What's going to collapse next...

[201p]

 

Remember, The Event 201 simulation ran a model that suggest a drop of world GDP by 11% in the first year, to a crippling 25% in the second.

[sancho panza]

westfield raisng equity becuase it's been such a success

https://www.retailgazette.co.uk/blog/2020/08/westfield-denies-plans-to-raise-new-equity/

Westfield has reportedly responded after reports emerged that the property giant is mulling raising new equity as the retail sector rides out Covid-19.

Reports last week suggested that shopping centre owner Unibail-Rodamco-Westfield (URW) was aiming to raise $3.5 billion (£2.67 billion) in new equity, according to Bloomberg.

However, Westfield said it has not decided on its strategy for deleveraging looking for a patsy and is still weighing out the benefits of “all potential strategies”.

Edited August 17, 2020 by sancho panza

[leonardratso]

hehe unibail - apt, i doubt it will bejust the single bail out though.

[dgul]

STA travel.

I was surprised -- I thought it had gone years ago.

[Jesus Wept]

The NASDAQ followed by everything else.... 

[spygirl]

I see coop bank is lurching down down.

https://www.bbc.co.uk/news/business-53901238

[sancho panza]

no lauhging at the back.

https://propertyindustryeye.com/eviction-ban-could-leave-some-landlords-without-rent-for-two-years/

Some landlords could find themselves without rental income for two years if a ‘perfect storm’ of circumstances affects their lettings and they find themselves unable to evict unsatisfactory tenants.

In a letter to the Prime Minister, the National Residential Landlords Association (NRLA) has said that the Government is asking landlords to subsidise struggling renters and rewarding those who are wilfully refusing to pay their rent.

The Government has now said that repossession cases on the grounds of rent arrears will not be treated as a priority until tenants have built over a year’s worth of rent debts.

Added to this is the six months’ notice that landlords now have to give. Where the case is disputed, even before the pandemic, courts were taking an average of nearly six months to deal with cases, with the backlog this is now likely to be longer.

Taking the English Housing Survey average weekly rent in the private sector of £200, this means a potential lost income for a landlord of up to two years amounting to £20,800.

The letter points out to the Prime Minister that the vast majority (94 per cent) of private landlords are individuals, renting out just one or two properties.

They are not property tycoons with deep pockets able to subsidise rents indefinitely, but are ordinary people who rely on this income to pay their living expenses.

The NRLA argues that the only route out of the mess of the Government’s own making is for interest free, government guaranteed hardship loans to be made available to tenants to pay-off COVID related arrears. These have been introduced in Wales and will sustain tenancies and remove any risk of eviction as furlough is removed.

[sancho panza]

 

So basically the LL's want the tenants to go out,get a loan from the govt(get more in debt) and then pay said moeny to LL.............mmmmm.....let me think about this.

https://wolfstreet.com/2020/08/26/small-landlords-tenants-lenders-governments-grapple-with-extend-and-pretend-forevermore/

Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore”

by Nick Corbishley • Aug 26, 2020 • 70 Comments

Most of the fallout from the Pandemic has been postponed in the UK. But then what?

By Nick Corbishley, for WOLF STREET:

The British public was recently treated to an exemplary example of what Wolf Street likes to call “extend and pretend forevermore.” At the end of last week, the UK government extended its ban on tenant evictions by four extra weeks. First launched in late March, the ban was supposed to last three months, but it was extended by an additional two months in June. Now, it’s been extended til late September.

In other words, tenants will have been safe from legal eviction for six months so far this year. The government also lengthened the minimum period of notice a landlord has to give before evicting a tenant from two months to six months.

Extending the eviction ban and the notice period offers a lifeline of sorts for tenants who are unable to pay their rent in the wake of the lockdown. Their landlords cannot evict them but the rent is still owed. And while extending the ban and the notice period may remove the immediate threat of eviction, in many cases all it really does is postpone the inevitable while shifting the locus of immediate financial stress from the tenants to the property owners. And the property owners are not happy.

 

How many landlords are in this situation?

Two million people in the UK — roughly one in 33 people — currently own homes they rent out. The vast majority of them are small buy-to-let landlords with one or two properties. Many have mortgages to service on the properties they own.

Now, some of those who didn’t sell up face the risk of not being paid by their tenants. According to a poll of 1,058 private renters in England conducted by YouGov for the homeless charity Shelter, the number of renters in arrears has almost doubled since lockdown, from around 226,000 to around 442,000 — over 5% of the country’s 8.7 million renters.

