PPCC: Pisitófilos Creditófagos. Primavera 2024

[valensianet]

Un par de anecdotas personales de los últimos dias:

- el sabado pasado, una conocida, alta directiva de un gran multinacional, se lamentaba ante mí de que "no podia comprarse el piso que quería" (en Madrid). Y obviamente, tiene un sueldo muy superior al de la presidenta de su Comunidad Autónoma.
- el domingo, en la radio del taxi que nos llevaba a la estación de tren, escuchamos un reportaje sobre "el aumento de precios del alquiler vacacional". Hablaban de... 17% en el último año, y que algunas zonas están ya imposibles. Sonaba todo a "comprad ya, que nos los quitan de las manos"...

Empiezo a estar de acuerdo en que estamos llegando al final...

[senslev]

Eso parece, más indicios.

https://abcnews.go.com/US/plans-proposed-new-tallest-building-america-location-surprise/story?id=106665288

[Zelig]

Pues sí que no hay que creerse nada,

https://x.com/patrims/status/1803315174780080264

200.000 euros por un palomar. No puedo imaginar a un comprador para eso. La única utilidad que veo al anuncio es retener la oferta.

julioalcalde.elite

Élite. 

[senslev]

Este tipo de cosas sólo se solucionan con guerras, o eso creo yo.

[Derby]

https://wolfstreet.com/2024/06/19/the-collapse-of-the-ev-spacs-fisker-joins-the-bankruptcy-party-others-on-the-verge/

The Collapse of the EV SPACs: Fisker Joins the Bankruptcy Party, Others on the Verge  by Wolf Richter

EV maker Fisker, which had gone public via merger with a SPAC in October 2020 amid fake promises and ludicrous projections, and then burned over $1 billion of investor cash, has finally filed for bankruptcy protection Monday night, following in the footsteps of a bunch of other EV SPACs.

These EV SPACs were born during the era of free money and what we’ve come to call consensual hallucination, and reality just didn’t matter. They raised billions of dollars in cash from free-money-befuddled investors, went public at sky-high valuations, then their shares collapsed and were inducted into our pantheon of Imploded Stocks. Then they began filing for bankruptcy, one after the other.

All these EV SPACs, those that have already filed for bankruptcy and those that will still file for bankruptcy, have the same problem:

It takes a huge amount of money, engineering expertise, and management expertise to start up an automaker, design vehicles, build a factory, develop the supply chain, and ramp up mass-production of high-quality desirable vehicles, and then sell them in such large numbers – hundreds of thousands of vehicles a year – and at a high enough a price that the company can become cash-flow positive and survive on its own without further cash injections.

It took Tesla over 10 years and about $20 billion to get there, and it has been profitable ever since. The Model Y is now the #2 bestseller in the US, behind the Ford F-150 pickup. So Tesla made it, and it became the most valuable automaker in the world, even though its shares plunged to where in December 2022, Tesla made it into our pantheon of Imploded Stocks (entry requirement: at least -70% from high).

Frisker, run by CEO Henrik Fisker, has been a mess from Day One. And even before Day One: He’d already driven its predecessor company, Fisker Automotive – which made the plug-in hybrid Fisker Karma – into bankruptcy in 2013. Nevertheless, investors were eager to douse him with more money, including over $1 billion when the company went public via merger with a SPAC in October 2020. When money is free, nothing really matters.

Fisker never made it to true mass-production. It didn’t even build its own vehicles – they’re made under contract in Austria by Magna Steyr, a subsidiary of Canada-based Magna International. The batteries came from the Chinese battery giant, CATL. Fisker started selling its Ocean SUV last summer. In 2023, Magna built 10,000 of them. But amid reports of all kinds of quality problems, Fisker was able to sell less than half of them in 2023, and promised to sell the rest in Q1 2024.

At the end of February, Fisker warned in a filing that it might not be able to “continue as a going concern.” And it said that it was in talks with a major automaker over an investment in the company and a joint production deal.

On March 18, Fisker said it paused production of the Ocean for six weeks. At the end of March, Fisker slashed the price of the SUVs by as much as 39%, hoping to sell the ones it still had, though it was no longer producing new ones. But it’s hard to talk people into buying a vehicle when the company is about to collapse.

And on March 25, Fisker said that those talks with the major automaker went nowhere. The New York Stock Exchange then delisted Fisker’s shares, due to their nearly worthless nature – just a few cents at the time. The delisting put Fisker in default on its $180 million in convertible notes. Throughout, Fisker has been laying off employees and closing facilities.

On May 3, Magna International said in its earnings call that “production of the vehicle is currently idled,” and its outlook “assumes no further production.” On May 7, Fisker’s Austrian subsidiary, Fisker GmbH, filed for bankruptcy in Austria. On May 19, Fisker closed its headquarters in California. And so that was the end – sealed by the bankruptcy filing.

