Andrew Bailey To Be Governor of The Bank of England

Delighted to announce Andrew Bailey as the next Governor of the Bank of England - he was the standout candidate.

— Sajid Javid (@sajidjavid) December 20, 2019

NatWest Bank Error In My Favour

Well this is a first, a bank error in my favour.

Natwest have written to me telling me that they have identified errors on fx charges on some of my international transactions between March 2010 and May 2014.

I have received a refund of £86 including interest and net of tax.

Now here are three questions:

1 Why has it taken so long for this error to be identified and quantified?

2 How many other people have been affected, and at what cost to NatWest?

3 Have other banks also made erroneous/inaccurate fx charges?

Bank of England Audio Hacked and Sold To Hedge Funds

Hijacked Bank of England audio feed sold to hedge funds seconds ahead of broadcast - Sky News#CarneyOut https://t.co/Cj8EDJc5vj

— Purpleline (Boris Island) (@purpleline) December 19, 2019

Fucking shameful!

Advice To Hotpoint

Washing machines are meant to be wet, not on fire!

Oh and fix your website too!

We are sorry to say we are still experiencing technical issues with our registration website. We apologise sincerely for the inconvenience. While we continue to work with our third party provider to resolve the issue, you can call our customer service team on 0800 316 1442

— Hotpoint UK (@HotpointUK) December 18, 2019

Trump Folds

Trump Folds: Offers To Cancel New China Tariffs, Will Cut Existing Tariffs By 50% In Exchange For Pledges https://t.co/nLnpFqolYH

— zerohedge (@zerohedge) December 12, 2019

The Economic Owl of The ECB

LIVE: Christine Lagarde says she will be an economic "owl" at the ECB – follow our business live blog for the latest news, analysis and reaction https://t.co/Fyvybhx92S pic.twitter.com/2XMHvz8agH

— Telegraph Business (@telebusiness) December 12, 2019

France is Fucked

Macron pension reform: France braces for severe disruption amid strike https://t.co/makd6wxIWh

— BBC News (UK) (@BBCNews) December 5, 2019

HSBC's 40% Usury Fee

BBC News - HSBC to bring in single overdraft rate of 40% > Usury (noun) the practice of lending money at unreasonably high rates of interest https://t.co/PryCcrmPEP

— Stuart Jones (@StuartJones) December 5, 2019

That is a very high rate for a "reputable" bank!

No Deadline On China Trade Deal

TRUMP SAYS I HAVE NO DEADLINE ON CHINA DEAL AND IT MIGHT BE BETTER TO WAIT UNTIL AFTER NOVEMBER 2020 ELECTION

— fiatcurrency (@fiatcurrency) December 3, 2019

It would seem that, at best, the world economy will drift aimlessly for the next year or so!

Advice To PayPal

For many months you have bombared me with invitations to apply for your interest free credit facility.

Today I decided to apply and, blinky blonkey blimey, within 5 seconds I got a very polite email telling that after "extensive" checks I had been rejected.

Guys, please don't waste people's time inviting them to apply for something that you have no intention of granting!

There Is No Recession!

UK GDP rose 0.3% in Q3 2019 with services up 0.4%, manufacturing unchanged and construction up 0.6%. So much for recession.

— Andrew Neil (@afneil) November 11, 2019

M&S Proifts Fall 17%

The pre-tax profits of M&S tumbled by 17% to £176.5m on total sales down 2.1% to £4.86bn.

Like-for-like sales in clothing and home fell by 5.5% during the six months to 30 September, worse than the expected 4.3% drop.

However, like-for-like sales in food grew by 0.9%, ahead of a forecast 0.3% rise.

M&S need to consider spinning off their food business into a stand alone business, and facing the reality that they are no longer a clothing retailer.

KPMG To Cut 10% of Its Partners

As further evidence of cost cutting in KPMG, The Telegraph reports that KPMG is set to cut a tenth of its UK partners in the run up to Christmas as the firm steps up an overhaul of its business operations. 

