4 Steps to Survive the Coming Market Crash

There are massive cracks forming right below the surface of our "shining city." These cracks are a symptom of a much bigger problem that threatens the very foundation of our country. Things are starting to unravel at a fast pace, as America sees worst economic hell our country has ever been in.

The 2024 Olympics were a success for Paris but a calamity for some of its businesses

DIANE JEANTET
September 10, 2024

PARIS (AP) -- Parisian business owners and hotel managers were promised a summer like no other. Millions of tourists would flood the French capital for the Olympic and Paralympic Games, generating huge profits for Paris and its region.

With the Games officially over, time has come to run the numbers. And many in the Paris service industry say they had one of their worst summers ever -- notably because of security restrictions around city-center Olympic venues.

Tom Denaive, who runs a family jewelry store ideally located between the Louvre Museum and Place de la Concorde -- which hosted multiple Olympic events -- said the season was nothing short of "dramatic."

In mid-June, the city closed the nearest metro station, then access to the scenic Tuileries Garden. And a week before the opening ceremony on the River Seine, the nearby rue de Rivoli, a major pedestrian and commercial artery, was shut down.

"It was a dead street," Denaive said. "I felt like we were back to the COVID days."

Disappointment was also felt a few steps away on rue Saint-Honoré, home to some of Paris' most prestigious hotels and finest haute couture shops.

"I have all the records from last year and we didn't match a single one,'' said Marina Orlando, store manager at French luxury candle brand Diptyque. Orlando said sales in August were down 29% year on year.

"We were given a whole serenade about the Olympics, that it was going to be incredible. ... Some of us didn't go on vacation, it was a huge logistical effort so that we could all be present on D-Day," she said. In the end, she added, they had a store full of staff but largely empty of customers.

Tourists did come in large numbers. Government data released last week show that some 1.7 million international visitors came to Paris during the Olympic period, up 13% compared with the previous year, and another 1.4 million French tourists visited the capital, up 26%.

"I think that our country's bet has paid off," said Olivia Grégoire, who leads the ministry charged with companies, tourism and consumption, at a news conference last week. Grégoire said France, as a whole, was on track to maintain -- and potentially surpass -- last year's record-breaking tourism numbers.

But shopping was not the visitors' priority, shop owners and managers said. "They were here for the sports," said Orlando.

Denaive agreed. He said that tourists "spent so much on hotels, flights, tickets ... they didn't have much of a budget left for shopping."

Many visitors were struggling to get to shops and restaurants even if they wanted to, because Paris chose to host Olympic events in the heart of the bustling capital, rather than building an Olympic park outside of the city center.

Protecting those venues involved a boosted security apparatus, deploying up to 45,000 police officers backed up by a 10,000-strong contingent of soldiers and reinforcements from more than 40 countries.

Most Parisians and visitors welcomed the security measures, but not the imposing metal-fence barriers erected on both sides of the River Seine that made the city hard to navigate.

Only those with a QR code were granted permission to pass police checkpoints, making it nearly impossible for those without one to commute between the city's south and north, except by metro. And permission for the precious code could take days to come.

For Patrick Aboukrat, whose association represents 190 shopkeepers and restaurant owners in Paris' central Marais neighborhood, the Olympics were "more than catastrophic." From mid-June to the end of July, sales were down roughly 35% to 40% on average in the area, he told the AP by phone.

Aboukrat, who owns a fashion store, said the ready-to-wear industry had been particularly hit, with an unexpectedly bad summer sales period. The city was particularly quiet ahead of the Olympics, he recalled. "We expected to have a stronger activity than usual, we found ourselves with stocks to sell off and a very low cash flow."

Aboukrat, like many others who talked to the AP, eventually decided to close his store early in the summer. "It was not worth it, and those near me who remained open told me it was empty."

Something similar happened at the Île de la Cité, the small island in the Seine where Notre Dame Cathedral sits. There, most merchants lost 40% to 50% of their turnover, according to Patrice Lejeune, president of the island's merchants' association.

The area was particularly difficult to reach during most of the Olympics as it was surrounded by metallic security barriers.

Officials have said the restrictions were necessary to guarantee everyone's safety.

Grégoire, from the tourism ministry, downplayed potential losses, saying that "we often come across people who complain."

On June 14, the government announced the creation of a commission to handle financial compensation requests from businesses claiming they were impacted negatively by the Games. Grégoire said it would only apply to those located within the perimeters targeted by security measures. The commission will start assessing requests in January.

