From Breakingviews: COVID-19 is exposing an unhealthy wealth trend as the virus exacerbates the stark divide between the haves and the have-nots. Read more pandemic-related insights here:
The cruise ship Diamond Princess which anchored at Daikoku Pier Cruise Terminal is pictured in Yokohama, south of Tokyo, Japan February 12, 2020. REUTERS/Kim Kyung-hoonAN UNHEALTHY WEALTH TREND. The coronavirus continues to exacerbate the stark divide between the haves and have nots. A survey by UBS shows that of respondents who make over $200,000 a year, the number who expect to save more of their income over the next three months easily outstrips the number who expect to save less.
A new Covid-19 risk factor in Carnival’s disclosures makes harrowing reading. It has no idea when any cruises might resume. Then there are the negative financial implications – and the danger that the company’s dire situation feeds on itself and makes capital even harder to raise. Though based in Miami, Carnival’s Panama incorporation may disqualify it from U.S. bailout funds, the Financial Times reported. That could really hurt, too.
GLENCORE KEEPS SHAREHOLDERS WAITING. The $20 billion miner-trader has deferred a decision on its planned $2.6 billion dividend payment until August. That’s better than peers like Freeport-McMoRan, which scrapped its own payout on March 23. But it’s still a concern for investors who have seen the value of their shares drop by two-thirds in a year.
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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