I do love the way you start posting articles suggesting the market could be going down but only after you've sold out. Nothing article having skimmed it...Ladbrokes, as of now, still have 1/5 Remain and 4/1 Leave which tells you all you need to know about the weight of money placed on the most likely outcome. ATB, Scfc PS. This is also by reference to events as of last Wednesday...
Feet firmly on the ground Newchurch, an enlightening read,as ever.
A couple of issues. My understanding is that Lloyds were not indulging in any aquisions thus leaving funds for divis but I see they're bidding for MBNA.
Next is this issue with RBS,it's restructuring division and litigation brought by PAG..Property Alliance Group. Other banks are closely watching the outcome of the current trial.
Basically, PAG alleges breach of contract, breach of duty,and fraudulent and reckless misrepresentation related to the sale of four interest rate swaps which caused them significant financial problems. They claim the swaps were flawed because they were set with reference to Libor rates which,it has been shown, were manipulated by RBS and others. The trial began last Thursday. PAG claims that they were wrongfully transfered into the RBS Global Restructuring Group which,they claim, the bank did to extract as much revunue as possible through renegotiation of facilities and the application of punitive charges.. GRG was,in effect a 'turn around' unit for troubled businesses. It's been disbanded as a result of allegations that it mistreated thousands of businnesses as it looked to renegotiate their loan facilities in response to the financial crisis.. PAG claim it was RBS's response to those who sued it...this is backed up by documents made available by order of the judge.
Other companies are also watching closely as they believe they have similar claims against their banks.
Clearly, the wrong- doing litigation is not yet over.
It never ceases to amaze me with all this ****e about gaps to be filled here gaps to be filled there, shares are bought and sold on the basis of how good or how bad a company is doing, and whether someone thinks they can make a profit or not.
We just as well get the tarot cards out and make a decision on that .
I struggle to see any further big PPI charges of any size (or indeed any at all) until mid to late 2017 ahead of mooted FSA deadline in 2018. They have paid out or provided against 50% of all PPI policies sold since 2000. £14bn so far. I think they reformed the way they sold PPI at end 2008. Despite the best efforts of the claim companies I struggle to think most of the rest of the 50% was not correctly sold or people have forgotten, moved, be uncontactable or unfortunately dead which will hugely inhibit further claims. Most of this goes back 10-15 years and even with money at stake a lot of people won't be bothered. Personally I think with the last £4bn provision they kitchen sinked it.
Agree the market does not trust Lloyds given all its past problems but I think that will change when dividends start coming through. That will be hard for the market to ignore.
some obviously made up false? unbelievable figures just came out in US -non durable goods new house sales/ prices so they can give a glowing gdp figure so it looks like there will be another TINY rate rise.Dont see why it hurt lloy ? might even help?
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