Corona Capital: LVMH cuts dividend, L’Oréal goes online, pandemic bonds don’t trigger. Read the latest on the pandemic’s financial fallout:
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.The $190 billion owner of Dior and Bulgari isits already-announced dividend by 30%, and the top bosses are forgoing two months’ remuneration and all this year’s variable pay. Both are bigger concessions to the coronavirus-induced downturn than at Birkin bag-maker Hermès.
L’Oréal unsurprisingly credited the Covid-19 crisis with helping the acceleration, as well as its own online strengths. Along with peers, the company will want to keep the trend going. Apart from potentially reducing costs, it’s a way of keeping a closer digital watch on customer preferences. The company’s Chinese business is already recovering after the lifting of
That’s one explanation. Another might be that Bramson has historically struggled to win support from fellow shareholders. His unsuccessful campaign to trim back Barclays’ investment bank may look even more misguided if virus-induced market volatility leads to a bumper first-quarter of trading revenue. That means the global pandemic may have a nice double upside for Staley. Volkswagen belatedly abandoned its 2020 guidance on Thursday. Preliminary results for the first three months show why.
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