1) The CBA extension runs through September 15, 2026 (unless there are insufficient funds in the Escrow Account on June 30, 2025, in which case the CBA is extended an additional year) 2) The upper limit for the 2020/21 season is $81.5M, midpoint is $70.9M, and lower limit is $60.2 (same as the 2019/20 season). The cap will remain at $81.5M until Hockey Related Revenue (HRR) for a completed season reaches $3.3B. It will be between $81.5M and $82.5M on a pro rata basis in seasons where Preliminary HRR is between $3.3B and $4.8B. Then will increase by $1M per year until the Escrow Balance is paid off, unless agreed upon by both parties. After Escrow has been repaid but not earlier than the establishing of a cap for the 2023/24 season, a lag formula will be used such that the year-over-year increase in the cap will be between a maximum of the lesser of 5% and the trailing two-year average HRR growth percentage and a minimum (except for the 2026-27 season) of the lesser of 2.5% and the trailing two-year average HRR growth percentage. 3) Escrow is caped at:
14% if Preliminary HRR for 2020/21 exceeds $3.3B. 18% if it is below $1.8B. Pro-rata rate in between.
Entirety of April 15, 2020 payroll deposited into Escrow. 100% of funds held in Escrow Account for 2019/20 season; and for future seasons until 1) the Escrow Balance is less than $125M or the beginning of the 2023/24 season (whichever is sooner), and 2) HRR exceeds $4.8B in a season; are released to the League. The NHL waives it's right to reduce or eliminate player salaries for the 2019/20 and 2020/21 seasons based solely on the COVID-19 pandemic. 4) 10% of each player's 2020/21 NHL salary plus signing bonus are deferred without interest to be paid (in full) in 3 equal payments on October 15 of 2022, 2023, and 2024. This does not affect calculations of AAV towards the payroll range. 5) If the 2020/21 regular season starts after November 15, "Roster Freeze Players" (players in the NHL at 5pm ET on March 16 and who played at least 1 NHL regular season game in the 2019/20 season) signed to an SPC for the season on October 31st receive 8.1% (15/186) of their 2020/21 salary by October 31. 6) Increases the benefits credit for the 2020/21 and 2021/22 seasons and provides values for seasons through 2025/26.
Player Benefit Issues
7-31) Various changes to health insurance, life insurance, retirement plans, senior player gifting, and accounting related to those benefits.
32-37) Changes to how second opinions are handled 38) Clubs cannot enter into commercial agreements that restrict their ability to select medical staff or refer players to third party service providers. 39) Parties will forma a task force to advise on minimum standards for Club medical resources and staffing on road trips 40) Changes to off season rehabilitation. 41-43) Changes to post-career medical treatment. 44) The NHL and Clubs will not oppose legislation, in Canadian provinces, to extend workers compensation benefits to professional athletes. 45) Changes to worker's compensation. 46-49) Changes to the Performance Enhancing Substances Program 50) Parties will negotiate a revised Substance Abuse and Behavioral Health Program
Player Contracting Issues
51) ELC compensation limits are:
52) Minor league compensation limits (for entry-level players):
53) League-Paid Individual "B" NHL Awards Bonuses (for entry-level players) are amended (starting with the 2020/21 season) to include the Art Ross, Masterton, Messier, and Clancy Awards. These bonuses will not be counted against league-wide player compensation. The amount paid will be increased by 50% starting in the 2022/23 season. 54) Club-Paid Individual "A" and "B" Performance Bonuses are amended to include the Art Ross trophy (starting with the 2020/21 season). Starting with ELCs signed after the 2022 draft, "A" bonus maximums are increased from $850K to $1M, and the maximum per category increases from $212.5K to $250K; "B" bonus (Club-paid) maximums are increased from $2M to $2.5M. 55) NHL Minimum Salary is amended:
56) UFAs who play for a club outside North America do not need to clear waivers before December 15. 57) Revised tryout agreements. 58) No-trade and no-move clauses always travel with the player in the event of the contract moving. 59) Salary arbitration briefs are limited to: 1) 42 pages (exclusive of indices, glossaries, tables of contents, and exhibits), and 2) size 12-point Times New Roman font, double-spaced, one-inch margins (except charts, tables, headings, footnotes, citations). Arbitration may not be settled after the hearing has commenced. 60) The UFA Interview Period shall be eliminated. 61) Starting with the 2020/21 season, a "Projected Off-Season Cap Accounting" rule shall replace the "Tagging Rule". From the beginning of the regular season through June 30, Clubs may not exceed the current Upper Limit plus 10% in AAV relevant for the following season. Any amounts based on rate reflective of a player's time on the roster uses the current projected time. 62) The Performance Bonus Cushion remains in the final year of the CBA 63) Cap Advantage Recapture is charged against a Club by either: 1) equal proportions in each season over the remaining term of the SPC, or 2) in an equal amount to the contract's AAV in as many seasons required to account for the full amount (the last season is the remaining amount). The later formula (2) is applied if the value in the former (1) exceeds the AAV. 64) The 35 or older cap counting rule does not apply to contracts that have: 1) total compensation (salary and bonuses) that is either the same or increases from season-to-season, and 2) a signing bonus that is payable in the first year only. 65) Clubs cannot make trades with conditions based on a player signing with a Club (if the player has a current or future contract at the time of the trade) or based on the subsequent assignment of the traded player. 66) Players signed through the subsequent trade deadline can sign an 8-year contract without waiting until the trade deadline. 67) For "Front-Loaded SPCs" the difference in the player's salary and bonuses cannot change by more than 25% year-to-year, and the salary and bonuses be less than 60% of the highest season. 68) For contracts signed after this agreement, if the minimum qualifying offer would otherwise be greater than 120% of the AAV of the contract, the minimum qualifying offer will instead be 120% of the AAV.
