Bye Bye Evergrande!

CHINESE AUTHORITIES ARE ASKING LOCAL GOVERNMENTS TO PREPARE FOR THE POTENTIAL DOWNFALL OF CHINA EVERGRANDE GROUP - WSJ

— First Squawk (@FirstSquawk) September 23, 2021

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Avro and Green Go Bust and Shut Shop

 

Avro and Green Supply Ltd have gone bust. Avro Energy and Green served an estimated 835,000 customers, bringing the total number of those affected by failed suppliers to 1.5 million.

Here is what ofgem recommend you do (sit tight).

Avro Energy and Green Supply Limited have ceased trading.

If you’re a customer, please don’t worry - you can rely on your energy supply as normal.

We will now switch you to a new supplier. More info on what happens next: https://t.co/5yNi8N09hi pic.twitter.com/LPxlokBfGD

— ofgem (@ofgem) September 22, 2021

You may expect your bills to be higher, by an average of £400!

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Whither Bulb?

 

It seems that the government has not ruled out the nationalisation of the beleaguered energy group Bulb. 

Ministers had hoped other energy suppliers would take on Bulb’s 1.7 million customers, but the verdict has come back that none of the larger outfits have the capacity to cater to so many households at short notice. 

While any such move is seen as the “nuclear option,” sources at both the Department of Business, Energy and Industrial Strategy (BEIS) and the Treasury tell the i that a bailout is “still on the table".

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Evergrande and The Chinese Property Market is Fucked!

 

Evergrande: why most analysis is dead in water and how best to understand and navigate what’s happening? Both denialists and alarmists are getting it wrong. Let’s start by understanding this: what is happening is the result of a CCP-initiated policy change to curb leverage.
1/N

— Girolamo Pandolfi da Casio ditto Carlo Dossi Erba (@INArteCarloDoss) September 17, 2021

Ore prices are now falling, this will impact economies outside of China!

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Up, Up and Away - Airlines Surge on Travel Rule Changes

British Airways owner IAG is leading gains on the FTSE 100 in early trading today, in anticipation that the government will announce plans to scrap PCR tests for vaccinated travellers and simplify the current "traffic light" travel system.

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New Director of The Bank of Afghanistan Appointed

Introducing the new director of the Bank of Afghanistan.

He has more of a business casual kind of dress code policy and he believes you should always dress for the job you want not the one you have! pic.twitter.com/WY2eNxijyU

— Jack_ryan 🇺🇸 (@terror_studies) September 9, 2021

 

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Supply Shortages Hit Recovery

The UK services #PMI hit a 6-month low in August (55.0) with supply shortages contributing to slower growth. Meanwhile, staff recruitment picked up to a 25-year high, but competitive labour market conditions led to steep wage pressures. Read more: https://t.co/Sc26NQB2AQ pic.twitter.com/Ptw495FqMd

— IHS Markit PMI™ (@IHSMarkitPMI) September 3, 2021

In the medium term the supply shortages will be resolved by market forces and retraining. However, in the short term, prices driven by rising wages will increase and there will be supply disruptions.

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Goldman Sachs Gets its Tentacles into The Bank of England

 

The Bank of England has hired Huw Pill, a Goldman Sachs veteran and a senior lecturer at Harvard Business School, as its new chief economist.

The appointment will make Pill, 53, one of the most influential economists in the country and puts him on the rate-setting monetary policy committee.

The hiring of another Goldman alumnus drew immediate criticism. Mark Carney, the former governor, was a Goldman banker and Ben Broadbent, deputy governor for monetary policy was a senior economist there.

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Supply Shortage Boosts Property Prices

House prices soared 2.1pc last month despite the tapering of the stamp duty holiday, as the market was crippled by a lack of homes for sale.

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UK/New Zealand Trade Deal Imminent

Britain is on the cusp of striking £2.3BN trade deal with New Zealand, apparently the deal is imminent.

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Global Lorry Driver Shortage

Despite pro EU fanatics blaming Brexit for lorry driver shortages in the UK. The reality is that it is a global problem.

As per Trucking Info:

“Surveying 777 road transport companies from 23 countries, the IRU found that [the] driver shortage was most acute in Eurasia, where last year 20% of driver positions were not filled. China was the least affected country in 2020 with only 4% of jobs open. Elsewhere, [the] driver shortage was less serious in 2020 than 2019 due to the pandemic. In Europe, unfilled driver positions fell by around three quarters, from 24% to 7% for truck drivers.”

But European companies are expecting a 17% shortfall in drivers this year, 18% in Mexico, 20% in Turkey, 24% in Russia, and almost one third in Uzbekistan, says the IRU.

The survey also investigated the reasons for the driver shortage, finding that a simple lack of trained drivers was the main cause in all regions (38% of respondents). It also cited those “challenging working conditions,” further exacerbated by the pandemic.

As in North America, but worse, the survey also noted difficulties attracting women and young people to the profession.

In Europe production facilities have been moved Eastwards, thus soaking up personnel who would have driven a truck but now work in the factories.

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Amigo on The Verge of Collapse

Money lender Amigo is warning it may not survive after revealing it has set aside £345m as a compensation pot against mis-selling claims. 

The business, which lends money to people with poor credit records, also revealed a jump in annual losses to £284m, compared with £38m last year.

In May, the High Court rejected its plan to set aside a separate pot of money for compensation.

Amigo had faced a deluge of complaints the company had mis-sold them loans.

The business is the last sub-prime lender in the market after leading brand Wonga went under.

Amigo, which offered loans with an interest rate of up to 49.9%, was forced to stop lending last year after thousands of complaints from customers who say they were approved for loans that they could never afford to repay. 

As per the BBC in the results statement, which was originally due to be made in July, the company said there was a "material uncertainty" around its ability to continue as a going concern.

Gary Jennison, Amigo's chief executive said he was keen to save the company, as it offered essential finance to those who could not access mainstream lending.

"The issues of the past are real, but do not diminish the need in society for lenders like Amigo," he said.

"Amigo allows ordinary people, excluded by banks and other mainstream credit providers, to access mid-cost finance when they are funding life essentials and to stay away from much higher-cost payday or illegal lenders."

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Sainsbury Rises 7% on Bid Speculation

Bloomberg reports that shares in J Sainsbury Plc rose almost 7% after a report that Apollo Global Management Inc. could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector. 

Apollo, which has $88 billion of assets under management, is interested in the U.K. supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.

The U.S. private equity firm is also in discussions to join a consortium led by Fortress Investment Group to buy Wm Morrison Supermarkets Plc. If it joins the Fortress consortium, that could rule out any potential involvement in a bid for Sainsbury.

Consolidation is the name of the game.

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Afghanistan Contains $1Trillion of Lithium Deposits

Afghanistan: “Saudi Arabia of lithium,” - geologists discovered the large extent of the country’s mineral wealth, valued at at least $1T, essential for electric vehicles and renewable energy batteries.

US Dept of Defense

Total EV sales in China were 1.3M vs 6M annual by 2025 https://t.co/NrM2rvwzvh

— Lawrence McDonald (@Convertbond) August 18, 2021

Given away to the Chinese and Russians by Biden!

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Average UK House Prices Rise by £31K in a Year

Average house prices increased over the year in:

▪️England to £284,000 (13.3%)
▪️Wales to £195,000 (16.7%)
▪️Scotland to £174,000 (12.0%)
▪️Northern Ireland to £153,000 (9.0%)

➡️https://t.co/47IrC7J46c pic.twitter.com/njBZ809iR1

— Office for National Statistics (ONS) (@ONS) August 18, 2021

The rise of £31K in one year is more than the average salary of the average employee in the UK.

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