Police Probe Suspected Pension Scam

Police make arrests in probe of suspected £18m #pension scam https://t.co/rA7lfEB0Tl via @financialtimes

— Josephine Cumbo (@JosephineCumbo) December 19, 2018

China Retaliates For Huawei

China has detained a former Canadian diplomat at a time of growing tension between the two countries over the arrest of a Chinese executive accused of violating sanctions.

Michael Kovrig, who had served Canada in Beijing, Hong Kong and at the UN in New York, is now a senior adviser for the International Crisis Group (ICG), which researches conflict prevention.

I warned that China would retaliate a few days ago.

Trump Tries To Ease Chinese Tensions

EXCLUSIVE - @realDonaldTrump tells @Reuters in interview that he would consider intervening in case of Huawei CFO if it would serve national security and help with a China trade deal

— Jeff Mason (@jeffmason1) December 11, 2018

Paris Is Hot!

With the French riots, let's spare a thought for the bankers who left Brexit Britain for Paris... https://t.co/xUJvhNVtlL pic.twitter.com/S7uKwLhEc9

— Henry Mance (@henrymance) December 6, 2018

America The Stupid - The Huawei Idiocy "Tactic"

This seems like a bad idea pic.twitter.com/ujwAjBByZo

— Eric Gomez (@EricGomezAsia) December 6, 2018

In the event that America is thick enough to pursue this "tactic", they will find PDQ that many American executives currently in China and related territories will be placed under arrest on all sorts of charges.

This is a policy destined to not only fail, but make things worse!

O2 Has Crashed

O2 has crashed, and is blaming a global software problem for a network outage that has left frustrated customers without access to the internet and 4G services.

Millions of customers are believed to have been affected in the data blackout, which is also impacting customers of Sky Mobile, Tesco Mobile, Giffgaff and Lycamobile who use O2's service.

China Will Retaliate For Huawei

The arrest of Huawei CFO Wanzhou Meng (also deputy chairwoman and the daughter of Huawei’s founder) will throw a spanner into the brief outbreak of sanctions peace between the USA and China.

As I noted earlier today, Huawei is regarded as a security risk (because it is Chinese) and as such part of the "Great Game" being played out between the USA and China for global dominance. Hence, there will be Chinese countermeasures for this.

Trump Doesn't Care About The National Debt

NEW: Trump has told aides he doesn’t care about the national debt in part because when it becomes truly untenable he will be out of office. https://t.co/tMJ5k5hiTl

Via @swin24 and @lachlan

— Sam Stein (@samstein) December 5, 2018

There is at least the upside, he admits that he won't be in office forever!

Huawei On The Skids

Big news: “Canada has arrested the chief financial officer of China’s Huawei Technologies who is facing extradition to the United States on suspicion she violated U.S. trade sanctions against Iran” https://t.co/ChwtpE4Jqw

— Ankit Panda (@nktpnd) December 5, 2018

Additionally, BT is removing Huawei equipment from the core of its network for transferring calls and internet traffic because of concerns over national security.

Macron Caves In

Macron folds:
FRENCH PM TO ANNOUNCE 3-MONTH SUSPENSION OF FUEL TAX INCREASES - RULING PARTY LAWMAKER

— zerohedge (@zerohedge) December 4, 2018

Carney Gets Political Again!

Carney: Sterling has not factored in high chance of a disorderly Brexit

you ain't seen nothin yet

— Katie Martin (@katie_martin_fx) December 4, 2018

He is wrong, the markets have already factored in the costs of a disorderly Brexit.

Police Comment on Deutsche Bank Raid

Here Is What the Police in Frankfurt tweets about the Deutsche Bank Raid... pic.twitter.com/EdMmI4Qzza

— fiatcurrency 💰 (@fiatcurrency) November 29, 2018

Deutsche Bank HQ Raided Over Money Laundering

The scene outside of #DeutscheBank HQ in Frankfurt as prosecutors raid it in a money laundering probe. /via @carolynnlook pic.twitter.com/zrgF6UwmKl

— Yannis Koutsomitis (@YanniKouts) November 29, 2018

Markets Ignore Carney's Tantrum

The pound has finished up on the day after international currency traders laugh off Mark Carney's politically motivated bed wetting. pic.twitter.com/xI2HzED4ug

— Peter Thompson (@P_G_Thompson) November 28, 2018

The Bank of England's Forecasts Are Crap

No central bank is perfect but for forecasting its key metric, the Bank of England is at the bottom of the pile.

The three-century-old institution has the worst track record for predicting inflation in its home economy. https://t.co/3wN29lQg8Y

— Ken Frost (@ken_frost) November 28, 2018

Meanwhile In Greece....

Only in Greece: The Chairman and the CEO of Greek non-systemic Attica Bank started a fistfight during a board meeting last week over a controversial €100k loan. Now Bank of Greece considers kicking them both out.
Detail: The Chair is a former Greek rep at IMF.

— Yannis Koutsomitis (@YanniKouts) November 26, 2018

Nissan Chairman Arrested

Nissan confirms boss Carlos Ghosn arrested in Japan over allegations of financial misconduct https://t.co/nlJKdX4qIh

— BBC Breaking News (@BBCBreaking) November 19, 2018

Nissan Chairman Accused of Fraud

Huge shockwave hits the Japanese business world: Nissan to oust Chairman Ghosn for alleged fraud https://t.co/YZ7Q0NhtIW

— Alastair Gale (@AlastairGale) November 19, 2018

The "Brotherhood" of The EU!

