Shopify challenges Amazon for slice of lockdown trade

(qlmbusinessnews.com via theguardian.com – – Mon, 25th May, 2020) London, Uk – –

Firms becoming more inventive to survive, and increasing numbers turning to the e-commerce platform

When the lockdown forced the Pizza Pilgrims chain to close, the company came up with an unusual solution to stay in business.

The company, with restaurants in London and Oxford and run by brothers Thom and James Elliot – who started out selling Neapolitan pizza from the back of a converted Piaggio Ape van – hit on the novel idea of posting pizza kits to customers.

The first 50 of the £15 frying pan pizza kits, which promise to make a pair of “banging” margheritas, sold out in 20 seconds. The company is now packing up to 700 a day and considering opening up a second of its 13 restaurants to satisfy the demand.

Pizza Pilgrims pivoted online almost overnight via Shopify, the Canadian e-commerce platform that sells the digital kit that companies need to build and run a website.

The Ottawa-based firm is challenging Amazon’s dominance by offering brands of all sizes an alternative route online. For a monthly subscription, its software allows companies to manage their stock, payments and logistics under their own domain and brand.

Shopify now has 1m companies on its books, ranging from small UK outfits such as Pizza Pilgrims to celebrities including Kylie Jenner and Kanye West, who use its tech to sell their respective makeup and clothing lines. Shoppers spent nearly £50bn on the platform last year.

The world has tilted towards the internet during the pandemic and there is a growing sense that the shutdown may be permanently changing consumer behaviour. Working from home has been normalised for millions of people, while pensioners have become converts to online grocery shopping.

The closure of big parts of the retail and hospitality trade has forced companies to find new ways to make sales. In the six weeks to 24 April, there was a 70% increase in the number of UK companies opening websites compared with the preceding six weeks, says Shopify.

Pizza Pilgrims had never considered selling online before, Thom says, but was forced to become inventive as the economy collapsed. The “most surreal moment of his life” happened last week when he was invited to join a business brainstorming session with No 10, only to find himself on a Zoom call with Boris Johnson.

Investors are banking on the evolving business model being good news for Shopify, with its share price more than doubling since the start of April. The surge has made it Canada’s most valuable company, worth $86.2bn (£69.4bn) after nosing ahead of the Royal Bank of Canada.

Shopify’s rocketing value has turned the spotlight on its German-born boss, Tobias Lütke, 39, who describes himself on Twitter as “CEO by day, Dad in the evening, hacker at night”.

An avid video gamer, he openly takes days off work to indulge his passion, broadcasting his Fortnite and Starcraft campaigns on the Twitch streaming platform.

Lütke has blogged about his decision to quit school at 16 and become an apprentice computer programmer for Siemens in his home town of Koblenz.

“School was not for me,” he wrote. “To me, computers were so much more interesting. They diagnosed me with all sorts of learning disabilities and started to medicate me. I wanted to leave it all behind. My degree is not recognised in North America so I am technically a high school dropout.”

Lütke met his Canadian wife while snowboarding in Whistler and eventually moved to Canada to be with her, starting the Snowdevil website, selling high-end snowboards, with the entrepreneur Scott Lake. The pair soon realised the software Lütke was writing for the site was actually more valuable, and Shopify was born.

Shopify has made Lütke one of Canada’s wealthiest people, with a $7.1bn fortune, according to Forbes. However, the father-of-three reportedly shuns the workaholism that often comes with business success: “I’m home at 5.30pm every evening. I play video games alone, with my friends and increasingly with my kids. My job is incredible but it is also just a job,” he said on Twitter.Advertisement

He recently announced Shopify’s offices would not reopen until 2021 with remote working set to become a permanent arrangement for most of its 5,000 staff. “Office centricity is over,” he tweeted.

Shopify’s plans for the future include parking its tanks on Amazon’s lawn by building a warehouse and logistics network so that it can also handle shipping on behalf of its sellers.

By Zoe Wood

Estate agents report rise in Homebuyers ‘plotting move to country’ amid increased home working

(qlmbusinessnews.com via theguardian.com – – Fri, 8th May 2020) London, Uk – –


Homebuyers ‘plotting move to country' amid increased home working

Estate agents report rise in buyer registrations around Winchester and Berkshire

After the lockdown, the exodus. Estate agents are reporting a surge in the numbers of would-be homebuyers plotting a move out of the city to a rural area or smaller town as people conclude that home working is here to stay.

