Admiral reports turnover rise despite higher premiums

first_img whatsapp whatsapp Show Comments ▼ Admiral reports turnover rise despite higher premiums ADMIRAL Group announced third quarter turnover jumped 50 per cent year-on-year to £446m yesterday as it added more customers despite increasing insurance premiums.The group, which includes Diamond and Elephant.com, said a significant amount of this came from overseas insurance contributions, which rose 87 per cent compared to the same period last year to £19.3mGroup vehicle turnover rose 28 per cent in the three months to 30 September to 2.6m, despite a rise in premium rates. The insurer also said there was no change in claims trends from the first half of the year. Admiral said it was also still on target to meet analysts profit estimates for the year.But Admiral said at Confused.com, the insurer’s price comparison website, turnover was also steady, although margins remained under pressure. Confused.com, has lost its market-leading position to Comparethemarket.com due to its successful meerkat-led TV ads.Henry Engelhardt, chief executive of Admiral said: “The UK business remains the driving force of the group’s success and we continue to develop our international businesses.” Wednesday 3 November 2010 9:44 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Share KCS-content More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLlast_img read more

UK GDP in new blow

first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com John Dunne Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndo The economy contracted even faster than previously thought in the last three months of 2010, shrinking by 0.6 per cent, after downward revisions to industrial and services output, official data showed on Friday.The figures may make Bank of England policymakers think twice about raising interest rates, although there have been signs that activity picked up at the start of this year following December’s snow-related disruption.Analysts had expected an unchanged reading of -0.5 per cent.The Office for National Statistics said the downgrade was mainly due to lower production and services output than it estimated last month. It stuck to its estimate that severe weather in December – the coldest in a century – accounted for 0.5 percentage points of the decline.The figures highlight the dilemma facing the Bank of England which needs to steer inflation back to target but is reluctant to raise interest rates when a sustained recovery is far from assured.A breakdown of the figures showed household spending fell 0.1 percent, the first fall in 18 months. The fall shows households were tightening their belts even before the rise in VAT sales tax at the start of this year and an intensification of the government’s spending squeeze.Output in the services sector was revised down to show a fall of 0.7 per cent from 0.5 percent previously. Industrial output was revised down to show a rise of 0.7 per cent compared with 0.9 per cent. Friday 25 February 2011 5:14 am Sharecenter_img whatsapp whatsapp UK GDP in new blow Show Comments ▼ Tags: NULLlast_img read more

Corporation tax cut would boost wages: report

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory whatsapp whatsapp Show Comments ▼ BRITISH workers would get an average £552 pay rise if corporation tax was cut by five per cent, a new report has claimed. Reducing the tax on British firms – currently 27.9 per cent – and bringing it closer to the OECD average of 18.6 per cent would enable companies to increase wages, according to a paper by the TaxPayers’ Alliance. A one percentage point rise in corporate tax leads to a fall in average wages of 0.52 percentage points, the report says. Based on that figure, a tax cut of five per cent would boost an average worker’s salary of £21,221 by £552 to £21,773.The report suggests that higher levels of business tax are always passed on in higher prices to consumers, and lower wages to workers. Corporation tax is due to be cut to 23 per cent over the current Parliament following measures set out by chancellor George Osborne in last month’s Budget. Last week John Cridland, the head of the Confederation of British Industry, called for the tax on profits to be cut to 18 per cent to boost the UK’s global competitiveness. He also demanded the scrapping of the 50 per cent rate of personal income tax on earnings over £150,000. center_img Corporation tax cut would boost wages: report KCS-content Monday 25 April 2011 11:13 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Hard Rock’s GiG sportsbook set for Q1 2019 launch

