The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Major European stock indexes were below the flatline in the premarket session on Tuesday ahead of the eurozone's report on consumer confidence, with the latest reading indicating a drop due to surging inflation, energy crisis, as well as the war in Ukraine.
Investors across the bloc awaited reports on the manufacturing and services sector from the European Union, Germany, and the United Kingdom respectively.
Frankfurt's DAX plummeted by 0.13% at 7:09 am CET. At the same time, the CAC 40 and London's FTSE 100 decreased by 0.25% and 0.24% respectively.
The euro lost 0.12% to the American dollar, selling at $0.99306. The pound sterling was down by 0.10% against the greenback, to change hands for $1.17568 at 7:19 am CET.
Baha Breaking News (BBN) / AB
so Labour--------- my wife s friends do not work in the private sector they have to deal with people like you and do a great job applaud then good night
Mr Tibbs my late wife in the NHS for 42 years nothing like front line experience the money was never her issue it was the waste of resources. Tibbs you should stick to what your good at and stop knocking the hard working brilliant people who are not having the luxury to respond Corbyn who i know you supported i hope is not the real you. Very annoyed with your labour rants gone down in my expectations , an open mind rather than affiliation is the smart call
"media are to blame for the massive overreaction to covid- by limiting opposition to measures."
I find it staggering that people still do not understand basic maths, percentages, and how virus's behave.
Is suppose if people voted in their droves for Brexit when it was obvious the economic destruction it would cause, which were predicted and eloquently explained by Adam Posen in 2017, of which we're just now beginning to live with.
Then it's possible to understand their total lack of understanding shown by people when they start blaming CV-19 for the NHS problems or comparing a disease with a virus.
My condolences on the loss of your friends Tony.
The pandemic is being used as an excuse for just about every case of worsening services in every sector of the UK!
Instead of the Tories squabbling over who is going to be next leader and prime minister they ought to just concentrate sorting out the NHS and other essential public services!
The NHS has become an organisation that side steps its responsibilities and relies on substituting proper medical care with TV add campaigns telling people to see their pharmacist for diagnosis and then treat them selves!
So many medical professionals are so busy not seeing NHS patients and moon lighting in the private sector that they can't be asked to actually do what they were supposedly trained for!
The NHS is well and truly buggered to being no longer fit for purpose!
Excellent the Sukari store looks better stocked than many of the shops in the UK since Brexit!
Sorry to hear this Tony-
I do not know anything about this geologist, but I find the very short stints of work at various companies a bit strange?
I was wondering if being Irish he had possibly kissed the “Blarney Stone” or possibly he practices “Alchemy !
Joking aside though we need to see some verifiable independent proof of the existence of these Bonanza grades!
If it can keep it up it will be just a divi that will slip it back to 90p or so. I have noticed Shanta and Polymetal have behaved similar. HOC has taken a hit along with a few others.
I will be at a funeral tomorrow where the cause was stage 4 cancer. 2nd friend I have lost this year to late stage cancer. The NHS are right about excess deaths data. Loads of people are fighting there way through a system where it is to late to do anything when they get a diagnosis.
Maybe like a Bestway in the UK or 7-11 out West? Pictures here:
https://www.linkedin.com/posts/mohamed-dawood-48174652_sukari-new-market-start-today-abu-ashara-activity-6966031557077667840-UBdA
Apparently it is a big hit and much appreciated.
Some interesting links re cancer
https://www.who.int/health-topics/cancer
https://fullfact.org/health/cancer/
https://gco.iarc.fr/
https://www.macmillan.org.uk/_images/cancer-statistics-factsheet_tcm9-260514.pdf
The media are not the messenger- they are biased which is my point. 1 in 2 of us will get cancer- and yet cancer research was cut in half because of COVID- bonkers. If you look at the stats, doesn't matter what approach you took (bar the bonkers outliers like AUS) death rates were similar but economic costs vastly different- media are to blame for the massive overreaction to covid- by limiting opposition to measures. Now, ironically, same are asking for more govt help- ignoring the fact that their approach to covid is responsible for the current nhs crisis- ensuing deaths to cancer etc- far greater than the number saved - bonkers
DONT shoot the messenger. 2.5 years ago many old people were dying of Covid, the pictures from Italian hospitals at the start were truly horrid, and it was very frightening for the elderly seeing so many of their fellows struck down again as they were in the war, and for whom a decent society should care. Now people in poverty, and the elderly living on state pensions, are suffering worse than others from inflation and until energy is subsidised or payments come to them for it yes indeed they have to choose between food and heat which will be very tough this winter. It looks very much like the oil price shock of the 70’s and we know what that did. If gas prices fall right back, inflation falls and no recession, well the media won’t have been wrong about what will happen if we carry on as we are, just the circumstances happily changing partly as a result. Don’t shoot the messenger but choose her to help inform your investment decisions. Will recession and a tumbling stock market cause gold and more so miners to fall, and will they turn back up as investors seek sanctuary, and if so when?
