Torquay, you are a gent! Sitrep for you and my blog friends: 3 months since the surgeon took everything away, but still like girls and in love with my wife, my fortress. Am stronger by the day and planning a July visit to Dublin. For the technically minded, I pee thru a catheter several times a day via a 'stoma' or hole created in my upper abdomen. I have a bladder created from a good chunk of my upper colon. No-one would guess, except maybe the security guys at the airport who see what I travel with in my carry-on. I can swim etc etc, all very hygienic. Best of all: cancer gone and great expectations going forward. I'm back to old practices e.g., sold some Tullow a few days ago for 100% return, stashed away for our Westbury bill next July. I had some ups and downs along the way, like the drain from my tum for 30 days to remove fluid into a temporary leg bag. But now, got up for early Mass today, look forward to meals and best of all , enjoying my friends, like you and Radar and fellow bloggers who hoped for me!
To our Mr Mac for his very valuable research and comment - it appears that political sentiment is changing with the election of Donald Trump. The mood seems now to forsake the "Cooly" economies of China and the far east in favour of job creation at home, which of course will benefit employment and reduce the need to create jobs in the financially unproductive service sector. The only people who make any money are the ones that own the phone banks etc. but they never seem to produce anything that is really worthwhile or offers interesting career prospects.
Over the last while there have been items which have been presented on television to do with manufacturing, only yesterday a company was featured in Matlock, Derbyshire which is becoming increasingly busy and now has to address skill shortages which are overcome by employing what are described as migrants.
If it is now going to become government policy to encourage manufacturing again - what have they been doing for the last eight years to prepare for this change.
If this country is going ahead with Brexit, then I would expect a more constructive approach to the creation of employment and most of all the capital being available to support it over a lengthy period. The old chestnuts like Y T S schemes will not do it, because they were not sustained for long enough for the people on the schemes to become useful employees before the funding was withdrawn.
News The Irish Times reports that Bank of Ireland (BOI) is looking to acquire Covestone Asset Management which has over €100m of funds under management. BOI had to sell its asset management division, BIAM is 2011 as part of its bailout package. This is a clear sign that it is looking to expand its non-interest income within the Group. Comment Below we discuss 10 tailwinds which are benefitting Bank of Ireland’s share price at present: A rising yield environment in Europe reduces BKIR’s pension deficit and significantly enhances its capital position. We’ve seen a large back up on the yield on the 20 year AA European corporate bond index is now at 1.81% (1.04% at September 2016). Steepening yield curves in Europe are positive for the bank’s Net Interest Margin trajectory. Yesterday, the ECB extended its QE programme to December 2017 covering all major political events in 2017. The recent strengthening of the pound against the Euro is positive for UK denominated assets and profits originating in the UK. This means the Group’s balance should increase at FY16 year-end compared to September 2016. The recent relaxation of the Central Bank of Ireland’s Macro Prudential Rules for first time buyer should help new mortgage lending growth next year. Economic data remains resilient in Ireland and the UK since Brexit, which is also helping sentiment. The market’s anticipation of BKIR’s dividend has been brought forward given the likely reversal of the bank’s pension deficit by year-end. We forecast a H1/17 interim dividend payable in H2/17. Last week’s announcement that BKIR’s SREP minimum capital requirement for 2017 has been reduced by 225bps to 8.0% from 10.25% is a clear positive for equity holders and AT1 bond holders. The asset quality of the BKIR’s loan book continues to improve, NPLs as a percentage of loans should continue to decline in the near term, potential leading to further provision write backs which are beneficial to capital generation. Negative sentiment towards Italian banking sector has improved significantly since Sunday’s referendum. Therefore, contagion fears have diminished and we are seeing an unwinding of the political risk premium built into European banking assets. Technical momentum remains strong and a positive re-rating in the bank’s equity is underway, currently trading at 0.96x FY16e P/B.
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