A trader works on the floor of the New York Stock Exchange shortly after the closing bell in New York, U.S., October 2, 2019.HEDGE FUND CONTAGION. Even would-be masters of the universe are not immune to the coronavirus. A mere 84 hedge funds launched in the first quarter of 2020, according to Hedge Fund Research data, the lowest number since 2008. Fund liquidations topped 300 in the period, a level seen just once since the financial crisis.
SOLD DOWN THE RIVER. So much for French President Emmanuel Macron’s privatisation programme. The pandemic has delayed plans to sell down the state’s 51% stake in $10.1 billion airport operator Aeroports de Paris until 2022, Finance Minister Bruno Le Maire said on Tuesday. That potentially leaves lottery operator Francaise des Jeux, which listed in late 2019, as the sole beneficiary of his pledge to sell down some of the government’s holdings.
Shell’s write-down represents a smaller chunk of its balance sheet, and its hefty dividend cut in April helps preserve cash. Still, the decision looks more driven by the virus than climate change. Though Shell is expecting lower oil prices in the next few years, it has not lowered a long-term assumption of $60 a barrel. Nor has it assumed a $100 a tonne carbon price by 2030.
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