ITALY'S SALVINI SAYS FRANCO-GERMAN EURO ZONE REFORM PLANS "WILL NEVER HAVE OUR BACKING IF, AS IT SEEMS, THEY DAMAGE ITALY" right before EZ finmin meeting

— Quantitative Trading (@fiquant) November 19, 2018

The Euro Has Screwed Italy

Real incomes in Italy have fallen since it joined the euro. The country has become more unequal and poverty is rising. Unlike economic growth, which is once again falling. Unemployment is 10% and 2 to 3 times that if you’re young. But Italians still favour the euro.

— Andrew Neil (@afneil) November 9, 2018

Boeing, Boeing, Gone!

JUST IN: Boeing is preparing to send a bulletin to operators of its new 737 Max models warning that erroneous readings from a flight-monitoring system can cause the planes to aggressively dive https://t.co/nprRe07ErD

— Bloomberg (@business) November 7, 2018

Sanctions at Their Finest!

Trump sanctions sunken Iranian ship and a closed Iranian bank

— Russian Market (@russian_market) November 6, 2018

Deutsche Bank Has Mental Breakdown

Good morning from Europe where
👇👇👇👇👇👇👇👇👇👇👇👇👇 pic.twitter.com/2zdErYflo6

— fiatcurrency 💰 (@fiatcurrency) November 5, 2018

Carney Deliberately Obfuscates The Markets

01-Nov-2018 12:31:16 - BANK OF ENGLAND'S CARNEY SAYS UK FISCAL POLICY IS SHIFTING TO A MORE ACCOMMODATIVE STANCE

This comes 20 minutes after signalling faster rates.

Clear as mud.

— Martin Baccardax (@mdbaccardax) November 1, 2018

Bank of England Holds Interest Rates

Rates held at 0.75%.

Brexit Finance Deal Almost Done

UK, EU close to Brexit deal on financial services: UK official https://t.co/bNzwdgXWCX

— Reuters Top News (@Reuters) November 1, 2018

Personal Allowance Increased - #Budget2018

Chancellor: Raising the Personal Allowance to £12,500 pic.twitter.com/E7YZRmb9TE

— HM Treasury (@hmtreasury) October 29, 2018

Hammond Introduces Online Sales Tax, By The Back Door - #Budget2018

"This is not online sales tax", or at least "that is not our intention..."

But in practice that's 👏 exactly 👏what 👏it's 👏going👏 to 👏be 👏

Just like every other tax this Government has put on business, this too will be funded by consumers. #Budget2018 #DigitalServicesTax

— Kate Andrews (@KateAndrs) October 29, 2018

Hammond's Brexit Budget Coin

Philip Hammond will use today's Budget to launch his Brexit Budget Coin, that professes friendship with all nations.

What The Fuck Was Going On at Patisserie Valerie?!!!

As per RNS

The Company¸ as part of the ongoing investigation, is seeking to understand why the grant of options relating to 2015 and 2016 have not been appropriately disclosed and accounted for in its financial statements. 

What the fuck, and where were the auditors???!!!!!!!!!!!!

Italy Too Big To Fail - Snort of Derision!

Italy is too big to fail, economically and politically. If Greece was able to plunge the euro zone into an existential crisis, it doesn’t bear thinking about what damage Italy could do if it ran into serious financial difficulties @JanDHildebrand #Italy https://t.co/saMO4aSQmJ

— Handelsblatt Global (@HandelsblattGE) October 23, 2018

Now Is The Time To Panic About Italy

ESM'S REGLING SAYS WE SHOULD NOT PANIC ABOUT ITALY

— *Walter Bloomberg (@DeItaOne) October 23, 2018

What On Earth Possessed The FCA??

A ludicrous advert and a ludicrous situation whereby the FCA is encouraging people to make claims!

It is meant to be impartial, as such it should inform people of the deadline; but not encourage them to make the claims.

UST Keeps Germany On Currency Manipulation Watch List

In its infinite wisdom, the US Treasury will keep Germany on its list of countries warranting "extra scrutiny" for potential currency manipulation.

smh

— Martin Baccardax (@mdbaccardax) October 18, 2018

Wage Growth 3.1% - Fastest In Ten Years

As per the ONS

• Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 3.1% excluding bonuses, and by 2.7% including bonuses, compared with a year earlier.
  
  
• Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.7% excluding bonuses, and by 0.4% including bonuses, compared with a year earlier.

The number of people in work remains at a near-record high, while the unemployment rate is at its lowest since the mid-1970s

Patisserie Valerie's CFO Arrested

This does not augur well for the company, staff or shareholders.

Greece Tries It On With Germany

Greece "To Claim €280 Billion" In War Reparations From Germany https://t.co/V7OKr5bBEv

— zerohedge (@zerohedge) October 9, 2018

Italy Undermining The Euro

EURO WEAKENS ACROSS THE BOARD ON ITALIAN BUDGET CONCERNS

— *Walter Bloomberg (@DeItaOne) October 8, 2018

Greece Is Tanking Again

GREECE WANTS STATE GUARANTEES FOR BAD LOANS

- Throwing Euro under the bus

— Russian Market (@russian_market) October 4, 2018

Forget Italy...

GREECE IS SAID TO MULL ASSET PROTECTION SCHEME FOR BAD LOANS

- Umbrella.. ella ella.. e ..e..

— Russian Market (@russian_market) October 4, 2018

Late Payment Director

Big firms could have 'late payment director' to pay suppliers on time https://t.co/2cTuopxST1

— Emma Jones (@emmaljones) October 3, 2018

The government has come up with this bollocks idea that is a waste of time and money.

The responsibility for the efficient and effective management of the finances of a company falls under the remit of the CFO. Regarding the specific issues of payment of suppliers, that comes under the remit of the Purchase Manager who reports to the CFO.

Large companies pay SMEs late, not because they are inefficient, but because it is a matter of policy to delay payment to SMEs. A change will only occur when the board deems it necessary!

