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Lufthansa and Germany Agree on a Rescue Deal After extended talks, Lufthansa and Germany have finally reached an agreement regarding the rescue plan for Europe’s second-largest airline by passenger numbers, with a deal worth a bit more than $10 billion. The German airline has been severely affected by a decline in travel due to the coronavirus pandemic and also had to close its budget airline Germanwings in April. The German government will take a 20 percent stake in the company, which it intends to sell by the end of 2023. As part of the rescue package, the government will also inject $6,4 billion in non-voting capital, also known as a “silent-participation“. The deal makes the German government the company’s biggest shareholder.The bailout deal is the result of weeks of talks between Lufthansa and the German government about financial aid and will Tesla and Virgin Galactic Stocks Rise The summer of 2020 started more than impressive, help save up to 10 thousand jobs, but it still has to be as the world witnessed the first launch of a US-based approved by the company’s shareholders and the Eurospace mission in nearly a decade.A partnership between pean Commission. NASA and Elon Musk’s privately held launch company SpaceX was responsible for sending two astronauts to the International Space Station. After the successful The US to Borrow a Record $3 Trillion launch, SpaceX became the first company ever to send to Support the Economy astronauts into space on a commercial flight. As the The US government stated it plans to borrow a record company isn’t publicly traded, investors found another sum of $3 trillion in the second quarter of 2020 amid way to celebrate, and Tesla recorded almost a 6 percent economic rescue efforts in the country that has been rise in shares. What is more, Richard Branson’s space hit hard by the coronavirus pandemic. The Treasury flight company Virgin Galactic that plans to offer com- Department noted in the statement that “The increase mercial flights into orbit for customers who want to view in privately-held net marketable borrowing is primarily Earth from space, also recorded an immediate 10 per- driven by the impact of the COVID-19 outbreak, includcent jump in shares. ing expenditures from new legislation to assist individAdam Jonas, an analyst at Morgan Stanley, a global uals and businesses, changes to tax receipts including financial services company, noted that “The successful the deferral of individual and business taxes from April launch was arguably the most important milestone in — June until July, and an increase in the assumed endof-June Treasury cash balance.” Last quarter, the Treasthe US space program in nearly 40 years.“ ury borrowed about $500 billion, and it plans to borrow another $677 billion in the third quarter.The US borrows by selling government bonds. It has historically enjoyed Forbes Drops Celebrity from Billionaire List relatively low-interest rates since its debt is viewed as Kylie Jenner’s status as a billionaire has been called into relatively low-risk by investors around the world. question by Forbes. The magazine, which once declared Kylie Jenner a billionaire on its cover, says that she no longer deserves the title and that her company Kylie Cosmetics is smaller and less profitable than she always claimed. In a newly released story, Forbes noted that an examination of financial filings after Jenner sold a majority share in her cosmetics company revealed that her worth was inflated. Jenner sold 51 percent of her company to Coty for around $600 million early this year. “Kylie’s business is significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the magazine said in the story. “Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire.”
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