GLOBAL MARKETS LIVE: New acquisition for Amazon, Airlines in the White House…

06/26/2020 | 09:39 am

To end the week, Nike is suffering, while Novartis and Alcon are paying the United States for their spillover into Europe and Asia. And Wirecard's regulator finds itself in the hot seat of the European regulator after the Fintech fiasco.

 

New purchase. Amazon.com will spend more than a billion dollars to take control of autonomous vehicle specialist Zoox, The Information reported Friday.

No miracle. Nike posted a loss of $790 million in the last quarter of its lagged fiscal year, with sales down 38% to $6.3 billion, penalized by the closure of many stores during the lockdowns. Online sales, although very dynamic, were not enough to compensate for the store closures.

Air meeting. Leaders of major U.S. airlines are scheduled to meet at the White House on Friday to discuss the implications of the coronavirus pandemic, including travel restrictions, according to various news reports.

BaFin under scrutiny. Europe will investigate BaFin's behavior towards Wirecard. The German financial regulator seems to have taken a very light-handed approach to the case, especially since it has fired red bullets at the company's detractors. Has it failed in its mission? Did it step out of his role? We'll have to wait and find out more.

Clearance for takeoff. Deutsche Lufthansa stockholders yesterday at a shareholders' meeting endorsed the government's plan to rescue the company. An operation that will bring Germany into the capital, to save as many jobs as possible and allow the carrier to get through the current crisis.

In other news. Jane Hertzmark Hudis takes a step up at Estée Lauder, becoming President of the Executive Group. AMS AG has denied press reports that the Austrian Financial Market Supervisory Authority is investigating its executives. Verizon has decided to remove its Facebook ads. The Swedish financial regulator is fining Skandinaviska Enskilda Banken (SEB AB) $107 million in connection with its investigation into money laundering in countries bordering the Baltic Sea. Novartis and Alcon fined $347 million by the SEC for bribery schemes in Greece, Korea and Vietnam. Macy's to cut 3,000 administrative jobs.

Romain Fournier
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