Italy Rocks The Euro Boat

ITALY WOULD SOLVE MOST OF ITS PROBLEMS IF IT HAD ITS OWN CURRENCY - RULING PARTY LEAGUE ECONOMIC HEAD - RTRS

— Martin Baccardax (@mdbaccardax) October 2, 2018

Companies House’s Top Excuses for Late Accounts

Companies House’s list of the ten most bizarre excuses for late accounts

1. Goats ate my accounts
2. I found my wife in the bath with my accountant
3. Pirates stole my accounts
4. We delivered the accounts to the betting office next door to Companies House
5. A volcano erupted and prevented me from filing
6. Slugs ate my accounts
7. It was Valentine’s Day
8. My company was more successful than I thought that it would be, so I was too busy to file

Source: AccountingWeb

SEC Files Lawsuit Against Musk

The Securities and Exchange Commission has filed a lawsuit accusing Tesla CEO Elon Musk of securities fraud.

The SEC says Mr Musk's claims that he had secured funding to take the electric carmaker private were "false and misleading".

It is seeking to bar Mr Musk from acting as an officer or director of a publicly traded company.

Mr Musk called the action "unjustified" saying he acted in the "best interests of truth, transparency and investors".

As per the BBC:

"Integrity is the most important value in my life and the facts will show I never compromised this in any way."

Tesla's board of directors said in a statement that they were "fully confident in Elon, his integrity and his leadership of the company".

Leave corporate communications to the lawyers and professionals!

Goldman's 1.5% Savings Account

Goldman Sachs was fined $5bn for misconduct during the financial crisis and needed a $10bn bailout from the US Treasury. Today it's launching a bank account for UK customers. So would you trust it with your savings? Its boss told me on @BBCBreakfast how - and why - it's changed. pic.twitter.com/WhfcHLQNHX

— Ben Thompson (@BBCBenThompson) September 27, 2018

Has the Vampire Squid changed its spots?

Inflation Expectations Rise

Reuters reports that public inflation expectations for the next 12 months rose to 2.9 percent in September from 2.7 percent in August. Longer-run inflation expectations for the next 5 to 10 years rose to 3.4 percent from 3.3 percent.

We shall see.

NatWest Systems Crash

We’re aware of some issues on our Online and Mobile Banking services and are working hard to fix them. Telephone Banking and ATMs are available. Sorry and thanks for your patience.

— NatWest (@NatWest_Help) September 21, 2018

Customers of RBS, NatWest and Ulster Bank are currently unable to access their accounts through the banking group's online and app platforms.

Yesterday it was Barclays today its NatWest, something very odd is happening!

China's "Nuclear" Option In The Ongoing Trade War

China retaliates against new US tariffs as trade war escalates via @FT
https://t.co/8unjFSUpyh

— John Ashcroft (@jkaonline) September 19, 2018

The problem for the USA comes when China has run out of "trade bullets", and opts for the nuclear option and starts to dump US treasuries!

Inflation Rises To 2.4%

As per the ONS

• The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.4% in August 2018, up from 2.3% in July 2018.
• Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August 2018.
• Partially offsetting downward contributions came from furniture and household goods, and telecommunications; prices for these rose between July and August 2018 but by less than a year ago.
• The Consumer Prices Index (CPI) 12-month rate was 2.7% in August 2018, up from 2.5% in July 2018.

Transport continues to make the largest upward contribution to the rate, with prices rising by 6.0% in the year to August 2018, the highest 12-month rate since April 2017. The largest contribution within the transport group continues to come from motor fuels.

Trade Wars Worsen

Trump has picked the worst possible day to announce the Chinese import tariffs, my colleague @LunaLinCN says. It's Sept 18 here, a day considered the start of Japanese aggression 87 years ago. Many Chinese see it as an unofficial day of national humiliation.

— Anna Fifield (@annafifield) September 18, 2018

Crypto Crash Coming?

Dr. Doom Declares 'Crypto Apocalypse', Calls Blockchain BS, Says Bitcoin Is Not Money - The Daily Hodl https://t.co/2sMceilRA4 via @GoogleNews

— Nouriel Roubini (@Nouriel) September 17, 2018

Diamonds Aren't Forever!

Petra Diamonds CEO to step down - https://t.co/sF5DV2RrT2 pic.twitter.com/5Jmvmb1zxq

— LondonLovesBusiness (@LondonLovesBiz) September 17, 2018

Carney Crashes The Property Market

It used to be said that the governor of the Bank of England could correct irresponsible behaviour in the City with a discrete raise of his eyebrows.

Mark Carney has eschewed the twitching of eyebrows by blasting out his doomsday fears with a foghorn, or more accurately, by telling the Cabinet (which is leakier than the Titanic) that in the event of a no deal Brexit property prices will collapse by 35% in three years.

All very well and "cautious" maybe, if the comments had remained private. However, as he well knew, they would leak (and leak they did). Thus in the space of a few hours, Carney has crashed the property market and with it the British economy.

The Treasury has made much of the fact that Carney has been persuaded to stay on until 2020, in order to "steady the ship". Yet here is is deliberately trying to sink the ship with project Fear II.

This man should be removed from office ASAP, as he is trying to force his personal political agenda down our throats!

Erdogan Is A Financial Illiterate

TURKEY'S ERDOGAN SAYS INTEREST RATES CAUSE INFLATION - RTRS

He'd make a great addition to the ERG team.

— Martin Baccardax (@mdbaccardax) September 13, 2018

GDP Growth Exceeds Forecasts

UK gross domestic product in the three months to July was 0.6 percent higher than in the previous three-month period, gathering pace from 0.4 percent recorded in the three months to June and at the top end of forecasts in a Reuters poll.

