The effect on businesses

Other threads have carried this subject: the impact on businesses of the Covid-19 outbreak.

Even at its worst, I assume the streets and stores will be pretty empty and with my mask and eye wear, I may be willing to venture out to support stores (not that my spending is going to save them!). But I cannot see myself going anywhere to eat or drink as that will require removing my mask.

I would consider going to places of interest but I don't really know of any in my area.

The effect on small businesses could be massive - so I will try to support them more than the big stores, whenever possible.

What else can we do to support businesses in this crucial times? Any ideas?

PS: The thread forced me to choose a prefix, though none seem suitable - maybe I posted in the wrong section.

 

I also agree that supporting small businesses is a must right now and if you can help by patronizing them a bit more it will really help. A LOT of small businesses are already suffering and having probably their worst month of the last few years right now and it will just get worse.

As far as how businesses are handling things earlier today I ran out of break and the local 7-11 was out of stock (I eat the Gardania bread). They also carry it at Mercury around the corner from Robinsons so I stopped there to buy break quick. However they had the doors locked instituting a 6 customer at a time max policy and a few looked to just be mildly browsing. Of course the security guard is letting every elderly person jump to the front to get in which made it near impossible for others to get in since there was always another elderly walking up. I got lucky though as just needed bread which was next to the door counter and talked the guard into giving me a loaf for exact change so I didn't have to enter.

Anyways I'll encourage and even plead to my fellow foreigners who can, please help support the local economy of small businesses as much as you reasonably can. We aren't in fear of losing mcdonalds, jollibee, or even mercury but all those little places could go belly up within a month.

 

I'm definitely not an economics guy.

The Philippines Stock Exchange closed until further notice. The US and Canadian markets stayed open and have "lost" billions. At the end of the current calamity the markets will adjust eventually.
The PSE will probably see some movement when it reopens without all the drama of the markets are experiencing.
Was closing the market a good idea?

 

I bet you are more of an 'economics guy' than you think - after all, the REAL experts led us into the 2008 (credit) crunch.

The only problem with closing/suppressing something is what happens when it re-opens. Countries have closed their stock exchange in the past (e.g. USA after 9/11) but everyone knew this was a problem that was not long-term (if those affected by it excuse my purely financial point) - with the virus pandemic it is a different ball game. What I wonder is how investors will think if they are not able to liquidate some or all of their holdings - will they think twice about buying again?

In Cyprus they took money from people's bank account overnight - I think it was 10% of their balance. If you live in Cyprus would you ever put any significant money back into a bank? I would not.

Whilst I understand reasons for financial controls in times of uncertainty, where markets look at situations very short term and work on the basis of 'fear and greed', I just think that rebound effects can be harmful in the long-term.

 

When I do remember well (watch my signature!) the 10% of balance was only taken if more than 100.000 euro on the account. The idea behind, people with >100.000 euro or more can afford to loose 10%.
Correct me when I am wrong.

 

You are correct - but maybe someone who had a million split into many different banks, lost nothing! Whatever they did, I would not put my money in a bank if I thought it risked losing 10,000 euros (or more).

 

We are self-quarantining (asymptomatic) just about all of the time. One way to continue to support small businesses is to do TAKE OUT or DELIVERY from restaurants. Many are closing but quite a few do this.

I noted at Bo's that they hand sanitize before handling currency, which helps. I believe more than we realize are contacting the virus thru touching it as opposed to "coughing." So hand sanitize and "social distance" is part of slowing the spread of this. You can even alcohol wipe delivery boxes before opening. Not panicking, just bein careful.

 

Well, with interest rates at virtually 0%, money is safer in your own hands (provided you secure it well) and/or in gold.

 

Wipe the delivery box is maybe not that bad an idea, coronavirus can survive up to 72 hours on carton, plastic, and metal, of course, food can transfer the coronavirus to, wonder why I don't really see anyone talk about that