Its The Economy, Stupid - Economic & Business News From Around The World

Fwiffo

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"Mr Munger made no mention of Ajit Jain, another well-regarded contender for the job who had overseen Berkshire's insurance businesses.

At 58 years old, Mr Abel is a decade younger than Mr Jain, and Mr Buffett told CNBC that Abel's relative youth was significant."

He could always play the race card.
 

Pimpernel Smith

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It was too good to last...all those IT issues setting-up at home and ransomware demands when they clicked one porn link too far, taking on new starts, company image and fostering an esprit de corps under the repressive authoritarian organisational culture and open plan office where you hot bed to a new desk each day with zero tolerance of anything other than a complete clear desk policy.
 

Fwiffo

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"AT&T handed the reins to Jason Kilar, a former Hulu CEO and Amazon alumnus eager to disrupt the legacy media business and go all-in on streaming.

Zucker, the one-time CEO of NBCUniversal and a legacy media veteran, found himself reporting to Kilar, a tech executive who had little experience with the preoccupations of cable news and legacy television...

On Feb. 13, [Discovery CEO David] Zaslav sent an email to Stankey inviting him to discuss a possible WarnerMedia-Discovery merger, two sources with knowledge of the matter confirmed. Zucker and Zaslav have been friends for decades, golf together often and own houses near each other in the Hamptons.

'Stuff happens in the Hamptons and on the golf course,' said one veteran media executive who knows both men.

On Monday, Zaslav and Stankey announced that WarnerMedia would be spun off from AT&T and merge with Discovery, forming a new company that would be run by Zaslav.

Now, the talk at the highest levels of WarnerMedia and CNN is not so much over whether Zucker will stay or go, but rather what position he might have in Zaslav's new company...

Meanwhile, Kilar is negotiating his exit from a company that, until this weekend, he believed he would be running for year.

One high-ranking AT&T employee said, 'This just goes to show you, never f--- with Jeff Zucker.'"
 

Rambo

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Rambo Rambo you might be interested in this article:

Extremely. This is a basic summation of all the data out there. Of course, anyone with a functioning brain could tell that if you made more money not working then why the hell would you bother going back to work? The whole artifice is ridiculous if you aren’t a fancy economist.
 

güero

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Extremely. This is a basic summation of all the data out there. Of course, anyone with a functioning brain could tell that if you made more money not working then why the hell would you bother going back to work? The whole artifice is ridiculous if you aren’t a fancy economist.
What I think is missing from the article is all the reasons WHY there were decades of declining wages.
 

Rambo

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What I think is missing from the article is all the reasons WHY there were decades of declining wages.
increase of corporate power along with a stark decrease in worker power, rights, and protections. the real key is the complete and wholesale purchase of both political parties by moneyed interests.
 

güero

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increase of corporate power along with a stark decrease in worker power, rights, and protections. the real key is the complete and wholesale purchase of both political parties by moneyed interests.
Plus women entering the workforce, immigration and technological advancement. At least. But certainly the political will (or lack thereof) is the decisive factor.
 

Pimpernel Smith

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increase of corporate power along with a stark decrease in worker power, rights, and protections. the real key is the complete and wholesale purchase of both political parties by moneyed interests.
There's elements of that, but I wager the average worker in say the UK, or the Netherlands has a better working environment and protection than they did 50 years ago. With the exception of company pensions and the corporate man career path.

I see conflicting anecdotal evidence. Lot's of consumer goods, clothing and food is a lot cheaper than it was in the 1980s and much of the 1990s. Access to global travel is many times more cost effective than it was in the late 1970s. But I know many shop floor disciplines in my sector, face stiff competition from overseas temporary workers and the salaries are now depressed and back where they were in the 1980s.
 

Rambo

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I see conflicting anecdotal evidence.
i don't.

Lot's of consumer goods, clothing and food is a lot cheaper than it was in the 1980s
actual evidence does not back this up

Access to global travel is many times more cost effective than it was in the late 1970s
ok so what does that have to do with low wage workers in the workforce?

But I know many shop floor disciplines in my sector, face stiff competition from overseas temporary workers and the salaries are now depressed and back where they were in the 1980s.
yes offshoring of jobs was the single greatest factor in the destruction of the working class in this country.
 

