ERT - Still there, still protectionist

Imagine the CBI writ large - a vocal, well-funded pro-remain lobby group for the global corporates, on a European rather on a national scale, and you have the ERT, the European Round Table. The ERT don't just have a lobby presence in Brussels, they're on the inside track. No directive is rubber stamped by the unelected officials unless it's had the nod from the ERT. And no, Brexit has made no difference to UK-HQ'd companies with rotating memberships. Right now, it's the turn of Centrica, Rolls-Royce, Rio Tinto, AstraZeneca, BP and Vodafone.

As I hinted at yesterday, there's a new EU Industrial Strategy due out on March 10th, and the ERT is like a Labrador that's just found a fresh cow pat. In December, the EU already agreed to put €3.2bn of taxpayers' money into an €8bn state-aided vehicle battery scheme, a 'Project of Common European Interest', and the eyes of the EU's defence companies are on stalks anticipating billions of state aid following budget agreement. The Industrial strategy promises not just oodles more state aid for the EU's 'champion' companies, which you bet have already been agreed behind closed doors, but a relaxation on regulation, particularly relating to mergers and acquisitions. No more silly fuss about Alstom and Siemens getting married, no more worry about Europe's consumers or the future of its SMEs.

The ERT's agenda is published here and I won't quote it. Given Michael O'Leary's foul-mouthed whining to the press in recent days, bemoaning the €1.3bn state aid that's already gone to Alitalia, the German state aid that has favoured Lufthansa and the EU approach to competition. It's the sort of grouch one hears at the end of an unsuccessful pitch from the losers. I'm betting Ryan Air is just a tiddler not even worthy of the ERT and EU's consideration for state aid billions. You may note that the Irish company has current orders for 210 Boeing 737 MAX aircraft. The prospect of picking up some of FlyBe's slots may this morning have tempered the profanities, but with Covid-19 grounding passengers, perhaps not. Oh. And the Labrador-coating O'Leary was predicting for the outcome of the Brexit talks? That, I'm guessing, is aimed at nervous investors. My advice - book BA.

04/03/20
Country	Cases	Deaths
Italy	2502	80
France	212	4
Germany	196	0
Spain	151	0
United Kingdom	51	0
Switzerland	37	0
Norway	33	0
Netherlands	28	0
Sweden	24	0
Austria	24	0
Iceland	16	0
Belgium	13	0
San Marino	10	1
Croatia	9	0
Denmark	8	0
Greece	7	0
Finland	7	0
Czech Republic	5	0
Portugal	4	0
Romania	4	0
Ireland	2	0
Estonia	2	0
Latvia	1	0
Andorra	1	0
Poland	1	0
Luxembourg	1	0
Monaco	1	0
Lithuania	1	0
Total	3351	85