Zion Market Research has published a new report titled “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016–2022”.
According to the report, the global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55% between 2017 and 2022.
Car rental is a service which provides car and automobiles on rent for short periods of time. This time period generally ranges from few hours to weeks. Car rental service is primarily located near airports, tourist places or city etc. There are many conditions on car rental service which may vary by specific country. The majority of car rental companies use a credit card to take additional fees or deposit amount before giving car on rent. Some companies request to carry identity documents while hiring car on rent.
The car rental market is primarily driven by rising tourism industry. Healthy economic growth and rising disposable income in developing countries are expected to propel the market growth during the year to come. Furthermore, high demand of the internet and smart technology helps to drive this market at the fast pace. However, some restraints like the rise in crude oil prices and lack of proper marketing may hinder the growth of the market. Moreover, use of the green vehicle is the most cost-effective way to improve energy efficiency and reduce carbon emissions is likely to open up new opportunities in evolving consumer preference.
In terms of car type, global car rental market is segmented intoMUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars dominated the car rental market and accounted for significant share of the market. Economy cars are expected have a faster growth in the future due to the emergence of new companies in the market.
Based on end-users, the car rental market has been segmented into local usage, airport transport, outstation and others. Car rental for airport transport was leading end-user segment in car rental market and accounted for the largest market share in 2016. Growing demand for car rental due to green initiatives was taken by Government and increasing awareness about pollution is expected to drive the car rental market over the forecast period. One of the leading vendors in car rental market i.e. ‘Hertz’ New Zealand offers its customers a carbon calculator to allow potential renters to determine their carbon footprint for various car models.
North America was followed by Europe and Asia Pacific in 2016. North America and Europe together recognized over 47.80% market share in 2016. The affordability of car hiring or car on rent and its awareness among users is expected to drive this regional car rental industry in the coming years. Car rental market in Europe is expected to have significant growth during the years to come owing to the presence of well-known car service providers like Sixt Rent-A-Car, Europcar in region.
Asia Pacific is one of the fastest growing regional markets for car rental within the forecast period due to the increasing population coupled with transportation issues in the region. Car rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China etc. There are many islands in Indonesia region which are the most attractive tourist destination. This helps to grow the car rental market in Asia Pacific. Eco Rent A Car, Carzonrent , Al-Futtaim Group are some leading car rental service providers in Asia Pacific.
Bankruptcy filings rising across the country and it could get worse
Bankruptcies are back — flashing warnings that more Americans are knee-deep in debt in big cities like New York.
While total bankruptcy petitions nationwide by consumers and businesses are still well below Great Recession levels, analysts say there is an unmistakable trend upward.
New York state’s bankruptcy filings, for instance, have risen steadily the past three years, hitting 34,711 in 2018, up from 30,112 in 2016, according to the American Bankruptcy Institute (ABI), based on data from Epiq Systems.
More consumers nationwide are falling behind on their payments and filing for bankruptcy to resolve overwhelming debt loads. And low unemployment, an uptick in average wages and the latest Fed interest rate cut have not restrained the debt monster. Some cash-strapped consumers are even finding relief at food pantries.
“In high-cost cities like New York, personal incomes are not often enough to pay the household bills,” Zac Hall, vice president of anti-poverty programs at the Food Bank of New York, told The Post. “We are seeing people using consumer debt as a way to make ends meet when they come here,” he added, citing the pressures his nonprofit faces to keep up the distribution of food and meals at no cost to some 1.5 million New Yorkers.
And unmanageable debt is also forcing more companies to file for bankruptcy, triggering a wave of job cuts — with nearly 43,000 job losses announced in the first seven months of this year, according to a new report by Challenger, Gray & Christmas. It’s almost 20 percent more than all bankruptcy-linked job cuts in 2018. In the latest example, last week Barneys New York said it had filed for Chapter 11 bankruptcy protection.
According to data released last week by the ABI, US bankruptcy filings surged by 3 percent in July 2019 from July 2018. A total of 64,283 filings were reported for July, up from 62,241 for July 2018. And if the trend continues, this year’s overall total of bankruptcies is on pace to hit 796,000, far exceeding the 777,000 for last year.
Meanwhile, record American household debt, near $14 trillion including mortgages and student loans, is some $1 trillion higher than during the Great Recession of 2008. Credit card debt of $1 trillion also exceeds the 2008 peak.
Americans are spending heavily, again — and often recklessly, say analysts.
“No question about the fact that credit quality is declining,” said Dick Bove, a financial strategist at Odeon Capital Group in New York.
Bove noted how American banks have scaled back on the more stringent lending and underwriting standards that followed the 2008 financial crisis, leading banks to purge their portfolios of toxic debt.
“The world is different now,” he added, “so I feel very confident — unfortunately — that there will be increases in bankruptcies.”
These Charts Show Global Markets Roiled as Yuan Breaches 7 Level
The slide in China’s yuan to a record low jolted financial assets across the globe Monday.
The yuan dropped through the key 7 per dollar level in both onshore and offshore trading, after China’s central bank set its daily reference rate weaker than 6.9 per dollar for the first time since December on escalating trade tensions with the U.S. The risk-off shift intensified after reports China had asked state buyers to halt U.S. agriculture imports.
“The thought of a currency war is crossing a few traders’ minds and one of the reasons why it’s jump first into gold and ask questions later,” said Stephen Innes, managing partner with VM Markets in Singapore, in e-mailed comments.
Here’s a look at what’s moving:
South Korea’s won rose as much as 1.7% to its highest since 2016, a move the nation’s FX authority described as “excessive, abnormal” while in Japan the yen pushed through the 106 level, its strongest since January.
