The Vancouver Business Thread

[whatnext]

So the Grand Princess was supposed to be the first ship of the cruise season, arriving on April 2. I wonder what the odds of that happening now are. Coronavirus is going to devastate Vancouver's cruise season, and that will ripple to hotels, stores and attractions.

[WarrenC12]

Originally Posted by whatnext

So the Grand Princess was supposed to be the first ship of the cruise season, arriving on April 2. I wonder what the odds of that happening now are. Coronavirus is going to devastate Vancouver's cruise season, and that will ripple to hotels, stores and attractions.

Definitely. Tourism in general for 2020 will be the worst year in who knows how long.

[cairnstone]

Just cancelled a Spring New England cruise do to the possible issues

[whatnext]

No cruise ships until July 1. International flights also going to be restricted a few, key airports:

https://www.citynews1130.com/2020/03/13/...-cruise-ship-ban-amid-covid-19-outbreak/

[cairnstone]

Suppliers have started sending out delays notices to contractors. Have heard there are delays now of 5 months for some stuff such as parts for elevators and glazing. This could cause some large delays on major projects. The cost factors will be huge especially when the owner and the CM are paying wages and the interest

[whatnext]

Originally Posted by cairnstone

Suppliers have started sending out delays notices to contractors. Have heard there are delays now of 5 months for some stuff such as parts for elevators and glazing. This could cause some large delays on major projects. The cost factors will be huge especially when the owner and the CM are paying wages and the interest

Let's hear it for offshoring so much manufacturing!

[chowhou]

Originally Posted by whatnext

Let's hear it for offshoring so much manufacturing!

I'm sure China right now is thinking, "I wish we had offshored more of our manufacturing, now we're screwed!" If Vancouver had been ground zero for this disease, we'd be happy that we can import the things we need as industry shut down.

[misher]

Originally Posted by chowhou

I'm sure China right now is thinking, "I wish we had offshored more of our manufacturing, now we're screwed!" If Vancouver had been ground zero for this disease, we'd be happy that we can import the things we need as industry shut down.

How much impact did our recent protests have I wonder. I assume we also caused delays in resources to factories and delays in some finished goods.

[Hmoob]

Originally Posted by whatnext

No cruise ships until July 1. International flights also going to be restricted a few, key airports:

https://www.citynews1130.com/2020/03/13/...-cruise-ship-ban-amid-covid-19-outbreak/

FWIW, that means no Alaska cruises at all during the restriction. There are a couple of towns on the Alaska panhandle that are going to get hit hard.

"Alaskan cruises embarking from a U.S. port must stop in a foreign port — usually Vancouver or Victoria in Canada — to comply with what are known as “cabotage” laws. Outside of Canada, the closest foreign port for an Alaskan cruise is Ensenada, Mexico"

https://www.latimes.com/travel/story/202...onavirus-may-end-alaska-big-ship-cruises

[Changing City]

Originally Posted by misher

How much impact did our recent protests have I wonder. I assume we also caused delays in resources to factories and delays in some finished goods.

Hardly any. "Giroux’s office estimated that last month’s rail blockades will shave two-tenths of a percentage point off economic growth for the first quarter, with the effects dissipating through the rest of 2020." [Financial Post].

The Coronavirus, and Russia vs Saudi Arabia over oil will have far greater impacts on the economy.

[misher]

Originally Posted by Changing City

Hardly any. "Giroux’s office estimated that last month’s rail blockades will shave two-tenths of a percentage point off economic growth for the first quarter, with the effects dissipating through the rest of 2020." [Financial Post].

The Coronavirus, and Russia vs Saudi Arabia over oil will have far greater impacts on the economy.

I figured. In the end they likely hit specific people/companies hard but not the overall economy.

Trump just announced that the government is buying oil to keep prices high which is good news.

[rofina]

Originally Posted by misher

I figured. In the end they likely hit specific people/companies hard but not the overall economy.

Trump just announced that the government is buying oil to keep prices high which is good news.

US Fed injecting 1.5 trillion.
CAD announcing stimulus next week.
Rates cut 50 basis points again in Canada.
Low interest loans provided to struggling business.
Trump buying oil

We are getting a quite coordinated response. Its possible we ride this one out by the sheer will of governments willing to expand balance sheets.

[whatnext]

Am I the only one wondering why casinos are still open? mass gathering areas where people are touching the same stuff over and over?

[GreaterMontréal]

Originally Posted by whatnext

Am I the only one wondering why casinos are still open? mass gathering areas where people are touching the same stuff over and over?

They are closed in Quebec. Ontario's casinos are still open I think.

[Changing City]

Originally Posted by whatnext

Am I the only one wondering why casinos are still open? mass gathering areas where people are touching the same stuff over and over?

I'm sure they're completely safe. After all, everyone who plays there wins, I understand, so they're obviously much luckier than the general population. And while they've increased cleaning, casinos were some of the most diligent places for hygiene. Even some of the money was laundered.

[whatnext]

Originally Posted by Changing City

I'm sure they're completely safe. After all, everyone who plays there wins, I understand, so they're obviously much luckier than the general population. And while they've increased cleaning, casinos were some of the most diligent places for hygiene. Even some of the money was laundered.

Well played!

[chowhou]

Originally Posted by whatnext

Am I the only one wondering why casinos are still open? mass gathering areas where people are touching the same stuff over and over?

Don't assume that any businesses are closing out of the goodness of their hearts. Until the government institutes an official policy, any business that closes right now is doing so for economic reasons, not health reasons. As long as the casinos are making money, why should they close?

[Changing City]

Originally Posted by chowhou

Don't assume that any businesses are closing out of the goodness of their hearts. Until the government institutes an official policy, any business that closes right now is doing so for economic reasons, not health reasons. As long as the casinos are making money, why should they close?

Really? Apple, Nike, Cypress Mountain, Whistler will all make more money closed, rather than open?

Surrey just closed all its recreation centres and libraries. Quebec just closed all the bars and movie theatres. BC has so far been remarkably successful (or maybe just lucky) in limiting the spread of the virus, but you only have to look at Washington State to see how things could still play out here.

Edit - 10 casinos are closing at midnight. No news from Parq yet, but maybe that'll follow soon.

[jollyburger]

Great Canadian Gaming Corporation just closed all their operations.

[misher]

Originally Posted by jollyburger

Great Canadian Gaming Corporation just closed all their operations.

It’s unfortunate how many Vancouver locals will be cheering this, you should never cheer the suffering of fellow Canadians.

PS: casinos are one of the less used methods used by criminals to launder money. Only a complete idiot would think large criminal groups use casinos as their main method. But anyway that doesn’t matter because these are Canadians with jobs who work.