(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
A McDonald's"PLT" burger with a Beyond Meat plant-based patty at one of 28 test restaurant locations in London, Ontario, Canada October 2, 2019. REUTERS/Moe DoironGRILLING HAZARD. Shares of Beyond Meat jumped 23% to just over $123 on Wednesday after the plant-based meat maker reported a surprise profit for the first quarter. The $7.6 billion company on Tuesday said first-quarter net income was $1.8 million, compared with estimates of a $4.
But it is dicey for Facebook. The body is funded by a $130 million trust established by the firm, raising questions about its autonomy. Liberals and conservatives alike have accused the company of favoring the other’s interests. The board’s binding decisions could also spark accusations of bias. NO HOT AIR. Home-sharing startup Airbnb said on Tuesday that it’s laying off 25% of its 7,500 employees. Travel has plunged amid the pandemic. Still, it’s tough news for workers who, earlier this year, expected Airbnb to go public.
NOT LOVIN’ IT. Former McDonald’s CEO Steve Easterbrook is at the center of a controversy ahead of the fast-food chain’s annual meeting in May. Over the weekend, Glass Lewis recommended shareholders vote against Easterbrook’s lucrative exit pay package, worth an estimated $44 million, according to CtW Investment Group. Easterbrook was ousted in November for having a consensual relationship with another McDonald’s employee.
Given Covid-19 has left most of the globe sitting on its backside eating sweets, investors can expect another boost later this year. Chief Executive Lars Fruergaard Jorgensen reckons the outbreak has delayed some diabetes diagnoses, but that is likely to change later this year when a “pool of patients” finally visit their doctors. If so, Novo Nordisk’s newly approved tablet drug for type 2 diabetes could be in high demand when the full effects of a sedentary lockdown are revealed.
ALL ABOARD. National Express is the latest UK company to use a tweak to shareholder rights to raise 20% of its market value, following the lead of WH Smith and Hays. The 1.2 billion pound coach operator will use the cash to pay down debt.
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