Hong Kong's leader Carrie Lam can’t seem to let an opportunity to alienate people pass. Catch up with Breakingviews Corona Capital:
Flags in front of the European Central Bank before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai PfaffenbachCREDIT DUE. Banks are running out of excuses not to lend. The European Central Bank on Tuesday eased the terms of its liquidity operations, which funnel better-than-free loans to banks in return for collateral. The ECB will now accept lower-quality assets, including once-taboo Greek government bonds, as security.
Chief Executive Eric Yuan had to issue a series of apologies for subpar encryption, letting Facebook collect user data, and possibly routing western calls through China. Stories abound of uninvited outsiders “Zoombombing” meetings. Users from SpaceX to New York’s Department of Education have banned Zoom or are encouraging alternatives.
Now that France’s state-owned investment bank, Bpifrance, is guaranteeing 90% of a reported 223 million-euro loan to keep Europcar solvent, Eurazeo will be stuck with a loss-making position for even longer. The group run by ex-Lazard banker Virginie Morgon is not having a great crisis: Shares have declined 28% this year compared to rival Tikehau Capital’s. At least Morgon has some dry powder to try and claw back some of that underperformance: Eurazeo said on April 8 it had 3.
HEINEKEN FOLLOWS THE PLAYBOOK. The Dutch beer giant tossed all its previous guidance for 2020 out the window with a statement that offers a blueprint for the thousands of companies trying to figure out what to say when they release quarterly earnings in the coming weeks. As Breakingviews has argued, all that investors want to know is that companies are marshalling cash to weather a prolonged slowdown.
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