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

Rambo said:
capitalism fails every 20 years yet one time communism failed and you never shut the fuck up about it.
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There's inevitable recessions, etc, which Gordon Brown in his infinite wisdom freed the Brits from...

But Communism has been one major failure from day one: death, famine, purges, no freedom, cronyism and with personality/image cult aspects thrown in. A disaster for humanity as the death toll in the 20th century confirms.
Fwiffo said:
We've failed? I thought we won. Even the Chinese communists are capitalists at heart.
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China is something else. They're on a mission, but with zero responsibility and they have some very interesting views on race.

And who can deny the fact: 70 years ago they were eating dirt, 50 years ago they were in the horror of the cultural revolution and now they own us. Phenomenal.
 
Pimpernel Smith said:
There's inevitable recessions, etc, which Gordon Brown in his infinite wisdom freed the Brits from...

But Communism has been one major failure from day one: death, famine, purges, no freedom, cronyism and with personality/image cult aspects thrown in. A disaster for humanity as the death toll in the 20th century confirms.

China is something else. They're on a mission, but with zero responsibility and they have some very interesting views on race.

And who can deny the fact: 70 years ago they were eating dirt, 50 years ago they were in the horror of the cultural revolution and now they own us. Phenomenal.
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Pimpernel Smith said:
But Communism has been one major failure from day one: death, famine, purges, no freedom, cronyism and with personality/image cult aspects thrown in. A disaster for humanity as the death toll in the 20th century confirms.
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i'm really just fucking struggling to understand how these two sides could meet in the middle of the same post.
 
www.cnn.com

Coronavirus lockdowns are still taking a toll on China's factories

Coronavirus outbreaks and strict lockdowns in China are continuing to take their toll on the country's factories.
www.cnn.com www.cnn.com

"A private index measuring activity at factories in China fell to 49.1 in January from December's 50.9. It's the lowest level for the Caixin/Markit manufacturing Purchasing Managers Index since February 2020, when the coronavirus first paralyzed large swathes of the Chinese economy. It's also the sharpest contraction in industrial output since the pandemic initially broke out. A reading below 50 indicates contraction, while anything above that gauge shows expansion."

More toilet paper shortages?
 
www.bbc.com

Facebook owner Meta sees biggest ever stock market loss

The company's chief executive Mark Zuckerberg saw his personal fortune fall by $31bn.
www.bbc.com www.bbc.com

"That came after Meta revealed that Facebook's DAUs fell to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter.

It was the first time ever that this measure of activity on the world's biggest social network had gone into reverse."

Time to shift the metric around and change the story. Instead of number of handsets sold, number of device licences sold. Instead of number of subscribers, number of visits.
 
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Grand Potentate said:
europe.autonews.com

Europe's auto production crashes as flow of wire harnesses dries up

Suppliers have built up a hefty wire harness sector in Ukraine but production and deliveries have been disrupted the Russian invasion of the country.
europe.autonews.com europe.autonews.com
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Management of and supply chains are going to change big time as the world decouples itself from global-just-in-time strategies.
Grand Potentate said:
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It's just expensive shit mate. To be fair, depending on where you are in the provinces, for the average house price in the UK, you can still get a decent enough house. But you're still going to need to be a couple, both gainfully employed with well paying jobs well above the average.

It's the same across the western world. We were lucky when my missus had the two kids, she had got a big redundancy pay-off and had 70% of her salary for nearly two years. So it didn't financially impact us, but when she went back to work and we had the kids in the creche, it was big awakening. After we had paid for that, she was basically working full-time for a net salary €400 a month. That's the reality, or the way I look at it.
 
Pimpernel Smith said:
It's just expensive shit mate. To be fair, depending on where you are in the provinces, for the average house price in the UK, you can still get a decent enough house. But you're still going to need to be a couple, both gainfully employed with well paying jobs well above the average.
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you're wrong.

Pimpernel Smith said:
It's the same across the western world. We were lucky when my missus had the two kids, she had got a big redundancy pay-off and had 70% of her salary for nearly two years. So it didn't financially impact us, but when she went back to work and we had the kids in the creche, it was big awakening. After we had paid for that, she was basically working full-time for a net salary €400 a month. That's the reality, or the way I look at it.
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and this is the problem.
 
www.bbc.com

Visa and Mastercard suspend Russian operations

American Express is also pulling out of the Russian market in protest at its invasion of Ukraine.
www.bbc.com www.bbc.com

“Since 2015, the Russian government has required all domestic payment transactions in the country be processed there. This followed similar suspensions of operations by Visa and Mastercard in Crimea, following its annexation.

Several Russian banks suggested that they would start issuing cards that use the Chinese UnionPay system, coupled with Russia's Mir payment network, to avoid any impact for consumers.”

And the other side of the iron curtain continues to develop.
 
www.bbc.com

Shell defends 'difficult' decision to buy Russian crude oil

The oil giant confirmed it made a purchase of Russian crude oil on Friday but said it had "no alternative".
www.bbc.com www.bbc.com

"The firm also said that it will try to choose alternatives to Russian oil 'wherever possible', and that profits from Russian oil will go to a dedicated fund aimed at helping people in Ukraine."

