Revenge spending, TSMC, Events: Catch up with the latest edition of Corona Capital, a daily column updated throughout the day with short, sharp pandemic-related insights. Read it here
When all the world’s lockdowns are lifted, will pent-up demand lift the global economy back to where it left off? If the experience of Hermes International in Guangzhou is anything to go by, the answer is maybe. The French luxury goods maker reopened its flagship store in the Chinese city on Saturday and sold at least $2.
Even more reassuring is the $250 billion company’s spending plans for the rest of the year. How much TSMC invests in factories, new technology and the like is usually a good indicator of the chipmaker’s outlook for the next year and beyond. That the company is sticking to its pre-pandemic capital expenditure budget from January, of $15 billion to $16 billion, suggests executives are expecting a quick Covid-19 recovery. It’s a bit of cheer from an otherwise gloomy tech industry.
Even under its worst-case scenario, Informa, which relies on exhibitions and conferences for 65% of its sales, expects its events business to begin to recover in the final quarter of the year, though it is anticipating zero revenue from face-to-face get-togethers in the second and third quarters. The 5 billion pound company is betting on pent-up demand: companies will understand the value of real-life contact after forgoing it.
Its investigation, announced late on Wednesday, will prevent the two companies integrating and cutting costs at a time when they are struggling to cope with the cancellation of revenue-generating events such as Premier League sports fixtures. StubHub has already temporarily furloughed two-thirds of its employees. It is also facing a lawsuit in the United States because it is treating the cancellation of live events as postponements and therefore not offering customers refunds.
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