From Breakingviews: Ford boss Jim Hackett receives an unusual piece of good cheer from his Chinese operations and storied names of the UK high street exacerbate the local unemployment crisis
American airlines jets made by Embraer and other manufacturers sit at gates at Washington's Reagan National airport as the novel coronavirus pandemic continues to keep airline travel at minimal levels and the U.S. economy contracts in the first quarter at its sharpest pace since the Great Recession, in Washington, U.S. April 29, 2020. REUTERS/Kevin LamarqueHEARTY TO FRAIL. Nursing home and assisted-living may be in for an investment revamp.
Granny may benefit eventually if the pandemic forces higher quality care. For many investors, though, it’s a zero-sum game. SMALL AILMENTS, BIG PROBLEMS. Stefano Pessina, the chief executive of Walgreens Boots Alliance, should be happy November’s talk of a buyout of the drugstore chain in a deal valued at $87 billion resulted in naught. The company reported disappointing quarterly results on Thursday, sending its shares down 8%. The shares are now down about 40% from where they were in November.
MIDDLING KINGDOM. China’s economic recovery from the coronavirus pandemic has brought a rare bit of good news for embattled Ford Motor boss Jim Hackett. The $24 billion U.S. carmaker on Thursday unveiled its first quarterly sales increase in the country for almost three years. Adding to the achievement, Ford performed better than arch rival General Motors, which offloaded some 5% fewer vehicles than the same period last year.
Covid-19 has accelerated the high street’s decline but did not create it. The retail sector employs around 3.1 million people in the UK – a number that’s been falling with automation and with consumers switching to online. With Britain’s unemployment rate expected to more than double to 10%, these workers will find it hard to find new jobs. Finance ministers, including Britain’s Rishi Sunak, are trying to help, pumping billions into protecting employment.
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