Loans and Finance

Loans and Finance

Text

News and information about loans, money, debt, finance and business issues.

Thursday, May 17, 2018

Carillion's Board Really Was Shite!

Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.

The MPs also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts.

Wednesday, May 16, 2018

Broadbent's Mid Life Crisis

Ben Broadbent, The Bank of England's deputy governor, put the cat among the pigeons by saying the UK economy is entering a "menopausal" era.

Quite what that means in terms of economic performance I have no idea.

However, it seems that Broadbent was trying to imply that the economy was past its prime. Which of course, in terms of economics, is an absurdity as economies fluctuate like the bends in a river.

Anyhoo, economics aside, the comments understandably sparked a backlash from women on Twitter who objected to his use of the phrase.

Nikki Garnett, a blogger, said:
"How dare you Ben Broadbent? 

Menopausal women have not lost their potency, in fact they are just reaching it... as I suspect you will find out in reactions to your anachronistic comment."
Bankers and economists should stick to the numbers and avoid mixing their medical metaphors.

Tuesday, May 15, 2018

Wages Outstripping Inflation

Friday, May 11, 2018

CEO of Barclays Fined £642K By Regulators

Regulators have fined Barclays CEO James Staley £642,430 for failures in his handling of a whistelblower at Barclays.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority said he had "failed to act with due skill, care and diligence in the way he acted in response to an anonymous letter received by Barclays in June 2016".

Barclays must also now report annually to the regulators detailing how it handles whistleblowing, with "personal attestations" required from those responsible for the relevant systems and controls.

FYI:

October 2015 Barclays said Staley's annual pay will consist of a salary of 1.2 million pounds, a role-based “allowance” of 1.15 million pounds in shares, a cash allowance of up to 400,000 pounds and up to 5.5 million pounds in annual bonus.

Thursday, May 10, 2018

Interest Rates Unchanged

Wednesday, May 09, 2018

TSB Is Still Fucked - Live Updates



Live updates here.

Tuesday, May 01, 2018

Mike Coupe (CEO of Sainsbury's) Nails It! - #Sasda

Monday, April 30, 2018

Sainsbury's Asda Mega Merger

Sainsbury's has agreed to merge with supermarket rival Asda, and plans to maintain both brands. Hence it will not be renamed Sasda.

The merged company (subject to regulatory approval) will be larger than  Tesco, with combined revenues of £51bn.

There are no plans to close Sainsbury's or Asda stores. However, there are "Rudd type targets" of £500m "operational efficiencies".

Sainsbury's claim that customers would see benefits including price cuts of 10% on many of the products that customers buy regularly.

We shall see, the proof of the pudding is in the eating!

Wednesday, April 25, 2018

TSB Fixed? Maybe Not Quite Yet!


Tuesday, April 24, 2018

UK Economy Reaches Turning Point...Allegedly

Monday, April 23, 2018

Capita In The Shit

The FT reports that Capita has launched a £701m fundraising after announcing a £513m loss for last year, as its tries to recover from a series of reputation-damaging contract bungles and repair its balance sheet.

Capita, which provides a range of public services from collecting the BBC licence fee to recruiting for the British army, is issuing 1m new shares at 70p each — a 34 per cent discount to the theoretical price that the shares should trade at after the rights issue.

The three-for-two rights issue, which will raise £662m after fees to advisers, will be used to reduce Capita’s £1.2bn net debt, fund the company’s restructuring and invest in new technology.


Monday, April 16, 2018

Companies House Has Lost Its Mind Thread

Tuesday, April 10, 2018

Trade War Latest - We Are At The It Will All Be Over By Christmas Phase

British Gas To Raise Prices



British Gas has announced that it will increase energy bills for dual fuel customers by an average of 5.5% - or £60 a year.

Now is not a time to fuck with Putin and his gas supply!