The owners of a family-run cafe in Hungary's capital had planned to engage in a bold act of civil disobedience on Monday, but reconsidered after the government there issued a decree that would place the already struggling business into bankruptcy, the Associated Press reported. Before the arrival of the coronavirus pandemic, the Kucko Coffeehouse in Budapest served fine coffees from its designer Italian espresso machine and a cozy atmosphere offering pastries, sandwiches, ice cream, and breakfasts to mostly local residents.
The world will have a smaller airline industry as a result of the coronavirus crisis with many privately funded carriers set to go under and governments throwing "good money after bad" to keep national champions afloat, Wizz Air's CEO said, Reuters reported. Worst hit will be traditional carriers relying on a hub-and-spoke network and business traffic, but Wizz expects demand for its own cheap fares and direct routes to snap back quickly once the pandemic fades, the Hungarian airline’s co-founder said.
As negative yields engulf everything from Brazil’s state oil company to Hungarian sovereign debt to euro junk, investors are seeking refuge in high-yield bond ETFs, Bloomberg News reported. Europe-listed funds have attracted over 5 billion euros ($5.6 billion) since January, more than in any full year going back to at least 2010, according to data compiled by Bloomberg Intelligence. The largest exchange-traded fund tracking the debt -- BlackRock Inc.’s 8.5 billion-euro IHYG -- took in 640 million euros in the week ended July 5, smashing a record it set just two weeks before, the data show.