What's going to collapse next...

[steppensheep]

1 hour ago, JFK said:

 

Usually see them in Aldi (although I've not been in an Aldi since lockdown), they're really nice!

The Wagner's ones are good, same firm. Haven't had one for a while though. I go in phases.

[spygirl]

On 06/09/2020 at 19:45, planit said:

This is exactly the conclusion I came to a few weeks ago. There were multiple people flagging up the probable fraud and all the regulators needed to do was a small amount of due diligence. Large auditors again show that they are hugely incompetent, there is no way a smaller company would manage to do this and they are a gigantic company with one of the 'best' auditors in the world with huge resources. The FT journo had already done their work for them!

 

Shocking that this happened but great for the UK

 

On 04/09/2020 at 06:15, spygirl said:

I think its more than that.

Wirecard was getting a pass/protection as it was A European/German 'success' in an area that Europe/Germany was failing. - new software companies.

If read the artilce on line. Its good. Germany - and Europe - remember that Germany is pencilled in to run all things corporate/financial in Europe - come across as fucked.

The larger is is not only is Europe losing its New York finance- the City/London, its also losing the closest it has to California - the UK low regulation/employment/software.

Its looking more n more that Europe is just going to be left with its Detroit - Germany.

 

 

On 06/09/2020 at 19:45, planit said:

This is exactly the conclusion I came to a few weeks ago. There were multiple people flagging up the probable fraud and all the regulators needed to do was a small amount of due diligence. Large auditors again show that they are hugely incompetent, there is no way a smaller company would manage to do this and they are a gigantic company with one of the 'best' auditors in the world with huge resources. The FT journo had already done their work for them!

 

Shocking that this happened but great for the UK

https://www.ft.com/content/81779b15-7b1d-404f-b523-d61510397dd4

Wirecard: the scandal spreads to German politics

Angela Merkel and other leading politicians continued to lobby for the payments group even as the warning signs grew

 

 

In September 2019, Angela Merkel’s top economic adviser, Lars-Hendrik Röller, met a delegation from payments group Wirecard, which at the time was still seen as one of Germany’s most successful tech companies.

 

One of Mr Röller’s visitors in the chancellery in Berlin was Burkhard Ley, a strategic adviser to Wirecard and its former chief financial officer. A year later, Mr Ley is in police custody, accused of fraud, embezzlement and market manipulation. He denies any wrongdoing.

 

The get-together highlighted the extraordinary access the payments group enjoyed to Germany’s top decision makers until shortly before its collapse this summer — access which has shone an unforgiving light on the influence of lobbyists over German politics.

 

By Sep 2019 prety much anyone with anything more than a cursory interest and any sense would have been swerving Wirecard.

 

The political fallout for Germany and EU is huge.

 

Theres still a possbility that Wirecard might have been a Kremlin  side project/bit of fun

 

[planit]

Quote

Members of the German government — including Ms Merkel herself — continued to lobby for Wirecard, despite mounting doubts about its accounting practices

 

Nice to read that Merkel herself was involved.

I also read this week that bankers are not keen on relocating to EU because the risk of being stranded in other countries due to Covid.

Internal Market Bill I think was to head off an underhand EU negotiating tactic (they were forcing what was meant to be a Northern Ireland point to apply across the UK) so that negotiations could get back to where he wanted them to.

 

EU looking more vulnerable without us, I think we are in the best negotiating position since Brexit was voted for. Hopefully we will get a fair deal and pull the rabbit out of the EU "punish anyone who wants to leave" hat.

 

[One percent]

4 minutes ago, planit said:

 

Nice to read that Merkel herself was involved.

I also read this week that bankers are not keen on relocating to EU because the risk of being stranded in other countries due to Covid.

Internal Market Bill I think was to head off an underhand EU negotiating tactic (they were forcing what was meant to be a Northern Ireland point to apply across the UK) so that negotiations could get back to where he wanted them to.

 

EU looking more vulnerable without us, I think we are in the best negotiating position since Brexit was voted for. Hopefully we will get a fair deal and pull the rabbit out of the EU "punish anyone who wants to leave" hat.

 

Well, could be worse. At least they weren’t throwing money at a fraudster who resembled an explosion in a paint factory. 

