Catch up on the latest pandemic-related financial insights from Breakingviews, featuring home-working to business interruption insurance
Passengers of the Carnival Sensation, operated by Carnival Cruise Line, are seen next to the docked cruise ship after being diverted from Cuba following the Trump administration's ban on travel to the Caribbean Island, in Cozumel, Mexico June 6, 2019.LIFE INDOORS. Camping-gear retailer Recreational Equipment decided to take a hike from its new Bellevue, Washington-based headquarters last month. It has now chosen to sell the 400,000 square-foot campus to Facebook for $390 million.
So while REI pushes the value of living its life outdoors – and stay connected using the likes of Zuckerberg’s software – Facebook and JPMorgan may just be at the forefront of getting its workers’ noses back to the office grindstone. WIN WIN. It’s rare for defendants and their accusers to claim victory in the same court case. But that is what happened in Britain on Tuesday when the High Court settled a fight over so-called business interruption insurance, which compensates companies that are forced to close because of fire or natural disaster. The judge sided with policyholders on the majority of the key issues.
It’s not the only beneficiary from customers’ increased willingness to spend. Online grocery firm Ocado said on Tuesday that its sales soared 52% in the 13 weeks to the end of August, as customers were buying more than they were this time last year. Average orders per week were up nearly 10% to 345,000, while the average spend reached 141 pounds, above pre-coronavirus levels. Consumer spending appears to be fighting fit amid the pandemic.
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