Working Conditions Issues
69) Changes to how days off are accounted. 70) Changes to bye week accounting. 71) All-Star Game Weekend events will be created by the NHL in consultation with the NHLPA. There will be no All-Star Game in a season in which the NHL and NHLPA agree to participate in an international tournament. 72) Parties will discuss minimizing travel by scheduling back-to-back road games in the same city 73-82) Changes in travel, moving costs and compensation. 83-84) Changes/restrictions to fitness testing and compulsory off-season training. 85-86) Clubs will make two complimentary game-worn jerseys available to each player, provided they are for personal or charitable use rather than commercial. NHLPA will agree to restrictions on player's use of Club-provided game-used equipment. 87) Clubs will give the NHLPA electronic player payroll records. 88) The Playoff fund will be as follows:
89) The NHL and NHLPA will participate in the 2022 and 2026 Winter Olympics, subject to negotiation of acceptable terms to each of the NHL, NHLPA, and IIHF (and/or IOC). 90) Changes to the maintenance of the Industry Growth Fund. 91) The NHL has a one-time option to modify revenue sharing on or before June 30, 2021. In the CBA, Recipient Clubs receive either a full or half share of the revenue sharing based on if their "Designated Market Area" has fewer or more than 3 million households (defined by Nielsen in the USA and BBM in Canada). This allows the NHL to change it so all Recipient Clubs receive a full share. 92) NHL will discuss providing footage and still images of NHL players to the NHLPA free-of-charge for non-commercial, editorial, and internal uses. 93) Parties will negotiate a 2020/21 calendar and schedule. Most statistics are pro-rated with a 70/82 factor for "Roster Freeze Players", but not for other players. 94) Tentative Critical Dates Calendar:
2020/21 season begins (for contract signing purposes)
Training camps open
Travel to Hub Cities
Stanley Cup Qualifiers Begin
First Round Begins
Second Round Begins
Conference Finals Begin
Stanley Cup Finals Begin
Later of September 26 or Beginning of SCF
First Buy-Out Period Begins
Last Possible Day of Final
Later of October 4 and 2 days following the last game in the final Playoff round the team plays
Deadline for First Club-Elected Arbitration Notification (5pm ET)
2020 NHL Draft
Later of October 6 and 4 days following the last game in the final Playoff round the team plays
Deadline for Qualifying Offers (5pm ET), which are not open for acceptance prior to the “Qualifying Offers Open for Acceptance (12pm ET)” date"
Later of October 8 or SCF + 6 days
First Buy-Out Period Ends
Later of October 9 or SCF + 7 days
Qualifying Offers Open for Acceptance (12pm ET); RFA/UFA Signing Period Begins (12pm ET)
Later of October 10 and 8 days following the last game in the final Playoff round the team plays
Deadline for Player-Elected Salary Arbitration Notification (5pm ET); Deadline for RFA Offer Sheets for Players for whom Clubs have elected Salary Arbitration pursuant to First Club-Elected Salary Arbitration (5pm ET); Commencement of Second Club-Elected Salary Arbitration Notification (5:01pm ET)
Later of October 11 and 8 days following the last game in the final Playoff round the team plays
Deadline for Second Club-Elected Salary Arbitration Notification (5pm ET)
Scheduling of Salary Arbitration Hearings
Later of October 18 or SCF + 16 days
Qualifying Offers Expire Automatically (5pm ET)
First Day of Salary Arbitration Hearings
Last Day of Salary Arbitration Hearings
Training Camps Open
2020/21 Regular Season Begins
95-97) Phases 2-4 Protocols (not included in the document) 98) Disputes regarding Leafs broadcasting rights agreement and Pittsburgh non-resident sports facility usage fee have been settled.
