What's going to collapse next...

[Popuplights]

Daily mail is reporting that Flybe has gone bust. Again.

[dgul]

18 minutes ago, Popuplights said:

Daily mail is reporting that Flybe has gone bust. Again.

It was a basket case, but...

• Somehow it seemed to be worthy of rescue when all it had to cope with was tough market conditions.
• But collapse is okay now because of the impact or coronavirus.

This is backwards.  We should be letting market forces work 'most of the time', but we're in the sort of extreme event where government support for those struggling makes sense.

That said, I imagine that the government is doing economic triage at this point -- you let the ones at death's door expire in order to target your resources at those that have a good chance of a decent recovery once the emergency is over.

[sancho panza]

98% off peak.Good effort

[Harley]

2 hours ago, Popuplights said:

Daily mail is reporting that Flybe has gone bust. Again.

Let's hope they didn't manage to sting us for the VAT they owed.  The govt bailout was a postsponement of VAT due.  Hope they didn't go bust after getting it!

[Wight Flight]

5 minutes ago, Harley said:

Let's hope they didn't manage to sting us for the VAT they owed.  The govt bailout was a postsponement of VAT due.  Hope they didn't go bust after getting it!

Was it vat or was it airport passenger (Greta) tax.

If the latter then who really cares.

[dgul]

Bristol Cars have gone bankrupt.  They've been around forever...

Anyway, not interesting  because of Bristol, but because it suggests that the fancy car market is faltering.

[Ash4781b]

So that’s now a number of regional airports in trouble then? 

[Harley]

MSM does your head in.  Talk radio has a piece where someone explains FlyBe has been in serious trouble long since CV and we need to be careful assigning things to CV.  Directly following piece is on how FlyBe is a casualty of CV!!!!  The presenters seem to know little about what they talk about, other than maybe those who stick to celebrities or social media.

[TheCountOfNowhere]

Saga can't be long for this world. 

[spygirl]

7 minutes ago, TheCountOfNowhere said:

Saga can't be long for this world. 

And the AA

Or any other ye olde org thats been took over by PE weasels.

 

[spygirl]

On 09/12/2019 at 20:33, spygirl said:

Amigo loans lurching from fuck up to fuck up.

https://www.ft.com/content/60794508-1a5f-11ea-9186-7348c2f183af

Amigo’s shares have lost about three-quarters of their value since the company went public in June 2018, but rose 13 per cent on Monday to 68.2p. The company’s market capitalisation has fallen from £1.3bn at its IPO to £325m.

Mates say there shit hq has scaffold up it, 4 years after it was built.

Amigo founder attacks lender’s ‘slow motion suicide’

Shares and bonds dive after James Benamor says regulators and management ruined company

https://www.ft.com/content/e43fd938-5eca-11ea-b0ab-339c2307bcd4

His statement: Got to read it . Insane.

https://medium.com/@jamesbenamor/i-started-amigo-in-2005-6b78ed2fb25

This cunt basically owned the company and ran the company.

Dont fall for he stepping down in 2016. He controlled itremotely.

Should never have been floated.

 

[sancho panza]

6 hours ago, Ash4781b said:

So that’s now a number of regional airports in trouble then? 

My point in the deflation thread.Southampton/Exeter/Belfast CityDurham tees/Cardiff.Isle of man will get IoM govt help.

 

[BearyBear]

https://www.cnbc.com/2020/03/05/jpmorgan-says-ceo-jamie-dimon-is-recuperating-after-emergency-heart-surgery.html

Anything to do with recent market volatility..? Or JPM balance sheet...?

[Noallegiance]

1 hour ago, BearyBear said:

https://www.cnbc.com/2020/03/05/jpmorgan-says-ceo-jamie-dimon-is-recuperating-after-emergency-heart-surgery.html

Anything to do with recent market volatility..? Or JPM balance sheet...?

You just can't cover up being a human.

[TheCountOfNowhere]

27 minutes ago, Noallegiance said:

You just can't cover up being a human.

Lizards have hearts

[TheCountOfNowhere]

Funding circle share price down to 60p today.

 

Free fall would be less steep 😂

[spygirl]

13 hours ago, TheCountOfNowhere said:

Funding circle share price down to 60p today.

 

Free fall would be less steep 😂

Commented on FC before.

I started seeing a rise in the nubmer of local bankrupcie, initiated by FC.

Of the ones Id knew of, theyd been turned down elsewhere andwere shit businesses.

A quick look at the names on LG:
https://www.thegazette.co.uk/insolvency/notice?results-page-size=10&numberOfLocationSearches=1&location-distance-1=1&sort-by=latest-date&categorycode=G205010000+G206030000&service=insolvency&text=funding+circle&results-page=1

Artemakis Artemiou

Ramanathan Senthan

Moses Mungai Gitau

UTKAN CELAL ALACAKANAT

Neco Alp

etc

Lendign money to the potless or the foreign.

 

[TheCountOfNowhere]

5 hours ago, spygirl said:

Commented on FC before.

I started seeing a rise in the nubmer of local bankrupcie, initiated by FC.

Of the ones Id knew of, theyd been turned down elsewhere andwere shit businesses.

A quick look at the names on LG:
https://www.thegazette.co.uk/insolvency/notice?results-page-size=10&numberOfLocationSearches=1&location-distance-1=1&sort-by=latest-date&categorycode=G205010000+G206030000&service=insolvency&text=funding+circle&results-page=1

Artemakis Artemiou

Ramanathan Senthan

Moses Mungai Gitau

UTKAN CELAL ALACAKANAT

Neco Alp

etc

Lendign money to the potless or the foreign.

 

I had several loans where they took a 6 figure sum, paid 4 times then defaulted. You cant tell me that wasn't deliberate and or fraud 

 

One company paid once then they defaulted and disappeared to india. 

