There Is No Recession!

UK GDP rose 0.3% in Q3 2019 with services up 0.4%, manufacturing unchanged and construction up 0.6%. So much for recession.

— Andrew Neil (@afneil) November 11, 2019

M&S Proifts Fall 17%

The pre-tax profits of M&S tumbled by 17% to £176.5m on total sales down 2.1% to £4.86bn.

Like-for-like sales in clothing and home fell by 5.5% during the six months to 30 September, worse than the expected 4.3% drop.

However, like-for-like sales in food grew by 0.9%, ahead of a forecast 0.3% rise.

M&S need to consider spinning off their food business into a stand alone business, and facing the reality that they are no longer a clothing retailer.

KPMG To Cut 10% of Its Partners

As further evidence of cost cutting in KPMG, The Telegraph reports that KPMG is set to cut a tenth of its UK partners in the run up to Christmas as the firm steps up an overhaul of its business operations. 

The cuts are the result of performance reviews involving of some of KPMG’s senior team, and follow on from reports that KPMG's private members' club will be closed.

KPMG To Shut Private Members' Club

KPMG appears to be facing a financial squeeze, as it is preparing to shut down its private members’ club in Mayfair and move staff to Reading as part of efforts to trim £100m in costs.

The Telegraph reports that KPMG is exploring plans to close the five-storey townhouse at 20 Grosvenor Street, which boasts a rooftop terrace, restaurant and private meeting rooms.

KPMG will also transfer most of its marketing department from Canary Wharf to Reading.

It is understood that around 50 roles were placed at risk of redundancy as a result of the restructure.

Known as Number Twenty, the facility was set up only four years ago to entertain clients.

Brexit 50p Piece Production Nixed

BREAKING Sajid Javid has "postponed" production of the new Brexit 50p coins due to the likelihood that the UK will not leave the European Union next Thursday.https://t.co/dh5kbLuWrj

— Christopher Hope📝 (@christopherhope) October 25, 2019

In the event any of these coins have already gone into circulation, look out for them they will be worth a mint!

The Trade War Continues

CHINA SEEKING $2.4B IN RETALIATORY SANCTIONS VS U.S.: REUTERS

— zerohedge (@zerohedge) October 21, 2019

I thought Trump said they were ready to do a deal?

Mark Carney Displays "Remarkable" Foresight!

Mark Carney tells the Treasury Select Committee that 'there will be material moves' in the value of the pound in the run up to the October 31 Brexit deadline.

He says those moves could go either way depending on events. 📈📉

— Jack Maidment (@jrmaidment) October 15, 2019

Business Committee Sticking The Knife Into Thomas Cook Board

Business Committee hearing from the CEO, Chair, CFO, audit ctte chair and head of the remuneration committee of Thomas Cook in a sec. 👀 Live on BBC Parliament obvs

— Alex Partridge 🚡 (@alexpartridge87) October 15, 2019

The Board saddled the company with debts that it could not afford.

.@RachelReevesMP @CommonsBEIS chair: "It was not a complex business, the complexity was the debt you saddled the company with... The truth is you failed... these debts caught up with you"

— Paul Kelso (@pkelso) October 15, 2019

Happy 50th Birthday To The 50p Piece

It's been 50 years of the 50p! To celebrate we look back at how things have changed since 1969: https://t.co/eGW7sbgoWG pic.twitter.com/DHOOrzuyi7

— Lloyds Bank News (@LloydsBankNews) October 14, 2019

Hays To Buy All 555 Thomas Cook Stores

Rival buys all 555 Thomas Cook stores https://t.co/Ys6vfULk0H

— BBC News (UK) (@BBCNews) October 9, 2019

ECB Ignores Risk of No Deal Brexit

ECB'S DE GUINDOS SAYS WE HAVE NOT INCLUDED IN THE BASELINE THE POSSIBILITY OF A NO-DEAL BREXIT, OR EVEN AN ESCALATION OF TRADE TENSIONS, IF THESE DOWNWARD RISKS MATERIALISE, THE GROWTH OUTLOOK WILL DETERIORATE FURTHER - RTRS

— Martin Baccardax (@mdbaccardax) October 9, 2019

Brexit Uncertainty Is Fucking Up The Economy

September UK #PMI surveys indicated the second-largest monthly fall in business activity since the global financial crisis, pointing to a second successive quarterly drop in #GDP 1/ pic.twitter.com/X8Du68hbyU

— Chris Williamson (@WilliamsonChris) October 3, 2019

Thomas Cook Ceases Trading

We are sorry to announce that Thomas Cook has ceased trading with immediate effect.

This account will not be monitored.

Please visit https://t.co/WWiKkzLYQJ for further advice and information.#ThomasCook pic.twitter.com/Nf1X3jn97x

— Thomas Cook (@ThomasCookUK) September 23, 2019

As per the BBC:

"Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect".

It has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home.

Peter Fankhauser, Thomas Cook's chief executive, said the firm's collapse was a "matter of profound regret".

Commenting as the company entered compulsory liquidation, Mr Fankhauser also apologised to the firm's "millions of customers, and thousands of employees".

The tour operator's failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK."

My sympathies to those who have lost their jobs.

Lagarde Wins Vote To head ECB - She Was The Only Candidate

WATCH: Christine Lagarde wins crucial vote to lead European Central Bank, paving the way for her to become the first woman to hold the post https://t.co/lQLDdFXFZv pic.twitter.com/q9hZp72Tbm

— Reuters Business (@ReutersBiz) September 17, 2019

Trump Calls For Negative Interest Rates - #Volfefe

The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet.....

— Donald J. Trump (@realDonaldTrump) September 11, 2019

....The USA should always be paying the the lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of “Boneheads.”

— Donald J. Trump (@realDonaldTrump) September 11, 2019