GDP growth in July alone was up 1.6 percent, while it was 0.3 percent higher than in June, again above poll forecasts for 1.4 percent annual growth and a 0.2 percent monthly gain. 

The boost in growth seems to have come about from stronger consumer spending due to the World Cup and warm weather.

ONS Occupational Pension Schemes Survey: UK, 2017

Here are the bullet points from the ONS Occupational Pension Schemes Survey: UK, 2017

• Total membership of occupational pension schemes in the UK was an estimated 41.1 million in 2017, compared with 39.2 million in 2016 and is the highest level recorded by the survey.
• Total membership of public sector pension schemes was 15.5 million in 2017, compared with 14.8 million in 2016.
  
• Active membership of occupational pension schemes was 15.1 million in 2017, split between the private sector (8.8 million) and the public sector (6.3 million).
  
• Active membership of private sector defined contribution schemes was 7.7 million in 2017, compared with 6.4 million in 2016.
  
• In 2017, for private sector defined contribution schemes, the average total (member plus employer) contribution rate was 3.4%, falling from 4.2% in 2016.

Mark Carney To Step Down in 2019

*BOE'S CARNEY EXPECTED TO STEP DOWN IN 2019: MAY'S SPOKESMAN

— Hilary (@queenofchartz) September 3, 2018

Despite being asked to stay on beyond 2019 to help steer the UK through Brexit!

Sterling Squeezed In Brexit Blowback

The pound is under renewed pressure on currency markets after the EU and leading Brexiteers voiced their opposition to Theresa May's Brexit plan, and UK manufacturing growth stuttered to its lowest level since the referendum.

Wonga Goes Into Administration

Wonga has gone into administration, it had already stopped accepting new loan applications.

Those who owe it money will still have to honour their debts, and those trying to claim compensation for alleged past misdemeanours will go to the back of the creditors queue.

Many in the media have been celebrating its demise. All well and good maybe, but those who used Wonga's services may now well end up going to loan sharks.

The Pensions Aristocracy

‘A former Tory pensions minister said the report laid bare “the two class pensions system – with the pensions aristocracy funded by taxpayers and the rest of the population who are struggling to save”’ https://t.co/gfoYm2VDNq

— Christine #StandUp4Brexit (@CPierceUK) August 27, 2018

Greece Is Remarkably Fucked

Greece’s debt-to-GDP ratio

2007 103.1%
2008 109.4%
2009 126.8%
2010 146.3%
2011 172.1%
2012 159.6%
2013 178%
2014 180.9%
2015 179.4%
2016 181.3%
*2017 180.7% projection
*2018 191.3%

IMF

— ian bremmer (@ianbremmer) August 21, 2018

The City Is Dominant wrt FX

Reuters' analysis: foreign currency trading in London up 23% April 2018 on April 2016 to a record daily average of $2.7 trillion — double growth rate of New York, nearest rival. London dominated forex for 50 years. Now more dominant than ever. Accounts for 40% all world’s forex.

— Andrew Neil (@afneil) August 22, 2018

Russia Dumping US Treasuries and Moving To Gold

Just 31 tons to go! Russia added 25 tons of gold in July putting total gold reserves at 1,969 tons. Russia should have 2,000 tons by Labor Day. pic.twitter.com/znJpTXVsQV

— Jim Rickards (@JamesGRickards) August 20, 2018

No surprises here then!

Total Pulls Out of Iran

BREAKING: French oil giant Total has cancelled its operations in Iran

— The Spectator Index (@spectatorindex) August 20, 2018

Greece Has Lost Its Independence

Forget democracy, forget economic reason, Greece will be made to run budget surpluses until 2060 - that's 2060. Binding the hands of Greek governments for yet another generation to come. Obscene

— Bruno Waterfield (@BrunoBrussels) August 20, 2018

No one really believes that Greece will comply with these conditions, even if it wanted to!

Venezuela Is Fucked - Bank Notes Cheaper Than Toilet Paper

How much does loo roll cost in Venezuela? Well, as a result of soaring inflation it’s now cheaper and more effective for Venezuelans to use bank notes then spend them on toilet paper! pic.twitter.com/Vm6ft4pZGM

— Graham Hambly (@PQMagazine) August 20, 2018

Bill From Hell Gives Russian Stock Market The Collywobbles

Russian Stock Market in capitulation mode prior to „bill from Hell“ sanctions from United States pic.twitter.com/oPJeUY3msm

— Russian Market (@russian_market) August 17, 2018

Interesting Help To Buy Scheme Stats

Interesting. More than a third of households using Help to Buy have incomes of £50,000 or more.
10 per cent of households using the scheme have an income of over £80,000, while 4 per cent have an income of over £100,000 a year. pic.twitter.com/iMZvvdbACC

— Tom Knowles (@tkbeynon) August 16, 2018

Thameslink Has a Sense of Humour

Hi Ken. Thank you for bringing this to our ^Neil

— Thameslink (@TLRailUK) August 16, 2018

The Train Ruling Class

Just another reminder that most people - nearly 90% - don't use trains to get to work. As you were.

— Simon Cooke (@SimonMagus) August 15, 2018

Simon Cooke nails it, the minority who use trains seem to have the loudest voice when it comes to allocating subsidies etc.

Commuters To Be Screwed Next Year

Some mild relief for commuters. RPI rises by 3.2% in the year to July. That number will be the ceiling for rail fare increases this year. Bit lower than the 3.4% that was anticipated. And lower than the 3.6% from last year. But higher than the 2.5% level of CPI

— Ed Conway (@EdConwaySky) August 15, 2018

Unemployment at Lowest Level For 40 Years!

