Monthly Archives: September 2021

BT Pension Fund

BT is the UK’s premier telecommunications company.

The BT pension fund is huge pension fund that looks after the assets and pays the pensions to BT’s retired workforce. The BT Pension Scheme (BTPS) is the UK’s largest corporate defined benefit pension scheme with assets of about £58 billion ($80 billion), paying more than £2 billion in pension payments per year. The scheme closed to new members in 2001, but remains responsible for securing the long-term financial wellbeing of approximately 320,000 current and future pensioners

The Scheme’s net assets were invested 37.5% in growth assets and 62.5% in liability hedging assets as at 30 June 2020

Total benefits paid were £2.5bn, in the year to 30 June 2020. That is about £208.33333 Million a month paid out in pensions to BT’s amazing retired workforce.

Distribution of investments:

Equities 18.3% of the fund
Government bonds and cash 33.2% of the fund
Secure income 1.4% of the fund
Investment grade credit 27.9% of the fund
Other growth assets 12.4% of the fund
Property 6.8% of the fund

Total Assets £57,493 Million

With such a large portfolio, it makes substatial investment income

Dividends from equities £202 million
Income from bonds £562 million
Net rental income from properties £61 million
Income from pooled investment vehicles £55 million
Derivatives £125 million
Longevity insurance contract £-(30) million
Interest on deposits and short-term investments £23 million

Total of £998 Million income.

Abrdn PLC September Dividend.

Tomorrow, Abrbn PLC pays out its quarterly dividend, on Tue 28th September.

Abrdn is the new name for StandardLifeAberdeen, the merged business of Standard Life PLC and Aberdeen Asset Management PLC.

7.3 pence per share it the dividend that it to be paid.

The Company’s issued share capital consists of 2,180,724,034 ordinary shares


2,180,724,034 x £0.073 = £159,192,854.482

That is £159 Million = £0.159 Billion paid to shareholders, yesterday.

BP PLC September Dividend.

Yesterday BP PLC paid out its quarterly dividend, on Friday 24th September.

3.9529 pence per share it the dividend that was paid.

The total number of voting rights in BP p.l.c. is 20,133,847,476


20,133,847,476 x £0.039529 = £795,870,856.878804

That is £795 Million = £0.795 Billion paid to shareholders, yesterday.

Royal Dutch Shell (Shell PLC) September Dividend.

Yesterday Shell paid out its quarterly dividend, on Monday 20th September.

Shell is a dual listed company.

Dividends on A Shares will be paid, by default, in euros at the rate of €0.2024 per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by August 27, 2021 will be entitled to a dividend of US$0.24 or 17.38p per A Share, respectively. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 17.38p per B Share

Royal Dutch Shell plc’s capital as at July 30, 2021, consists of 4,101,239,499 A shares and 3,704,709,414 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury. The total number of A shares and B shares in issue as at July 30, 2021 is 7,805,948,913


7,805,948,913 x £0.1738 = £1,356,673,921.0794

That is £1,356 Million = £1.356 Billion paid to shareholders, yesterday.

HM Government Borrowings: August 2021

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. []

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In August 2021, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

24-Aug-2021 0 3/8% Treasury Gilt 2026 £3,000.0000 Million
17-Aug-2021 0 7/8% Treasury Gilt 2046 £2,274.2500 Million
11-Aug-2021 0 1/8% Index-linked Treasury Gilt 2039 3 months £705.0000 Million
10-Aug-2021 0¼% Treasury Gilt 2031 £3,437.4990 Million
03-Aug-2021 1¼% Treasury Gilt 2051 £2,000.0000 Million


£3,000.0000 Million + £2,274.2500 Million + £705.0000 Million + £3,437.4990 Million + £2,000.0000 Million = £11,416.749 Million

£11,416.749 Million = £11.416749 Billion

On another way of looking at it, is in the 31 days in August 2021, HM Government borrowed:- £368.28222580645161290322580645161 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2026 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

NatWest Group September 2021 Dividend.

Today, Friday 17th September, NatWest Group (formerly the Royal Bank of Scotland) pays out its September dividend.

3p a share

Total voting rights in NatWest Group is 46,121,249,780


46,121,249,780 x £0.03 = £1,383,637,493.4

That is £1,383 Million = £1.383 Billion paid out to shareholders

Lloyds Banking Group: September 2021 Dividend.

