had taken out injunctions to initiate action to enforce them, said Grieve. But he told BBC Radio 4′s Law In Action that he would take action himself if he thought it necessary to uphold the rule of law. Grieve said: “I will take action if I think that my intervention is necessary in the public interest, to maintain the rule of law, proportionate and will achieve an end of upholding the rule of law. “It is not something, however, I particularly want to do.” People found to have deliberately breached court orders can be fined or even imprisoned for contempt of court. In the Commons last month, Grieve warned people who thought they could use modern methods of communication to “act with impunity” that they might well find themselves in for “a rude shock”. Superinjunctions Twitter Internet Blogging Injunctions Newspapers & magazines Privacy Privacy & the media Media law Newspapers guardian.co.uk
Continue reading …
HMV’s lenders to take 5% stake in return for refinancing deal that will secure its short-term future Beleaguered HMV has been thrown a £220m lifeline by its state-owned lenders that will see them take a 5% stake in the company. The retailer, which has issued four profit warnings this year, agreed a refinancing deal with its banks, Royal Bank of Scotland and Lloyds Banking Group, after months of talks . The agreement secures HMV’s short-term future, and effectively gives UK taxpapers a stake in the struggling high street chain. City analysts warned, though, that the agreement comes at a high price – as the interest rate on part of the loan could hit 14%. Poor sales and ballooning debts of £170m forced HMV to sell its book chain Waterstone’s to Alexander Mamut , a Russian billionaire, for £53m last month. By pledging to use the money to pay down debt, chief executive Simon Fox persuaded the banks to agree the refinancing. Under the plan, warrants will be issued to the banks which will represent 5% of HMV’s share capital when converted into shares after 30 June 2012. The restructuring gives HMV two years to revamp the business and get sales back on track. Fox is focusing on building technology sales, including headphones, iPods and tablet computers such as the iPad. He is also turning the company into a multimedia group that hosts concerts and opens cinemas with Curzon. The new £220m credit facility will replace HMV’s previous bank facility of £240m. It comprises loans worth £70m and £90m and a £60m revolving credit facility, all of which mature on 30 September 2013. Interest is payable at 4% above Libor , the interest rate at which banks lend to each other. The company is blocked from paying dividends while the £90m loan is outstanding, and must also pay an exit fee on repayment. The interest rate on this exit fee will rise to 14% if it has not been repaid by 1 January 2013. “The banks clearly have the company over a barrel,” said Kate Calvert, retail analyst at Seymour Pierce. “We are maintaining our Sell recommendation as we continue to believe that the business is a value trap and the Waterstone’s deal is expected to be dilutive to earnings.” The structure of the loan deal should encourage HMV to repay its debts quickly. John Stevenson of Peel Hunt said the deal would allow its management to focus on running the company again, but warned: “We fear this in an interim pause before the next step down.” Joshua Raymond, market strategist at City Index, said that “the life support machine is still on for the struggling retailer”. Shares in HMV rose 2% in early trading, to 12.7p. HMV Retail industry Royal Bank of Scotland Lloyds Banking Group Julia Kollewe guardian.co.uk
Continue reading …
HMV’s lenders to take 5% stake in return for refinancing deal that will secure its short-term future Beleaguered HMV has been thrown a £220m lifeline by its state-owned lenders that will see them take a 5% stake in the company. The retailer, which has issued four profit warnings this year, agreed a refinancing deal with its banks, Royal Bank of Scotland and Lloyds Banking Group, after months of talks . The agreement secures HMV’s short-term future, and effectively gives UK taxpapers a stake in the struggling high street chain. City analysts warned, though, that the agreement comes at a high price – as the interest rate on part of the loan could hit 14%. Poor sales and ballooning debts of £170m forced HMV to sell its book chain Waterstone’s to Alexander Mamut , a Russian billionaire, for £53m last month. By pledging to use the money to pay down debt, chief executive Simon Fox persuaded the banks to agree the refinancing. Under the plan, warrants will be issued to the banks which will represent 5% of HMV’s share capital when converted into shares after 30 June 2012. The restructuring gives HMV two years to revamp the business and get sales back on track. Fox is focusing on building technology sales, including headphones, iPods and tablet computers such as the iPad. He is also turning the company into a multimedia group that hosts concerts and opens cinemas with Curzon. The new £220m credit facility will replace HMV’s previous bank facility of £240m. It comprises loans worth £70m and £90m and a £60m revolving credit facility, all of which mature on 30 September 2013. Interest is payable at 4% above Libor , the interest rate at which banks lend to each other. The company is blocked from paying dividends while the £90m loan is outstanding, and must also pay an exit fee on repayment. The interest rate on this exit fee will rise to 14% if it has not been repaid by 1 January 2013. “The banks clearly have the company over a barrel,” said Kate Calvert, retail analyst at Seymour Pierce. “We are maintaining our Sell recommendation as we continue to believe that the business is a value trap and the Waterstone’s deal is expected to be dilutive to earnings.” The structure of the loan deal should encourage HMV to repay its debts quickly. John Stevenson of Peel Hunt said the deal would allow its management to focus on running the company again, but warned: “We fear this in an interim pause before the next step down.” Joshua Raymond, market strategist at City Index, said that “the life support machine is still on for the struggling retailer”. Shares in HMV rose 2% in early trading, to 12.7p. HMV Retail industry Royal Bank of Scotland Lloyds Banking Group Julia Kollewe guardian.co.uk
