Wednesday, December 19, 2018

Wednesday, December 12, 2018

China Retaliates For Huawei

China has detained a former Canadian diplomat at a time of growing tension between the two countries over the arrest of a Chinese executive accused of violating sanctions.

Michael Kovrig, who had served Canada in Beijing, Hong Kong and at the UN in New York, is now a senior adviser for the International Crisis Group (ICG), which researches conflict prevention.

I warned that China would retaliate a few days ago.

Trump Tries To Ease Chinese Tensions

Friday, December 07, 2018

Paris Is Hot!

America The Stupid - The Huawei Idiocy "Tactic"

In the event that America is thick enough to pursue this "tactic", they will find PDQ that many American executives currently in China and related territories will be placed under arrest on all sorts of charges.

This is a policy destined to not only fail, but make things worse!

Thursday, December 06, 2018

O2 Has Crashed

O2 has crashed, and is blaming a global software problem for a network outage that has left frustrated customers without access to the internet and 4G services.

Millions of customers are believed to have been affected in the data blackout, which is also impacting customers of Sky Mobile, Tesco Mobile, Giffgaff and Lycamobile who use O2's service.

China Will Retaliate For Huawei

The arrest of Huawei CFO Wanzhou Meng (also deputy chairwoman and the daughter of Huawei’s founder) will throw a spanner into the brief outbreak of sanctions peace between the USA and China.

As I noted earlier today, Huawei is regarded as a security risk (because it is Chinese) and as such part of the "Great Game" being played out between the USA and China for global dominance. Hence, there will be Chinese countermeasures for this.

Trump Doesn't Care About The National Debt

There is at least the upside, he admits that he won't be in office forever!

Huawei On The Skids

Additionally, BT is removing Huawei equipment from the core of its network for transferring calls and internet traffic because of concerns over national security.

Tuesday, December 04, 2018

Macron Caves In

Carney Gets Political Again!

He is wrong, the markets have already factored in the costs of a disorderly Brexit.

Thursday, November 29, 2018

Police Comment on Deutsche Bank Raid

Deutsche Bank HQ Raided Over Money Laundering

Markets Ignore Carney's Tantrum

Wednesday, November 28, 2018

The Bank of England's Forecasts Are Crap

Monday, November 26, 2018

Meanwhile In Greece....

Monday, November 19, 2018

Nissan Chairman Arrested

Nissan Chairman Accused of Fraud

The "Brotherhood" of The EU!

Friday, November 09, 2018

The Euro Has Screwed Italy

Wednesday, November 07, 2018

Boeing, Boeing, Gone!

Tuesday, November 06, 2018

Sanctions at Their Finest!

Monday, November 05, 2018

Deutsche Bank Has Mental Breakdown

Thursday, November 01, 2018

Carney Deliberately Obfuscates The Markets

Bank of England Holds Interest Rates

Rates held at 0.75%.

Brexit Finance Deal Almost Done

Monday, October 29, 2018

Personal Allowance Increased - #Budget2018

Hammond Introduces Online Sales Tax, By The Back Door - #Budget2018

Hammond's Brexit Budget Coin

Philip Hammond will use today's Budget to launch his Brexit Budget Coin, that professes friendship with all nations.

Friday, October 26, 2018

What The Fuck Was Going On at Patisserie Valerie?!!!

As per RNS
The Company¸ as part of the ongoing investigation, is seeking to understand why the grant of options relating to 2015 and 2016 have not been appropriately disclosed and accounted for in its financial statements. 

What the fuck, and where were the auditors???!!!!!!!!!!!!

Wednesday, October 24, 2018

Italy Too Big To Fail - Snort of Derision!

Tuesday, October 23, 2018

Now Is The Time To Panic About Italy

Monday, October 22, 2018

What On Earth Possessed The FCA??

A ludicrous advert and a ludicrous situation whereby the FCA is encouraging people to make claims!

It is meant to be impartial, as such it should inform people of the deadline; but not encourage them to make the claims.

Thursday, October 18, 2018

UST Keeps Germany On Currency Manipulation Watch List

Tuesday, October 16, 2018

Wage Growth 3.1% - Fastest In Ten Years

As per the ONS
  • Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 3.1% excluding bonuses, and by 2.7% including bonuses, compared with a year earlier.

  • Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.7% excluding bonuses, and by 0.4% including bonuses, compared with a year earlier.
The number of people in work remains at a near-record high, while the unemployment rate is at its lowest since the mid-1970s

Friday, October 12, 2018

Tuesday, October 09, 2018

Greece Tries It On With Germany

Monday, October 08, 2018

Italy Undermining The Euro

Thursday, October 04, 2018

Greece Is Tanking Again

Wednesday, October 03, 2018

Late Payment Director

The government has come up with this bollocks idea that is a waste of time and money.

The responsibility for the efficient and effective management of the finances of a company falls under the remit of the CFO. Regarding the specific issues of payment of suppliers, that comes under the remit of the Purchase Manager who reports to the CFO.

Large companies pay SMEs late, not because they are inefficient, but because it is a matter of policy to delay payment to SMEs. A change will only occur when the board deems it necessary!

Tuesday, October 02, 2018

Italy Rocks The Euro Boat

Friday, September 28, 2018

Companies House’s Top Excuses for Late Accounts

Companies House’s list of the ten most bizarre excuses for late accounts

1. Goats ate my accounts
2. I found my wife in the bath with my accountant
3. Pirates stole my accounts
4. We delivered the accounts to the betting office next door to Companies House
5. A volcano erupted and prevented me from filing
6. Slugs ate my accounts
7. It was Valentine’s Day
8. My company was more successful than I thought that it would be, so I was too busy to file

Source: AccountingWeb

SEC Files Lawsuit Against Musk

The Securities and Exchange Commission has filed a lawsuit accusing Tesla CEO Elon Musk of securities fraud.

The SEC says Mr Musk's claims that he had secured funding to take the electric carmaker private were "false and misleading".

It is seeking to bar Mr Musk from acting as an officer or director of a publicly traded company.

Mr Musk called the action "unjustified" saying he acted in the "best interests of truth, transparency and investors".

As per the BBC:
"Integrity is the most important value in my life and the facts will show I never compromised this in any way."
Tesla's board of directors said in a statement that they were "fully confident in Elon, his integrity and his leadership of the company".

Leave corporate communications to the lawyers and professionals!

Thursday, September 27, 2018

Goldman's 1.5% Savings Account

Has the Vampire Squid changed its spots?

Tuesday, September 25, 2018

Inflation Expectations Rise

Reuters reports that public inflation expectations for the next 12 months rose to 2.9 percent in September from 2.7 percent in August. Longer-run inflation expectations for the next 5 to 10 years rose to 3.4 percent from 3.3 percent.

We shall see.

Friday, September 21, 2018

NatWest Systems Crash

Customers of RBS, NatWest and Ulster Bank are currently unable to access their accounts through the banking group's online and app platforms.

Yesterday it was Barclays today its NatWest, something very odd is happening!

Wednesday, September 19, 2018

China's "Nuclear" Option In The Ongoing Trade War

The problem for the USA comes when China has run out of "trade bullets", and opts for the nuclear option and starts to dump US treasuries!

Inflation Rises To 2.4%

As per the ONS
  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.4% in August 2018, up from 2.3% in July 2018.
  • Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August 2018.
  • Partially offsetting downward contributions came from furniture and household goods, and telecommunications; prices for these rose between July and August 2018 but by less than a year ago.
  • The Consumer Prices Index (CPI) 12-month rate was 2.7% in August 2018, up from 2.5% in July 2018.
Transport continues to make the largest upward contribution to the rate, with prices rising by 6.0% in the year to August 2018, the highest 12-month rate since April 2017. The largest contribution within the transport group continues to come from motor fuels.

Tuesday, September 18, 2018

Trade Wars Worsen

Monday, September 17, 2018

Crypto Crash Coming?

Diamonds Aren't Forever!

Friday, September 14, 2018

Carney Crashes The Property Market

It used to be said that the governor of the Bank of England could correct irresponsible behaviour in the City with a discrete raise of his eyebrows.

Mark Carney has eschewed the twitching of eyebrows by blasting out his doomsday fears with a foghorn, or more accurately, by telling the Cabinet (which is leakier than the Titanic) that in the event of a no deal Brexit property prices will collapse by 35% in three years.

All very well and "cautious" maybe, if the comments had remained private. However, as he well knew, they would leak (and leak they did). Thus in the space of a few hours, Carney has crashed the property market and with it the British economy.

The Treasury has made much of the fact that Carney has been persuaded to stay on until 2020, in order to "steady the ship". Yet here is is deliberately trying to sink the ship with project Fear II.

