Breakingviews
9 Min Read
NEW YORK/LONDON/HONG KONG/ZURICH (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri
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FOUR LEGS GOOD. If bad debts were an animal, what would they be? Perhaps a dragon that may rear its head, or a dog that might bark. Bank of America boss Brian Moynihan picked a different analogy as he delivered the U.S. bank’s fourth-quarter earnings on Tuesday: non-performing loans during Covid-19 have, he said, been like a mouse passing through a snake. In other words, they swelled, but only a little, then eased.
Breakingviews
6 Min Read
LONDON/NEW YORK/HONG KONG (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
A scale model of an Airbus OneWeb satellite and its solar panel are pictured as Airbus announces annual results in Blagnac, near Toulouse, France February 14, 2019. REUTERS/Regis Duvignau
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REVERSE THRUST. Masayoshi Son’s vast investment universe is spreading to past flops. The SoftBank chief executive is pouring cash into OneWeb, the satellite startup which he pushed into bankruptcy last year after pulling the plug on a funding package. The British government and Indian telco Bharti Global subsequently bought it out of Chapter 11 for $1 billion. OneWeb now claims $1.4 billion of funding, including $50 million from America’s Hughes Network Systems, which implies SoftBank is putting in $350 million.
6 Min Read
NEW YORK/LONDON/HONG KONG (Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
People line up for coronavirus disease (COVID-19) tests in their vehicles at Dodger Stadium in Los Angeles, California, U.S., January 4, 2021. REUTERS/Lucy Nicholson
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PANDEMIC PROCRASTINATION. The U.S. jobs recovery stalled to close out 2020, with the unemployment rate steady at 6.7% in December, according to the Bureau of Labor Statistics. Nonfarm employment declined by 140,000 jobs, offset by upward revisions for prior months. The big year-end losers were leisure and hospitality workers as Covid-19 cases surged.