Derwent

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Derwent last won the day on December 25 2017

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About Derwent

  • Birthday 12/26/1967

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  1. Conspiracy Theories

    Or, more importantly, oil.
  2. Carillion - gone?

    Anyhow, it seems the government owned RBS had a hand in putting the final nails in Carillion's coffin according to reports that they withdrew a supplier payment facility at the same time that Santander withdrew their Invoice Discounting facility.
  3. Carillion - gone?

    Different one, I was talking about Sir Robert & Sons.
  4. Carillion - gone?

    That's just a fact of life in the construction and contracting industry though, its not unique to Carillion. The client squeezes the Tier 1 contractor, who then applies the squeeze down the chain to the Tier 2s and their supply chain. It's gone on for years. I remember years ago having some dealings with McAlpine and being shocked when I found out they only paid their bills twice a year in March and September, if you invoiced them in April or October you were going to wait 6 months to be paid. Plus a lot of things are done via the Application for Payment/Payment Certificate system which the T1 or client can manipulate the timing of the issuing, as without that you can't invoice. It happened recently in the North East when Owen Pugh went bust. They had a very strong order book but simply ran out of cash due to delays in payments.
  5. Carillion - gone?

    Back when the nuclear industry was publicly owned and the workers were in the civil service pension scheme the employees were making a pension contribution of just 3% to receive a final salary pension that was a 40th scheme (versus 60th or 80th schemes in the private sector), and they could retire at 55. Someone earning £50k a year with 35 years service was getting a pension of £43,750 per year, plus it is index linked so rises exponentially with inflation. If they got 40 years in they effectively retired on the same pension as their salary.
  6. Carillion - gone?

    You will not get a surplus for a few decades until the last recipients of final salary pensions have died. It is, by and large, companies that at some point had final salary schemes that have the largest deficits as they were seriously underfunded.
  7. Carillion - gone?

    It's not a shortfall against their current pension obligations it's against their predicted future ones. They haven't been using the cash for something else. It's basically saying that the overall predicted future pension payments to scheme members (including some who may be 30 or 40 years off retirement) would require a fund worth £X, but the current fund is only worth £Y. It's a notoriously difficult thing to predict as it is constantly changing due to existing pensioners dying and not receiving any more payments, new retirees starting to draw down their pensions and new employees starting to make contributions. Nobody in any company anywhere knows their true future pension liabilities as it's all based on assumptions of stock market performance, inflation and other economic indicators plus predicted average life expectancies. If those things perform better than expected the deficit reduces, if they are worse then the deficit increases.
  8. Carillion - gone?

    It's not a shortfall against their current pension obligations it's against their predicted future ones. They haven't been using the cash for something else. It's basically saying that the overall predicted future pension payments to scheme members (including some who may be 30 or 40 years off retirement) would require a fund worth £X, but the current fund is only worth £Y. It's a notoriously difficult thing to predict as it is constantly changing due to existing pensioners dying and not receiving any more payments, new retirees starting to draw down their pensions and new employees starting to make contributions. Nobody in any company anywhere knows their true future pension liabilities as it's all based on assumptions of stock market performance, inflation and other economic indicators. If those things perform better than expected the deficit reduces, if they are worse then the deficit increases.
  9. New Facebook group

    It took us ages to make all those Arab costumes for everyone, we took over the Waverley function room to make them . Camtex must have wondered where their stock of white fabric had disappeared to.......
  10. Jailed for 4 years http://www.bbc.co.uk/news/uk-england-merseyside-42665667
  11. Yes but did you ever see A.Trialist play ?
  12. Rant thread

    Can't beat a Gloria Jean's flat white.
  13. Salford Transfer complete

    Yes but SCR (2013) Ltd appears to not have any directors now. Koukash resigned, the new 4 were appointed and then immediately resigned according to Companies House filings. It is of course a legal requirement that a company must have at least 1 director.
  14. Salford Transfer complete

    It's notable that the new directors have formed a new company to own the club "Salford RD Holdings" rather than just taking on the existing company.
  15. Sadly we live in a world where people sometimes read more into things that aren’t intended. Certainly H&M were ill advised to do this given the historic linkage of monkey references with racism. The flip side though is that the term “cheeky monkey” is historically a term of endearment. I believe that on this particular website page the next image to this was a white kid wearing a hoodie that says “Jungle Survival Expert”. I’m guessing that had they reversed the models and got the white kid wearing the monkey top and the black kid wearing the survival top some people would still have read racist connotations into it “are they saying black kids are more suited to living in the jungle ?” Of course they could have got around the problem by using only white child models, but then somebody would have accused them of racism for not using any black children. Seems to me the only solution is to not sell children’s clothes with jungle animals or phrases on, that’s the only way they won’t offend anyone. I am very much in favour of trying to eradicate racism in our society, but there are enough serious issues of racism to tackle without inventing ones like this. Does anyone really think H&M set out to be overtly and deliberately racist here ?