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IGNORED

What's going to collapse next...


TheCountOfNowhere

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On 05/02/2020 at 23:13, spygirl said:

Just keep it steady for a few quarters, dont do anything to upset the boat .... soon will be able to draw a line behind our past fuckups ....

https://www.reuters.com/article/us-metro-bank-lawyer/britains-metro-bank-hires-lawyers-over-cuba-and-iran-sanctions-breaches-idUSKBN1ZZ17I

How in cunting fuck did a small UK challenger bank get involved with Iran n Cuba FFS?

These people must be total fucking morons/crooks.

 

 

 

 

because, just like IT, it is expensive to get the advice on compliance early enough to stop yourself from walking into the minefield.  compliance is like house insurance - many people don't bother paying the right amount year in year out because it's a cost with no visible benefit.

Then the house catches fire and the owners think 'fuck!  if only we'd spent money year in year out we would be fine now.

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On 16/02/2020 at 10:15, spygirl said:

More comedy....

https://www.yorkshirecoastradio.com/news/local-news/3044326/sirius-board-rules-out-alternative-rescue-package/?fbclid=IwAR1kwh-3Y9LQU2_eQzJbdmm9AFImvE3TyBaDIWMa8gBjDtQorhtJTOKAR1A

Do you want Anglo American to get the benefit of the 2400% valuation uplift
or the existing Sirius Minerals share holders and institutions?

https://fundsirius.com/

Hey kids. Let put on a show and raise $600m to look at pouring another 2.3bln into the mine. By March...

In all the loon fuckwittery on the bbs, ive never heard one of these posters say - Hey, lets engage a mining analysis and see what they think.

Sirius will be out of free cash in a month or two.

 

 

 

SM never bothered asking the +50% owners of the company if we would like to help raise the $600m
So if we demonstrate to them that we can do so, we may yet fend off the AA bid and get to keep our shares.
Please visit the dedicate website setup for this here: https://fundsirius.com/

This is really important and our best chance of KEEPING OUR SHARES IN SIRIUS MINERALS
PLEASE tell everyone, we need this to go viral to reach all the 85,000 shareholders and people that just want to help
It does not matter if you are an existing shareholder - EVERYONE CAN DO THIS

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Strangely, for a bunch of investors who were only 'doing it for the locals to have jobs in a much deprived area'

AAL have offered to chuck in $4m in the local slush fund that Sirius setup to bribe sorry sweeten the LAs to allow their gormless trucks thru Whitby.

Of course now AAL are doing this, its despicable. The fearless PI should get that money. Or a straight swap - one Sirius share for one AAL share.

Sirius is going to be a case study in why not to have a large dumb PI share holder base.

And this classic:

And if it’s a no vote AAL can go home and save up for a year, then come back with something a bit more realistic .

 

Im still waiting for the fearless OAP investors to volunteer at he mine and dig the Potash out with shovels - I not afraid of hard work me. Give me a pick axe and Ill do a 12h shuft. Ill need a break for my angina tbalets. And I cant have anything too salty to eat, my blood pressure and all ...

 

 

 

 

Companies facing admin are usually trading companies with cashflow issues because expense outweighs income because of a changing market/flawed business model, uncompetitive or outdated product and so on. The SXX business - post construction - has a wall of cash - BILLIONS of dollars - of income. The SXX business model doesn't need a turnaround as is the case in most administration situations. You know full well the point I am making.

Truly genius.

I think youll find that 'post construction' a but of a stumbling block.

And that BILLIONS of cash a bit of a stretch.

 

 

 

 

 

 

 

 

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3 hours ago, spygirl said:

SM never bothered asking the +50% owners of the company if we would like to help raise the $600m
So if we demonstrate to them that we can do so, we may yet fend off the AA bid and get to keep our shares.

Vote no and they will get to keep their shares. Admittedly they will be worthless.

 

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12 hours ago, sancho panza said:

dip buyers dream.

image.png.7be968620d3af131639164c787c3dfdb.png

Only outcome here is that the Malaysian owner will sell it to a private equity outfit, who will asset strip and then drive it into bankruptcy. Could be a few "good" years of share price increases before that outcome though.

 

Can't see how they're still going personally, like at least 25% of retailers with a High St presence, they need to axe that and go fully online only.

