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

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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!