Beware The GameStop Pump and Dump Operation

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Someone posted this which was a great help to understand, beautiful pic.twitter.com/uCq7Lwmakq

— chimpsky™ (@_chimpsky) January 28, 2021

GameStop has captured the headlines, with certain sections of the media and social media salivating over the alleged comeuppance of the hedge funds. 

In the short term some hedge funds have lost a lot of money (maybe to the point of bankruptcy) others haven't, and indeed have done very well out of the rise in the GameStop's share price.

However, be under no illusions, the rise in price is not based on market fundamentals or a sound business model. It is based on hype, greed and a well organised pump and dump operation.

At some stage in the next few days an awful lot of retail traders are going to wake up with significant losses (it is currently down 44% on the previous day). When that happens they will blame the markets for allowing them to trade.

Oh, but hang on.....the markets did apply circuit breakers to retail trades.

What happened?

The politicians and media cried foul play!

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US Clearing Houses Given Equivalence Based Market Access in EU

Clearing houses for securities in the United States will be allowed to serve investors in the European Union, the bloc's executive European Commission said on Wednesday.

"This decision is a significant first step in the process of recognising U.S. central counterparties registered with the U.S. Securities and Exchange Commission in the European Union," the EU's financial services chief Mairead McGuinness said in a statement.

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Boohoo Buys Debenhams Brand and Website - An Explainer

Boohoo is acquiring the Debenhams website for £55m (paid in cash 🤑)

On the face of it, it seems a bit odd...

Target customer:
- Debenhams: aged 45 - 55
- Boohoo: aged 16 - 24

Bit like when your parents start using tiktok, right?

Here's why they're doing it (thread 👇) pic.twitter.com/xScxt7Gx3w

— Robert Collings (@RobertCollings_) January 25, 2021

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HSBC To Axe 82 Branches

HSBC plans to axe 82 branches in the UK during 2021, as a result of a fall in footfall across its retail network and a surge in digital banking.

HSBC will be left with 511 branches in the UK after the closures, with many of those to be remodelled and some to provide fewer services.

Reuters reports that a spokesman for HSBC said the bank would aim to redeploy affected staff to nearby branches where possible, adding that customers would see the removal of counter services in some of the retained branches.

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Pension Transfer Advice Scandal in The Offing

BREAKING: 130 financial advice firms stopped providing DB pension transfer advice in 2020, following action by the Financial Conduct Authority, the regulator said in an update this morning. pic.twitter.com/36ukqniORl

— Josephine Cumbo (@JosephineCumbo) January 18, 2021

 

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Insurers Must Pay Business Interruption Insurance for Covid

Significant news for small businesses with insurance that has not been paid out https://t.co/mPGAKswUoz

— Paul Scully MP (@scullyp) January 15, 2021

 

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Budget Representations Portal Closes Thursday 17:00

Our Budget 2021 representations portal is closing this Thursday at 5pm.

Click here to have your say: https://t.co/3WONPAeNi5 pic.twitter.com/4h5CHy20W1

— HM Treasury (@hmtreasury) January 12, 2021

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Twitter and Facebook Learn That for Every Action There is an Equal and Opposite Reaction

Twitter loses $5 billion in market value.
Facebook sees $34 billion erased from market cap. pic.twitter.com/36A37CjnsL

— Helen (@Hells4Heroes) January 11, 2021

 

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Fears of Inflation are Unfounded

Inflation: coming to an economy near you in 2021? - https://t.co/hG0aUK5ANM pic.twitter.com/w0JPaUwIBV

— LondonLovesBusiness (@LondonLovesBiz) January 7, 2021

Poppycock! 

High levels of unemployment, coupled with almost negative interest rates and the UK being turned into one giant building site will mop up any inflationary pressures.

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Bailey Faces Questions Over Role in London Capital and Finance Scandal

Bank Governor faces questions on his role in FCA’s London Capital and Finance fiasco pic.twitter.com/1HHtOidSm1

— Paul Lewis (@paullewismoney) January 6, 2021

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£4.6BN New Lockdown Grants

 

£4.6 billion in new lockdown grants to support businesses and protect jobs

• Chancellor announces one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring
• £594 million discretionary fund also made available to support other impacted businesses
• comes in addition to £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme

This follows the Prime Minister’s announcement last night that these business will be closed until at least February half-term in order to help control the virus, and, together with the wide range of existing support, provides them with certainty through the Spring period.

The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.

Chancellor Rishi Sunak said:

The new strain of the virus presents us all with a huge challenge - and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.

Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.

This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.

A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities.

The new one-off grants come in addition to billions of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.

The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100% government backed loans, extended until March.

Further information

• the one-off top-ups will be granted to closed businesses as follows:
• £4,000 for businesses with a rateable value of £15,000 or under
• £6,000 for businesses with a rateable value between £15,000 and £51,000
• £9,000 for businesses with a rateable value of over £51,000
• business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner:
• the Scottish Government will receive £375 million
• the Welsh Government will receive £227 million
• the Northern Ireland Executive will receive £127 million
• this will contribute to the funding which has already been guaranteed by the UK Government, to continue to provide the devolved administrations the certainty they need to plan for their COVID-19 response in the months ahead
• small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for business, including the various business lending schemes (where the repayment terms were made easier as part of the Winter Economy Plan), and the extension of the Self Employment Income Support Scheme

 

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OECD States The Bleedin' Obvious!

OECD no longer remotely favours austerity...

its chief economist tells me
- fresh austerity would provoke a popular backlash
- fiscal policy should do the stabilisation work
- governments should ditch fixed targets on debt

m/f
https://t.co/408GwX7XQk

— Chris Giles (@ChrisGiles_) January 4, 2021

It is remarkable that it took the OECD so long to realise this, all in all I am beginning to wonder if the OECD is shite!

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