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
Tuesday, August 14, 2018
Maybe they should have bought it from ALDI!"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
Monday, August 13, 2018
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!
Friday, August 10, 2018
"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. "
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!
Thursday, August 09, 2018
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
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
Wednesday, August 08, 2018
Here’s BMW’s official statement of my question.— Jaehwan Cho 조재환 (@hohocho) August 8, 2018
“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
Tuesday, August 07, 2018
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
Friday, August 03, 2018
Will HMRC prosecute the government for advertising this illegal hourly rate?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
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.
Thursday, August 02, 2018
Wednesday, August 01, 2018
As ever most people, when it comes to talking about interest rates, are fucking clueless!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
Tuesday, July 31, 2018
Monday, July 30, 2018
Thursday, July 26, 2018
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!
Wednesday, July 25, 2018
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.
Tuesday, July 24, 2018
Wednesday, July 18, 2018
Tuesday, July 17, 2018
Monday, July 16, 2018
Wednesday, July 11, 2018
Monday, July 09, 2018
Friday, July 06, 2018
Thursday, July 05, 2018
Wednesday, July 04, 2018
A record breaker, for the time being until the next one is unearthed!
Tuesday, July 03, 2018
Monday, July 02, 2018
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!
Thursday, June 28, 2018
Wednesday, June 27, 2018
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
Tuesday, June 26, 2018
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
Monday, June 25, 2018
Thursday, June 21, 2018
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!
Tuesday, June 19, 2018
Monday, June 18, 2018
A VW spokesman told Reuters:
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.“We confirm that Mr Stadler was arrested this morning. The hearing to determine whether he will be remanded is ongoing.”
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.
Thursday, June 14, 2018
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
Wednesday, June 06, 2018
People who were suckered into this scam should sue Twitter and Facebook for any profits they made from promoting this scam!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
Tuesday, June 05, 2018
Thursday, May 31, 2018
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
Kudos to Poundland for reminding people that companies can be well run and meet customers' expectations!
Wednesday, May 30, 2018
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".
Wednesday, May 23, 2018
Bitcoin Closing on Long-Term Bear Indicator Not Seen Since 2014....— Nouriel Roubini (@Nouriel) May 23, 2018
...as it slides below 8K, over 60% from its peak https://t.co/CTT9EgpmOC
Thursday, May 17, 2018
Wednesday, May 16, 2018
Nikki Garnett, a blogger, said:
"How dare you Ben Broadbent?Bankers and economists should stick to the numbers and avoid mixing their medical metaphors.
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."
Tuesday, May 15, 2018
Friday, May 11, 2018
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.
Thursday, May 10, 2018
Breaking: @BankofEngland leaves interest rates on hold at 0.5%.— Ed Conway (@EdConwaySky) May 10, 2018
- 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
Wednesday, May 09, 2018
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.
Tuesday, May 01, 2018
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
Monday, April 30, 2018
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
Tuesday, April 24, 2018
Today’s @ons deficit stats show— HM Treasury (@hmtreasury) April 24, 2018
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
Monday, April 23, 2018
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
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
Tuesday, April 10, 2018
Monday, April 09, 2018
Russian Stock Market -11.53%— Russian Market (@russian_market) April 9, 2018
EURRUB +2.44% 73.12
USDRUB +2.46% 59.61
Will it stop? pic.twitter.com/Di08vDaRUY
Friday, April 06, 2018
Thursday, April 05, 2018
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
Wednesday, April 04, 2018
Wednesday, March 28, 2018
The beating of a butterfly's wings......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
Thursday, March 22, 2018
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.
Tuesday, March 20, 2018
- 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.
Tuesday, March 13, 2018
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?
Monday, March 12, 2018
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
Friday, March 09, 2018
Monday, March 05, 2018
In May’s speech tomorrow she’ll observe that “the bonuses paid to the heads of some of our biggest developers are based not on the number of homes they build but on their profits or share price...that creates a perverse incentive.”— Jim Pickard (@PickardJE) March 4, 2018
This is literally how free markets work.
