May 14, 2020 (IAM Newswire via COMTEX) -- On Sunday, we learned that the already controversially postponed French Open could still be happening but this time, without fans. Last Thursday, FFT decided to reimburse as opposed to transferring them to a new date, one which may again be shifted for another week to give players a two-week break after the US Open. If the new date can be realised, a new ticketing procedure will be put in place.
Wimbledon has already been cancelled for the first time since the Second World War but then again - due to the weather and its open courts, there was really no option plus organisors felt more at ease when it comes to cushioning the blow. The US Open is still due to take place in New York from Aug 31-Sept 13 but is also in question with a decision expected in mid-June.
Roland Garros is the driving force of the French Tennis Federation's ecosystem as it brings 260 million euros in revenue and that accounts for 80% of the turnover. The FFT's decision is being awaited by millions of viewers around the world are waiting and about 500,000 fans who usually attend the tournament. But organising it behind closed doors would allow part of the business model such as television rights to go ahead. But these already account for more than a third of the tournament’s revenues so that is already quite something!
The gigantic banking group BNP Paribas BNP Paribas /zigman2/quotes/208203789/delayed BNPQY +1.23% which operates in over 70 countries, was the latest among the big guys which succumbed to COVID-19 by suspending its dividend. Moreover, it is embracing for a wave of incoming defaults that will inevitably significantly hurt its profit after recently reporting a drop in its first quarter net profit.
Mastercard Incorporated /zigman2/quotes/207581792/composite MA +3.02% , second largest payment processor in the word, was among the biggest S&P 500 fallers on Tuesday, May 12 [th] as the stock experienced a 3.24% decline. But, during its latest quarter earnings report, the company stated it expect short-term challenges but long-term benefits as the m-payment market is projected to witness a vigorous expansion by 2027 and Mastercard is one of its main innovators, along with PayPal Holdings /zigman2/quotes/208054269/composite PYPL +0.46% , Visa /zigman2/quotes/203660239/composite V +2.28% and Alphabet Inc /zigman2/quotes/205453964/composite GOOG +0.61% .
Peugeot SA /zigman2/quotes/207803404/delayed PUGOY +2.75% 's merger with Fiat Chrysler Automobiles /zigman2/quotes/204248628/composite FCAU +2.09% is still on track and expected to close by early 2021 at latest with the Italian-American carmaker recently posting a net loss of $1.84 billion in its first quarter. And this is already a very expensive deal for Peugeot!
The world's largest operator of wide-body jets and the fourth-largest in terms of passenger and freight ton miles flown as of last year, Dubai-owned carrier Emirates Airline doesn't see that air travel can go back to normal in the next 18 months. But at least it reported a 21% increase in full-year profit in the 12 months that ended on March 31 [st] . But the impact of COVID-19 is yet to be severely felt for in the year ahead.
Lacoste contributed to the battle against COVID-19 by delivering 100,000 masks by mid-April that were made in its facilities in France. Accor /zigman2/quotes/201791133/delayed ACCYY -0.19% also gave its contribution by taking care of healthcare workers and all those on the front lines. And while two thirds of its hotels are closed due to the pandemic, the French multinational group can count on a strong financial position with liquidity over EUR2.5 billion and EUR1.2 billion in undrawn revolving credit facility free of covenant testing before June next year, as it reported at the end of March.
The death toll from the coronavirus in France came to 26,310 by Saturday night so there are, unfortunately, much more important things to worry about and saving lives tops the list. Paris remains in the 'red zone' as restrictions are being eased for the remaining parts of France so the battle is far from won. The future is promised to no one- especially the events industry. Sports, on the other hand, has way too many nuances that will allow it to overcome the limitations from social distancing. But making money from it is an entirely different story in which COVID-19 is a super-villain not just for tournaments, but for the whole global economy.
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