first_imgSports betting Topics: Sports betting Tech & innovation Subscribe to the iGaming newsletter Companies: GiG 29th November 2018 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US New Jersey Hard Rock’s GiG sportsbook set for Q1 2019 launch Gaming Innovation Group’s (GiG) omni-channel sportsbook is set to go live with Hard Rock in New Jersey early in the New Year after the two parties rubber-stamped their expanded partnership today (November 29).GiG, which powers Hard Rock’s online casino offering in New Jersey, signed a letter of intent with the casino and hotel operator on October 12 for the launch of a sports betting product.It was originally hoped that the omni-channel offering, comprising retail, mobile and online elements, could launch before the end of this year. However, a GiG spokesperson told iGamingBusiness.com that a launch in the first quarter of 2019 is now anticipated.Hard Rock will certainly hope that the service is up and running ahead of the NFL Super Bowl on February 3, with the American Gaming Association having estimated that unregulated wagers totalling $4.6bn (£3.6bn/€4bn) were processed in the US around the American football showpiece earlier this year.GiG was given approval to operate in New Jersey by the state’s Division of Gaming Enforcement (DGE) in June, with Hard Rock filing its application for a sports betting licence last month. Hard Rock will have the full suite of GiG sports betting services at its disposal, including GiG Sports Connect, GiG Trader and GiG Goal.GiG said that there is the “potential to expand the partnership further in the future in other US states”, with the company expecting more than 20 states – covering around half the US population – to open up to regulated sports betting by the end of 2023.GiG has already provided Hard Rock with its front-end website service GiG Magic ito support HardRockCasino.com, which went live on July 3. Hard Rock said the offering has generated $1m in revenue since its launch.Kresimir Spajic, senior vice-president of online gaming at Hard Rock International, said that the sportsbook deal with GiG would be complemented by skin partnerships “with leading international operators”.GiG CEO Robin Reed added that the agreement with Hard Rock had been sealed following “a highly competitive pitch against the best sportsbooks in the world”.“Hard Rock choosing GiG to power its sportsbook is a clear statement as to the quality of our cutting-edge sports betting services at this very early stage of their roll-out,” Reid explained. GiG and Hard rock to roll out omni-channel solution after confirming partnership Email Addresslast_img read more

China lotteries post lowest sales since May in October

first_img1st December 2020 | By Daniel O’Boyle With video lottery terminals – which brought in CNY2.66bn in 2019 – suspended for the Welfare Lottery ahead of an outright ban from early 2021, numbers games continued to dominate, bringing in CNY10.68bn, up 20.6% but below each of the previous six months. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Finance Lottery Online lottery Retail lottery State monopoly Lottery Sports Lottery made up the majority of sales, at CNY18.43bn. While this was the lowest figure since June, it was up 24.0% year-on-year. Subscribe to the iGaming newsletter Instant win games contributed much of the rest of the total, after increasing 33.9% year-on-year to CNY1.54bn. Instant win sports lottery games brought in CNY1.36bn, a 2.9% increase, while sports video lottery sales remained very low at only CNY50,000. Email Address Regions: China China lotteries post lowest sales since May in October So far this year, lottery sales in China total CNY261.40bn, down 23.9% from 2019. The Welfare Lottery, meanwhile, brought in CNY12.28bn, down 5.4% from 2019 and at its lowest mark since April. Golden Week celebrations in China contributed to a month-on-month decline in lottery sales in October, but despite the continued suspension of video lotteries, overall sales were up 11.5% from October 2019 to CNY30.72bn (£3.50bn/€3.90bn/$4.67bn). The largest contributor to Sports Lottery sales were numbers games, bringing in CNY8.86bn, up 34.8% year-on-year despite the lowest sales since March. Sports betting, on the other hand, saw sales grow 13.6% to CNY8.40bn While every other game that was available declined month-on-month, Keno experienced significant growth, up 320.0% month-on-month and 412.2% from last year to CNY60.2m.last_img read more

MCB Group Limited (MCBG.mu) 2017 Annual Report

first_imgMCB Group Limited (MCBG.mu) listed on the Stock Exchange of Mauritius under the Financial sector has released it’s 2017 annual report.For more information about MCB Group Limited (MCBG.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the MCB Group Limited (MCBG.mu) company page on AfricanFinancials.Document: MCB Group Limited (MCBG.mu)  2017 annual report.Company ProfileMCB Group Limited is a financial holdings company that, together with the several subsidiaries running under it, operates in three clusters; banking, non-banking financial and other investments. The non-banking financial sector is involved in factoring and leasing while the MCB Capital Markets Limited offers services such as corporate finance advisory, asset management, stockbroking, private equity and registry. The Group also assists micro and small entrepreneurs. The services offered by the company include, offers current, savings, and foreign currency accounts; fixed and term deposits; personal, educational, motor, green, and housing loans; term loans; and working capital finance, term funding¸ structured finance, private equity finance, and leasing services, as well as credit and prepaid cards. MCB Group Limited is listed on the Stock Exchange of Mauritius.last_img read more