Friday, March 02, 2018
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!— Donald J. Trump (@realDonaldTrump) March 2, 2018
EU COMMISSION SPOKESMAN WINTERSTEIN BRIEFS PRESS IN BRUSSELS— zerohedge (@zerohedge) March 2, 2018
EU SAYS HAS COUNTER-MEASURES READY AGAINST U.S. TARIFFS
EU SAYS STANDS READY TO RESPOND
CHINA MAY TAKE MEASURES TO PROTECT OWN INTERESTS: MOFCOM— zerohedge (@zerohedge) March 2, 2018
All in all, Equifax really fucked up on this by so many measures!Equifax finds additional 2.4 million impacted by 2017 breach #databreach #cybersecurity https://t.co/fy07R61wKZ— Miguel A Menendez (@menendezjaume) March 2, 2018
Wednesday, February 28, 2018
The corporate recovery specialist said that all stores would remain open until further notice.
Tuesday, February 27, 2018
Monday, February 26, 2018
Latvia called emergency meeting of financial authorities this Monday— Jean-Michel Glachant (@JMGlachant) February 26, 2018
in attempt to limit fallout from forced collapse of its third-biggest bank
ABLV, facing allegations from the US of helping North Korea’s missile programme https://t.co/yZ9C4Y5vhJ
Monday, February 19, 2018
An ECB-supervised (repeat, ECB-supervised) Latvian bank is charged in the US with money laundering, the country's central bank governor is detained and now a moratorium is imposed on the bank. https://t.co/Fv7ImojJs5— Patricia Kowsmann (@kowsmann) February 19, 2018
Latvia's financial system is about to implode, and the ECB will be in the shit.
Latvia’s government was meeting in emergency session on Monday after one of the Baltic country’s biggest banks reeled under accusations of busting sanctions on North Korea and the central bank governor was detained by the anti-corruption agency. https://t.co/OuB4oZIiKO pic.twitter.com/mGhDaMKj3E— Russian Market (@russian_market) February 19, 2018
Tuesday, February 13, 2018
- The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.7% in January 2018, unchanged from December 2017.
- The largest downward contribution to change in the rate came from prices for motor fuels, which rose by less than they did a year ago.
- The main upward effect came from prices for a range of recreational and cultural goods and services, in particular, admissions to attractions such as zoos and gardens, for which prices fell by less than they did a year ago.
- The Consumer Prices Index (CPI) 12-month rate was 3.0% in January 2018, unchanged from December 2017.
- From April 2018, publication of these figures will move from Tuesday to Wednesday; the new release dates are available.
Thursday, February 01, 2018
Wednesday, January 31, 2018
Tuesday, January 30, 2018
the head of the Insolvency Service has just told a select committee that Carillion kept such bad records that it had been hard to work out even simple information such as the identify of all its directors— Jim Pickard (@PickardJE) January 30, 2018
As I noted yesterday, Carillion really was shit!
Hadrill rejects accusation from MP that FRC has been "useless" over Carillion. Says "We don't have the ability to look inside the business...more than what is evident from what they publish"— Simon Gompertz (@gompertz) January 30, 2018
Monday, January 29, 2018
The BBC reports that all was not well in the House of Carillion in the years leading up to the collapse of the firm:
Frank Field, chairman of the Work and Pensions Committee said:"Carillion "wriggled out" of payments into its company pension schemes as its troubles grew, while it carried on paying shareholder dividends and bosses' bonuses, say MPs.The Work and Pensions Committee is questioning the way pension investments were managed at the collapsed outsourcing giant.
The schemes overall are in deficit.
But last year contributions to the pension funds were deferred until 2019, to help shore up the firm's finances.
The committee has published a letter from Robin Ellison, chairman of trustees of Carillion's pension scheme, giving an account of the last few years and suggesting they have been left with a funding shortfall of around £990m.
The letter shows that pension trustees were "kept in the dark" about the state of Carillion's finances until late last year, the committee argues, and that dividends and bonuses were paid out at the expense of pension fund contributions."
"It's clear that Carillion has been trying to wriggle out of its obligations to its pensioners for the last 10 years."It seems to me, to use a non technical/financial phrase, that Carillion was a pile of shit run by (and for the benefit of) worms!