[Miyata]

Few days back I returned from Varanasi. Visited my village after over 10-yrs! Did not notice much disruption yet. The local markets are as usual. People are moving about like they did before this corona scare.

For the first time in my full-awareness, got to enjoy the open fields. Attaching below few phone shots of wheat; garlic; etc.

[bluevolt]

There might be no increment this year for folks working in IT sector due to Coronavirus impacts -

https://economictimes.indiatimes.com...w/74719158.cms

[Samurai]

Originally Posted by bluevolt

There might be no increment this year for folks working in IT sector due to Coronavirus impacts

That is an extremely optimistic prognosis of the Covid-19 situation.

In my opinion, large IT companies will use this very valid premise to restructure their workforce. There will be massive layoffs, increments will be least of the worries.

[raksrules]

Originally Posted by bluevolt

There might be no increment this year for folks working in IT sector due to Coronavirus impacts -

https://economictimes.indiatimes.com...w/74719158.cms

It is anyways 1-2% for us.

[SmartCat]

Rajiv Bajaj on CNBC today:

We have not retrenched. We will not retrench. I will cut my salary to zero before I think of retrenching the first person.

[volkman10]

Truckmaker Volvo to put all 20,000 Swedish staff on temporary lay off-scheme.

We of course hope for it to be as short as possible. But we are doing this to protect staff, the company, and society

Link

[whitewing]

Originally Posted by Samurai

That is an extremely optimistic prognosis of the Covid-19 situation.

In my opinion, large IT companies will use this very valid premise to restructure their workforce. There will be massive layoffs, increments will be least of the worries.

Absolutely. While the pinch may not be felt immediately, in a few months, I expect carnage in the IT services sector. This time around, even product development companies may be hit (and badly) depending on the sector.

[Durango Dude]

I just pity TATA for launching the updated Harrier right in the midst of this Corona Scare, when all businesses are down. It looks great but there's going to be a "huge" cash crunch in the coming months. People would be better of penny pinching than splurging on huge cars. The automakers who have been in the dumps will hit absolute rock bottom. Same goes for all the new car launches... Creta, City, etc

[Latheesh]

Originally Posted by bluevolt

There might be no increment this year for folks working in IT sector due to Coronavirus impacts -

There is a physical product or service backing every software project. If that goes down there are no software projects. We just started seeing problems in travel, tourism, and other related industries. Worst is yet to come.
First and foremost priority now is saving lives.

Originally Posted by SmartCat

Rajiv Bajaj on CNBC today:

We have not retrenched. We will not retrench. I will cut my salary to zero before I think of retrenching the first person.

Problem is he can afford to cut his salary to zero.

[GTO]

I agree. This is indeed war. My heart goes out to the poor of India who depend on daily wages for food on their plates.

What a WarTime economy looks like

This is like war
“We must act like any wartime government and do whatever it takes to support our economy,” Prime Minister Boris Johnson of Britain said yesterday. He is far from alone in using martial metaphors, as governments around the world unveil enormous spending plans unlike anything seen during peacetime.

A $1 trillion U.S. stimulus package is in the works, including hundreds of billions in funds that will be sent directly to Americans, according to reports. “We want to go big,” President Trump said at a news conference yesterday. The Fed also unveiled another emergency lending program, this one meant for companies struggling to raise cash.

What does a “wartime” economy look like? Britain yesterday announced more than $420 billion in emergency spending and loans, which is worth about 15 percent of its G.D.P. It follows similarly expansive packages in France, Germany and Spain, which have pledged around $1 trillion in fiscal stimulus combined. As a share of the U.S. economy, federal spending on the same scale would be in the region of $3 trillion to $4 trillion.

[Durango Dude]

Originally Posted by Latheesh

Problem is he can afford to cut his salary to zero.

I don't think so. Corona is going to be one helluva equalizer. It's going to cripple economy like never before. I remember as a kid every product was taxed during the Indo Pak war: war time tax. When "push comes to shove" I think there will be a huge Corona Tax and there will restrictions on withdrawal from bank accounts as seen during demonetization way back in 2016. Believe me, cash will be king in the coming months, put all big spends on the back burner and don't regret later. Real estate bubble will be the first to burst...

[vibbs]

Originally Posted by volkman10

Truckmaker Volvo to put all 20,000 Swedish staff on temporary lay off-scheme.




Link

European governments normally have packages aimed at supporting businesses.

I was informed by my Danish colleagues that Denmark has launched a scheme where in the government will foot 75% salary for employees of affected companies (ofcourse with an upper limit and also a qualifier).

https://www.thelocal.dk/20200318/den...navirus-crisis

So many affected companies have given temporary lay offs to use this schemes and avail the benefits.


Not sure if something like that applies in Sweden as well.

[volkman10]

Volkswagen tests ventilator output as carmakers join coronavirus fight

German carmaker Volkswagen said on Friday it was joining other manufacturers around the world to explore using 3D printing to make hospital ventilators to combat the coronavirus.

it had assembled a task force, was testing materials and checking supply chains to see how it can use 3D printing to help manufacture hospital ventilators and other life-saving equipment.

“Medical equipment is a new field for us. But as soon as we understand the requirements, and receive a blueprint, we can get started,” ding that prototype components had been printed and its Skoda arm was included in the project.

Link

[Latheesh]

Originally Posted by Durango Dude

I don't think so.

If things go bad he will be forced to trim the workforce for sure. Hope he keeps his promise.

[V12Doc]

With landlords asking for rent you cant blame them unless banks and GOI suspends their loan payments and utility providers suspend their bills and GOI does a paid leave for the employees. Tenants are kind of a Pillar on what everything is built around including the financial world. That is the reason the biggest margins of profit is at the bottom/end of the chain. They might not be having the deep pockets of a owner of a mall but even the owner of the mall is just a bigger business operating at lower margins. On a 10k rent the owner probably gets to keep 1k, rest goes to loan payments, employee payments, maintainence, utilities etc. 1 Month of missed rent means that they are losing 10 months of operating profit which is the reason many goes into defaults. While for a business owner rents are more like 6-7% of their revenue and they usually have more cushion than the landlords. Your obligations always come before your pleasure. I had a bad paying tenant once who would throw parties and buy expensive stuff rather than paying rent on time because they were so broke all the time. They had a profit margin of 40% and the rent was close to 8% of their revenue. I guess not spending on pleasure for a month would help them save for 3 months of rent in extreme volatility