Tag: Crisis

UK’s smallest businesses fight to survive the coronavirus crisis

A low-rise building in a trendy part of east London bears testament to the far-reaching impact of the coronavirus crisis on the UK’s smallest companies.

The building’s central atrium has a series of doors leading to its 98 offices and workshops, but many are locked and the blinds on windows pulled down.

It highlights how some workers will never return to Brickfields, the building in Hoxton owned by Workspace, a FTSE 250 property company. About 10 companies that were tenants have either left or are due to leave, while another eight have cut the amount of space they are using in the building.

However Brickfields is far from a ghost town: many companies in the building have so far survived the crisis because of emergency government support, and a few are thriving amid the pandemic.

Businesses have made good use of chancellor Rishi Sunak’s menu of assistance, led by the

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Warren Buffett phoned Treasury Secretary Hank Paulson with a stimulus idea when the financial crisis erupted. It may have saved the US economy

U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
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‘If No Tourists Come, I Have No Business’: New York’s Tourism Crisis

Outside Kennedy International Airport’s Terminal 4, the long line of New York City yellow cabs that in years past rotated like a conveyor belt to meet the demand of passenger arrivals has disappeared.

The wraparound rows where riders line up to hail a cab are empty. Where usually a dozen cabs idle to pick up travelers, last Thursday two were parked. The drivers can wait for hours before picking up a single passenger.

“I have no fares. There’s no flights coming in, no tourists visiting and there’s less people on the streets,” said Jean Metellus, a 71-year-old Queens resident who has owned his taxi since 1988. “So there’s no business, but we still have to pay the bills.”

The pandemic and the global travel restrictions introduced in March to slow the spread of the coronavirus have decimated the American tourism industry, taking with it the livelihoods of millions of people.

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Swiss Central Bank Faces Crunch Talks on Work Culture Crisis

(Bloomberg) — Thomas Jordan’s biggest personnel crisis since the Swiss National Bank president took the helm eight years ago is about to come to a head.

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The central-bank chief has already been forced to defend his institution publicly over media reports claiming the work culture under his leadership discriminates against women. Now lawmakers are scrutinizing the matter, and Jordan is due to meet with his supervisory board — the Bank Council — on Monday to discuss the merit of the allegations.

“The SNB cannot afford such a blow to its reputation,” Susanne Vincenz-Stauffacher, a lawmaker for the pro-business Free Democrats, said in an interview. “It’s a wake-up call for the SNB’s Bank Council.”

A spokeswoman for the central bank declined to comment on the upcoming meeting.

The storm brewing behind the austere neo-Renaissance facade of the SNB’s 1920s-era headquarters in Zurich is an embarrassing distraction for one of

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Two Culture Lessons That Can Help Save Your Business In A Crisis

Co-Founder Event Farm, CSO at MemberSuite overseeing all of the company’s strategic initiatives, marketing, brand direction and culture. 

Several months ago, I was staring at more than 15 years’ worth of work being completely wiped out. The event technology business I co-founded was heading to the garbage pile like so many other events-based businesses that have crumbled due to Covid-19. 

Taking a step back to assess the carnage, it’s no surprise that if every event on the planet is canceled, the industry struggles. But what I think made this so severe is the speed at which it happened. Seemingly overnight, the industry lost its ability to operate. It would be one thing if I told you that 12 months from now you’d need to be ready for a complete shutdown. It’s entirely different if it just happens like a flip of a switch. You can argue that all companies

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Business, labor groups urge G20 to close ‘stimulus gap’ in COVID-19 crisis

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in

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Business, Labor Groups Urge G20 to Close ‘Stimulus Gap’ in COVID-19 Crisis | Investing News

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in official bilateral debt payments for the poorest countries should be extended through to end-April 2022 and broadened to include lower-middle and middle-income countries, based on their

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Business, labor groups urge G20 to close “stimulus gap” in COVID-19 crisis

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in

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New business licenses decline in Horry County; SC small biz chamber says it’s a ‘crisis’ | Myrtle Beach Area News

A new study from the S.C. Small Business Chamber of Commerce shows new business licenses for Horry County are down 31 percent from April to July of this year compared to the same time last year.

The state is equally down 31 percent during the same period.

The S.C. Small Business Chamber of Commerce President and CEO Frank Knapp Jr. told The Post and Courier that more financial help is needed on the federal level to help rebound from this crisis.

In Horry County, from April 2019 to July 2019, there were 1,003 new business licenses, according to the study. In 2020 between the same months, there were 692 — a difference of 311 and the second-largest decline among South Carolina’s largest counties behind Richland.

Locally, Karen Riordan, president and CEO of the Myrtle Beach Area Chamber of Commerce, said the COVID-19 pandemic has naturally impacted new and existing businesses

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Covid crisis not as bad as initially thought, Kristalina Georgieva says

IMF Managing Director Kristalina Georgieva.

Samuel Corum | Getty Images

LONDON — The economic crisis of 2020 may not have been as bad as the International Monetary Fund originally thought, but the path ahead will be a “difficult climb,” Kristalina Georgieva, the Fund’s managing director, said Tuesday.

The IMF projected in June a contraction of 4.9% in global GDP (gross domestic product) this year. However, the global economy has ended up performing better than the Fund’s expectations in the second and third quarters. This is expected to lead to “a small upward revision” to its growth forecasts which are due to be presented next week.

“The picture today is less dire. We now estimate that developments in the second and third quarters were somewhat better than expected,” Georgieva, who took the helm of the IMF a year ago, said during a speech in Washington, D.C.

She explained that the better-than-expected

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