Corona Capital: A surge in virus cases has prompted the cancellation of the iconic State Fair of Texas, adding some $500 mln to the Lone Star State’s economic toll from the pandemic.
over the next three years will have to come from the private sector. If Sunak can flag that the British government’s contribution is more than just a slogan, then the private sector is likely to follow. Afterpay is striking while the iron is red hot. The Australian company, which allows consumers to buy items using instalment payments, unveiled plansabout A$800 million alongside a quarterly trading update that includes a more than doubling of active customers from a year earlier to 9.9 million.
Anthony Eisen and Nicholas Molnar, co-founders of the unprofitable $12.7 billion company, are also capitalising on the strong run. Afterpay shares have rocketed from less than A$9 in late March to A$68. Although they will remain the largest shareholders, they are selling 10% of their stakes. Given the ongoing regulatory scrutiny of such business models and a valuation of some 25 times expected sales, their sale is an equally sensible instalment plan.
Less happily, Halfords’ group sales still fell given a “tough” market for motoring products it also sells. The rising popularity of electric bikes – which – will help. But many retailers struggled to source enough bikes, made mostly in China and Taiwan, to satisfy demand. The future direction of travel remains unclear. Young Hereford steers are shown at the prospects competition at the State Fair of Texas in Dallas, Texas October 2, 2013.
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