UK unemployment fell by 65,000 to 1.36 million in three months to June - lowest for more than 40 years, figures show https://t.co/zfUxeY4uEa

— BBC Breaking News (@BBCBreaking) August 14, 2018

Lidl Fucks Up €500M SAP Roll Out

"German supermarket chain Lidl, which runs over 10k supermarkets in 29 countries, has rolled back a new inventory management system in SAP after 7 years and 500millions€ spent. The project was launched as the biggest #digitaltransformation project in the history of the company" pic.twitter.com/E3Vt4MbNkd

— Giovanni Gentili (@giovannigentili) August 14, 2018

Maybe they should have bought it from ALDI!

Bank of England Takes a High Risk Punt on The Euro

Follow the money. The Government's real faith is in the euro - just when it's claiming that the EU is useless etc pic.twitter.com/5lkd6IxsHS

— Christina Patterson (@queenchristina_) August 12, 2018

This is very high risk, given the unquantified exposure of Europe to Turkey!

Turkey's Stuffed!

Reuters: #China's Ctrip says has shut option to pay using Turkish Lira because of currency slump#Turkey

— Vincent Lee (@Rover829) August 13, 2018

House of Fraser Bought By Sports Direct

Following on from today's announcement about House of Fraser going into administration, it has been announced that Sports Direct has bought is for £90M.

"Sports Direct International plc ("the Company" or "the Group") announces the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited, the House of Fraser group's main operating companies (the "Operating Companies"), for a cash consideration of £90 million (the "Transaction").

Pursuant to the Transaction, the Group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.

For the year ended 28 January 2017 (the last date to which statutory accounts are available for the parent company of the Operating Companies and prior to the appointment of the administrators), the House of Fraser group had gross assets of £946.3m and made £14.7m net profit. "

Plans for the stores are not yet clear.  

A Turkey Is For Life, Not Just Christmas!

Turkey Meltdown: Lira Implodes As Panicked Sellers Spark Global Contagion https://t.co/x1jJX0EUAo

— zerohedge (@zerohedge) August 10, 2018

House of Fraser Goes Into Administration

House of Fraser is calling in EY as administrators, after talks with investors and creditors had "not concluded in a solvent solution".

In a statement to the Luxembourg Stock Exchange the department store said administrators had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.

House of Fraser employs 17,500 people, including 11,500 concession staff.

Court hearings are expected to take place at 7:30am today, "at which orders will be sought appointing individuals from Earnest & Young as administrators of each of the operating companies with immediate effect," the filing said.

The firm stated: "Significant progress has been made towards completing a sale of the group's business and assets.

The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment."

HoF chief executive Alex Williamson is quoted by CITY A.M.:

“We are hopeful that the current negotiations will shortly be concluded."

Chairman Frank Slevin added:

“This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan. Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future."

Fingers crossed for the staff!

Trade Wars Hotting Up!

JUST IN: Kremlin calls new U.S. sanctions 'categorically unacceptable' and illegal under international law https://t.co/eleXsxCjZu pic.twitter.com/4GlFjCwa6S

— Reuters Top News (@Reuters) August 9, 2018

Sanctions to right of them,

Sanctions to left of them,

Sanctions in front of them

Volley'd and thunder'd

Pension Buy Ins/Outs Hit Record Levels

A record £7.8bn of pension buy-ins and buy-outs was reported by UK pension plans in the first 6 months of 2018, according to new analysis by LCP, an actuarial consultancy.

— Josephine Cumbo (@JosephineCumbo) August 9, 2018

Turkey Enters Delusional Phase

TURKISH FINANCE MINISTRY SAYS NEW ECONOMY MODEL WILL BE ANNOUNCED BY MINISTER ALBAYRAK ON FRIDAY

— Quantitative Trading (@fiquant) August 9, 2018

You can put lipstick on a pig, but it's still a pig!

BMW Technical Problems

Here’s BMW’s official statement of my question.

“BMW AG investigations have revealed that - similar to the current Korean situation - an Exhaust-Gas-Recirculation (EGR) module malfunction may, in rare cases, cause fires in some BMW diesel vehicles in the European market” pic.twitter.com/58l7RYhhMH

— Jaehwan Cho 조재환 (@hohocho) August 8, 2018

Oil Up - World Peace Declared

The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!

— Donald J. Trump (@realDonaldTrump) August 7, 2018

Powered by Investing.com

There's Irony For You!

Government's "Find a Job" Website Advertising £2-an-Hour Jobs https://t.co/m8LblCAyvm pic.twitter.com/r7lm4KDapr

— Guido Fawkes (@GuidoFawkes) August 3, 2018

Will HMRC prosecute the government for advertising this illegal hourly rate?

Rates Rise To 0.75%

Yesterday's decision by the MPC to raise fates to 0.75% is a farcical waste of time.

Come next year's Brexit crash the rate rise will have to be reversed.

Methinks Carney knows this, hence a rise now gives him more to cut next year eg by 0.5% or even 0.75%; which, theoretically, might have a more of a psychological impact.

Rate Rise Expected

The Bank of England is expected to raise interest rates to 0.75pc (today at 12pm).

Buckle up!

Tomorrow's MPC Decision

Still for the life of me can't fathom this. NIESR says BoE should raise rates tomorrow, but: “It's entirely possible that in three months’ time, because of the Brexit negotiations, because of the trade wars or some other reason, the August rate increase could look like a mistake”

— Jamie McGeever (@ReutersJamie) August 1, 2018

As ever most people, when it comes to talking about interest rates, are fucking clueless!

Dixons Carphone Hacked - 10 Million Records At Risk

"approximately 10 million records containing personal data may have been accessed in 2017"

China Ups Ante In Trade War

China Foreign Minister: U.S. did not fulfill its obligations during the trade negotiations; China has a right of self-defense

— zerohedge (@zerohedge) July 30, 2018

A Drunkard and a Dementia Case Agree To Negotiate

Watch EU president Juncker refuse to hold Donald Trump's hand https://t.co/m8DgmBNO6R

— The Independent (@Independent) July 26, 2018

The two gentlemen agreed to aim for zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.

