Anorak

Money | Anorak

Money Category

Money in the news and how you are going to pay and pay and pay

Amber Says : Facebook scammer uninvited to potato salad BBQ

The message asked Amber Jacobs for $50 to fix a flat tyre. “Hello it is your neighbor with some car trouble can you assist me.” Amber replied: “What type of neighbor would I be if I didn’t help you.”

scams

Spotter: Amber Says

Posted: 25th, February 2021 | In: Money, Strange But True | Comment


Queen’s Consent makes a mockery of democracy

Queen's consent

Is Her Majesty the Queen an elitist? The Guardian has seen papers from 1973 suggesting Liz’s personal lawyers “successfully lobbied ministers to change a draft law in order to conceal her private wealth”. It’s to do with ‘Queen’s Consent’, which Buckingham Palace calls a “purely formal” process – or what you cynics might call a well-designed loophole. The paper says in seeing the proposed rule change that would affect her, Her Maj was able to debate it and possibly get it altered it in her favour before agreeing to it. Says the BBC: “A revision to the draft law subsequently enabled her as a head of state to sidestep the new regulations.” The Palace is dismissive:

“Queen’s consent is a parliamentary process, with the role of sovereign purely formal. Consent is always granted by the monarch where requested by government. Any assertion that the sovereign has blocked legislation is simply incorrect.

“Whether Queen’s consent is required is decided by parliament, independently from the royal household, in matters that would affect Crown interests, including personal property and personal interests of the monarch.

“If consent is required, draft legislation is, by convention, put to the sovereign to grant solely on advice of ministers and as a matter of public record.”

Good job we’re living in a democracy where we are all equals, right?

Posted: 8th, February 2021 | In: Broadsheets, Key Posts, Money, Royal Family | Comment


How to secure a 9 times salary mortgage – the Sun shares a secret

The Sun money

How did Gemma Bird get to live the dream? The Sun want to share her journey to wealth in “PENNY PINCHING – I paid off £225,000 mortgage on £25,000 wage… here’s how you can do it too.” Bird is not 105 years old. She’s 39. And her achievement is all the more impressive when you consider her tax bill – on £25,000 a year, take home pay is around £20,650.

You might be wondering how she got a £225,000 mortgage on that income. A mortgage lender will let you have about 3-5 times salary – not the nine times salary Bird seems to have secured. Maybe it’s down to her powers of persuasion, after all she is an Instagram “influencer” with a decent following. The Sun’s article name-checks her favourite supermarkets, and links to MoneyMumOfficial, the social media account where “she shares money-saving tips” – “the business is so successful that Adam has quit his role in sales to work for Gemma full time.”

Well done! Remind us how much that mortgage was.

That mortgage is how much? It’s up to £335k in the Scottish Sun
The Metro sees the Sun’s figures and says the mortgage was £800,000

Now read on and see if you can work out how hard-working Gemma did it. (A salary of £12,000 a year typically equates to take-home pay of around £975 a month.)

So how do you pay off a £225,000 / £375,000 / £800,000 mortgage on £25,000 a year?

Posted: 8th, February 2021 | In: Money, News, Tabloids | Comment


Free hotels with full board for all British and Irish Covid-19 travellers

Jet off on your hols to one of 33 destinations on the “red list” and on your return British and Irish travellers get to stay free at an airport hotel for 10-days. The Government is block-booking rooms at hotels at airports a cost of around £85 a night – tea, coffee and three meals a day included. Hotels will be reserved exclusively for quarantining travellers.

If you want to go out, a security guard must accompany you. These pre-paid security guards will patrol inside and outside the hotel to “prevent unauthorised access”. Anyone wanting to smoke outside or get fresh air will also be escorted by security staff.

If you’re hard up and want a tip to Portugal or Dubai, two of the destinations on the “red list”, why not get a cheap flight there, stay in a cheap hotel for a few days and then on your return put your feet up in one of the Government’s new chain of free Covid-19 Hotels?

Offer begins February 15.