Good evening autists, I've decided to make this post in order to give you all insight of what I see as a underexamined area of weakness (especially in this sub) and I believe is a possible harbinger of what lies ahead, which is the logistics industry. There are many moving parts and niches in the industry and most businesses rely on logistics services to support their operations (from the supply of raw materials, moving product from manufacturer to distribution center, clearing freight through customs, storage, or delivering final products to stores or customer's door). There are steamship lines (SSLs), airlines (ALs), freight forwarders, customs brokers, truckers, distribution centers, warehouses and they all participate to assist companies who import their products to different markets get them there as fast as possible (unless you're an SSL) at the lowest cost. These services have allowed products to be made more cheaply internationally due to low labomaterial costs, mainly, which in turn allows markets to buy them cheaper. For the US, this is critical because it doesn't really manufacture much anymore as it's moved on from a manufacturing economy to a more service based economy over a handful of decades (trade deficit for March increased to $44.4 billion difference in imports over exports https://www.census.gov/foreign-trade/data/index.html ). We're on a downtrend due to trade war, which is good, but $44 bil on 3month avg is basically impossible to make up for in any kind of short-term basis. With this change from a manufacturing economy to a more service based economy, basic logistics services have seen steady growth for multiple decades. In general, when an industry is in its infancy, you have many small players (usually) and over time they consolidate. Well, this is similar to what's happened in the SSL sector of the logistics industry and this is where I'll start. SSLs You can do your own research, or just take my word for it, but SSL alliances have picked up starting the last decade or more ('08 recession put upward pressure on this) as record losses were prominent for almost all carriers due to over-supply and reducing demand. This fact then pushed them into rate wars (SSLs undercutting freight rates to push out competition). Rate wars then forced alliances among the SSLs. Larger players forming pacts with similar larger players in order to wipe out the smaller players, which in turn has forced the smaller players to build pacts in order to fight back. If you're wondering how this isn't an antitrust issue, it has been brought up and investigated by the DOJ though I'm not going full on into the weeds on that but basically, "Antitrust investigators believe that due to a history of legally having the ability to discuss pricing under antitrust immunity, the industry lacks a disciplined culture and is therefore susceptible to illegal activity. For example, the DOJ regularly issues a statement raising concerns after the FMC allows a shipping alliance or major vessel-sharing agreement (VSA) to take effect" * https://www.joc.com/maritime-news/container-lines/us-antitrust-probe-container-shipping-ends_20190226.html (think OPEC-ish). With the formation of these pacts came investment in new containerships at a record pace. It was a race to see who could buy the largest ship in order to save cost through economies of scale and crush the competition on the highest traffic lanes globally (i.e. major import lanes like Shanghai to Los Angeles or Shanghai to Rotterdam). The first major player to fall was Korean SSL Hanjin just over 4 years ago. At the moment, we only have 3 alliances that control~80% of the capacity of ocean cargo transported globally. The breakdown of alliances is below (https://www.morethanshipping.com/the-impact-of-the-container-shipping-alliances/ ). Pick your poison However, unfettered competition remains within these main trades regardless of the alliances made. It is tantamount to a war of attrition and that is going to be devastating in the current environment. See below recent reports on SSLs. An April 8th article in WSJ ( https://www.wsj.com/articles/container-ship-operators-idle-ships-in-droves-on-falling-trade-demand-11586359002 ) stated the below points
Container ship operators have idled a record 13% (OP Note: this easily beats the '08 recession) of their capacity over the past month as carriers at the foundation of global supply chains buckle down while restrictions under the coronavirus pandemic batter trade demand.
Alphaliner, based in Paris, said more than 250 scheduled sailings will be canceled in the second quarter alone, with up to a third of capacity taken out in some trade routes. The biggest cutbacks so far have hit the world’s main trade lanes, the Asia-Europe and trans-Pacific routes.
Ship brokers say giant ships that move more than 20,000 containers each now are less than half full.
Sailing cancellations grew from 45 to 212 over the past week, according to Copenhagen-based consulting firm Sea-Intelligence. The “blanked” sailings are stretching into June, indicating operators expect the traditional peak shipping season, when retailers restock goods ahead of an expected buildup in consumer spending in the fall, will be muted this year by the lockdowns extending across economies world-wide.
France’s CMA CGM SA, the world’s fourth-largest container line by capacity, said this week it is idling 15 ships because retailers are pulling back orders over falling demand from European and American consumers.
The decision to idle, or “lay up,” ships is a difficult option for owners, as the vessels continue to generate costs without offsetting income. There are two ways to idle ships. In a “warm layup” vessels are anchored and staffed, ready to go relatively quickly when demand resumes. This means saving on operating costs such as fuel but continuing to pay crew salaries and insurance fees and make charter payments. In a “cold layup” a skeleton crew is kept on board for general maintenance but most of the ship’s systems are shut down. Returning the ship to service can cost millions of dollars and requires extensive testing to certify that the ship is safe to sail.
Some container shipping companies may collapse if the global trade downturn stemming from coronavirus lockdowns extends to the end of the year or beyond.
The shipping lines that handle the biggest share of the world’s international trade in retail and manufactured goods have canceled up to a quarter of their sailings since late February amid extensive lockdowns and collapsing demand in the U.S. and Europe.
The world’s top 10 liner companies, which collectively handle more than three-quarters of the world’s oceangoing container trade, are looking at steep losses from the falling business.
Germany’s Hapag-Lloyd, the world’s fifth-largest container line by capacity, according to industry data group Alphaliner, has canceled about 15% of its scheduled sailings on major ocean trade routes, including Asia-Europe and trans-Pacific operations.
