Airports

Heathrow expansion faces long Covid-19 quarantine

16 December 2020

Britain’s Supreme Court cleared the way for the London airport to build a third runway, boosting its capacity by two-thirds. The pandemic-induced collapse in air travel makes passenger forecasts obsolete. Even if demand recovers, airlines will struggle to cover the extra costs.

Corona Capital: Gaming M&A, Beauty’s bold face

9 December 2020

Concise views on the pandemic’s corporate and financial fallout: Consolidation in video games reaches the next level as Sweden’s MTG buys Hutch Games for $375 million; and Spanish cosmetics, fashion and perfume group Puig predicts revenue will double by 2023.

Corona Capital: Chevron, Boeing, OPEC, Orange

3 December 2020

Concise views on the pandemic’s corporate and financial fallout: Chevron cuts spending, prudently; Boeing orders are a solid step; OPEC makes up its mind; and Orange’s Belgian deal has some juice.

Corona Capital: Skis, Italian banks, Dividends

26 November 2020

Concise views on the pandemic’s corporate and financial fallout: Europe’s hopes for a common ski policy hit a mogul; Italian lender Credito Valtellinese faces a lonely bidding war; Aviva’s payout cut is less stingy than it looks.

Corona Capital: Cash stockpiles, Empty real estate

23 November 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. companies hoard money; retailer rout causes real estate double whammy.

Corona Capital: Salvatore Ferragamo

10 November 2020

Concise views on the pandemic’s corporate and financial fallout: Faded heels-and-loafers brand Salvatore Ferragamo could benefit from a coronavirus vaccine-induced return to airport shopping, but the Florentine fashion house would still need a makeover.

Corona Capital: Drugmaker’s pick-me-up, Golf M&A

28 October 2020

Concise views on the pandemic’s corporate and financial fallout: Drugmaker GSK sees a recovery in vaccinations against old-school ailments; meanwhile Covid-19 turns out to be a handy driver when it comes to golf-related dealmaking.

Corona Capital: NYC

30 September 2020

Concise views on the pandemic’s corporate and financial fallout: New York City’s economic reboot comes up against a new outbreak.

Fight for Mumbai airport is cattle-class affair

2 September 2020

Tycoon Gautam Adani is taking over India’s second busiest airport. It tramples over a stalled $1 bln deal the seller had with Abu Dhabi’s ADIA and Canada’s PSP. By acquiring debt, Adani is offering a quick out for lenders including Goldman Sachs. But it sets a worrying precedent.

Corona Capital: Zooming through Covid

1 September 2020

Concise views on the pandemic’s corporate and financial fallout: Zoom Video Communications, the ubiquitous video-calling outfit, reports another blowout quarter.

Corona Capital: Nvidia, Air conditioners

20 August 2020

Concise views on the pandemic’s corporate and financial fallout: Nvidia goes gangbusters, HVAC units have their moment in the sun.

Corona Capital: Vegan eggs, Target’s online fiesta

19 August 2020

Concise views on the pandemic’s corporate and financial fallout: A maker of chicken-free egg products accelerates its IPO plans amid Covid-19, while U.S. supermarket group Target shows that preparedness is everything in e-commerce.

Corona Capital: Good news is bad news

16 July 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. retail sales are rising and some banks say consumers are surprisingly resilient – but a recovery once glimpsed is even harder to give up.

British Airways jobs cull sends EU bailout Mayday

29 April 2020

The airline owned by IAG is axing a quarter of its staff amid the virus fallout, rather than seek state aid. The move highlights the limits of using government funds in the face of wrenching change. It’s ominous for Paris and Berlin, who may dole out $17 bln of taxpayer cash.

Airlines are pure punt on V-shaped virus recovery

5 March 2020

The coronavirus has hammered demand for air travel, knocking share prices and pushing UK budget carrier Flybe into bankruptcy. Yet past outbreaks like SARS suggest it will be a blip on air travel’s steady upward trajectory. If that’s the case, stronger airlines will bounce back.

Heathrow ruling reflates sagging UK green stature

27 February 2020

Judges have grounded plans for a third runway at Europe’s busiest airport, saying the government ignored obligations to cut CO2 output. As host of a major climate change summit in November, it’s critical Britain has the credibility to push for emissions curbs. This should help.

New-look Ryanair follows familiar flight path

4 February 2019

The budget airline will split into four units overseen by CEO Michael O’Leary. The changes, including a replacement for Chairman David Bonderman, look encouraging. But given that O’Leary will remain in charge and large-scale acquisitions are unlikely, they are mostly cosmetic.

Gatwick’s new French pilot has tougher flight path

27 December 2018

Construction group Vinci is paying $3.7 bln for a majority stake, days after the London airport grounded flights due to stray drones. The price looks toppy given Gatwick’s already-slick operation and Brexit uncertainties. Seller GIP and its co-investors had a better landing.

Drones prove disruptive capacity – in a bad way

20 December 2018

Rogue devices forced London's Gatwick airport to close, grounding flights and stranding thousands of passengers the week before Christmas. Even known risks with new technology - already highlighted by UK aviation authorities - can be hard to manage.

Mexico’s revolutionaries risk spoiling the party

12 November 2018

President-elect López Obrador doesn’t take office until next month, but he and his fellow leftists have already upset markets with moves to nix an airport project and rein in bank fees. Such fumbles could help guide Brazil’s far-right populist Jair Bolsonaro as he nears power too.