[planit]

Quote

From the end of the article

The German finance ministry is already making progress on another key reform — restricting BaFin employees from trading in shares of companies they supervise. The revelation that many of them had been dealing in Wirecard shares in the months leading up its downfall has only added to the political scandal around the company.

LOL.

 

I am not saying London is an honest and fair place but running a world financial hub might not be something you can just pop up. Perhaps there is a long history of scandal, regulation and a huge depth of talent that are required that takes decades to evolve.

I don't see how the EU can be as significant as they want to be in the world without having a financial hub. Somehow they will need to sign up to and sell London as it's 'partner' on the world stage. I am sure they will have a staged plan where things are gradually moved to EU but that might just end up with everyone passing them by whilst they are concentrating on the wrong thing.

 

Just imagine the negotiations:

EU - We don't think we are going to give London access to EU banking 

UK - We don't think we are going to give the EU access to London

It would be nice to see the Netflix EU/UK negotiations fly-on-the-wall documentary

 

18 minutes ago, One percent said:

Well, could be worse. At least they weren’t throwing money at a fraudster who resembled an explosion in a paint factory. 

Ok, I am probably an idiot but who are you referring to?

[One percent]

9 minutes ago, planit said:

LOL.

 

I am not saying London is an honest and fair place but running a world financial hub might not be something you can just pop up. Perhaps there is a long history of scandal, regulation and a huge depth of talent that are required that takes decades to evolve.

I don't see how the EU can be as significant as they want to be in the world without having a financial hub. Somehow they will need to sign up to and sell London as it's 'partner' on the world stage. I am sure they will have a staged plan where things are gradually moved to EU but that might just end up with everyone passing them by whilst they are concentrating on the wrong thing.

 

Just imagine the negotiations:

EU - We don't think we are going to give London access to EU banking 

UK - We don't think we are going to give the EU access to London

It would be nice to see the Netflix EU/UK negotiations fly-on-the-wall documentary

 

Ok, I am probably an idiot but who are you referring to?

[planit]

Ok, managed to follow the breadcrumbs and learnt how to use a Google image search. 

[dgul]

10 minutes ago, planit said:

Ok, managed to follow the breadcrumbs and learnt how to use a Google image search. 

Google image search is currently in therapy after being found in the corner shaking.  It is hoped things will return to normal by tomorrow, but you're kindly asked not to show it that image again.

[spygirl]

2 hours ago, planit said:

LOL.

 

I am not saying London is an honest and fair place but running a world financial hub might not be something you can just pop up. Perhaps there is a long history of scandal, regulation and a huge depth of talent that are required that takes decades to evolve.

I don't see how the EU can be as significant as they want to be in the world without having a financial hub. Somehow they will need to sign up to and sell London as it's 'partner' on the world stage. I am sure they will have a staged plan where things are gradually moved to EU but that might just end up with everyone passing them by whilst they are concentrating on the wrong thing.

 

Just imagine the negotiations:

EU - We don't think we are going to give London access to EU banking 

UK - We don't think we are going to give the EU access to London

It would be nice to see the Netflix EU/UK negotiations fly-on-the-wall documentary

 

Ok, I am probably an idiot but who are you referring to?

Europe suffers from massive US envy.

Some people are looking at a future where Europes only money maker Gernan cars n manufacturing go the way of Detroit.

Europe needs a New York n California. Sadly, the closest Europe has to that is the UK, which is a massive problem, making Brexut a huge self inflicted problem created mainly by EU refusing to acknowledge the number of EUers pouring into the UK.

[spygirl]

3 hours ago, planit said:

 

Nice to read that Merkel herself was involved.

I also read this week that bankers are not keen on relocating to EU because the risk of being stranded in other countries due to Covid.

Internal Market Bill I think was to head off an underhand EU negotiating tactic (they were forcing what was meant to be a Northern Ireland point to apply across the UK) so that negotiations could get back to where he wanted them to.

 

EU looking more vulnerable without us, I think we are in the best negotiating position since Brexit was voted for. Hopefully we will get a fair deal and pull the rabbit out of the EU "punish anyone who wants to leave" hat.

 

“With the knowledge we have today, this is an utterly hair-raising situation for us,” a senior German official tells the Financial Times, conceding that “the level of [alleged] criminality at Wirecard by far exceeded the power of my imagination”. Government bodies as well as private-sector institutions such as auditors had, he said, all failed miserably.

