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Lloyds expects lower income in 2012 – FT.com

February 24, 2012 Leave a comment

Lloyds expects lower income in 2012 – FT.com.

So here we have it. A state owned bank, predicting a gloomy economy ahead.

Interesting then that companies such as Easy Cash Loans http://www.easy-cash-loans.co.uk/

and QuickQuid http://www.quickquid.co.uk/

to name just a few, can charge APR’s of circa 1730%

Hang on, have I made a mistake, did that really say one thousand seven hundred percent?

Assuming there is some demand for these types of loans, which judging by the TV advertising, seems to be a fair assumption, why are our state owned banks not lending to smaller customers at reasonable rates. Furthermore, can you imagine the uproar if a bank tried to charge an APR of 1700%

Common sense, don’t leave home without it.

MP Eric Joyce Charged With Common Assault Over House Of Commons Alleged Fight | Politics | Sky News

February 24, 2012 Leave a comment

MP Eric Joyce Charged With Common Assault Over House Of Commons Alleged Fight | Politics | Sky News.

What exactly is an alleged fight?

There was either a fight or not a fight?

In any case what kind of message does this send out to the country and the World?

Has Mr Bercow got his priorities wrong?

February 24, 2012 Leave a comment

BBC News – Speaker Bercow ‘horrified’ at MPs’ £30,000 plant bill.

A photo of John Bercow, Speaker of the House o...

A photo of John Bercow, Speaker of the House of Commons of the United Kingdom (Photo credit: Wikipedia)

Plenty to say about fig trees but nothing to say about Eric Joyce?

http://bit.ly/wBwT1x

As Greece struggle to survive, there’s still plenty of cash out there..

February 22, 2012 Leave a comment

As Greece struggles to stay afloat, entirely dependant on the greatest ever Euro tax payer Ponzi scheme, the rest of the world is flush with cash.

In the past few days Private Equity is seeking to raise funds to fuel takeovers. No doubt some of their targets will be the beleaguered small companies that are struggling to raise finance in the traditional manner, through the banking system. So whilst the ECB remains insistent that banks build up their reserves, the opportunity for battered state-owned banks to recover taxpayers funds takes another blow.

Common sense, don’t leave home without it.

 

Thank you to Bloomberg & The Telegraph

Advent Said to Target 7 Billion Euros for Biggest Buyout Fund
2012-02-22 14:22:25.539 GMT

By Anne-Sylvaine Chassany
Feb. 22 (Bloomberg) — Advent International Corp., the
Boston-based leveraged buyout firm founded by Peter Brooke, is
planning to seek 7 billion euros ($9.3 billion) for its biggest
fund, a person with knowledge of the matter said.
The firm is scheduled to detail its fundraising during an
investor meeting in early March, said the person, who declined
to be identified because the talks are private. The fund will
target European and North American deals.
Advent, which raised a 6.6 billion-euro fund in 2008, is
coming back to investors after London-based BC Partners Ltd.
said yesterday it amassed 6.5 billion euros for leveraged
buyouts in Europe, surpassing its target thanks to demand from
sovereign wealth funds in the Middle East and Asia. Advent is
joining rivals including New York-based KKR & Co., and London-
based Apax Partners LLP and Cinven Ltd. in seeking money for
deals as investors say they want to put less in fewer funds.
“Despite the recent deterioration of fundraising
conditions, the number of funds currently raising or looking to
raise imminently is as high as it has ever been,” Armando
D’Amico, managing partner at London-based Acanthus Advisers
Private Equity Ltd., which helps firms raise funds, said in an
e-mail. “The result has been funds continuing to take longer to
raise, making numerous interim closes significantly under
target.”
An official for Advent declined to comment on fundraising.
LBO firms raised $71.2 billion last year, 7 percent less
than in 2010, and 70 percent less than in 2007, the industry’s
peak, according to London-based researcher Preqin Ltd.
Founded in 1984, Advent invests in industries such as
health care, financial services, technology and retail. Recent
purchases include Royal Bank of Scotland Group Plc’s credit-card
payment processing unit jointly with Bain Capital LLC for 1.7
billion pounds ($2.7 billion) in 2010 and Francois-Charles
Oberthur Fiduciaire SA’s smart-card unit last year. The new
fund, like the previous one, will target acquisitions in North
America and Europe, the person said.
Advent’s fundraising plans were reported earlier by Private
Equity International, a trade publication.