The cuts are the result of performance reviews involving of some of KPMG’s senior team, and follow on from reports that KPMG's private members' club will be closed.

KPMG To Shut Private Members' Club

KPMG appears to be facing a financial squeeze, as it is preparing to shut down its private members’ club in Mayfair and move staff to Reading as part of efforts to trim £100m in costs.

The Telegraph reports that KPMG is exploring plans to close the five-storey townhouse at 20 Grosvenor Street, which boasts a rooftop terrace, restaurant and private meeting rooms.

KPMG will also transfer most of its marketing department from Canary Wharf to Reading.

It is understood that around 50 roles were placed at risk of redundancy as a result of the restructure.

Known as Number Twenty, the facility was set up only four years ago to entertain clients.

Brexit 50p Piece Production Nixed

BREAKING Sajid Javid has "postponed" production of the new Brexit 50p coins due to the likelihood that the UK will not leave the European Union next Thursday.https://t.co/dh5kbLuWrj

— Christopher Hope📝 (@christopherhope) October 25, 2019

In the event any of these coins have already gone into circulation, look out for them they will be worth a mint!

The Trade War Continues

CHINA SEEKING $2.4B IN RETALIATORY SANCTIONS VS U.S.: REUTERS

— zerohedge (@zerohedge) October 21, 2019

I thought Trump said they were ready to do a deal?

Mark Carney Displays "Remarkable" Foresight!

Mark Carney tells the Treasury Select Committee that 'there will be material moves' in the value of the pound in the run up to the October 31 Brexit deadline.

He says those moves could go either way depending on events. 📈📉

— Jack Maidment (@jrmaidment) October 15, 2019

Business Committee Sticking The Knife Into Thomas Cook Board

Business Committee hearing from the CEO, Chair, CFO, audit ctte chair and head of the remuneration committee of Thomas Cook in a sec. 👀 Live on BBC Parliament obvs

— Alex Partridge 🚡 (@alexpartridge87) October 15, 2019

The Board saddled the company with debts that it could not afford.

.@RachelReevesMP @CommonsBEIS chair: "It was not a complex business, the complexity was the debt you saddled the company with... The truth is you failed... these debts caught up with you"

— Paul Kelso (@pkelso) October 15, 2019

Happy 50th Birthday To The 50p Piece

It's been 50 years of the 50p! To celebrate we look back at how things have changed since 1969: https://t.co/eGW7sbgoWG pic.twitter.com/DHOOrzuyi7

— Lloyds Bank News (@LloydsBankNews) October 14, 2019

Hays To Buy All 555 Thomas Cook Stores

Rival buys all 555 Thomas Cook stores https://t.co/Ys6vfULk0H

— BBC News (UK) (@BBCNews) October 9, 2019

ECB Ignores Risk of No Deal Brexit

ECB'S DE GUINDOS SAYS WE HAVE NOT INCLUDED IN THE BASELINE THE POSSIBILITY OF A NO-DEAL BREXIT, OR EVEN AN ESCALATION OF TRADE TENSIONS, IF THESE DOWNWARD RISKS MATERIALISE, THE GROWTH OUTLOOK WILL DETERIORATE FURTHER - RTRS

— Martin Baccardax (@mdbaccardax) October 9, 2019

Brexit Uncertainty Is Fucking Up The Economy

September UK #PMI surveys indicated the second-largest monthly fall in business activity since the global financial crisis, pointing to a second successive quarterly drop in #GDP 1/ pic.twitter.com/X8Du68hbyU

— Chris Williamson (@WilliamsonChris) October 3, 2019

Thomas Cook Ceases Trading

We are sorry to announce that Thomas Cook has ceased trading with immediate effect.

This account will not be monitored.

Please visit https://t.co/WWiKkzLYQJ for further advice and information.#ThomasCook pic.twitter.com/Nf1X3jn97x

— Thomas Cook (@ThomasCookUK) September 23, 2019

As per the BBC:

"Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect".

It has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home.

Peter Fankhauser, Thomas Cook's chief executive, said the firm's collapse was a "matter of profound regret".