Continue reading …HMV’s lenders to take 5% stake in return for refinancing deal that will secure its short-term future Beleaguered HMV has been thrown a £220m lifeline by its state-owned lenders that will see them take a 5% stake in the company. The retailer, which has issued four profit warnings this year, agreed a refinancing deal with its banks, Royal Bank of Scotland and Lloyds Banking Group, after months of talks . The agreement secures HMV’s short-term future, and effectively gives UK taxpapers a stake in the struggling high street chain. City analysts warned, though, that the agreement comes at a high price – as the interest rate on part of the loan could hit 14%. Poor sales and ballooning debts of £170m forced HMV to sell its book chain Waterstone’s to Alexander Mamut , a Russian billionaire, for £53m last month. By pledging to use the money to pay down debt, chief executive Simon Fox persuaded the banks to agree the refinancing. Under the plan, warrants will be issued to the banks which will represent 5% of HMV’s share capital when converted into shares after 30 June 2012. The restructuring gives HMV two years to revamp the business and get sales back on track. Fox is focusing on building technology sales, including headphones, iPods and tablet computers such as the iPad. He is also turning the company into a multimedia group that hosts concerts and opens cinemas with Curzon. The new £220m credit facility will replace HMV’s previous bank facility of £240m. It comprises loans worth £70m and £90m and a £60m revolving credit facility, all of which mature on 30 September 2013. Interest is payable at 4% above Libor , the interest rate at which banks lend to each other. The company is blocked from paying dividends while the £90m loan is outstanding, and must also pay an exit fee on repayment. The interest rate on this exit fee will rise to 14% if it has not been repaid by 1 January 2013. “The banks clearly have the company over a barrel,” said Kate Calvert, retail analyst at Seymour Pierce. “We are maintaining our Sell recommendation as we continue to believe that the business is a value trap and the Waterstone’s deal is expected to be dilutive to earnings.” The structure of the loan deal should encourage HMV to repay its debts quickly. John Stevenson of Peel Hunt said the deal would allow its management to focus on running the company again, but warned: “We fear this in an interim pause before the next step down.” Joshua Raymond, market strategist at City Index, said that “the life support machine is still on for the struggling retailer”. Shares in HMV rose 2% in early trading, to 12.7p. HMV Retail industry Royal Bank of Scotland Lloyds Banking Group Julia Kollewe guardian.co.uk
Continue reading …HMV’s lenders to take 5% stake in return for refinancing deal that will secure its short-term future Beleaguered HMV has been thrown a £220m lifeline by its state-owned lenders that will see them take a 5% stake in the company. The retailer, which has issued four profit warnings this year, agreed a refinancing deal with its banks, Royal Bank of Scotland and Lloyds Banking Group, after months of talks . The agreement secures HMV’s short-term future, and effectively gives UK taxpapers a stake in the struggling high street chain. City analysts warned, though, that the agreement comes at a high price – as the interest rate on part of the loan could hit 14%. Poor sales and ballooning debts of £170m forced HMV to sell its book chain Waterstone’s to Alexander Mamut , a Russian billionaire, for £53m last month. By pledging to use the money to pay down debt, chief executive Simon Fox persuaded the banks to agree the refinancing. Under the plan, warrants will be issued to the banks which will represent 5% of HMV’s share capital when converted into shares after 30 June 2012. The restructuring gives HMV two years to revamp the business and get sales back on track. Fox is focusing on building technology sales, including headphones, iPods and tablet computers such as the iPad. He is also turning the company into a multimedia group that hosts concerts and opens cinemas with Curzon. The new £220m credit facility will replace HMV’s previous bank facility of £240m. It comprises loans worth £70m and £90m and a £60m revolving credit facility, all of which mature on 30 September 2013. Interest is payable at 4% above Libor , the interest rate at which banks lend to each other. The company is blocked from paying dividends while the £90m loan is outstanding, and must also pay an exit fee on repayment. The interest rate on this exit fee will rise to 14% if it has not been repaid by 1 January 2013. “The banks clearly have the company over a barrel,” said Kate Calvert, retail analyst at Seymour Pierce. “We are maintaining our Sell recommendation as we continue to believe that the business is a value trap and the Waterstone’s deal is expected to be dilutive to earnings.” The structure of the loan deal should encourage HMV to repay its debts quickly. John Stevenson of Peel Hunt said the deal would allow its management to focus on running the company again, but warned: “We fear this in an interim pause before the next step down.” Joshua Raymond, market strategist at City Index, said that “the life support machine is still on for the struggling retailer”. Shares in HMV rose 2% in early trading, to 12.7p. HMV Retail industry Royal Bank of Scotland Lloyds Banking Group Julia Kollewe guardian.co.uk