I'm having a Jon Stewart moment of logic here. Shell will donate profits from Russian oil to helping the Ukrainian people who need the help because Russia is using oil proceeds for the war against the same Ukrainian people.

"Shell followed on from the likes of BP, which had already announced that it would offload its stake in the Russian state-owned oil giant Rosneft - a potential hit of $25bn.

BP said earlier this week it was too soon to say how or to whom its stake in Rosneft would be sold."

Because when you sell, there must be someone on the other end to buy. Unless you give it up for free. Stand with Ukraine yeah.
 
Fwiffo said:
www.bbc.com

Shell defends 'difficult' decision to buy Russian crude oil

The oil giant confirmed it made a purchase of Russian crude oil on Friday but said it had "no alternative".
www.bbc.com www.bbc.com

"The firm also said that it will try to choose alternatives to Russian oil 'wherever possible', and that profits from Russian oil will go to a dedicated fund aimed at helping people in Ukraine."

I'm having a Jon Stewart moment of logic here. Shell will donate profits from Russian oil to helping the Ukrainian people who need the help because Russia is using oil proceeds for the war against the same Ukrainian people.

"Shell followed on from the likes of BP, which had already announced that it would offload its stake in the Russian state-owned oil giant Rosneft - a potential hit of $25bn.

BP said earlier this week it was too soon to say how or to whom its stake in Rosneft would be sold."

Because when you sell, there must be someone on the other end to buy. Unless you give it up for free. Stand with Ukraine yeah.
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Pimpernel Smith Pimpernel Smith this seems like it’s up your alley. Does she’ll have alternatives or are they just putting out PR bulllshit to reap profits on cheap russian gas?
 
Grand Potentate said:
Pimpernel Smith Pimpernel Smith this seems like it’s up your alley. Does she’ll have alternatives or are they just putting out PR bulllshit to reap profits on cheap russian gas?
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Difficult to say. But Shell has been distancing itself from the oil drilling activities for some time and possibly they didn't have alternatives. Or they may have been locked-in contractually before hand. The problem the refineries have, if they go off-line, it can take several months to start up again. Some equipment will carbonize, or otherwise need to be replaced. That takes weeks and months.

They've issued a lengthy and grovelling apology on Linkedin of all places.

Grand Potentate said:
www.bbc.com

Ukraine war: PM calls for 'step-by-step' move from Russian fuel

Meanwhile, the German chancellor says there is no alternative to Russian supplies at the moment.
www.bbc.com www.bbc.com

They’re scurrying around for cover now
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We've been delivered into the head of the crocodile - job well done, agent Merkel - and it's not like they weren't warned about their energy policy being a risk to continuous supplies and the security of Europe. I notice they're still hanging on to their green dreams and using the language of the damned, ''We need more green energy to get us out of this...more offshore wind farms...solar panels in northern Europe...we need something like fossil fuels, but not fossil fuels...'' Wankers, they'll take Putin's oil & gas, but not our own.

But the article is right: we need to step-by-step wean ourselves off Russian oil & gas, if we stop now immediately, certainly western Europe will be in a form of economic collapse with energy being rationed for quite some time and the hard times will come. Real hard times. We also need to recognize at this stage, we have nothing to compete with the energy density, cost effectiveness and reliability of fossil fuels and we need to drill baby, drill as if our current standards of living and freedoms depended on it, because it does. We also need to recognize the sheer failure of much of the political and oligarchical class.

Fwiffo said:
www.nbcnews.com

U.S. reaches out to Venezuela amid possible Russia oil embargo

The impetus for a risky outreach to Maduro took on added urgency following Russia’s invasion of Ukraine, ensuing U.S. sanctions and a possible ban on Russian oil and gas.
www.nbcnews.com www.nbcnews.com

We didn’t really hate you after all. Your oil isn’t dirty.
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The Venezuelans in PDVSA and Bariven are hiding out in Moscow, after they quit The Hague owing everybody, everything. They brought in a succession of military types in an attempt to bamboozle or bully the Europeans into working for free with credit lines stretching on for all eternity.

They're another nation that have a bad image problem now. Might sound awful, but if a Venezuelan CV lands on your desk, you're going to take a sharp intake of breath.
 
Grand Potentate said:

Russia’s Looming Economic Collapse​

This is terra incognita for economic policy. No country has ever faced this kind of global freeze-out.
By Derek Thompson
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Swift doesn't start until 12th March on those select Russian banks. Russia is already going to adopt China's UnionPay. I'm pretty sure their credit is good with China and India. BP said they were going to sell their share but can't figure who to sell it to for more than 0. Shell is continuing to purchase Russian oil with some money set aside for the humanitarian crisis in Ukraine.

Domestically there will be a stampede effect - whether it's warranted or not.

There are a lot of Western companies pulling out with vague messages that the soon to be former or temporarily furloughed employees will be taken care of. You're going to give them a few months salary that they spend domestically until it all blows over for not doing any work?
 
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