Some carriers are trying to preserve cash by taking longer trips around Africa instead of crossing the Suez Canal, saving on canal toll costs that can reach around $500,000 for a single big ship. With fuel prices sliding under the crash in oil prices, the cost of the longer sailing makes sense. (OP Note: This increases lead times for buyers and further disrupts company's supply chains)
Hapag-Lloyd has thousands of land-based employees working from home and has frozen management salaries and returned leased ships to charterers. It is not looking at layoffs for now. But the carrier is pushing back an order of six megaships that move more than 20,000 containers each, to add to the six it already operates. Those megaships are the big losers with volumes crashing since many are sailing half full, giving up the benefits operators gain from the ships’ economies of scale.
The collective Altman Z score of the 14 container shipping companies that publish their financials deteriorated markedly in the 12 months ending September 30, 2019, falling to 1.16 from 1.35 in all of 2018 and thereby signifying a rising probability of bankruptcy.
"IMO 2020 was already going to make this a year of huge disruption for the entire maritime industry," said Marc Lampieri, a managing director in the transportation and infrastructure practice at AlixPartners. "Throw in the coronavirus, the recent deterioration of some key financial measures and whatever other unforeseen disruptions lie ahead, and it's clear that preparing for the worst may be the best way to avoid the worst."
If you're unfamiliar with the Z score formula it is a calculation that predicts the probability that a firm will go into bankruptcy within two years. Anything below a score of 1.8 is considered a "very high" risk of bankruptcy. So, if this industry sector was reduced to a 1.16 Z score for the 12 months ending Sept 2019 (5 SSLs produced a scores of less than 1 and all were under the 1.8 level), it's probably a safe bet this score has not gone up since. If more SSLs were to go bankrupt, this would further constrain capacity to even fewer SSLs who are already trying to minimize port calls and slow down how fast ships cycle through their scheduled port calls (their "string"), causing backlogs that in turn send freight rates higher. Part of the reason they do this is because of the headhaul vs. backhaul issue that occurs on many vessel strings (i.e. lots of freight moving from a ship's origin to particular destinations, but not from the destinations back to the ships origin or future port calls) causing them to issue "blank sailings" for some ports, which is their notice that the port will be skipped by a particular vessel. This causes many problems with equipment (container) availability and can further distort freight rates and cause backlogs. If they can only make money going one way, they're losing money more often than not. Furthermore, inactive containership capacity through 2020 is projected to move even higher, increasing the recent record statistic for the sector. Below articles for support. April 8th article (https://shippingwatch.com/carriers/Containearticle12067889.ece) stating the below points.
The large scale sailing cancellations could push the inactive container ship fleet to over 3 Mteu in the coming weeks in the worst capacity crisis that the container shipping industry has ever seen.
Several routes with usually large capacity will be fully canceled in the second quarter, including 2M's major AE-2/Swan service, where 12 ships of 23,000 teu sail between Asia and North Europe. "No market segment will be spared, with capacity cuts announced across almost all key routes," writes the firm.
Normally freight from Asia to Northern Europe is the headhaul (large volume) and the backhaul is NE to Asia (lower volume). However, due to lockdowns happening at different times in Asia vs Europe, this volume has fluctuated highly. Freight rates for NE to Asia in Jan were $500 for a 40' GP (40 ft. general purpose container), as China was in lockdown and demand was poor and space was plentiful. However, now that Europe is in lockdown and Asia is up and running, demand has spiked on the NE to Asia backhaul (as China lifted out of lockdown) and space is basically non-existent and has forced the rate for a 40' GP from a low of $500 in January to $2000 now in May. This is due to the fact that SSLs reverted to blank sailings for NE ports as demand in Europe dropped due to beervirus and caused freight rates to fall from Asia origins. They've been able to steady the rates at Asia origins at the cost of backlogs and rate spikes at backhaul ports.
For SSLs, the game is complicated and tricky while margins are razor thin and the coronavirus exacerbates this. They're trying to manage rates, whether or not to park vessels and how they should do that, which ports do they skip to save money, and how to keep cash flow (as most of them are very much in debt). Their actions then affect shippers and buyers worldwide and it becomes very difficult to manage costs through out global supply chains. When things are this uncertain, for all parties in logistics, sometimes it's like trying to catch a falling knife when moving cargo. If shippers/buyers time it right they can avoid extra costs but if they are trying to ship at the wrong time they're going to feel the pain in the form of high freight rates, delays (which increase storage/demurrage costs), and chargebacks from shipper's/buyer's customer who receive cargo late (depending on terms and conditions of their contracts). SSL TL;DR - Steamship lines have been broken for a while but beervirus has potential to be the catalyst to push many over the edge into insolvency. In order to stabilize freight rates, SSLs have been parking container ships at a record pace with capacity projected to shrink by more than 3 million TEU (20' container equivalent), which has never happened before. The more SSLs revert to parking vessels in order to stabilize freight rates, the closer it pushes them to bankruptcy (a double edge sword, if you will) and in turn the more companies will pay to move freight in the future. Even if no SSLs go bankrupt, companies will be paying more to move freight regardless due to virus disruption. ALs There has been much already addressed and available about the ALs and I'm just going to assume you're more aware of their history as compared to the SSLs, so I'll make this section short and only provide the details most of you might not get if you're not really involved with logistics. An article published on May 4th (https://www.stattimes.com/news/global-air-cargo-capacity-down-by-29-seabury-reports/ ) stated the below points (w/ visuals). You already knew this but ALs getting hammered due to passenger decline related to beervirus. That in turn has affected the flow and capacity of airfreight Passenger aircraft belly capacity reached an all time low at the beginning of April. It has rebounded slightly, but forecasts shows capacity will not be returning to normal in 2020
Global air cargo capacity is -29% on a YOY basis. (OP Note: A 23% increase in capacity was seen the week of April 22nd-28th for passenger belly aircraft, which is heartening, but considering capacity dropped well over 80%, this recent gain would only constitute ~ 4.5% return to previously normal capacity seen at the beginning of February)
US- Europe lanes have have had the largest impact so far, but disturbances have been felt on every lane globally and the Europe/Africa, Europe/South America routes are still seeing capacity constraints between 60% and 88%.
