Airports

Sydney airport bid needs high-flying guesstimates

5 Jul 2021

Shares took off after infrastructure funds offered $17 bln for Australia’s top aviation hub just after the hermit country halved its arrivals quota. The 42% premium is still below pre-pandemic prices. Even if travel resumes, the opportunistic bid rests on blue-sky thinking.

Belarus plays airspace poker with a weak hand

25 May 2021

Irate western powers have banned flights over the Russian ally’s territory after it forced a Ryanair jet to land. Engaging in “air piracy” is easier for countries that can afford to lose overflight fees or are too big to fly around. Neither is obviously the case for Belarus.

Capital Calls: Netflix, ECB, Glass Lewis, Zalando

16 Mar 2021

Concise views on global finance in the Covid-19 era: The streaming service’s password-sharing crackdown twists the knife; the central bank worries about identifying bad loans; the proxy adviser’s sale underscores its place on Wall Street; the online fashion giant’s bold targets.

Airlines’ virus parachutes warrant minimal padding

29 Jan 2021

Quarantines could mean carriers like easyJet face further losses over the summer boom months. In extremis, they can flog planes or tap investors for cash, although neither are ideal. Given CO2 emissions and their non-strategic nature, they don’t merit special treatment.

Heathrow expansion faces long Covid-19 quarantine

16 Dec 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 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.

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: 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.

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: 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: NYC

30 Sep 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 Sep 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 Sep 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 Aug 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 Aug 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 Jul 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 Apr 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 Mar 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 Feb 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.