Daily Briefing: European aviation war, Women-led funds lead the way, Million UK children miss school return

1 June: Your round-up of the global issues leading today's agenda

1 June: Your round-up of the global issues leading today's agenda

  • Deutsche Lufthansa AG may have won its battle for state aid, but its surrender of airport slots to appease regulators heralds heightened conflict between European aviation’s old guard and low-cost challengers, Bloomberg says. A rivalry that’s been simmering for years has been given fresh impetus by the coronavirus crisis, with former flag carriers falling back on government support as discounters including Ryanair Holdings Plc and Wizz Air Holdings Plc argue that the market alone should dictate who survives.
  • The tiny number of hedge funds managed by women have outperformed their male counterparts through the coronavirus crisis, new data show, highlighting the industry’s long-running lack of progress in fixing its gender imbalance, the Financial Times reports. Hedge funds run by women lost 3.5 per cent in the first four months of this year, as measured by Chicago-based data group HFR’s Women Access index. That beat a 5.5 per cent fall in its HFRI 500 Fund Weighted index, a broader measure of performance that incorporates both men and women-run funds.
  • A million children in England – half of those who are expected to return when their classes reopen – are likely to stay at home on Monday rather than go back to school, as many parents, councils and teachers remain sceptical of the government’s assurances over their safety, The Guardian reports. Boris Johnson’s government has invested considerable political capital in opening classrooms to primary school pupils in three year groups – reception, year 1 and year 6 – leading to warnings by independent scientists that it is too soon to reopen while transmission and infection rates remain so high.
  • The EU’s budget commissioner has called on member states to back new taxes including an annual levy on 70,000 big companies to access the single market, as part of a package of measures to help fund the bloc’s recovery. Johannes Hahn told the Financial Times that there was no practical alternative but to hand the European Commission new sources of direct revenue — or “own resources” — to service the debt it would take on under the €750bn recovery plan unveiled last week. These could include a mooted €10bn annual levy that Mr Hahn said would affect 70,000 companies in Europe with global turnover exceeding €750m.





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