Passenger traffic is down about 94% and half the industry's 6,215 planes are parked at major airports and desert airstrips.
To get through the next few months, airlines successfully lobbied for a huge federal rescue. But half of that money was intended to cover payroll and that will run out by the end of September.
Desperate to preserve cash, the airlines have also aggressively discouraged customers from seeking refunds, offering vouchers for future travel instead...(and) the industry trade group Airlines for America, said that refunding all tickets could lead to bankruptcy.
Payrolls have largely been spared the ax, for now, because Congress set aside $25 billion to pay workers through September as long as airlines refrain from imposing furloughs or pay cuts. But some airlines have already tested those limits, and executives have signaled that layoffs will come when those protections expire.
Most industry analysts and executives expect years to pass before airlines fly as many passengers as they did before the pandemic. Even then, a rebound may come in fits and starts, propelled by medical advancements, an economic rebound and shifts in the public’s tolerance for risk.
Take China, for example. The number of domestic flights there started to recover in mid-February, but plateaued in early March at just over 40 percent of levels before the outbreak, according to the International Air Transport Association, a global industry group. (OP Note: The gain back to 40% could be attributed to the large backlog left from China lockdown and Lunar New Year holiday at the beginning of Feb)
The airlines are triaging. Even as they slim down to preserve cash, they are finding ways to make what little money they can. Many have put otherwise unneeded planes to use transporting cargo, including medical supplies, taking advantage of a spike in freight prices.
ALs TL;DR - With beervirus, passenger belly space has shrunk to unprecedented levels, causing air freight rates to increase by 5 or 6 times their normal costs on many lanes as planes are parked. Companies are forced to pay through the nose for air freight when cargo critical to their operations is needed due to SSL capacity constraints and the extended lead times across all modes of transportation. Companies trying to utilize air cargo will be paying higher costs indefinitely as air capacity doesn't look to return to normal within 2020. Last, I'd like to move on to look at US inventories and US consumer spending as they are the major catalyst when it comes to freight demand. Using US census data, summarized in the below table (this is preliminary data, so not reflecting recent update today but breakdown takes this into account) , tradingeconomics.com ( https://tradingeconomics.com/united-states/wholesale-inventories ) provides this breakdown of Us inventories: "Wholesale inventories in the US fell 0.8 percent month-over-month in March of 2020, less than an initial estimate of a 1 percent drop. Still, it is the biggest decline in inventories since September of 2011. Stocks of nondurable goods slumped 2.7 percent (vs –2.6 percent in the preliminary estimate), while durable goods inventories edged up 0.5 percent (vs 0.1 percent in the preliminary release). Year-on-year, wholesale inventories were down 1.7 percent in March." https://www.census.gov/econ/indicators/tab2adv.pdf Typically, high inventory points to economic slowdown, while a low reading points to stronger growth. However, this generality is not true in the current environment. We're seeing inventories lower due to supply shocks presented by the beervirus but at the same time we're seeing major demand shocks so we have this peculiar instance where inventories have fallen the most in over a decade, but still did not fall as much as expected. Now look at consumer spending ( https://tradingeconomics.com/united-states/consumer-spending ). Splash Mountain And now with tradingeconomics.com forecast. https://preview.redd.it/657ykdocy1y41.png?width=875&format=png&auto=webp&s=76997dad3a5c80c6fe82186241cf690bf94f7cf6 I argue that this shows supply is catching up to demand, as we can see that consumer spending has fallen off a cliff and is projected to fall further. So, you might be wondering, what does all of this means and what am I getting at? Within logistics there is a phenomenon that occurs when supply and demand are not managed and become dislocated. This is called the Bullwhip Effect. With the turmoil associated around major players in the logistics industry (SSLs & ALs) and general uncertainty in regards to the the economic outlook, we can expect increased costs associated with inventory, if companies have too much inventory (which is looking like the lesser of two evils IMO depending on the situation), or increased cost in freight spend, if companies don't have enough inventory (which, considering the wild swings in rates, could be devastating in cost). Either way, the point is cost. Costs are going to go up to move all the consumer goods we have been accustomed to buying so cheapy over the last decades of the expansion of the global market place that was supported by the expansion of capacity in global SSLs and ALs. That is why I'm not buying the deflation narrative that is being passed around currently and supported by the FED. Logistics services have been widely overlooked as a major contributor to the deflation in CPI we've seen over the last decade or so, as this coincides with the alliances created in SSLs and rate wars that ensued. We will see consumer prices increase and inflation will return whether the economy rebound quickly or not. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out. TL;DR - Logistics services have expanded with globalization and have become key players in keeping companies operating smoothly. SSLs have been creating alliances over the last decade, which caused rate wars (lowering freight costs). Due to beervirus, SSLs and ALs are severely hampered and are parking assets at a record pace, severely reducing capacity that is extremely difficult to expand in any kind of short-term basis. The disruption to supply chains will cause bullwhip effects across supply chains worldwide. This will raise prices for most goods with certainty. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.
