Debenhams enters the administration, destroying Mike Ashley's bet
Debenhams has taken over its lenders, destroying shareholders, including Mike Ashley Sports Direct, and paving the way for the closure of thousands of jobs.
Ashley, who spent at least £ 150 million on a 30% Debenhams share, lost after the company and its lenders rejected the last ditch offer for a new £ 200m, because it was dependent on becoming an executive director. Sarah Butler.
Full story here:
An interesting story about bitcoin (remember that?) Has been affected by wires. Reuters reports that China plans to ban cryptocurrency "extraction".
The Chinese National Planner has published a draft list of industrial activities that the Agency is trying to halt, pointing to growing government pressure on the crypto currency sector. China is the world's largest hardware market for mines of bitcoin and other cryptic currencies, although such operations were previously regulated in the gray area.
Relocation can have something to do with the truly horrific amount of energy used to make a currency. Learn more about it here:
Mike Ashley's time to pretend and admit that his nearly 30% rate will be destroyed by some city analysts.
AJ Bell Investment Director Russ Mold compares Ashley with a "greedy child who wants a new toy" – even after having benefited a lot last year. He said:
While Mike Ashley seems to have a passion for excitement, it is time for him to acknowledge the defeat of Debenhams and add another series to the front of his retail empire.
Someone needs to touch him on the shoulder and remind him that he's already got a core business and a little more attention would be good.
Share Sales Team Berenberg investment bank agreed: the risks associated with the Sports Direct strategy are very high, even if they were successful, with great work to return to Debenhams. They said:
We still believe that this prolonged sore is a major management disruption at a time when the main Sports Direct business is under pressure.
We get even more of one of today's great stories: the ultimate game of Mike Ashley's Debenhams persecution.
Ashley's Sports Direct has offered Debenhams a £ 200m injection of money during the last attempt to reach an agreement that would prevent it from participating in the destroyed company, writes Guardian Sarah Butler.
However, it is expected that the department store group will reject the last offer because it is still linked to Ashley, appointed CEO of group lenders.
Debenhams continues to move to lenders on Tuesday through a “pre-pack” administration that would allow stores to continue trading, but making the shares worthless.
British retailers accused this morning of Brexit for more detention – with consumer bias it was considered an important factor in the UK's recent sub-sample growth rate.
The British Retail Consortium (BRC) and the accounting firm KPMG indicated that sales fell to 0.5% year-on-year in March, compared with an annual growth rate of 2.3% per year, as consumers were lagging behind the big ticket expenses. Richard Partington.
Although the Easter timeline may have caused disruption to the figures, uncertainty hampers consumers, BRC said. You can read more here:
Michel Barnier, an EU Brexit negotiator, is currently holding a press conference.
He has suggested that the EU could not give up the spirit of Article 50 unless it supports a customs union, Andrew Sparrow reports on live Guardian policy.
Sterling It is about EUR 1,1609 at the time of writing, but in the morning trade, although yesterday's range of movements, turned back and forth.
After the US dollar, the pound has risen by 0.15% to $ 1.3087.
You can follow the press conference and all the policies here:
Even more tariff responses: While Donald Trump describes his tariffs as part of his America First policies, most economists believe that they mainly serve to raise prices for consumers, but the people the US President says he wants to help.
Paul Donovan, chief economist UBS Global Wealth Management, this morning tariffs were described as "tax increases" that would directly affect consumers.
US President Trump has prepared a small list of things that US consumers can tax on buying. The latest rounds of tariffs are aimed at the European Union following the World Trade Organization ruling against subsidies to Airbus.
Regardless of whether the WTO rules against Boeing in a similar case will not yet be visible, whether the new US enthusiasm for the WTO will continue.
The White House's willingness to follow WTO processes in this case could actually be beneficial to the Donovan organization involved.
Let's look at the list of products at risk if the US is following the $ 11 billion tariff threat.
Like the previous EU threats affecting American export icons, such as Harley Davidson, Levi jeans and whiskey, the US is targeting some symbolic European products.
There is no list of military aircraft that obviously refers to the origin of the dispute in the EU subsidies to Airbus. At the moment, Airbus shares have dropped by 1.7%, although it is worth noting that they are still over 40% per annum because the US rival Boeing has been hit by the collapse of two air crashes, which has led to the cause. its 737 fleets.
