• The U.S. unemployment rate’s unexpected fall revives hope of a V-shaped recovery. That’s encouraging, but still a ways from a declaration of victory, writes @jennifersaba. Link https://t.co/QFchD1oSQK
    ReutersBreakingviews Fri 05 Jun 2020 17:40

    The unemployment rate unexpectedly fell in May despite continuing lockdowns. That revives hopes of a V-shaped recovery and makes roaring stock markets look less out of touch. But 21 mln Americans are still out of work, with minorities in a protest-hit country faring worst.

  • A flight this week from Zurich to JFK provides a glimpse into the emerging protocols that surely await when more normal travel flows resume, writes @rob1cox. Link
    ReutersBreakingviews Fri 05 Jun 2020 17:25

    A flight this week from Zurich to JFK reveals empty airplanes, airports devoid of people, limited services and a glimpse into the emerging protocols that surely await when more normal travel flows resume. It’s unsettling in a plague-times way, but surprisingly hassle free.

  • Cannabis retailers in California miss out on pandemic surge in vices. Read the latest on Corona Capital: Link https://t.co/72b1Xm4jsE
    ReutersBreakingviews Fri 05 Jun 2020 17:15

    Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

    Latest

    – Cannabis

    When smoke doesn’t rise. California deemed cannabis retailers an “essential service” early on in the pandemic. But while the product is in demand, the outbreak is doing damage to a young industry. The U.S. state budget last month revised its estimate of cannabis taxes down by more than 25% for the coming year, the LA Times reported this week, saying weed is less recession-resistant than similar products like tobacco and alcohol.

    All this says less about marijuana than red tape. While selling the drug is legal in California, retailers struggle to find banks that will serve them, which ultimately raises prices. When incomes fall – the U.S. teen unemployment rate is now almost 30% – some customers will seek out their old dealer, which saps tax revenue, and turns a legal activity...

  • U.S. politicians are mulling sanctions as Beijing tightens its grip on Hong Kong. But they sabotage their credibility by deploying troops against American protesters, says @petesweeneypro https://t.co/xBLDGP5e3g
    ReutersBreakingviews Fri 05 Jun 2020 15:45
  • #WhatWillChange after the Covid-19 pandemic? The world is returning to something like normal, but some impacts of the virus will be long-lasting. Read the new e-book: Link https://t.co/aZXJ7Jnhh5
    ReutersBreakingviews Fri 05 Jun 2020 12:55
  • Russia’s Sberbank may buy a 30% stake in online marketplace Ozon after untangling itself from rival Yandex. There’s room for both players in a market enjoying a Covid-19 boost, but the usual political caveats apply, says @dasha_reuters Link https://t.co/LxWor0rrFG
    ReutersBreakingviews Fri 05 Jun 2020 11:55

    The country’s biggest lender Sberbank may buy a 30% stake in online marketplace Ozon after untangling itself from rival Yandex. The deal could value it at more than $2 bln. There’s room for both players in a market enjoying a Covid-19 boost, but the usual political caveats apply.

  • Airline shares are going vertically upwards amid hopes that the worst of the coronavirus is behind them. A degree of enthusiasm is justified. But getting planes back in the sky is only half the job, says @edwardcropley Link https://t.co/VtO6pcLrvr
    ReutersBreakingviews Fri 05 Jun 2020 11:50

    Groups like IAG and easyJet are soaring on hopes that the worst of the crisis is over. Rising air passenger traffic is welcome given the sector’s near-death experience. But with empty seats and cut-price tickets, getting planes in the sky does not mean a return to profits.

  • Battle for Russia’s Amazon crown is heating up Link @dasha_reuters https://t.co/D3ISD6SUGV
    ReutersBreakingviews Fri 05 Jun 2020 11:50

    The country’s biggest lender Sberbank may buy a 30% stake in online marketplace Ozon after untangling itself from rival Yandex. The deal could value it at more than $2 bln. There’s room for both players in a market enjoying a Covid-19 boost, but the usual political caveats apply.

