Continued:
This takes the pressure off.
“It will also allow the Government to focus on guaranteeing future supply. It is a simple measure and it can be executed in a way that keeps the cost to the Government down.
Such a move would remove uncertainty and be positive for business and consumer confidence.”
Experts said that the move could require primary legislation to override existing contracts with electricity generators – and that action would need to be taken to disincentivise firms from simply exporting energy at existing prices rather than selling at lower rates to UK firms.
This weekend, Ms Truss was finalising plans for a Cabinet reshuffle, which is expected to sideline Rishi Sunak’s most vocal supporters.
Key allies of the Foreign Secretary are in line for plum posts, in addition to the expected appointments of Mr Kwarteng as chancellor, Suella Braverman as home secretary and Ben Wallace as defence secretary.
Wendy Morton, a transport minister, is thought likely to become chief whip and Nadhim Zahawi is being lined up to run the Cabinet Office, while Brandon Lewis, the former Northern Ireland secretary, is expected to become justice secretary.
Rishi Sunak’s team is said to have carried out considerably less work on constructing a ministerial team, given his position significantly behind his rival in the polls.
But an ally of the former chancellor said supporters of Mr Sunak were “genuinely sceptical” of polls showing Ms Truss far ahead of her rival, insisting that he still had “a very slim chance” of a shock win.
Allies of Mr Sunak said he must be “treated properly” by Ms Truss if she becomes prime minister and not sent into exile for years on the backbenches. “She can’t behave like Boris did in 2019,” said one ally. “She didn’t get [support from] that many MPs – it’s a different environment to when Boris won. She can’t act like a terrorist.”
But the Foreign Secretary’s team believe Mr Sunak effectively ruled himself out of a government post when he said: “One thing I have reflected on a bit being in government and cabinet [is] you really need to agree on the big things because it’s tough, I found, if you don’t.
“I wouldn’t want to get into a situation like that again.”
In an interview with The Telegraph, Dominic Raab, a supporter of Mr Sunak who is expected to lose his post as Justice Secretary, admits he has a “50/50” chance of losing his now-marginal Surrey seat at the next election – but insists he will not take up a seat in the House of Lords.
Also writing in The Telegraph, Sir Keir Starmer, the Labour leader, gives an indication of his likely line of attack at the new leader’s first Prime Minister’s Questions on Wednesday, stating: “There is no sign that either Rishi Sunak or Liz Truss have grasped the scale of what is facing us, let alone possesses the answers to it.”
He adds: “The centre is not holding. Things, it feels, are falling apart.”
End. The rest of the article and probably the last
Afternoon all - this is my first post on LSE in quite some time. Been following HBR the past few months and am long on this company.
Wondered if anyone has any further insights to this article. My main concern is a price cap she imposes on domestic gas which would form part of a market overhaul and keeping supply domestic by overriding existing contracts with legislation- surely that would limit the upside potential of HBR. I get the price floor that's in for the unhedged O&G but can't help think the market will punish Oilers if Truss does something "sensible" by hoarding gas for the UK at low prices. Thoughts?
"Liz Truss will declare on Sunday that she will do away with “sticking plasters and kicking the can down the road” in order to fix Britain’s energy market and reinvigorate the economy.
A source close to the Foreign Secretary, who is considered highly likely to be announced as the next Conservative leader on Monday, said she would embark on a “two-track approach”: unveiling immediate financial support for households while also trying to solve the deep-rooted problems exposed by the impacts of Covid and the war in Ukraine.
Writing for The Telegraph, Ms Truss pledges to set out immediate action on energy billsand energy supply” in her first week in office, as a prelude to a budget that would take place later this month.
Ms Truss writes: “We need to take the difficult decisions to ensure we are not in this position every autumn and winter. Sticking plasters and kicking the can down the road will not do.”
While aides insisted that plans for reform were yet to be finalised, Ms Truss’s pledge to avoid relying on temporary solutions to the problem of soaring energy prices suggests that the Foreign Secretary is preparing for an overhaul of the market.
