RBS Dump on the IT Contract Market

RBS boss Ross McEwan under pressure after reporting £2 billion loss for 2016

Have a couple of friends working as contract IT staff at RBS. We’ve been discussing the IT Programme to set up Williams & Glyn bank as directed by the EU as part of the conditions of their government bail out.

The programme was employing 6,000 staff and had a burn rate of £50 million a month, which seems unbelievable. It had been running for some time but now has officially gone no where with £325 million written off in the last accounts alone.

RBS have announced the programme is canned and all contract staff put on a weeks notice to leave by this Friday.

Not a great move for the IT staff as hundreds of them are put out of work at very short notice and all dumped on a sleepy summer job market all at the same time.

The recruitment consultancies are doing their best to rally round but many will be out of work for some time.

The reputation of RBS in the IT contract market has suffered quite a setback.

Good IT staff won’t be rushing to be employed by RBS anytime soon !

Would you use an outdoor laundry ?

The latest innovation from Photo Me

If so then email me quick on dunover@live.co.uk

I’m running the rule over Photo Me (PHTM) as an investment and their latest cash generating machine is the outdoor laundry. Put your washing in the car, drive to the supermarket, put your washing on and go and do your shopping.

Sounds plausible, doing very well in Japan, France and Ireland but UK supermarkets are too demanding on the commission hence few in the UK yet.

Party games – Put in order of value

The Harbour Series from Keith Athay – we bought from Whitewall Galleries
Keith Athay Harbour series
Keith Athay – Harbour series

This is our full collection for now.

Our visitors are quite entertained to put them in order of valuations and quite surprised when they get it wrong:

Number 1


Yellow Meadow painted by Bruno Tinucci

Number 2

Fishing boats at low tide painted by Jackie Ward
Fishing boats at low tide painted by Jackie Ward

Number 3

Sea view
Harbour Town 6 part of the Harbour Series painted by Keith Athay

Number 4

Tuscan Poppy Fields painted by Bruno Tinucci

Number 5

Racing Yachts
Racing Yachts painted by Marion E Wallace

Banks – My biggest regret

Pedestrians walk past a branch of the Royal Bank of Scotland in London on January 30, 2012. The chief executive of Britain's state-rescued Royal Bank of Scotland has bowed to intense political pressure and waived his annual bonus worth almost 1.0 million British pounds, the lender said on January 30, 2012. AFP PHOTO / JUSTIN TALLIS
RBS post a £2 billion loss and share price down 10% in one day

Why did I buy RBS shares ….. ?

Because they were an enormous bank who couldn’t possibly fail. A quick rescue plan invoked and share price would soon recover.

Now, -75% later, have plenty of time to reflect on how badly that has gone wrong.

I’m just not going to sell, CEO Ross McEwan better get it sorted and meanwhile hand even more of his bonus back

Friends love our original art work

Apart from the Investment in Artists aspect its pretty spectacular having original artwork in your home.

Keith Athay Harbour series
Keith Athay – Harbour series

Having added Fishing Boats at Low Tide by Jackie Ward on Friday it’s sitting by our previous acquisition, also a collage from the Harbour series by Keith Athay.

Friends round last night were amazed at the quality of the pictures hanging on our wall, it certainly adds a wow factor to your home for both you and your visitors.

We bought the Keith Athay on a random trip to Whitewalls gallery in Milton Keynes. It was an impulse buy based on us loving the picture and a chat with the very knowledgeable Whitewalls staff about Keith Atthey. We read up on Keith Athay in more detail once we got home.

Whitewalls have a number of galleries across the country and are great places to locate and drop in. They also have the Whitewalls website here

They often have promotional events in their stores too, well worth getting on their mailing list to alert you to which artists, paintings and events they are promoting near you.

Coming soon-Spanish Holiday Lets

los_olivos apartment

Well we haven’t quite got the purchase made yet but it’s getting close.

We went for an apartment at Los Olivos at La Manga Club resort in the warmest driest most temperate part of Spain ideal for all year round holidays.

It’s got a sitting tenant till the end of the year but from then we can use it and let it out.

La Manga tennis We are interested in the tennis, the major attraction for us. Well I’ve got a credit for a week at the Tennis Academy still to use following my knee surgery this month


That should improve my game then, once I get back to playing …..







Here comes the first Painting

Having discussed with Diana diversifying into investing in up and coming artists after much research the first painting has arrived.

Fishing boats at low tide v3
Fishing boats at low tide painted by Jackie Ward

I believe there are three artists who have been chosen and four paintings in the negotiating process with the dealer. Well we’d agreed three paintings but Diana has done a two for the price of one deal on a pair of original Bruno Tinucci’s.

So after a clandestine meeting with a dealer in a car park the first painting was inspected and the deal was done:

Diana had selected Jackie Ward as one of her favoured up and coming artists and loved this picture “Fishing Boats at Low Tide”

You can see much more of Jackie Ward’s work on her website Jackie Ward Art and Art Studio here

Framed and hung in our lounge it looks great to be honest.





Pokemon Go_oofs

So the share price of Nintendo doubles in two weeks on the back of Pokemon Go which is a free downloadable app.
Nintendo forced to announce no change to profit target as they will make very little money from Pokemon Go as it’s actually free.
Share price immediately drops 18 per cent.
Hands up all who have recently bought Nintendo shares ?
There are some who can make money from Pokemon Go apparently :

I don’t understand it and not getting involved ….

Ryanair – cheap as shamrocks

The biggest low cost carrier in Europe and their trading statement this morning.

Cost of fares coming down 8% because of Brexit. Expanding number of flights to compensate that. Hence profit target maintained.

Maintaining a very low cost base.

Shares up 5.8% on back of statement today.

Ryanair are our business partners now since we bought the Spanish holiday let investment. Maybe make a supportive investment but balanced off against too many onions in one sombrero

Breaking rule 8 with Gallium Asenide Wafers

Having almost bought Autonomy and then ARM. I bought into the Welsh boys IQE  on Thursday on the back of a positive statement and in my dreams potential takeover bid.
Up 30% in a week !
A clear strategy to wait for a takover bid, but how long to wait ? They’ve already been going 20 years without one.
I’ll probably wait just long enough to find out what the world expects from Gallium Asenide Wafers.
Answers on the back of a wafer please !