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Transactions Restructuring Transformation Financial Engineering
Daily COVID19 Global Economy Newsletter April 29 2020
GLOBAL INSIGHT
According to Statistarsquos COVID-19 Barometer which gauges consumer sentiment on matters surrounding the pandemic going back to business-as-usual is not an option for the majority of Americans When asked what should happen in their country in the aftermath of the pandemic only 94 percent of US respondents said that things should go back to exactly the way they were before the crisis Statista
Americans on a new normal
Should the economy reopen now People around the world have very different opinions and feelings about this according to a survey by Ipsos Statista
People on economiesrsquo reopening
If digitally lagging sectorsmdashsuch as manufacturing mining healthcare and educationmdashdouble their use of digital assets and increase the digitization of labor the EU-28 could add euro25 trillion to its GDP by 2025 boosting GDP growth by 1 percent per year until then1 In its 2020 European Digital Strategy the European Commission is attempting to realize this potential through measures such as increasing investments in AI development to more than euro20 billion per year through 2030 compared with euro32 billion in 2016 McKinsey
Chinese scientists say the novel coronavirus will not be eradicated adding to a growing consensus around the world that the pathogen will likely return in waves like the fluItrsquos unlikely the new virus will disappear the way its close cousin SARS did 17 years ago as it infects some people without causing obvious symptoms like fever This group of so-called asymptomatic carriers makes it hard to fully contain transmission as they can spread the virus undetected Bloomberg
Largest pending deals and auction situations involving European private equity houses over the last week Mergermarket
2020 Animal Pharmaceutical Global MampA activity tracked by IHS Markits Animal Pharm research group IHS Markit
Therersquos a shortageof certain skills in Europe
Covid-19 likely to keep coming back each year like a flu
Current PE funds activity in Europe
Global MampA AnimalPharma activity
FRANCE
GERMANY
UK
ITALY
POLAND
The armed forces ministry has asked companies to submit ideas for speeding up orders for weapons as part of a national recovery plan intended to soften the economic and social impact of the coronavirus crisis industry leaders said Armed with information from industry the ministry could claim a share of the national recovery plan The government plans to inject more than euro110 billion ($119 billion) into an economy hit by an extended lock down and high unemployment SLDinfo
Germans have been advised to stay at home as much as possible and continue to apply physical distancing as official data appeared to indicate the spread of the Covid-19 pandemic was once again accelerating The Guardian
The German government is extending a global travel warning put in place to stem the spread of coronavirus until the middle of June TheLocalde
Britainrsquos economy is likely to lose out on pound800bn of income over the next 10 years as the lockdown and a spike in unemployment leave deep scars on the private sector The National Institute of Economic and Social Research (NIESR)has warned It expects the economy to bounce back next year but not to its previous level and with the unemployment rate still above 5 after hitting 105 this year The Guardian
The UK Treasury plans to borrow more aggressively to meet the fiscal implications of the COVID-19 virus both in terms of financial support measures and increasing automatic stabilizers with the United Kingdoms economy set for a severe recession in the first half of 2020 IHS Markit
Italian sovereign bonds retreated after Fitch Ratings downgraded the nationrsquos credit in an out-of-cycle meeting bringing back fears the country may lose its investment grade as its finances deteriorate Bloomberg
Poland will reopen hotels and shopping malls on May 4 while it will consider reopening pre-schools on May 6 Polandrsquos Prime Minister Mateusz Morawiecki said in a move to ease restrictions imposed to stop the spread of the coronavirus Reuters
SPAIN
Spanish retail sales plunged more than 14 in March when the country went into lockdown to contain the coronavirus The drop the biggest in data that go back to 1996 reflects the closing of non-essential businesses and restrictions on movement apart from shopping for certain goods such as food and medicine Bloomberg
Hong Kong Financial Secretary Paul Chan expects the cityrsquos economy to contract as much as 7 this year amid the global coronavirus pandemic much worse than his original projection when presenting the budget in February The economy will contract between 4 and 7 Chan said in the Legislative Council according to an online transcript The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil Chan said Bloomberg
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
Should the economy reopen now People around the world have very different opinions and feelings about this according to a survey by Ipsos Statista
People on economiesrsquo reopening