Both Boris Johnson and Kwasi Kwarteng, who is expected to become Ms Truss’s chancellor, have suggested that changes are needed to the current situation in which domestic electricity bills rise in accordance with the “vagaries of the global gas price”.
Ms Truss also reveals that she will set up a “council of economic advisers”, comprising “a team of world-class economists, so my chancellor and I have the best ideas and latest research on how to get the economy moving”.
The move will be seen as an early signal of intent after Ms Truss repeatedly insisted that she would fight the “Treasury orthodoxy” that she says has led to tax rises and an acceptance of excessive monetary supply.
Gerard Lyons, an influential economist who advised Mr Johnson as mayor of London, is said to be in line for a role on the panel.
In a separate article for The Telegraph, he backs the idea of a cap on the wholesale price of gas produced in the UK, as he said the new prime minister’s first task would be to “tackle energy prices head on”.
The dislocation in energy prices is now such that it makes sense for the Government to step in and protect people and firms by fixing wholesale energy prices
Great chain thanks for starting JTF.
For me ARB is fairly valued compared to Mara and Riot. As and correct me if I'm wrong but the things holding us down are the number of outstanding shares which is 4x greater than the competition and our current/projected HODL for the year - 2500 approx for ARB, Mara currently over 5000.
So (and please correct me if wrong) it makes sense that our SP is around $2. So I've been doing a rough calculation to say if our number of outstanding shares were 25% of what they are now that puts the SP at $8 and if our HODL at year end was double as well put it at $16. Its very crude but makes sense in my head. I welcome a more informed view from the group but completely get the challenge of putting a number against these things.
Thanks
LM
Link below
https://twitter.com/BabyStockTrader/status/1395774246270418945?s=19
Don't know how much stock to put into this atm - but worth noting if true.
Update on China "ban"
I'm hearing this: "According to our sources in China, the ban on mining is only restricted to mining run by coal fired power plants(a limited ban) and this has always been the case. Mining based on hydro power plant is not banned. There is a good chance this is just another FUD."
Just wanted to say thanks to the usual crowd of posters who provide useful information on ARB and who keep a cool head with their posting. It makes sifting through some of the dross more bearable.
You know who you are so thank you again.
Here's to a good finish to the week.
Check out the list of companies on the NASDAQ itself. I found several that are cheaper than ARB and some less than $1.
Pretty sure Delacey is right it matters at application (having done some reading) after that its more of a judgement call by the PTB as to whether admitting or keeping a company on the NASDAQ will harm its integrity and credibility.
https://www.centralcharts.com/en/price-list-ranking/ALL/asc/ts_19-us-nasdaq-stocks--qc_1-alphabetical-order
Thought I would inject some humour to the board today and share this that I just got from Papa Johns of all people:
What's not to love?
We’ve partnered with Luno to turn pizza into Bitcoin!
For every order you place online or via the app with this offer, you'll receive £10 worth of Bitcoin absolutely free*. What's more, you'll be entered into a prize draw with a chance to win 1 Bitcoin worth £40k* or free pizza for a year!
Thought this might lighten the mood for a few - it certainly won't lighten my waistline!
Hive mind (pardon mentioning the competition). Does anyone have a reasonable theory for todays performance? I.E large background seller, being shorted, being walked down due to demand?
It feels like its being shorted but I can't see much shorted volume that's open. Thoughts appreciated. Hold strong argonaughts
A question for the group - I'm hoping someone can enlighten me. The results show over 2000 Bitcoin mined in 2020 but our current HODL is 764 (if memory serves). Did they use what was mined last year to cover operating costs etc and have since changed strategy to HODL and use the funds raised and the credit facility to cover operating costs going forward? I think I'm missing something - so would appreciate a more informed view.
To all the De-rampers I ABSOLUTELY BELIEVE in ARB, just looking for some info before you try to warp this question. Thanks all