Lloyds Banking Share Discussion Threads

[maxk] 07/7/2019 22:45

Nu Democracy has won in the land of €l Greco, will it make a blind bit of difference?

[bargainbob] 07/7/2019 22:11

Minerve , the independence sites up North, have some really funny mock ups.

[minerve 2] 07/7/2019 21:40

Trump claims army 'took over airports' in 1775


ROFLMAO!

What a complete wet noodle.

[alphorn] 07/7/2019 21:19

Cheshire - you can always visit his thread if you suffer withdrawal symptoms. He is a regular here red ticking his favorite posters. Lol

[alphorn] 07/7/2019 21:10

diku - have a position in Barclays. They have been a disappointment and in answer to your question probably not unless they get their act together.

edit: I always worry about contagion when someone big is in trouble. Will they contain their problem loans in a bad bank? They talk of a bad bank of £66bn of 'assets'. - that is one big bad bank. ;)

[maxk] 07/7/2019 21:04

Robbed from the JTC thread, h/t to MT



Mount Teide 7 Jul '19 - 11:17 - 76087 of 76107
0 5 0

The UK must leave the EU as soon as possible. It is crucial we have NO contingent liabilities to the EU - May's Surrender Treaty tied us in to hundreds of £Billions of contingent liabilities.

A refreshing statement of hard, economic facts from Liam Halligan.


We didn't listen to Project Fear before and here's why we won't listen to it now - Telegraph Business

'Barely a day goes by when I’m not asked for my thoughts on the UK economy. Whether it’s over email, people phoning, or coming up to me on the train, I’ve never known a time – apart from the 2008 global financial crisis – when interest in our future economic direction has been so high.

The difference with 2008 is that rather than focussing on the hard data of US stock markets, global currencies and international interest rates, today’s economic discussions are fixated on domestic politics. Almost every utterance about the UK economy comes across as a statement on the Tory leadership, Corbyn or some point of Parliamentary procedure.

Every economic prediction, it seems, is about reading the political runes. Philip Hammond said he and other MPs would “find a way” of blocking a “no-deal”; Brexit. The Chancellor will, he says, personally oppose leaving the European Union without a legal agreement on October 31.

Hammond told the Commons that “No Deal” could cost the country £90bn – equivalent to a whopping 4pc of annual GDP. Such catastrophism was echoed by would-be Prime Minister Jeremy Hunt, who said leaving without Brussels’ permission could do economic damage “equivalent to the 2008 financial crash”.

This is despite Hunt recently declaring he agrees with Boris Johnson and would, too, leave with no deal “if necessary”.

Since we voted to leave the EU back in June 2016, the UK economy has showed serious resilience. For all the tut-tutting, the constant drumbeat of media negativity, the economy has held up quite well.

The Treasury’s pre-referendum forecast, that simply voting Brexit would cause “an immediate and profound economic shock”, was laughably wrong – as some of us predicted. Rather than tipping into instant recession – the Treasury predicted a 1pc GDP contraction in the third quarter of 2016 and another 0.6pc squeeze over the following three months – the UK economy sailed on, recording a 0.6pc expansion in both post-referendum quarters.

The public finances strengthened over the subsequent two years and unemployment fell to a 43-year low. All of this was the precise opposite of the Treasury’s horror-story forecasts, repeated ad nauseum by the then Chancellor George Osborne as part of a concerted campaign to frighten voters.

And who knows – with forecasting credentials like that, and no economics degree, that same former Chancellor could yet end up running the International Monetary Fund.

During the first quarter of this year, despite Theresa May’s hopeless prevarication, the UK economy grew 0.5pc, up from 0.2pc the quarter before. This was partly driven by stock-piling in anticipation we’d leave the EU, as May endlessly told us, at the end of March.

Manufacturing rose 1.9pc, a near 20-year high, as firms brought forward orders. Consumer spending surged 0.6pc, the most in two years, and business investment expanded 0.4pc, after four quarter of wait-and-see contraction, as business leaders anticipated that years of ghastly Brexit uncertainty was finally about to end.

But May dropped the ball, rattled her hopelessly one-sided Withdrawal Agreement was rejected, and lacking the clarity of mind to leave with no deal. And now the economy is suffering – not because of Brexit, because we haven’t yet had Brexit, but by the utter bungling mess our political class has made of the process of Brexiting, and all the uncertainty that has entailed.