Firms said that during the last few weeks they had seen a big increase in enquiries about well-connected countryside and “out of city” locations – ranging from English market towns to Scottish fishing villages – where people could split their working week between home and office once life starts to return to normal.

The upmarket estate agent Savills said locations that had seen a rise in buyer registrations included the areas in and around Winchester in Hampshire, Newbury in Berkshire, Canford Cliffs in Dorset and the East Neuk of Fife on the east coast of Scotland.

Lockdown appears to be prompting many people to reassess what is important to them, whether that is a desire to continue working from home for part of the week once normal service resumes or wanting a bigger garden for their children to play in.

The pandemic has effectively pushed the UK housing market into a temporary deep freeze, with people being told by the government to postpone moving until a later date, and there have been claims that several hundred thousand home sales will be abandoned this year.Advertisement

However, Rightmove has revealed that visits to its site during the last three days of April were up more than 20% compared with the first few days of lockdown, as more people stuck at home started to think about a new life in the country.

Andrew Perratt, the head of country residential at Savills, said it might be easy to dismiss an increase in web visits as largely being down to “bored dreamers” sitting at home surfing the internet, but he added: “What is most significant for me is the jump in new buyer registrations.”

Perratt said the big demand was for properties in “the country markets around the major cities,” which included villages and market towns.

The mass switch to working from home had proved that “you don’t need to be in London, or another city, five days a week,” he said. “I think there are lessons to be learned for all of us in terms of the number of times we need to visit a city during a working week.”

Savills surveyed nearly 700 registered buyers and sellers in the so-called prime property market between 21 April and 27 April to find out how their attitudes to moving had changed during the coronavirus crisis. It found 49% expected increased home working to continue post-lockdown, while about four in 10 said they would now find a village or countryside location more appealing than previously, with the latter figure higher for those with school-age children.

This prompted the firm to talk about a potential “rural renaissance”. Winchester has reasonably good rail links with London, with a journey time of just over an hour, and lies at the western end of the South Downs national park. The average house price there is £419,000, compared with £477,000 in London, according to the most recent official Land Registry data.

Newbury is well known for its strong transport links, lies on the edge of the Berkshire Downs and is surrounded by attractive villages such as Highclere and Hermitage.

Perratt said his theory was that Canford Cliffs, an affluent suburb of Poole in Dorset, was an area where some wealthy Londoners were lucky enough to already own a bolthole to escape to, and that some may be looking to “flip” their life so that this becomes their principal residence instead of London.

Similarly with the East Neuk of Fife, which includes picturesque fishing towns such as Anstruther, people might be looking to swap their Edinburgh townhouse for a smaller flat and use the proceeds to buy a bigger home on the coast, he added.

At the Douglas Allen branch in Brentwood, Essex, manager Reece Giles said interest from potential buyers in nearby London boroughs looking to relocate to the area “has kind of gone through the roof”. The Brentwood area includes villages such as Navestock that offer the benefits of rural life but are within an easy commute of London.

The Savills research also found that one in six respondents were ready for a longer commute, with the firm saying it believed some people would be prepared to put up with a two-hour journey to work if they were only going into the office for a couple of days a week.

The latest Rightmove data, meanwhile, named Inverness in the Scottish Highlands as the location seeing the biggest year-on-year increase in searches – up 167%.

Reporting by Rupert Jones

How Covid-19 Has Changed The Future of Fitness Forever

Source: CNBC

The physical activity market is worth more than $800 billion worldwide, but it has had to pivot fast as countries around the world impose strict lockdown measures. Fitness experts expect future workouts to be a mixture of in-person and online classes, while studio apps are hoping for more corporate sign-ups. CNBC’s Lucy Handley reports.

15 Most Incredible Homes In The World!

Source: The Finest

The world is full of creative people, and some of them release that creativity in the world of architecture. The result? Some pretty far-out and impressive abodes for people who aren’t afraid to stand out from the crowd. From a tall tower on a tiny lot to a gas station converted into a family home, here are 15 most incredible homes in the world.

