Loans and Finance

Loans and Finance

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

Monday, June 18, 2018

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.

Thursday, June 14, 2018

The ECB - A Very German Enterprise

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


Wednesday, June 06, 2018

The Bitcoin Scam Promoted on Twitter and Facebook

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

Tuesday, June 05, 2018

RBS Falls on Government Sell Off

Thursday, May 31, 2018

Chief Executive of Pensions Regulator Won't Renew Contract

Poundland Skewers Thameslink's Shite Service


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

Wednesday, May 30, 2018

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". 

Wednesday, May 23, 2018

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

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!

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!