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Or could it have been a n absolutely lousy complacent CEO and senior management who lined their own pockets with huge salaries and bonuses while making a series of catastrophic business decisions and letting CNA decline to the point of being the dog of the sector it surely is today?
Problem is they don’t have anything they can sell to cut the debt. All they can do is try and trade their way out of trouble, which in the teeth of a likely recession is a tough ask. My guess is they will probably survive, but existing shareholders will suffer considerable dilution in the process. I also think the Indian ship graveyards will be busier than ever.
Sterling sank to an all-time low of $1.0350 Monday, as investors got spooked by new UK chief finance minister Kwasi Kwarteng's promises to cut taxes at a time when the UK is battling 9.9% inflation. However, the pound has fallen steadily against the dollar for the past six years, sliding over 23% from $1.44 on the eve of the June 2016 Brexit referendum. It dropped to $1.33 in just two weeks after the vote.
Brexit was fueling the UK currency's longer-term decline long before it plummeted to a record low on Monday, analysts said. It has hit the country's labor market and trade, and has contributed to rising inflation — weighing heavily on the UK's economic health.
"Brexit was always going to be a negative for the economy and the pound in the years immediately after leaving," Oanda market analyst Craig Erlam told Insider.
"It's impossible to quantify the role of Brexit in the pound's devaluation over the last six years. But it's clear that until now, it's done the UK economy no favors," he added.
Carnival (CCL) missed EPS and EBITDA estimates with its report and the update on advance bookings for Q4 fell below the historical normal range, which was unexpected just a few weeks ago. The cumulative advance bookings for the quarter were also noted to be at lower prices.
You can rant on all you like about mass hysteria , the biased left-wing media (that's a joke) and the dastardly markets. Truth is the Tories have shot themselves well and truly in the foot and at least for the duration they are scuppered. I would keep quiet if I were Starmer, just let them self-destruct. Let's see how Daggers goes down at the Tory Party conference, if anyone bothers to turn up that is. LOL
FULL LIST OF JDW PUBS SET TO CLOSE
Barnsley – Silkstone Inn
Beaconsfield – Hope & Champion
Bexleyheath – Wrong ‘Un
Bournemouth – Christopher Creeke
Cheltenham – Bank House
Durham – Water House
Halifax – Percy Shaw
Hanham – Jolly Sailor
Harrow – Moon on the Hill
Hove – Cliftonville Inn
London Battersea – Asparagus
London East Ham – Miller's Well
London Eltham – Bankers Draft
London Forest Gate – Hudson Bay
London Forest Hill – Capitol
London Hornsey – Toll Gate
London Holborn – Penderel's Oak
London Islington – Angel
London Palmers Green – Alfred Herring
Loughborough – Moon & Bell
Loughton – Last Post
Mansfield – Widow Frost
Middlesbrough – Resolution
Purley – Foxley Hatch
Redditch – Rising Sun
Sevenoaks - Sennockian
Southampton – Admiral Sir Lucius Curtis
Stafford – Butler's Bell
Watford – Colombia Press
West Bromwich – Billiard Hall
Willenhall – Malthouse
Wirral – John Masefield