Greggs becomes the latest high street retailer reopening shops amid COVID 19 lockdown

(qlmbusinessnews.com via theguardian.com – – Mon, 27th April, 2020) London, Uk – –

Chain follows Burger King and KFC in opening a few stores for takeaway and delivery

Greggs has become the latest high street retailer to put forward plans to reopen its stores despite the coronavirus lockdown.

Firms such as B&Q have reopened their doors to shoppers at a number of stores, and John Lewis has said it hopes to reopen all its shops next month.

The moves came as Boris Johnson urged the public to stay at home in order to avoid a second peak in infections, which could further weaken the economy.

Greggs said it planned to reopen a small number of stores for takeaway and delivery next week after shutting all its sites owing to the pandemic.

The boss of the bakery chain has told staff of plans to open 20 stores in the Newcastle area from 4 May as part of a “controlled trial”.

Roger Whiteside, the Greggs chief executive, said he hoped the trial would inform the business about what changes needed to be made to operate safely and meet physical distancing guidelines.

He said he believed the trial, which will involve a limited product range and shorter trading hours, would take at least two weeks, and that 700 stores, including 150 franchise shops, would open from 8 June with new operational measures in place.

“We expect it will only be possible to open this many shops if the government has taken a first step in relaxing the lockdown, which could be to open the schools,” Whiteside said. “This timing may change depending on future government announcements.”

The company predicted that sales in the stores would be “significantly lower than normal” while physical distancing measures were in place.

Whiteside said it intended to open all of its 2,050 stores by 1 July, when the government’s current furlough support package is due to end.

A Greggs spokeswoman said: “We want to play our part in getting the nation back up and running again, so we are planning to conduct a limited trial with volunteers to explore how we can reopen our shops with new measures in place that keep our colleagues and customers as safe as we can when we reopen at scale.”

Burger King, Pret a Manger and KFC have already reopened a small number of sites for takeaway and delivery.

It is understood that Leon is due to reopen six of its restaurants for delivery and click-and-collect orders, in addition to the 16 it has kept open to sell groceries.

10 Important Principles to Manage Money Well

Source: ALUX

This Alux.com video we'll try to answer the following questions: How do I manage my money wisely? How do i manage money? How can we manage money after getting rich? What's the best way to manage my money? What are important principles to manage money well? Where did you learn to manage money? What should all young people know about managing money? How to manage personal finances? What are top advices about how to manage money? What are the life lessons you have learned about managing mone? What are the best ways to manage money? Which is more important, making money or managing money? How do high-net-worth individuals manage money differently? What do you need to know to manage your money wisely? What are the rules of getting rich? What are the best ways to manage money? What are the rules of saving money? What are the best rules to follow if you want to save money? How do people get rich? Best money rules to build wealth? What are the fundamental money rules you need to follow to become wealthy?

3 Lifestyle Changes you can make to be Rich after this Lockdown

Source: Success Secrets

Often time, what happens to us doesn't determine our results. Instead, it is how we react to what happens to us that does. We are experiencing a terrible period all over the world now due to the global pandemic. While similar things are happening to millions of people, how we react to this situation should be different, especially what we do with our time behind the doors during this Lockdown.

Burger King ‘plant-based’ Whopper ads banned

(qlmbusinessnews.com via bbc.co.uk – – Wed, 15th April 2020) London, Uk – –

Burger King has been banned from showing adverts suggesting its Rebel Whopper, which is cooked alongside meat and contains egg, is vegan-friendly.

The Advertising Standards Authority (ASA) said the chain's claim that the burger is “100% Whopper, no beef” could be understood to mean it did not contain animal products.

Burger King said it had been “clear and transparent” in its marketing.

The Vegan Society said it was a “missed opportunity”.

“We communicated from the outset that the Rebel Whopper is aimed at a flexitarian audience,” the fast food chain said in a statement.

But the ASA found that Burger King's social media posts about the Rebel Whopper gave the impression it could be eaten by vegans and vegetarians.

The posts included a logo saying “Vegetarian Butcher”.

“The green colour palette and the timing of the ad and product release to coincide with ‘Veganuary' contributed further to the impression that the product was suitable for vegans and vegetarians,” the ASA said.

Some of the adverts included small print saying “cooked alongside meat products”.

But the ASA said: “We considered it was not sufficiently prominent to override the overall impression that the burger was suitable for vegetarians and vegans.”

