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FTSE 100 nets £70bn injection as vaccine hopes spark stock market surge

FTSE 100 nets £70bn injection as vaccine hopes spark stock market surge

Business
The FTSE 100 and other global stock markets have rallied sharply on growing hopes of a coronavirus vaccine - building on gains in reaction to Joe Biden's US election victory.The FTSE hit its highest level since August after US drug firm Pfizer announced that early data from phase three trials showed its vaccine was more than 90% effective against COVID-19. It followed overnight gains in Asia, where Japan's Nikkei hit a 29-year high, after the confirmation of the US election result over the weekend which also bolstered values across Europe. :: Subscribe to Divided States on Apple podcasts, Google Podcasts, Spotify, and SpreakerThe FTSE closed 276 points or 4.7% up at 6,186 while the CAC in Paris was more than 7% higher - both coming off the boil slightly late in Monday's session. ...
Norwegian Air seeks cash injection

Norwegian Air seeks cash injection

Business
Norwegian Air wants to raise 3bn Norwegian kroner (£268m) through a rights issue to improve its finances.The news comes as the company announced that its preliminary earnings for 2018 showed an operating loss of roughly 3.8bn kroner.The budget carrier said it was not in talks with any potential buyers after British Airways owner IAG abandoned its plans to buy it last week.In early trading on Tuesday, the company's shares plunged by 16%.Billionaire John Fredriksen and the airline's chief executive Bjorn Kjos and chairman Bjorn Kise have all agreed to underwrite the issue.Mr Kjos explained that the airline was going to change its strategic focus from growth to making cost savings."We will now get in place a strengthened balance sheet that supports the...
Patisserie Valerie saved by cash injection

Patisserie Valerie saved by cash injection

Business
Patisserie Valerie has been saved from collapse after entrepreneur Luke Johnson, who owns 37% of the company, provided £20m in loans to the struggling chain.Mr Johnson agreed to lend £10m for three years to owners Patisserie Holdings plc, which the company said would provide "immediate liquidity".He has also provided a further bridging loan facility of up to £10m.The firm said it had also raised another £15m by issuing new shares. The directors said the company had required an immediate cash injection of no less than £20m, without which it could not continue trading in its present form.The cafe chain has been fighting for survival after revealing on Wednesday it had uncovered "significant, and potentially fraudulent, accounti...