Until something goes wrong!

4.7% Fall in House Purchase Approvals

UK Finance reports that estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier.

The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to the same month a year earlier.

Within this only remortgaging approvals increased and were 3.4 per cent higher than for the same period a year earlier, this was offset by the 4.7 per cent fall in house purchase approvals and 4.3 per cent fall in other secured borrowing.

Car Manufacturers Run By Crooks!

EU finds evidence carmakers are manipulating emissions for new 2020 standards

— fiatcurrency ♦️ (@fiatcurrency) July 25, 2018

Brexit Tax Cut On The Horizon?

Oil Down

Oil prices fall on U.S. stock rise, higher supply https://t.co/ELziKeSYgd pic.twitter.com/uTqHylpka6

— Reuters Top News (@Reuters) July 18, 2018

This gives Trump room to double down on Iran.

Unemployment Falls Again

Unemployment fell by 12,000 in the three months to May to 1.41 million, official figures show https://t.co/txyZzQ4SZD

— BBC Breaking News (@BBCBreaking) July 17, 2018

National Savings Cuts Rates on ISA

National Savings cutting rate on Direct ISA to 0.75% from 1% from September

— Simon Gompertz (@gompertz) July 16, 2018

Things Are Going To Get Worse

"We think that trade tensions will probably worsen before they get better” - Goldman

— zerohedge (@zerohedge) July 11, 2018

British Infrastructure is Shite - Broadband Speeds

World league of #broadband speeds:
1. #Singapore
2. #Sweden
20. USA
31. Bulgaria
35. UKhttps://t.co/yLfHGpvIe8 pic.twitter.com/rxyhBvXaHR

— Adam Bates (@AdamBates_D6) July 11, 2018

Car Companies Appear To Be Run By Lying Bastards

Nissan admits falsifying emissions tests in Japan https://t.co/rNT0014K1N

— BBC News (UK) (@BBCNews) July 9, 2018

Wise Words From Premier Li

Reuters: SOFIA-#China's Premier Li says no one will emerge as a winner from a trade war

— Vincent Lee (@Rover829) July 6, 2018

Britain's Transport Infrastructure Is Shite!

'Don't travel to London' say Southern Rail, Thameslink and Gatwick Express https://t.co/tFmEMJOIMT via @MetroUK

— Kett Business Solutions (@KettSol) July 5, 2018

Danske Bank - Europe's Largest Money Laundering Scandal

Woah, that's more than $8 billion.https://t.co/i54IgMiCbG pic.twitter.com/OobW86T9rj

— Oliver Bullough (@OliverBullough) July 4, 2018

A record breaker, for the time being until the next one is unearthed!

Glencore Subpoenaed For Money Laundering

BREAKING: Glencore receives subpoena from U.S. Department of Justice over money laundering; share price tumbles https://t.co/5mY9o7AhYK pic.twitter.com/8Y2mHt1d3C

— Bloomberg (@business) July 3, 2018

A Blast From The Past

Released from Tanah Merah Prison twenty three years ago today! pic.twitter.com/HOPedJ3dW3

— Nick Leeson (@TheNickLeeson) July 3, 2018

It's The Oil Price Stupid!

If oil prices are “to high,” there’s one obvious culprit – a supply side of the global market that’s looking, um, to tight, says @davidfickling https://t.co/64AySWhCMK via @bopinion pic.twitter.com/bVGnLlaoii

— Bloomberg (@business) July 2, 2018

As the USA looks to put the screws on Iran, in an attempt to change the regime there, it needs a stable oil price.

Of course a cynic might say that stability can be achieved by not fucking around with Middle Eastern countries, but I assume (given that the policy is to fuck around) that those running America have more education and intelligence than I possess!

Don't Trust Financial "Experts" - UBS Way Off Beam!

UBS ran 10,000 computer simulations on the World Cup and determined Germany will win https://t.co/Y4KyHJDuBa pic.twitter.com/jDmaU4oiXf

— Bloomberg (@business) May 17, 2018

London Property Bubble Bursting

London house prices are dropping at a faster and faster pace, even as the broader British housing market is still clocking up growth. Here is a look at how it's trended over the past few years https://t.co/DKbTisncmH pic.twitter.com/lZ78JBRp3i

— fastFT (@fastFT) June 27, 2018

Heathrow Plans Will Unravel

BA boss Willie Walsh absolutely seething on Heathrow- says MPs have approved it without any idea of the cost. Says only a matter of time before costs escalate, a new management come in and rip up promises made. Bodes well !

— steve hawkes (@steve_hawkes) June 25, 2018

Value For Money

Swansea Bay. £1bn is not value for money. Say MPs who have chosen to spend £60bn on HS2. #bonkers

— Andrew Brooks (@taxbod) June 25, 2018

Heathrow To Get Green Light

British MPs are set to approve plans to build a third runway at London Heathrow today https://t.co/rdiAL37r0B

— AIRLIVE (@airlivenet) June 25, 2018

UK Economic Forecasts

HM Treasury consensus of latest UK Economic forecasts from City & Non-city Forecasters. Average UK GDP forecast for 2018 is 1.4% but the most optimistic is Liverpool Macro Research +1.9% & most pessimistic is Fathom Consulting at only +0.7%. https://t.co/eA1sScH0VB pic.twitter.com/Dvx4kT2RBY

— Noble Francis (@NobleFrancis) June 21, 2018

Whenever I see the words "forecast" and "consensus" in the same sentence I immediately reach for my sick bag!