Other major problem is their stock levels and wait times, if you're charging a premium for sofas and curtains it shouldnt take 3 months to have them delivered.

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Democorruptcy

There could some juicy profit warnings soon:

UK REGULATOR TELLS COMPANIES TO REPORT CORONAVIRUS RISKS


The UK's accountancy regulator told companies to report the full extent of risks caused by coronavirus when announcing financial results as concerns mounted about the disease's effect on business and the global economy.

The Financial Reporting Council said on Tuesday that companies with operations in or close trading links with China should pay particular attention to how they report risks from the virus. Reporting by companies without strong links to China may also become affected if the virus continues to spread, the FRC said.

"By law, companies are required to disclose principal risks to their business," the regulator said. "The FRC is advising companies to carefully consider what disclosures they might need to include in their year-end accounts, which will be particularly relevant for companies either operating in or having close trading associations with China."

As the FRC issued its instructions, HSBC, which makes most of its profit in Hong Kong and China, said the coronavirus could hit revenue this year and cause credit losses to increase. Other companies such as Burberry, which relies on Chinese consumers for about 40% of sales, have warned about the impact of the disease.

The FRC said companies without a presence in China could be disrupted if they have significant trading links or are part of global supply chains that depend on Chinese-made goods. The watchdog said it was also in talks with auditors about their ability to review components in China and produce timely audits.

An FRC spokesperson said: "Companies will need to monitor developments and ensure they are providing up-to-date and meaningful disclosures to their shareholders when preparing their year-end reports."

On Monday, Apple warned that coronavirus would damage iPhone supplies and cause quarterly revenues to fall short because factories in China were returning to work more slowly than expected. The US compan

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1 hour ago, Democorruptcy said:

There could some juicy profit warnings soon:

 

Pipped me to it.  Don't know how companies can do this is good faith when the promises/expected reopening timescales of the supply businesses they rely on is clear as mud though.

Edited by onlyme
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Ye olde Associated Dairies dripp dripping away

https://www.retailgazette.co.uk/blog/2020/02/asda-hit-by-1-3-like-for-like-decline-in-golden-quarter/

Asda has blamed a sales slump during the most critical trading quarter of the year on “challenging market conditions” and “cautious” customer mind set.

For the Big 4’s fourth quarter ending December 31, known industry-wide as the “golden quarter since it includes Black Friday and Christmas trading periods, like-for-like sales declined by 1.3 per cent.

Asda said it was “impacted by challenging market conditions, particularly in clothing” during the period, but was bolstered by a more stable performance by its core food business.

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TheCountOfNowhere
9 minutes ago, sancho panza said:

Ye olde Associated Dairies dripp dripping away

https://www.retailgazette.co.uk/blog/2020/02/asda-hit-by-1-3-like-for-like-decline-in-golden-quarter/

Asda has blamed a sales slump during the most critical trading quarter of the year on “challenging market conditions” and “cautious” customer mind set.

For the Big 4’s fourth quarter ending December 31, known industry-wide as the “golden quarter since it includes Black Friday and Christmas trading periods, like-for-like sales declined by 1.3 per cent.

Asda said it was “impacted by challenging market conditions, particularly in clothing” during the period, but was bolstered by a more stable performance by its core food business.

Poles going home? 

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14 minutes ago, TheCountOfNowhere said:

Poles going home? 

Most of the Polish I know shop at Aldi where we shop.Asda is more old ladies trading down from Sainsbury's.Caught in between the great Aldi and the timothy nice but dim Sainsbury's,

They're screwed longer term I reckon.Not surprised Walmart want rid.

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Chewing Grass
1 minute ago, Ash4781b said:

Axminister carpets has collapsed into administration. Unsure if it’s housing market related and or move towards laminates and wood floors. Thought they were high end though.

Cos of this pwobably.

https://www.made-in-china.com/products-search/hot-china-products/Axminster_Carpet.html

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42 minutes ago, Ash4781b said:

Axminister carpets has collapsed into administration. Unsure if it’s housing market related and or move towards laminates and wood floors. Thought they were high end though.

That deserves a thread of its own.

It would be a gripper

I wonder what underlay the position?

I always though they made a decent pile.

