(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
The ticker and logo for General Electric Co. is displayed on a screen at the post where it's traded on the floor of the New York Stock Exchange in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermidINERTIA AT WORK. General Electric chief Larry Culp likes to say he’s “redefining winning.” But investors want to see the company actually winning, and that’s not happening. Culp said on Thursday that the $64 billion GE will, overall, burn cash this year.
NEW MACY’S LIFELINE MAY BECOME AN ANCHOR. The U.S. retailer priced $1.3 billion in five-year bonds on Wednesday at an interest rate of over 8%. Yield-hungry investors fell over themselves to lend, with the Wall Street Journal reporting almost $6 billion in orders. This may look a good deal given much of Macy’s debt is yielding in the double digits. But the company backed the bonds with collateral worth around $2.2 billion, including prime properties in Brooklyn, San Francisco and Chicago.
Many states are grappling with how to prevent polling booths becoming a Covid-19 health hazard in this year’s elections. Twitter’s move has prompted Trump to resuscitate plans for an executive order, which he may sign as early as today, that could seek to curb liability protections for social-media companies that stifle conservative voices. It’s unclear if the order would have any teeth, and it would almost certainly face court challenges.
EASY DOES IT. EasyJet is facing up to the harsh new reality for airlines. The UK budget carrier, which is due to restart services on June 15, on Thursday said it expects to fly about 30% of previously planned flights in the crucial months of July, August and September. The 3 billion pound company also said bookings for winter are ahead of last year, as locked-down customers reschedule holidays.
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