Reality will prove both the forecast and the consensus lobbies wrong!

Trade War Hots Up

Following Trump's call for another $200BN in tariffs on China, China reacted thusly...

CHINA SAYS TO HIT BACK IF U.S. ROLLS OUT NEW TARIFF LIST

CHINA MOFCOM SAYS U.S. TARIFF DECISION AGAINST MARKET RULES

CHINA WILL TAKE STRONG COUNTERMEASURES IF U.S. ISSUES NEW LIST

CHINA COMMERCE MINISTRY SAYS IF U.S. PUBLISHES ADDITIONAL IMPORTS TARIFF LIST, CHINA WILL HAVE TO ADOPT COMPREHENSIVE MEASURES TO FIGHT BACK FIRMLY: RTRS

CHINA COMMERCE MINISTRY SAYS U.S. THREATS ON $200 BILLION TARIFFS LIST DISOBEYS NEGOTIATION AND CONSENSUS REACHED PREVIOUSLY BETWEEN TWO COUNTRIES: RTRS

Audi CEO Arrested

Audi chief executive Rupert Stadler was detained this morning, according to parent company Volkswagen.

A VW spokesman told Reuters:

“We confirm that Mr Stadler was arrested this morning. The hearing to determine whether he will be remanded is ongoing.”

The arrest comes a week after prosecutors raided Stadler’s apartment, as they widened the investigation into how Volkswagen used ‘cheat software’ in its cars to trick emissions tests.

Last month, Audi admitted that another 60,000 A6 and A7 models with diesel engines have emission software issues -- further deepening a scandal that began in 2015.

The ECB - A Very German Enterprise

this problem derives from the fact that the ECB is German dominated, and Germany/Bundesbank has a phobia about inflation.

— Ken Frost (@ken_frost) June 14, 2018

FIFA Corrupt!!?? - Surely Not??!!

As World Cup opens in Russia, how did football get so corrupt? With the help of a major accountancy firm. See Bean Counters for the full inside story... pic.twitter.com/uBbp2o5kXL

— richard brooks (@rbrooks45) June 14, 2018

The Bitcoin Scam Promoted on Twitter and Facebook

I and others have been warning @Twitter about this scam (often promoted on Twitter) this for months! https://t.co/5ULje4rv8g

— Ken Frost (@ken_frost) June 6, 2018

People who were suckered into this scam should sue Twitter and Facebook for any profits they made from promoting this scam!

RBS Falls on Government Sell Off

Markets dont like the UKGI RBS share sell-off. Shares down 3.3% this morning pic.twitter.com/oIK7uctWod

— Joe Lynam BBC (@BBC_Joe_Lynam) June 5, 2018

Chief Executive of Pensions Regulator Won't Renew Contract

BREAKING: Lesley Titcomb, chief executive of the Pensions Regulator since 2015, has today announced she will not reapply to renew her contract in February next year.

— Josephine Cumbo (@JosephineCumbo) May 31, 2018

Poundland Skewers Thameslink's Shite Service

.@TLRailUK You’re ‘off the rails’ #TLFail #Proudland pic.twitter.com/rago9G1zmh

— Poundland (@Poundland) May 30, 2018

Kudos to Poundland for reminding people that companies can be well run and meet customers' expectations!

Italy's Fucked!

Political chaos in the euro zone's third-biggest economy won't be going away anytime soon, according to International Monetary Fund former chief economist Olivier Blanchard, who on Tuesday issued an ominous assessment of the country.

Panic roiled markets Tuesday as a political fight in Italy prompted one of its worst market sell-offs in years. Underlying investor fear was the prospect of Italy leaving the euro and others following suit, which Blanchard, now an economics professor at the Massachusetts Institute of Technology, described as more of a psychological fear than a realistic threat.

The potential concern, rather, involves Italy's creditors, who would have to "move carefully," the economist told CNBC's Joumanna Bercetche in Paris. The rest of Europe may avoid a domino effect, but Italy looks to remain mired in a quagmire.

"I suspect in this case the EU will do whatever is needed to prevent contagion, so I'm not terribly worried about contagion," Blanchard said. "I'm very worried about Italy. Not worried about the rest of Europe. It will be tough, but the rest of Europe, the rest of (the) euro will be OK."

My sympathies to the good people of Italy, the EU will crush them. As per Günther Hermann Oettinger (European Commissioner for Budget and Human Resources):

"Markets will teach Italy to vote for the right thing". 

Shock Horror: Bitcoin Holders Learn That Bitcoin Can Go Down As Well As Up

Bitcoin Closing on Long-Term Bear Indicator Not Seen Since 2014....
...as it slides below 8K, over 60% from its peak https://t.co/CTT9EgpmOC

— Nouriel Roubini (@Nouriel) May 23, 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.

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.

Wages Outstripping Inflation

Wages in UK rising faster than inflation for first time in more than a year, figures show https://t.co/KdsD4hDlem

— BBC Breaking News (@BBCBreaking) May 15, 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.

Interest Rates Unchanged

Breaking: @BankofEngland leaves interest rates on hold at 0.5%.
- 7-2 vote by the MPC. Saunders & McCafferty voted for 0.75% rates
- BoE cuts 2018 growth forecast from 1.8% to 1.4%
- Signals potential rate hikes later this year

— Ed Conway (@EdConwaySky) May 10, 2018

TSB Is Still Fucked - Live Updates

TSB customers today: still can't get app or online banking...3 hours on phone...endless loop of automated voices...text saying over my limit when I'm not...can't access business account...can't sort out fraudulent transactions

— Simon Gompertz (@gompertz) May 9, 2018

Live updates here.

