Member Info for fleccy

"EDF Energy is a British integrated energy company, wholly owned by the French state owned EDF (Électricité de France), with operations spanning electricity generation and the sale of natural gas and electricity to homes and businesses throughout the United Kingdom."

Most of the UK utilities seem to have been taken over by EU companies at some point, the French Government even own 55% of Eurostar through SNCF's holding. The UK's share was apparently sold off to private investors.

https://www.forbes.com/sites/chrisobrien/2021/05/31/eurostar-gets-290m-bailout-to-continue-channel-tunnel-trains/

Who let the Europhiles in?

I watched CNBC today, and some European analyst mentioned Brexit, as did Lagarde, the narrative was that the UK need to raise rates because the EU workers have left the UK never to return, what a crof sh!7. All my recent real world conversations have been about everything but Brexit, topics like Ukraine, Bitcoin, Covid becoming endemic, and Boris are examples I can remember. I never hear anyone mention the number of deaths due to covid, in fact most discuss how everyone they know who caught the virus compared it to the common cold. I know it's disappointing to some on here, who try and keep the Brexit debate alive, but it's no longer on the radar of most people in the UK.
As far as the EU's concerned, they're in far deeper trouble than the UK, the ECB can't even raise rates in the midst of rampant inflation, and just make weak excuses as to why they are following a different path than the BOE. It will be really interesting to see how the UK and EU inflation figures compare going forward, since the BOE seems to be treating it with more urgency.

"More like a country of lazy bodgers led by a clown. And I’m English."

You should avoid sour European grapes

"I am not selling"

Neither am I. £2 plus in the next couple of years, imo.

"So typical of the French! Blame the British for global inflation!"

The script is, that all Europeans leaving have left us unable to switch the lights on, so we'll have to pay a British Electrician an astronomical fee to flick the switch instead lol. Clearly they don't realise we're a country of DIY'ers.

The Euro has taken off against the USD, with the ECB holding rates.

https://www.xe.com/currencycharts/?from=EUR&to=USD&view=1D

And after an initial dip it's outperforming sterling.

https://www.xe.com/currencycharts/?from=EUR&to=GBP&view=1D

Then there's sterling vs USD

https://www.xe.com/currencycharts/?from=GBP&to=USD&view=1D

Madame Lagard blames Brexit for the BOE raising rates, while the ECB sit on their hands. The ECB are plying with fire in my opinion, time will tell.

"Good luck to all you who will retain their holdings. We are getting out.
every blessing
Rev Shep"

"Look straight ahead, and fix your eyes on what lies before you. Mark out a straight path for your feet." Goodbye and God bless.

"I think you will find the interest rate rise was totally expected."

Maybe he was being ironic.

"I believe Baltic states are pushing 10%"

I saw that on CNBC too.

"ECB have have decided on unchanged rates"

Unbelievable since some of the Euro area countries have higher inflation than the UK.

BOE raises rates and ECB holds rates, and European Deutsche Bank is outperforming Lloyds, you couldn't make it up.

https://www.google.com/finance/quote/LLOY:LON?comparison=ETR%3ADBK

"I also wonder if the carrier capacity between a large rural cell is comparable with a satellite. A bit like comparing a B road with the M25. Must be a profit curve moving from urban wifi to rural cell v satellite. Interesting now I am thinking about it"

My experience was in line of sight terrestrial links at 10Ghz, 13Ghz, 23Ghz, and 50Ghz. 10 and 13Ghz had good rain fade characteristics, 23Ghz not so good, and 50Ghz was only used for short range communication up to a couple of miles. The customer facing radios were low power, around 20dbm (100mw), with higher power 10/13 Ghz backhaul radio using travelling wave tubes to amplify to over a Watt, ensuring reliable transmission for higher bandwidths in bad weather. The required gain is achieved using amplifiers and directional antenna's (Dish's)
The technology has moved on a lot, by the look of things, with mobile cells using phased array antenna's (MIMO) and 5G Massive MIMO, to service many users giving the best compromise gain in multiple directions on different channels. Also to cram data into the available bandwidths, they use a technique called QAM, which uses phase changes to modulate the carrier wave; The higher the QAM rate, the higher the bandwidth, with more power and better conditions required to transmit and recieve reliably.
I think the idea with Starlink is to have multiple satellites, with the customer dish selecting the best line of site signal available to particular satellites, but if it's hammering down, the rain fade attenuation will severly attenuate the signal in all directions, even overhead. The problems get worse as you move up the mm Wave band, so the lower the frequency, the less the atmospheric problems. The Earth station uplink/downlinks will have much higher bandwidth requirements than customer terminals, as they will carry the aggregated data, with much higher powers and big dishes. I suppose time will tell how LEO's perform in bad weather, and what sort of reputation they'll get. In arid climates, like Africa, with clear sky's, rain fade probably wouldn't be a big issue, but the UK's a different matter lol.

"Not correct. All the latest satellites to be launched into GEO which is far more demanding than LEO, use mm Wave carriers at Ka band"

Are you sure that isn't allocated for the Earth station Uplink/Downlinks, rather than user terminal Equipments?
The rain fade attenuation in the Ka band would disrupt communications at low gain/powers in bad weather. Even in the Ku band, atmospherics would be an issue, in really heavy rain, but not nearly as much as the Ka band, so isn't it more likely that the Ku band, or lower, would be used for user terminals?

