Orsted Falls 20% - Go Green Go Broke!

Denmark's Orsted (ORSTED.CO), the world's largest offshore wind farm developer, said on Wednesday it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits.

Orsted's share price tumbled 20% to its lowest level in more than four years and is down almost 70% from its 2021 peak.

"The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call.

Orsted said the company's discussions with "senior federal stakeholders" on obtaining more U.S. tax credits for its offshore wind projects had not progressed as expected, which in turn could lead to impairments of another 6 billion crowns.

A company that relies on tax credits to survive is not viable, a country that squanders billions on tax credits for such companies will not survive.

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Inflation Falls To 6.8%

Inflation in the UK fell to 6.8% in the year to July, down from 7.9%.

Primarily due to falls in household energy prices. However, core inflation remained at 6.9% and services inflation rose by 7.4% (up on last month).

Interest rate rises have had little effect, as such the Bank of England will raise rates again. 

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GDP Hits 0.5% in June

 

GDP grew 0.5% in June and 0.2% across Quarter 2 (April to June) as a whole.

In June:

▪️ services grew 0.2%
▪️ production grew 1.8%
▪️ construction grew 1.6%

➡️ https://t.co/VTaiXALlxE pic.twitter.com/50uS2ifQc8

— Office for National Statistics (ONS) (@ONS) August 11, 2023

The UK economy grew by 0.5% in June, according to figures released by the Office for National Statistics (ONS). This is the third consecutive month of growth, and the strongest since March 2023.

The ONS said that the main drivers of growth in June were the production and construction sectors. Production output grew by 1.8%, the largest monthly increase since March 2020. Construction output grew by 1.1%, the strongest monthly growth since January 2023.

The services sector also grew in June, but by a more modest 0.2%. This was the weakest monthly growth for the services sector since February 2023.

The ONS said that the increase in GDP in June was partly due to the additional bank holiday in May. However, it also said that there were signs of underlying strength in the economy.

For example, the ONS said that business investment grew by 0.9% in the three months to June, the strongest quarterly growth since March 2023. This suggests that businesses are becoming more confident about the future and are investing in their operations.

The ONS also said that the number of people in employment increased by 100,000 in the three months to June, the largest quarterly increase since March 2023. This suggests that the labor market is still strong, despite rising unemployment.

Overall, the figures for June suggest that the UK economy is on a solid footing. However, there are some risks to the outlook, such as rising inflation and the ongoing war in Ukraine.

What does this mean for the UK economy?

The increase in GDP in June is a positive sign for the UK economy. It suggests that the economy is recovering from the COVID-19 pandemic and is on a path to sustainable growth.

However, there are some risks to the outlook, such as rising inflation and the ongoing war in Ukraine. Inflation is currently at a 40-year high, and it is expected to continue to rise in the coming months. This could put a squeeze on household budgets and businesses' bottom lines.

The war in Ukraine is also a major risk to the UK economy. The war has caused energy prices to surge, and it has disrupted global supply chains. This could lead to slower growth in the UK economy in the coming quarters.

Despite these risks, the increase in GDP in June is a positive sign for the UK economy. It suggests that the economy is on a solid footing, and it is well-placed to withstand the challenges ahead.

 

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Wilko Goes Into Administration

 

Wilko, the discount homewares retailer, has gone into administration, putting 12,000 jobs at risk. The company has been struggling financially for some time, and has been unable to find a buyer to save it from collapse.

Wilko was founded in 1930 and has over 400 stores across the UK. It is known for its wide range of products at affordable prices. However, the company has been hit hard by the rising cost of living and the decline of the high street.

In recent months, Wilko has been forced to close a number of stores and lay off staff. It has also struggled to pay its suppliers on time. This led to the company filing a notice of intention to appoint administrators on August 3.

The administrators, PricewaterhouseCoopers (PwC), are now looking for a buyer for Wilko. However, it is unclear if they will be able to find one. If Wilko does go into liquidation, it will be a major blow to the UK high street.

In a statement, PwC said: "We are aware that this news will be concerning for Wilko's employees, customers and suppliers. We will be working closely with all stakeholders to assess the situation and agree a way forward."

The collapse of Wilko is the latest in a string of high street casualties. In recent years, a number of well-known brands, including Toys R Us, Maplin and Debenhams, have gone into administration.

The high street is facing a number of challenges, including the rise of online shopping and the decline of consumer spending. These challenges have made it difficult for many retailers to survive.

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Monetary Policy Adviser to Megan Greene (External Member of the Monetary Policy Committee (MPC).)

 

"This vacancy is a permanent position as Adviser to Megan Greene, External Member of the Monetary Policy Committee (MPC). You will work at the heart of monetary policy, supporting on policy decisions and public communications. The precise balance of responsibilities is very flexible and can be adapted to suit the successful candidate’s preferences and ability..."

Apply here.

Unfortunately the Bank is not yet looking to replace the hapless and hopeless Bailey! 

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Bank of England Clueless!