Commenting as the company entered compulsory liquidation, Mr Fankhauser also apologised to the firm's "millions of customers, and thousands of employees".

The tour operator's failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK."

My sympathies to those who have lost their jobs.

Lagarde Wins Vote To head ECB - She Was The Only Candidate

WATCH: Christine Lagarde wins crucial vote to lead European Central Bank, paving the way for her to become the first woman to hold the post https://t.co/lQLDdFXFZv pic.twitter.com/q9hZp72Tbm

— Reuters Business (@ReutersBiz) September 17, 2019

Trump Calls For Negative Interest Rates - #Volfefe

The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet.....

— Donald J. Trump (@realDonaldTrump) September 11, 2019

....The USA should always be paying the the lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of “Boneheads.”

— Donald J. Trump (@realDonaldTrump) September 11, 2019

NatWest Site Down

⚠️ Our website is currently unavailable. We're working hard getting it back up and running for you.

Online Banking and our mobile app are still working. Sorry if this is causing you problems - we’ll post an update when we have more information. pic.twitter.com/3wBWnjTyOT

— NatWest (@NatWest_Help) August 28, 2019

Eddie Stobart Suspends Shares and Ditches CEO

The BBC reports that Eddie Stobart has suspended trading of its shares and announced that chief executive Alex Laffey will stand down with immediate effect, as the firm looks into an accounting error.

In a statement, the firm said that it also intended to review the group's current dividend policy.

The transport logistics company revealed a £2m discrepancy in its accounts last month.

Sebastien Desreumaux, currently head of iForce, will take over from Mr Laffey.

A review of its statements by new chief financial officer, Anoop Kangits, found that the 2018 adjusted operating profit figure of £55.3m was overstated by about 4%.

Publication of the firm's financial results for the six months to 31 May 2019 has now been delayed to early September.

The firm added that half year profits were likely to be "significantly lower" than suggested in a recent trading update, and that it is "applying a more prudent approach to revenue recognition".

Ironically the company's largest shareholder is troubled fund manager Neil Woodford, who holds a 22.9% stake.

A Sunk Cost Is a Sunk Cost - H2S To Be Scrapped?

"Just because you spent a lot of money on something, should not mean that you just carry on ploughing more and more money into it"

Transport Secretary Grant Shapps says it's possible HS2 rail project could be scrapped, as government review is announcedhttps://t.co/uS6B9WDvuN pic.twitter.com/q6q4tHYQcD

— BBC Politics (@BBCPolitics) August 21, 2019

Stamp Duty Not Being Shifted To Sellers..Apparently!

BBC News - I won't shift stamp duty to sellers, says chancellor https://t.co/QSRMOu8J2p

— Andrew Goodall (@agoodall4) August 19, 2019

We Have Now Entered The Countermeasures Stage of The Trade War

Reuters: #China finance ministry says China must take necessary countermeasures to #US additional tariffs on $300 bln of Chinese goods

— Vincent Lee (@Rover829) August 15, 2019

Economists and Forecasters Are Useless

Inflation in Britain accelerated to 2.1 per cent in July, confounding forecasts for a slowdown.

Economists had expected inflation to drop to 1.9 per cent from 2 per cent in June.

However, official data showed an increase in the Consumer Price Index, driven by rises in the prices of games, toys, hotels, clothing and footwear.

Cretins!

BREAKING Unemployment rises by 31,000 to 31.3m in last three monthshttps://t.co/SzNa5ln8R6 pic.twitter.com/KvQ1tu9hwR

— Mirror Breaking News (@MirrorBreaking_) August 13, 2019

Brexit Impasse Crippling The Economy

0.2% fall in GDP in Q2 2019, following growth of 0.5% in Q1 https://t.co/RWAY7m2xzE pic.twitter.com/2io09bHRRL

— Office for National Statistics (@ONS) August 9, 2019

Muddy Waters Puts The Boot Into Burford

Muddy waters described Burford as a “poor business masquerading as a great one”.

For good measure it noted that "BUR’s governance strictures are laughter-inducing."