Posted: 5th, February 2021 | In: Money, News | Comment


Billionaire Leon Cooperman is here to save the world one hedge fund at a time

Leon Cooperman (net worth $3.2 billion) is upset about money and how it’s being used by the little people to make GameStop shares soar – and in so doing cost hedge funds that bet on the store’s share price tanking. He tells CNBC: “The reason the market is doing what it’s doing is people are sitting at home getting checks from the government. This fair share, is a bullshit concept. It’s just a way of attacking wealthy people and I think it inappropriate and we all gotta work together and pull together.”

Cooperman was always a plonker:

Posted: 29th, January 2021 | In: Money, News | Comment


GameStop : short selling casino banking

The performance data on shares in GameStop, the video games chain of high street stores, represents past performance. It is not a guarantee of future results. GamesStore had planned to shut 450 stores in 2021. But hold on – GameStop shares are rocketing.

Triggered by a push by users on Reddit, small investors have piled in, buying shares and causing the stock to soar. In April 2020, a share in GameStore was worth $3.25. Last Tuesday that same share was selling for $148. But this isn’t about the small investors making money. It’s about their plan to cause pain to Wall Street traders who shorted the stock (betting on it tanking).

About 71.66m GameStop shares are currently shorted – worth about $4.66bn. Year-to-date, those bets have cost investors about $6.12bn, which includes a loss of $2.79bn on Monday. Monday’s stock gain of 145% in less than two hours, which extends GameStop’s gains for the year to more than 300%, is the latest sign that frenetic trading by individual investors is leading to outsize stock-market swings.

“We broke it. We broke GME [GameStop’s stock market ticker] at open,” one Reddit user wrote on Monday after the NYSE halted trading…

“This is the new day and age in which no one listens to the analysts: ‘Why bother, let’s just go out and buy it ourselves?’” Lars Skovgaard Andersen, investment strategist at Danske Bank Wealth Management, told the Wall Street Journal. “It is a sign of high complacency.”

And the hedge funds? One tells the FT:

“It’s not rocket science — massively reduce your shorts or risk going out of business,” Mr Block said. “This phase will pass, but in the meantime it’s best to be a spectator rather than a participant.”

“Will it end badly?” asks Thomas Hayes, managing director at Great Hill Capital hedge fund. “Sure. We just don’t know when.”

Who has the greater resources money and the stamina for the long position? And isn’t shorting a stock a good way to prick a price bubble?

Posted: 27th, January 2021 | In: Money, Technology | Comment


Computer programmer forgets password – gets locked out of $220m Bitcoin wallet


Stefan Thomas, a German computer programmer living in San Francisco, can’t remember his password. If he can, Thomas gain control of the 7,002 bitcoin on his IronKey hard drive. But he can’t. He has two attempts left before he reaches his quota of 10 password attempts before the drive locks him out permanently and encrypts the content – leaving his $220 million virtual fortune gone.

“There were sort of a couple weeks where I was just desperate – I don’t have any other word to describe it,” Thomas told KGO-TV. “You sort of question your own self-worth: ‘What kind of person loses something that important?'”

File under: cash is king.

Spotter: NYT

Previously: Newport man throws away £210m Bitcoin hard drive

Posted: 16th, January 2021 | In: Key Posts, Money, Technology | Comment


Newport man throws away £210m Bitcoin hard drive

Bitcoin


James Howells “believes” the hard drive he threw away in 2013 contains £210m-worth of Bitcoin, the super-traceable cyber currency that may well be or not be a fad. Howells’ 7,500 bitcoins are possibly languishing in landfill site news his home in Newport, Wales. And he wants the local council to help him search for it. If they find it, Newport city will be in for 25% of the amount.

Nice idea but even if he finds it, should the bitcoin millionaire sell his haul, the price of his holding will go down or even collapse. Sell more than the market could take and watch the price skid. Increase supply with no corresponding rise in demand and price falls. No?

One question would be: can’t he find a hacker to crack into his holding? If bitcoin all that secure? And can’t he just use the promise of buried riches to create his own cyber currency?

Spotter: BBC

Posted: 14th, January 2021 | In: Money, News, Technology | Comment


Robbie Savage, gambling on Spurs and the Mirror’s journalism of attachment

After Spurs easily saw off Arsenal with a 2-0 win, BBC radio DJ and Daily Mirror columnist Robbie Savage told his Twitter followers: “I went early on Spurs winning the league 🤷‍♂️💙⚽️ 08085909693 ,,, tell me why the won’t ? Tom the arsenal fans said arsenal would win the league this year ,, 😂🤦🏻‍♂️ 08085909693 #bbc606.”