On a positive note - they didnt send the FT journos to the gas  chambers.

On a negative - massive fraud, incriminating  all Germans Pols that might have come from Kremlin.

 

[spygirl]

https://www.ft.com/content/488535c8-a35a-48c9-b1b5-1fc20b70ec87

Rolls-Royce has announced plans to raise £2bn in a rescue rights issue, as well as drawing in government support for a new debt package of up to £3bn, in an attempt to bolster a balance sheet badly hit by the pandemic.

Shareholders are being offered 10 shares at 32p each for every three they own, in what amounts to a 41 per cent discount based on the theoretical post-rights price. The shares closed on Wednesday at 130p and were down 11 per cent in early trading on Thursday.

So much for UK champion, great employee, shows other companies how its done ....

RR market cap is 2.3Bln

 

 

[spygirl]

Thats all Folks!

https://news.sky.com/story/cineworld-to-close-all-cinemas-in-the-uk-and-ireland-this-week-12089500

Some daft bint was going on n on about this on R4 9am prog.

James Biond took it out. Apparently.

Just a shit overpriced popcorn seller.

Of course the radio jounro did not spend much time looing at the state ofthe finances, pre covid.

 

Cineworld highly leveraged following Regal acquisition

https://www.investorschronicle.co.uk/tips-ideas/2019/09/26/cineworld-highly-leveraged-following-regal-acquisition/

 

Blackstone has sold more than half of its 57 per cent stake in Cineworld, the UK cinema chain, in an indication that the US private equity group believes that the stock market rally could soon run out of steam.

https://www.ft.com/content/64fd1946-a4aa-11de-92d4-00144feabdc0

[sancho panza]

charities,1 in 10 going under by Chrsitmas.Waitrose heads up poop creek sans paddle.

https://www.theguardian.com/world/2020/jun/09/coronavirus-leaves-one-in-10-uk-charities-facing-bankruptcy-this-year

One in 10 UK charities are facing bankruptcy by the end of the year as they struggle to cope with a £10bn shortfall caused by soaring demand for their services and lost fundraising income due to the coronavirus pandemic, a study shows.

The analysis by Pro Bono Economics, an independent charity, says the coronavirus crisis will trigger a £6.4bn loss of income for charities over the next six months just as demand for extra services – ranging from health to debt advice and social care – piles on extra costs of £3.7bn.

There are just under 170,000 general charities in the UK, sharing a total annual income of about £51bn, according to the National Council for Voluntary Organisations (NCVO). The vast majority are small charities, meaning they have income of under £100,000. Larger charities (£1m upwards) account for about a fifth of the sector but 80% of its income.

[sancho panza]

wolf does cineworld

https://wolfstreet.com/2020/10/05/cinemas-approach-collapse-as-movies-thrive-online-the-problem-beyond-the-pandemic/

[janch]

20 hours ago, sancho panza said:

There are just under 170,000 general charities in the UK, sharing a total annual income of about £51bn, according to the National Council for Voluntary Organisations (NCVO). The vast majority are small charities, meaning they have income of under £100,000. Larger charities (£1m upwards) account for about a fifth of the sector but 80% of its income.

The small charities will probably survive if they don't pay anyone.  The larger ones have a lot of staff to pay and some on high salaries.  This is another sector due a reality check.

[Loki]

rgsrfgethggggggggggggggggg

Edited October 6, 2020 by Loki

[leonardratso]

50 minutes ago, Loki said:

My NGD bought 25/06/2018 just ticked back into blue 

that was bought 15 years ago.

 

51 minutes ago, Loki said:

My NGD bought 25/06/2018 just ticked back into blue 

you on the right thread?

 

[Loki]

6 minutes ago, leonardratso said:

 

 

you on the right thread?

 

nope 

[Wight Flight]

8 hours ago, janch said:

The small charities will probably survive if they don't pay anyone.  The larger ones have a lot of staff to pay and some on high salaries.  This is another sector due a reality check.

Most charities furloughed all their fundraising staff.

600 at Macmillan alone I believe.

[stop_the_craziness]

12 hours ago, Wight Flight said:

Most charities furloughed all their fundraising staff.

600 at Macmillan alone I believe.

