From Breakingviews: Burger King is putting cows on a cleaner path to help the environment. That might be bad news for plant-based meat makers like Beyond Meat, whose stock has surged during the pandemic
A dairy cow of the Holstein breed stands in a field in Montitier, as the spread of the coronavirus disease continues, near Le Mont-Saint-Michel, France April 18, 2020. REUTERS/Pascal RossignolA GREENER DIET. Healthy foods can help humans ward off Covid-19, the World Health Organization said. Now Burger King is putting cows on a cleaner path to help the environment.
JUNKED BONDS. Maybe you can beat the Fed – if you’re a garbage collector. On June 23, the central bank bought bonds issued by Waste Management with a par value of $3 million maturing in 2024. But the $44 billion leader in trash is buying back this debt at 101 cents on the dollar, according to Bloomberg. Unfortunately, the Fed paid around 105 cents.
BANKING’S WILE E. COYOTE MOMENT. Lenders reporting quarterly earnings this week are a bit like the cartoon canine who runs over the edge of a cliff without – at first – plunging. A fall in customer creditworthiness looks almost certain, but has not quite happened yet. DEATH AND TAXES. The pandemic makes more austerity a certainty for UK voters. The country’s Office for Budget Responsibility outlined how Covid-19 will hit the country’s finances in its latest fiscal sustainability report. In the watchdog’s central scenario, which assumes that effective treatments or vaccines soon become available, output will be 3% lower than forecast by 2025 and the budget deficit will still be 4.6% of GDP, over two percentage points above the forecast in March.
Disney outlined all the steps it was taking to manage an outbreak, including temperature checks and required face covering, in a video reminiscent of airline flight-safety instructions. But the situation can get turbulent, fast. The National Basketball Association said on Monday that two of its players tested positive while under quarantine. Where? Walt Disney World.
LIGHTER BASKET. Ocado investors have received another mixed bag from the online grocer. Ocado’s army of vans delivered sales growth of 27% in the first half of the year but its technology business continued to burn through cash and wipe out profits. Group EBITDA fell 36% to 19.8 million pounds, leaving Chief Executive Tim Steiner nursing a pre-tax loss of 40.6 million pounds. The 15 billion pound company’s shares fell nearly 4%.
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