Rambo

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i'm shocked. shocked i tell you.
 

Fwiffo

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The headline is incorrect. WeWork shed a lot of deadweight and gained efficiencies and now makes a smaller loss, but given the two testimonials in the article of tenants being charged whilst the facility is closed and the strong arm tactics on renewals and extensions I don't see it as "back to life" at all.
 

Fwiffo

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"The figures also showed there was a jump in imports from China of textiles used for face masks and other personal protective equipment, as well as stronger demand for electrical devices."

What a business model.
 

Fwiffo

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"Disruption in the global container shipping industry shows no sign of being resolved quickly and could lead to shortages in the run-up to Christmas, say industry experts.

An outbreak of Covid-19 in Guangdong province in southern China has caused acute congestion at the region's ports."

Coronavirus disrupting our ability to get made in China stuff. Didn't seem to be an issue last time.
 

Pimpernel Smith

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Why do you find this objectionable?
On so many levels. I need not explain.

If living in the neo-feudal Davos Great Reset is your bag, then take it. The rest of us won't.

The people who got us into this mess, are hardly the ones to get us out intact.
 

Arnathor

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Don't be a bigot, live in a Hong Kong style coffin apartment, it's liberal. Here is your ration of cricket protein, it'll save the planet.
 

Pimpernel Smith

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Don't be a bigot, live in a Hong Kong style coffin apartment, it's liberal. Here is your ration of cricket protein, it'll save the planet.
My accountant's son's girlfriend is from Hong Kong and they're both studying Masters in Antwerp and she has no intention of going back for political reasons.

When she came over it was a culture shock, as she'd been in strict lockdown, in those tight apartments with three generations of family over several weeks. The lockdown in Belgium was much less severe than places like the Netherlands, it was like wear a mask and that was about it. The other thing that shocked her was the tax, as they only pay 7% over there.

The thing I find intriguing about the Davos crew, whilst every previous plan and buzz phrased mission has come to nought, the answer to their protein ''problem'' is already here in Quorn. A unique product that one of my ex-girlfriends use to be in charge of the marketing for.

There's a reason why it's never caught on.
 

Rambo

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On so many levels. I need not explain.

If living in the neo-feudal Davos Great Reset is your bag, then take it. The rest of us won't.

The people who got us into this mess, are hardly the ones to get us out intact.
I just find your objections to things like hedge funds owning our entire lives to be a problem but our relying on Exxon for our every bit of our lives to be perfectly fine.
 

Pimpernel Smith

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I just find your objections to things like hedge funds owning our entire lives to be a problem but our relying on Exxon for our every bit of our lives to be perfectly fine.
An energy provider like ExxonMobil, is not intruding on my life, telling me what to eat, where I can go and live, who have a vision for my kids that they will own nothing, but be very happy, renting everything, including their shoes from the man.

If you read the DNV report I posted on the energy transition, you will realise that the traditional fossil fuel companies are best placed to deliver the energy transition.
 

Rambo

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An energy provider like ExxonMobil, is not intruding on my life, telling me what to eat, where I can go and live, who have a vision for my kids that they will own nothing, but be very happy, renting everything, including their shoes from the man.

If you read the DNV report I posted on the energy transition, you will realise that the traditional fossil fuel companies are best placed to deliver the energy transition.
And the hedge fund isn’t either. So what’s your point here?
 

Fwiffo

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“‘If you can go to a restaurant in New York City, you can come in to the office, and we want you in the office,‘ said Gorman, whose firm's wealth management division ranks the third largest in the U.S. by assets. He outlined his posture in remarks during an investing conference webcaston Monday.

’[By] Labor Day, I’ll be very disappointed if people haven’t found their way into the office — and then we’ll have a different kind of conversation,‘ he said.

Gorman also said that employees continuing to work in parts of the country with a lower cost of living should not expect to still draw their big city salaries.

‘If you want to get paid New York rates you work in New York,‘ he said. ‘None of this 'I’m in Colorado and working in New York and getting paid like I’m in New York'. Sorry, that doesn’t work,‘ Gorman said.”
 

