Hennes & Mauritz (H&M) is certainly not immune to the coronacrisis. The Swedish company experienced a 16% decrease in sales in the third quarter of its broken financial year. This was often due to the fact that stores worldwide had to close their doors. The profit was also significantly lower, as was reported in a provisional trade update.
The French state will do whatever is necessary to ensure the survival of Air France, part of Air France-KLM. Minister of Finance Bruno le Maire stated it on the French TV channel France 2. According to the administrator, much has already been done and that line will continue.
The European Union and the United Kingdom will meet on Thursday for urgent consultations on the controversial British Brexit act that would jeopardise the hard-won agreements on Northern Ireland. EU Commissioner Maroš Šefčovič is travelling to London to ask for clarification from British Brexit minister Michael Gove.
Truck and bus builder MAN, part of Volkswagen, is wiping almost a quarter of the workforce worldwide. It’s 9500 jobs. Three factories, in Austria and Germany, also seem to be closing down.
A partnership between Shell and the Brazilian ethanol producer Cosan is looking at a takeover bid for the local sugar producer of the major international agricultural trader Louis Dreyfus. People close to the sources reported it.
The planned sanctions by the European Union against the regime of the Belarusian president Aleksandr Lukashenko “cannot yet be imposed”. The German DPA news agency reports that EU member state is bothered is Cyprus. That country makes it a condition that the EU also takes new sanctions against Turkey.
Google parent company Alphabet is abandoning a plan to rent office space for up to 2000 employees in Dublin, which would have been one of the biggest real estate deals in the Irish capital of recent years. No reason was given by the American technology group to walk away from a lease.
Rating agency Standard & Poor’s (S&P) is more negative about the Irish airline Ryanair because of the malaise in the aviation sector caused by the coronacrisis. S&P reduces the creditworthiness outlook to negative, which means there may be a downgrading of the credit rating for Ryanair.