If digitally lagging sectorsmdashsuch as manufacturing mining healthcare and educationmdashdouble their use of digital assets and increase the digitization of labor the EU-28 could add euro25 trillion to its GDP by 2025 boosting GDP growth by 1 percent per year until then1 In its 2020 European Digital Strategy the European Commission is attempting to realize this potential through measures such as increasing investments in AI development to more than euro20 billion per year through 2030 compared with euro32 billion in 2016 McKinsey
Chinese scientists say the novel coronavirus will not be eradicated adding to a growing consensus around the world that the pathogen will likely return in waves like the fluItrsquos unlikely the new virus will disappear the way its close cousin SARS did 17 years ago as it infects some people without causing obvious symptoms like fever This group of so-called asymptomatic carriers makes it hard to fully contain transmission as they can spread the virus undetected Bloomberg
Largest pending deals and auction situations involving European private equity houses over the last week Mergermarket
2020 Animal Pharmaceutical Global MampA activity tracked by IHS Markits Animal Pharm research group IHS Markit
Therersquos a shortageof certain skills in Europe
Covid-19 likely to keep coming back each year like a flu
Current PE funds activity in Europe
Global MampA AnimalPharma activity
FRANCE
GERMANY
UK
ITALY
POLAND
The armed forces ministry has asked companies to submit ideas for speeding up orders for weapons as part of a national recovery plan intended to soften the economic and social impact of the coronavirus crisis industry leaders said Armed with information from industry the ministry could claim a share of the national recovery plan The government plans to inject more than euro110 billion ($119 billion) into an economy hit by an extended lock down and high unemployment SLDinfo
Germans have been advised to stay at home as much as possible and continue to apply physical distancing as official data appeared to indicate the spread of the Covid-19 pandemic was once again accelerating The Guardian
The German government is extending a global travel warning put in place to stem the spread of coronavirus until the middle of June TheLocalde
Britainrsquos economy is likely to lose out on pound800bn of income over the next 10 years as the lockdown and a spike in unemployment leave deep scars on the private sector The National Institute of Economic and Social Research (NIESR)has warned It expects the economy to bounce back next year but not to its previous level and with the unemployment rate still above 5 after hitting 105 this year The Guardian
The UK Treasury plans to borrow more aggressively to meet the fiscal implications of the COVID-19 virus both in terms of financial support measures and increasing automatic stabilizers with the United Kingdoms economy set for a severe recession in the first half of 2020 IHS Markit
Italian sovereign bonds retreated after Fitch Ratings downgraded the nationrsquos credit in an out-of-cycle meeting bringing back fears the country may lose its investment grade as its finances deteriorate Bloomberg
Poland will reopen hotels and shopping malls on May 4 while it will consider reopening pre-schools on May 6 Polandrsquos Prime Minister Mateusz Morawiecki said in a move to ease restrictions imposed to stop the spread of the coronavirus Reuters
SPAIN
Spanish retail sales plunged more than 14 in March when the country went into lockdown to contain the coronavirus The drop the biggest in data that go back to 1996 reflects the closing of non-essential businesses and restrictions on movement apart from shopping for certain goods such as food and medicine Bloomberg
Hong Kong Financial Secretary Paul Chan expects the cityrsquos economy to contract as much as 7 this year amid the global coronavirus pandemic much worse than his original projection when presenting the budget in February The economy will contract between 4 and 7 Chan said in the Legislative Council according to an online transcript The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil Chan said Bloomberg
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
If digitally lagging sectorsmdashsuch as manufacturing mining healthcare and educationmdashdouble their use of digital assets and increase the digitization of labor the EU-28 could add euro25 trillion to its GDP by 2025 boosting GDP growth by 1 percent per year until then1 In its 2020 European Digital Strategy the European Commission is attempting to realize this potential through measures such as increasing investments in AI development to more than euro20 billion per year through 2030 compared with euro32 billion in 2016 McKinsey
Chinese scientists say the novel coronavirus will not be eradicated adding to a growing consensus around the world that the pathogen will likely return in waves like the fluItrsquos unlikely the new virus will disappear the way its close cousin SARS did 17 years ago as it infects some people without causing obvious symptoms like fever This group of so-called asymptomatic carriers makes it hard to fully contain transmission as they can spread the virus undetected Bloomberg
