Brexit, the economy and house prices part 5

gfplux

Another of those thousand cuts that is not in Britains interests.
Some posters might even be clients.

https://luxtimes.lu/luxembourg/32976-jupiter-chooses-luxembourg-as-preferred-location-after-brexit

QUOTE
Jupiter Fund Management has chosen Luxembourg as its "preferred location" to move services to the continent following Britain's departure from the European Union.

The UK fund manager, which has £50.2 billion (!!!8364;57 billion) assets under management, said in its annual results it had "substantive plans" to relocate the management company activities for its SICAV funds to a legal entity domiciled in Europe.

The company said it had chosen a "preferred location", which is understood to be the Grand Duchy.
END QUOTE

Thrugelmir

Theophile wrote: »

Scottish Power 0.5/5

Are these outfits about to go bust also?
Brexiteer logic at its best....:rotfl:

Scottish Power is owned by Spanish Utility company Iberdrola.

EDF is French owned. NPower and EON are german owned.

Given Corbyn's stated aim of Nationalising the utility companies. Hardly surprising that he isn't anti Brexit. Much prefer the UK to be divorced in fact. For obvious reasons.

Thrugelmir

gfplux wrote: »

I agree both these company!!!8217;s had their day.

Like these?

Failures in 2018


Juice Corporation, the owner of designer brands Elizabeth Emmanuel (wedding dresses etc), Joe Bloggs, Gabicci, Rawcroft and Loyalty & Faith, went into administration at the end of January. In the past it launched celebrity ranges for celebrity ranges for Brian Lara and Naseem Hamed. Although the group made profits, it had failed to make inroads into the fashion market particularly now that UK consumers were becoming slightly more austere in their buying patterns. There are 61 staff. The administrators are seeking a sale of the group rather than breaking it up.

Joe Bloggs, the designer brand (above) once known for its wide Madchester-style jeans (who writes this stuff?), has gone into administration as part of Juice Corporation.

East, the fashion brand with 34 stores and 15 concessions, went into administration at the end of January for the second time in two-and-a-half years. Last time it was bought out of administration in a pre-pack that closed 15 stores. There are 320 staff.

Nice 'N' Naughty Leisurewear, a retailer of sex toys and intimate apparel, went into administration in January caused by cash-flow problems. The company was bought out of administration by its previous director. There are nine stores and 26 staff.

Barkers, the pet grooming chain owned by Pets at Home, is to close by March 2018. There are seven stores in upmarket areas like Ilkley and Marlow. All 55 staff are to be offered positions with Pets at Home. The company reported that although the proposition was popular with customers, the store operating costs were too high.

Joe Delucci's Gelato, Warwick ice-cream retailer and wholesaler with parlours in 18 shopping centres, went into administration early in January and was bought out by a group of investors, including the former operations manager, saving 38 jobs. The company had been hit by stagnant consumer demand, high costs following sterling's depreciation and additional business rates backdated for three years by HMRC.

cogito

gfplux wrote: »

Another of those thousand cuts that is not in Britains interests.
Some posters might even be clients.

https://luxtimes.lu/luxembourg/32976-jupiter-chooses-luxembourg-as-preferred-location-after-brexit

QUOTE
Jupiter Fund Management has chosen Luxembourg as its "preferred location" to move services to the continent following Britain's departure from the European Union.

The UK fund manager, which has £50.2 billion (!!!8364;57 billion) assets under management, said in its annual results it had "substantive plans" to relocate the management company activities for its SICAV funds to a legal entity domiciled in Europe.

The company said it had chosen a "preferred location", which is understood to be the Grand Duchy.
END QUOTE

Q. How many people does Jupiter employ?
A. 463

Q. How many people will Jupiter be employing in Luxembourg?
A. Between 5 and 10.

https://portfolio-adviser.com/jupiter-boringly-concludes-dont-need-acquired/

Do you ever feel a little foolish?

gfplux

cogito wrote: »

Q. How many people does Jupiter employ?
A. 463

Q. How many people will Jupiter be employing in Luxembourg?
A. Between 5 and 10.

https://portfolio-adviser.com/jupiter-boringly-concludes-dont-need-acquired/

Do you ever feel a little foolish?

What makes you think that the number of employees is the important part of this story?

I said damage by a thousand cuts. Perhaps I should say ten thousand cuts.
Every day while there is this huge uncertainty hanging over Brexit decisions have been made around boardroom and kitchen tables that are not in Britains interest.

gfplux

Apparently another Theresa May climbdown. This was published (slipped out) today by the Home Office.
Britain NOW EXCEPTS that EU27 citizens moving to Britain during the transition period will have to right to settle permanently in the UK.

It is three pages, an easy read except for people like Mogg.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/684515/2018-02-28_EU_Citizens_in_the_IP_policy_statement_FINAL.pdf

Will Britain get the system up and running by March 2019. Let us hope so.

There are 394 days to go.

Edit. WORKING LINK.
https://www.gov.uk/government/publications/eu-citizens-arriving-in-the-uk-during-the-implementation-period

cogito

gfplux wrote: »

What makes you think that the number of employees is the important part of this story?

I said damage by a thousand cuts. Perhaps I should say ten thousand cuts.
Every day while there is this huge uncertainty hanging over Brexit decisions have been made around boardroom and kitchen tables that are not in Britains interest.

You were implying that the management of over £50bn of funds was being transferred to Luxembourg. How much of Jupiter's business is in SICAV funds and do you even know what they are?

cogito

gfplux wrote: »

Apparently another Theresa May climbdown. This was published (slipped out) today by the Home Office.
Britain NOW EXCEPTS that EU27 citizens moving to Britain during the transition period will have to right to settle permanently in the UK.

It is three pages, an easy read except for people like Mogg.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/684515/2018-02-28_EU_Citizens_in_the_IP_policy_statement_FINAL.pdf

It might be an easy read if the link was working.

Thrugelmir

gfplux wrote: »

Every day while there is this huge uncertainty hanging over Brexit decisions have been made around boardroom and kitchen tables that are not in Britains interest.

Such as? Seeing as you are so well informed. I'd be interested to know. Outside of the news. Brexit is a rarely discussed topic. Daily business carries on.

gfplux

cogito wrote: »

You were implying that the management of over £50bn of funds was being transferred to Luxembourg. How much of Jupiter's business is in SICAV funds and do you even know what they are?

First. I did not IMPLY the article says they are transferring the management. The article says PREFFERED LOCATION.

Second ha ha ha ha ha. You are so funny. Thank you.


The final couple of paragraphs of the article.

QUOTE
Jupiter's decision to set up shop in Luxembourg follows news this week that rival Aberdeen Standard Investments will set up a new EU base in Dublin.

Aberdeen Standard, which already has an office in the Grand Duchy, said it would establish an investment and distribution business in Ireland.
END QUOTE