45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged because furloughs don’t count. Creating government-subsidized zombie companies & zombie jobs?More
Why’s the ECB Buying the Debt of So Many Non-EU Companies?
“Companies from outside the euro zone are setting up companies or vehicles to issue debt in euros and thereby qualify for the ECB’s purchase programs.”More
Turkey in 2nd Currency Crisis in 2 Years. Lira Hits Record Low
Foreign investors are fleeing, worried about surging inflation, deeply negative real interest rates, and a central bank unwilling to crack down on inflation.More
Confession Time for Big Banks in Europe: Banco Santander Reports $12.7 Billion Loss
Too-Big-To-Fail Santander is also one of the Eurozone’s worst capitalized banks.More
A Midsummer Nightmare for Tourism: UK, Other Countries Impose Quarantine Requirements on Returnees from Spain as Virus Cases Surge
Fresh Tsunami of Cancellations Washes Over Tourism-Dependent Spain amid Fears Borders Will Slam Shut Again.More
Coca-Cola Confronted by Big Problem in its Second Largest Market. For Once, Political Connections Failed. Oct 1 is the Date.
Per-person consumption of soft drinks in Mexico is the highest in the world. But due to link of obesity to Covid deaths, sugary drinks now face their nemesis.More
Work-from-Home Unleashes Nightmare for Office Landlords & Surrounding Businesses. Global Banks at the Forefront
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past”: Barclays CEO. And companies are following through.More
Streets and Plazas in Barcelona Still Eerily Quiet as Covid-Chaos Upends Tourism
“Everybody’s drinking beer as if there were no tomorrow, but my bar can barely survive off beer sales alone,” says Yahya, owner of one of my favorite bars.More
What Happens If Most Businesses & Consumers Tighten Their Belts at the Same Time?
Europe may be about to find out. 128 days with my Mother-in-Law.More
As the Biggest Restaurant Chains in the UK Fall into Bankruptcy, Attention Turns to KKR & Other PE Firms that Own Them
PE firms sit on lots of cash but won’t invest it in their stripped-bare and failing restaurant chains.More
Nick Corbishley 