BMW AG on Wednesday said the impact of the coronavirus will likely hurt demand and profit throughout the year, forcing the German automaker to lower its profit outlook for passenger cars following a slowdown in first-quarter deliveries.
The founder of activist investment company Amber Capital, which lost out this week in a bid to shake up the governance at French group Lagardere , said on Wednesday he had no plans to exit his stake in Lagardere and added that he could even raise it.
Asian shares extended gains on Wednesday, as investors saw China’s yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Yum China is betting that Chinese consumers will still choose to dine-in in the aftermath of the coronavirus crisis and plans to open more Pizza Hut and KFC outlets in China’s smaller cities in the coming months, its chief executive said.
Britain’s Metro Bank reported a modest dip in lending in the first quarter and a 77 million pounds rise in total deposits to 14.6 billion pounds ($18.15 billion) as customers shrugged off lower fixed term deposit rates.
British lender Virgin Money swung to a first-half loss after setting aside 237 million pounds ($294.7 million) to handle loans likely to go bad because of the coronavirus crisis.
BMW AG on Wednesday reported a 133% rise in first-quarter profit, due to the absence of a one-off provision in the year-earlier period, but said the impact of the coronavirus could erode demand and profit. Earnings before interest and taxes rose to 1.38 billion euros ($1.50 billion). Its earnings before interest and taxes (EBIT) margin for its autos division reached 1.3% from a negative 1.6% margin in the year-earlier period. …read more […]
BMW AG on Wednesday reported a 133% rise in first-quarter operating profit, due to the absence of a one-off provision in the year-earlier period, but said the impact of the coronavirus could erode demand and profit.
Investors want to know what kind of economic hit General Motors Co expects from the coronavirus pandemic as it moves forward, whether it needs to raise further cash and when North American vehicle production will resume when it reports first-quarter results on Wednesday.
(Bloomberg) — Emerging markets are likely to see another sell-off later this year, puncturing their recovery from the coronavirus pandemic and adding to losses that have already totaled $3 trillion, a survey has found.The next selling frenzy in stocks may break out as soon as this quarter or as late as 2021, according to the survey of 61 investors, strategists and traders conducted last month. Latin America is expected to be the worst-performing region for currencies, bonds and equities in the second half. While expecting another round of selling, most respondents still expect an eventual recovery, with a majority seeing …read more […]
(Bloomberg) — With China’s economy in free fall and millions of small businesses running low on cash, the online lending platform backed by billionaire Jack Ma entered crisis mode.It was mid-February, near the peak of China’s coronavirus outbreak, and MYbank had to decide whether to reduce its exposure or keep doling out loans. After a two-day marathon of calls and emails from self-isolation, the firm’s executives agreed with 25 partner banks on a potentially risky strategy: cut interest rates and turn on the credit taps like never before.MYbank is now on track to issue a record 2 trillion yuan ($282 …read more […]
Tyson Foods Inc will resume limited production at its largest U.S. pork plant this week, the company said late on Tuesday.
The San Francisco-based bank has received “formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans,” it said in a regulatory filing without elaborating. Wells Fargo faced a string federal investigations for most of the last three years after a sales practices scandal erupted in 2016. It wrapped up the last major probe into the issue in February, in a $3 billion settlement with the Department of Justice and Securities and Exchange Commission.Small businesses have filed lawsuits against U.S. banks including Wells Fargo, JPMorgan Chase & Co and Bank of America …read more […]
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
