Corona Capital: New York City, Fed/climate change 15 Dec 2020 Concise views on the pandemic’s corporate and financial fallout: New York City’s exodus puts local government in a tight spot; the Fed’s belated move shows a change in Washington.
Corona Capital: Gaming M&A, Beauty’s bold face 9 Dec 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 Dec 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.
Tui’s third bailout puts German taxpayers in shade 3 Dec 2020 Europe’s largest tour operator has secured a state-backed 1.8 bln euro rescue to ensure it survives until 2021. Shareholders face dilution but creditors get bailed out. By taking non-voting stock and capping any future stake, the government misses out on the benefits of recovery.
Corona Capital: Merck sells Moderna stake 2 Dec 2020 Concise views on the pandemic’s corporate and financial fallout: The U.S. drugmaker is banking its winnings on an investment in Covid-19 vaccine producer Moderna that dates back to 2015.
Corona Capital: Skis, Italian banks, Dividends 26 Nov 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: Record Dow, Basketball, GoCompare 25 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Vaccine optimism shunts the blue-chip Dow Jones index through 30,000; U.S. college basketball gets back on the court; and UK publisher Future snaps up the bargain-hunting website.
Corona Capital: Cash stockpiles, Empty real estate 23 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: U.S. companies hoard money; retailer rout causes real estate double whammy.
Tui makes cheeky last grab for German largesse 11 Nov 2020 Europe’s largest tour operator may get another 1.8 bln euros of funds from Berlin. That would allow CEO Friedrich Joussen to survive the winter and delay a dilutive equity issue. Still, with Covid-19 vaccines emerging and markets buoyant, the case for more bailouts looks weak.
Corona Capital: Salvatore Ferragamo 10 Nov 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: Warren Buffett, Burger boost 9 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Rising share prices take the sting out of Berkshire Hathaway’s Covid-19 profit hit; and McDonald’s reports a good quarter for American nugget-lovers.
Corona Capital: GM earnings, Third-quarter readout 5 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: General Motors swerves around Covid-19 potholes; and U.S. companies look to have emerged from a difficult three months in better shape than expected.
Corona Capital: Netflix price hike 30 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: The streaming-video service hiked the price on subscriptions as binge-watching booms during the pandemic.
Corona Capital: Drugmaker’s pick-me-up, Golf M&A 28 Oct 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: Gilead Sciences, Virtual Santa 23 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Remdesivir gets formal approval; Santa goes missing from Macy’s.
U.S. airline staff now need aid more than carriers 22 Oct 2020 Southwest and American’s losses continued last quarter. But they both fortified cash resources enough to fund the status quo for at least a year. Meantime, employees are the losers from the financial and political squeeze. Fresh government help needs to more clearly benefit them.
Off-colour IAG points to prolonged air-sickness 22 Oct 2020 The owner of British Airways lost 1.3 bln euros in the third quarter. Rising infections and new lockdowns mean the next three months will be little better, dashing new CEO Luis Gallego’s hopes of breaking even by Christmas. He won’t be the only airline boss feeling queasy.
Crown Resorts disabused of gambler’s conceit 22 Oct 2020 A protest vote by shareholders has belatedly targeted the $4 bln casino operator’s cosy and inexperienced board. At least it’s forcing the Australian company to concede a shakeup is needed to clean up its mess. It’s a good reminder about why the right sorts of directors matter.
Cathay is still overweight after layoffs 21 Oct 2020 Hong Kong's flagship airline will cut 8,500 jobs and ditch its Cathay Dragon brand. That's less aggressive than some other carriers, although shareholders took it well. The cuts will only slow the cash burn rate to around HK$1.5 bln per month. More savings will have to be found.
Viewsroom: On the road again, Zambia, Super-apps 15 Oct 2020 Airlines columnist Ed Cropley boards his first plane since Covid-19 hit, and experiences travel in the pandemic era on a visit to Munich. He also discusses the financial proxy war over Zambia’s debt restructuring. Meantime, Asia goes mad for all-singing mobile applications.