One of the little-remarked consequences of the Brexit vote in the UK is that the subsequent generalised tightening of sovereign yields across the eurozone means that even less euro-core government paper qualifies for Draghi’s QE programme. There are dangers in the ECB ignoring this looming problem. Here’s a cheat sheet on action that could be taken.
How long has the Italian banking system been in trouble? Seriously? Why has no-one supposedly in charge come up with a proper plan?
Instead, Italian bank stocks ping around, up and down every day, like penny dreadfuls reacting to the latest speculation of a political fix or some sort of blind eye treatment from Brussels. Witness Unicredit — up 14 per cent or so at pixel, having previously fallen by a third over the preceding three weeks as the latest stage of this eight-year-old crisis has intensified:
First the quote from the Theramos founder herself….
We accept full responsibility for the issues at our laboratory in Newark, California, and have already worked to undertake comprehensive remedial actions. Those actions include shutting down and subsequently rebuilding the Newark lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures. Read more
Before moving the relevant puff release to the bin, an open question: is there really a market in Europe where people will pay a set £2,500 monthly fee to fly as often as they want from Luton Airport to Cannes or Switzerland? The company concerned is Surf Air. Read more
Click this before some higher up at Sky intervenes…
The Bank of England has taken to ‘pre-releasing’ quaint articles from its forthcoming Quarterly Bulletin, which sounds like good, modern marketing — until you remind yourself that it’s been released on the day the intended audience are still ploughing their way through the 50 dense pages that make up the twice-a-year Financial Stability Report.
No matter. The QB proper is published on July 12 and in the meantime this is a fascinating little piece of history about the original Black Friday… Read more
1. You get a goody bag when you leave that won’t just contain corporate guff.
2. There’s an after party.
3. Your boss is probably friendly with one of the speakers/panelists.
Nah, listicles and FTAV just don’t go. Whereas the wonderful Sandra Rupp does!.. Read more
When they’re gone, they’re gone. There’s only so many people we can house, comfortably, under canvas in the lovely grounds of the Honourable Artillery Company, London EC1, at the FT’s Festival of Finance. The event is this Friday. Doors open at 10am.
Sure, the FTSE 100, that non-barometer of corporate health in the UK, was down another 1.35 per cent at pixel — off 83 points at 6054. And there are some big falls amongst some well known constituents: M&S and Next are down circa 15 per cent apiece, for instance.
But Brexit reaction is most visible in an index more truly representative of domestically-focused British business. So take a look at the FTSE Mid 250: Read more
It’s on the Strategists table, in the usual place.
The Long Room is our virtual library, reserved for finance professionals. Membership is free, but you have to fill out a form here and wait for us to ok your application.
Applications are processed quicker if you’ve bought a ticket for Camp Alphaville – which is happening in London on Friday, July 1. Read more
Click here at 11am.
This is the sense in the FT newsroom a moment ago. Read more
Yes, you’ll be wishing you filled out that stupid little registration form already.
Long Room membership is free, but access is usually restricted to finance professionals. Read more
A chart, just for now…
Britain, what have you done? Read more
We have tables and we have further information…
bad even worse news. Read more
We’ll let the SEC do the talking here, since the news is box fresh and the full name of a UK-based individual called “Idris Dayo Mustapha” doesn’t seem to have an internet history. He’s supposedly been hacking into the accounts of US investors, placing price-moving trades and then profiting via his own trading account. Which is sneaky and advanced hacking.
The SEC statement:
Washington D.C., June 22, 2016 — The Securities and Exchange Commission today announced it has obtained an emergency court order to freeze the assets of a United Kingdom resident charged with intruding into the online brokerage accounts of U.S. investors to make unauthorized stock trades that allowed him to profit on trades in his own account.
Priority here is offered to those flying in to London specially for Camp Alphaville’s Festival of Finance on July 1. Tickets are very limited.
This post first went up three weeks ago, but we held a few dinner seats back while we sorted speaker / FT staff numbers. Hence some late availability…. Read more
And so to 25 Berkeley Square…
Art Secret is a unique platform that connects contemporary art with luxurious properties all over the world. These exclusive pop up events have been a global success in major capitals such as Moscow, Monte Carlo and Dubai etc.Last week Art Secret finally arrived in London, launching in Mayfair with prestigious partners St George of the Berkeley Group and Rolls Royce, and exhibiting the unique financial themed art work of Fabio Lattanzi Antinori.
Prosecution news on Thursday out of the FCA… Read more
We’ve been trying to keep FTAV a Leave/Remain-free zone. But this, courtesy of Allan Monks at JP Morgan, is actually useful in that it extends beyond polling day. Click the image to enlarge…
It’s a persistent corporate comedy, this one.
While clicking around the entertaining (and alleged) Chinese bid for Aston Villa FC, we thought we’d revisit Johnny Hon, the enthusiastic chap fronting Gate Ventures, that bizarre “theatre investment” company that was thrown off the AIM market last summer. Read more
How about this for a wheeze?
Tell your boss that on July 1 you are going to some boring conference called the FT’s Festival of Finance in the City, where you’ll be able to focus on some potentially market-moving remarks from the ECB’s chief economist, Peter Praet, and also catch a discussion with one of the sharpest financial brains on the planet, Hyun Song Shin.
But really it’s Camp Alphaville, so you can also grab a VR headset and play this as well! Read more
Endless pixels are spilt discussing the digital evolution/revolution/degradation of media. Here’s a fresh example of the New Journalism. Courtesy of Katie Martin, a live blog covering the opening of a KFC chicken shop in Nottingham…
There’s a discount. Just for today.
And there’s a code: Friday13th. Use it here.
The authorities here had led the Alphaville team to believe there would be no special price reductions for the FT’s Festival of Finance (née Camp Alphaville) on July 1, at the Honourable Artillery Company, London EC1. There was supposed to be just one high-value rate: £120, including VAT.
That’s turned out to be rubbish. Read more
Just quickly click the image.
It will only take about 30 seconds. If that. Honest.
Rocket really is coming back to earth, moving 4.66 per cent closer at pixel…
Administrators are going in at BHS, the British chain of down-at-heel department stores, best known through the years for its budget lighting department and serving up cheap coffee to pensioners.
The business has been managed for most of the past 16 years by Sir Philip Green, “King of the Shops,” on behalf of his wife Tina, who has spent the period in Monaco, avoiding UK tax. BHS was sold last year to an opaque group of supposed turnaround specialists. But the situation was probably already terminal – hence the sale price of £1.
Here, in very rough terms, is how the finances worked. It’s an open question as to whether, with a little less financial engineering, this business might yet have survived. Read more