Catch up on the pandemic-related financial column by Breakingviews, from cruise operator Carnival’s future to Norwegian salmon
The Carnival Panorama cruise ship sits docked, empty of passengers, as the global outbreak of the coronavirus disease continues, in Long Beach, California, U.S., April 16, 2020.CARNIVAL’S LOST QUARTER. Cruise operator Carnival’s earnings were predictably dismal for the three months to May 31. It reported a $4.4 billion net loss in the quarter, compared with net income of $451 million in the same period last year. After all, it has had no guests since mid-March.
Investors that buy the notes need to be optimistic. The exchange price is set at some 36% above current market prices. A rally above that level would deliver gains through a conversion, but requires faith in Puma’s ability to sprint out of the pandemic. The German sportswear maker has already climbed back to pre-Covid-19 levels, outperforming rival Adidas. It needs to keep running.
TIME TO UPGRADE. In Hong Kong real estate, there’s always a good deal available – relatively speaking. The world’s most expensive commercial property market has been hit hard by pandemic disruptions and political unrest. Office rents in the central business district are on track to fall 18% this year, Colliers estimates, steeper than the anticipated 14% decline overall for Grade A space.
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