Feb 23, 2021
Holiday Inn and Crowne Plaza owner IHG warns of tough 2021
The Holiday Inn owner reported a 52 per cent drop in revenue to $992m, which was slightly ahead of the $989m consensus forecast. The hotelier reported net debt at the year end of $2.5bn. Revenue per available room, the hotel industry's preferred trading measure, plunged 52.5 per cent across the group as resilient demand in China failed to offset a slump across Europe and America. IHG shares have rallied 92 per cent from their March lows on optimism around the reopening of international travel and are just 12 per cent below a record high set in mid-2019. SoftBank is in advanced talks with WeWork's co-founder and other shareholders to settle a bitter legal battle stemming from the Japanese group's 2019 rescue of the office group, which was needed to help it avert bankruptcy in the wake of the IPO's collapse, people familiar with the negotiations said. The shock sent Petrobras's shares down more than 20 per cent on Monday, wiping billions of dollars from its market capitalisation, as investors grappled with the prospect of an inexperienced new chief and a Brazilian government once again using the oil group to serve its political and economic interests.
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