Stop saving & start investing! Three 5% dividend stocks I’d buy today

first_imgStop saving & start investing! Three 5% dividend stocks I’d buy today Simply click below to discover how you can take advantage of this. Roland Head | Monday, 10th February, 2020 | More on: ADM CEY DC I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. “This Stock Could Be Like Buying Amazon in 1997” Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Roland Head John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Roland Head owns shares of Dixons Carphone. The Motley Fool UK owns shares of and has recommended Amazon. The Motley Fool UK has recommended Admiral Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Our 6 ‘Best Buys Now’ Shares I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! You probably have a cash savings account. These used to be a good way to make money. But with best-buy interest rates hovering around 1.3% these days, making money from cash savings is pretty difficult.This is why all of my retirement savings are invested in the stock market. My plan is to build a portfolio of dividend stocks that will provide long-term gains and a reliable income when I’m older. Today I want to look at three companies I’d buy for such a portfolio.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Profit from goldMy first pick is gold miner Centamin (LSE: CEY), which owns the Sukari gold mine in Egypt. As I’ve explained before, I’m not tempted to own gold directly. But I think Centamin has a good track record, with double-digit profit margins and a six-year history of cash-backed dividends.Management recently fought off a takeover bid from Canadian firm Endeavour Mining. Investors have mixed views on whether Centamin should have engaged with Endeavour, but in my view, the company remains an attractive investment as a standalone firm.The board plans to declare a total dividend of 10 US cents (approx. 7.7p) for 2019, giving the stock a yield of around 5.8%. I’d expect a similar payout in 2020. In my view, Centamin provides an attractive way to gain exposure to gold, while still enjoying a reliable income. I rate CEY shares as a buy.Best-in-class pick?Car insurance firm Admiral Group (LSE: ADM) is a well-known name. But what you may not realise is what an outstanding investment this stock has been. Admiral shares have doubled over the last six years and risen by 840% since the firm’s IPO in September 2004.Throughout this period, shareholders have also enjoyed generous dividends. These have been made possible by an unusual business model that generates a return on equity of over 50% in most years.My colleague Rupert Hargreaves recently explained why this business is so unusually profitable. But all you really need to know is that as a general rule, Admiral pays out almost all of its earnings as dividends each year.Admiral shares currently trade on about 18 times forecast earnings and offer a dividend yield of 5.5%. Given the group’s track record, I think that’s a fair price to pay. I’d be happy to buy the shares for a long-term investment portfolio.This turnaround yields 5.1%My final pick is more unusual. FTSE 250 retailer Dixons Carphone (LSE: DC) is the owner of Currys PC World. But the group has faced problems over the last couple of years, mostly relating to its Carphone Warehouse mobile phone business.With sales of more than £10bn each year, I believe Dixons Carphone is strong enough to survive the threat from online-only retailers such as Amazon. Recent trading has supported this view, with sales of electricals up over Christmas, despite tough market conditions.CEO Alex Baldock says that a new mobile phone offering is due to launch later this year. This is expected to support a return to profit growth during the second half of 2020.The market seems to be gaining confidence in Mr Baldock’s plans. The shares have gained 20% over the last six months, but still look affordable to me on 10 times 2020 forecast earnings. With a dividend yield on offer of 5.1%, I continue to rate Dixons Carphone as a buy. Image source: Getty Images. last_img read more

Leicester vs Bath – Big hits and Dupuy’s winning try

first_imgSunday Apr 12, 2009 Leicester vs Bath – Big hits and Dupuy’s winning try A packed Walkers Stadium were treated to a thrilling finish as their Leicester Tigers snuck victory in the final minute against Bath in Saturday’s Heineken Cup quarter final.ADVERTISEMENTThe match was as intense as youd expect to see in the knock out stages of a big tournament, with a few crunching tackles that stood out.The first of which was 6ft7 Bath wing Matt Banahan smashing Tigers fullback Geordan Murphy. Banahan lined up and hammered Murphy, who did well to get up from the huge knock.Alesana Tuilagi once again showed his power, but this time it was with a dreadfully unnecessary hit on Bath fullback Nick Abendanon. Abendanon went off with a shoulder injury a few minutes later.The high point of the match was of course the late winning try, which came with less than 50 seconds left till full time, and the scores deadlocked at 15-15.Frenchman Julien Dupuy looked to feed Sam Vesty for the drop goal attempt, but decided it wasnt on. His delay led to a gap opening up for him to dart through, before rounding the covering defender superbly.Dupuys piece of magic booked the Tigers a place in the semi-finals in which they’ll meet Toulouse’s conquerors Cardiff at the Millennium Stadium.ADVERTISEMENTTime: 06:47 Posted By: rugbydump Share Send Thanks Sorry there has been an error Big Hits & Dirty Play Related Articles 19 WEEKS AGO WATCH: New George Pisi compilation shows… 19 WEEKS AGO Suspension for Jean Kleyn after dangerous… 19 WEEKS AGO Nicolas Sanchez ends up in tears after Red… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedDoctors Stunned: This Removes Wrinkles Like Crazy! (Try Tonight)Smart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living90% of People Have No Idea What These Two Little Holes Are ForNueey10 Types of Women You Should Never MarryNueeyYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

