Nick Corbishley

Barcelona’s Epic Tourism Boom Is Over, Now the Crisis Begins: My Walk to the Beach

Owner of a small cafe that specializes in fine cakes and sandwiches tells me: “We’ll be lucky if we get half the normal number in July and August.” It’s now “all about damage control.”More

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Massive Credit Losses to Hit European Banks in Q2 and into 2021, Particularly When Debt Moratoriums Are Lifted

But the ECB went into high gear to soothe the pain of the banks.More

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Latin-America’s Airlines Are Crashing, But There May Be No Bailouts. Aeromexico Denies Filing for US Bankruptcy

The AMLO government, which has refused to bail out shareholders and bondholders of large companies, could be on to something: A form of capitalism where investors, not taxpayers, carry the risks.More

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Italy Once Again on the Eurozone Worry List

A new tsunami of bad debts washes ashore while banks are still struggling with the debris from the prior tsunami of bad debts.More

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Commercial Real Estate Sellers Expecting Pre-Virus Prices “Are Smoking Dope,” Says UK Fund Manager

Capital values across all segments (retail, office, industrial) already fell by 6.1% over the three months from March to May.More

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Europe’s Fashion Industry Faces Nightmare

“People do not buy a new outfit to stay at home.” Sales at stores that have reopened languish while ecommerce is booming. McKinsey: up to a third of global fashion retailers will not survive the crisis.More

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Tsunami of “Unsustainable” Business Loans to Hit Banks, City of London Grandees Warn

“Consideration may need to be given” to bailouts from taxpayers “to meet solvency or liquidity requirements,” but only “at the extreme end,” whatever that means.More

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The 53 Companies Bailed Out by the Bank of England: Johnson Controls, Carnival, PACCAR, Honda, Toyota, BASF, Bayer…

Foreign Companies welcome. US Tax dodgers that didn’t qualify in the US, no problem.More

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HSBC Embraces China’s Crackdown on Hong Kong, Goes All-In on Asia Pivot

Beijing squeezes, and HSBC knows where it makes most of its money. Standard Chartered, another UK bank, did the same.More

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International Tourist Arrivals & Spending in Tourism-Dependent Spain Collapsed to “Zero” in April. May Likely Similar

It’s not often that “zero” is used in official statistics that are normally counted in millions of people and billions of euros.More

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