The combination of a global slowdown and pessimism linked to get more political shenanigans means the UK economy may have contracted during the second quarter of 2019. As stockpiles are unwound, and with a worldwide hit to the car industry, as manufacturers grapple with emissions-legislation and the shift to electric, Britain has clearly been hit.

The PMI services index slipped to 50.2 in June, we learnt last week, with the equivalent measure for manufacturing below the no-growth level of 50. When the GDP numbers are published, it may be that the UK economy shrunk between April and June. That would be the first quarterly contraction since 2012.

Hammond’s prediction of a no deal meltdown lacks credibility. It’s based on those same government forecasts of 2016 – the methodology of which the Treasury refuses to discuss with serious academic researchers. Hunt’s comparison of a no deal Brexit with the 2008 crash is similarly based on previous Bank of England scare-mongering.

Yet no serious independent economist thinks No Deal will be anything like 2008. Trade with the EU accounts for not much more than a tenth of the UK economy. Just 8pc of British firms trade with the 27-member bloc. The idea that leaving the EU could cause a shock to the UK equivalent to the largest peace-time global slowdown in a century, when the entire world economy slumped, is absurd.


The fact that someone who purports to be our Prime Minister can make such a claim, and be taken seriously, speaks volumes about the chronic lack of objective economic analysis that pervades our political discourse. No Deal continues to be demonised by those who say they “respect the referendum result” but are really Brexit-blockers.

The reality is that preparations have been made on all sides to minimize or eliminate disruption. Deals have been struck so exports will keep flowing, and planes will fly. Phone roaming charges won’t change – as the big telecom outfits have now confirmed. Trade agreements with our most important global customers have been agreed or are in the works.

We don’t often hear that no deal could lead to big price reductions in food and consumer goods such as clothing and footwear, if the UK government drops high tariffs on imports from outside the EU which Brussels now forces us to impose. We don’t often hear that the Dublin government is now being forced to acknowledge there won’t be new physical infrastructure in sensitive areas and necessary customs checks can happen away from the border.

We don’t often hear that UK exports to the EU have fallen from 60pc of all goods we sell abroad in 1999 to just 43pc now, despite the much-vaunted single market and customs union which it would apparently be so disastrous to leave. We don’t often hear that UK trade with the 85pc of the world economy outside the EU is not only now the majority of our trade, but is fast-growing, conducted largely under World Trade Organisation rules and produces a surplus.

That’s not a political statement, just a statement of fact.'

[fatnacker] 07/7/2019 21:01

Alphorn just for future reference, don't forget you filtered me.

[diku] 07/7/2019 20:56

Alp...would Barc benefit indirectly?...

[diku] 07/7/2019 20:55

They do come up with some comedy share price targets...

[philanderer] 07/7/2019 20:54

:-O

Deutsche Bank to axe 18,000 jobs worldwide in radical restructuring

Hundreds of City workers in London face redundancy as bank cuts 20% of workforce

[alphorn] 07/7/2019 20:52

diku - talking here of 18,000 jobs to go.

[alphorn] 07/7/2019 20:51

fatnacker - you are either a wind-up merchant or dense beyond belief.

In any event - filtered.

[diku] 07/7/2019 20:49

Deutsche bank troubles...what do they mean by rising costs?...bonuses all round!..




Following a supervisory board meeting in Germany at the weekend, the troubled bank said the drastic measures were needed to battle falling revenues and rising costs. The overhaul is expected to cost around €8bn.

[minerve 2] 07/7/2019 18:53

“financial cesspit that is London”

Yep, for sure.

[bargainbob] 07/7/2019 18:48

Craig Murray
Between just 28 May and 10 June Boris Johnson received £235,500 in “private”; donations, to himself personally, as he prepares to become the UK’s unelected Prime Minister.





The blatant corruption of the UK’s political system is part of the reason for popular alienation from the ruling classes. It was Blair who elevated British politics to US levels of shamelessness in the matter of politicians’ self enrichment, and Johnson looks set to follow the Blair example. While some may pretend to do so, I do not accept that there is anybody who is naive enough genuinely to believe that such donations do not influence politicians’ policy decisions.

Straight donations aside, the slightly disguised corruption of our political system should also be taken into account. The banks put politicians in their pockets not through direct payments, but through massive, often six figure, fees they pay them for “speaking at dinners”. That is how Hillary Clinton garnered much of her Wall Street funding. In the case of Boris Johnson, it is interesting that in the House of Commons Register of Members’ Interests, he frequently lists the name of the speaking agency who paid him, but not who the client was.

