Carillion’s journey from reporting “an encouraging start to the year”, “new orders” and “increased revenue visibility”, to a writing down of its construction contracts by £845m, to struggling with debt and unpaid suppliers, to entering compulsory liquidation has taken… just 258 days.
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In reality, exposes commodity-backed crypto coins are just commodity ETFs in disguise.
Customers are used to be being put on hold by retailers. Retailers are less used to being put on hold by customers, writes Matthew Vincent. But that is exactly what has happened to Dixons Carphonethis year: customers decided to put their mobile phone upgrades on hold, refusing to choose expensive new models, and forced the electricals retailer to ring up a profit warning.
Turns out that mishandling a banking crisis and then systematically annihilating the supply of local currency safe assets leads to sustained capital outflows.
Bitcoin asset holders have discovered there is logic in taking risk with middlemen if it means idle (and highly volatile) zero yielding assets can be transformed into yielding securities. As a consequence, Bitcoin has gone full-circle and become exactly what it sought out to destroy.