The combination of staff shortages and sky high energy bills in nursing homes will mean many of them will soon close. This in turn will mean a number of patients can not move out of hospital for basic care on a temporary basis in a nursing home. This will stop hundred of thousands of people of working age who can not work as they await an operation to improve mobility and render hospitals for emergencies only. This reduces productivity in the economy, reducing tax take, which in turn limits options on what they can do. The future is a massive recession, but of course one person who spends a million pounds for a return Australia air ticket on private jet can not see it as everyone around her flies blind. I guess we will call it Trussenomics which is fundamentally total BS enjoyed by the stupid and bandits.
But who tells the Media what to propagate.
Quite a huge amount of agendas to benefit those needy people, ;-)
Headline news on itv this morning- "facing a countdown to chaos", "people forced this winter between freezing and starving", "many more business will close their doors good", " stark warning for business and charities that Britain faces a winter like no other" and that was in the first minute! 2 weeks ago we were all burning in the climate meltdown, 2 years ago we were all going to die of covid! Media hyperbole- hey guys, joined up thinking... if you spend 500billion they ain't much left now lol- and you want to help Ukraine but not attack Russia(eg you don't mind Ukrainians dying) well again, there are consequences ... still media, you're ok, keep spinning the waffle and your money keeps rolling in-
Hell's teeth gnome this makes me feel slightly nauseous.
Major European stock markets traded lower in the premarket session of Monday ahead of fresh economic data and amid updates on the Ukraine crisis.
Market participants expect today the release of the Bundesbank Monthly Report, which can hint at the state of the German economy, particularly its monetary policy and financial issues. During this week, investors will also receive data on manufacturing, GDP, and consumer confidence of some of the major European countries. About the war, Ukrainian President Volodymyr Zelensky said that introducing a trial for prisoners of war in Mariupol would lead Kiev to halt any further talks with Moscow.
The DAX lost 0.29% at 7:19 am CET, while the CAC 40 fell 0.25%, and the FTSE 100 declined 0.21%. The Spanish IBEX35 followed the trend edging down by 0.33%.
The euro and the pound were flat against the dollar at 7:29 am CET, selling for $1.00367 and $1.18317.
Baha Breaking News (BBN) / JG
Happy Monday y’al
Norway’s $US1.3 trillion ($1.9 billion) sovereign wealth fund posted its steepest-ever first half loss as big bets on tech backfired.
The Oslo-based fund, the world’s biggest, lost $US174 billion of its value in the six months ended June 30, its biggest on record in currency terms. It lost 17 per cent on stocks, which comprise the largest share of its investments, and 9.3 per cent on fixed-income assets such as bonds.
There are hordes of zombie companies in Oz and US that have had their business models predicated on the availability of cheap money, which no longer exists.
Many of these borrowers relied on the high-yield or sub-investment grade bond markets for liquidity. As the cost of capital associated with sub-prime finance soars, many borrowers that could not get finance from the traditional banking system will face the spectre of default...so there will be some spring cleaning!!!
The big news in August is that the Brisbane and Gold Coast housing markets have given up the ghost after defying gravity for a few months. Adelaide is not far behind. In the first 18 days of August, the 0.74 per cent decline in Brisbane house prices has outpaced the 0.67 per cent loss suffered in Melbourne.
Sydney remains the epicentre of the housing crash, with dwelling values slumping another 1.24 per cent in the first 18 days of the month. Home values in Australia’s largest city have plunged 6.5 per cent in 2022. They have been falling at a 19 per cent annualised rate since the RBA’s first rate increase at the start of May.
Negative house equity on the menu again...
and in GOLD MandA, another sad story unfolding in an iconic gold minig company..St Barbara
Mr Cranfield said he had no confidence in the St Barbara board’s ability to handle mergers and acquisitions after the $780 million acquisition of Atlantic Gold in 2019, which was partly funded by a bungled equity raising and was impaired by $248 million within two years of purchase.
The impairment was taken because of permitting delays and the realisation that the cost of building Atlantic’s cluster of gold projects in Canada’s Nova Scotia province would be higher than originally expected.
“They have spent $780 million of shareholder money and didn’t do adequate due diligence. That is just mind-bogglingly reckless in my opinion,” Mr Cranfield
PLenty of Oz Mining Companies have run into Canada, trumpets blaring, to now having to sound strategic "re-thinks" Stupidty in the mining industry knows no bounds
best
the gnome
All does not appear well in Camelot.
Consider all those high-brow economic models, the amount of brainpower employed — not to mention the huge store of data and experience — we can draw upon.
But our success rates in anticipating problems seem to be on the decline. When it comes to solving them, the situation is even worse.
