Corona Capital: Covid-19 exacerbates the wealth gap; cruise company Carnival tries to bail itself out. Read more of the latest pandemic-related financial insights here:
Breakingviews has launched a daily column covering pandemic-related insights that you might have missed. Throughout the day, we’ll bring you shorter-than-usual views from columnists around the world with the same financial savvy on companies, economies and capital markets during this important unfolding story.The coronavirus continues to exacerbate the stark divide between the haves and have nots.
Unlike the European Central Bank’s recent recommendation that lenders pause dividends until October, Finma’s proposal has teeth. Branson rightly thinks banks and insurers should get less leeway if they deplete capital by paying shareholders. Of course the lenders may argue that they can reward investors and lend to virus-hit firms at the same time. But they can’t really know that without a clear idea of how long the crisis will last.
Given the global turmoil, Clear Channel was lucky to find a buyer, especially one with such deep pockets. The consortium led by Clear Media boss Han Zi Jing is paying $253 million in cash, a 50% premium to the undisturbed price. That’s a chunky sandbag for Clear Channel’s viral defences after an 80% slump in its share price since January. Advertising is a discretionary cost, meaning it’s one of the first things to go when times get tough.
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