The FT reports that Burford has lost £1.7bn of market value over two days. Its shares were down 46 per cent at the close.

German Economy Fucked - There Goes The EU!

German industrial production is collapsing wiping out the last 4 years of growth.

Likely Germany will have a recession 2019Q2 & 2019Q3 negative as weakness is spreading from Automobile to other sectors.

Troubled times for what was the #EU and #Eurozone most sucessful economy. https://t.co/IqnB4kTuVt

— Dilip Shah (@DilipShah_) August 7, 2019

HSBC Appears To Be In The Shit

In the latest Radio Times, by @paullewismoney #HSBCfraud pic.twitter.com/VrUpcCRXWR

— Mr Ethical (@nw_nicholas) August 7, 2019

So the CEO of HSBC was fired yesterday and the rumor is this: the BOE found out that they were lending to the PBOC to prop up the currency. If this is true, this is nuts.

— JoelHeyman (@JoelHeyman) August 6, 2019

Strong and Stable - China Invokes Theresa May

China's Global Times reacts: “The Chinese economy is so stable... that it has given us full confidence to say ‘no’ to compromises against our principles. The constant U.S. rants on how bad China’s economy is tells us that Washington is more anxious than us to reach a deal.” https://t.co/CPO9fez8PV

— Anna Fifield (@annafifield) July 31, 2019

100 Million Capital One Applications Hacked

The FBI has arrested a 33-year-old software engineer in Seattle as part of an investigation into a massive data breach at financial services company Capital One.

Paige A. Thompson, also known by the online handle “erratic,” has been charged with one count of computer fraud and abuse, after an investigation uncovered that a hacker had broken into cloud servers run by Capital One and stole data related to over 100 million credit-card applications.
Exposed information, according to Capital One, included data collected in credit card applications between 2005 and early 2019 such as:

• names
• addresses
• zip codes/postal codes
• phone numbers
• email addresses
• dates of birth
• income

Beyond the credit card application data, the hacker also obtained portions of credit card customer data, including:

• Customer status data, e.g., credit scores, credit limits, balances, payment history, contact information
• Fragments of transaction data from a total of 23 days during 2016, 2017 and 2018

Capital One says that about 140,000 Social Security numbers and approximately 80,000 linked bank account numbers of its secured credit card customers were also breached.

Oh Dear Oh Dear!

Sigh pic.twitter.com/alyPLC0a8O

— Merryn Somerset Webb (@MerrynSW) July 17, 2019

Alan Turing Is The Face of The Fifty

Alan Turing will be the new character on the £50! Find out more: https://t.co/y6CPh3SckQ #Turing50 #ThinkScience pic.twitter.com/zGy4ZSr5mv

— Bank of England (@bankofengland) July 15, 2019

Unemployment Rate Lowest Since 1974

As per the ONS UK unemployment rate for May 2019 was estimated at 3.8%; it has not been lower since October to December 1974.

In real terms (after adjusting for inflation), total pay is estimated to have increased by 1.4% compared with a year earlier, and regular pay is estimated to have increased by 1.7%.

The Face of Fifty Quid

Today the Bank of England is announcing the celebrated figure who’s going to feature on the new £50 note.

Trump Blasts Bitcoin, and Nails It!

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

— Donald J. Trump (@realDonaldTrump) July 12, 2019

Bank of England Speaks Common Sense - For Once!

Meaty speech from Bank of England MPC member Vlieghe talking at @Reuters 🧨🧨🧨

• Rates could be cut to nearly 0% in no-deal Brexit
• Explicit rate guidance if there's a deal: 1% in year, 1.25% in 2 years, 1.75% in 3
• But rate hikes would require global economy to improve

— Andy Bruce (@BruceReuters) July 12, 2019

Brexit Delay Screwing Up The Property Market

One in five of those who expect to move house in the next two years have delayed moving in the past year due to Brexit uncertainty according to the Bank of England Financial Stability Report.#ukhousinghttps://t.co/j1Vi7bzemG pic.twitter.com/cvGrEJBNCX

— Noble Francis (@NobleFrancis) July 11, 2019

Delay and uncertainty are far more damaging to the economy than a no deal Brexit.