Shares of Fisker closed at 2 cents today, from 4 cents yesterday, on the news of the bankruptcy filing. They’ve been in that range for months.


(...)

[R.G.C.I.M.]

Me resulta curiosa la coincidencia entre la firma de los indultos y las celebraciones por los 10 años de la coronación del Rey.
En las grandes ocasiones reales suele haber indultos casi siempre.

No sé.


Sds.

[Derby]

https://www.ft.com/content/54f26aa6-f868-4ab5-b8fb-5e6ecd1b5bab

ECB urges Eurozone countries to cut high levels of debt

Central bank warns of fiscal challenges including ageing populations, extra defence spending and climate change

Eurozone countries are facing “significant fiscal burdens” from ageing populations, extra defence spending and climate change, making it more urgent that they cut their high debt levels, the European Central Bank has warned.

Officials at the central bank estimate Eurozone countries have to reduce their budget deficits by an average of 5 percentage points of GDP, which would require savings or extra revenue of €720bn at current output levels.

The ECB’s assessment of the budgetary challenges confronting the 20 members of the single currency bloc came as the European Commission reprimanded France and six other countries for breaching EU fiscal rules, increasing investor anxiety about the sustainability of public finances.

The debt levels of Eurozone countries are coming under the spotlight after they shot up due to higher government spending aimed at shielding households and businesses from the coronavirus pandemic and the energy crisis triggered by Russia’s invasion of Ukraine.

Investor anxiety has been heightened by the calling of a snap election in France, where the far-right Rassemblement National and a new left-wing alliance are leading in opinion polls. The parties have made lavish spending pledges, threatening a stand-off with both debt investors and Brussels.

The ECB said the pressure on public finances in the bloc would only increase in the coming years. It estimated that, to cope with the rising demands of ageing populations, climate change and higher defence spending by 2070, countries would require an average extra fiscal effort worth 3 per cent of GDP starting from this year.



This would come on top of the need to reduce debt levels back down to the EU limit of 60 per cent of GDP by 2070, which by itself the ECB said would require countries to “immediately and permanently” save an extra 2 per cent of GDP on average.

“These developments will be challenging enough in isolation, and countries will face all of them simultaneously,” the ECB said. “Consequently, action needs to be taken today — especially in high-debt countries facing elevated interest rates and the associated risks.”

There was a wide divergence between the scale of fiscal effort the ECB estimated countries would need to make to hit the 2070 target. Slovakia was estimated to need savings worth 10 per cent of GDP and Spain 8 per cent, while Estonia, Croatia, Greece and Cyprus would need to save less than 2 per cent of GDP.



“The necessary fiscal adjustment is large by historical standards, but not without precedent,” it said, pointing out that some countries, including Belgium, Ireland and Finland, ran primary budget surpluses, excluding interest payments, of more than 5 per cent of GDP for more than a decade in the 1990s and early 2000s.

The ECB warned the costs of tackling climate change could be much larger if global warming is not limited to 1.5C above pre-industrial levels. But it said there could be positive spillover effects from higher spending, structural reforms, digitisation and globalisation that were not captured by its models. 

“There is no room for complacency, as the longer the adjustment is postponed, the larger the eventual adjustment cost will be,” it warned.

[Derby]

https://www.ft.com/content/a4bca88d-1a2d-49b3-b21b-f9f01c696cdd

China’s central bank chief warns of weaker credit growth as property lending declines

‘Many loans in China are not efficient,’ Pan Gongsheng tells major financial forum

China’s central bank chief has warned markets to expect weaker credit growth, in a speech that highlighted the impact of a prolonged property slowdown on the world’s second-largest economy.

Pan Gongsheng, governor of the People’s Bank of China, told a major financial forum in Shanghai that real estate and local government financing vehicles account for a large share of China’s Rmb250tn ($34.5tn) of bank lending. “Not only is this area no longer growing, but it is actually declining,” he said.

“It is natural that the growth rate of credit has declined alongside a shift from high-speed to ‘high-quality development’,” he told the Lujiazui Forum, referencing the high volume of existing lending. “Many loans in China are not efficient,” he added.

The comments from Pan, who has led the PBoC since 2023, reflect a broader official focus on the search for new growth, with a real estate slowdown that began in 2021 continuing to weigh on economic activity.

New data this week showed that new home prices in China fell 0.7 per cent month on month in May, the fastest rate of decline in a decade, adding to concerns for policymakers a month after they unveiled a plan for government enterprises to purchase excess properties directly.

Official data on “total social financing”, a broad gauge of credit growth, has also shown signs of weakness this year. It showed a rare credit contraction in April, its first decline since comparable data began in 2017, according to PBoC releases, while new data released this week showed a weaker than expected rebound in May. 