Despite the aircraft, however, there are culinary delicacies that can be subject to tariffs. Swordfish steaks, salmon fillets, crabs, scallops, mussels, oysters, octopus, various jams and olive oil are included in the list of 12 wine categories to wash.
Approximately 40 cheese categories are listed, including roquefort, pecorino and Gouda, as well as British stilton and cheddar – even 'American cheese' from the EU.
Other more unusual (and non-food) products are ski suits, swimwear, hunting knives and even lockable wall clocks.
The full list is here.
European stock markets have started tomorrow after they had fallen tomorrow.
The FTSE 100 is now just under three points or 0.04%. Germany Dax France has fallen by 0.14% Cac 40 has decreased by 0.1%.
The wider Stoxx 600 the index has increased by 0.1%.
It seems the EU is going to react to Trump's latest tariff threat in kind, according to Bloomberg.
Economists believe that setting tariffs for pups, as it is unable to reach a compromise, can rapidly expand into a complete trade war.
Nissan accuses Carlos Ghosn of "apparently unethical action"
Nissan has responded to Ghosn's video, blaming his former leader's foot.
For the first time, the Japanese automaker reported on the Ghosn authorities about a possible understatement of his income, resulting in his arrest in November. Another former Nissan CEO Greg Kelly was arrested.
In a statement, Nissan said:
The only reason for this chain of events is the violation led by Ghosn and Kelly. Nissan's internal investigation has revealed substantial evidence of obviously unethical behavior. As a result, the unanimous board voted for the release of Ghosn and Kelly from the chairman and the deputy director, followed by a shareholder vote to release them from the board.
Further discoveries related to Ghosn's violation are revealed below. The company's focus is still on gaps in management that prevented this violation.
If you only have eight minutes of useless, Carlos Ghosn's pre-recorded video (see 08:06) is definitely worth a look at as one of the most dramatic recent corporate offenses.
Ghosn's lawyer has said that the video was edited to remove the names of people, according to Agence France Presse, but he did not pull out many other punches. He intended to report in person at a press conference, but was canceled before coming.
Former Nissan boss accused unnamed former colleagues to seize him to prevent the Japanese car manufacturer from losing control of his alliance with Renault.
But an important – and geopolitically interesting – point from Deutsche Bank's macro-strategist analysts led by Jim Reid: Tariffs will only be introduced after the World Trade Organization (WTO) takes the final decision on EU subsidies this summer.
Reid and his colleagues Craig Nicol and Quinn Brody wrote:
The Trump administration has not always trusted the WTO in these matters, so it's interesting that they are here. The list includes new passenger helicopters, various cheeses and wines, ski suits and some motorcycles.
This information may also remind investors that the US report on country risk of auto import was returned in February without a formal response. Given that the US first complained to the WTO about Airbus subsidies 15 years ago, it has been a long-standing dispute.
The reliance on the WTO now seems to be a strange step, given that Trump almost systematically abolishes its legitimacy and the obvious misconception that it is conducting.
But given that the US has made real progress with the WTO decision on EU Airbus subsidies, they may consider it appropriate to implement a traditional rules-based approach, even if they are trying to substantially reduce the WTO.
As a remark, it is worth mentioning the timing of these disputes, too: trade negotiations are difficult.
Let's take a reaction to the US $ 11 billion tariff for EU goods.
Neil Wilsonmain market analyst Markets.comsaid that the threat of tariffs seems to be a rather limited problem, but added that there was a "risk that the EU could react in kind" and not doing anything to ensure the confidence of EU companies.
We are now back where we were before Juncker's visit to Washington – there is a real risk that there will be a trade struggle between the EU and the US and therefore it should consider the risk.
Meanwhile, we are still waiting for success between the US and China – despite the warm words, so far nothing has happened.
The decision does not increase trade between the EU and the US, threatening car tariffs, which would be a big blow to relations and possibly to the global economy.
Lee Hardman and Fritz Louwcurrency analysts MUFGsaid the return to the EU-US trade war could undermine the euro's prospects.
In the event that the Trump administration also decides to raise tariffs on auto-dumped imports, the negative risks for the euro that could arise from increased trading tensions will increase significantly.
In May, EU colleagues will need to be convinced that she can make real progress, whether it is a compromise with the labor market, or if she can somehow get her withdrawal deal through Commons.