  • Airline shares’ relief rally fails safety check Link @edwardcropley https://t.co/KbXNMNsrzH
    ReutersBreakingviews Fri 05 Jun 2020 11:45

    Groups like IAG and easyJet are soaring on hopes that the worst of the crisis is over. Rising air passenger traffic is welcome given the sector’s near-death experience. But with empty seats and cut-price tickets, getting planes in the sky does not mean a return to profits.

  • U.S. politicians want to swat China for ramming through draconian security laws in Hong Kong. But starving Chinese banks of dollars risks collateral damage. Naming and shaming individuals is smarter and cheaper, write @petesweeneypro and @GinaChon Link https://t.co/BB9z3ezkYa
    ReutersBreakingviews Fri 05 Jun 2020 10:40

    Politicians want to swat China for ramming through draconian security laws in the restless city. The likely targets are Chinese banks. Starving them of dollars is a harsh option but risks collateral damage to foreign firms. Naming and shaming individuals is smarter and cheaper.

  • Catch up with the latest pandemic-related financial insights from @Breakingviews: Concerns about the Bank of England’s corporate financing facility are misplaced, and a Chinese upstart makes the increasingly perilous journey to a U.S. listing. Read here Link https://t.co/T32NxSgxit
    ReutersBreakingviews Fri 05 Jun 2020 10:20

    Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

    Latest

    – Bank of England financing

    – Dada Nexus IPO

    Paper win. The list of companies using the Bank of England’s emergency corporate financing facility looks odd. The scheme, designed for companies making a “material” contribution to the UK economy, bought 1 billion pounds of commercial paper from chemical giant BASF, whose employees are mostly outside of Britain. Others, like Telefonica and Bayer, used the scheme while still planning to pay dividends – usually a sign of financial health. Politicians balked.

    It’s not so bad. Commercial paper usually covers specific short-term cash flow needs like wages and supplier payments. The BoE’s scheme will have encouraged firms to make payments on time, boosting the economy. Dividends, by contrast, are usually allocated according to longer-term...

  • RT @ReutersIndia: From @Breakingviews: With little M&A happening, dealmakers on Wall Street are cutting costs, @AntonyMCurrie explains http…
    ReutersBreakingviews Fri 05 Jun 2020 08:10
  • RT @ReutersPR: Join us for a @Reuters virtual Newsmaker for a discussion on how the #COVID19 pandemic and Great Lockdown will change money,…
    ReutersBreakingviews Fri 05 Jun 2020 08:10
  • Dependency on risk models may be leading policymakers astray in handling Covid-19, just as they did ahead of 2008. If “risk societies” are to prosper, they must apply common sense to avoid the groupthink that hinders smart decisions, says Edward Chancellor Link https://t.co/ZTomjaYN99
    ReutersBreakingviews Fri 05 Jun 2020 08:00

    Dependency on risk models may be leading policymakers astray in handling the pandemic, just as such models did ahead of the financial crisis. If “risk societies” are to prosper, they must apply large doses of common sense to avoid the groupthink that hinders smart decisions.

  • JD stock sale helps illuminate China’s have-nots, says @AlecMac11: Link. https://t.co/T59gncWXUn
    ReutersBreakingviews Fri 05 Jun 2020 04:30

    The $70 bln Beijing-based online retailer will be next with a second listing, in Hong Kong. Others are bound to follow, but not all 175 trading on New York exchanges can access this safety valve from a U.S. backlash. Some may need to go private and hibernate for a while.

  • U.S. response to Hong Kong calls for precision, write @petesweeneypro and @GinaChon: Link. https://t.co/bh10ZCgbbJ
    ReutersBreakingviews Fri 05 Jun 2020 03:40

    Politicians want to swat China for ramming through draconian security laws in the restless city. The likely targets are Chinese banks. Starving them of dollars is a harsh option but risks collateral damage to foreign firms. Naming and shaming individuals is smarter and cheaper.