Deutsche's Fucked!

Some Deutsche Bank staff in London told they have until 11am to pack up their stuff, just hours after the overhaul was announced. "I'm trying to get my head straight," says one person who has been told his pass will stop working in a few hours

— Lucy Burton (@Lucymburton) July 8, 2019

Ola Goes For Uber's London Business

Strange world: So #India's ride hailing service #Ola gets green light to operate in London in competition with #Uber. One of the biggest shareholders in both?
Japan's #Softbankhttps://t.co/ntYIp9LT72 via @financialtimes

— Adam Bates (@AdamBates_D6) July 5, 2019

Jim Pickard Nails It!

Osborne won’t stop until he has all the jobs in the world https://t.co/PbwHQPaLb9

— Jim Pickard (@PickardJE) July 4, 2019

Lagarde To Head ECB - Chateauneuf du Pape!

I see that the EU have made a very "interesting " appointment to head up the ECB, a woman who was found guilty of criminal charges over a £355M government payout.

On the positive side, she was fined but not jailed!

US/EU Trade War Hots Up

U.S. Proposes More Tariffs on EU Goods in Airbus-Boeing Dispute https://t.co/Nj0c0x28GU

— Daniel Lacalle (@dlacalle_IA) July 2, 2019

Carney Talking The Bleedin' Obvious!

Mark Carney, the Governor of the Bank of England, hints at interest rate cuts in the event of a No Deal Brexit.

He tells the Treasury Select Committee that in such a scenario it would be "more likely that we would provide some stimulus".

— Jack Maidment (@jrmaidment) June 26, 2019

The Looming Pensions' Disaster

The UK population is ageing. People are living longer, women are having fewer children and the number of pensioners is growing https://t.co/W3pEMHYUzU pic.twitter.com/tTQhprVZtI

— ONS (@ONS) June 24, 2019

Jeremy Hunt proposed a solution last week...

Facebook's Libra Not Trusted

Bank of England Governor Says #Facebook's #Libra #Crypto Will Be Scrutinized - https://t.co/PMf7gKmmpF #FacebookFail

— Marc R Gagné MAPP 🍁 (@OttLegalRebels) June 20, 2019

Deutsche In The Dock

DEUTSCHE BANK FACES CRIMINAL INVESTIGATION FOR POTENTIAL MONEY-LAUNDERING LAPSES - NYT - RTRS

Ruh-RO! $DB

— Martin Baccardax (@mdbaccardax) June 19, 2019

Peace In Our Time - China USA Trade War Armistice?

RE: my hypothesis that Mike Pence is only publicly used when the U.S is taking an ultra-hawkish approach on a foreign policy issue, rumours that his Tiananmen Speech was cancelled on the hopes of a G20 breakthrough between Xi and Trump seem to confirm this.

— Tom Fowdy (@Tom_Fowdy) June 19, 2019

Facebook's Libra Will End In Tears

Beware any cryptocurrency offerings from a social media player.

The headlines will one day read:

"Facebook hacked, Libra stolen".

Schrödinger's GDP

Clear as mud:

ECB sees 2019 Eurozone GDP at 1.2%

Bundesbank sees 2019 German GDP at 0.6%

They both CANNOT be right.

— Martin Baccardax (@mdbaccardax) June 7, 2019

Take a Little Dip

Oh God no. "Allow young people to dip into pension pots to fund first home deposit, says Housing Secretary" https://t.co/6PY0qFGHRu via @Telegraph

— Duncan Robinson (@duncanrobinson) June 3, 2019

This will end in tears!

