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La inmobiliaria del duque de Westminster no remonta en EspañaHugh Grosvenor, de 30 años, es el aristócrata más deseado de Reino Unido. Soltero y dueño de una fortuna considerable, la rama española de su empresa pierde más de medio millón(...)A pesar de su expertise en el sector inmobiliario y de la calidad de su trabajo, Grosvenor RE Spain no termina de remontar económicamente, probablemente por los efectos que la pandemia ha tenido en 2019 y 2020 en el mercado residencial. La filial forma parte de Grosvenor Group Limited, con sede en Londres, aunque está participada al 100% por una sociedad luxemburguesa que no formula estados financieros consolidados.La rama española acaba de presentar las cuentas de 2020 y declara pérdidas de casi 620.000 euros, lo que no es un dato tan malo si tenemos en cuenta que en 2019 perdió más de millón y medio de euros. Además, como se lee en el balance de cuentas, "al 31 de diciembre de 2020, como consecuencia de las pérdidas generadas en este ejercicio y en ejercicios anteriores, la Sociedad presenta un patrimonio neto negativo por importe de 173.487 euros". De acuerdo con la Ley de Sociedades de Capital, "la Sociedad se encontraría en causa de disolución". "Adicionalmente, la Sociedad al 31 de diciembre de 2020 presenta un fondo de maniobra negativo por importe de 339.963 euros. Los Administradores manifiestan que la Sociedad cuenta con el apoyo financiero del Socio Único y del Grupo para posibilitar el cumplimiento de los compromisos y de las obligaciones de pago contraídas por la Sociedad y asegurar la continuidad de sus operaciones", continúan. Las políticas económicas puestas en marcha a raíz del Covid permiten a empresas en esta situación seguir operando porque no se toman en consideración las pérdidas del ejercicio.Cuatro millones al rescateLa familia Grosvenor ha salido al rescate y, según se ha desvelado ahora en el balance de cuentas, en verano del año pasado inyectaron cerca de cuatro millones de euros a su filial española a través de distintos mecanismos. Por un lado "una aportación dineraria por importe de 1.776.109,98 euros, una compensación de un préstamo otorgado a favor de la sociedad por parte del socio único por importe de 1.475.500 euros y una compensación de la cantidad adeudada por la sociedad al socio único por la prestación de servicios por importe de 748.384 euros". Aunque esta situación podría indicar la existencia de una "incertidumbre material" sobre la capacidad de la sociedad para continuar funcionando, los administradores consideran que "será suficiente" con las medidas adoptadas. Además, las perspectivas de mejora no pueden ser mejores, teniendo en cuenta los datos que hablan de un boom en el mercado inmobiliario.
China NPC: Three-child policy formally passed into lawChina has formally revised its laws to allow couples to have up to three children, to boost the birth rate.The regulation was one of several passed on Friday at a meeting of the country's top lawmakers, the National People's Congress (NPC).Details on a controversial anti-sanctions law for Hong Kong, which many businesses feared would put them in a difficult position, were also expected.But Hong Kong media reported on Friday that the decision had been delayed.(...)
The Fed Tapering Has Already BegunMarkets are taking note of the Federal Reserve’s apparent wish to reduce the size of its asset-purchasing program as soon as this year. But that reduction—or “tapering” process—has already begun, by some measures. The Fed’s July minutes out Wednesday showed that many members are in favor of tapering this year. Currently, the Fed is buying $120 billion of bonds—mostly long-dated Treasuries—each month. That has kept the price of those bonds high and their yields low, helping to keep borrowing costs low and enabling households and companies to easily access credit. Less money moving into the bond market would have the opposite affect, lifting yields and limiting borrowing, investment, and spending. The stock market seems to have taken note of the Fed’s hawkishness. The Dow Jones Industrial Average fell as much as 2.5% on Thursday from its all-time high, hit Aug. 16, before rebounding part of the way. But tapering may have already begun. The growth of the Fed’s balance sheet peaked at 80% year over year when the central bank began its asset-purchasing program at the height of the pandemic last year, according to the Leuthold Group. Recently, that growth fell to 11%. That’s mostly because the Fed has been buying almost the same amount in bonds per month as it was last year, so today’s year-over-year comparison isn’t as stark as it was last year.Meanwhile, the growth of the money supply—the current amount of cash in checking accounts, savings accounts, and money-market funds—has also slowed. It peaked at 27% last year and recently grew at just 12%. Simply put, the amount of money circulating in the economy has slowed.“The fact is, monetary tapering has been evident for months and has already notably impacted the financial markets,” writes Jim Paulsen, chef investment strategist at the Leuthold Group. The stock market has already taken note. The most cyclical sectors—the earnings of which are highly sensitive to changes in economic demand—have begun to underperform the broader market. The S&P 500 ‘s cyclical sectors—industrials, materials, financials, and consumer discretionary among them—have risen more slowly than the broader index since March 2021, Leuthold’s data show. That’s a reversal from the outperformance those sectors saw between August 2020 and March. The next question isn’t so much about when the Fed will start to taper, but rather how much it will reduce its bond purchases by.
Can we justify a taper?Mizuho's chief economist;"The central banks of the eurozone and Japan have no realistic prospect of meeting their 2% inflation targets and will not be able to raise interest rates for the foreseeable future...Once the transitory factors drop out, it will become clear again that the US is in a state of disinflation."
Honey, who shrunk the world?, Paul Krugman(...) Second, it's a corrective against American hubris. We still tend, far too often, to imagine that we can shape the world as we like. But those days are long gone, if they ever existed. Hyperglobalization was made in Beijing, New Delhi and Mexico City, not in D.C.
WE WILL DO ANYTHING TO GET YOU TO WORK FOR US EXCEPT PAY YOU ENOUGHPlease come work for us. We’ll do anything. We’ll give you free parking. We’ll give you 10 percent off in-store purchases. We’ll give you company swag where you can barely see the company logo, so it’s basically just cool free clothes. We will do literally anything to get you to work for us except pay you enough.You want a keg in the break room? You got it. You want your break in the keg room? Okay by us! What do you want? Name it, it’s yours! As long as it’s not a living wage.What about an immediate cash bonus as soon as you start working, to mask the fact that we don’t provide healthcare or enough consistent pay for you to afford rent? Is that something you want? Please say it’s something you want.We will clap for you every time you clock in. We will make you feel guilty every time you clock out. There will be a big group meeting every morning where you and your coworkers go around in a circle and tell each other what a great job you’re all doing. Does that sound like a reasonable replacement for fair monetary compensation?Look: it’s not about the money for us. Never has been! It’s about passion. It’s about community. It’s about teamwork. It’s about making you think it’s not about the money for us, when it’s actually all about the money for us, and specifically not about the money for you. Jobs aren’t for financially sustaining you—they’re for financially sustaining us. :biggrin:So if pay and benefits are what you’re after, you’re not going to find them in this job, or any job. But if a gift card on your birthday with your name spelled wrong that’s only valid for one month in-store is what you’re looking for, then this is the place for you!Oh, and if you get one of your friends to come work here too, we’ll throw in a recruitment bonus!1 That’s how much we value you!2So, please come work for us. We’ll do anything you want—except, of course, pay you enough.1 Bonus will not be in the form of better pay.2 We don’t.