I work for a charity (I don't want to say which one) and we still have 33% of all staff on furlough so the end of October is going to be a bit "interesting".  On a positive note, the people who are still supporting us are actually giving more and are doing so without being asked.  I think that's down to the demographic being largely wealthy boomers and oldies who probably don't have a lot else to spend it on right now.

[spygirl]

On 03/11/2019 at 15:39, spygirl said:

Can anyone explain Edinburgh Woollen Mill and  Philip Day  to me?

I thought id posted on him.

Hes same batch as fat bloke finance - leveraged loon in retail.

I go into EWM, just in case im missing something. Im not.

 

On 03/11/2019 at 16:58, sancho panza said:

I jsut post it.memory like a sieve.Mya have been mentioned before.

Phillip Day appears to buy a lot of companies out of administration.

He's made a billion quid apparently.

 

On 03/11/2019 at 17:46, spygirl said:

Phillip Day operates like a mug punter. Company x share price falls, then goes into administration, so he buys it, assuming theres some value left, judt because it was worth x 6 months ago.

Same op as Ashley.

Theres no value in retail - the real estate is leased, the stock is on supplier credit.

https://www.dailymail.co.uk/news/article-8823023/Jaeger-Peacocks-owner-Edinburgh-Woollen-brink-collapse-24-000-jobs-risk.html

Jaeger and Peacocks owner Edinburgh Woollen Mill is on the brink of collapse putting 24,000 jobs at risk

Again, Phillip Day rents stores, jst has OAPs browsing. Does nto appear to sell mcuh.

The company added that it has been hit hard by allegations - which it has denied -  that the retailer and several rivals failed to pay some Bangladeshi suppliers during lockdown in an attempt to cut costs for clothes they were unlikely to sell.

Er, Ive not heard them. besides arnt al lthe BDs in Leicester???

EWM chief executive Steve Simpson said: "Like every retailer, we have found the past seven months extremely difficult.

"This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

"Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet, but these stories, the reduction in credit insurance, against the backdrop of the lockdown and now this second wave of Covid-19, and all the local lockdowns, have made normal trading impossible.

Credit insurance operates on fact.

 

 

[spygirl]

https://www.retailgazette.co.uk/blog/2020/10/edinburgh-woollen-mill-group-calls-in-administrators-putting-24000-jobs-at-risk/

EWM was accused of failing to pay its suppliers £27 million in bills by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), which is a trade organisation representing some of EWM’s Bangladesh-based suppliers.

[spygirl]

https://www.bbc.co.uk/news/business-54599300

From online fashion to grocery, only a handful of sectors have bucked the coronavirus downturn, and now it seems comics and gaming have joined the list.

Geek Retreat - which specialises in "all things geeky" including comics, memorabilia and table top games - says it will open another 100 stores over the next two years, at a time when the UK High Street is under pressure.

The Scottish firm currently has 14 UK sites, which combine retail space with cafes and areas to play games and hold events.

It said its Covid-safe plan would create around 600 new jobs

[Underwhelmed]

1 minute ago, spygirl said:

https://www.bbc.co.uk/news/business-54599300

From online fashion to grocery, only a handful of sectors have bucked the coronavirus downturn, and now it seems comics and gaming have joined the list.

Geek Retreat - which specialises in "all things geeky" including comics, memorabilia and table top games - says it will open another 100 stores over the next two years, at a time when the UK High Street is under pressure.

The Scottish firm currently has 14 UK sites, which combine retail space with cafes and areas to play games and hold events.

It said its Covid-safe plan would create around 600 new jobs

one opened up near me or very similar brand on holloway rd north london, at first bit skeptical about the biz model but it seems busy so may well work

[Option5]

2 minutes ago, spygirl said:

https://www.bbc.co.uk/news/business-54599300

From online fashion to grocery, only a handful of sectors have bucked the coronavirus downturn, and now it seems comics and gaming have joined the list.

Geek Retreat - which specialises in "all things geeky" including comics, memorabilia and table top games - says it will open another 100 stores over the next two years, at a time when the UK High Street is under pressure.

The Scottish firm currently has 14 UK sites, which combine retail space with cafes and areas to play games and hold events.

It said its Covid-safe plan would create around 600 new jobs

There's still a chance for DOSBODS 'r' US then