Ugly, Ugly Time’: Work-From-Home Era Crushes U.S. Dry Cleaners
“For a glimpse of how a city is faring in its reopening, look closely at its dry cleaners. Take J’s Cleaners, with locations dotting Midtown and Upper Manhattan. Last month, business was up to as much as 40% of pre-pandemic levels as a small portion of New Yorkers returned to the office, said owner Albert Lee. Some locations were even back to half of what they made before Covid-19. With new business restrictions and schools closing again, Lee expects to fall back down to the low levels he’s seen back in April.”
Sunak Warns of 2.6m Unemployed as U.K. Faces Historic Recession
“Chancellor of the Exchequer Rishi Sunak warned the U.K. will suffer its deepest recession in more than 300 years as a result of the coronavirus pandemic, with 2.6 million unemployed, as he set out government spending plans. “Our health emergency is not yet over and our economic emergency has only just begun,” Sunak told Parliament. “So our immediate priority is to protect people’s lives and livelihoods.”
Korean Exporters See Won Already Beyond Their Pain Threshold
“South Korean exporters see the won as too strong and cited currency volatility as one of their key concerns for next year, according to a trade group survey. For 801 exporters polled by the Korea International Trade Association, a won level of 1,133 against the dollar is the pain threshold between profits and losses. The companies said 1,167 was an appropriate level, according to the survey released earlier this week. The won was trading around 1,106 at 12:30 p.m. Wednesday and has traded at an average around 1,117 this month.”
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