Another way to pay less obvious bribes – and one particularly pursued by New Labour – was the book deal, where publishers pay massive six figure advances to politicians which are, routinely, up to ten times the actual royalties earned for which they are an “advance”;. This only makes sense when you realise that every single one of the major publishers is owned by a much bigger multinational – for example until recently Murdoch owned HarperCollins.

James Reuben, who gave two donations totaling £50,000 to Johnson, is the scion of the UK’s second wealthiest family, worth £18 billion. The Reubens made their money, like Roman Abramovich and Alisher Usmanov, in the pillaging of Russia’s massive metal producing assets, which were physically seized by gangsters, in the chaotic US organised Yeltsin privatisation process. The entire basis of their vast fortune was the exploitation of assets effectively stolen from the Russian state and people.

There is a fascinating link here to New Labour corruption that shows how entirely rotten Westminster is. Many will recall Peter Mandelson’s famous meeting with Oleg Deripaska and Nat Rothschild on the yacht in Corfu, at a house party where George Osborne was also around. The full story has never appeared in mainstream media, so far as I can judge.

Deripaska had been involved with the Reubens in Russia’s “privatised221; aluminum market, and in 2008 was also involved in business with Nat Rothschild. Putin was determined to try to claw back some control of precious commodity markets from the oligarchs who had plundered them, and he started to lean on Deripaska, in ways which were quite threatening, to make some hefty repayment. Nat Rothschild had obligations to Deripaska which the oligarch was trying urgently to call in, and this process required the sale of shares in (if I remember correctly) Canadian or US aluminium companies. The big obstacle to this raising the needed money to get back to Putin was the high EU tariff on aluminium.

By one of those wonderful coincidences which make life so joyous, happily Peter Mandelson was, absolutely independent of the meeting on the yacht or his own relationship with Nat Rothschild, persuaded of the need for the EU to reduce aluminium tariffs and as UK Trade Minister and then EU Trade Commissioner was able to secure very large reductions in EU aluminium tariffs indeed. So they all lived happily ever after.

Isn’t that nice? And even nicer, Mandelson is now a paid adviser to Deripaska on climate change.

So Boris Johnson’s donations and Mandelson’s dealings all link in to the pillaging of Russia’s formerly state run metals industry, which legalised theft accounts for a dozen of the world’s wealthiest billionaires and a high proportion of its political corruption.

I want Scottish Independence to try to set up a smaller, more manageable national entity in which corruption can be better reduced, (and sadly it will never be eliminated). I find the insider knowledge I have from my days as a British Ambassador and from the connections I then made, weighs horribly heavy upon me. If I knew less, I guess I would be less sad and less cynical.

It has become my firm belief that the destruction of the UK state by the SNP and Plaid Cymru, and the purging of the financial cesspit that is London by Jeremy Corbyn, are both essential to human progress.

———;——̵2;——R12;——212;——

[maxk] 07/7/2019 18:47

Deutsche calls time on global banking ambitions by cutting 18,000 jobs and setting up €74bn 'bad bank'







Harriet Russell Ben Wright
7 JULY 2019 • 4:15PM



Deutsche Bank has effectively called time on its global banking ambitions after it unveiled a much more radical than expected restructuring on Sunday.

This will include setting up a "bad bank" stuffed with €74bn of toxic assets, closing down large units in its investment banking arm - including equities trading - and laying off about a fifth of its workforce.

Following a supervisory board meeting in Germany at the weekend, the troubled bank said the drastic measures were needed to battle falling revenues and rising costs. The overhaul is expected to cost around €8bn.

The strategic U-turn closes the chapter on Deutsche Bank's decades-long ambition to compete as a top-tier global investment bank...



More:

[maxk] 07/7/2019 18:40

Walter Mitty (aka Rory Stewart) outlines 'alternative parliament' to stop no-deal Brexit


Tory MP says Betty Boothroyd could be enlisted as Speaker if Johnson prorogues parliament


Patrick Wintour Diplomatic editor

Sun 7 Jul 2019 16.37 BST

[fatnacker] 07/7/2019 18:34

minerve that kinda makes my point about alphorns scenario being utterly unrealistic, thanks for that.

[minerve 2] 07/7/2019 18:15

Fatnacker

They met down the pub. People who want to act on inside information are unlikely to create an email trace!

LOL

I guess they might if they were as stupid as you.

[bargainbob] 07/7/2019 17:36

Xxxxy , what you make of the claims a had Brexit will now cost 220 billion ?