BOE Chief Economist: food prices inflation likely to fall to ~10% this year. He said there's an equal risk that inflation could fall too far below the Bank’s 2% target in next 2 years, or it could prove stubbornly high, leading to more monetary tighteninghttps://t.co/RkcDt57drx

— Linda Yueh (@lindayueh) August 8, 2023

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Bank of England Raises Rates To 5.25%

The Monetary Policy Committee voted by a majority of 6-3 to raise #BankRate to 5.25%. Find out more in our #MonetaryPolicyReport: https://t.co/fGooUBPP4w pic.twitter.com/ch5hQ2xQ6u

— Bank of England (@bankofengland) August 3, 2023

The Bank of England raised interest rates today by a quarter of a point to 5.25%, the highest level since 2008. The move was widely expected, as the Bank is under pressure to bring inflation under control.

Inflation in the UK is currently at a 40-year high of 7.9%. The Bank has been raising rates in an effort to cool the economy and bring inflation back down to its target of 2%.

The decision to raise rates will have a significant impact on borrowers. Mortgage rates are already at their highest level in years, and they are likely to go even higher. This will make it more expensive for people to buy homes and refinance their mortgages.

Savers, on the other hand, will benefit from the higher interest rates. They will earn more interest on their savings accounts and other deposits.

The Bank of England has said that it is prepared to raise rates further if necessary. It will be watching inflation closely in the coming months to see if it is starting to come down.

By happenstance the Bank of Brazil cut its benchmark interest rate by 50 basis points today, to 13.25%. This is the first rate cut in three years, and it comes as inflation in Brazil has begun to cool.

Inflation in Brazil was running at a 10-year high of 11.73% in June. However, it has since come down to 10.9% in July. The Bank is now confident that it will reach its target of 4% by the end of the year. The Bank of Brazil is hoping that by cutting rates, it can help to boost economic growth and further cool inflation.

The decision to cut rates was widely expected by economists. They had been forecasting a rate cut of either 25 or 50 basis points. The fact that the Bank of Brazil opted for a larger cut suggests that it is more confident that inflation is starting to come under control.

Brazil was among the first major economies to start increasing their interest rates. They are now the first to cut, it is a sign of things to come.

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Fitch Downgrades US Credit Rating To AA+

 

Fitch Ratings has downgraded the United States' credit rating from AAA to AA+. The downgrade comes as a result of concerns about the country's fiscal health, as well as the political gridlock that has made it difficult to address these concerns.

Fitch cited a number of factors in its decision to downgrade the US rating. These include:

• The country's growing debt burden, which is now over $30 trillion.
• The projected decline in the US economy, which is expected to grow at an average annual rate of just 1.2% over the next three years.
• The repeated debt ceiling crises that have threatened the government's ability to pay its bills.
• The political gridlock in Washington, which has made it difficult to pass legislation that would address the country's fiscal problems.

The downgrade is a significant blow to the US government's reputation and could make it more difficult for the government to borrow money in the future. It could also lead to higher interest rates, which would make it more expensive for businesses and consumers to borrow money.

The US government has responded to the downgrade by saying that it is "confident" in the country's fiscal future. However, the downgrade is a reminder that the US government's finances are not as strong as they once were. It is also a sign that the political gridlock in Washington is having a negative impact on the country's economy.

The Treasury Department responded to the downgrade by calling it "arbitrary" and "unjustified." The department said that the US government remains "the most creditworthy sovereign in the world" and that the downgrade "does not reflect the underlying strength of the US economy."

The Treasury is ignoring the very likely probability that the US is heading towards a government shutdown later this year.

The debt trajectory is NOT sustainable and the US is now spending 14% of tax revenues in interest payments.

UNSUSTAINABLE!

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Coutts Performs Volte Farce - Offers To Reopen Farage's Accounts

 

Nigel Farage has said that Coutts is offering to keep his personal and business accounts open. The former Ukip leader had previously accused the private bank of closing his accounts because of his political views.

Farage said that he had received a letter from the new chief executive of Coutts, Mohammad Syed, offering to reinstate his accounts. Syed said that he had "reconsidered the decision" to close Farage's accounts and that he was "happy to welcome him back as a customer."

Farage said that he was "grateful" for the offer, but that he was still considering his legal options. He said that he wanted to understand why Coutts had originally closed his accounts and that he wanted to ensure that no other customers were treated in the same way.

The decision by Coutts to offer to reinstate Farage's accounts comes after a period of intense public scrutiny. The bank has been accused of political bias and of discriminating against customers on the basis of their political views.

In response to the criticism, Coutts has said that it is "committed to providing a fair and impartial service to all of our customers." The bank has also said that it is "reviewing its policies and procedures" to ensure that no other customers are affected in the same way as Farage.

It remains to be seen whether Farage will accept Coutts' offer to reinstate his accounts.

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Costa Coffee Currently In Doubling Down Phase of Brand Destruction

 

Costa Coffee is currently in the doubling down phase of brand destruction (before it conducts a 180 degree U turn and admits it got wrong).

My sympathies to the shareholders of Coke (the holding company), this will give your shares a wobble.

I wonder why it is that companies never learn that fucking around with your brand and your customer base is never a good idea?

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