After re-locking down New York City restaurants and forbidding indoor dining, last Thursday, NY Governor Andrew Cuomo issued a new edict aimed at bars and restaurants across the state: “For each patron in a seated party, an item of food must be purchased at the same time as the purchase of the initial alcoholic beverage(s).”...
Author: support
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GLOBAL ECONOMIC OVERVIEW
FRANCE ADDS €100 BILLION TO BAILOUT PLAN. French president François Macron, often criticized as the “president of the rich,” has announced the addition of €100 million to his country’s economic rescue plan, in part to aid the expected one million French workers who will be jobless by 2021 and deal with the country’s worst recession...
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TRAVEL AND TOURISM: CRASHING
BUSINESS TRAVEL FACES LONG RECOVERY. Business travel, a key revenue source for airlines and hotels, could take three years or more to achieve a stable recovery, industry analysts now say, far longer than originally predicted. Airlines might not recover for seven years, said Michael Derchin, an analyst at Imperial Capital. Before the pandemic, business travelers...
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EUROPEANS HIT THE HIGH STREET
The Eurozone’s retail sales soared 17.8 percent in May from April as consumers began to emerge from stringent lockdowns. Clothing, electronics, and furniture were high on shopping lists, especially in France and Germany, where consumer spending rose to about 93 percent of pre-pandemic levels. In previous economic reversals, business spending led recoveries. But European analysts...
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CONSUMER PRICES JUMP IN JUNE
The U.S. Labor Department’s Consumer Price Index rose 0.6 percent in June after falling sharply during the previous three months. Prices were pushed up by demand for a range of goods as stores reopened and consumers restocked basic items, replaced worn-out goods, and indulged in discretionary spending that had been postponed. Gasoline prices rose 12.3...
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CALIFORNIA: THE REOPENING THAT WASN’T
After an initial rush of pent-up consumer spending last month as the state’s lockdown order eased, California businesses are losing the hope the initial surge brought. Capacity restrictions and distancing requirements often do not allow enough trade to cover costs. Stringent requirements around cleaning protocols and strict, often conflicting, rules imposed by various state and...
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ECONOMIC REBOUND?
After posting a record 18-percent month-to-month jump in May, U.S. retail sales added another 7.5 percent gain in June. The size of June’s increase surprised analysts, who had expected a 5-percent bump. Low interest rates have enticed buyers with secure jobs and higher incomes to purchase homes, cars, and other big-ticket items during the economic...
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SIRIUS TO BUY STITCHER
Internet radio broadcaster Sirius XM Holdings will buy Stitcher, a leading podcast depot, for $265 million in cash. Sirius has said it could add as much as $65 million to the price if Stitcher reaches certain financial targets in 2020 and 2021. Other media companies, including Spotify Technology and iHeartMedia, are strengthening their presence in...
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DIGITAL PUBLISHERS ON THE EDGE
BuzzFeed, the news website, was poised to make its first profit, about $30 million, this year, after 14 years online. Group Nine, owner of The Dodo and Thrillist sites, was due for black ink after four years in the red. Then the global lockdown struck. Conventional newspapers and magazines with paid subscribers were already in...
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DOLLAR CONTINUES TO WEAKEN
Political and public health uncertainties, the U.S. Federal Reserves’ interest rate cuts, and recovering economies abroad while America’s remains hobbled are likely to continue to weaken the dollar, analysts say, making American goods cheaper overseas. The dollar’s value slipped 0.4 percent in June and another 0.7 percent this month against a collection of six other...