Coronavirus Economic Impact Thread

[spygirl]

On 17/03/2020 at 09:02, spunko said:

Caudwell is a strange one. He seems to want to portray himself as a generous benefactor and never misses an opportunity to tell everyone how he pays the most tax. But surely he only paid that once, on the sale of Phones 4u, not every year...

All bullshit and good luck.

He was on thes Welshing propoent of - I can be successful in any thing.

All bollocks.

https://www.independent.co.uk/news/people/profiles/john-caudwell-the-millionaire-who-finally-found-his-calling-in-mobile-phones-717565.html

Phoens sold thmslves. A the time, you had to go to to a specialist retailer, who were in cahoos wit hthe network provider to rip you off.

Then amzon came along and the market debundled.

Money cant buy taste.

But it can bu an EE prozzy.....

 

https://en.wikipedia.org/wiki/Phones_4u

In 1987, John Caudwell and his brother Brian founded Midlands Mobile Phones, a wholesaler and distributor of mobile phones. The company became the Caudwell Group, whose high street retail arm was named Phones 4u.[citation needed]

On 26 September 2006, The Caudwell Group was sold for a sum of £1.47 billion to private equity firms Providence Equity Partners and Doughty Hanson & Co.[4] In February 2008, the group bought online retailer Dialaphone in a deal worth an estimated £9 million.[5]

In July 2010, Phones 4u partnered with electrical chain Dixons to place 49 concessions inside Currys and PC World stores.[6] This number increased to over one hundred. However, following a merger between Dixons and rival phone shop, Carphone Warehouse, it was announced that this partnership would not be renewed.[citation needed]

A branch of Phones 4u on Briggate in Leeds.

A closed branch on Oxford Street in London following the group's collapse.

The group was acquired by private equity group BC Partners in March 2011. The deal, estimated to be worth in the region of £700 million, was agreed several months after talks with a United States private equity owner ended.[7] In April 2012, Phones 4u's contract with provider Three was terminated.[8] In January 2014, O2 ended their contract with Phones 4u.[9]

On 15 September 2014, Phones 4u entered administration, after the two remaining suppliers EE and Vodafone terminated their contracts. Stores closed, and both the Phones 4u and Dial-A-Phone websites were taken offline, pending a decision by the administrators.[1][2]

On 19 September 2014, Vodafone reached an agreement with the administrators of Phones 4u to take over and rebrand 140 stores. It was also revealed that 628 employees at the head office in Newcastle-Under-Lyme would be laid off.[10]

On 22 September 2014, EE reached an agreement with Phones 4u's administrators to take over and rebrand 58 stores, while Dixons Carphone revealed that they would transfer 800 employees to its Currys and PC World stores.[11]

On 23 September 2014, administrators PwC announced that close to 1,700 jobs would be lost.[12]

[spygirl]

Im also not cnvinved on the billonaire bit.

I reckon he was only partially paid the fee.

 

[Calcutta]

We need a thread 'whats going to survive?'

[Wight Flight]

2 hours ago, Calcutta said:

We need a thread 'whats going to survive?'

I will. And I am seeing some really good proactive moves from local businesses.

Those with good thinking and a loyal client base will get through this.

Those that have treated their customers as a cash cow may struggle.

[Shamus]

1

[Harley]

Doesn't everyone have a spat with Lloyds?  And as for RBS......I refused to work with banks in the end.

[Loki]

https://www.cityam.com/uk-house-prices-set-to-fall-as-coronavirus-sends-purchases-plunging/

https://moneyweek.com/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices

The moneyweek article is hilarious - check out the recommended articles at the bottom 

[Andersen]

UK credit rating has been downgraded,headline says Corona but they still manage to get a brexit mention into para#1
https://www.bloomberg.com/news/articles/2020-03-27/u-k-rating-cut-to-aa-by-fitch-amid-spending-to-fight-covid-19

[Loki]

48 minutes ago, Andersen said:

UK credit rating has been downgraded,headline says Corona but they still manage to get a brexit mention into para#1
https://www.bloomberg.com/news/articles/2020-03-27/u-k-rating-cut-to-aa-by-fitch-amid-spending-to-fight-covid-19

Anything other than the obvious eh

[Wight Flight]

How will estate agents' salaries be affected? Are they still shit salary + bonus?

In which case if they are furloughed will their income will be decimated?

(Asking because I need a good laugh)

[TheCountOfNowhere]

1 hour ago, Wight Flight said:

How will estate agents' salaries be affected? Are they still shit salary + bonus?

In which case if they are furloughed will their income will be decimated?

(Asking because I need a good laugh)

2500 a month.... Probably doubles 

[Wight Flight]

21 minutes ago, TheCountOfNowhere said:

2500 a month.... Probably doubles 

How do you work that out?

I thought most were minimum wage + bonus.

[TheCountOfNowhere]

5 minutes ago, Wight Flight said:

How do you work that out?

I thought most were minimum wage + bonus.

Thats about right

[Wight Flight]

3 minutes ago, TheCountOfNowhere said:

Thats about right

Which is about £1k per month if they are fallow?

[Don Coglione]

And how much are recruitment consultants (who haven't already been laid off and relocated to France [again]) being paid?

[TheCountOfNowhere]

1 hour ago, Wight Flight said:

Which is about £1k per month if they are fallow?

Oh, doesn't it cover their commission

 

 

What a shame. 

 

[leonardratso]

2 hours ago, Ponty Mython said:

......

cheeky kant

[Noallegiance]

Anyone know how a stretched NHS is carrying out over 100 post mortems a day to confirm cause of death?