Perhaps the reason isn't quite so mysterious. Just like religion, the theories around economics can be interpreted in whatever way best suits you. And the mdoels they have , have got so many degrees of freedom they are massively illconditioned and can be used and abused by all manner of theories. And, in an era when rational debate and a desire for consensus have been displaced by a polarising dash for the extremes, economics has become a turbulent battleground.
Take the debate over wages right now.
If you believe most business and bank economists, we're on the edge of an abyss. Just like in the 1970s, they argue, we are in the early phase of a debilitating cycle of spiking wages and prices that threatens our future and without firm action to stamp it out pronto, we'll be doomed.
It's an argument thoroughly embraced by the Reserve Bank of Australia, along with every other central bank. In a rare display of unity, all of them are in a panic, pushing through interest rate hikes at lightning speed to plunge a knife into the heart of what they fear most, inflation.
There's just one minor detail they appear to have overlooked. Things have changed since the 1970s, a lot.
Wages aren't soaring. And they're unlikely to. They might be rising at the fastest clip in seven years. But they have come off the back of the slowest growth in history and, in real terms, they are plunging.
Oz is in for another interest rate hike, which if not coupled with a wage increase will mean lower disposable incomes, and economic slowdown, to be polite. Busineses can give wage increases as there are no productivity increases, in fact there are massive productivity declines, due to covid induced work absences, government induced slowness in supply lines, and people being happy to work from home when they want... etc.
interesting times ahead, when the spin can't spin anymore BS
the gnome
Answer: “Due to the impact of increasing cost pressures, tightening terms of creditor payments, the impact of COVID-19 on staff availability, project ramp up issues and worldwide shipping constraints there is insufficient working capital to bridge the project to complete the development of the reset mine plan.”
Voluntary administrators claimed their client pursued different options to resolve the “cash flow shortfall”. However, they failed to secure financial accommodation from creditors and shareholders.
Cost structures in West Oz are influenced by those of the mighty Iron Ore Mines, which have so much margin that even wokist BHP and Riotinto cannot stuff them up
the gnome
Also found a Bonanza Zone at now defunct miner Wiluna Mining
https://www.linkedin.com/in/matthew-mcphail-47907446/
This kinda disturbs me - especially considering his former work is under scrutiny for possibly** fudging numbers (see bottom link to The Australian article) and is currently in liquidation of assets.
The timeline: Just after McPhail was hired by Centamin to oversee the underground at Sukari (November 2021) Centamin 'discovers' a bonanza grade zone - exactly what transpired at the now defunct Wiluna Mining during Mr McPhail's tenure:
"Multiple bonanza grades with abundant coarse gold intersected at the Happy Jack zone has confirmed that Wiluna’s namesake project is a high-grade system.
Resource drilling at Happy Jack returned a top hit of 0.76m grading 773 grams per tonne (g/t) gold within a 1.99m zone at 298.8g/t gold."
https://wilunamining.com.au/bonanza-gold-hits-are-a-promising-sign-for-wiluna-resource-growth/
https://wcsecure.weblink.com.au/pdf/WMC/02396969.pdf
So is it a quirky coincidence? Probably! But was this particular geologist hired because of his experience with complex free gold - or was he the impetus in magically finding a bonanza zone a month after he was hired?
Senior UG Geologist SUKARI GOLD MINES
Full-time Nov 2021 - Present · 10 mos
--------------------->>>
His former experience/history:
Wiluna Mining Senior UG Mine Geologist
Nov 2020 - Mar 2021 · 5 mos
UG Project Geologist UG Project Geologist
May 2020 - Nov 2020 · 7 mos Australia
"Interpretation with focus on ore body expression prior to LOM design. Structural analysis of drill data, UG mapping, wireframing, target generation, day to day production improvements within complex free gold..."
So how did Wiluna Mining go from amazing drill hits to defunct in just a short while?
And is this geologist/expert the best person to lead Sukari's bonanza grade zones in light of this questionable history?
** https://thewest.com.au/business/mining/wiluna-mining-administrators-at-fti-consulting-vow-to-probe-capital-raising-just-four-weeks-before-collapse-c-7717515
"Two weeks before it brought in the voluntary administrators, Wiluna swapped out its chair and also installed a new chief executive. It raised $57.4 million at the end of May, of which the administrators were still trying to find $7 million at the first creditors meeting on August 5."
Talk about keeping shareholders in the dark! Sounds all to familiar.
Shows inflation dropping last 5days
Agree Mr T- lost 2 mates to cancer since covid- we have one of the worse outcome rates in the rest of the world for cancer- and we have our saintly NHS! We pay GP's well over 100k after paying for their training and many get a shed load more by working in private sector also- and people say pay them more? Restrict their pay then they will have to work more than 3 days a week- no wonder so many retire early and only work 3 days a week- it's a national disgrace- most people work far hard then nhs people and yet the way the press report on nhs, you'd think they were the only people in the U.K. that know what hard work is