So my position fell past the point where it states it would close and I lost all my positons becuase of 1 holding that fluctuated. The problem is that I set Stop-loss & take profit however they never took effect. so around 15:05 when I opened the trading 212 app I was bombarded with like 10 plus notifications at once of price notifcations of multiple stocks I set and warnings of my positions falling below margin. The problem is that these notifications are timestamped 10-20mins before they appeared. This meant I was unable to react to this changes accoridingly. The most frustrating thing is that this would have closed all my other holdings so I have now lost £1600 due to bugs on the trading 212 platform. I have also noticed that the app has been having constant server issues these past couple weeks and today was no exception. I have already contacted them about this issue but based on their response it seems like they cant actually see much on my account and want me to provide screenshots. If I could take screenshots of the past that would be great but I cant. I am hoping they restore my positions and if required allow me to deposit the cash above margin. Any Advice is appretiated but I doubt much if any can be given either way you guys might want to take this as a lesson to screenshot/screen record your positions especially if your're trading CFD's as this platform is not stable at the moment.
Sweden’s Famously Stealthy Submarine Is Now Even Quieter
Go Sweden! Thanks for that job done! What's the difference inSweden and Switzerland. Switzerland has an economy more like The United States. They complain over there that the Franc is overvalued and they are not paid enough to live. Sweden has progressive taxation and income distribution and has a more stabler economy because of it. Stockholm is the Capital of Sweden since 1523 A.D. It shares the Scandinavian Peninsula with Norway. Coming up is the Difference between Norway and Normandy. Here's a map of Sweden and Norway: Location of Sweden Map from Encyclopedia Britannica Online. Encyclopedia Britannica States," The country has a 1,000-year-long continuous history as a sovereign state, but its territorial expanse changed often until 1809. Today it is a constitutional monarchy with a well-established parliamentary democracy that dates from 1917. Swedish society is ethnically and religiously very homogeneous, although recent immigration has created some social diversity. Historically, Sweden rose from backwardness and poverty into a highly developed postindustrial society and advanced welfare state with a standard of living and life expectancy that rank among the highest in the world. " Here are the Facts of Sweden according to Merriam-Webster: Official Name: Konungariket Sverige (Kingdom of Sweden) Form Of Government: constitutional monarchy with one legislative house (Riksdag, or Parliament ) Head Of State: King: Carl XVI Gustaf Head Of Government: Prime Minister: Stefan Löfven Capital:Stockholm Official Language: Swedish Official Religion: none Monetary Unit: Swedish krona (SEK) Currency Exchange Rate: 1 USD equals 9.879 Swedish krona Population: (2019 est.) 10,284,000 Population Rank: (2018) 89 Population Projection 2030: 11,261,000 Total Area (Sq Mi)**172,750 Total Area (Sq Km)**447,420 Density: Persons Per Sq Mi(2018) 64.7 Density: Persons Per Sq Km(2018) 25 Urban-Rural Population: Urban: (2018) 87.4% Rural: (2018) 12.6% Life Expectancy At Birth: Male: (2017) 80.7 years Female: (2017) 84.1 years Literacy: Percentage Of Population Age 15 And Over: Male: 100% Female: (2008) 100% GNI (U.S.$ ’000,000) (2017) 529,460 GNI Per Capita (U.S.$) (2017) 52,590 Here's what The CIA World FactBook has to say about Sweden: (Here are some highlights): Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system. Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe. GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Swedish economists expect economic growth to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The Central Bank is keeping an eye on deflationary pressures and bank observers expect it to maintain an expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness. In the short and medium term, Sweden’s economic challenges include providing affordable housing and successfully integrating migrants into the labor market. Agriculture - products: This entry is an ordered listing of major crops and products starting with the most important. barley, wheat, sugar beets; meat, milk Industries: This entry provides a rank ordering of industries starting with the largest by value of annual output. iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles Unemployment rate:This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted. 6.7% (2017 est.)7% (2016 est.)country comparison to the world:101 Population below poverty line:National estimates of the percentage of the population falling below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations. 