Today, 13th Sept 2021, Lloyds Banking Group pays out its Sept dividend.

0.67p a share.

Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,986,783,092 ordinary shares of 10p each.


70,986,783,092 x £0.0067 = £475,611,446.7164

That is £475 Million

New York. The Greatest City.

Today is a date in history, we can never forget. The most generous people in the world are the Americans, always helping in famine, flood, and natural disaster, helping the ones who need help, liberating people from oppression, and the most technologically advanced nation, home to Apple, Google, IBM, Cisco, Intel, BNC Holdings, Ford Motor Company, Applied Materials, Air Products, S-One Communications, Verizon, AT&T.

Today is a day to remember our fallen New Yorkers, the Heroes of Flight 93 and the brave people at The Pentagon.

The Investment in Brexit

It was the big Brexit lie. No, not the £350m a week to spend on the NHS or the “bonfire” of red tape. The lie was that the shambles now enveloping British trade with Europe was an unavoidable price worth paying to leave the EU. That was rubbish.

In order to further his chances of becoming Tory leader Boris Johnson made two commitments. One was to resign from the EU, the other was to depart Europe’s customs union and single market, aspects of which embrace other non-EU states such as Norway. The second decision was an almost casual gesture to make him look macho to the party’s hardline Brexiters. It was not put to referendum and was beyond stupid.

No news item today is free of the consequences. Earlier this year, the effects of leaving the single market could be seen in plummeting trade with the continent, even accounting for the pandemic. Additional red tape is awesome. HMRC estimates traders will be handling 215m more import/export documents a year, at an estimated bureaucratic cost of £7.5bn a year. Tariffs may not apply but rules of origin and health standards do. Every truck, every cargo requires inspection.

As for migration, the overall shortage of seasonal farm labour, according to BBC Radio 4’s Farming Today, is 20% and often more. Fruit will rot in fields, pigs cannot get to abattoirs and Christmas turkeys will be a “nightmare”. Meanwhile, care homes in England are short of 170,000 staff, and delivery firms short of 100,000 drivers. Hotels have abandoned rooms and restaurant tables. Creative industries – worth £110bn to the UK economy – were forgotten by the Brexit negotiators and are now virtually isolated from Europe.

Wagamama. Wagamama struggling to find chefs at a fifth of its UK sites

This is not Brexit. Britain could have left Brussels and freed itself from a mass of rules and regulations. It is the result of leaving the single market, of Johnson’s xenophobic belief that European trade standards were somehow not British”. He was wildly in favour of EU workers when mayor of London but no longer as prime minister.

I am sure some of the current disruption will settle down but the idea that trade with Britain’s biggest partner by far, the EU, will ever recover outside some form of economic union is absurd. So is the theory that any losses from the present chaos will be met by gains elsewhere. It seems bizarre to have to explain to a Tory that prosperity lies in open markets not closed ones.

Johnson has significantly not set up a permanent trade and agriculture commission to guard British interests in new deals. He is clearly desperate for deals, however bad. In addition, the National Audit Office has yet to do the normal impact assessment of Lord Frost’s post-Brexit deal with the EU. It has not bothered. I imagine the assessment would be the colour of blood.

Brexit need never have so devastated the British economy. The damage has come from one decision, to depart the single market. The sensible path now would be for Johnson to eat humble pie and seek, as far and as fast as possible, readmission to that market. Britain would imitate the protocol it has agreed for Northern Ireland. This would not mean rejoining the EU, just rejoining Ireland – the most delicious of historical ironies.

Negotiating the single market in 1987 was Margaret Thatcher’s proudest free-trade achievement. It was in Britain’s and Europe’s interest and proved a success. Johnson reversed that achievement in an act of naked political ambition. He pretended it was necessary for Brexit. It was his biggest lie.

Simon Jenkins is a Guardian columnist

The Debt of Verizon.

Verizon Communications, is one of the world’s largest voice and data telecommunications companies.

Created from the merger of the two baby bells, Bell Atlantic and NYNEX and the acquistion of GTE.

The company, Verizon Communications carries a lot of debt:-

To be precise, total debt as of June 30, 2021 is at $155,294 Million.

That is $155bn.