Apr 03, 2020 (IAM Newswire via COMTEX) -- Considering that The Olympics Games in Tokyo got postponed for a whole year, it was to be expected that nothing less than a 'world's end' will fall upon the global event industry which was forecasted reach $2,330 billion in value by 2026. But that was before COVID-19 struck. However, just like the UK, France has always had a mind of its own and French Open, Roland Garros is no exception. Unlike the prudent Wimbledon which is officially cancelled for 2020, Roland Garros is postponed but to be held this year, on September 20 [th ] .
This made some tennis players angry as not only does the new timeframe clash with other events but it makes the physical demand quite challenging. Even the king of red clay, Rafael Nadal, who probably stands to gain the most from this announcement considering he needs to defend 4,000 ranking points from last year's US Open and Roland Garros titles, will have to do both in only five weeks. This also means that players will be forced to transition from one surface to another in only a week. This surely is cruel to them but unlike Wimbledon which seems shielded to bear the cancellation losses, French Open bosses admitted their tournament could face losses of $284 million if the tournament was not played this year. And unlike Wimbledon which simply cannot be played after late-summer, September in Paris is even warmer than in May- just ask anyone who survived the August sauna in Paris. And viewers as well as sponsors are surely having their fingers crossed that our battle with COVID-19 will be won by then!
BNP Paribas /zigman2/quotes/208203789/composite BNPQY +0.55% , one of the world’s largest banking groups with operations in over 70 countries, is the latest among the big guys to announce the suspension of its dividend as it already started jumping in with many industries needing to be rescued.
On the other hand, Mastercard Incorporated /zigman2/quotes/207581792/composite MA +0.22% is expecting short-term headwinds that will be followed by long-term tailwinds. The company is confident in amortizing the COVID-19 blows due to the trend of consumers shifting away from cash to cashless payments. So despite a negative hit to its top and bottom lines due to the global shutdowns as consumers will not only spend less but also have less money to spend, Mastercard is expected to grow as we head into economic recovery. And while almost half of the world's population is isolated, they will still be paying for their Netflix /zigman2/quotes/202353025/composite NFLX -1.59% , Disney Plus /zigman2/quotes/203410047/composite DIS +0.16% , Apple TV+ and its services /zigman2/quotes/202934861/composite AAPL +0.64% , along with groceries, take-outs and all kinds of 'stay home' products. And all of these will be paid via credit cards. So, on a brighter note, if anything, COVID-19 will only speed-up the use of cashless payments in the long term.
On the other hand, retailers such as Lacoste have their hands tied but they are doing what they can to help the community. Besides maintaining 100 percent of the salaries of its employees worldwide during March and April this year, it has reopened one factory to produce face masks. High-end retailers are surely better off to withstand the economic standstill in comparison to its lower-end counterparts.
And there's Peugeot SA /zigman2/quotes/207803404/composite PUGOY +0.56% which announced on April 2 it is postponing its annual shareholder meeting. Analysts believe that it might rethink the conditions of its merger with Fiat Chrysler Automobiles /zigman2/quotes/204248628/composite FCAU +0.87% due to the recession that is upon the economy as this was after all a very expensive deal for Peugeot and the future is promised to one.
Even the elite such as Rolex has shut down its plants, and along with Omega owned by Swatch Group AG and Cartier owned by Swiss Richemont Group /zigman2/quotes/206960176/composite CFRUY -3.00% , it's rolling with the punches. But at least business is somewhat returning to normal in Asia, the most prospective market. But the reality is that Swatch and Richemont have both lost about a third of their value this year. Hope is never lost. Swatch's Tissot brand unveiled its first smartwatch during the webcast in March and although this was four years later than planned thanks to intense competition from Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.64% which has demolished the demand for timepieces. Although now its plans to start selling it in Switzerland by July are now uncertain due to Europe being the epicentre of the outbreak, it still means they are not ready to give up as they joined forces with Huawei Technologies' with the watch being compatible with its Harmony operating system.
Outlook - we're all desperate to return to normal
Even art fans are shocked to hear that Carnegie Hall won't open until October- this is yet another headline we didn't think we'd see. And there will be many more headlines we never thought we'd see. And maybe there even won't be any Roland Garros in 2020 in the end, no one can be certain about anything these days. But at least the stubborn France has given us hope that the world will be back to normal again by fall. And if tennis Gods make that happen, sponsors and viewers will thank them! Maybe even players considering how devastated Roger Federer and Serena Williams were by the cancellation of Wimbledon. So just ignore what the songs about Paris say- it is perhaps even more beautiful in the fall, as long as it's coronavirus-free.
This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . Ivana Popovic does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: firstname.lastname@example.org Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: email@example.com Questions about this release can be send to firstname.lastname@example.org
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