From Breakingviews: Catch up with concise views on the coronavirus pandemic’s financial consequences
MILAN/LONDON/NEW YORK - Breakingviews has launched a daily column covering pandemic-related insights that you might have missed. Throughout the day, we’ll bring you shorter-than-usual views from columnists around the world with the same financial savvy on companies, economies and capital markets during this important unfolding story.
Staying operational is only one challenge for U.S. firms, which workforce research firm Leafly claims employ 240,000 people. Medicinal marijuana is permitted in two-thirds of states but illegal at a national level, so companies can’t borrow from big banks, nor request federal crisis funds. Yet they must still follow employment rules like offering paid Covid-19 sick leave.
U.S. DRILLERS ADD LEASES TO THEIR WOES. Oil and gas companies in the Permian Basin are already reeling from the double whammy of falling demand due to Covid-19’s rout of global economies and the Saudi-Russia price war. That has prompted oil giants like Exxon Mobil and Chevron to cut production. Even the Texas Railroad Commission, which regulates the state’s extractive industry, is eyeing mandatory production cuts.
PROSIEBEN’S PROBLEMS PILE UP. The Berlusconis, who aspire to acquire German broadcaster ProSiebenSat 1, have upped their stake to about 20%. This piles pressure on Chief Executive Max Conze, who has pushed back on the idea of consolidation as he struggles with the triple challenge of shares at decade lows, an exodus of disgruntled executives and the coronavirus.
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