[leonardratso]

1 minute ago, Noallegiance said:

Anyone know how a stretched NHS is carrying out over 100 post mortems a day to confirm cause of death?

outsourced to china.

[sancho panza]

https://www.straitstimes.com/world/europe/germans-question-how-long-they-can-sustain-a-lockdown

Officially, German politicians display a sense of calm and authority as the country grapples with the coronavirus outbreak. Behind the scenes, however, an intense battle is taking place over how long the country can sustain a lockdown.

With every passing week, new alarming reports are surfacing about the damage from the economic standstill.

While some politicians are already speculating about a possible exit date, others have vowed that existing strict measures have to be tightened even further.

German economists unanimously expect a major recession, with figures from the renowned Munich Ifo Institute showing a downswing of more than 20 per cent in the worst-case scenario.

Germany's economy ranks No. 4 globally, behind the United States, China and Japan.

The International Monetary Fund (IMF) in a statement this week painted a bleak picture for the whole of Europe.

"Covid-19 has struck Europe with stunning ferocity. While we do not know how long the crisis will last, we know that the economic impact will be severe," said the statement posted on IMF's website. "A deep European recession this year is a foregone conclusion," it added.

 

The German Ethics Council, an independent panel of experts working on societal questions, in a recent paper to the Ministry of Health warned against "a breakdown of the whole system of the market economy". It urged the government to constantly review the measures. The public needed to know "under what circumstances the way back to normalcy can be taken", said the council.

Dr Alexander Dibelius, long-time head of the investment firm Goldman Sachs in Germany who since 2015 is also managing partner of CVC, a private equity company, went even further.

He said in an interview: "Is it right that 10 per cent of the population is being spared, but 90 per cent, including the entire national economy, is extremely hampered, with possibly dramatic consequences for the basis of our general prosperity which will be massively eroded?"

 

Dr Dibelius also warned: "For centuries we have fought for our individual freedoms at all levels, for laws and human rights. And all of a sudden, much of this is simply wiped away practically overnight."

The German Ethics Council echoed his sentiment, saying decision-making should not be delegated to virologists or other medical experts. The elected representatives of the people ought to be in charge, said the council.

In fact, many Germans are puzzled by the scope and pace of the restrictions and interference in personal freedoms that have resulted from the measures.

A contact ban, in place for around 10 days, is confining most citizens and other residents to their homes. For now, the ban is set for two weeks, but it almost certainly will be extended or even turned into a curfew if the effects are insufficient to curb the virus outbreak.

The legal basis for the measures is the German infection protection law. The provisions under the law, however, are supposed to be in place only temporarily.

Experts are beginning to debate over what a temporary time frame should be.

Afraid of being challenged in court, Parliament has swiftly amended the legislation, significantly extending the powers of the executive.

Another contentious issue has been the use of mobile data.

Tapping into people's location data on their mobile phones to trace who has come into contact with those infected will almost certainly ignite a new debate on civil liberties.

Germany has some of the strictest privacy laws in the world. The topic is particularly sensitive given the role of the secret police during the Nazi era as well as in the former East Germany. The police then were spying extensively on the citizens.

[Bear Hug]

Boris is in hospital. I predict a fall on open tomorrow. 

[Chewing Grass]

Just been chatting to one of the local big engineering agency/recruitment firms, she was just doing the (not much to do) ring around to validate their CV stock.

Got her chatting for a good five minutes and steered the conversation around to how busy they are.

Down from 70 staff to 17 with 18 on furlough and the balance made redundant.

Hard to rally tell how busy things are off her, but she said there was a steady flow of vacancies, however that could be a steady trickle with a high competition rate so hard for them to successfully fill for cash.

[Si1]

On 17/03/2020 at 20:11, TheCountOfNowhere said:

Here's the sort of business we will be forced ti support... 

 

https://www.google.com/amp/s/www.bbc.co.uk/news/amp/business-51916177

 

Free market tories at work 🤣🤣🤣🤣

"Emma and Caroline started their specialist firm in October 2017 with the aim of creating a business that also enabled them to have a life."

"Temporary help with childcare costs to enable us to keep ploughing away at recovering our business and not have to withdraw our children from coveted nursery spots - which would then impact the childcare provider themselves - would also be hugely appreciated."

 

(so entitled and middle class)

 

“Here at Urbanberry we provide a specialised recruitment service for the corporate travel market.  With over 15 years travel recruitment experience between us, our knowledge of this sector is second to none and you won’t find a more honest, fresh and motivated approach to finding the right job for the right person than with us.

(there's 3 of them)

 

(motivated? except when they want to 'have a life'instead.....)

[wherebee]

2 hours ago, Si1 said:

"Emma and Caroline started their specialist firm in October 2017 with the aim of creating a business that also enabled them to have a life."

"Temporary help with childcare costs to enable us to keep ploughing away at recovering our business and not have to withdraw our children from coveted nursery spots - which would then impact the childcare provider themselves - would also be hugely appreciated."

 

(so entitled and middle class)

 

“Here at Urbanberry we provide a specialised recruitment service for the corporate travel market.  With over 15 years travel recruitment experience between us, our knowledge of this sector is second to none and you won’t find a more honest, fresh and motivated approach to finding the right job for the right person than with us.

(there's 3 of them)

 

(motivated? except when they want to 'have a life'instead.....)

jesus fucking wept.

[sancho panza]

talking with a dentist today,covid has absolutely blown him over.new costs to reopen and you have to have reduced footfall as well......caught betweena rock and a hard place