From Breakingviews: Glencore defers a decision on its dividend, and in Switzerland the national financial regulator urges Credit Suisse and UBS not to pay shareholders at all. Read the latest pandemic-related insights here:
Switzerland's national flag flies below a logo of Swiss bank UBS in Zurich, Switzerland July 31, 2019.SWISS, CHEESED OFF. Bern-based Finma, which supervises UBS and Credit Suisse but can’t impose fines, is hardly known for stringency. Chief Executive Mark Branson appears to be pushing back against that supine image, stating on Tuesday that he would cut virus-related capital relief if companies pay dividends from 2019 earnings, as the Zurich-based mega-banks were planning to do.
GLENCORE KEEPS SHAREHOLDERS WAITING. The $20 billion miner-trader has deferred a decision on its planned $2.6 billion dividend payment until August. That’s better than peers like Freeport-McMoRan, which scrapped its own payout on March 23. But it’s still a concern for investors who have seen the value of their shares drop by two-thirds in a year.
ADS FOR SALE. Outdoor advertising outfit Clear Channel is offloading its 50.9% stake in Clear Media, ending a 22-year partnership with the Hong Kong-listed company. Aptly in the time of Covid-19, the deal touches three continents, with a U.S. seller and a buying consortium that includes French arch-rival JCDecaux and Alibaba’s Ant Financial.
UK SUPERMARKET SALES SURGE HAS HIDDEN STING. Tesco, J Sainsbury, WM Morrison and Asda enjoyed record sales in the 12 weeks to March 22 as panicked Brits stockpiled, according to consultancy Kantar. Sainsbury’s boss Mike Coupe looked a clear winner among the four established players with his 5 billion pound outfit leading the pack with a 7.4% jump in sales. But that’s little cause for celebration.
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