Fwiffo

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"Starting July 12 all employees, contingent workforce, clients and visitors will be required to attest to being fully vaccinated to access Morgan Stanley buildings in New York City and Westchester."

...it's only an honour system.
 

Rambo

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Nothing is stopping him from working harder or smarter and making more money.
Yes that’s the solution. Let’s all just work 24 hours a day seven days a week!
 

Thruth

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No, Ontario despair edition. It is a special kind of despair. Let's look which Canadian DWers live in Ontario. Fwiffo & Arnathor. Thruth? No.

But even Fwiffo does not whine along those lines. Neither does Arny. Most likely the Redditor is very young. Doesn't believe in salary progression and thinks he deserves more right out of uni. He could not have afforded a house in Toronto 10 years ago. Maybe 15. He thinks Ford is evil incarnate but is too young to remember the NDP governments, especially the most recent one not that long ago. NDP = socialists-light for our international friends. Obviously not skilled enough to get a TN visa to the US to make his "fortune". Never lived in the US to know the difference either. His Nutella went up which is good 'cause that shit does is rot teeth. Now I bet this little cunt votes Liberal and is a Trudeau man. He is probably too much of an Incel to have a wife to realize that his man Trudeau took away income splitting for small businesses. No one needs to shed a tear for Thruth losing that key deduction. But the man of the people also fucked Canadian farmers and new Canadians who open small businesses (convenience store) because they will never qualify as a neurosurgeon here. It appears he does not enjoy his work so that days a lot. I'm underpaid too in my mind. But I can't say that with a straight face if I was talking to pathetic him.

Of course Canada is fucked. What country is not fucked for the just-starting-out set? Especially with the majority that don't want to leave the big city and maybe go remote to make more dosh and return south ahead of the game career-wise and financially. There are a few of us here who have or still work in shitholes. Even Fwiffs had to live in OhIo and he is right about working harder and smarter. That does not necessarily equate to just working longer hours for the man.

So what does he want? More money based on either percentage of company earnings or indexed to inflation. Probably both. What do you do when you can't afford to buy? Rent. But he has a problem with his rent. His landlord gets paid off his labour. Who should get paid? the state? Maybe he voted for Jugdish after all. Sorry, Jagmeet.

Maybe he should have thought of the railroad or blue collar when making career choices. Both SIL's with HS diplomas (well the one doof has a BA in Art and a diploma in the only trade where there are no opportunities, got kicked out of denturist school and finally an intervention had him apply to CN Rail). Anyway, Engineer and Conductor. Make $100K plus. They are not in despair. Homeowners, faced the same crazy rises in prices. Bought out of the city in small commuter towns. Saved hundreds of thousands doing that. My son never really used his BSc in chemistry very long. One work trip to Siberia ended that. Did well in real estate and now in his 30's taking nursing. So not intellectual powerhouses with university degrees. Working harder but smarter.

The world sucks. It's getting hotter. Electric vehicles do not have the range I need. No one listens to Arny about nooclear power. Sarto is become a semi-popular niche tie maker. But I don't see the despair in my kids or their kids.

I'd like to know who he is advocating voting for.
 

Pimpernel Smith

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pretty bad news

e. sorry I believe this was already posted itt somewhere?
All part and parcel of ''You'll own nothing, but be happy.''
Yes that’s the solution. Let’s all just work 24 hours a day seven days a week!
The problem with working smarter, is that it creates efficiencies so you end up working more for the same dosh.

One of my clients has just figured out that you can more than half the travel expenses by imposing the EU Commission's official Km rate of €0.22. That's a big hit. Alternative government approved ones, but you have the same issue with the exception of enlightened countries like Italy, where they are reducing the Km rate to make you ditch the car for public transport. And then they lock you into crappy US$ contracts for the next 5 years.

One of our offices has lost 4 big contracts in a row, complaining that they're 20% more expensive than their competitors and they must have mark-ups of 5%. Get with the project mate, it's a battle to the last ones standing and has been for about five years. If you're not locking yourself into survival mode then you're not environmentally aware. If you cover your overheads or make a small profit or loss, that's break through performance.
 
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