This man should be removed from office ASAP, as he is trying to force his personal political agenda down our throats!

Thursday, September 13, 2018

Erdogan Is A Financial Illiterate

Monday, September 10, 2018

GDP Growth Exceeds Forecasts

UK gross domestic product in the three months to July was 0.6 percent higher than in the previous three-month period, gathering pace from 0.4 percent recorded in the three months to June and at the top end of forecasts in a Reuters poll.

GDP growth in July alone was up 1.6 percent, while it was 0.3 percent higher than in June, again above poll forecasts for 1.4 percent annual growth and a 0.2 percent monthly gain. 

The boost in growth seems to have come about from stronger consumer spending due to the World Cup and warm weather.

Thursday, September 06, 2018

ONS Occupational Pension Schemes Survey: UK, 2017

Here are the bullet points from the ONS Occupational Pension Schemes Survey: UK, 2017
  • Total membership of occupational pension schemes in the UK was an estimated 41.1 million in 2017, compared with 39.2 million in 2016 and is the highest level recorded by the survey.
  • Total membership of public sector pension schemes was 15.5 million in 2017, compared with 14.8 million in 2016.
  • Active membership of occupational pension schemes was 15.1 million in 2017, split between the private sector (8.8 million) and the public sector (6.3 million).
  • Active membership of private sector defined contribution schemes was 7.7 million in 2017, compared with 6.4 million in 2016.
  • In 2017, for private sector defined contribution schemes, the average total (member plus employer) contribution rate was 3.4%, falling from 4.2% in 2016.

Monday, September 03, 2018

Mark Carney To Step Down in 2019

Despite being asked to stay on beyond 2019 to help steer the UK through Brexit!

Sterling Squeezed In Brexit Blowback

The pound is under renewed pressure on currency markets after the EU and leading Brexiteers voiced their opposition to Theresa May's Brexit plan, and UK manufacturing growth stuttered to its lowest level since the referendum.

Friday, August 31, 2018

Wonga Goes Into Administration

Wonga has gone into administration, it had already stopped accepting new loan applications.

Those who owe it money will still have to honour their debts, and those trying to claim compensation for alleged past misdemeanours will go to the back of the creditors queue.

Many in the media have been celebrating its demise. All well and good maybe, but those who used Wonga's services may now well end up going to loan sharks.

Tuesday, August 28, 2018

The Pensions Aristocracy

Wednesday, August 22, 2018

Greece Is Remarkably Fucked

The City Is Dominant wrt FX

Tuesday, August 21, 2018

Russia Dumping US Treasuries and Moving To Gold

No surprises here then!

Monday, August 20, 2018

Total Pulls Out of Iran

Greece Has Lost Its Independence

No one really believes that Greece will comply with these conditions, even if it wanted to!

Venezuela Is Fucked - Bank Notes Cheaper Than Toilet Paper

Friday, August 17, 2018

Bill From Hell Gives Russian Stock Market The Collywobbles

Thursday, August 16, 2018

Interesting Help To Buy Scheme Stats

Thameslink Has a Sense of Humour

Wednesday, August 15, 2018

The Train Ruling Class

Simon Cooke nails it, the minority who use trains seem to have the loudest voice when it comes to allocating subsidies etc.

Commuters To Be Screwed Next Year

Tuesday, August 14, 2018

Unemployment at Lowest Level For 40 Years!

Lidl Fucks Up €500M SAP Roll Out

Maybe they should have bought it from ALDI!

Monday, August 13, 2018

Bank of England Takes a High Risk Punt on The Euro

This is very high risk, given the unquantified exposure of Europe to Turkey!

Turkey's Stuffed!

Friday, August 10, 2018

House of Fraser Bought By Sports Direct

Following on from today's announcement about House of Fraser going into administration, it has been announced that Sports Direct has bought is for £90M.
"Sports Direct International plc ("the Company" or "the Group") announces the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited, the House of Fraser group's main operating companies (the "Operating Companies"), for a cash consideration of £90 million (the "Transaction").
Pursuant to the Transaction, the Group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.

For the year ended 28 January 2017 (the last date to which statutory accounts are available for the parent company of the Operating Companies and prior to the appointment of the administrators), the House of Fraser group had gross assets of £946.3m and made £14.7m net profit. "
Plans for the stores are not yet clear.  