(I will stop now)

 

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https://wolfstreet.com/2020/02/18/hsbc-announces-mass-job-cuts-huge-write-down-asset-sales-halt-of-share-buybacks-warns-of-coronavirus-impact-on-credit-losses-revenues-in-china-honk-kong/

HSBC Announces Mass Job Cuts, Huge Write-Down, Asset Sales, Halt of Share Buybacks. Warns of Coronavirus Impact on Credit Losses & Revenues in China & Hong Kong

by Nick Corbishley • Feb 18, 2020 • 40 Comments

These days, markets forgive and forget anything except the suspension of share buybacks.

By Nick Corbishley, for WOLF STREET:

Global banking behemoth HSBC’s net profit slumped 53% in 2019, to $5.97 billion, after the lender announced a $7.3 billion write-off to reflect weakened conditions in global banking and markets, and European commercial banking. Its shares dropped 6% in London and are now down 25% from a peak in January 2018.

Many of the bank’s problems originated in Europe, where the ECB’s negative-interest-rate policy is decimating even large Eurozone banks’ ability to turn a profit. HSBC’s write-down in the 4th quarter resulted in a pre-tax loss of $4.65 billion in the bank’s European business. In the U.S., where lower interest rates also took a toll on the group’s performance, revenue shrank 3%, to $4.7 billion, and adjusted profits before taxes fell 39% to $600 million.

In a bid to reverse this trend, HSBC will embark on an ambitious global restructuring program that will see it withdraw even further from certain markets. The number of countries it operates in has already dwindled from 87 in 2011 to just over 50 today, spurring HSBC to eventually ditch its slogan, “the world’s local bank.” The number will keep falling as it doubles down on its Asian pivot.

The bank also plans to shed $100 billion of assets by 2022, with the stated goal of keeping pace with its sharper, nimbler, more focused competitors.

HSBC will also suspend share buybacks for the next two years to pay for the restructuring costs. In this climate, markets forgive and forget anything except the suspension of share buybacks. The announcement of cutting 35,000 jobs would have normally boosted shares, as even massive write-offs are ignored. But the suspension of share buybacks is toxic.

While HSBC blames the bulk of its poor performance on mature markets in Europe and North America, with their low or negative interest rates, it’s in its most important market of all, Hong Kong and mainland China, where it faces the biggest headwinds and risks. HSBC’s headquarters may be based in London but it’s in Hong Kong where the lion’s share of its money is made.

By far Asia’s biggest financial hub, servicing not just China but many other Asian markets, Hong Kong accounted for 60% of HSBC’s global pretax income in 2019. Throw in mainland China and it reaches 75%. As Bloomberg notes, “few if any of the world’s largest financial companies dominate a single market quite like HSBC does in Hong Kong”. The bank is the city’s biggest mortgage lender in the secondary market, rules the roost in investment banking, and is one of Hong Kong’s three note-issuing banks.

In 2019, despite all the political turmoil, HSBC managed to increase its pre-tax profits in Hong Kong by 5%. But now, COVID-19 has been thrown into the mix.

HSBC’s leading role in global trade finance means it’s acutely vulnerable to the widespread disruption that’s already beginning to dislocate global supply chains as a result of China’s official reaction to the coronavirus.

 

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7 hours ago, sancho panza said:

https://wolfstreet.com/2020/02/18/hsbc-announces-mass-job-cuts-huge-write-down-asset-sales-halt-of-share-buybacks-warns-of-coronavirus-impact-on-credit-losses-revenues-in-china-honk-kong/

HSBC Announces Mass Job Cuts, Huge Write-Down, Asset Sales, Halt of Share Buybacks. Warns of Coronavirus Impact on Credit Losses & Revenues in China & Hong Kong

by Nick Corbishley • Feb 18, 2020 • 40 Comments

These days, markets forgive and forget anything except the suspension of share buybacks.

By Nick Corbishley, for WOLF STREET:

Global banking behemoth HSBC’s net profit slumped 53% in 2019, to $5.97 billion, after the lender announced a $7.3 billion write-off to reflect weakened conditions in global banking and markets, and European commercial banking. Its shares dropped 6% in London and are now down 25% from a peak in January 2018.