Tom the Arsenal fans is clearly delusional, unable to see that club manager Mikel Arteta is learning on the job and the Gunners squad is populated by many players who’d struggle to get a game for Fulham. But what of Savage and his to-deadline opinions? You can find out more of what Savage thinks at the Daily Mirror:

Robbie Savage Spurs

In order, this is how Savage predicted the Premier League table, from first to last: Liverpool; Manchester United; Chelsea; Manchester City; ARSENAL; Wolves; Spurs… So that’s Spurs in 7th place, two behind Arsenal.

This guesswork is brought to readers in association with the Mirror’s latest betting partner. It might be that Savage didn’t write the thing, just saw his name added to to the top to give it a bit of omph and authenticity. After all he’s an ex-pro who works for the State broadcaster. You can trust him. Savage might know a thing or two. So place your bets!

Given the damaging impact gambling can have on people’s lives and that the Mirror pitching Savage’s words in an article which encourages betting – the prediction piece ends with a large button stating “BET HERE” – might it be useful to tell readers that Savage’s views are liable to change with the wind?

A radio phone-in is a bit of fun, a distraction from the important things in life. Losing your money and health because those same opinions encouraged you to gamble is far more serious.

Posted: 7th, December 2020 | In: Arsenal, Back pages, Key Posts, Money, Sports, Spurs, Tabloids | Comment


Tech killed the department store – supermarkets are next

The internet and lack of foresight and nimbleness killed the department store. Them going will have no bearing on our ability to get stuff. It’s just sad to hear of lost livelihoods, empty hulks on the high street and the failure by companies at the top to embrace change. It’s the end of department stores in the UK. It’s the same in the US. Samantha Oltman, editor of Recode, writes:

As we near the end of 2020, the prognosis for the American department store is grimmer than it’s ever been. The reasons extend far beyond Covid-19 or even the continued rise of online shopping, and have more to do with trends in the American economy that have been shrinking the middle class while enriching the already wealthy. That’s why the decline of these retail giants is something to pay attention to. They employ hundreds of thousands of people and occupy an outsize space in our communities; their gradual disappearance, as well as what is replacing them, tells us something about where we’re headed.

It’s about spending money. A corporate-run department store at the heart of a community should not be missed. They were ruthless in their murdering of mom and pop stores. You should open wide and say ‘ahh’ and check if Tesco has opened a branch inside you. Tech killed the department store. The ones still in existence are just roofed concession and franchise stands. And tech will kill supermarkets. Speciality can be delivered to your door at a click.

Spotter: Recode

Posted: 5th, December 2020 | In: Money, News | Comment


Yellow Journalism: The BBC goes full tabloid over Sir Philip Green and the death of Top Shop

Philip Green BBC Arcadia


Following its article ‘Sir Philip Green: From ‘king of the High Street’ to ‘unacceptable face of capitalism’, the BBC asks readers: “Has Topshop boss Philip Green done anything wrong?” Any question presented as a headline can be answered ‘no’. This is the BBC using tabloid-style clickbait to get readers and pander to prejudice. But the BBC is funded by tax so why bother with this sort of journalism?

Arcadia is a high straight stable. But the high street is dead. So goodbye Arcadia, including its brands like Miss Selfridge, Topman, the fantastic TopShop Wallis and Evans, unless someone buys them. Arcadia has lost to the internet, thumped at the tills by online-only fashion retailers such as Asos, Boohoo and Pretty Little Thing.

Philip Green BBC Arcadia
“On Arcadia’s back – not rich off the company he created?

So what of Green, who built the company? This is how the BBC begins its profile on the tycoon:

Business periodically throws up pantomime villains who vault from the financial pages to the front of the tabloids and become the subject of public vilification.

And this deference to lawyers:

But has he actually done anything wrong? Lawyers will argue that the company – not its owners – is the legal entity responsible for maintaining the financial health of the pension scheme.

