- The Italian government has plunged 55 billion euros in stimulus measures to “relaunch” the Italian economy, with a specific provision that aims to provide tax breaks for “textile, fashion and accessories sectors” based on their unsold inventory. The fashion and textile industry is the second largest manufacturing sector in Italy (after metallurgic) with brands like Gucci, Prada, Valentino and Versace generating roughly 95 billion euros in annual revenue.
- Australian investors may act cautiously this week, due to the beginning of earnings season, when publicly-listed companies reveal (among other things) their company earnings and performance. Given what most companies have gone through since Covid-19 struck, there is a degree of pessimism on this front. Coronado Global Resources (CRN), ResMed (RMD), Insurance Australia Group (IAG), News Corp (NWS) and REA Group (REA) report this week.
- ASX-listed employment search engine SEEK (SEK) won’t pay a final dividend to their investors this financial year to save as much capital as possible in case of a second COVID-19 downturn. A dividend is a sum of money that some companies pay from their profits to investors. It’s entirely up to the company to decide whether they pay a dividend and how much is paid.
- Consumer confidence has hit the retail sector, with spending on fashion and eating out down 16%, according to the Zip Weekly Spending Index.
- HCF’s CEO Sheena Jack said, “It’s very important that we have membership right across the age groups”, as the health insurer urges the government to increase the private health insurance rebate for people under 40. The introduction of ‘Lifetime Health Cover’ (LHC) was an initiative to incentivise young people getting private hospital cover before the age of 31 or pay a 2% premium.
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