Continue reading …
European Union ‘stands firm’ on plans to include foreign airlines in its ETS as International Airlines Group boss Willie Walsh calls for a ‘plan B’ China has threatened a damaging trade war with the European Union if Brussels pushes ahead with plans to include foreign airlines in its emissions trading scheme, as the boss of British Airways’s parent company warned that passengers could be caught up in a tit-for-tat conflict. Willie Walsh, chief executive of International Airlines Group, said China and other non-EU countries could impose punitive taxes on European carriers or block access to routes if the EU does not tweak plans to include all carriers in the emissions trading scheme (ETS) from the new year. There are also fears of retaliation against the Chinese manufacturing operations of Airbus, the European aerospace company, if the EU imposes the scheme on China-registered carriers that operate to and from Europe. But Europe’s climate chief, Connie Hedegaard, told the Guardian she was “standing firm” on the plans, passed by member states two years ago. “This is our legislation, adopted unanimously,” she said. “This is the first time China has mentioned a trade war and retaliation – if Europe immediately back-tracks, what would that look like? If someone says boo, we do not change our laws – that would not be serious.” She played down the prospect of a trade war, saying China had already come forward with informal suggestions on bringing in “equivalent measures” to reduce emissions from its airlines, as an alternative to participating in the scheme. Such measures have always been allowed under the EU directive, as a get-out clause for companies reluctant to trade emissions that nevertheless ensures carbon is cut overall. “The whole purpose of this is not to punish anyone but to get ways of handling the growing challenge of emissions from aviation,” said Hedegaard. “There is still time for that dialogue [on whether China's alternative measures would be enough].” China’s main aviation body backed airlines taking legal action against the ETS, following in the footsteps of US carriers taking a case to the European court of justice next month. “I believe we have to take legal action,” said Wei Zhenzhong, general secretary of the China Air Transport Association. Speaking at the annual general meeting of the International Air Transport Association in Singapore, Wei told Reuters that China remained open to negotiations – but the situation could escalate into a trade war. Walsh echoed those fears as he urged Brussels to delay plans to charge non-European airlines under the ETS, which will require airlines flying into, out of and within the EU to pay for any emissions that exceed a set cap. According to the Standard & Poor’s rating agency, passengers on European airlines face price increases of up to €40 (£35) for a return trip by the end of the decade under the scheme, with extra costs of €1bn for the industry next year alone. Speaking at the Iata conference , Walsh said that if major powers such as China, the US and Russia are forced to pay for carbon dioxide emitted by services to and from the continent, they could block flights by EU carriers in retribution or impose aviation taxes that will have to be passed on to passengers. “It is clear that the countries are going to retaliate, whether in the form of imposing additional taxes on European airlines or restricting access to markets,” said Walsh, whose group owns BA and Spain’s Iberia. “The uncertainty will add more cost,” said Walsh. “It will add more concern in the mind of travellers that they will face disruption to services and I think there is a real risk this could happen.” Walsh has called for a global emissions trading scheme for airlines and urged the EU to implement a compromise in the meantime. Walsh said Brussels should resort to a “plan B” that will charge carriers for regional and domestic flights within Europe only. “There needs to be a plan B. It is unacceptable that airlines face the prospect of retaliation because of the actions of the EU. Plan B for me would be to restrict the scheme to intra-Europe.” Emissions trading Airline industry Carbon emissions Climate change Europe European Union China Willie Walsh Dan Milmo Fiona Harvey guardian.co.uk
Continue reading …European Union ‘stands firm’ on plans to include foreign airlines in its ETS as International Airlines Group boss Willie Walsh calls for a ‘plan B’ China has threatened a damaging trade war with the European Union if Brussels pushes ahead with plans to include foreign airlines in its emissions trading scheme, as the boss of British Airways’s parent company warned that passengers could be caught up in a tit-for-tat conflict. Willie Walsh, chief executive of International Airlines Group, said China and other non-EU countries could impose punitive taxes on European carriers or block access to routes if the EU does not tweak plans to include all carriers in the emissions trading scheme (ETS) from the new year. There are also fears of retaliation against the Chinese manufacturing operations of Airbus, the European aerospace company, if the EU imposes the scheme on China-registered carriers that operate to and from Europe. But Europe’s climate chief, Connie Hedegaard, told the Guardian she was “standing firm” on the plans, passed by member states two years ago. “This is our legislation, adopted unanimously,” she