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What's going to collapse next...


TheCountOfNowhere

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The Arts, Entertainment, Literary, and Media industries.  Not just from the Corona virus though but more the parallel wokedom one.

Edited by Harley
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leonardratso
7 hours ago, Loki said:

App alert on my phone - "Wirecard stock skyrockets 100% just days after filing for insolvency" xD

 

robin hooders probably didnt burn it all on chesapeake

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Cirque du Solei has declared bankruptcy protection (ie, US chapter 15).

So, successful production without much in the way of assets (mainly staff and intangibles) but with $1bln in debt.  I presume there's private equity money extraction going on somewhere.

 

 

 

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48 minutes ago, dgul said:

Cirque du Solei has declared bankruptcy protection (ie, US chapter 15).

So, successful production without much in the way of assets (mainly staff and intangibles) but with $1bln in debt.  I presume there's private equity money extraction going on somewhere.

 

 

 

Theyll be OK.

Might need to jump thru some hoops mind.

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jamtomorrow

Blimey, when the tide goes out far enough you don't just find out who was swimming without trunks, you also get to see all the sh*t that didn't get pumped far enough from the shore.

First Wirecard, and now ...

(and kudos to ZH for managing to turn it into a gold bull story right at the end!)

https://www.zerohedge.com/markets/83-tons-fake-gold-bars-gold-market-rocked-massive-china-counterfeiting-scandal

...

more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. There was just one problem: the "gold" turned out to be gold-plated copper.

Some more background: Kingold - whose name was probably stolen from Kinross Gold, one of the world's largest gold miners - is the largest privately owned gold processor in central China’s Hubei province. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.

What could go wrong?

Well, apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers.

...

The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.

In short, more than 4% of China's official gold reserves may be fake. And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud (spoiler alert: they are.)

...

Yes, at the very bottom of the fraud we finally get to the one true and endless Chinese asset bubble: real estate.

A Dongguan Trust investment document showed that Tri-Ring owns land blocks in Wuhan and Shenzhen that are worth nearly 40 billion yuan.

...

As for what this means for the price of gold... well, Kingold is certainly not the only Chinese company engaging in such blatant fraud, and the consequences are clear: once Chinese creditors or insurance companies start testing the "collateral" they have received in exchange for tens of billions in loans and discover, to their "amazement", that instead of gold they are proud owners of tungsten or copper, they have two choices: reveal the fraud, risking tremendous adverse consequences and/or prison time, or quietly buy up all the gold needed to literally fill the void from years of gold counterfeiting.

Something tells us option two will be far more palatable to China's kleptoculture where one domino cold trigger a collapse of the entire financial system. What happens next: a panicked scramble to procure physical gold, one which even our friends at the BIS will be powerless to stop from sending the price of the precious metal to all time highs.

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26 minutes ago, jamtomorrow said:

Blimey, when the tide goes out far enough you don't just find out who was swimming without trunks, you also get to see all the sh*t that didn't get pumped far enough from the shore.

First Wirecard, and now ...

(and kudos to ZH for managing to turn it into a gold bull story right at the end!)

https://www.zerohedge.com/markets/83-tons-fake-gold-bars-gold-market-rocked-massive-china-counterfeiting-scandal

...

more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. There was just one problem: the "gold" turned out to be gold-plated copper.

Some more background: Kingold - whose name was probably stolen from Kinross Gold, one of the world's largest gold miners - is the largest privately owned gold processor in central China’s Hubei province. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.

What could go wrong?

Well, apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers.

...

The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.

In short, more than 4% of China's official gold reserves may be fake. And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud (spoiler alert: they are.)

...

Yes, at the very bottom of the fraud we finally get to the one true and endless Chinese asset bubble: real estate.

A Dongguan Trust investment document showed that Tri-Ring owns land blocks in Wuhan and Shenzhen that are worth nearly 40 billion yuan.

...

As for what this means for the price of gold... well, Kingold is certainly not the only Chinese company engaging in such blatant fraud, and the consequences are clear: once Chinese creditors or insurance companies start testing the "collateral" they have received in exchange for tens of billions in loans and discover, to their "amazement", that instead of gold they are proud owners of tungsten or copper, they have two choices: reveal the fraud, risking tremendous adverse consequences and/or prison time, or quietly buy up all the gold needed to literally fill the void from years of gold counterfeiting.

Something tells us option two will be far more palatable to China's kleptoculture where one domino cold trigger a collapse of the entire financial system. What happens next: a panicked scramble to procure physical gold, one which even our friends at the BIS will be powerless to stop from sending the price of the precious metal to all time highs.

The fall out from Chinas saves the world n splurges in 2008/2012 has yet to arrive.

China massive cranked up and rapidly moved their economic activity from making things to finance  - Everyone looking make money moved from productive companies to finance after 2010ish.

So much for learning from the decadent West

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TM Lewin into admin. Damn shame, as they were one of the few (reasonably-priced) shirt makers who made a shirt which fitted me.

Not because I'm a fat bastard, btw. Extra-slim fit, seeing as you ask...

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sancho panza

https://www.theguardian.com/business/2020/jun/30/harveys-falls-into-administration-with-loss-of-240-jobs

 

Furniture chain Harveys and shirt maker TM Lewin have both called in administrators on another bleak day for UK retailers, with the immediate loss of more than 800 jobs and more than 1,300 others at risk.