Jean-Marc Banquet d'Orx, president of a union representing more than 2,000 hotels, restaurants and cafes in Paris, said everyone will eventually feel the benefits of the investments made in the city ahead of the Games.

"We can't stop grumpy people," Banquet d'Orx said. "But to those who complain I say: The Olympics will have an impact on the years to come, not immediately."

Continue Reading...

Popular

Harris, Trump Films To Hit Theaters Weeks Before 2024 Election: One Candidate Tried To Block Movie From Release

Movies about Kamala Harris and Donald Trump hit theaters in October. Find out the differences between the movie and why one candidate wants a ban.

Scaramucci Says Melania Trump Would Prefer Kamala Harris To Donald Trump As President

Anthony Scaramucci has claimed that Melania Trump would rather see Kamala Harris win the presidency than her own husband.

2024 Oil Boom - Ad

There is a much better way to profit from oil in 2024. It's NOT oil stocks, futures, or anything you've likely heard about. In fact, one man used it build a small $1,000 investment into a $100,000 income stream over fifty years.

Mother Sells Taylor Swift Tickets Over Star's Endorsement Of Kamala Harris: 'I'm Gonna Shake It Off, And I'm Done With You'

A mother has chosen to sell the Taylor Swift concert tickets she had bought as a birthday present for her daughter in response to the pop star's recent endorsement of Kamala Harris.

Psychedelic Church Opens In Colorado Springs, CO Making History

Meet Colorado's first psychedelic church in Colorado Springs, where magic mushrooms and DMT are used for healing and creating community.

Imminent FDA Decision Could End Obesity in America... - Ad

...and spark a 224,000% sales surge for one tiny micro-cap stock. Channelnomics says it "Could have a greater impact on the world than artificial intelligence." BMO Capital calls it "A goldmine for investors." The Wall Street Journal says it's "A Gold rush."

Nvidia, Intel And Other Top Chipmakers Grapple With Gender Disparity Despite AI Surge: Report

Despite women constituting the majority of undergraduate and advanced degree holders, they account for less than 23% of engineering and computer science graduates.

U.S. Loses to China in Shocking WAR GAMES - Ad

Pentagon says new "living missile" key to winning a future conflict. Investors stand to reap 35,960% on shares of the small defense contractor that makes powerful new weapon.

Donald Trump's Billions On Hold As Insiders Sell Off Truth Social Shares

Insiders at Trump Media & Technology Group owned social media platform Truth Social have started offloading their shares.

DO NOT Make Another Trade Without Seeing This First - Ad

Starting September 23... a huge secret of the markets could help you consistently target gains like: 126%... 245%... even 463% or more... often in 30 days or less... No matter what the market does next.

A key employee who called the Titan unsafe will testify before the Coast Guard

A key employee who labeled unsafe prior to its last, fatal voyage was set to testify Tuesday before U.S. Coast Guard investigators.

Apple Reportedly Plans To Switch To OLED For All iPhones Starting 2025, Not Just The Top-Tier Flagships

Apple plans to transition all iPhone models, including the lower-priced iPhone SE, to OLED displays by 2025, phasing out LCDs and excluding Japanese suppliers like Japan Display and Sharp from its handset business.

Revealing Index Soars 49% - Smart Investors Are Moving In - Ad

The Gold Miners' Index is up 49% in recent months, surpassing even Gold's performance. Yet, ONE stand-out miner has even doubled Gold's historic rally over the last 6 months with room to run as analysts expect it to double from here! Don't miss the young company that has already captured the interest of 40+ investment banks.

Maryland awards contract for Francis Scott Key Bridge rebuild after deadly collapse

BALTIMORE (AP) — Maryland transportation leaders on Thursday approved a contract for rebuilding the Francis Scott Key Bridge several months after the 1.6-mile (2.6-kilometer) steel span of a massive container ship that lost power and crashed into one of its supporting columns.

America's Slow Decline into Hell - Ad

As Kamala Harris rises to power, her 3-word agenda threatens every American's freedom and financial security. Get the inside scoop and

Social media is filled with skin care routines for girls. Here's what dermatologists recommend

Girls are with advice from influencers touting elaborate skin care routines with high-priced serums, mists and creams. But what is the right skin care routine for preteens?

Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain's sale

NEW YORK (AP) — After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection.