When the burger was launched, the fast food chain said it was aimed at those who want to reduce their meat consumption.

But a spokesperson for the Vegan Society called the launch a “missed opportunity”.

Burger King told the ASA that it had been “clearly communicated” on social media and to journalists that the burger may not be suitable for vegetarians or vegans.

It also said that it had not included the “Vegetarian Butcher” logo in TV adverts because it was considered “potentially misleading”.

“Burger King explained that the product itself consisted of a 100% plant-based patty supplied by the Vegetarian Butcher and had no beef,” the ASA said.

“They added that a customer who did not want mayonnaise could have excluded that from their order.”

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How Covid-19 Decimated The Restaurant Industry Overnight

Source:CNBC

Restaurants in the U.S. are reeling from city and state-wide initiatives that shut down many restaurant dining rooms essentially overnight. As Americans stay inside and refrain from going out to eat, small and independently owned restaurants are facing massive uncertainty, and they are doing their best to accommodate accordingly. In the interim, the National Restaurant Association estimates that 3 million industry employees have already lost their jobs, and restaurants nationwide will take a $225 billion sales hit through May 2020. Even with some help from the $2 trillion federal stimulus package, restaurant owners may not be able to keep their staff employed, or even keep the doors open throughout the COVID-19 crisis.

15 Stocks Bought During the Pandemic

Source: Alux

This Alux.com video well try to answer the following questions: What stocks should I buy during the coronavirus pandemic? Which stocks are the best bet during the pandemic? How will covid affect the stock market? Should I buy Hilton stock? Should I buy Marriott stock? Should I buy MGM Stock right now? Will Delta Go Bankrupt? How do get rich during a crisis? How to make money during the coronavirus pandemic? What is the fastest way to make money during the pandemic? What are the best investment during coronavirus? What are some investment ideas to make while in quarantine? Are airlines a good investment right now? Should I invest in oil & gas during the pandemic? What is the best investment to make right now? What is the best trading platform? Which stocks should I buy right now? Why is the stock market up? Why is the stock market going down? Should I invest in the stock market right now? Did we miss the stock market bottom? How to make money during the stock market crash?

Online meal delivery firms knocked off course by coronavirus crisis

(qlmbusinessnews.com via uk.reuters.com — Tue, 7th April 2020) London, UK —

GDYNIA/NEW YORK/AMSTERDAM (Reuters) – The lockdown of millions of people at home across the globe due to the coronavirus should have been the perfect recipe for success for the burgeoning online meal delivery market.

But some of the world’s largest players, including Uber Eats and Just Eat, which is being bought by Takeaway.com, have been hit by a double whammy: restaurant suppliers have been ordered to shut and with more time at home to cook for themselves, some people appear to have lost their appetite for takeaway.

While many restaurants have switched to offering takeaway, giving the online services a bump in members signing up, some of the world’s biggest food chains using the apps, such as McDonald’s and Wagamama, have closed for the time being.

Data from SimilarWeb, which tracks downloads and use of smartphone apps and websites across key European markets, highlights the scale of the slowdown across Europe as the pandemic spread and governments ordered people to stay at home.

In France, Spain and the United Kingdom, Just Eat and Uber Eats saw drops in average daily users ranging from 2% to as much as 23% in March, compared with the averages for January and February. Deliveroo also saw falls in France and Spain, although a small increase in the United Kingdom, the data shows.

The falls reflect a big drop in repeat customers. Some 90% of activity on apps is reorders, according to SimilarWeb.

The data is in stark contrast to the double-digit percentage increases in grocery delivery volumes over the same period as people rushed to stock up as they went into lockdown.

The numbers offer a glimpse into how the virus has quickly changed people’s food ordering and cooking habits and has put the brakes on a fast-growing industry.

Before the virus, the European industry, worth about $16.5 billion in revenue, was expected to grow by 10% per year over the next decade, according to Statistica.

Just Eat and Deliveroo declined to comment on the data. An Uber spokesman said the impact of the virus had varied widely across Europe, but it had seen big increases in restaurants and shops signing up to its app.

Graphic – Food delivery orders in Europe: here

ASIA AND AMERICA

In other parts of the world, the picture is less clear.

Takeaway.com has seen early signs in Asia of a pick-up in demand after a slowdown in the early stages of lockdowns there.