The collapse of the two familiar retail names is another blow for high streets already reeling from the closure of a number of of Debenhams outlets and the collapse of fashion retailers Cath Kidston, Laura Ashley, Oasis and Warehouse.

Scottish retail chain M&Co, which employs 2,700 people at 262 stores, has appointed advisers from Deloitte to consider options for the business, including a possible sale via a pre-pack administration, as first reported by Sky News on Tuesday.

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On 28/06/2020 at 14:39, Ash4781b said:

I wonder if those now I’m control of a Intu Plc will close any shopping centres? Would have thought the rents would drop but presumably a risk  Might be it destabilises local markets pulling rents down hitting asset values etc. So would it be better to just board some up and remove capacity?

Fucking hope Hanleys shuts our council pour all its money into one area of the city don’t give a fuck about anywhere else .all it’s done is attract beggars and bag heads 

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4 hours ago, Craig said:

TM Lewin into admin. Damn shame, as they were one of the few (reasonably-priced) shirt makers who made a shirt which fitted me.

Not because I'm a fat bastard, btw. Extra-slim fit, seeing as you ask...

What do you call reasonable for a shirt for interest 

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8 hours ago, stokiescum said:

What do you call reasonable for a shirt for interest 

They're usually about forty quid full price, but quite often do them for twenty. Not bad for a properly-fitted, hard wearing non-iron shirt. 

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sancho panza
2 hours ago, spygirl said:

https://www.bbc.co.uk/news/business-53230682

Upper crust ..

I was reading that and thinking - where are upper crust ..

Then I remembered its the scamming fuckers who have the concession on train stations, after the ticket gate.

 

Impressive effort.

'The firm said global sales in April and May were 95% below the previous year's.

SSP has 580 outlets across the UK, mostly at railway stations and airports, but fewer than 10 are currently open.

The company expects only one-fifth of its UK stores to be open by the autumn.'

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sancho panza

Recovereeeeeeeeeeeee.......

https://www.retailgazette.co.uk/blog/2020/07/shop-prices-june-fall-13th-month-row/

Shop prices in June fell for a 13th consecutive month as retailers continued to discount items in a bid to shift excess stock amid the coronavirus pandemic.

According to the latest BRC-Nielsen Shop Price Index, overall prices fell by 1.6 per cent in June compared to a decrease of 2.4 per cent in May.

This was below the 12 and six-month average price decreases of 0.8 per cent and 1.2 per cent, respectively.

Prices across non-food items fell by 3.4 per cent in June compared to a decline of 4.6 per cent in May, below the 12 and six-month average price declines of 2.2 per cent and 2.8 per cent respectively.

Food inflation was steady at 1.5 per cent in June, the same rate of increase as in May and in line with the 12 and six-month average price increases of 1.5 per cent.

Fresh food inflation was steady at 0.5 per cent in June, the same rate of increase as in May, while ambient food inflation was steady at 2.9 per cent in June, also the same rate of increase as in May.

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Democorruptcy
22 hours ago, stokiescum said:

Fucking hope Hanleys shuts our council pour all its money into one area of the city don’t give a fuck about anywhere else .all it’s done is attract beggars and bag heads 

Denise Coates could buy it with the small change down the back of her settee.

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King Penda
13 minutes ago, Democorruptcy said:

Denise Coates could buy it with the small change down the back of her settee.

True they could buy the championship if they wanted ,not short of money is she. But this is real local cash used to see her the odd time in the factory where I worked Churchill China .and most of you will have seen one of there houses her uncle owns the cottage next to the entrance to Alton towers .very strange that in a poor county we have probably 3/5 of the top richest 8 people in the country .https://en.m.wikipedia.org/wiki/Kirsty_Bertarelli

Edited by stokiescum
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sancho panza

Harrods.700

https://www.retailgazette.co.uk/blog/2020/07/harrods-cut-700-jobs/

In an email circulated to Harrods staff yesterday, Harrods chief executive Michael Ward said 680 jobs out of its 4800-strong workforce – or around 14 per cent – will be axed.

 

Arcadia 500

https://www.retailgazette.co.uk/blog/2020/07/arcadia-scraps-500-head-office-jobs-to-offset-covid-19-costs/

Arcadia has reportedly confirmed plans to scrap 500 head office jobs in an effort to reduce costs following the impact of the Covid-19 pandemic.

 

Edited by sancho panza
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Democorruptcy
19 hours ago, stokiescum said:

True they could buy the championship if they wanted ,not short of money is she. But this is real local cash used to see her the odd time in the factory where I worked Churchill China .and most of you will have seen one of there houses her uncle owns the cottage next to the entrance to Alton towers .very strange that in a poor county we have probably 3/5 of the top richest 8 people in the country .https://en.m.wikipedia.org/wiki/Kirsty_Bertarelli

I don't begrudge Denise her money. I used to deal with her through work at a time when she basically had a huge bet, gambling the Provincial chain on starting up Bet365. There is a lot in the media about her being paid a lot but it's because they didn't seek outside funding and retained 100% control.

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One percent
10 minutes ago, spygirl said:

Cafe Rouge n Bella Italia.

The only chains less authentic than Pizza Hut, which doesn't even pretend to be Italian.

Never been in a bella italia but have cafe rouge once.  It was more rank than that frankie and bennies.  Absolutely crap. Overpriced crap at that. 

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