 

5 hours ago, spygirl said:

Commented on FC before.

I started seeing a rise in the nubmer of local bankrupcie, initiated by FC.

Of the ones Id knew of, theyd been turned down elsewhere andwere shit businesses.

A quick look at the names on LG:
https://www.thegazette.co.uk/insolvency/notice?results-page-size=10&numberOfLocationSearches=1&location-distance-1=1&sort-by=latest-date&categorycode=G205010000+G206030000&service=insolvency&text=funding+circle&results-page=1

Artemakis Artemiou

Ramanathan Senthan

Moses Mungai Gitau

UTKAN CELAL ALACAKANAT

Neco Alp

etc

Lendign money to the potless or the foreign.

 

Good find. Ill post that on the p2p forum when i get a chance 

[BurntBread]

Indian banks.

This isn't the first time India's central bank has had to intervene at Yes Bank. In 2018, the RBI forced its founder Rana Kapoor to step down as CEO after 14 years at the helm. Kapoor was replaced by former Deutsche Bank India chief Ravneet Gill last year.

[sancho panza]

On 07/03/2020 at 14:23, BurntBread said:

Indian banks.

This isn't the first time India's central bank has had to intervene at Yes Bank. In 2018, the RBI forced its founder Rana Kapoor to step down as CEO after 14 years at the helm. Kapoor was replaced by former Deutsche Bank India chief Ravneet Gill last year.

Interesting that they pick an Ex DB employee to step in.Will obviously have a lot of expereince of managing a collapsing share price.

[spygirl]

On 20/02/2020 at 21:40, spygirl said:

Yep.

HSBC is funding most of its uk lending with fixed rate, fixed term bonds sold to chinese.

NR was running its loan book on short term debt from the wholesale market. When the debt people got together n compared lending they saw NR had draw down huge amounts from everyone. So they refused to roll over the debt.

If NR had stuck to funding via deposits youd have a still small regional building society. And management on much lower salaries.

At the mo zirp and hsbc vast slush funding is outcomoeting all the othe banks and destroying them.

Nationwide are being cored out as a prime mortgage kender. The prime stuff of 20 years ago is being paid off, leaving the junk lending of 2007+

 

AS it looks like CBs  are lowerign rates. Again, to deal with even more shit.

What banks are worth in a world of non-stop rate cuts

Big lenders will continue to be viable businesses but the same may not be true of many smaller peers

https://www.ft.com/content/6a5c2f72-5f92-11ea-8033-fa40a0d65a98

What is a banking business worth in an era when the solution to every imaginable economic problem is for central bankers to cut interest rates?

The simple answer is: less.

And then theres the unstated question - How much debt i.e. mortgages will banks write?

A lot less.

Very low/negative rates destroy banks and, therefore, destroy bank lending.

U mortgage market is going to be small, cheap loans for people who can put ~30%+ down.

And no credit for everyone else.

 

 

 

[wherebee]

On 08/03/2020 at 01:23, BurntBread said:

Indian banks.

This isn't the first time India's central bank has had to intervene at Yes Bank. In 2018, the RBI forced its founder Rana Kapoor to step down as CEO after 14 years at the helm. Kapoor was replaced by former Deutsche Bank India chief Ravneet Gill last year.

Yeah but no from me.  I've dealt with dozens of top brass Indians and Pakistanis bankers in the last ten years, and all of them were untrustworthy scum who would lie on the time of day to get a deal.

[Wight Flight]

An astonishing 494,000 UK companies are in financial trouble

The Insolvency Service have issued shocking statistics about the dire financial state of thousands of companies in the UK.

The Government’s Insolvency Service quoted research from Begbies Traynor the insolvency firm after they reported on the final quarter of 2019. It revealed that 494,000 companies were in 'significant financial distress.' In particular those in the real estate and property, support services, construction and retail sectors were most affected.

The Insolvency Service reported: “Begbies Traynor defines 'significant financial distress’ as when a company has county court judgements of less than £5,000 filed against them.

“Across the 22 sectors monitored by the Red Flag Alert research, 15 sectors witnessed increases in significant financial distress between the third and fourth quarter of 2019, compared to 13 out of the 22 sectors between Q4 2018 and Q4 2019. This indicates that Q4 2019 saw the broadest rise in financial distress.

“The sector most badly affected was the real estate and property sector, with a 13 per cent increase in the number of businesses in significant financial distress between Q4 2018 and Q4 2019. This represented the highest year-on-year percentage increase across any sector measured in the latest Red Flag Alert research.

“Following a less than fortuitous Christmas period, there was also a 2 per cent increase in the number of retailers in significant distress since Q4 2018. Online retailers also suffered, with an 8 per cent year-on-year increase in the number facing significant financial distress.”

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at [email protected] on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

[spunko]

@Wight Flight if I am reading that correctly, half a MILLION companies have CCJs (under £5k)? Surely that cannot be right. I wonder what term they give to those over £5k.

The large rise in % of internet retailing suffering is more worrying IMO. Governments are more likely to step in to shore up bricks-and-mortar businesses, nobody in Whitehall gives a toss about online ones. Which generally has worked out well for the larger players as they dominate as a result.

Edited March 9, 2020 by spunko

[Wight Flight]

45 minutes ago, spunko said:

@Wight Flight if I am reading that correctly, half a MILLION companies have CCJs (under £5k)? Surely that cannot be right. I wonder what term they give to those over £5k.

The large rise in % of internet retailing suffering is more worrying IMO. Governments are more likely to step in to shore up bricks-and-mortar businesses, nobody in Whitehall gives a toss about online ones. Which generally has worked out well for the larger players as they dominate as a result.

That's why I posted it.

The sources (ICSM and Bregbies) are very well respected.

Scary, isn't it.