Corona Capital: Byton, Primark, Ikea in Paris

  • 📰 Breakingviews
  • ⏱ Reading Time:
  • 69 sec. here
  • 3 min. at publisher
  • 📊 Qulity Score:
  • News: 31%
  • Publisher: 51%

China’s Byton suspends production of electric vehicles to get its act together, Primark’s owner gets a fast-fashion fillip and Ikea takes its cheap-and-cheerful furniture brand to the posh Rue de Rivoli. Catch up with Corona Capital here:

United States Headlines News

United States Latest News, United States Headlines

from July 1 to reorganise itself, and is raising funds to address unpaid salaries. That will cramp its IPO plans, and is another sign of trouble in the world’s biggest EV market, which was struggling before the pandemic hit. Sales of new energy vehicles fell 23.5% year-on-year to 82,000 units in May, according to an industry association, even while overall auto sales rose 14.5%.

Byton, which has yet to sell a single car, is hardly the only cash-strapped EV maker, but its peers are faring better. New York-listed Niothis week it had substantially completed cash injections into its China operation, while Alibaba-backed Xpeng has started deliveries of its P7 electric sedan, which will challenge Tesla’s Model 3. But barring a startling demand revival, the coronavirus looks set to accelerate consolidation. The death of the high street is greatly exaggerated.

Lockdown was a boon to the grocery business. Long-life goods like Ryvita and Dorset Cereals were in high demand from housebound consumers. This delivered a 9% sales boost from March to June. A rush of sugar sales from higher prices in Europe also delivered a 3% bump since the beginning of the year. This took the edge off the lockdown hit to Primark. But with fast-fashion enthusiasts back, the retail recovery may be faster than expected.

The shift could put Ikea in good stead for a prolonged recession. Unemployment in America topped 13% in May while in Europe it was near 7% in April. With reduced cash flow, consumers may prefer to redecorate their homes rather than move altogether. Ingka’s Parisian splurge is unlikely to be a one-off. The Swedish furniture group is alsoA shopper walks past a branch of clothing retailer Primark in London, Britain April 27, 2013.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 470. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ikea Has Furniture Solutions For Small Spaces, So You Can Redo Your Apartment With EaseSmall-space-dwellers know they can count on Ikea to have the storage furniture solutions they need to maximize their limited room. Shop our favorites now!
Source: POPSUGARMoms - 🏆 117. / 63 Read more »

Breakingviews - Corona Capital: Hedge funds, French privatisation(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
Source: Reuters - 🏆 2. / 97 Read more »

Breakingviews - Corona Capital: Drug hoarding, Vacation-free world(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. Breakingviews Whatever Breakingviews Not a smart move Trump administration Breakingviews I'm sure the trump administration will make sure most of this drug will expire before it gets to people that need it.
Source: Reuters - 🏆 2. / 97 Read more »

Corona Capital: U.S. recovery, Small-business aidConcise views on the pandemic’s corporate and financial fallout: White House virus adviser Anthony Fauci’s estimate that U.S. cases could breach 100,000 a day is bad news for the economy. Plus: Uncle Sam’s loan program for small businesses comes to an end with money in the bank.
Source: Breakingviews - 🏆 470. / 51 Read more »

Corona Capital: Crisis insurance, Global warmingConcise views on the pandemic’s corporate and financial fallout: The Lloyd’s of London insurance market is concocting new products to help companies cope with the next virus, and new research suggests that carbon emissions may have already peaked, thanks to Covid-19. Reuters I am recalling my history knowledge, the role of Lloyd's in slave trade, please educate me,if it is true, have they done reparations as thought of by the activists.
Source: Breakingviews - 🏆 470. / 51 Read more »

Profit at UK fast fashion chain Primark to drop by two thirds, owner saysTrading in the reopened stores of the British fast fashion chain Primark has been encouraging but the prolonged lockdown means the retailer's full-year profit is likely to slump by about two thirds, owner Associated British Foods said. State the obvious. Of course it will. It’s been closed for 12 weeks.
Source: Reuters - 🏆 2. / 97 Read more »