“Asia entered lockdown first and signs of recovery are taking place there first,” said a spokesman.

Giving the first insight into the impact in China, the original epicentre of the outbreak with the first lockdowns, Chinese food delivery service Meituan Dianping said last week it expected to report a first-quarter loss after a drop in orders.

In the United States, Grubhub said demand for takeout appeared to be recovering in some parts of the country, but it was a different picture in places including New York, where a bustling restaurant scene has battened down the hatches as restrictions kick in.

“New York is not doing well because residents have fled, restaurants are closing and people are scared,” Grubhub CEO Matt Maloney said in an interview.

“In Seattle, people feel like the worst is over, they’re feeling a little bit more confident,” he said. “Everyone else is a mixed bag in between those two.”

INCENTIVES

Uber Eats, Grubhub, Delivery Hero and Just Eat Takeaway – whose merger is awaiting UK regulatory approval – have offered incentives to restaurants, including cutting commission or delivery fees and signing up new members more quickly, to improve their cashflow and help them through the crisis.

That should provide a boost to their own membership numbers in the long run once orders improve. Grubhub signed up more than 20,000 new restaurants in March, far exceeding its previous monthly record of 5,000, said Maloney. Deliveroo got 3,000 new UK restaurants on board last month, a spokesperson said.

The loss of business has prompted some to branch into new markets. Delivery Hero is expanding into supplying groceries to customers stuck at home and Uber Eats has broadened its grocery offering by teaming up with supermarkets like Carrefour.

Uber Eat’s grocery and convenience store sales have more than doubled in some European cities, the Uber spokesman said.

Delivery Hero is offering its grocery service for free and is trying to make it pay by selling high-margin consumer products, CEO Niklas Ostberg told Reuters.

He said it was also offering a personal shopper service in Saudi Arabia and some Latin American countries, where a delivery person goes shopping for a customer.

Deutsche Bank analysts reckon such moves may only partially offset the drop in takeaway orders, which they expect will hurt 2020 commission fees and dent growth in the first half.

“Whilst the COVID-19 outbreak could intuitively be seen as beneficial to online food delivery players, with millions of people under lockdown, we conclude that this is not the case,” they said in a research note this week.

They cut their 2020 core earnings (EBITDA) forecast for Just Eat Takeaway by over 40% and their revenue estimate by 10%, while reducing EBITDA and revenue forecasts for Delivery Hero by 17% and 9% respectively.

The worry is that even when restrictions ease and restaurants start reopening, business may not pick up as quickly as hoped. Belt tightening due to job losses may also stymie households’ spending power. Some restaurants won’t survive.

In Grubhub’s hardest-hit markets, restaurant closures have reached as high as 30%, affecting mostly independent outlets which don’t have cash on hand, said Maloney, the company’s CEO.

“It’s hard to imagine them reopening without some significant government funded stimulus,” he said.

By Anna Rzhevkina, Hilary Russ, Toby Sterling

Additional reporting by Emma Thomasson in BERLIN and Paul Sandle in LONDON; Writing by Jospehine Mason

