Money Talks: Yearnings season
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 4 August 2020
⏱️ 25 minutes
🧾️ Download transcript
Summary
The global pandemic has hit American companies hard, reflected in the latest earnings season, and it could be many quarters before a return to profitability. In Europe, Germany is used to being an economic powerhouse, but the virus has left it in a slump. And, could central banks ditch cash in favour of virtual money? Simon Long hosts
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Transcript
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| 0:00.0 | This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats. |
| 0:11.0 | So you can order your own fries instead of eating everyone else's. |
| 0:15.0 | Trains, now on Uber. T's and C's unlike any other. How has the coronavirus left S&P 500 companies in its wake? |
| 0:38.3 | Hello, you're listening to Money Talks on Economist Radio, our weekly podcast on the markets, |
| 0:47.0 | the economy and the world of business. |
| 0:50.0 | I'm Simon Long and editor at The Economist and coming up on today's show |
| 0:55.3 | Germany is the engine of Europe's economy. The coronavirus is a spaner of the works. |
| 1:01.9 | The economy shrank by 10.1%. That's the deepest drop in half a century. |
| 1:08.8 | And could Central Banks ditch cash in favour of virtual money. |
| 1:15.0 | You have more and more money moving into effectively private hands, |
| 1:19.0 | whether it's run by Facebook as Libra would be, or by Tencentr Ali Baba. |
| 1:23.8 | And so they're looking to stop the digital networks |
| 1:26.3 | from becoming omnipotent in a digital currency world. It's been a rocky year for American companies, The lockdown of citizens and shutdown of production |
| 1:45.2 | caused by the pandemic has left many firms languishing. In the midst of the corporate earnings |
| 1:51.1 | season, this along with rising joblessness, has cast a shadow over Wall Street. |
| 1:57.0 | This is a bizarre period to be watching American companies. |
| 2:01.6 | Vijevichishwarin is the economist U.S. business editor. |
| 2:05.0 | Nearly a third of all profits generated by companies worldwide were generated by American companies |
| 2:10.4 | before the COVID crisis and pandemic induced recession arrived. |
| 2:15.0 | But what we've seen is that this global phenomenon has hit American companies particularly hard. |
| 2:20.0 | So it seems fair to say that the mood must be fairly bleak, to put it mildly. |
| 2:26.2 | The mood is definitely sour in corporate sweets in America. |
... |
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