A Turkey Is For Life, Not Just Christmas!

House of Fraser Goes Into Administration

House of Fraser is calling in EY as administrators, after talks with investors and creditors had "not concluded in a solvent solution".

In a statement to the Luxembourg Stock Exchange the department store said administrators had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.

House of Fraser employs 17,500 people, including 11,500 concession staff.

Court hearings are expected to take place at 7:30am today, "at which orders will be sought appointing individuals from Earnest & Young as administrators of each of the operating companies with immediate effect," the filing said.

The firm stated: "Significant progress has been made towards completing a sale of the group's business and assets.

The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment."

HoF chief executive Alex Williamson is quoted by CITY A.M.:
“We are hopeful that the current negotiations will shortly be concluded."
Chairman Frank Slevin added:
This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan. Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future."
Fingers crossed for the staff!

Thursday, August 09, 2018

Trade Wars Hotting Up!

Sanctions to right of them,

Sanctions to left of them,

Sanctions in front of them

Volley'd and thunder'd

Pension Buy Ins/Outs Hit Record Levels

Turkey Enters Delusional Phase

You can put lipstick on a pig, but it's still a pig!

Wednesday, August 08, 2018

BMW Technical Problems

Tuesday, August 07, 2018

Oil Up - World Peace Declared

Powered by

Friday, August 03, 2018

There's Irony For You!

Will HMRC prosecute the government for advertising this illegal hourly rate?

Rates Rise To 0.75%

Yesterday's decision by the MPC to raise fates to 0.75% is a farcical waste of time.

Come next year's Brexit crash the rate rise will have to be reversed.

Methinks Carney knows this, hence a rise now gives him more to cut next year eg by 0.5% or even 0.75%; which, theoretically, might have a more of a psychological impact.

Thursday, August 02, 2018

Rate Rise Expected

The Bank of England is expected to raise interest rates to 0.75pc (today at 12pm).

Buckle up!

Wednesday, August 01, 2018

Tomorrow's MPC Decision

As ever most people, when it comes to talking about interest rates, are fucking clueless!

Monday, July 30, 2018

China Ups Ante In Trade War

Thursday, July 26, 2018

A Drunkard and a Dementia Case Agree To Negotiate

The two gentlemen agreed to aim for zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.

Until something goes wrong!

Wednesday, July 25, 2018

4.7% Fall in House Purchase Approvals

UK Finance reports that estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier.

The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to the same month a year earlier.

Within this only remortgaging approvals increased and were 3.4 per cent higher than for the same period a year earlier, this was offset by the 4.7 per cent fall in house purchase approvals and 4.3 per cent fall in other secured borrowing.

Car Manufacturers Run By Crooks!

Wednesday, July 18, 2018

Oil Down

This gives Trump room to double down on Iran.

Tuesday, July 17, 2018

Unemployment Falls Again

Monday, July 16, 2018

National Savings Cuts Rates on ISA

Wednesday, July 11, 2018

Friday, July 06, 2018

Wise Words From Premier Li

Thursday, July 05, 2018

Britain's Transport Infrastructure Is Shite!

Wednesday, July 04, 2018

Danske Bank - Europe's Largest Money Laundering Scandal

A record breaker, for the time being until the next one is unearthed!

Tuesday, July 03, 2018

Glencore Subpoenaed For Money Laundering

A Blast From The Past

Monday, July 02, 2018

It's The Oil Price Stupid!

As the USA looks to put the screws on Iran, in an attempt to change the regime there, it needs a stable oil price.

Of course a cynic might say that stability can be achieved by not fucking around with Middle Eastern countries, but I assume (given that the policy is to fuck around) that those running America have more education and intelligence than I possess!

Thursday, June 28, 2018

Wednesday, June 27, 2018

London Property Bubble Bursting

Tuesday, June 26, 2018

Heathrow Plans Will Unravel

Value For Money

Monday, June 25, 2018

Heathrow To Get Green Light

Thursday, June 21, 2018

UK Economic Forecasts

Whenever I see the words "forecast" and "consensus" in the same sentence I immediately reach for my sick bag!

Reality will prove both the forecast and the consensus lobbies wrong!

Tuesday, June 19, 2018

Trade War Hots Up

Following Trump's call for another $200BN in tariffs on China, China reacted thusly...

  • 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 GΓΌnther 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.


    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