  • Watch: Wall Street’s dealmakers are feeling the pinch. Perella Weinberg is laying off some bankers, while Evercore tries to persuade its new recruits to delay starting work. @AntonyMCurrie discusses whether rivals will follow suit. https://t.co/y4IT57ZQ6R
    ReutersBreakingviews Thu 04 Jun 2020 21:09
  • For U.S. CEOs, supporting the president is a little like holding a financial option. While the Trump option has value, it isn’t worth what it was, writes @GinaChon. Link https://t.co/J1NAY7BD0n
    ReutersBreakingviews Thu 04 Jun 2020 20:59

    Corporate chiefs who left White House councils in 2017 are speaking up again over racial injustice. Their ability to challenge the president is constrained, since they still need help on trade and other issues. The value of being inside the tent, though, is less than it was.

  • Corona Capital: ZoomInfo goes public with a big pop despite Covid-19; and the United States’ goods-trade deficit with Europe will test Washington’s mood. Read the latest: Link https://t.co/7HkGc3swXn
    ReutersBreakingviews Thu 04 Jun 2020 20:54

    Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

    Latest

    – ZoomInfo

    – U.S. trade

    Zoom, the other one. Hot on the heels of Warner Music’s successful stock market debut on Wednesday, ZoomInfo Technologies did even better. Shares of the sales and marketing software company opened around 90% above the initial offering price of $21 per share on Thursday, their first day of trading. The pop deflated slightly later, but with IPO markets only now emerging from Covid-19 gloom and indexes slightly down on the day, it represents a hefty vote of confidence.

    Unlike Zoom Video Communications’ product, ZoomInfo’s is not even a technology that intuitively fits with being stuck at home. The monthly U.S. jobs report on Friday is expected to show that 20% of the workforce is unemployed. Then there is the civil unrest wrenching the nation. ZoomInfo is...

  • U.S. diagnostics companies are having a mediocre pandemic. Identifying Covid-19 cases is critical to controlling the spread of the disease, but it’s not lucrative for most, writes @rob_cyran. Link https://t.co/5wDkUwSBaq
    ReutersBreakingviews Thu 04 Jun 2020 18:44

    With no vaccine, finding Covid-19 cases is key. But it’s not lucrative. Extra revenue is being offset by falls in other tests for Quest and rival lab companies and in unrelated businesses for test makers like Abbott. There’s little time to cash in and plenty of competition.

  • RT @Lipper_Alpha: Latest from @Breakingviews: Fintech superstars face brutal financial comedown Link https://t.co/7NZWPS…
    ReutersBreakingviews Thu 04 Jun 2020 18:29
  • Wielding $7 trillion of investor cash, BlackRock seems to have a finger in every pie. Its sprawl makes it a target for regulation, writes @richardbeales1. Link https://t.co/mgXiPy9eiF
    ReutersBreakingviews Thu 04 Jun 2020 16:09

    Before and during the financial crisis, Goldman seemed to have a finger in every pie. Now it’s as if Larry Fink’s asset manager, wielding $7 trillion of investor cash, is slipping into that role. For all BlackRock’s efforts, brickbats and more regulation could follow.

  • Christine Lagarde is having a good crisis Link @swahapattanaik https://t.co/iLzYRI1oDm
    ReutersBreakingviews Thu 04 Jun 2020 15:49

    The ECB boss will buy more assets and for longer than initially planned. She is as decisive as her predecessor, Mario Draghi, but luckier. Politicians are splurging to revive economies. Growth will recover faster because fiscal and monetary policies are pulling the same way.

  • Listen: After the Covid-19 pandemic has passed, will we still shake hands, ride elevators, go to sports matches and go on dates? Breakingviews editors discuss highlights from our new e-book on #WhatWillChange. Link
    ReutersBreakingviews Thu 04 Jun 2020 13:59

    <p>After the Covid-19 pandemic has passed, will we still shake hands, ride elevators, go to sports matches and go on dates? Will taxes surge to pay for massive government budget deficits? Breakingviews editors chew over some highlights from their new e-book on what will change.</p> &#10;&nbsp;<br /><hr><p style='color: grey; font - size: 0.75em; '>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.</p>

  • From mega-mergers to unstoppable Big Tech to increasing economic inequality, Breakingviews breaks down how the coronavirus pandemic will indelibly alter business, finance and society. Find out #WhatWillChange in the new e-book: Link https://t.co/T9C76i1fVd
    ReutersBreakingviews Thu 04 Jun 2020 13:14
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