Green has form, of course. He was “accused of having sold BHS to Dominic Chappell “deliberately to avoid the retirement plan liability, a claim he vigorously denied. He later paid £363m to make good the scheme.”

But citing what lawyers “will argue” in answer to a headline question is nonsense. Lawyers will argue whatever their clients pays them to argue. And on it goes:

As far as is known, Arcadia did not ignore any directions from the pension regulator to mend the pension, and indeed received an endorsement from the Pension Protection Fund for a company voluntary arrangement – a form of insolvency that allows a business to restructure its finances – in June last year.

“As far as is known…” As far as is known the moon is not made of fudge? As far as is known the moon landings were not faked? As far as is known the BBC is the unbiased media of record. And then get a load of this:

There may be no infringement of the law, but what attracts attention to Sir Philip’s case is that he and his wife have become immensely rich on Arcadia’s back.

The writer is at it again. “There may be no infringement of the law…” So flip that about, give it the side eye and you get “There may an infringement of the law”. Is that the writer’s inference? If it is, Green’s lawyers may well have more work in their inbox. Or may not… Fun to guess, though, right?

And to put the BBC’s slack journalism another way: “Has the BBC done anything wrong over its Sir Philip Green report?”…

Posted: 1st, December 2020 | In: Money, News | Comment


Prince William needs a German or Greek passport

Prince William Brexit

A new biopic starring Kristen Stewart as Princess Diana needs a Prince William – and only actors with British-European passport holders can apply. If you’ve only got a post-Brexit British passport, you cannot audition for the tole. Apparently it’s something to do with the film’s financing.

But it doe make me wonder: does the future King William qualify for a German passport?

Posted: 26th, November 2020 | In: Film, Money, News, Politicians, Royal Family, Strange But True | Comment


The Gender Pay Gash

In the Times, talk turns to the gender pay gash, sorry, gap:

If you thought the days of the unreconstructed male needing to rule the financial roost in a marriage were long gone, it may be time to think again.

New research has found that husbands feel a thrill if a pay rise widens the gap between their earnings and those of their lower-paid wives — but women get no such kick if the roles are reversed.

The stereotype of the male breadwinner may still be “bigger than we give credit for”, said Vanessa Gash, a sociologist who co-authored the study of views of income by gender.

Spotter: The Times

Posted: 23rd, November 2020 | In: Broadsheets, Money, News | Comment


Bank wants children for its ‘WANK Coloring contest’

Wank the dog

To Japan, where the Nishi-Nippon City Bank invited children in Nagasaki. to colour in the bank’s mascot. Just add come colours to Wank The Dog.

From the bank’s website:

The popular event “Wank Coloring Contest” , which was held at the West Japan City Bank last year and attracted more than 2,000 works , is coming to the city of Nagasaki this year! Whether you are familiar with Wank or not , be sure to wield your arm for a gorgeous prize !

Wank the dog

The contest will be judged by Groovevisions, who created the “timeless” Wank The Dog. Entries are limited to one WANK per person.

Posted: 5th, November 2020 | In: Key Posts, Money, Strange But True | Comment


Octogenarian pizza delivery driver Derlin Newry is coining it in

Derlin Newey works a 30-hour week as a pizza delivery man in Utah. He’s 89. The Valdez family recored Newey delivering their pizzas and loaded the interactions on TikTok. A fanbase grew and people asks why Derlin was working? The answer is that he needs the money – social security payments aren’t enough to cover his bills. A cry for help went out and $12,069 was delivered to Newey’s house. “How do I ever say thank you? I don’t know what to say?” he responded.

This is, says CNNproof of goodness of humanity. But the Guardian it’s a problem. The paper asks, “What sort of social security net forces an 89-year-old man to have to run around delivering pizza in his old age just so he can make rent?”

And then came the maths:

Americans who are his age and make the average US yearly income of $35,977, can expect to receive about $1,579 a month in social security payments; barely enough to make the average rent – or roughly the same amount as what Donald Trump pays in taxes across two years.

So you make around $36,000 a year in wages PLUS around $18,000 in social security cheques? The Guardian means “made” not “make”, of course. And with that one error the entire story changes meaning. And Mr Newey? He’s doing pretty well, no, enjoying life and working into his dotage? As for the pension (what the paper actually means), well, just under 50% of the working wage in the retirement years is not abysmal.

