Breakingviews - Corona Capital: Saving/not spending, Pandemic Pig

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Falling spending and the growing taste for meat alternatives: Read concise views on the pandemic's financial fallout from Breakingviews

A PETA protester dressed in a pig costume, holds a sign outside the Farmer John meatpacking plant, where according to Los Angeles County health officials 153 workers have tested positive for COVID-19, during the novel coronavirus outbreak in Vernon, California, U.S., May 28, 2020. REUTERS/Mike BlakeSAVING OR NOT SPENDING? U.S. economic data delivered more fodder for the record books on Friday.

The pandemic is cutting into meat supplies as crowded working spaces lead to outbreaks. That could lead more customers to try vegan alternatives, making a popular trend even hotter. That helps explain why vegan burger maker Beyond Meat has seen its already inflated market capitalization rise by more than two-thirds since January to nearly $8 billion. Whether it lasts is another question.

NOXIOUS EMISSIONS. Renault’s survival plan already looks shaky. The French automaker plans to cut some 15,000 jobs globally over the next three years in a bid to save 2 billion euros in annual costs. But investors, who sent the shares down 5% on Friday morning, are clearly sceptical. Taxed and capitalised, those savings could be worth 15 billion euros after deducting one-off restructuring costs of 1.2 billion euros. That’s more than double Renault’s beaten-up market value.

 

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