Loans and Finance

Loans and Finance


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

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!

Monday, April 09, 2018

Sanctions Nobble Russian Stock Market

Friday, April 06, 2018

Trade War Latest - We Are In The Doubling Down Phase

Thursday, April 05, 2018

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

Wednesday, April 04, 2018

Trade War Latest - China Goes For Trump's Base

Wednesday, March 28, 2018

The Catastrophe Effect of Carillion's Collapse

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

Thursday, March 22, 2018

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.

Tuesday, March 20, 2018

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.

Tuesday, March 13, 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?

Monday, March 12, 2018

Financial Ombudsman Service Gets a Well Deserved Kicking From Dispatches

Monday, March 05, 2018

Theresa May Demonstrates a Frightening Ignorance of Economics and The Private Sector

Friday, March 02, 2018

Let The Trade Wars Commence!

Equifax - What's Another 2.4M Between Friends?

All in all, Equifax really fucked up on this by so many measures!

Wednesday, February 28, 2018

Carillion Forgot They Were A Private NOT Public Company

Toys Rn't Us

Toys R Us has gone into administration, putting 3,000 UK jobs at risk.

Moorfields has been appointed to begin "an orderly wind-down" of the UK's biggest toy retailer.

The corporate recovery specialist said that all stores would remain open until further notice.

Tuesday, February 27, 2018

Carillion's Delusion Continues Even Now!

Monday, February 26, 2018

Latvia Is In The Financial Shit

Monday, February 19, 2018

UST Charges ECB Supervised Bank With Money Laundering

Latvia's financial system is about to implode, and the ECB will be in the shit.

UST Pulls Rug Out From Under ABLV

Tuesday, February 13, 2018

Inflation Steady at 3%, or 2.7%, Depending On Your Preference

As per the ONS:
  • 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

Don't Panic, The Government Says Crapita Is Fine

Wednesday, January 31, 2018

Crapita Plunges 41%

Tuesday, January 30, 2018

Carillion Really Was Shit!

As I noted yesterday, Carillion really was shit!

FRC Believes It Did a Bang Up Job Re Carillion

Monday, January 29, 2018

Carillion Was a Pile of Shit Run by, and for The Benefit of, Worms!

The BBC reports that all was not well in the House of Carillion in the years leading up to the collapse of the firm:
"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."
Frank Field, chairman of the Work and Pensions Committee said:
"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!

Thursday, January 25, 2018

Davos 2018 Live - #Davos2018

Wednesday, January 24, 2018

Unemployment Continues To Fall

Tuesday, January 16, 2018

Beware The Forthcoming Dead Cat Bounce of Bitcoin

Monday, January 15, 2018

Carillion Liquidation

It beggars belief that a company with so many lucrative government contracts can so totally screw its finances up.

Let us trust and assume that the shareholders nail the board to the floor for this disgrace!