From Breakingviews: The French government is embracing shareholder value at Renault and China’s Lenovo bets on a work-from-home recovery. Catch up with the latest financial insights here:
– LenovoPEDAL TO THE METAL. Covid-19 is finally forcing the French state to act like a regular shareholder. Earlier this month Finance Minister Bruno Le Maire declared that French automakers would have to bring more production back home if they wanted government support. Perhaps Clotilde Delbos, the interim chief executive of Renault, in which the government has a 15% stake, didn’t get the “dirigiste” memo.
Le Maire’s boss, ex-investment banker President Emmanuel Macron, will appreciate the importance of a quid pro quo. His privatisation programme may be on ice. But if state-backed companies can properly restructure – even at the cost of French jobs – then his government stands to gain in the long term.
Total server volume expanded 14% year-over-year in the fourth quarter, suggesting rising data consumption could indeed help fuel a recovery. But optimism about working from home, which has boosted shares in companies like Zoom Video Communications, hasn’t helped Lenovo. The stock has fallen some 17% year-to-date. A telework boom might not be enough.
France Dernières Nouvelles, France Actualités
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