Private, online and hi-tech: the coronavirus economy

first_imgThe coronavirus pandemic has sent stock markets into free fall and industries to the wall, however many firms enabling more private, online and tech-based living are emerging as potential winners. As hundreds of millions of people worldwide are forced to stay in their homes and not travel abroad, the businesses that are helping them to adapt could lead to long-term changes in the economy.”I think certain aspects of work and organizing will change for good through the current situation,” said Sally Maitlis, a professor of organizational behavior at Oxford University’s Said Business School.  “People will discover that they can work and communicate in ways they previously didn’t think possible, and will be forced to become more nimble with tech through having no choice to do otherwise.”Here are comparisons of several sectors that are thriving and failing in the pandemic: Home workouts vs gymsAs many gyms close their doors, fitness-lovers are turning to online classes and home workouts.Shares in US home gym equipment company Peloton surged as investors bet on increasing demand for its stationary exercise bikes and memberships to streaming online workout sessions.At one stage Peloton’s share price was up more than 50 percent from Monday’s intra-day low.  Topics : Large online retailers have seen a surge in orders as self-isolating or home-working consumers turn to their massive distribution and delivery networks to provide daily essentials.Shares in US retail giants Walmart and Amazon both tumbled as markets crashed around the world on March 16. During the week Walmart rose as much as 25 percent from its nine-month low on Monday. Amazon also recovered.”We are seeing increased online shopping and as a result some products such as household staples and medical supplies are out of stock,” Amazon said.Yet small, independent stores are suffering, said UK Federation of Small Businesses chair Mike Cherry.”These are already very difficult times for all small businesses right across the country. There are huge concerns over supply chains while on top of this footfall continues to drop. The prospect for these businesses over the coming weeks is increasingly bleak.” Private jets vs commercial planes  The airline sector has been hit hard by quarantine rules and border closures, with UK airline Flybe crashing into bankruptcy and experts predicting others will follow.  The International Air Transport Association said Thursday that up to $200 billion is needed to rescue the global industry.US airlines  have sought more than $50 billion in government assistance in recent days, with one top US official saying the outbreak poses a bigger threat to the commercial industry than the September 11 attacks.In contrast, private jet charter companies are seeing demand soar.Wealthy customers are seeking to distance themselves from the “unknown” travel histories of fellow passengers, said Daniel Tang, from Hong Kong-based charter company MayJets.US-based Paramount Business Jets has seen inquiries go “through the roof”, its chief executive Richard Zaher said.Queries have risen 400 percent and bookings are up 20-25 per cent. Teleconferences vs real world meetings With more and more people working from home to limit the virus’s spread, demand for technology that enables online group meetings, chats and collaborations has spiked.”There is such excitement around remote work that brands like Zoom have seen their stock value climb up,” Creative Strategies analyst Carolina Milanesi said, referring to the teleconferencing app.At the same time, real world gatherings from sporting events to business conferences, have been postponed or cancelled, with a large question mark still lingering over the fate of this summer’s Olympic Games in Japan. Streaming vs cinemas Demand for movies to watch at home has soared so much that Netflix and YouTube are reducing the quality of their streaming in Europe — which has become the epicentre of the virus — to ease pressure on the internet.Worldwide streaming activity jumped by 20 percent last weekend, according to Bloomberg News.Traditional cinema chains, however, are facing an unprecedented drop in demand. Some have temporarily closed their doors to help contain the virus’s spread.US-listed shares in Cinemark and AMC Entertainment were both down around 60 percent on Friday from their respective highs in January and February. E-commerce giants vs independent storeslast_img read more

Thomas Partey advised to reject Arsenal transfer by ex-Ghana star Derek Boateng

first_imgThomas Partey is one of Arsenal’s top targets for the summer transfer window (EPA)Thomas Partey has been urged to reject a move to Arsenal this summer by former Ghana midfielder Derek Boateng.The Atletico Madrid midfielder has a €50 million (£43m) release clause in his contract with the Spanish club and the Gunners have already opened negotiations ahead of a potential deal in the upcoming transfer window.Partey is believed to be one of Arteta’s priority targets for the summer, although Arsenal’s transfer budget is heavily dependant on where the club finishes in the Premier League this season.Reports have also claimed that Arsenal’s technical director, Edu, has approved Arteta’s push to sign the 27-year-old.AdvertisementAdvertisementADVERTISEMENTBut Boateng, who was capped 47 times by Ghana, believes Partey should be turn down Arsenal due to their lack of Champions League football.‘He needs to be at a place where he will be happy, respected and get a lot of playing time,’ Boateng told JoyFM. Arsenal have already held talks to sign Thomas Partey from Atletico Madrid (Getty Images)More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenalcan make all the money you want but if the coach doesn’t play you, you won’t be happy.‘I will not advise him to move to Arsenal right now because he is a Champions League player and with the look of the Arsenal team right now, they are not ready with the kind of players they have and some are going to move‘They are playing very well but you can see the inexperience hurting them and with the way the Premier League is going right now, it is going to be really tough. If he wants to move, he has to move to a team that plays in the Champions League otherwise he will lose everything.’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page. Thomas Partey advised to reject Arsenal transfer by ex-Ghana star Derek Boateng View 3 comments Advertisement Metro Sport ReporterMonday 6 Jul 2020 11:08 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.8kShares Advertisementlast_img read more