Aerial combat. The WTO considers that the EU has continued to subsidize the Airbus A350 program, in any case that it has not taken the necessary measures to stop the support denounced during the favorable arbitration with the United States and Boeing. The European manufacturer believes that the United States should reduce its taxes by $2 billion because the WTO has acknowledged that the A380 development loans have not cannibalized Boeing's sales. This 15-year-old case is still in the spotlight. Both parties supported their champions, but Washington probably did so in a more subtle way than Brussels.
An eye for an eye. The US administration threatened to overtax $2.4 billion of products from France in retaliation for the tax on digital companies. And promised to give the same treatment to Italy, Austria and Turkey, which also want to introduce such a tax regime. In France, threats weigh on emblematic products: champagne, leather goods, cheese... Enough to weigh on luxury issues (LVMH, Kering...) or champagne (Laurent-Perrier, Vranken, Lanson) in particular.
Always higher. Cyber Monday sales reached a record $9.2 billion, but the efforts of physical stores to adapt to demand also seem to be paying off for them, according to multiple observations from pre-year-end spending specialists.
Sale no more. Richard Branson has abandoned his plan to sell a stake in the British airline Virgin Atlantic to Air France-KLM. The news is contained in a letter to his employees published on the blog of the British billionaire. Branson has entered into an agreement to retain a 31% stake in the airline, maintaining the Branson family's total stake at 51%.
Objective neutrality. Repsol will take an impairment charge of €4.8 billion for some of its assets and is committed to carbon neutrality in 2050. The Spanish group prides itself on being the first player in the sector to make such binding commitments. He unveiled an ambitious plan to do so.
Delfin under surveillance. The Milan Public Prosecutor's Office has opened an investigation into the rise of Leonardo Del Vecchio, through his holding company Delfin, to Mediobanca's capital. The President of EssilorLuxottica increased from 7 to nearly 10% of the share capital between September and November. At this stage, the investigators' motivations are not clear, but they would relate to the modalities of this reinforcement.
Medium-term plan. Unicredit will have to comply with a minimum CET1 capital ratio of 9.84% in 2020, down by a quarter of a point, the ECB said, while the Italian bank has announced 8,000 job cuts and €2 billion in share buybacks by 2023.
Submarine order. General Dynamics, the well-known defense group, has been appointed by the Pentagon to lead a new program to build nine submarines for a total of $22.2 billion.
In other news. Fiat Chrysler suffered a 4.3% drop in registrations in Italy in November, in a market that grew by 2.2%. Italy has granted a €400 million bridge loan to ensure Alitalia's survival, pending a bailout solution. Astellas Pharma buys Audentes Therapeutics for $3 billion. easyJet reintegrates the FTSE 100 instead of Hiscox. Old Dominion Freight replaces SunTrust Banks in the S&P500. Exor acquires control of GEDI, the publisher of La Repubblica and La Stampa.