The "Amazon Coin" -- To Be Bigger Than Bitcoin? - Ad

Starting September 23rd, this tiny 3-cent crypto could partner with one of the biggest companies in the world... Amazon. Declassified video reveals "Amazon Coin" ahead of $27 trillion crypto revolution. One team of crypto experts have identified it as the most promising crypto of 2024.

GameStop Shares Are Trading Higher: This Week In Review

GameStop Corporation (NYSE: GME) shares are up Friday. Here's what you need to know.

This Is How the AI Bull Market Ends - Ad

The AI bull market as we know it right now will end...And all the big popular AI stocks investors are piling into right now will NOT be the where the biggest returns will come from. And for investors who don't know how the market is changing and where it's going...They could end up left behind.

Kentucky's Massive Cannabis Licensing Response: 5,000 Applications Filed Before Deadline

Nearly 5,000 medical cannabis license applications were filed in Kentucky by the August deadline, showing immense interest.

France's Macron to visit Serbia with a possible deal to sell French warplanes in a shift from Russia

BELGRADE, Serbia (AP) — French President Emmanuel Macron starts a two-day state visit to Serbia on Thursday with the focus on the possible sale of 12 Rafale multi-purpose fighter jets to the country, which has maintained close ties to Russia despite its invasion of Ukraine.

America Can't Afford a Harris Presidency - Ad

New research from Jim Rickards - former advisor to the CIA - reveals shocking predictions about an "Election Meltdown" coming this November. Jim's showing all American patriots why an "Election Meltdown" could crash stocks by 50%, lead to the final demise of the dollar, even cause violent riots in the streets.

China's Chipmaking Investments Top US, Taiwan, South Korea Combined: What It Means For Nvidia, ASML

China invests $25 billion in chipmaking equipment, surpassing spending by South Korea, Taiwan, and the U.S. This could impact top chipmakers and suppliers like NVIDIA and ASML.

US Steel CEO David Burritt Blasted By United Steelworkers President After $15B Deal With Nippon Steel Comes Under Biden Administration Scrutiny: 'Get A Decent CEO'

David McCall, President of United Steelworkers met Nippon Steel's Executive Vice President Takahiro Mori this summer to describe the union's demands, particularly ensuring that the Japanese steelmaker's parent sign the deal

Discover the $2 Stock That Has Institutional Attention - Ad

With a $1.3B market cap and forecasts to grow 2X faster than the sector, dozens of investment banks are betting big. Strong leadership, cash on hand, and a $3 target make it a must-see.

WHO and Africa CDC launch a response plan to the mpox outbreak

DAKAR, Senegal (AP) — The Africa Center for Disease Control and Prevention and the World Health Organization launched on Friday a continent-wide response plan to the outbreak of mpox, three weeks after WHO declared outbreaks in 12 African countries a .

California governor signs laws to protect actors against unauthorized use of AI

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom signed off Tuesday on legislation aiming at protecting Hollywood actors and performers against unauthorized artificial intelligence that could be used to create digital clones of themselves without their consent.

President Trump and Elon Musk Issue Stark Warning - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Average long-term US mortgage rates holds at 6.35% this week ahead of expected Fed rate cut

The average rate on a 30-year mortgage in the U.S. was flat this week ahead of an expected interest rate cut from the Federal Reserve later this month.

This $2 Stock Outshines Historic Gold Rally! - Ad

Gold has soared 25% in the last 6 months, but this young company has more than doubled that return. With a price target nearly double its current value, it's caught the eye of 40+ investment banks and funds. Discover the name of this standout company today and see why it's a potential gold mine for investors.

Peter Schiff Highlights Bitcoin's Underwhelming Performance Against Gold In The Past 6 Months: 'The Momentum Has Flipped'

Renowned economist Peter Schiff recently pointed out a significant divergence in the performance of Bitcoin (CRYPTO: BTC) and gold over the past six months, a trend he believes is largely overlooked.

US economic growth for last quarter is revised up to a solid 3% annual rate

WASHINGTON (AP) — The U.S. economy grew last quarter at a healthy 3% annual pace, fueled by strong consumer spending and business investment, the government said Thursday in an upgrade of its initial assessment.

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

Elon Musk-Backed California AI Safety Bill SB 1047 Has 57% Chance Of Being Signed By Gavin Newsom, Polymarket Shows

Prediction market Polymarket shows 57% chance of California passing AI safety bill SB 1047, sparking debate among tech leaders and upcoming discussion at Benzinga event.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright markethundred.com
Privacy Policy | Terms of Service