Angels be damned: Victoria’s Secret just got dumped. Read more on how the lingerie purveyor got caught up in the pandemic’s corporate and financial fallout Breakingviews
A model presents a creation during the 2018 Victoria's Secret Fashion Show in New York City, New York, U.S., November 8, 2018. REUTERS/Mike SegarHAPPY PLACES. Blackstone is checking back into one of its old favorites. Along with Starwood Capital, the private-equity firm has taken a stake in Extended Stay America, the Wall Street Journal reported on Tuesday.
Now, L Brands may not have had any alternative to save itself. But that might not matter. Sycamore’s case hinges on whether the seller upheld the agreement. The buyer’s argument seems as transparent as a pair of cheaply made undies: The coronavirus laid bare a brand already on the fritz, and Sycamore is trying to hot-tail it out of there. But that’s what good lawyers are for.
TURF WARS. The battle between Qatar and Saudi Arabia has spilled onto Britain’s soccer pitches. According to the Times, Doha-based TV group beIN Sports is lobbying the English Premier League to block the proposed 300 million-pound acquisition of Newcastle United Football Club by the Saudi Public Investment Fund, controlled by Crown Prince Mohammed bin Salman.
Big losses are the natural consequence of large inflows of retail money into oil exchange-traded funds and other investing avenues this year. The unfortunate punters didn’t have to take physical delivery, but did hold contracts that were priced off ones that did, and they fell to minus $37.63. On a call, Interactive Brokers Chairman Thomas Pechy Peterffy said that there would be a big winner on the other side of the trades. He also acknowledged there would be other losers.
PANDEMIC PUSH. Roche’s virus exploits may outshine its core business. The $300 billion Swiss drug maker’s new cancer drugs helped deliver a 7% surge in sales in the first quarter. Its virus toolkit, however, is the real star. The U.S. Food and Drug Administration has given the green light for advanced clinic trials of Actemra, used to treat Covid-19 related pneumonia. China has already given the green light, and Roche is rapidly expanding production ahead of results.
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