"2. Limitations on use
2.1 The Station(s) operating with Geostationary Satellites shall:
a) transmit within one or more of the following frequency ranges: 14.0-14.25 GHz,
27.5 - 27.8185 GHz, 28.4545 - 28.8265 GHz, 29.4625 - 30 GHz;
b) transmit only to the satellite and its associated orbital longitude specified in
Schedule 2;
2.2 Land Station(s) operating with Non-Geostationary Satellites shall:
c) transmit within one or more of the following frequency ranges: 14.0-14.25 GHz, 27.5 - 27.8185 GHz, 28.4545 - 28.8265 GHz, 29.5 - 30 GHz;
d) transmit only to the satellite network specified in Schedule 2;
2.3 Aeronautical Station(s) operating with Non-Geostationary Satellites shall:
e) transmit within one or more of the following frequency ranges: 14.0-14.25 GHz;
f) transmit only to the satellite network specified in Schedule 2;
2.4 Additionally:
g) stations(s) that transmit with e.i.r.p. greater than 55 dBW shall operate only with prior consent from Ofcom and registration of the station(s) against the licence;
h) station(s) that transmit within the frequency range 14.0 - 14.25 GHz inclusive shall not operate at any location that is less than or equal to 5 km from the two geographical locations specified in Schedule 3 without prior consent from Ofcom
and registration of the station(s) against the licence;
i) station(s) that transmit with e.i.r.p. greater than 50 dBW and less than 55 dBW (50 dBW < e.i.r.p. < 55 dBW) in the frequency range 14.0 - 14.25 GHz inclusive shall
not operate at any location that is greater than 5 km and less than or equal to 7 km from the two geographical locations specified in Schedule 3 without prior consent from Ofcom and registration of the station(s) against the licence; and
j) station(s) shall not operate within the perimeter fence of any of the aerodromes specified in Schedule 4 without prior consent from the Civil Aviation Authority or stated Airport Authority."

https://www.ofcom.org.uk/__data/assets/pdf_file/0030/212997/starlink-internet-services-limited_redacted.pdf

"with regards the super-tax on the CAPEX to be claimed.....is the situation now that they are paying out for the CAPEX but the tax reclaim is sitting on the books , at the moment ?"

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/967202/Super_deduction_factsheet.pdf

I suspect the tax relief benefit wont be realised until Full Year results, but I'm only guessing

"with regards the super-tax on the CAPEX to be claimed.....is the situation now that they are paying out for the CAPEX but the tax reclaim is sitting on the books , at the moment ?"

https://smallbusiness.co.uk/super-deduction-tax-break-what-is-it-and-how-does-it-work-2552304/?gclid=CjwKCAiAl-6PBhBCEiwAc2GOVBizZeKUx0oxIf__pA5zIBtmFU7XLCjYJykDHRZHOK9VWLSKHtlGNhoCi9YQAvD_BwE

"How the super-deduction works
The super-deduction offers 130 per cent first-year relief on qualifying main rate plant and machinery investments from April 1 2021 until March 31 2023 for companies.

For most business equipment, there will be a super-deduction of 130 per cent of the expenditure incurred. This will mean that on a spend of £100,000, the corporation tax deduction will be £130,000, giving corporation tax relief at 19 per cent on £130,000, which is £24,700.

Normally such expenditure would either fall within a company’s annual investment allowance and produce relief of only £19,000 or alternatively be tax-relieved at 18 per cent of the cost per annum.

For a company with an accounting year to 31 March, the super-deduction calculation is straightforward. That’s also the case for any other year-end providing the year-end falls before April 1 2023 – for example expenditure in the year to December 31 2022.

“But it’s very different for the next accounting year,” said Will Silsby, technical officer at the Association of Taxation Technicians (ATT). “Where that year begins before April 1 2023 but ends after that date, the super-deduction 130 per cent percentage is reduced in order to ensure that a company paying corporation tax at the 25 per cent main rate from that date does not get both the 30 per cent enhancement on its expenditure up to March 31 2023 and tax relief on that expenditure at 25 per cent.”

Silsby adds that in the drafting process, the situation of companies entitled to the SPR appears to have been overlooked. “They still incur the reduction of the super-deduction percentage despite the fact that they will only get tax relief at 19 per cent,” he said.

Taking the example of a company which incurs qualifying expenditure of £20,000 in the first three months of its year to December 31 2023, it will be entitled to the super-deduction but only at 107.4 per cent rather than 130 per cent. So the £20,000 is enhanced to £21,480 (instead of £26,000) and with the SPR rate of 19 per cent, the tax reduction on the expenditure will be £4,081.20 (which is 20.4% of £20,000). If the same expenditure had been incurred in the company’s year to December 31 2022, the tax reduction would have been £4,940 (which is 24.7 per cent of £20,000).

Nigel May, partner at MHA MacIntyre Hudson, said: “Companies looking to use this relief will need to take care when the assets that the expenditure relates to are sold: tax charges may then arise clawing back the relief. It is perhaps worth noting that certain expenditure is excluded, in particular the acquisition of compa

"No I think you miss the point. BT shouldn't be in the business of sports, they should be focussing on what they do well and that is telecommunications. Any JV means that BT are going to still be involved in the business of sports."

Once BT sport is embedded within the JV, then BT will have divested of it anyway. There's a lot going on around US media streaming companies, BT must have had good reason to follow the JV route, with Discovery, rather than selling to DAZN. Maybe DAZN tried to squeeze BT, and put too many conditions on the sale; Maybe BT see better value in the JV, with a better price from a sale to Discovery later. I expect BT will probably sell their share in the JV, to Discovery, somewhere down the road.

"I'm not bothered about daily share price movements, the market will decide this. The bigger picture is that once FTTP is built by year end 2025 BT will be in a very strong position for years to come churning out very good dividends."

I agree, todays fall was primed at the weekend with the usual pre-result speculative articles about VMO2, and I believe this mornings drop would have happened irrespective of the results, and we should have expected it in view of previous price action on results days.

"Just to bounce hard the next day. As per last year"

It's all part of the shake out and mop up strategy, the big players use, in my opinion.

Takes a hammering after results yawn, all in the script.