Largest pending deals and auction situations involving European private equity houses over the last week Mergermarket
2020 Animal Pharmaceutical Global MampA activity tracked by IHS Markits Animal Pharm research group IHS Markit
Therersquos a shortageof certain skills in Europe
Covid-19 likely to keep coming back each year like a flu
Current PE funds activity in Europe
Global MampA AnimalPharma activity
FRANCE
GERMANY
UK
ITALY
POLAND
The armed forces ministry has asked companies to submit ideas for speeding up orders for weapons as part of a national recovery plan intended to soften the economic and social impact of the coronavirus crisis industry leaders said Armed with information from industry the ministry could claim a share of the national recovery plan The government plans to inject more than euro110 billion ($119 billion) into an economy hit by an extended lock down and high unemployment SLDinfo
Germans have been advised to stay at home as much as possible and continue to apply physical distancing as official data appeared to indicate the spread of the Covid-19 pandemic was once again accelerating The Guardian
The German government is extending a global travel warning put in place to stem the spread of coronavirus until the middle of June TheLocalde
Britainrsquos economy is likely to lose out on pound800bn of income over the next 10 years as the lockdown and a spike in unemployment leave deep scars on the private sector The National Institute of Economic and Social Research (NIESR)has warned It expects the economy to bounce back next year but not to its previous level and with the unemployment rate still above 5 after hitting 105 this year The Guardian
The UK Treasury plans to borrow more aggressively to meet the fiscal implications of the COVID-19 virus both in terms of financial support measures and increasing automatic stabilizers with the United Kingdoms economy set for a severe recession in the first half of 2020 IHS Markit
Italian sovereign bonds retreated after Fitch Ratings downgraded the nationrsquos credit in an out-of-cycle meeting bringing back fears the country may lose its investment grade as its finances deteriorate Bloomberg
Poland will reopen hotels and shopping malls on May 4 while it will consider reopening pre-schools on May 6 Polandrsquos Prime Minister Mateusz Morawiecki said in a move to ease restrictions imposed to stop the spread of the coronavirus Reuters
SPAIN
Spanish retail sales plunged more than 14 in March when the country went into lockdown to contain the coronavirus The drop the biggest in data that go back to 1996 reflects the closing of non-essential businesses and restrictions on movement apart from shopping for certain goods such as food and medicine Bloomberg
Hong Kong Financial Secretary Paul Chan expects the cityrsquos economy to contract as much as 7 this year amid the global coronavirus pandemic much worse than his original projection when presenting the budget in February The economy will contract between 4 and 7 Chan said in the Legislative Council according to an online transcript The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil Chan said Bloomberg
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
FRANCE
GERMANY
UK
ITALY
POLAND
The armed forces ministry has asked companies to submit ideas for speeding up orders for weapons as part of a national recovery plan intended to soften the economic and social impact of the coronavirus crisis industry leaders said Armed with information from industry the ministry could claim a share of the national recovery plan The government plans to inject more than euro110 billion ($119 billion) into an economy hit by an extended lock down and high unemployment SLDinfo
Germans have been advised to stay at home as much as possible and continue to apply physical distancing as official data appeared to indicate the spread of the Covid-19 pandemic was once again accelerating The Guardian
The German government is extending a global travel warning put in place to stem the spread of coronavirus until the middle of June TheLocalde
Britainrsquos economy is likely to lose out on pound800bn of income over the next 10 years as the lockdown and a spike in unemployment leave deep scars on the private sector The National Institute of Economic and Social Research (NIESR)has warned It expects the economy to bounce back next year but not to its previous level and with the unemployment rate still above 5 after hitting 105 this year The Guardian
The UK Treasury plans to borrow more aggressively to meet the fiscal implications of the COVID-19 virus both in terms of financial support measures and increasing automatic stabilizers with the United Kingdoms economy set for a severe recession in the first half of 2020 IHS Markit
Italian sovereign bonds retreated after Fitch Ratings downgraded the nationrsquos credit in an out-of-cycle meeting bringing back fears the country may lose its investment grade as its finances deteriorate Bloomberg
Poland will reopen hotels and shopping malls on May 4 while it will consider reopening pre-schools on May 6 Polandrsquos Prime Minister Mateusz Morawiecki said in a move to ease restrictions imposed to stop the spread of the coronavirus Reuters
