Catch up on the latest pandemic-related insights: NASCAR is gearing up for a comeback and the Royal Mail's CEO delivered a share bounce by leaving.
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.NASCAR is gearing up for a comeback. The auto-racing organization is holding The Real Heroes 400 at the Darlington Raceway in South Carolina this Sunday – its first competition since the March lockdown. The speedsters were obvious candidates for an early return.
That’s a welcome sign for the sport. It has been suffering from declining TV audiences, with average viewership of the Cup Series races down around 45% since 2014. This Sunday’s race may score a higher-than-average home audience, even without fans in the stands, because of the hunger for live sports. But the success of the virtual races may also push NASCAR to realize its future may not just be on the track.
Back, who was given a controversial 6 million-pound “golden hello” in 2018, had been trying to execute a 1.8 billion-pound turnaround plan that aimed to get the postal service to sustained profitability by 2024. Investors had little confidence in it. Royal Mail’s share price has been on a steep decline since he was appointed 23 months ago, underperforming the FTSE 350 Index and sinking to nearly half its 2013 initial public offering price.
To ease the pain, Chairman Johann Rupert is promising what he calls a “loyalty scheme”. The Swiss conglomerate would give shareholders warrants – the right to buy Richemont shares at a future date at a price close to the current level. The value of that option depends on the financial small print, which the company will not disclose until later. But investors who believe Richemont shares are cheap can already buy them for about 30% less than at the start of the year.
But the Bundesliga is on a more financially sustainable footing: wages accounted for around 53% of clubs’ sales in 2018, compared to 59% for teams in England’s top division. Given the Premier League faces a 1.1 billion pound hit to income if it fails to complete the current season, it’s not just fans who are up for grabs. . IKEA may be calling the bottom of the commercial property market.
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