Many of the bank’s problems originated in Europe, where the ECB’s negative-interest-rate policy is decimating even large Eurozone banks’ ability to turn a profit. HSBC’s write-down in the 4th quarter resulted in a pre-tax loss of $4.65 billion in the bank’s European business. In the U.S., where lower interest rates also took a toll on the group’s performance, revenue shrank 3%, to $4.7 billion, and adjusted profits before taxes fell 39% to $600 million.

In a bid to reverse this trend, HSBC will embark on an ambitious global restructuring program that will see it withdraw even further from certain markets. The number of countries it operates in has already dwindled from 87 in 2011 to just over 50 today, spurring HSBC to eventually ditch its slogan, “the world’s local bank.” The number will keep falling as it doubles down on its Asian pivot.

The bank also plans to shed $100 billion of assets by 2022, with the stated goal of keeping pace with its sharper, nimbler, more focused competitors.

HSBC will also suspend share buybacks for the next two years to pay for the restructuring costs. In this climate, markets forgive and forget anything except the suspension of share buybacks. The announcement of cutting 35,000 jobs would have normally boosted shares, as even massive write-offs are ignored. But the suspension of share buybacks is toxic.

While HSBC blames the bulk of its poor performance on mature markets in Europe and North America, with their low or negative interest rates, it’s in its most important market of all, Hong Kong and mainland China, where it faces the biggest headwinds and risks. HSBC’s headquarters may be based in London but it’s in Hong Kong where the lion’s share of its money is made.

By far Asia’s biggest financial hub, servicing not just China but many other Asian markets, Hong Kong accounted for 60% of HSBC’s global pretax income in 2019. Throw in mainland China and it reaches 75%. As Bloomberg notes, “few if any of the world’s largest financial companies dominate a single market quite like HSBC does in Hong Kong”. The bank is the city’s biggest mortgage lender in the secondary market, rules the roost in investment banking, and is one of Hong Kong’s three note-issuing banks.

In 2019, despite all the political turmoil, HSBC managed to increase its pre-tax profits in Hong Kong by 5%. But now, COVID-19 has been thrown into the mix.

HSBC’s leading role in global trade finance means it’s acutely vulnerable to the widespread disruption that’s already beginning to dislocate global supply chains as a result of China’s official reaction to the coronavirus.

 

I dont think HSBC are using ECB ZIRO as a smoke screen - zilch rates destroys banks probability.

Just as well European business does not rely on bank lending to funds its economic activity.... Oh it does.

And still the morons at the ECB carry on, bleeding the European economy to ';save' it.

 

 

 

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10 hours ago, Ellandback said:

I just remortgaged on a 10 year fix with first direct! :(

good decision.HSBC/FD are literally too big too fail.If I was going to stop renting and buy,I'd get an HSBC mortgage.

Dyodd natch.

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36 minutes ago, Ellandback said:

That was my logic before committing but I was spooked by the scale of their exposure reading all the recent press - appreciate the reassurance SP.

No worries.Barnsey has made some good pooints about how people started out with super attractive Northern Rock mortgages and then a few years later were getting repoed by the bad bank or whatever it was.Mortgage is only as good as the company putting it forward.

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On ‎18‎/‎02‎/‎2020 at 22:43, sancho panza said:

Most of the Polish I know shop at Aldi where we shop.Asda is more old ladies trading down from Sainsbury's.Caught in between the great Aldi and the timothy nice but dim Sainsbury's,

They're screwed longer term I reckon.Not surprised Walmart want rid.

No comparison between Asda & Aldi. Aldi will never have the large range of fresh foods or quality imo. I'd say what Aldi sells is 90% cheap processed (imitation) junk in small backward store.

The Aldi near me seems to mainly visited by middle aged women driving cars they can't afford, so compensate by buying the cheapest processed foods they can. Asda customers seem to be more families, long standing customers, or young ones who like to cook varied meals from scratch.

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17 hours ago, Ash4781b said:

Axminister carpets has collapsed into administration. Unsure if it’s housing market related and or move towards laminates and wood floors. Thought they were high end though.

Loads of carpet stores have gone bust then reappeared over the years.

Can't really blame laminates and wood because that got popular nearly 20 years ago.

In fact, house flippers in the last few years all seem to be installing deep pile dark grey/black carpets rather than laminate/wood.

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