Day: September 10, 2020

Over half of Britons consider co-workers to be closest friends

A new study looking into the happiness of people at work has found 52% of Britons think their co-workers are their closest friends.

It was also found their friendship is because they spend the most amount of time with them. Britons also think it takes a year to establish a friendship with a colleague.

It was initially found that, while 87% of respondents are close enough to some of their co-workers to consider them friends, 52% consider one or more of their co-workers to be their closest friends.

Of those who spend time together outside of the workplace, 58% have introduced their workplace best friend to their partner, 40% have introduced them to their other friends and 35% have introduced them to their family.

Asked how long they felt it takes to establish a good friendship with colleague, to the point of classing them as a truly close friend, the

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State-backed coronavirus loans should be repaid only when business makes profit

State-backed coronavirus loans should be repaid only when business borrowers turn a profit, a think tank has warned.

One in five companies are now “zombies”, with profits that scarcely cover their debt interest payments — and one in 23, employing a total of 1.8 million people, are technically insolvent with liabilities greater than their assets, according to Onward.

Debt levels leapt during this year’s lockdown as companies tapped the government’s emergency loan schemes to meet costs, leaving many overburdened with debt. About £53 billion has been loaned to small and medium-sized businesses and The City UK, the finance industry lobby group, has estimated that £35 billion may not be repaid.

The researchers at Onward fear a so-called balance-sheet recession, in which companies prioritise debt repayment over growth and investment. To keep the recovery on track, they have called on the government to convert the debt into “income-contingent loans” that do

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LVMH drops plan to acquire Tiffany

Luxury goods conglomerate LVMH has dropped its $14.5-billion offer for Tiffany amid the fallout of the coronavirus pandemic and a threat of U.S. sanctions.

The AP’s Anne D’Innocenzio reported:

Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs.

Wednesday’s announcement came after the deal’s value had been eroded by wider industry troubles caused by the coronavirus pandemic.

Michelle Toh from CNN wrote:

The United States announced in July that it would impose tariffs of 25% on French products, including makeup and handbags, as part of a dispute over taxing digital companies, but delayed collection of the tariffs until January 6, 2021. LVMH said Wednesday that the French government had “directed” it to delay the acquisition beyond that date.

The New York Times’ Lauren Hirsch and Elizabeth

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