The Ghost of Corbyn Spooks Markets

Mad but encouraging press release from DeVere - £12bn fund manager... Corbyn's new pro-PV positon "spooks financial markets" because it makes Labour more likely to win... pic.twitter.com/DhgTe137eQ

— Paul Mason (@paulmasonnews) May 28, 2019

USA Declares War On Huawei

Chosun Ilbo reports that the U.S. State Department asked South Korea to "take part in the war against @Huawei," esp. asking LG U+ in particular to ultimately ban all Huawei products, citing unidentified diplomatic sources in Seoul. https://t.co/W4bVJrSkbg

— Jihye Lee 이지혜 (@TheJihyeLee) May 23, 2019

Deutsche Dumps Trump Right In It!

DEUTSCHE BANK SAYS IT WILL ABIDE BY COURT ORDER COMPELLING IT TO PROVIDE U.S. PRESIDENT DONALD TRUMP'S FINANCIAL RECORDS TO LAWMAKERS - RTRS

— Martin Baccardax (@mdbaccardax) May 22, 2019

British Steel Goes Bust

British Steel to enter insolvency, putting 5,000 UK jobs directly at risk and a further 20,000 in the supply chain https://t.co/qKh2DqzUEW

— BBC Breaking News (@BBCBreaking) May 22, 2019

Britain The New Bangladesh?

According to some "private equity executive" quoted in the FT, Britain (or at the very least London) will become the "new Bangladesh" under a post Brexit Corbyn government.

Not sure if he thinks that's a good or a bad thing?

Google Limits Use of OS On Huawei Phones

Google has limited the use of its Android operating system on Huawei phones in the latest blow to the Chinese firm.


The ban means that new Huawei phones will no longer be able to access certain apps, such as Google Maps and YouTube, and existing phones will not be able to update their Android operating systems.

China Takes Note!

MOFCOM: CHINA HAS NOTICED THE USTR PROPOSAL ON NEW TARIFFS

— Russian Market (@russian_market) May 16, 2019

Black Is Back!

The pardon of Conrad Black, a political ally and longtime associate of Mr. Trump’s, was the latest example of the president using one of the unilateral powers of his office to absolve a high-profile public figure whose case resonates with him personally https://t.co/njCUrSrbeM

— Annie Karni (@anniekarni) May 16, 2019

Huawei Today Gone Tomorrow!

Trump to ban Huawai this week - Report https://t.co/P31iqKUlit

— Russian Market (@russian_market) May 15, 2019

ONS Labour Market Overview, UK: May 2019

• The UK employment rate was estimated at 76.1%, higher than for a year earlier (75.6%) and the joint- highest figure on record.
• The UK unemployment rate was estimated at 3.8%; it has not been lower since October to December 1974.
• The UK economic inactivity rate was estimated at 20.8%, lower than for a year earlier (21.1%) and close to a record low.
• Excluding bonuses, average weekly earnings for employees in Great Britain were estimated to have increased by 3.3%, before adjusting for inflation, and by 1.5%, after adjusting for inflation, compared with a year earlier.
• Including bonuses, average weekly earnings for employees in Great Britain were estimated to have increased by 3.2%, before adjusting for inflation, and by 1.3%, after adjusting for inflation, compared with a year earlier.

Source ONS

Despite Brexit and a truly awful government!

China USA Trade Talks Hit a Wall

China backtracked on almost everythinghttps://t.co/1w1wa3g77T pic.twitter.com/XBOpcOe0SI

— Jonathan Ferro (@FerroTV) May 8, 2019

Trump and Co Sue Deutsche Bank and Capital One

NEWS: The president, his kids and the Trump Org sue Deustsche Bank and Capital One to prevent them from responding to congressional subpoenas, according to papers filed today.

— Maggie Haberman (@maggieNYT) April 30, 2019

Deutsche Bank Chairman Favours Execution

‘We are not talking about strategy, we are talking about execution,’ Deutsche Bank's chairman told the FT https://t.co/SLDY66K4S6

— Financial Times (@FinancialTimes) April 29, 2019

Apply Here To Become Governor of The Bank of England

The search is on for a new Governor of the @bankofengland. Applications opened this morning for one of the most exciting jobs in world finance. Find out more here 👇https://t.co/0ibYcndhTI