8 LUXURY SUVs that will make you feel like a boss in 2020 – 2021

Source: Millie Jackson

SUVs are a commanding force across the automotive landscape. This is especially true of luxury SUVs, which account for over 60% of luxury vehicle sales. These vehicles offer a blend of performance, comfortable and spacious interiors, robust towing capability, along with cutting-edge technology. And what's Special with the luxury SUVs in 2020 , join us in this video. 8. 2020 GENIS GV80 Genesis might be fashionably late to the luxury SUV scene, but it wants to make up for lost time with a model that stands out in a seriously crowded segment. Genesis calls its latest design language “Athletic Elegance” . From its two-tier headlights and taillights to front grille, the GV80 has quite a few design traits that make it unique. The rest of the SUV's body is enhanced with hot-stamped, high-strength steel, while lightweight aluminum is the material of choice for the doors, hood, and tailgate. 7. 2021 CADILLAC ESCALADE Since 1999. Cadillac quickly established itself as the leader of full-size SUV luxury. Meet the completely redesigned 2021 Cadillac Escalade. It's as bold as ever from the outside. Up front, the SUV receives Cadillac's new signature vertical lighting element featuring sleek, horizontal headlamps. The vertical taillights contain a unique light signature along with three-dimensional layers and finishes with more detailed etching. 6. . 2020 AUDI RSQ8 Audi has taken the RS stick to its otherwise decent Q8 SUV and turned it into a monster – a twin-turbo 4.0-litre petrol V8-powered chimera. Externally, the hot Q8 features all the usual RS trimmings including a new front bumper, a racier rear diffuser, oval tailpipes, 22-inch wheels, and a roof-edge spoiler which Audi says produces real downforce at high speeds. 5. 2020 RANGE ROVER SVAutobiography The Range Rover SVAutobiography is an ultra-luxurious version of the already incredibly posh Range Rover. Take the Range Rover SVAutobiography’s interior, almost every surface comes with plush leather upholstery, brushed metal trim or a varnished wood finish. 4. 2020 MERCEDES MAYBACH GLS 600 The 2021 Mercedes-Maybach GLS 600 was unveiled in China and completely blew spectator away with its ultra-luxurious interior. Don't know how else to describe the Maybach GLS's appearance other than majestic. The standard GLS is already a handsome SUV but the Maybach's distinctive grille, 21-inch wheels, and three-pointed star hood ornament add a touch of old-school class. 3. 2020 LAMBORGHINI URUS One of the world’s fastest SUVs, but cannot remove it from this list. The Lamborghini Urus is what happens when the maker of the planet’s most outlandish supercars turns its hand to a large five-door family car with proper ground clearance and off-road ability and very luxury. The 2020 Urus is powered by a twin-turbo V-8 that makes a stout 641 horsepower, burbles deeply when idling, and absolutely howls under full throttle. 2. 2020 BENTLEY BENTAYGA Bentley wants to keep the Bentayga fresh and competitive as it fights new rivals by applying a mid-cycle refresh likely slated to debut in 2020. Once you've entered a realm of luxury above the best that Mercedes-Benz and BMW can offer, it seems that presence takes priority over beauty. So, although the Bentley's unusual circular headlights, giant diamond-mesh grille, and rather bloated proportions don't combine for something that is especially ravishing.

WeWork founder Adam Neumann threatens to sue Softbank after scrapped rescue deal

(qlmbusinessnews.com via theguardian.com – – Thur, 2nd Apr, 2020) London, Uk – –

Adam Neumann had been lined up to sell $970m of his own shares to Japanese investor

WeWork’s founder and former chief executive, Adam Neumann, has threatened to sue SoftBank, the office space company’s biggest investor, after it pulled out of deal to buy $3bn (£2.4bn) of WeWork shares – including almost $1bn from Neumann himself.

SoftBank, which is run by the Japanese billionaire Masayoshi Son, announced on Thursday that it was terminating a $3bn share tender rescue deal hammered out last October to save WeWork from collapse.

SoftBank said it had “no choice” but to scrap the rescue deal because WeWork had failed to meet several conditions. It also cited concerns about “multiple, new, and significant pending criminal and civil investigations”.

The Japanese conglomerate said it remained “fully committed to the success of WeWork” but “several of those conditions were not met, leaving SoftBank no choice but to terminate the tender offer”.Advertisement

The deal would have mostly benefited Neumann, who was lined up to sell $970m worth of shares even as thousands of WeWork employees were laid off with very little compensation.

“Adam Neumann, his family, and certain large institutional stockholders, such as Benchmark Capital, were the parties who stood to benefit most from the tender offer,” SoftBank said. “Together, Mr Neumann’s and Benchmark’s equity constitute more than half of the stock tendered in the offering. In contrast, current WeWork employees tendered less than 10% of the total.”

A special committee of WeWork’s board said it was disappointed that SoftBank had pulled out of the deal and it was considering “all of its legal options, including litigation”.

The deal was hastily arranged in October 2019 as part of SoftBank’s rescue of the office-space provider after its planned flotation on the stock market was scrapped. WeWork had repeatedly cut the price of the IPO as investors balked at its initial valuation of up to $65bn. Neumann could have made a potential $14.3bn paper fortune if the company had floated at the top end of estimates.

Softbank’s decision to pull out of the share deal means it will also no longer be obliged to provide WeWork with $1.1bn in debt financing, leaving the office space provider facing a cash crunch as many of its tenants across the world pull out because of the Covid-19 crisis and government-imposed lockdown conditions.

