May, 2021

• 6 May

  Europe’s bankruptcy paradox

  

  When Covid-19 first plunged Europe into lockdown last spring, there were plausible predictions of a tidal wave of corporate insolvencies. That hasn’t happened, at least not yet. The number of companies declaring bankruptcy declined by about a fifth in the euro area last year, even as economic output contracted more than 6%. Firms were saved by overwhelming government support, including ...

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• 6 May

  Hong Kong bites the hands that care for it

  It hasn’t been an edifying few days for Hong Kong. After a domestic worker from the Philippines was found late last week to have contracted a more infectious strain of Covid-19 locally, all 370,000 foreign women working in the territory’s homes were ordered to take coronavirus tests, many queueing for hours over the weekend to do so. They faced the ...

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• 6 May

  US bridges need greater investment to survive

  In the debate over President Joe Biden’s infrastructure and climate bill, it was perhaps inevitable that some policy makers would object to including anything other than traditional infrastructure such as roads and bridges. More surprising is the “new pundit view,” which casts doubt about spending in precisely that narrow category. This is a perspective based on very imperfect data. Especially ...

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• 6 May

  Nestle unveils plant-based milk brand to rival others

  

  Bloomberg Nestle SA is introducing a plant-based milk brand to compete with Danone’s Alpro and Oatly AB in the growing market for dairy substitutes. The pea-based milk alternative, called Wunda, will be available in France, the Netherlands and Portugal in the coming weeks, the Swiss maker of Nespresso coffee and Purina pet food said in a statement on Wednesday. A ...

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• 6 May

  Bombardier to exit Alstom stake with $630m share sale

  

  Bloomberg Bombardier Inc is selling its stake in Alstom SA in a deal that would generate proceeds of more than $630 million at current market prices. The offering has gathered enough investor demand to cover the sale, according to terms seen by Bloomberg. Price guidance will follow and such accelerated offerings typically come at a discount. After completion of the ...

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• 6 May

  Tesco steps up healthy food pledge amid investor pressure

  

  Bloomberg Tesco Plc has pledged to boost sales of healthier food and drink across its entire retail business in a bid to stave off further pressure from investors over concerns its products cause obesity. The company aims to include its central European operations and wholesaler Booker Group Ltd in a pledge to increase the share of healthy product sales, Tesco ...

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• 6 May

  Insects eat airport food waste to make fish feed

  Bloomberg A Singaporean company will feed airport food waste to crickets and mealworms before turning them into fish feed, aiming to cut the country’s use of imported feed and offer a sustainable alternative. Blue Aqua International will partner dnata, an air and travel services provider, to convert organic waste from its catering and ground handling operations at Singapore’s Changi Airport ...

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• 6 May

  Jessica Alba’s Honest, investors raise $413 million in IPO

  

  Bloomberg The Honest Co, the personal care brand co-founded by actress Jessica Alba, raised $413 million in an initial public offering priced within a marketed range. The company and its shareholders sold about 25.8 million shares for $16 each, according to a statement confirming an earlier Bloomberg News report. The shares had been marketed for $14 to $17, with the ...

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• 6 May

  Steinhoff seeks $1.2b from Pepco’s IPO

  Bloomberg Steinhoff International Holdings is looking to raise as much as 4.6 billion zloty ($1.2 billion) by listing its European discount retail arm Pepco Group in Poland, capitalising on increased demand for discount goods amid the coronavirus crisis. The South African retailer and other holders plan to sell 101.3 million existing shares, the company said in a statement on Wednesday. ...

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• 6 May

  Budget pressures spur Somalia to hasten end to political crisis

  

  Bloomberg Somalia will expedite elections in a bid to quell instability and coax donors into releasing funds needed to pay the nation’s security forces and other state employees, Foreign Minister Mohamed Abdirizak said. The prime minister is scheduled to meet representatives from political parties and other interested groups in July to agree on the voting process, Abdirizak said. The authorities ...

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