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

Watch Sainsbury's CEO sing "we're in the money" while waiting to talk about the £12 billion merger with Asda - he's since apologised for his "unguarded moment" https://t.co/Kuaowz0q1u pic.twitter.com/jYMngcahS2

— ITV News (@itvnews) 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!

TSB Fixed? Maybe Not Quite Yet!

Tweets about tsb

UK Economy Reaches Turning Point...Allegedly

Today’s @ons deficit stats show

the lowest March borrowing since 2004 👍🏿
the lowest full-year borrowing for over 10 years 📉

We’ve reached a turning point in our economy, with debt forecast to start falling – reducing the burden on future generations. pic.twitter.com/H52FgN8Htp

— HM Treasury (@hmtreasury) April 24, 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.

The Economy is Strong

Companies House Has Lost Its Mind Thread

This story is absolutely insane. At first glance, you think "well done, Companies House, at last they're getting serious about the epidemic of fraud enabled by the misuse of British corporations". https://t.co/HSjMDawuyl pic.twitter.com/FiQ1VMkKbv

— Oliver Bullough (@OliverBullough) April 15, 2018

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

Reuters: BEIJING-Dallas Fed's Kaplan says quite hopeful that despite trade skirmish, rhetoric will get de-escalated #US #China

— Vincent Lee (@Rover829) April 10, 2018

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!

Sanctions Nobble Russian Stock Market

Russian Stock Market -11.53%
Sistema -15.8%
VTB -12%
Gazprom -10%
Rosneft -14.2%
Sberbank -17.84%!!!!!
Surgut -8.66%
EURRUB +2.44% 73.12
USDRUB +2.46% 59.61

Will it stop? pic.twitter.com/Di08vDaRUY

— Russian Market (@russian_market) April 9, 2018

Trade War Latest - We Are In The Doubling Down Phase

China vows to fight US 'at any cost' after Pres. Trump proposed additional $100 billion tariffs on Chinese goods. https://t.co/UcgQFAHGEw pic.twitter.com/zz1XeRqnlR

— ABC News (@ABC) April 6, 2018

Trade War Latest - There Is No Trade War, Apparently!

We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!

— Donald J. Trump (@realDonaldTrump) April 4, 2018

Trade War Latest - China Goes For Trump's Base

#China giving as good as it gets in trade war with US by hitting #Trump’s base; agricultural states are major supporting regions for Trump pic.twitter.com/MihYhike6x

— Jeremy Koh (@JeremyKohCNA) April 4, 2018

The Catastrophe Effect of Carillion's Collapse

In terms of the Bank of England's view on effects of the Carillion liquidation on the supply chain, the key phrase is 'so far'. Carillion had 11,600 direct sub-contractors (and once you take account of their sub-contractors & suppliers then 25,000 firms will be affected)... pic.twitter.com/XwXlDlyEhV

— Noble Francis (@NobleFrancis) March 28, 2018

The beating of a butterfly's wings......

Facebook's Fucked!

ZeroHedge reports that Facebook advertisers have threatened to abandon the platform in the wake of a massive data harvesting scandal which began after it was revealed that an app created by two psychologists - one of whom Facebook employs - gathered data on over 50 million Americans and then sold it to political data firm Cambridge Analytics and several others, who used it without consent.


The scandal is pushing some Facebook advertisers to consider dropping the platform, reports The Times. 

ISBA, a British group of advertisers that spend hundreds of millions of pounds a year on Facebook, demanded answers. It is understood that some of its 3,000 brands, which include those of the consumer goods companies Unilever and P&G, will not tolerate association with Facebook if it emerges that users’ data has found its way into the hands of brokers and political campaigners without authorisation. Sources close to the trade body said that if the company’s answers were not satisfactory, advertisers might spend their money elsewhere. ISBA will meet Facebook executives this week.

Others, such as Mozilla, have already pulled out, or as it said have "pressed pause" on Facebook advertising.

In a scathing post, Mozilla said that "when Facebook takes stronger action in how it shares customer data, specifically strengthening its default privacy settings for third party apps, we’ll consider returning." Until then, "Mozilla will advertise elsewhere".

Facebook stock currently trades at around $169, down from $183 five days ago.

CPIH Inflation Falls To 2.5%

The ONS reports that CPIH has fallen to 2.5% and CPI has fallen to 2.7%:

• The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.5% in February 2018, down from 2.7% in January 2018.
• The largest downward contributions to the change in the rate came from transport and food prices, which rose by less than a year ago.
• Falling prices for accommodation services also had a downward effect.
• Rising prices for footwear produced the largest, partially offsetting, upward contribution.
• The Consumer Prices Index (CPI) 12-month rate was 2.7% in February 2018, down from 3.0% in January 2018.

Hammond To Make Spring Statement

Hammond will unveil the latest economic forecasts from the Office for Budget Responsibility in a brief 15-minute statement to MPs at 12:30 GMT.

He is set to unveil consultations on a single-use plastics tax and a possible tax on the profits of digital giants like Facebook and Google.

He is expected to reveal that tax receipts are covering day-to-day government spending for the first time since the 2008 financial crisis.

There will be no policy announcements or tax and spending measures - they will be held back to the Budget in the autumn - and no photocall outside 11 Downing Street with the chancellor's red box.

I am forced to ask, what is the fucking point of this then?

Financial Ombudsman Service Gets a Well Deserved Kicking From Dispatches

Tonght's @Channel4@C4Dispatches finds shocking failings at the Financial Ombudsman Service. I was astonished to see what they found - customers complaints must be taken seriously!

— Ros Altmann (@rosaltmann) March 12, 2018

Must watch this prog tonight. Have you ever complained about a bank and been turned down by the Financial Ombudsman? You may find out why! pic.twitter.com/p5Qd6Z0G3g

— Ros Altmann (@rosaltmann) March 12, 2018