A recent poll by the National Residential Landlords Association (NRLA) suggests the number could be higher: 87% of the landlords surveyed said their private tenants had paid their rent as normal throughout the pandemic so far. An additional 8% said they had agreed a reduced rent, a rent-free period, or made some other agreement with their tenant. The remaining 5% of tenants are behind on their rent without the consent of their landlords. In other words, according to the NLRA, 13% of tenants in the UK are not paying their full rent.

In the UK, like much of Europe, most of the fallout from the Pandemic has been postponed, thanks primarily to the government’s furlough scheme, which has kept 9.6 million jobs on life support. Businesses have been able to claim 80% of a staff member’s regular monthly salary, up to a maximum of £2,500. The money is passed on to the employee and can also be topped up by the employer.

Many furloughed workers have continued to earn the lion’s share of their salary despite the fact they’re not working. This has allowed many of them to continue making their rent payments. But that may not last much longer. The government has already begun scaling back the furlough program’s provisions and is scheduled to scrap it altogether at the end of October. Unlike most of its European counterparts, it says it sees little sense in keeping workers in so-called “unproductive jobs” any longer than strictly necessary.

Landlords are edgy. Some are calling for the government to directly bail out renters so that the renters can then bail them out. In Wales, an even more ingenious scheme has been hatched: the government essentially gives struggling private sector tenants that have arrears dating back to the Pandemic a loan so that they can pay their landlords the arrears they owe. The taxpayer funds go directly to the landlords, who are made whole, while the struggling tenants get to take on thousands of pounds of fresh debt.

But before landlords in Wales and England get ahead of themselves, they might want to consider that a very similar scheme was launched four months ago in Spain, where rental delinquencies are a much bigger problem, and it’s been a complete flop. Just 1.3% of tenants have shown an interest in applying for the government-backed loans — a fraction of the estimated 15% of tenants who are no longer paying rent.

In most cases, the reason is simple: having lost their job or business and facing the bleakest economic panorama of their lifetime, tenants are struggling to see the point of taking on piles of fresh debt to pay months of rental arrears when they can’t even rustle up today’s rent. Not everyone, it seems, wants to play the extend and pretend forevermore game. By Nick Corbishley, for WOLF STREET.

[spygirl]

On 25/03/2019 at 08:11, spygirl said:

Moer thread crossing.

DB have loaned Wirecard 150mE

https://www.ft.com/content/ea1d6db0-4bda-11e9-bbc9-6917dce3dc62

If only the UK could be likea proper legal grown up country like Germany ....

 

https://www.finextra.com/newsarticle/36396/marsalek-joins-interpols-most-wanted-ranks

 

[spygirl]

The ft weekend us running a  story on the Wirecard fuckup.

Well worth buying the paper just for that.

Total clusterfuck massive bollocks by tye German establishment I.e European.

Edited September 3, 2020 by spygirl

[wherebee]

5 hours ago, spygirl said:

The ft weekend us running a  story on the Wirecard fuckup.

Well worth buying the paper just for that.

Total clusterfuck massive bollocks by tye German establishment I.e European.

Wirecard is a great example of Germanic corruption.  Anything is permissible as long as someone, somewhere, says it is following a process.

[spygirl]

4 hours ago, wherebee said:

Wirecard is a great example of Germanic corruption.  Anything is permissible as long as someone, somewhere, says it is following a process.

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.

 

[Errol]

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

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

Which is precisely why Germany (in particular) should be immediately seeking close relations with China and Russia - make one Eurasian trading zone stretching from The Pacific to the Baltic. Massive production capacity, loads of natural resources and loads of consumers.

Ditch the dollar in all and any trading. Use local currencies, convertible into gold (like the Yuan denominated oil contract is convertible into gold). Effectively ignore the US and carry on.

Nothing the US can do. Other than start WWIII, of course.

Edited September 6, 2020 by Errol

[spygirl]

On 03/09/2020 at 20:10, spygirl said:

The ft weekend us running a  story on the Wirecard fuckup.

Well worth buying the paper just for that.

Total clusterfuck massive bollocks by tye German establishment I.e European.

A whirlwind week followed. Braun was fired and arrested. Wirecard admitted that the billions weren’t missing, they were imaginary, then collapsed into insolvency. The ex-billionaire was soon joined in jail by other senior executives, although not Marsalek, who vanished as his lies unravelled and is still on the run. A reckoning began in Germany, where Commerzbank was among the institutions that had lent Wirecard €3.2bn.

