“People do not buy a new outfit to stay at home.” Sales at stores that have reopened languish while ecommerce is booming. McKinsey: up to a third of global fashion retailers will not survive the crisis.More
Tsunami of “Unsustainable” Business Loans to Hit Banks, City of London Grandees Warn
“Consideration may need to be given” to bailouts from taxpayers “to meet solvency or liquidity requirements,” but only “at the extreme end,” whatever that means.More
The 53 Companies Bailed Out by the Bank of England: Johnson Controls, Carnival, PACCAR, Honda, Toyota, BASF, Bayer…
Foreign Companies welcome. US Tax dodgers that didn’t qualify in the US, no problem.More
HSBC Embraces China’s Crackdown on Hong Kong, Goes All-In on Asia Pivot
Beijing squeezes, and HSBC knows where it makes most of its money. Standard Chartered, another UK bank, did the same.More
International Tourist Arrivals & Spending in Tourism-Dependent Spain Collapsed to “Zero” in April. May Likely Similar
It’s not often that “zero” is used in official statistics that are normally counted in millions of people and billions of euros.More
Automakers’ Finance Divisions Lobby BoE & UK Gov for Bailout. Auto Sales Collapse 97%, Consumers Apply for Payment Holiday
But auto sales had already dropped three years in a row — before Covid.More
It Starts: The Corporate Mega-Bailout Bonanza in Europe, Germany on Top
Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious.More
Student Housing, One of the Most Hyped Asset Classes, Runs Out of Students
Here’s the story of two student housing REITs in the UK that crashed.More
What Horrified Fund Managers, Banks & UK’s Pension Minister Said About the Bank of England’s Sudden “We Don’t Rule Out” Negative Interest Rates
The stimulus the country urgently needs is not experimental and dangerous monetary policy.”More
Green-Energy Zombie Abengoa Threatens to Default 3rd Time Since Enron-Style Collapse, Blames Covid, Begs for Fresh Bailout
In the forlorn hope the world’s biggest green-energy zombie will somehow survive the oncoming storm.More
Nick Corbishley 