Bank fears, Payments M&A, Coal in a hole: Catch up with the latest updates to Corona Capital for insights on the pandemic’s corporate and financial fallout.
America’s newest financial regulator wants the country’s mayors and governors to end Covid-19 lockdowns, and is using banks as a reason. On Monday, his second day as acting comptroller of the currency, Brian BrooksBrooks’ concerns are old-school: bank robberies. Compulsory mask-wearing might encourage heists, he worries. While he doesn’t directly mention current unrest, he frets that buildings that banks lend against could be looted or vandalized.
He’d only have to pay a fraction of what Ant put on the table. Rising competition as technology improves and regulatory issues including violating money-laundering rules had already whacked MoneyGram’s valuation. But the pandemic sent the stock down to barely 7% of its 2017 high as many of the customers who use its stores to send money within and without the United States either lost their job, couldn’t go out due to lockdowns, or both.
The coronavirus is accelerating the burn. Industry EBITDA could halve this year, Moody’s Investors Service reckons, as lockdowns reduce the demand for both thermal coal in electricity production and metallurgical coal for steelmaking. Environmental and business concerns have prompted many banks and investors to financially distance themselves. That’s good for air and water quality. But it’s bad for the industry’s 44,000 workers, and a president who in 2018 lauded coal as “indestructible stuff.
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