WeWork signs long-term leases with commercial landlords then rents that space to freelancers and small businesses, which have been particularly badly hit by the coronavirus crisis global economic shutdown. The company has warned its bondholders that it does not expect to hit its 2020 financial targets.

WeWork has grown to become the single biggest office tenant in Manhattan, and the second-largest in London after the government. It has expanded from offices to student halls-style communal living blocks, private schools and luxury gyms and boot camps.

The president of the Boston Federal Reserve bank, Eric Rosengren, warned in September that the business model of co-working companies such as WeWork could make the next recession worse by sparking a run on commercial property.

WeWork has signed long-term rental commitments worth $47bn with US landlords alone. If WeWork were to go bust its landlords would struggle to collect the promised lease payments they are owed. That could leave them unable to pay their bank loans, and in turn leave banks facing losses.

At a company party in 2018 Neumann told his staff that WeWork’s mission was to “to elevate the world’s consciousness” and that “there are 150 million orphans in the world. We want to solve this problem and give them a new family: the WeWork family.”

Neumann’s bravura did not go down so well with Wall Street investors when WeWork published its flotation prospectus in August 2019. It warned potential investors: “Adam’s voting control will limit the ability of other stockholders to influence corporate activities and, as a result, we may take actions that stockholders other than Adam do not view as beneficial.”

The prospectus demanded that each of “Adam’s” shares should carry 20 times the votes of ordinary shares, and that his wife should have a say in selecting his successor should he die.

He has also had to fend off damaging allegations about his conduct, including the revelation that he smoked cannabis on a private jet. The company said it would sell the $60m Gulfstream plane, which Neumann had used to attend tequila-fuelled parties with the likes of the Red Hot Chili Peppers, Donald Trump’s son-in-law, Jared Kushner, and Will Smith’s son Jaden.

The 27 Year Old Living On $615K A Year In Seattle

Source CNBC

Todd Baldwin is a 27-year-old who lives just outside Seattle, WA and brings in $615,000 a year. His day job is in commercial health insurance and earns him $150,000 per year before commission. He owns 6 rental properties with his wife Angela that net $12,500 per month. Here's where his money philosophy comes from and how he chooses to spend, or not spend it.

Top 10 World’s MOST EXPENSIVE Private Jets

Source:Alux

In this Alux.com video we'll try to answer the following questions: Who has the most expensive private jet in the world? What is the most expensive business jet? How much is a luxury private jet? How much is a private jet to buy? How much is a luxury private jet? What is the most luxurious private jet? What celebrities have private jets? How expensive is a Boeing private jet? How expensive is a AirForce Onet? How expensive is Donald Trump's private jet? Do private jet owners go through security? Who owns the best private jet? Who owns the costliest private jet? What the most expensive private jet? Which are the most expensive private jets? How much is a private jet? How expensive are private jets? Are private jets cheap? Are private jets expensive? When do i store my private jet? Do i need a storage facility for a private jet? How much does it cost to store a jet? How much does it cost to hire a pilot for a private jet? How rich do you need to be to own a private jet? Are private jets worth it? Do private jets need 2 pilots? How much does it cost to land a private plane at an airport? Are Pilots rich? Can you smoke in a private jet? Do private planes go through security? Can private jets fly internationally? How rich do you need to be to own a private jet? What celebrities have their own private jet? How much does a private jet pilot make? How much does jet fuel cost? How high can private jets fly? What is the total REAL cost? When is it actually time to buy a Jet? Do you get charged for landing a private plane? Can private planes land at major airports? Do private planes go through security? Do private jets have to file flight plans? How much is the cheapest private jet? How much does a g4 cost? How much is the cost of private jet crew? How much does it cost to maintain a private jet? How much is a Gulfstream private jet? Can I land at a private airport? Can private jets land anywhere? How much does it cost to buy private jet? How much is the cheapest private jet? How much does a private jet cost INR? How much does it cost to deice a private jet? What do they spray on planes deice? How long does aircraft deicing last? Are private jets safe? Are private planes safer than cars? How many planes crashed in 2019? How much does it cost to insure a private jet? How expensive is the insurance for private jets? How much does it cost to detail a private jet? How much does it cost to wash an airplane? How much does jet fuel cost?