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[zho] 05/10/2018 14:42

>>Zho - Unilever comment was written tongue in cheek for the Remainer brigade who routinely describe any such development as yet another Brexit 'disaster'.>>

Aah, okay.

[brucie5] 05/10/2018 14:29

Mount Teide
5 Oct '18 - 14:26 - 69021 of 69021
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Zho - Unilever comment was written tongue in cheek for the Remainer brigade who routinely describe any such development as yet another Brexit 'disaster'
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To be fair, you don't have to look far for those! But in this case you're right.
Have you decided yet, MT which sort of Brexit you voted for? And how this will come about? Genuinely interested to know.

Remember the options that weren't on your ballot paper, or do I need to remind you?
;)

[mount teide] 05/10/2018 14:26

Zho - Unilever comment was written tongue in cheek for the Remainer brigade who routinely describe any such development as yet another Brexit 'disaster'.

[bmnsa] 05/10/2018 14:18

Holiday in this country,no worries.

[blusteradjuster] 05/10/2018 13:33

True - there’s always an element of brinkmanship and jeopardy.

Politicians in the various countries need a “victory”;, howeve phyrric and/or manufactured, to parade to their respective electorates.

[jtcod] 05/10/2018 13:27

I am not saying they can't change their mind mroalan. Just that it is not Dragie alone who makes the decision. Fwiw I think they will change their mind in due course but not until some hurt has been felt first.

[fireplace22] 05/10/2018 13:16

Looked it up for my benefit:

Operation Twist is a name given to a type of monetary policy operation performed by the Federal Reserve Bank. It involves buying and selling government bonds in an effort to provide monetary easing for the economy, although it's not quite as aggressive as another type of monetary policy called quantitative easing.

[mattjos] 05/10/2018 13:14

EU is reportedly planning an Operation Twist

[mroalan] 05/10/2018 13:12

JT, no more eh,we.ll see.

[chestnuts] 05/10/2018 13:08

Well i was going to buy some euros for the holidays around the new yr but dont know which way this is going to play out Brexit forces GBP down or Italy forces euro down. So which one will win.

[fireplace22] 05/10/2018 13:07

Bluster, total exports from the EU (minus the UK) is massive compared to UK total exports so we are always going to take a far less percentage of theirs than they take of ours.

[jtcod] 05/10/2018 12:55

Dragie cannot make that decision on his own mroalan. Earlier this year the committee voted - No more.

[mroalan] 05/10/2018 12:40

"After December who is going to buy Italian sovereign debt at a premium of just 0.2% against the world’s reserve currency when Debt to GDP is 132% and rising?"

Perhaps the ECB, buyer of last resort.as dragie said "whatever it takes",its a nonsense as the debt along with the rest of europes/usa/ect will never be paid!

[jtcod] 05/10/2018 12:24

I think the following puts Italy's current financial plight into perspective.1. Italy currently has sovereign debt of 132% of GDP. €2.34trn2. the budget is circa €300bn3. New Budget projected deficit €7.2bn4. Deficit is above EU guidelines €1.2bnThe debt markets have had the jitters ever since the new Italian Government took office. The concern has been that their election promises would cost more than was available in tax take and therefore drive Italian debt higher. Last week that concern was shown to be well founded. The new budget projection calculates a 2.4% deficit. This broke European rules by 0.4% and Italy's bond yields rose further. Italian 10yr Bond Yield has risen from 1.75% to 3.4% since April. Think about that. A 1.6% rise on the back a budget overspend only 0.4% above EU guidelines. It sounds ludicrous but that is not the full story.If we assume 1.5% as a barometer of additional debt costs for Italy over time it would represent €35bn pa. €35bn is 11.6% of Italy's annual budget.The yield rise has happened so far despite an ongoing QE plan from the ECB. The QE bond purchasing plan will halve this month and cease in December. Italy's 10 yr Yield is still just 0.2% higher than the US Treasury 10 yr Yield. After December who is going to buy Italian sovereign debt at a premium of just 0.2% against the world's reserve currency when Debt to GDP is 132% and rising?

[mroalan] 05/10/2018 12:01

Who,d thought? but does it surprise me?er no. mro.