15% (2014 est.) Household income or consumption by percentage share:Data on household income or consumption come from household surveys, the results adjusted for household size. Nations use different standards and procedures in collecting and adjusting the data. Surveys based on income will normally show a more unequal distribution than surveys based on consumption. The quality of surveys is improving with time, yet caution is still necessary in making inter-country comparisons. lowest 10%: 3.4%highest 10%: 24% (2012) Budget:This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. revenues: 271.2 billion (2017 est.)expenditures: 264.4 billion (2017 est.) Taxes and other revenues:This entry records total taxes and other revenues received by the national government during the time period indicated, expressed as a percent of GDP. Taxes include personal and corporate income taxes, value added taxes, excise taxes, and tariffs. Other revenues include social contributions - such as payments for social security and hospital insurance - grants, and net revenues from public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons acr . . .more 50.6% (of GDP) (2017 est.) Now for Switzerland: Map of Switzerland It's rights next to France and Austria and is the size of Half of Scotland according to Encyclopedia Britannica online; This map is from their page. According to Merriam-Webster: Dialing code: +41 Population: 8.57 million (2019) Currency: Swiss franc Swit·zer·land | \ ˈswit-sər-lənd \variants: or FrenchSuisse \ ˈswʸēs \ or GermanSchweiz \ ˈshvīts \ or ItalianSvizzera \ ˈzvēt-tsā-rä \ or LatinHelvetia \ hel-ˈvē-sh(ē-)ə \
Definition of Switzerland
landlocked country (a federal republic) in western Europe in the Alps; capital Bern area 15,937 square miles (41,277 square kilometers), population 8,293,000 see also SWISS entry 1 sense 1 Britannica states: " For many outsiders, Switzerland also evokes a prosperous if rather staid and unexciting society, an image that is now dated. Switzerland remains wealthy and orderly, but its mountain-walled valleys are far more likely to echo the music of a local rock band than a yodel or an alphorn. Most Swiss live in towns and cities, not in the idyllic rural landscapes that captivated the world through Johanna Spyri’s Heidi (1880–81), the country’s best-known literary work. Switzerland’s cities have emerged as international centres of industry and commerce connected to the larger world, a very different tenor from Switzerland’s isolated, more inward-looking past. As a consequence of its remarkably long-lived stability and carefully guarded neutrality, Switzerland—Geneva, in particular—has been selected as headquarters for a wide array of governmental and nongovernmental organizations, including many associated with the United Nations (UN)—an organization the Swiss resisted joining until the early 21st century. " According to CIA"S World Factbook. Switzerland's Economy is as such: Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other Eastern European economies drove up demand for the Swiss franc by investors seeking a safehaven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011 through 2017. In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss Government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards. GDP (purchasing power parity) $523.1 billion (2017 est.) $514.5 billion (2016 est.) $506.5 billion (2015 est.) note: data are in 2017 dollars GDP (official exchange rate) $679 billion (2017 est.) GDP - per capita (PPP): $62,100 (2017 est.) $61,800 (2016 est.) $61,500 (2015 est.) note: data are in 2017 dollars Gross national saving: 33.8% of GDP (2017 est.) 32.3% of GDP (2016 est.) 33.9% of GDP (2015 est.) GDP - composition, by end use: 53.7% (2017 est.) government consumption: 12% (2017 est.) investment in fixed capital: 24.5% (2017 est.) investment in inventories: -1.4% (2017 est.) exports of goods and services: 65.1% (2017 est.) imports of goods and services: -54% (2017 est.) GDP - composition, by sector of origin: agriculture: 0.7% (2017 est.) industry: 25.6% (2017 est.) services: 73.7% (2017 est.) Agriculture - products: grains, fruits, vegetables; meat, eggs, dairy products Industries: machinery, chemicals, watches, textiles, precision instruments, tourism, banking, insurance, pharmaceuticals Industrial production growth rate: 3.4% (2017 est.) country comparison to the world:92 Labor force**:**5.159 million (2017 est.) country comparison to the world:81 Labor force - by occupation: agriculture: 3.3% industry: 19.8% services: 76.9% (2015) Unemployment rate: 3.2% (2017 est.) 3.3% (2016 est.) country comparison to the world:40 Population below poverty line: 6.6% (2014 est.) Household income or consumption by percentage share: lowest 10%: 7.5% highest 10%: 19% (2007) Budget: revenues: 242.1 billion (2017 est.) expenditures: 234.4 billion (2017 est.) note: includes federal, cantonal, and municipal budgets Taxes and other revenues: 35.7% (of GDP) (2017 est.) country comparison to the world:60 Budget surplus (+) or deficit (-): 1.1% (of GDP) (2017 est.) country comparison to the world:33 Public debt: 41.8% of GDP (2017 est.) 41.8% of GDP (2016 est.) note: general government gross debt; gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future; includes debt liabilities in the form of Special Drawing Rights (SDRs), currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the GFSM (Government Financial Systems Manual) 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options country comparison to the world:119 Fiscal year: Inflation rate (consumer prices): 0.5% (2017 est.) -0.4% (2016 est.) country comparison to the world:30 Current account balance: $66.55 billion (2017 est.)