said. “This is the first time China has mentioned a trade war and retaliation – if Europe immediately back-tracks, what would that look like? If someone says boo, we do not change our laws – that would not be serious.” She played down the prospect of a trade war, saying China had already come forward with informal suggestions on bringing in “equivalent measures” to reduce emissions from its airlines, as an alternative to participating in the scheme. Such measures have always been allowed under the EU directive, as a get-out clause for companies reluctant to trade emissions that nevertheless ensures carbon is cut overall. “The whole purpose of this is not to punish anyone but to get ways of handling the growing challenge of emissions from aviation,” said Hedegaard. “There is still time for that dialogue [on whether China's alternative measures would be enough].” China’s main aviation body backed airlines taking legal action against the ETS, following in the footsteps of US carriers taking a case to the European court of justice next month. “I believe we have to take legal action,” said Wei Zhenzhong, general secretary of the China Air Transport Association. Speaking at the annual general meeting of the International Air Transport Association in Singapore, Wei told Reuters that China remained open to negotiations – but the situation could escalate into a trade war. Walsh echoed those fears as he urged Brussels to delay plans to charge non-European airlines under the ETS, which will require airlines flying into, out of and within the EU to pay for any emissions that exceed a set cap. According to the Standard & Poor’s rating agency, passengers on European airlines face price increases of up to €40 (£35) for a return trip by the end of the decade under the scheme, with extra costs of €1bn for the industry next year alone. Speaking at the Iata conference , Walsh said that if major powers such as China, the US and Russia are forced to pay for carbon dioxide emitted by services to and from the continent, they could block flights by EU carriers in retribution or impose aviation taxes that will have to be passed on to passengers. “It is clear that the countries are going to retaliate, whether in the form of imposing additional taxes on European airlines or restricting access to markets,” said Walsh, whose group owns BA and Spain’s Iberia. “The uncertainty will add more cost,” said Walsh. “It will add more concern in the mind of travellers that they will face disruption to services and I think there is a real risk this could happen.” Walsh has called for a global emissions trading scheme for airlines and urged the EU to implement a compromise in the meantime. Walsh said Brussels should resort to a “plan B” that will charge carriers for regional and domestic flights within Europe only. “There needs to be a plan B. It is unacceptable that airlines face the prospect of retaliation because of the actions of the EU. Plan B for me would be to restrict the scheme to intra-Europe.” Emissions trading Airline industry Carbon emissions Climate change Europe European Union China Willie Walsh Dan Milmo Fiona Harvey guardian.co.uk
Continue reading …
Ministers to discuss aid for farmers after tests for source of bacterium at Gärtenhof farm in Germany return negative EU farm ministers will hold emergency talks in Luxembourg after German scientists said there was as yet no evidence from tests to link the E coli bacterium to a farm producing bean sprouts in the northern state of Lower Saxony. Ministers will attempt to agree financial aid for fruit and vegetable producers hit by the E coli outbreak, which has killed 22 people in Europe. The source of the bacterium remains a mystery. Ministers had said there were “strong and clear indications” that bean sprouts from the Gärtenhof organic farm had spread the E coli . However, a first set of 23 results from 40 samples taken at the farm were negative, Lower Saxony’s agriculture ministry said in a statement. While the structure of the compensation package and the amount of aid have yet to be defined, the European commission said on Monday it expected ministers to reach a provisional agreement at the Luxembourg summit. “I’m not sure that we will actually have a legal proposal on the table tomorrow … I
Continue reading …Ministers to discuss aid for farmers after tests for source of bacterium at Gärtenhof farm in Germany return negative EU farm ministers will hold emergency talks in Luxembourg after German scientists said there was as yet no evidence from tests to link the E coli bacterium to a farm producing bean sprouts in the northern state of Lower Saxony. Ministers will attempt to agree financial aid for fruit and vegetable producers hit by the E coli outbreak, which has killed 22 people in Europe. The source of the bacterium remains a mystery. Ministers had said there were “strong and clear indications” that bean sprouts from the Gärtenhof organic farm had spread the E coli . However, a first set of 23 results from 40 samples taken at the farm were negative, Lower Saxony’s agriculture ministry said in a statement. While the structure of the compensation package and the amount of aid have yet to be defined, the European commission said on Monday it expected ministers to reach a provisional agreement at the Luxembourg summit. “I’m not sure that we will actually have a legal proposal on the table tomorrow … I
Continue reading …Another one bites the dust: Austan Goolsby, President Obama’s Council of Economic Advisers chairman, is heading off into the sunset to return to his job as a professor of economics at the University of Chicago. He’s been on leave for four years to serve Obama, Politico notes, and could have…
Continue reading …