Posted: 30th, September 2020 | In: Money, News | Comment


How to raise your IQ: afford to live near a green space

The results of the survey are in. The greener the urban child’s world, the higher their IQ. Boffins have produced a paper which looked at linking access to parkland and gardens with doing well in intelligence tests. The work begins:

Exposure to green space has beneficial effects on several cognitive and behavioral aspects. However, to our knowledge, no study addressed intelligence as outcome. We investigated whether the level of urbanicity can modify the association of residential green space with intelligence and behavior in children.

The child in the high-rise apartment is not doing as well as the child living in a house by the park? The Telegraph sees the results:

Being raised in a greener environment boosts urban children’s intelligence and makes them better behaved, a study has found.
Researchers in Belgium found that living near parks, sports fields or community gardens raised city-dwelling children’s IQ levels and that they also exhibited less difficult behaviour. The paper, published in the journal Plos Medicine, found that an 3.3 per cent increase in green space within 3,000 metres of a child’s home was associated with a 2.6 point rise in overall IQ.

Got that? And then take a look at the property prices in you area and wonder why the people who earn the most money choose to live by the greener spaces. Is it because they have higher IQs? Or do they have more money and bigger incomes?

Posted: 25th, August 2020 | In: Money, News | Comment


Disaster prone Boeing 737 Max is gone; all hail the Boeing 737-8 (the same plane with a new name)

No need to worry, passengers. The Boeing’s 737 MAX jet, the not all that good plane grounded after two fatal crashes which killed 346 people – Boeing was accused of concealing information about the plane from regulators during the approval process – is no longer. It’s now a Boeing 737-8 aircraft. This year, customers have cancelled more than 400 orders for the 737. They can now order a much better 737-8, which is just like the other one but with a safer ‘8’ in the name.

It’s working! Boeing have issued a press release:

“Despite the current crisis, it is important to think about the future. To that end, we have agreed to order additional 737-8 aircraft. Following the rigorous checks that the 737 MAX is undergoing, I am convinced it will be the best aircraft in the world for many years to come,” said Grzegorz Polaniecki, general director and board member, Enter Air.

That’s two of the jets sold. Now to find people will to ride on them…

Posted: 20th, August 2020 | In: Money, News | Comment


Loss-making Guardian sacks 70 journalists – chief executive earns £630,000 a year

Bad news in journalism as Guardian Media Group announced plans to let go 12% of its workforce. That’s 180 jobs, with 70 of those in editorial. The Guardian’s Saturday edition will be hit hard, with The Guide, Weekend, Review and Travel axed. The Press Gazette looks at the numbers:

The news came as Guardian Media Group published its financial results for the 12 months to 29 March… GMG reported a pre-tax loss of £36.8m versus a pre-tax profit of £31m the previous year. It made an operating loss of £17.5m versus an operating loss of £16.6m a year earlier.

Editor Kath Viner, who earned a 5% pay rise, saw her total pay and benefits for the last financial year rise to £391,000.

…outgoing chief executive David Pemsel received a pay-off of £184,275 when he left the company on 2 December last year. His successor, Annette Thomas, has the same salary: £630,000.

A statement published on the newspaper’s website tells readers:

The editor-in-chief, Katharine Viner, and the Guardian Media Group chief executive, Annette Thomas, said in a joint statement to staff that the pandemic had created an “unsustainable financial outlook for the Guardian” with revenues expected to be down by more than £25m on the year’s budget.

They said Guardian Media Group, the parent company of the Guardian and the Observer, was facing “unsustainable annual losses in future years unless we take decisive action” to reduce costs.

Viner and Thomas said they remained committed to keeping the Guardian free-to-read and not following the paywall model adopted by many rivals. Instead, they will concentrate on the Guardian’s digital growth and focus on its reader revenue model.

The Guardian ends every story with a call for a donation. What are you donating to – and does the chief executive need it?

Image: King George V being asked for spare change, 1920s.