Benchmark 10-year bond futures in Japan and Australia climbed to record highs as investors sought out less risky assets. Japan’s benchmark 10-year yield tumbled to -0.2%, its lowest since July 2016, and is on track to fall below its two-year equivalent for the first time since the collapse of the Japanese economic bubble in 1991.
U.S. 10-year Treasuries are rallying as well, with yields falling below the 1.80% level.
Investors are also seeking refuge in other traditional havens such as gold, which climbed to its highest since 2013 on a closing basis.
Major equity markets also sank in Asia Monday, with the Hang Seng Index retreating a fourth day to a January low amid ongoing unrest in Hong Kong. Protesters moved to shut down the city with a general strike and commute disruptions.
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Carnage At Deutsche Bank
Deutsche Bank didn’t waste any time getting to work with the hatchet. On Sunday, July 7, it announced 18,000 job losses worldwide, the complete closure of its equities trading division and significant cuts to fixed income and rates businesses. On Monday, July 8, the cuts began. As London and New York slept, blissfully unaware of what was to come, the bank was already sacking entire teams in Sydney and Hong Kong.
The carnage continued throughout the day. In London, people arrived at work only to be handed documents formally notifying them that they are “at risk” of redundancy and sent home. A stream of workers left Deutsche Bank’s London office carrying bags and boxes containing personal effects from their desks. Others headed for the pub to drown their sorrows. Some were tearful, others shocked and confused. Some workers didn’t bother to turn up for work at all, correctly concluding that there was little point after hearing the announcement the previous day.
In New York, staff were summoned to meetings in which they were dismissed en masse. By mid-morning, according to Business Insider, there was a constant stream of people leaving the office.
The outlook for many of the terminated staff is grim, particularly in the U.K. where Brexit uncertainty is casting a considerable shadow. Not that anyone outside the finance industry cares, much. The British haven’t forgotten the financial crisis of 2008. The business that Deutsche Bank is closing down is bigger than Nissan’s automobile manufacturing plant in Sunderland, the uncertain future of which has hit headlines and led to questions in the U.K. Parliament. But no-one is going to lose any sleep over unemployed investment bankers – even if there are more of them than there are workers at the Sunderland plant. The silence from British politicians about the prospect of up to 8,000 British workers losing their jobs is deafening.
But the woes of terminated staff don’t concern Deutsche Bank’s Chief Executive, Christian Sewing. He has a bank to rescue, and investors to placate. His letter to staff had a distinctly ruthless tone:
I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively.
“I weep for you, I really do…” while dishing out the redundancy notices. Sewing has all the personnel skills of a crocodile.
Just how little concern Sewing has for the feelings of the staff he is letting go became apparent at 9.30 am London time. While hundreds of staff in the London office were being sacked, executive management held a conference call – from the London office. During that call, the Chief Executive, Christian Sewing, announced that the bank still plans to maintain a large presence in London. In fact it is intending to move into shiny new offices on Moorgate. It is not hard to imagine how the sacked staff felt about this. It amounted to rubbing their noses in it.
Despite their scale and suddenness, today’s sackings should not have caught anyone by surprise. There was a clear signal at the AGM that large-scale job cuts were on their way, including compulsory redundancies. Any decent HR professional will tell you that doing these up front is by far the best way. People who suspect that they are on the list for redundancy but haven’t yet been told don’t do productive work. They look for jobs. This might keep redundancy costs down, but it is extremely bad for morale and you might end up losing staff you wanted to keep. Better to wield the ax early so people know where they stand.
That said, the restructuring announced on Sunday is far more radical than most people anticipated. Few expected Deutsche Bank to exit completely from equities trading and sales, and the internal “bad bank” will be quite a bit bigger than expected, at €74bn ($83.15bn) of risk weighted assets. There was also an unexpected, and welcome, announcement of €13bn ($14.61bn) investment in IT systems and digital technology, though it is as yet unclear where this money will come from, if shareholders are not to be tapped for any more capital.
There has also been a significant organisational shakeup, in which three executive board members have lost their jobs, along with a sizable number of more junior managers. Garth Ritchie, head of the investment bank, resigned last week, clearing the way for radical restructuring of the investment bank including closure of his own personal baby, the equities trading division. Frank Strauss, head of the retail bank, was a surprise departure: a PostBank veteran, he apparently left because he disagreed with the integration strategy for Postbank and Deutsche Bank’s retail division. And Sylvie Matherat, Chief Regulatory Officer, took the fall for Deutsche Bank’s many lawsuits, fines, censures and regulatory investigations. This might seem a trifle unfair, since Matherat had been trying to clean the place up; but taking the blame for other people’s failures is an occupational hazard for regulatory officers.
Most importantly, for the first time in a decade, the bank now has a clear strategy. A new Corporate division will be at the heart of the reformed institution. Deutsche Bank is to become primarily a corporate bank serving German and European businesses from small to large: what remains of the investment bank will be refocused on serving the needs of corporations. Deutsche Bank has finally admitted that its dream of competing successfully against the American investment banking giants is shattered beyond repair. Global universal banking is for the birds.
Initially, investors responded positively to the news of a significantly more brutal round of field surgery than any previous CEO had attempted. The share price rose in early trading.
But as the sun rose in New York, the penny dropped. Sewing’s comment that the bank will need less capital in future has nothing to do with the unwinding of its expensive legacy assets, and everything to do with its smaller, poorer outlook. The share price tanked, closing down over 5%, as investors realized that a Europe-focused corporate bank is unlikely to give them the returns they had hoped for. Even the 8% ROTE target announced on Sunday suddenly looks a stretch. Two more years of losses, and a suspended dividend – for what?
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