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Timbuk3

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Everything posted by Timbuk3

  1. Classic Kitchen sinking, chucking out all your bad news at once. Good opportunity to cut head count. Noticed this is a Guardian article on the latest unemployment claims "The first official attempts to gauge the economic fallout from the coronavirus crisis also revealed the number of employees on company payrolls plunged by 450,000 at the start of April, in a reflection of staff being let go and reduced hiring. The number of vacancies posted by companies looking for new staff also halved."" 450,00 people permanently laid off, not all will have a mortgage but some of them will definitely will now be struggling to pay it.
  2. 6,000 jobs on the line at Bella Italia, 2,600 jobs at OVO Energy. Unemployment claims jump by record amount, and we haven't even got off the furlough scheme yet. https://www.bbc.com/news/uk-scotland-scotland-business-52714205?intlink_from_url=https://www.bbc.com/news/business&link_location=live-reporting-story https://www.bbc.com/news/business-52713791?intlink_from_url=https://www.bbc.com/news/business&link_location=live-reporting-story
  3. Bella Italia, Cafe Rouge owner lining up administration. https://www.bbc.com/news/amp/business-52713791 Dining out has to be one of the last areas to recover, if at all.
  4. Agree with your thinking. And I think this article about JCB proves the point that companies are now looking at reduced demand for their goods and are reducing workforce accordingly. https://www.theguardian.com/business/2020/may/15/nearly-1500-jcb-jobs-at-risk-as-demand-for-machines-halves
  5. Spotted this today, and this is only up to end of March, expect it only got worse since then. Not sure what forbearance they are referring to at the banks, payment holidays I expect. The number of mortgages in arrears crept up during the first three months of 2020, in what appears to be early signs of the impact Covid-19 is having on personal finances. The PA Media news agency reports that 72,380 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance in the first quarter of 2020, up from 70,880 in the fourth quarter of 2019. The figures from a UK Finance report show there were 4,420 mortgages in arrears in the buy-to-let sector, up slightly from 4,390 the previous quarter. Mortgage arrears levels for both homeowners and landlords were lower when compared with the first quarter of 2019, and they remain low by long-term comparisons. The report said:
  6. And also seen that P&O wants to pay out £270m in dividend to their owners - Dubai wealth fund - and then claim the government help. Think they should be made to cut the dividend payment and get no bailout.
  7. Did anyone mention Airbnb laying off 1900 already? https://www.cnbc.com/2020/05/05/airbnb-to-lay-off-nearly-1900-people-25percent-of-company.html
  8. Rolls Royce supposedly looking to shed 8,000 jobs too. No need for so many engines if no one is flying.
  9. Get tey f00k out of there man. Desperate seller = they know the price is going down and they want the cash.
  10. Metro bank just got a downgrade from Fitch's. https://www.cnbc.com/2020/04/21/european-banks-put-on-negative-outlook-by-fitch-ratings.html
  11. Daily Excess jumping on that bandwagon now. https://www.express.co.uk/life-style/property/1271409/uk-property-prices-property-market-coronavirus-crisis-lockdown-restrictions-lifted They are not price reductions they are 'bargains'. and 'Estate Agency bosses are hoping to get the green light' in other words they are desperate for commissions. Mr Shipside gets it at last when he says '“You do not have a functioning market when buyers can’t buy and sellers can’t sell.”, it was pretty much like that before CV19 anyway, think the pandemic has improved it if anything. More shoddy reporting from the Daily Excess, think John Cooper Clarke had the best view of this rag. I look at it for amusement every now and then.
  12. Meanwhile, over the pond. https://www.housingwire.com/articles/nearly-3-million-borrowers-are-already-in-forbearance/
  13. Primark also cancelling orders and it is causing mass layoffs in Bangladesh. Link is on Gaurdian if you need to know.
  14. Train companies are fubar. Everyone I know is trying to cash in their season tickets at the moment. They can't get through to the helpline they are referred to. My guess is that the train companies can't afford to refund everyone because they don't have the cash.
  15. It's a recession when my neighbour loses his job, it's a depression when I lose my job. It's not a depression - yet.
  16. Seven property funds suspended over valuation. Looks like at least a 20% drop in the value. Starting to feel like 2008 again. https://www.cityam.com/columbia-threadneedle-and-lg-become-latest-to-gate-property-funds/
  17. One of India's biggest banks gets bailed in. https://edition.cnn.com/2020/03/06/business/india-yes-bank/index.html
  18. A single death is a tragedy, a million deaths is a statistic - Uncle Joe.
  19. Intu retail park owner is 'staring Intu the abyss' great pun there from the Torygraph. also on BBC site with no paywall. Needs to find extra funding soon else breaks covenants and gets taken over by the banks and wound down. I guess that means a firesale and further write downs by other companies holding similar assets (or your local council investors). https://www.telegraph.co.uk/business/2020/03/04/failed-cash-call-leaves-shopping-centre-owner-staring-intu-abyss/
  20. Helicopter money time in Hong Kong. Will this also be tried in other places ? https://www.hongkongfp.com/2020/02/26/hong-kong-budget-2020-hk10000-cash-handouts-permanent-residents-18/
  21. Laura Ashley looking to check out - again!! https://uk.reuters.com/article/uk-laura-ashley-funding/laura-ashley-says-major-shareholder-lender-in-funding-talks-idUKKBN20B0KS Always thought it would collapse at some point - not many people can afford to 'spaff' money on their goods.
  22. I had the same theory. Landowners have no need to do much to help anyone. Their nest is already lined. The only time there was a massive change was post WW2 when there were millions of men under arms returning home. The power that be were sh144ing themselves and so had to make changes to placate the masses. Hence Homes for heroes, NHS, welfare state etc. All they have done since then is systematically and surreptitiously dismantle these things in order to return to the old status quo. There's a reason why most landowners go shooting, and that is to protect themselves from the proles. They only worry when the proles have guns too.
  23. My Tuppence worth view is this. Boris / Dominic are now the Chairman and CEO of the country, no one can stop them pushing through their plan. However when this happens in a company it usually results in a spectacular blow up at some point as there is no one to point out the potential errors in the plan. I expect Boris to 'spaff' a load of money on grand infrastructure projects and so far his track record is poor e.g. London cable car, Boris island airport, garden bridge etc. Without a controlling hand the money taps will be turned on to pay for such grand schemes, notice yesterday that the pound spiked after the reshuffle. The market knows that big spending is coming and therefore the risks rise, as does the return asked to underwrite them, i.e. the interest rate will be under pressure to rise. On top of this there will be the impending end of the transition period, personally I don't think the current government wants a deal, so this uncertainty will put further pressure on Sterling in the markets. I think that at some point late this year or early next year the new Guvnor of the BOE will have his hand forced to raise interest rates to defend the pound. And we may see several rises in quick succession, which will have impact on housing market. How much that is could be limited or not, hard to tell.
  24. https://www.bbc.com/news/business-51303905 Norton motorcycles back in administration. Currently owned by 'propeety developer' Stuart Garner. Have we heard of Mr Garner before on HPC? He seems to be not very good at business as all his over ones are also in administration..
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