Posted: 16th, July 2020 | In: Money, News | Comment


BBC will lock up you granny and other over 75s unless they pay the licence fee tax

Because no-one under the age of 70 watches the BBC, the State broadcaster will end free TV licences for most over-75s. More than three millions households will be fined and deemed criminals unless they pay the £157.50 fee from 1 August. You can escape the tax if someone in your household receives the Pension Credit benefit. The all-encompassing, local-newspapers thrashing BBC website quotes the BBC as saying this is “the fairest decision”. The Government calls it “deeply frustrating”. Teenagers says, “BB.. what?”

BBC Chairman and pensioner Sir David Clementi (born 25 February 1949; salary £450,000 a year plus perks) says the decision had “not been easy”. Which is, of course, bunkum. If the head of the corporation can’t find a reason to keep the organisation at the heart of people’s lives – and charging them makes them relevant – what’s his purpose? And then what of all those BBC jobs. Would he sacrifice them for the greater good? Sir David says the BBC is “under severe financial pressure”. The corporation must survive. And you must pay for it to do so.

So how is your dosh spent by the humungous BBC?

Did you watch much BBC telly? EastEnders, much? Newsnight? Is there any other news website you pay £1 a month to read – or else? Do you pay for radio? Listen to the World Service at all. Watch the BBC news? Or do you surf the web for free radio from Brazil, Japan or Florida, watch the less biased ITV News and binge on Netflix boxsets?

The BBC does a lot of terrific work. The 13 Minutes to the Moon podcast is worth paying for. Sport on the radio is excellent. Local radio can be very good. And.. Well, yeah. The BBC does radio really well. TV – meh. The Internet – you can get the same elsewhere. So why not make the BBC a subscription service? But – no – the BBC just says we should all pay for for it to do whatever it wants to do. We must pay for all of it bit just the bits we like. So you pay for EastEnders, 6 Music and documentaries on Charlemagne and his legacy, Why should we pay a tax in order to provide something of minority interest? Did anyone at the BBC think to ask what their customers over the age of 75 want?

Posted: 9th, July 2020 | In: Money, News | Comment


Arsenal show their class as players agree reduced salaries to help the club

How is your football club responding to the coronavirus crisis? Liverpool and Spurs got greedy. Their plan to milk the State for staff wages upset fans, whose vociferous reaction caused both clubs to change direction and pay their staff in full. Manchester United expressed their view that a pandemic presented the chance for them to hammer smaller clubs. And Arsenal? Their players are the first in the Premier League to agree to a pay cut. The board has already agreed a more than 33% wage cut for the next 12 months.

The Gunners players will take a 12.5% wage cut but be reimbursed if they qualify for next season’s Champions League or the 2021-22 competition. They will get a £100,000 bonus for reaching next year’s Champions League. They will each reportedly earn £500,000 for winning the 2021 Champions League or £100,000 for the Europa League.

The Gunners are eight points off of a Champions League place with 10 games remaining. Their chances of reaching the Champions League are slim. Those wages will never be made up.

Posted: 18th, April 2020 | In: Arsenal, Money, Sports | Comment


Spurs relinquish title of world’s greediest football club

Tottenham will not be milking the State, taking advantage of the government’s furlough scheme for some non-playing staff during the coronavirus crisis. Following Liverpool’s belated relation that a corporation, sorry, football club, owned by a billionaire that makes millions in profits should not be seen to be so greedy, Spurs have seen the light. Says the Spurs chairman (pay: £7m a year):

“We regret any concern caused during an anxious time and hope the work our supporters will see us doing in the coming weeks, as our stadium takes on a whole new purpose, will make them proud of their club.”

More marketing guff dressed up as sport every day….

As for what the new Spurs stadium will be without football, how about a toilet paper silo?

Posted: 13th, April 2020 | In: Money, News, Sports, Spurs | Comment


Bonds and demand: Guardian get it wrong

In a story on the global bond market’s response to coronavirus, the Guardian tells its readers: “The global bond markets, which handle hundreds of billions of trades every day, are where governments and companies go to borrow funds from investors.” There are not hundreds of billions of trades in bonds every day. The hundreds of billions is the value of the bonds being traded not the number of trades.

We’re then told:

At the outset of the Covid-19 outbreak, bond markets froze as investors panic bought highly rated government bonds and the number of sellers shrank.

