Sunday 16 September 2007

Sunday Business Round Up - 16 September

Busy week for the beginning of the end of the working year. Not helped personally by having my bag stolen in the gym yesterday! A short round-up as I have a few calls to make this morning...

Northern Rock sale -It has only taken 2 days for this business to have to put itself up for sale. So when a bigger one goes pop, maybe give them a week?

Who is next? - the Lefties have some thoughts on this...

Meanwhile in the US - banks are asked to be more straightforward in their accounting to help prevent the crisis getting worse. All very well, but without pushing the boundaries where are their profits coming from?

Housing in the UK - Housing boom over, HIPS, interest rate rises and sub-prime crisis have finally slayed the dragon? Too early perhaps to say Hooray at last?

Good news somewhere in the UK - John Lewis, the staff owned retailer, makes huge profits for the year.

Bids on the Edge - Barclay's looks doomed, whilst Sainssbury's might be left at the altar.

Metronet fall out - Tube upgrade and maintenance due to be delayed over cost wrangling.

HSBC vultures - Are the management under threat from their investors over strategy? I doubt it, the bank is still very solid, despite the crisis.

More Gym mergers - the over-capacity issues are still plaguing this industry. I have always found it odd that this business grew up as quickly as our obesity crisis...

Branson over the moon - He will step up to the Google challenge of being the first to send a private space craft to the moon. Don't bet against this one with Virgin Galactic about to get off the ground.


Anonymous said...

With NR on the rocks, and the debt and housing boom about to burst, to me this isn't the main headline; the main one is what is there in the pot to weather this storm? Brown has nothing [left of what he stole from us] because he has squandered it, and purely because of the nature of debt, there is little left in the kitty anywhere. I wonder how they will spin this? Especially in a few months when the public sector is demanding another pay rise and council tax bills move inexorably up.

We are all in the shite, but Brown and Labour seem set to fall deeper, and about time too as the incompetent bleeps have got us into this mess by creating the debt boom to hoodwink the mongs into believing he was a wonderful chancellor.

As to Branson...I will bet you any amount on that as he is a shameless media whore and as much a con man as has ever exists. He is talking, as usual, shite.

He may be rich and prima facae successful, but only being a smiling corporate raider and thief.

Anonymous said...

Northern Rock really is in deep do-do. I can quite understand why savers would want to take money out of the bank. I can quite understand why finance is not forthcoming. I cannot understand why anyone would want to buy it. A bank is only as good as its reputation and Northern Rock no longer has a reputation. Nobody is going to touch it with a barge pole now - you would be better off starting up a mortgae lender from scratch than buying tainted goods like Northern Rock. And just what assets does it have? A website and a few offices it probably leases.

Its a desparate situation and the problem is it could have a knock-on effect at other banks with savers withdrawing cash to buy gold sovereigns.

Mark Wadsworth said...

CU, you said a couple of days ago that NR were fucked, so feel free to say "I told you so"!

Welshcakes Limoncello said...

So sorry you had your bag stolen, C/U. It's a horrible feeling when anyhting like that happens.

CityUnslicker said...

Well i think that they have a big mortgage book which is no doubt profitable that will be very attractive to other banks.

In addition they have all the unsecrued loans.

Both of these books will be of interest to others. If barclay's falls short on the ABN Amro deal this might be a nautral one to boost the piss poor Woolwich (NEVER use the Woolwich btw, they are utterly crap).

However, NR has little future at the moment as a going concern. Who will be taking out loans with it? Who will want to lend to it?

No one.

As MW says, 'I told you so.'

Steven_L said...

Shares? Savings? Gold Sovereigns?

No way, buy one of these before 15mpg is completely unaffordable.

Jeremy Jacobs said...

Interest rate cut coming up?

Anonymous said...

Indeed yes Jeremy, but how could the BoE get away with it when food prices are going through the roof right now and the EU are already suspending the "fallow land" programme to increase food production due to shortages on the world market for staples like wheat?

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