BC Partners Raises £5.4bn for Latest Fund as It Bids to Hold on to Fitness First
2012-02-22 06:10:39.332 GMT

Helia Ebrahimi
Feb. 22 (Telegraph) — BC Partners has raised €6.5bn
(£5.4bn) for its latest fund, just as the UK private equity firm
fights to retain control one of the oldest companies it owns –
gym chain Fitness First.
BC said its European Capital IX had been oversubscribed
thanks to “strong demand” that boosted the firm’s investor base
by 60pc. The fundraising will be seen as happy news for the
private equity industry, which is vying to raise more than €530bn
over the next year.
However, vulture fund Oaktree has already snapped up more
than a third of the senior debt in Fitness First – giving it a
blocking stake ahead of this month’s covenant test.
At a meeting with lenders two weeks ago, BC Partners warned
lenders that the company might miss the February interest
payment, too. BC is trying to prepare a new business plan to
present at the end of March.
The strategy will seek to create huge cost savings and
increase the company’s cash generation – but missing an interest
payment will make Fitness Frst vulnerable to being pushed into
insolvency by its lenders. However, only 20pc of the company’s
earnings come from the UK – so lenders’ ability to take control
globally will be much more complex despite having picked up debt
for just 73p in the £1.
However, BC’s ability to raise such a large fund will
encourage rivals, such as Permira and Cinven, which are also
tapping up investors. Last year only €43.2bn was raised compared
with €109.1bn in 2007.
BC’s two largest investments came from sovereign wealth
funds in China and Singapore, which along with other Asian
investments accounted for nearly €2bn.
The US was the biggest source of income with 40pc of the
fund raised in North America. Pension funds accounted for €2.4bn
of the fund and sovereign wealth funds contributed a total of
€1.6bn.

How much debt is there really in the world?

February 20, 2012 Leave a comment

Bank of England

Bank of England (Photo credit: Matt From London)

Global Financial Crisis: A World in Debt.

Interesting graphic on how much money the world owes. Question is, who is it owed to? If all the world nations own each others government bonds and everyone is paying interest for the right to borrow, surely the whole thing is somewhat pointless!

So what is the option? Two choices, either default together or run a bigger back book.

Common sense, don’t leave home without it.

Shock news as Greece joins eurozone 1 Jan 2001, read this!

February 17, 2012 Leave a comment

BBC News | BUSINESS | Greece joins eurozone.

Anyone interested in the euro or Greece should read this article from the BBC published 11 years ago.

Seems like nothing much has changed, except governments, politicians.

Different faces but the issues look to have remained the same.

Common sense, don’t leave home without it.

U.S. Air Force to buy up to 18,000 iPads for flight crews – New Mexico Business Weekly

February 15, 2012 1 comment

U.S. Air Force to buy up to 18,000 iPads for flight crews – New Mexico Business Weekly.

Don’t get me wrong, I love the iPad.

I am the proud owner of the iPad1 and it’s great for reading newspapers, tweeting, FB, music, photos…you name it, a fantastic piece of engineering.

It is however prone to the occasional crash and just lately seems to be running a bit slow. Slightly disconcerting then, that not only American Airlines but now also the USAF are considering it’s use to replace paper manuals and charts.

I’m all for the use of an iPad in an educational environment but in a life or death scenario?

Not so sure.

Common sense, don’t leave home without it.

Categories: Technology