— HM Treasury (@hmtreasury) April 24, 2019

Search For Replacement To Carney

UK CHANCELLOR LAUNCHES SEARCH FOR NEXT GOVERNOR OF THE BANK OF ENGLAND - RTRS

— Martin Baccardax (@mdbaccardax) April 24, 2019

Sanctions 'R Us

Seemingly aiming for economic chaos and social unrest to foster regime change in Iran, in a further example of what US believes is its right to assert universal jurisdiction US now imposes sanctions not only against Iran, but any state buying oil from Iranhttps://t.co/ommLz0aHkV

— Charles Shoebridge (@ShoebridgeC) April 22, 2019

Call me old fashioned, but I am of the view that sanctions can be overused to the point where they harm the country imposing them.

A London Bridge is Falling Down!

Here's a story: a major London Bridge is closed indefinitely, because there are no funds to repair it. Another triumph of government. https://t.co/tkllXHl73G

— Stig Abell (@StigAbell) April 11, 2019

Trump Threatens To Impose $11BN Tariffs On Europe

The US is threatening to impose $11bn of tariffs on EU aircraft, cheese and wine in retaliation against Airbus subsidies.

Let's see how this goes then!

Little Compensation for WageDay Advance Borrowers

The BBC reports that hundreds of thousands of people who were mis-sold payday loans will receive a fraction of the compensation they are entitled to after WageDay Advance collapsed.

The company had given loans to about 800,000 people but went into administration earlier this year.

In a case that mirrors the demise of Wonga, the company folded after being hit by a wave of compensation claims for mis-sold loans.

Customers are now receiving emails to explain how much they owe or are owed.

However, now the company is in administration, those who have paid off loans but are entitled to compensation have become unsecured creditors. They can only expect a fraction of the full compensation payout.

Flybe Cancels Flights

Flybe has cancelled dozens of flights todayhttps://t.co/MTy8GY0kQq

— Simon Calder (@SimonCalder) April 3, 2019

Unemployment Falls To 4%

Unemployment is below 4% for the first time since 1975. https://t.co/eKWGOtsqdR

— Christopher Snowdon (@cjsnowdon) March 19, 2019

Despite the best efforts of politicians to destroy the country, unemployment is now below 4% for the first time since 1975.

Deutche Bank Commerzbank Merger - Too Ginormous To Fail....Or Can It?

Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labour union concerns about possible job losses and questions from analysts about the merits of a combination.

Germany’s two largest banks issued short statements after separate meetings of their management boards, a person with knowledge of the matter said, indicating a quickening of pace in the merger process, although both also warned that a deal was far from certain.

Size does not grant immunity from failure!

Greggs Busts Through £1BN Barrier

Greggs stated today that annual sales had broken through £1bn for the first time.

Pre-tax profit last year rose 15% to £82.6m, marking the fifth year in a row that profits have increased.

The firms's shares have almost doubled in value since July last year.

Greggs knows what the market wants and is well savvy at marketing.

HSBC Face £150M Lawsuit

HSBC faces £150m+ lawsuit from 400 investors caught up in tax evoidance film scheme https://t.co/MLffsZGdF5 claims HSBC provided "various services connected with the formation, financing, structure and operation of Eclipse.” and Eclipse scheme was marketed with the help of HSBC.

— Paul Lewis (@paullewismoney) March 5, 2019

By happenstance Ingenious are going into bat against HMRC, over a £1BN film investment scheme.

Huawei Sues Canada

Meng Wanzhou, the chief financial officer of Huawei who is facing an extradition request from the US, has claimed in a lawsuit filed late last week that she was illegally held and interrogated by Canadian officers for three hours before being formally arrested.

Ms Meng was detained at Vancouver International Airport in December while transferring to an onward flight to Mexico. Her case sparked a political furore in China, where she is widely seen as the victim of a political vendetta by the US.

The FT reports that the lawsuit was filed on Friday and distributed to journalists by Ms Meng’s lawyers on Sunday.

It alleges that Canadian officers held her on the pretext of making a routine border and immigration inspection. That allowed them to interrogate her, as well as search her luggage and electronic devices, without affording her the rights to a lawyer and other protections that come into play when a suspect is formally arrested.

