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.