Tuesday 3 November 2020

Coronavirus diary, Tuesday 3 November


Millions of people and businesses are being overwhelmed, drowned by the pandemic tsunami but there is another, controversial side to the saga. 

Some people and businesses are enjoying a boom time, waving, not drowning.

While the hospitality and aviation industry are in a desperate situation some areas of business are flourishing.

Supermarkets, pharmaceutical giants, fast food, take away and delivery firms, even up-market leisure wear companies are cashing in on others' misfortune, meeting the needs of lockdown. 

But it is the giant corporations that are raking in the cash. 

An Oxfam report reveals that most of the top US corporations including Amazon, Apple, Microsoft and Facebook are making 'dramatic, extraordinary' profits, providing a range of high tech information services for business and the public.

Pharmaceutical giant Pfizer is flush with pandemic profits 

Netflix doubled its subscription numbers 

Apple made over 58 billion dollars in three months despite closing all its stores.

Microsoft had a record 90 million users of its gaming service.

Amazon with its range of services is forging ahead.

Cloud computing, used by virtually all businesses to provide vital computing, storage and networking services, is fuelling the boom. 

Zoom, formerly a conference provider, has become a household name, bringing people from all over the world together for business and pleasure, its profits trebling, rocketing by 169%.

Concerned by the extravagance, Oxfam is calling for an excess profits tax.

Among this welter of profiteering the most dubious, I think, is the massive increase in hedge fund bargain hunting. 

With billions of pounds available world wide and easier financial regulations they are snapping up struggling and failed businesses with an eye to big profits ahead.

Altogether a sad story. But that's business, and life today.

No comments:

Post a Comment