Breakingviews - Corona Capital: Drug hoarding, Vacation-free world

Club Med banners blow in the wind beside the swimming pool at the Club Med Punta Cana vacation resort in the Dominican Republic, March 3, 2016. REUTERS/Charles PlatiauALL FOR ONE. President Donald Trump is taking an America-first approach to treating Covid-19. The U.S. government has acquired nearly all the supplies of potential treatment remdesivir, through September.

HOLIDAY HELL. Hundreds of millions of canceled holidays are more than an inconvenience. A report from the United Nations on Wednesday put the economic value of lost international tourism at up to $3.3 trillion – assuming a one-year global standstill. That factors in not just tourism but the indirect effect on industries from agriculture to construction.

SIREN CALL. UK Chancellor Rishi Sunak may have dodged a Richard Branson-shaped custard pie. In April the bearded billionaire predicted Virgin Atlantic would collapse without 500 million pounds of state support. Sunak remained unmoved. As Breakingviews argued, Branson needed to look harder down the back of his own sofa before calling on taxpayers. Fast-forward three months and the airline is digging itself out of its financial hole unaided, the Financial Times reported on Wednesday.

Different data suggests Haskel has more of a point. A furlough scheme has cushioned Britain’s labour market. But only one-sixth of UK workers exiting furlough are returning to work as normal, according to a Bank of America survey. The majority reported changes like layoffs, employers folding, or pay cuts. Optimism looks premature.

Yet General Mills decided not to give annual guidance, saying growth would depend on how long the pandemic lasts, which is uncertain. The implied subtext: People may not need – or want to eat – more stockpiled soup and frozen pizza when they can get out and about. The shares fell slightly, but are still up 17% for the year. Investors may feel stuffed with General Mills stock too.

Breakingviews Nope. Why would it?

Breakingviews I'm sure the trump administration will make sure most of this drug will expire before it gets to people that need it.

Breakingviews Whatever

Breakingviews Not a smart move Trump administration

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