The detention was “a deliberate and premeditated effort on the part of the defendant officers to obtain evidence and information from the plaintiff in a manner that they knew constituted serious violations of the plaintiff’s rights”, according to the suit, filed in the Supreme Court of British Columbia.

Brady Steps Down as Chairman of Taveta Investments

The Telegraph reports that Baroness Karren Brady has stepped down from her post as chairman of Taveta, the holding company for Sir Philip Green’s retail empire.

Lady Brady was chairman of Taveta Investments, the company that owns Arcadia Group, which runs Sir Philip’s retail empire, including Topshop, Miss Selfridge and Dorothy Perkins.

Danske Pulls Out of Baltics and Russia

Danske Bank closes banking activities in Baltics and Russia https://t.co/1WesBjlj7N #Companies #News #Business #Careers #Politics #Companies #Economy #Agrifish #Travel #Health #Meantime #trending#Danske #Bank #Baltics #Russia

— POST Online Media (@poandpo) February 20, 2019

Honda's Choice - USA vs Japan

Honda UK boss tells #R4today "This is not a Brexit related issue for us." Global changes to do with switch to electric cars. Says it was a choice between Japan and the US.

— Euro Guido (@EuroGuido) February 19, 2019

Crumbs!

Six face arrest over cake shop chain fraud https://t.co/yppkDNCx1e pic.twitter.com/Wg3JeMHIQh

— Jo Wadsworth (@BrightonNewsJo) February 18, 2019

How the hell the internal control systems and auditors didn't spot any of this is beyond me!

The A380 Europe's White Elephant

Airbus A380 - from European dream to white elephant https://t.co/X14pe96NcI

— James Pearson (@pearswick) February 14, 2019

Economy Stagnates As Politicians Fail To Resolve Brexit Uncertainty

Appalling new monthly figures for the economy in December from @ONS: every single sector contracted. Growing Brexit stagnation as everyone sits on their money for what next... piles yet more pressure on No10 to get a deal. pic.twitter.com/i7Rvn86KV3

— Tom Newton Dunn (@tnewtondunn) February 11, 2019

Bank of England Holds Base rates Steady

MPC voted unanimously to keep #BankRate at 0.75% pic.twitter.com/x2VdNEzasQ

— Bank of England (@bankofengland) February 7, 2019

Interserve Shareholders Wiped Out, Control Handed To Banks

current https://t.co/eppLQHF2XN splash is via @gillplimmer1 on Interserve rescue talks:

"One of the latest proposals would result in banks taking over 90 per cent of the company's shares in exchange for writing off around £300m of its £807m net debt."https://t.co/FEHFTSYrFs pic.twitter.com/7G0sjQMAON

— Jim Pickard (@PickardJE) February 5, 2019

Other Countries Would Kill For China's "Low" Growth

The growth in China is "just not there", says talking head.

China grew 6.4% last year.

How? Just ... like ... HOW?

— Martin Baccardax (@mdbaccardax) January 25, 2019

UK Employment Hits Record High

The number of people in work in the UK has reached a record high of 32.54 million, latest figures from the Office of National Statistics show.

Unemployment was flat, with a small increase of 8,000 between September and November for a total of 1.37 million.

"The share of the population in work is the highest on record," said David Freeman, ONS head of labour market.

"The share of the workforce looking for work and unable to find it remains at its lowest for over 40 years."

Average earnings excluding bonuses increased by 3.3% in the year to November, as wage rises continued to outpace inflation.

Inflation Falls To Lowest Rate in Two Years

UK inflation rate (excluding owner occupiers' housing costs) fell to 2.1% in December, from 2.3% the previous month, according to the Office for National Statistics (ONS).

The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.0% in December 2018, down from 2.2% in November 2018.

The largest downward contributions to change in the 12-month rate came from falls in petrol prices and from air fares, where ticket prices rose between November and December 2018, but by less than a year ago.


Given this and the ongoing Brexit uncertainty there is no way that the Bank of England will raise rates.