Today’s Money Box Live covers giving to charity

first_img  32 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Today’s Money Box Live covers giving to charity Tagged with: Digital Giving/Philanthropy Recruitment / peoplecenter_img Howard Lake | 6 December 2004 | News As we enter the season of goodwill, BBC Radio 4’s consumer affairs discussion programme ‘Money Box Live’ this afternoon looks at giving to charity.Paul Lewis puts listeners’ questions about giving to charity on today’s Money Box Live, broadcast at 15.02 GMT on BBC Radio 4.The programme looks in particular at how to give tax-efficiently to charity, leaving a legacy in a will, how much money from charity Christmas cards is actually received by charities, and how transparent are charities in explaining how donations have been used. Advertisement Expert speakers today are Alastair Collett, Partner at Farrer & Co; Cathy Pharaoh, Research Director at Charities Aid Foundation; and Chris Coe, Deputy Director, Oxfam.If you miss the live broadcast you can listen again via the BBC Radio 4 Web site.last_img read more

The virus, the GDP and the profit motive

first_img“The coronavirus pandemic’s toll on the nation’s economy became emphatically clearer Thursday,” the New York Times wrote July 30,  “as the government detailed the most devastating three-month collapse on record, which wiped away nearly five years of growth.”Specifically, the gross domestic product, “the broadest measure of goods and services produced,” fell 9.5% in the second quarter of 2020, according to the U.S. Department of Commerce’s Bureau of Economic Analysis. This translates to an annual rate of decline of 32.9% — the biggest since the bureau began tracking the GDP. In the first quarter of this year the GDP dropped 5%, breaking a five-year growth spurt.Other capitalist economies, including France and Germany, experienced a similar collapse.The Times would have us believe the downturn was entirely due to the coronavirus — wholly independent of the organic workings of the capitalist system. However, socialist China, where the virus was first discovered, is experiencing a strong economic recovery, after a smaller drop —  6.8% — in the GDP during the country’s lockdown in the first quarter. This raises questions the Times is clearly avoiding. For one, why are capitalist economies so much more vulnerable to the pressure of the pandemic? And is the economic crisis caused entirely by the pandemic? Or is capitalist overproduction at play here?There were signs of a recession in early 2020 even before the coronavirus had an impact on the U.S. economy. These included an oil glut, a decline in manufacturing activity and a slump in retail sales. General Motors had closed plants in Michigan and Ohio as well as in Ontario, Canada.What the Times won’t sayWhen workers receive wages, they are only partially compensated for the value they produce. What Karl Marx called “surplus value” is pocketed by the boss in the form of profit. Crises of overproduction — recessions, which often become depressions — are an inevitable, cyclical feature of capitalism. They occur when the working class produces more goods and services than the capitalist class is able to sell for profit.Crises of overproduction have caused tremendous suffering for the working class — the only class that creates value — and especially for the most oppressed. Now capitalism is at a dead end; the normal cycles of “boom and bust” are operating in the context of a permanent systemic crisis. We have seen the phenomenon of the “jobless recovery” as technology is used to generate more value with fewer and fewer workers.Under capitalism, profits come before human needs. Even health care, a basic right, is dominated by for-profit pharmaceuticals, insurance companies and private care providers. No wonder COVID-19 has been so devastating in the capitalist U.S. — from the nearly 160,000 who have died as of Aug. 4 to the tens of millions of unemployed and their families. Many are still waiting for jobless benefits, which have now been cut as provisions of the CARES Act expire.The loss of benefits will further drive down purchasing power and with it the GDP. Millions of jobs are not likely to come back, regardless of when a vaccine is developed or the pandemic is under control. The recession, in the making since before COVID-19 hit, has morphed into an economic catastrophe on top of a public health nightmare.But not everyone is suffering. The filthy rich are getting richer, including the owners of Apple, Facebook, Alphabet (owner of Google) and Microsoft. Amazon’s earnings doubled while the company took away workers’ “hazard pay.”Capitalist mouthpieces like the Times don’t want workers to see beyond the coronavirus’s impact. Their job is to suppress class truth. But more and more workers and oppressed people are realizing that mass unemployment, the genocidal impact of the coronavirus, racist police violence and capitalist exploitation are all connected.This rotten system must be overthrown!FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more