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BUSINESS NEWS - The December holiday period has come and gone, and feels like a distant memory. With the April school holidays already here, 2021 seems to be rapidly gathering pace in various aspects.
The pandemic has affected us all. We would like to reflect on some key market and currency performances in the last 12 months which have produced interesting, and quite surprising outcomes.
The unlikely ticking time bomb on corporate balance sheets
Added up, company debts have ballooned during the pandemic, but it is another calculation altogether that should keep bosses awake at night
28 April 2021 • 6:00am
We may be in danger of looking for the next wave of corporate disasters in the wrong place.
As the world emerges from lockdown and companies start assessing the damage to their business models as they come off life support, there will be an understandable focus on the enormous amount of debt many are saddled with. But it is on the other side of the balance sheet that the real nasties could be lurking.
Sunanda K. Datta Ray | Caring governance vital to save lives & India’s future
Published : Apr 28, 2021, 7:23 am IST
Updated : Apr 28, 2021, 7:23 am IST
The devastating second wave might not have struck so ferociously had it not been for the government’s triumphalism
Family members of COVID-19 patients wait outside an oxygen-filling centre to refill their empty cylinders, as demand for the gas rises due to spike in coronavirus cases, at Naraina, in New Delhi, Tuesday, April 27, 2021. (PTI/Manvender Vashist)
When the newspapers recorded that over 20 Covid-19 patients had died in a leading New Delhi hospital for lack of oxygen, they also reported that India’s richest man, Mukesh Ambani, had paid £57 million (Rs 592 crores) for the Stoke Park estate in England. Another tycoon, Adar Poonawalla, CEO of Serum Institute of India, had rented a mansion in London’s Mayfair for £50,000 a week.
“Fools, as it has long been said, are indeed separated, soon or eventually, from their money. So, alas, are those who, responding to a general mood of optimism, are captured by a sense of their own financial acumen. Thus it has been for centuries; thus in the long future it will also be.”
― John Kenneth Galbraith, A Short History of Financial Euphoria
The signs of an epic bubble of historic proportions are everywhere. The stock market is a bubble, with valuations exceeding 2001. Margin debt is at all-time highs. The bond market is a bubble, with the Fed artificially suppressing rates and pumping trillions of QE into Wall Street. Housing is experiencing another bubble, with prices now far exceeding the 2005 peak. Bitcoin and the rest of the crypto-currencies are a bubble, being driven by the excess liquidity sloshing around the system. A joke crypto currency like Dogecoin soars into the stratosphere because money has no meaning anymore.
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