SPAIN
Spanish retail sales plunged more than 14 in March when the country went into lockdown to contain the coronavirus The drop the biggest in data that go back to 1996 reflects the closing of non-essential businesses and restrictions on movement apart from shopping for certain goods such as food and medicine Bloomberg
Hong Kong Financial Secretary Paul Chan expects the cityrsquos economy to contract as much as 7 this year amid the global coronavirus pandemic much worse than his original projection when presenting the budget in February The economy will contract between 4 and 7 Chan said in the Legislative Council according to an online transcript The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil Chan said Bloomberg
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
SPAIN
Spanish retail sales plunged more than 14 in March when the country went into lockdown to contain the coronavirus The drop the biggest in data that go back to 1996 reflects the closing of non-essential businesses and restrictions on movement apart from shopping for certain goods such as food and medicine Bloomberg
Hong Kong Financial Secretary Paul Chan expects the cityrsquos economy to contract as much as 7 this year amid the global coronavirus pandemic much worse than his original projection when presenting the budget in February The economy will contract between 4 and 7 Chan said in the Legislative Council according to an online transcript The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil Chan said Bloomberg
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
SECTOR NEWS
Global market data (as of April 29 2020) Reuters
Airlines cars and advertising slammed by virus earnings wrap Two weeks into Europersquos first-quarter earnings season more companies are cutting jobs and throwing up their hands over future guidance However not all industries are suffering the same fate Bloomberg
British retailers cut the prices of non-food items by the most since at least 2006 this month as they try to shift stock that they are struggling to sell due to the coronavirus industry data showed on Wednesday After figures on Tuesday showed the biggest fall in sales since December 2008 the data from the British Retail Consortium added to signs of the damage to the sector from the closure of non-essential stores to slow the spread of COVID-19 Non-food prices in April were 37 lower than a year before the sharpest drop since the survey began in 2006 the BRC said Reuters
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats As the discussion turns to reopening non-essential locations mdash malls included mdash will need to consider old issues like total footprint and new ones like shopper distancing PYMNTS
Retail
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
Oil amp gas
Coal
The oil market collapse is opening a new debate in Europe about strengthening the carbon market a key tool in the regionrsquos bid for climate neutrality The cost of carbon allowances in the EU Emissions Trading System the worldrsquos largest cap-and-trade program slumped to an almost two-year low in March Demand for energy fell amid factory closures and draconian limits on public life reducing the need for factories and power generators to buy the permits Bloomberg
You can add coal to the list of global commodities struggling during the pandemic Prices havenrsquot yet turned negative (like oil) but coronavirus is accelerating the demise of the dirtiest fossil fuel Bloomberg
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
AFTER HOURS
The pandemic will reduce inequality - or make it worse The rich got even richer after the Great Recession but the Great Depression changed the social order Bloomberg Businessweek
Rings a bell Influenza pandemics throughout history Associated Press
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight International
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
UNITED KINGDOM | FRANCE | GERMANY | BELGIUM | NETHERLANDS | iTALY | SPAIN | POLAND | RUSSIA | INDIA
About Eight Advisory amp Eight International
Eight Advisory provides guidance to managers investors and banks in their corporate Transactions Reorganizations and Transformations bothin France and internationally The firmrsquos 440 employees including 54 partners propose a financial and operational specialization dedicatedto assisting managerial decision-making
Eight International is a global advisory organization founded in 2016 by six consultancies sharing the same values A globally integrated teamof over 70 leaders and over 600 professionals seamlessly advises corporate clients businesses private equity funds and leading investmentbanks to help navigate challenges across transactions restructuring and operational transformation Eight International brings innovativesolutions in a broad array of industries through its three key pillars Reactivity via its nimble business model Quality of its experiencedpractitioners and Independence given no conflicts of interest
Cash is the king Todayrsquos Cartoon has been brought to you by Liana Finck
