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  • Blaming Brexit, British Steel collapses putting nearly 25,000 jobs at risk

    From edition.cnn.com

    video Britain's second biggest steel maker collapsed on Wednesday, putting 4,500 jobs at the company at risk, and threatening another 20,000 at suppliers. The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service. British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it said it suffered because European orders had evaporated due to the uncertainty surrounding Brexit. "Many of the challenges we face are not unique to the steel ... (full story)

Global economy is weakening.
Neoliberal World eh. Where everything is the fault of "Brexit" or "the Russians" - or even "the Russians who caused Brexit".

Jamie Oliver made me laugh. All his customers are Brits. So he said "I never employ Brits because they are rubbish and lazy". So how many of his favourite sweatshop Poles actually dine in his restaurant? Erm zero. And as I predicted, Jamie had his Ratner moment. Poetic justice!
Confucius: the man who broke the mountain was the same man who started ...
Most unfortunate GBP pairs aren't lower. If they would be... let's say....
40% lower, perhaps those jobs would get saved. Or maybe not.

But I guess they will rather decide for a nice bailout plan.
gbp where is heading ... 1.25 ??? broke a major resistance at 1.2660
Quoting PipSharer
Neoliberal World eh. Where everything is the fault of "Brexit" or "the Russians" - or even "the Russians who caused Brexit". Jamie Oliver made me laugh. All his customers are Brits. So he said "I never employ Brits because they are rubbish and lazy". So how many of his favourite sweatshop Poles actually dine in his restaurant? Erm zero. And as I predicted, Jamie had his Ratner moment. Poetic justice!
Sweatshop Poles only work in sweatshops.... if they work in a kitchen in UK then its not a sweatshop. wtf is wrong with you?
Another ridiculous news piece and a failed company trying to use Brexit for scaremongering.
Sky news for once gave a sensible reason for why British steel has likely failed.

https://news.sky.com/story/the-surpr...ustry-11725482

key fact at 2 mins 22 secs: China has produced more steel in the last 2 years than the U.K. has in it's entire history of steel production.
british steel will never collapse
https://www.youtube.com/watch?v=gkShwaM2oRk
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It’s no surprise that Brexit is creating such trouble at British Steel. About 70% of its product is exported to either the EU or Turkey and north Africa. In theevent of a no-deal Brexit, the UK and EU would be forced to move to World Trade Organizationtariffs, which forsteel would be20%.British Steel said ongoing uncertainty about future tariffs on steel exports due to Brexit had proved to be the “worst possible outcome”.
British Steel’s customers typically sign contracts long in advance of delivery and, with the new Brexit date of 31 October approaching, have turned to rival steel suppliers where costs are certain.
Sources said these markets had dried up, particularly since February when it became clear that a Brexit deal was not going to be finalised by 29 March.

Source: Financial Times MAY 16, 2019
Quoting echo1
{quote} Sweatshop Poles only work in sweatshops.... if they work in a kitchen in UK then its not a sweatshop. wtf is wrong with you?
silly comment. sweatshop means any low wage, exploitative environment.
Sweatshop Poles means Poles who are from or are looking FOR those sorts of jobs. Really not difficult... if you have atleast a double digit IQ!
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  • Story Stats
  • Posted: May 22, 2019 7:14am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 10  /  Views: 6,655