The US Federal Reserve, the Bank of England, the Bank of Japan and the European Central bank, which oversee the largest debt markets, stepped in to expand the number of bonds on offer and promised to meet demand while the crisis continued.

Demand has been supported by the Bank of England’s pledge to “create” £200bn of electronic funds to purchase more bonds as part of its quantitative easing programme, adding to the £435bn of assets on its balance sheet.

That’s not supporting demand. That’s meeting demand by enlarging supply.

As for the US, Bnaron’s notes:

“We have no idea how long this will be,” said Yousef Abbasi, global market strategist for U.S. institutional equities at INTL FCStone said. “Right now, fundamentals don’t matter because there is very little clarity as to when the economy can restart — and depending on how long this goes — what the economy will look like when it does restart.”

These uncertainties aside, there are several indicators that bolster the case that a recovery for the stock market may have begun, said Michael Arone, chief investment strategist at State Street Global Advisors.

“The severe indiscriminate selling we saw prior to last week has abated,” he said, noting that through last Monday, nearly every asset class, including gold, U.S. Treasury bonds and stocks were being sold off. “It was that classic capitulation move to cash,” whereas in more recent sessions, bonds have rallied when stocks retreated and vice-versa, typical of normal behavior in financial markets.

Cash is king.

Posted: 8th, April 2020 | In: Money, News | Comment


Liverpool back down leaving Spurs to win title of world’s greediest football club

Liverpool have listened to the fans and media who decried their decision to place some non-playing staff on temporary leave and take advantage of the Government’s furlough scheme to let the taxpayer pay 80% of their wages. Liverpool – owned by a billionaire and posting profits last season of £43m – will muddle along some how. Newcastle United, Tottenham Hotspur, Bournemouth and Norwich City are sticking with their plans to furlough some non-playing staff. Bournemouth and Norwich are not big clubs. Newcastle are a basket case. But Spurs with that swanky new stadium and billionaire owner can afford it, surely? With Liverpool no longer doing the wrong thing, Spurs might be the world’s greediest football club. Finally, they win something.

Posted: 7th, April 2020 | In: Liverpool, Money, News, Sports, Spurs | Comment


Help the NHS fight Coronavirus in North London by donating to the Royal Free Charity Covid-19 Emergency Fund

Royal Free hospital covid-19 charity

In North London, the Royal Free London hospitals – the Royal Free Hospital, Barnet Hospital and Chase Farm Hospital – need your help. The Royal Free Charity has become the Royal Free Charity Covid-19 Emergency Fund to support NHS staff through the crisis. Clapping your hands for the NHS is all well and good but money is better.

Many of the staff at the three hospitals are now caring for patients with coronavirus, or are dealing with patients who are not unwell with the virus but still desperately need their help. Resources are stretched to the limit and they’re working under the most extreme pressure. It’s not just affected doctors and nurses; everyone, from ICU and the wards, to the porters, cleaners and support staff, is playing a role in the fight against the virus. As we all know, the situation is going to get even worse before things start to improve.

The aim is to get a complete support service in place as soon as possible. This will include the provision of care packages at the end of a very long shift, to psychological support and the creation of physical respite spaces, all of which have been suggested by staff. Every penny raises will make a real difference to their lives.

Please make a donation here.

Posted: 2nd, April 2020 | In: Key Posts, Money, News | Comment


Coylumbridge Hotel in Aviemore make staff homeless – blame it on admin error

The Colyumbridge Hotel new Aviemore, Scotland, has been making news. The “perfect escape for an unforgettable family vacation” has sent out a letter telling employees to get thee hence. Coronavirus is apparently behind the mass sacking in which some staff were told to leave the hotel accommodation immediately.

The hotel’s owners, Brittania Hotels, says it was all a misunderstanding. The company tell the Liverpool Echo: “With regards to the current situation regarding staff at our Coylumbridge Hotel and being asked to vacate their staff accommodation. Unfortunately, the communication sent to these employees was an administrative error. All affected employees are being immediately contacted. We apologise for any upset caused.”

You know how these errors go: a virus infects your world, types a letter and tells everyone to get out or else. Other companies should take note of this and increase their virus protection.

Posted: 21st, March 2020 | In: Money, News, The Consumer | Comment