Keep this in my fav,s very interesting piece re finance/city of london and relevant to above post,mro.

[blusteradjuster] 05/10/2018 11:00

Doubt it JTC.

His mistake is to roll around in the gutter on Twitter with some of his detractors.

Taking a look at the twitter feed of a 2-bit chump like Spiegel, it’s pretty obvious he’s playing on their turf - not one of his smartest moves.

He’s a seat-of-your-pants engineer - and there are many in the financial world who, unsurprisingly, don’t like the big promises that always arrive late.

That said, Tesla and SpaceX are years ahead of the competition - detractors should think about that.

[blusteradjuster] 05/10/2018 10:45

No need to avoid it max.

The EU takes a bigger % of our exports than we take of theirs.

The absolute amounts aren’t as important as the percentages.


Trump knows how to be a bully - do it from a position of strength.

We’re not in a position of strength even before taking into account our shambolic domestic political scene.

[zho] 05/10/2018 10:37

Morning MT,

>>Unilever CEO's venal attempt to use Brexit to relocate its London Head Office to Rotterdam ...>>

Is this correct? I seem to remember Paul Polman issuing a "categorical denial" that Brexit was a concern. Perhaps he was fibbing - in which case I don't see how he could be accused of an attempt to use Brexit to justify relocation - the opposite, surely?

I would have guessed that the difference between the UK's and Holland's approaches to hostile takeovers was the determining factor, although I don't think this was explicitly mentioned.

[aleman] 05/10/2018 10:09

I'm always suspicious of statistics. Why do Halifax prices for Sept 2017 and Aug 2018 change between last month's and this month's bulletin? Anyway, the August 2017 to August 2018 change was +2.7% in last month's bulletin or +2.4% in this one (IF last August did not change as it dropped out). Note they don't actually quote the annual single month change anywhere, preferring the smoother 3m annual change. For just the one month Sept 2017 to Sept 2018, the annual rise is only +0.3% so real house prices fell significantly last month - probably by over 3%, depending what figure we get for Sept RPI. That's a big slowdown. Blip or change of trend? Or maybe September's figure will change in October's bulletin.

[jtcod] 05/10/2018 10:06

Is Elon Musk trying to force his own sacking so that he can get a compensation package whilst there is still money left in the company?

Talk about spit in the face of the executioner.

[mount teide] 05/10/2018 09:24

Unilever CEO's venal attempt to use Brexit to relocate its London Head Office to Rotterdam and close its London FTSE 100 listing in favour of a sole listing on the little Euronext exchange in Amsterdam was kicked firmly into touch by a massive shareholder rebellion of its Institutional Investors who told him they would sell up if he went ahead with the move.

The consumer goods company management clinging to what little credibility they have left were forced to put out a statement which said the proposal had not “received support from a significant group of shareholders and therefore consider it appropriate to withdraw”.

This humiliating U-turn comes just over a week after Mr Dekkers the Chairman made an impassioned appeal to shareholders to back the plan, hatched earlier this year. The Institutional shareholders after about "10 seconds consideration, since that was all the ridiculous idea needed" according to one, unanimously told Dekkers and his team him in no uncertain terms "no way Jose", sending them packing back to Rotterdam with their tails firmly between his legs.

Many in the City believe the real reason for the proposed move was that Unilever was seeking better protection from a takeover bid, as the Dutch have far more strict rules on foreign companies swooping on their businesses.( EU free market? What EU free market?)

EU Brexit politics versus The Market - no surprise who won!

How disappointing for remainers, losing yet again; no doubt they will demand a people's vote!

[maxk] 05/10/2018 08:36

One for you to avoid bluster..

[blusteradjuster] 05/10/2018 08:12

For those of you who like data (read no further max).

Looks like employment is a “national thing” rather than a product of the “big bad EU”.

Keep self-deluding!

[maxk] 05/10/2018 00:29

You'd know bluster, must be hell to be a remainiac :-)

[blusteradjuster] 05/10/2018 00:13

Almost - it’s Deranged Brexiteer Syndrome.

Judging by this thread ... it’s nasty..