$63.16 billion (2016 est.) country comparison to the world:7 Exports: $313.5 billion (2017 est.) $318.1 billion (2016 est.) note: trade data exclude trade with Switzerland country comparison to the world:17 Exports - partners: Germany 15.2% US 12.3% China 8.2 %India 6.7% France 5.7% UK 5.7% Hong Kong 5.4% Italy 5.3% (2017) Exports - commodities: machinery, chemicals, metals, watches, agricultural products Imports: $264.5 billion (2017 est.) $266.3 billion (2016 est.) country comparison to the world:18 Imports - commodities: machinery, chemicals, vehicles, metals; agricultural products, textiles Imports - partners: Germany 20.9%, US 7.9% Italy 7.6%, UK 7.3% France 6.8% China 5% (2017) Reserves of foreign exchange and gold: $811.2 billion (31 December 2017 est.) $679.3 billion (31 December 2016 est.) country comparison to the world:3 Debt - external:. $1.664 trillion (31 March 2016 est.) $1.663 trillion (31 March 2015 est.) country comparison to the world:12 Exchange rates: Swiss francs (CHF) per US dollar -0.9875 (2017 est.) 0.9852 (2016 est.)0.9852 (2015 est.) 0.9627 (2014 est.) 0.9152 (2013 est.) And their Military is such as CIA states: Military expenditures**:This entry gives spending on defense programs for the most recent year available as a percent of gross domestic product (GDP); the GDP is calculated on an exchange rate basis, i.e., not in terms of purchasing power parity (PPP). For countries with no military forces, this figure can include expenditures on public security and police. 0.68% of GDP (2018)0.68% of GDP (2017)0.68% of GDP (2016)0.66% of GDP (2015)0.66% of GDP (2014)country comparison to the world:138 Military and security forces**:This entry lists the military and security forces subordinate to defense ministries or the equivalent (typically ground, naval, air, and marine forces), as well as those belonging to interior ministries or the equivalent (typically gendarmeries, bordecoast guards, paramilitary police, and other internal security forces). Swiss Armed Forces: Land Forces, Swiss Air Force (Schweizer Luftwaffe) (2019) Military service age and obligation**:This entry gives the required ages for voluntary or conscript military service and the length of service obligation. 18-30 years of age generally for male compulsory military service; 18 years of age for voluntary male and female military service; every Swiss male has to serve at least 245 days in the armed forces; conscripts receive 18 weeks of mandatory training, followed by six 19-day intermittent recalls for training during the next 10 years (2019) Refugees and internally displaced persons: refugees (country of origin): 34,072 (Eritrea) 16,565 (Syria) 12,282 (Afghanistan) 5,744 (Sri Lanka) (2018) stateless persons: 49 (2018) Illicit drugs a major international financial center vulnerable to the layering and integration stages of money laundering; despite significant legislation and reporting requirements, secrecy rules persist and nonresidents are permitted to conduct business through offshore entities and various intermediaries; transit country for and consumer of South American cocaine, Southwest Asian heroin, and Western European synthetics; domestic cannabis cultivation and limited ecstasy production. Here's an article about an International Dispute with the European Union (EU): https://www.express.co.uk/news/world/1283471/eu-news-switzerland-rejected-membership-bloc-twice-spt When looking to solve problems with countries, look at their economy and study it.
Hi, I've been doing the odd trade here and there on Trading 212 but I've been studying and I'm ready to move over to a more comprehensive trading platform. I'm UK based, so can anyone recommend a good platform or tell me the platform that they use? I've been looking at a range of them and just wanted a bit of a pointer as I've downloaded a bunch of demos and nothing seems to fit as yet. Cheers in advance! Additional question: Has anyone used an offshore platform to avoid the PDT rule outside of the $25k requirement margin?
Futures Trading Margin Requirements. Once a trader meets the initial margin requirement, they are required to maintain the maintenance margin level until the position is closed. The maintenance margin is the minimum amount a trader is required to have in their account and is usually slightly below the initial margin. $212.50: US 10-Year Based out of London and registered in England and Wales, (Trading 212 UK Ltd. and Ltd.) is the nation’s first zero commission brokerage with over 12 million downloads marking it the U.K. and Germany’s #1 trading app since 2017. Launched mid-2013 and currently operating in 65 countries, this fintech is trying to appeal to the next generation Since the Margin Requirement is 2%, the Required Margin will be $214. Previously, the Required Margin was $220 (when EUR/USD was trading at 1.10000). The Used Margin is updated to reflect changes in Required Margin for every position open. In this example, since you only have one position open, the Used Margin will be equal to the new Required Trading 212 is a trading name of Trading 212 UK Ltd. and Trading 212 Ltd. Trading 212 UK Ltd. is registered in England and Wales (Register number 8590005), with a registered address 43-45 Dorset Street, London, W1U 7NA. Trading 212 UK Ltd. is authorised and regulated by the Financial Conduct Authority (Register number 609146). Trading 212 UK Ltd. applies a margin "haircut" to reflect this risk, and so the Margin Requirement on the CFD will effectively increase. Interest Rate Fluctuation Risk Interest rates fluctuate, which will affect the financing charges (or rebates) you will pay (or may receive) on your long (or short) CFD positions.
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