[Errol]

46 minutes ago, spygirl said:

Wirecard admitted that the billions weren’t missing, they were imaginary

But of course all their auditors did a perfect job and did absolutely nothing wrong. Clearly one could never hold them responsible for any of this.

[planit]

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.

 

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

[wherebee]

12 hours ago, spygirl said:

A whirlwind week followed. Braun was fired and arrested. Wirecard admitted that the billions weren’t missing, they were imaginary, then collapsed into insolvency. The ex-billionaire was soon joined in jail by other senior executives, although not Marsalek, who vanished as his lies unravelled and is still on the run. A reckoning began in Germany, where Commerzbank was among the institutions that had lent Wirecard €3.2bn.

Where big sums of money are involved, if you can make people believe even 1% of real money is imaginary, not missing, you can do 10 years in jail and come out a millionare...

[spygirl]

It looks like Rools Royce are more fucked than I originally thought.

Rolls-Royce in talks with sovereign wealth funds to raise £2.5bn

UK aero-engine group seeks to tap investors, including Singapore’s GIC, to shore up balance sheet

https://www.ft.com/content/6f53a18d-acd8-4a71-8902-60b1bb5f9c09

And this was before covid n airyplanes.

 

[wherebee]

Anyone mentioned Nikola yet?

 

https://seekingalpha.com/article/4375529-nikola-company-in-deep-trouble-after-founder-and-executive-chairman-steps-down

 

fascinating example to me of people throwing money at the next big thing, without doing any due diligence.  I suspect it will turn out to be a lot like the south sea bubble and similar investments.

[spunko]

Looks like a local housebuilder gone bust. Oh no, how awful. "LPA receiver"

 

https://www.rightmove.co.uk/property-for-sale/property-97492130.html

[JFK]

6 hours ago, spunko said:

Looks like a local housebuilder gone bust. Oh no, how awful. "LPA receiver"

 

https://www.rightmove.co.uk/property-for-sale/property-97492130.html

how awful ....

 

*reaches for smallest fiddle*

[spygirl]

On 06/09/2020 at 12:12, Errol said:

Which is precisely why Germany (in particular) should be immediately seeking close relations with China and Russia - make one Eurasian trading zone stretching from The Pacific to the Baltic. Massive production capacity, loads of natural resources and loads of consumers.

Ditch the dollar in all and any trading. Use local currencies, convertible into gold (like the Yuan denominated oil contract is convertible into gold). Effectively ignore the US and carry on.

Nothing the US can do. Other than start WWIII, of course.

China hates the Russians.

The Russians hate the Chinese.

Half of EU hate Russia and the other half of Europe that doesn't hate tye Russisns.

Everyone in Europe hates the Chinese - 10 years of cheapskate gobbing tourists followed by WuFlu.

None have a currency either party trust.

 

[steppensheep]

I keep meaning to mention. Oetker frozen foods. Their products - pizzas and slightly upmarket frozen cream cakes (coppenrath & wiese) have been available at 30% discount in one supermarket or another (in Germany) continuously for about the last year (before pandemic) and I've never seen their cakes on sale before. I suppose it could be marketing strategy. I've certainly gone from buying none to buying quite a few.  May be a case of a middle market brand being squeezed by the discounters. But thought it was interesting anyway. 

 

[spunko]

47 minutes ago, steppensheep said:

I keep meaning to mention. Oetker frozen foods. Their products - pizzas and slightly upmarket frozen cream cakes (coppenrath & wiese) have been available at 30% discount in one supermarket or another (in Germany) continuously for about the last year (before pandemic) and I've never seen their cakes on sale before. I suppose it could be marketing strategy. I've certainly gone from buying none to buying quite a few.  May be a case of a middle market brand being squeezed by the discounters. But thought it was interesting anyway. 

 

Surely not... Hull's only remaining employer or manufacturer. 

The pizzas are often reduced

[JFK]

On 25/09/2020 at 19:21, steppensheep said:

I keep meaning to mention. Oetker frozen foods. Their products - pizzas and slightly upmarket frozen cream cakes (coppenrath & wiese) have been available at 30% discount in one supermarket or another (in Germany) continuously for about the last year (before pandemic) and I've never seen their cakes on sale before. I suppose it could be marketing strategy. I've certainly gone from buying none to buying quite a few.  May be a case of a middle market brand being squeezed by the discounters. But thought it was interesting anyway. 

 

 

On 25/09/2020 at 20:10, spunko said:

Surely not... Hull's only remaining employer or manufacturer. 

The pizzas are often reduced

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