UK pay, U.S. snack attack, Fed: Catch up with the latest edition of Corona Capital from Breakingviews here
the country’s employment subsidy until the end of October. That averts a potentially painful crunch at the end of June for the scheme, under which the government is paying 7.5 million British workers 80% of their salaries, up to 2,500 pounds a month.
The decision helps employees through the gradual easing of Britain’s lockdown. But it also delays the moment of truth, when companies will have to decide how many workers they can afford to keep. . If the advertising crew from “Mad Men” were making a commercial about Utz potato chips today, as they did in the U.S. hit series, they would have an easy sell. Crisps are a pandemic pantry essential.
It was inevitable that Branson would have to show some hurt in return for state support. The bigger question is whether he has much else to offer. As Breakingviews pointed out last month, the 69-year-old runs Tuesday’s rock-solid results, which pushed Vodafone shares up 5%, point to the former. Even after the effects of Covid-19, this year’s free cash flow should be at least 5 billion euros. Take off 1.2 billion euros for spectrum licences, the annual average, as well as 2.4 billion euros for the dividend and Read is still left with 1.4 billion euros – not bad for rainy day loose change. The world’s priciest commercial property district is slowly changing.
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