3 September 2020

1) Major American companies are extending their ‘work from home’ policy, such as Google, Uber and Airbnb, until the summer of next year. The companies Zillow, Twitter, Facebook and Square have announce that employees can work from home indefinitely. Some companies are also offering stipends to employees for home office equipment as well as a $500 quarterly credit to use specifically on Airbnbs. This at home work policy remains in effect even after offices start reopening. The work at home is even spreading across the international scene with electronic giant Hitachi having 70% of its employees work permanently from home. Nationwide Insurance plans to downsize from 20 physical offices to just four with the majority of its employees continuing to work permanently from home. It’s looking more and more like working at home is becoming the norm for the future in America.

2) In a bid to counter the competition of e-commerce, the traditional department store giant Macy’s has started opening new, smaller stores away from the malls, reflecting a growing trend in the retail industry. The retail giant will test small-format Macy’s and Bloomingdale’s stores outside of underperforming malls, joining a growing trend in retail. The test stores will begin operation the fourth quarter of 2021 in Dallas, Atlanta and Washington DC. Many other major retailers are turning away from the mall format of retailing, leaving many malls withering on the vine, with foot traffic on the decline even before the Convid-19 crisis. This is another indication of a shift in American culture and society.

3) Fashion retailer Old Navy has announced they will pay their employees to work at polling stations comes election day. Each employee will be paid a full days wages for their poll work. Furthermore, store employees will have up to three hours of paid time-off on election day to vote. Old Navy joins other retailers such as Patagonia, PayPal and Levi Strauss & Co. to help in the national elections.

4) Stock market closings for – 2 SEP 20:

Dow 29,100.50 up 454.84
Nasdaq 12,056.44 up 116.78
S&P 500 3,580.84 up 54.19

10 Year Yield: down at 0.65%

Oil: down at $41.78

6 February 2019

1) The executive and CEO of Quadriga, Canada’s largest crypto exchange, dies with $145 million dollars of customer money electronically locked away. Only the CEO knew the pass words needed to unlock the money.

2) EU economic slow down, with EU experiencing its weakest growth since 2013, amidst manufacturing slowdown. The German economy is accelerating while Frances is slowing down.

3) Tech companies Slack, Airbnb and Uber are making their IPOs this year, but several other tech companies are pulling their plans for IPO because of the uncertain world economic.

4) 5 FEB 19 Stock market closings:

Dow             25,411.52    up    172.15
Nasdaq          7,402.08    up      54.55
S&P 500         2,737.70    up      12.83

10 Year Yield:    down   at    2.70%

Oil:     up   at    $53.81

THE HOTEL INDUSTRY WANTS AIRBNB HOSTS TO GET LICENSES.. WILL THEY LISTEN???

airbnb

BY: Economic & Finance Report

The hotel industry is going full force at town and city regulators around the US, to have individuals who are registered with AirBnB to attain licenses that are mandated in city and town laws. Many AirBnB participants seem to be able to skirt or skirmish from attaining licenses to be able to rent or sublet their apartments, condos, coops, room residences, because they are simply not registering for the applicable licenses.

Many homeowners who use AirBNB indicate they do not need licenses because most times they are only renting out a room or a residence less then the time needed legally to adhere to a license within city limits.

The license that is needed or at issue is what is called a vacation rental license which allows most rentors to rent or lease out their property for  a few years. Many residents don’t apply for the license which has become a problem to the hotel industry in many towns and cities, because they believe fraudulent behavior is going on.

Many hotels have to obtain and sustain licenses and they believe companies such as AirBNB are hurting the industry and the hospitality sector as a whole with what is happening. City and town regulators have been watching these developments unfold but it has been difficult to actually go after AirBNB hosts who do not follow the law and obtain the vacation rental licenses, because of how complex the situation is in general.

-SB