Slower than expected expansion of new loans this year has added to signs of sluggish business activity and weak credit demand. Household loans, a proxy for mortgages, have also been shrinking on the back of weak confidence in the property market. Pan said in his speech it would be difficult for the growth rate of all credit to exceed 10 per cent, as it had in the past.

Markets have closely watched the government’s monetary approach, which has largely remained cautious, despite calls for greater stimulus in an environment where prices have frequently entered deflationary territory.(...)

[Cadavre Exquis]

https://www.expansion.com/empresas/inmobiliario/2024/06/18/66715d66e5fdea0b2e8b4599.html

https://www.pressreader.com/spain/expansion-nacional/20240619/page/2/textview

Madrid, epicentro de la construcción

https://www.expansion.com/opinion/2024/06/19/66729b87468aebbe678b4594.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2024/06/19/66729a31468aeb25138b4599.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2024/06/19/6671d6d7e5fdea8d658b4570.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2024/06/19/66720036e5fdead5428b4574.html

https://www.pressreader.com/spain/expansion-nacional/20240619/page/35/textview

CEOE pedirá derogar la reducción de la jornada cuando cambie el Gobierno

Saludos.

[AbiertoPorDemolicion]

https://www.expansion.com/directivos/2024/06/18/66705eaee5fdea6a228b4573.html

Saludos.

Ni en tus mejores sueños...
"El teletrabajo es un suflé: acabará bajando"

2023 INFORME ANUAL BANCO DE ESPAÑA
https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/23/Fich/InfAnual_2023.pdf
La medición del impacto del teletrabajo sobre la productividad es todavía muy preliminar y se necesitará más tiempo para calcularlo con distintos horizontes temporales.

Por ahora, la evidencia empírica disponible es favorable a la hipótesis de una asociación positiva entre teletrabajo y productividad. En particular, Bergeaud, Cette y Drapala (2023), combinando datos de encuestas a aproximadamente 1.600 empresas francesas con información financiera de sus balances, estiman un incremento del 0,6 % en la productividad total de los factores por cada punto porcentual de aumento en la proporción de trabajadores con teletrabajo. Como ya se ha mencionado, es preciso interpretar estos resultados con la debida cautela. En cualquier caso, lo que sí se ha observado con claridad en los últimos años es un aumento notable del porcentaje de ofertas de puestos que permiten el teletrabajo, así como de las preferencias de los trabajadores por este tipo de empleos (Adrjan, Ciminelli, Judes, Koelle, Schwellnus y Sinclair, 2021; Colonnelli, McQuade, Ramos, Rauter y Xiong, 2023).

Aparte de palabritas de p.madre como suflé, ¿tienes algunos datos que ofrecer para decir que el teletrabajo acabará bajando?

(Los del sectó estáis a-c-o-j-o-n-a-o-s con el teletrabajo)

[R.G.C.I.M.]

https://www.expansion.com/directivos/2024/06/18/66705eaee5fdea6a228b4573.html

Saludos.

Ni en tus mejores sueños...
"El teletrabajo es un suflé: acabará bajando"

2023 INFORME ANUAL BANCO DE ESPAÑA
https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/23/Fich/InfAnual_2023.pdf
La medición del impacto del teletrabajo sobre la productividad es todavía muy preliminar y se necesitará más tiempo para calcularlo con distintos horizontes temporales.

Por ahora, la evidencia empírica disponible es favorable a la hipótesis de una asociación positiva entre teletrabajo y productividad. En particular, Bergeaud, Cette y Drapala (2023), combinando datos de encuestas a aproximadamente 1.600 empresas francesas con información financiera de sus balances, estiman un incremento del 0,6 % en la productividad total de los factores por cada punto porcentual de aumento en la proporción de trabajadores con teletrabajo. Como ya se ha mencionado, es preciso interpretar estos resultados con la debida cautela. En cualquier caso, lo que sí se ha observado con claridad en los últimos años es un aumento notable del porcentaje de ofertas de puestos que permiten el teletrabajo, así como de las preferencias de los trabajadores por este tipo de empleos (Adrjan, Ciminelli, Judes, Koelle, Schwellnus y Sinclair, 2021; Colonnelli, McQuade, Ramos, Rauter y Xiong, 2023).

Aparte de palabritas de p.madre como suflé, ¿tienes algunos datos que ofrecer para decir que el teletrabajo acabará bajando?

(Los del sectó estáis a-c-o-j-o-n-a-o-s con el teletrabajo)

A mí me ha encantado su careto y pose de triunfadó.

Y mejor aún, el cruce de brazos de diestro con peluco a la derecha de zurdo, pa que se vea bien ese pelucazo triunfadó.
( No tengo ni puta idea de relojes ni joyas pero apuesto a que es caro caro, de los de enseñar en las cenas reuniones y  afotos)

Sds.

[Cadavre Exquis]

https://x.com/KobeissiLetter/status/1802486467438010438

Saludos.