Andrea Leadsom, the leader of the communal house, has just said that the best possible outcome will be the acquisition of a May / EU deal through parliament – if the EU supports measures involving a cumbersome backlash, an insurance policy at the Irish border.
You can read more about Brexit here:
Starting with new news, we live in the blog we've got three posts without mentioning the B word. But Brexit is only three days unless something comes.
Early signs, before tomorrow's European leaders summit, suggest that in the coming days we can bumpy ride.
Prime Minister Theresa May Go to Paris and Berlin to refer to Angela Merkel and Emmanuel Macron for Brexit extension today, but the French EU minister said he wanted the UK to give a good reason for a longer negotiation period.
EU ministerial meeting today in Luxembourg, France Amélie Montchalin said: "We want to understand what the UK needs for this extension."
Then comes the conditions; what role does the United Kingdom want during this extension, what kind of decisions it wants to participate in.
Bruno Le Maire, French Finance Minister, said earlier that France had a clear reason for any Brexit delays.
Europe's major stock markets have all declined as investors are taking into account the US $ 11 billion US dollar bill threat.
During the initial trading period, London FTSE 100 fell by 0.2%, while German Dax and French Cac 40 fell by 0.3%.
Shares AirbusThe French and German planemaker trade dispute centered down 2.3%, making it the worst performer of Cac 40 in early trading.
Carlos Ghosn blamed "conspiracy" on Nissan for his arrest
Carlos Ghosn, a former Nissan boss, blamed a "conspiracy" for his arrest and continued detention in Japan.
Ghosn faces a number of payments from Japanese prosecutors, including inadequate reporting of their income to the authorities. He is also accused of ethical misconduct by Renault, a French automaker whose alliance with Nissan has been under pressure since Ghosn's arrest.
In a video report that was recorded last week before his back seat in Tokyo, Ghosn said he was a threat to Nissan's staff, who thought the plan for a closer alliance with Renault would jeopardize the autonomy of the Japanese automaker. He said:
It's a conspiracy. It is not about specific events, it is not about greed, not about dictatorship. It's about a plot, it's about conspiracy, it's about readmission.
Ghosn said he had been unfairly painted as a dictator trying to discredit him.
I am innocent of all charges against me. I am also innocent of all the accusations of these accusations, all biased, taken out of context, twisted to paint the personality of greed and the personality of the dictatorship.
However, Ghosn said that his love for Nissan and Japan has been "unconscious" since his arrest in November.
I love Japan and love Nissan. No one in the country spends 20 years, no one in 20 years running a company without love and without attraction.
Introduction: Trump offers tariffs for EU goods worth US $ 11 billion
Good morning, and welcome to our global economy, financial markets, eurozone and business circulation.
Donald Trump The White House threatened to charge EU goods worth US $ 11.2 billion, including French cheese, wine and aircraft, which would greatly increase trade tensions between the world's largest trading blocs.
Short US Sales Representative Robert Lighthizer announced a list of items that could be affected by tariffs on Monday night, taking revenge on EU subsidies to the European air and space manufacturer Airbus.
The 14-page list has some rather symbolic goals with 'French cheese', Roquefort cheese, wine, champagne, olive oil and seafood such as oysters.
Airbus and Boeing, the two largest operators in the civil aviation and space industries, have been the main efforts in the fight against subsidies granted by their respective governments. Lighthizer said:
This case has been in court for 14 years and it is time to take action. The administration is about to react immediately when the WTO will issue conclusions on the value of US countermeasures.
Our main goal is to reach an agreement with the EU to put an end to all controversial WTO subsidies for large civil aircraft. When the EU ceases these harmful subsidies, the additional responsibility imposed by the US can be lifted.
In the city of Debenhams, it is likely to reject the Sports Direct 200 million pound offer to take over the chain of distressed department stores.
There is still a condition that Sports Founder and Comprehensive Retail Impression Mike Ashley becomes CEO of Debenhams. In the previous form, which is unlikely to have been with Debenhams' advice, it means that the administration of the pre-packaging could still be.
Here you can read more details:
And later we will hear from our International Monetary Fund about our latest thoughts on the outlook for the global economy.
- 14.00 BST: International Monetary Fund World Economic Development Press Conference
- 15:00 BST: US JOLT jobs