Month: July 2020

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(Bloomberg) — Volkswagen AG cut its dividend after losing 2.4 billion euros ($2.8 billion) in the second quarter, when the Covid-19 pandemic shuttered showrooms and factories in key markets.The German manufacturer lowered its proposed 2019 payout by a quarter to help save roughly $1 billion after global deliveries contracted in the six months through June. VW expects markets to recover in the second half after business in July improved from the previous month.The results show the dramatic impact of the industry’s biggest slump since World War II. Europe’s largest automaker cut its full-year outlook in April, echoing peers and parts …read more […]

Panasonic Corp plans to boost the energy density of “2170” battery cells it supplies to Tesla Inc by 20% in five years and commercialize a cobalt-free version “in two to three years”, the head of its U.S. EV battery business said. This is the first time Panasonic, a leading cell provider for the world’s top electric vehicle (EV) maker Tesla, has outlined these targets, putting down a marker in a highly competitive sector to stay ahead of the game. Panasonic introduced the “2170” lithium-ion cells, with the nickel-cobalt-aluminium (NCA) cathode chemistry, for Tesla’s Model 3 in …read more […]

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Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices. Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as the coronavirus crisis hollowed out energy demand. “Shell has delivered resilient cash flow in a remarkably challenging environment,” CEO Ben van Beurden said in a statement on Thursday. …read more […]

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(Bloomberg) — Stocks in Europe slipped with U.S. equity futures as investors weighed the prospect of more stimulus against a slew of earnings and the continued spread of the coronavirus. The dollar climbed.Banks and car-makers dragged the Stoxx Europe 600 Index lower at the open. Contracts on the three main American equity gauges pointed to modest losses on Wall Street, after an advance on Wednesday that was spurred by the Federal Reserve’s pledge to use all of its tools to support the economic recovery.Total SE rose after posting better-than-expected results thanks to trading gains that offset a slump in oil …read more […]

(Bloomberg) — Lloyds Banking Group Plc’s profit was wiped out by a fresh 2.4 billion-pound ($3.1 billion) charge for bad loans in the second quarter as the lender braces for more pain from the coronavirus pandemic.Britain’s biggest mortgage lender said Thursday it now expects to set aside between 4.5 and 5.5 billion pounds during this year to cover the economic fallout from months of lockdown and the end of government support programs.“The outlook has clearly become more challenging since our first quarter results, with the economic impact of lockdown much larger than expected at that time,” said Chief Executive Officer …read more […]

(Bloomberg) — Airbus SE cut back wide-body jet production after burning through an added 4.4 billion euros ($5.2 billion) in the second quarter, retrenching further to safeguard cash while it waits out a collapse in demand.The world’s biggest planemaker will now aim to produce five A350 aircraft a month rather than the six targeted in April, it said in a statement Thursday. The company booked 900 million euros of Covid-19 related charges against earnings and said a future restructuring provision could total 1.6 billion euros.Airbus delivered 74 planes in the quarter, when global fleets were largely grounded, less than one-third …read more […]

(Bloomberg) — Tech and pharma may be getting the attention these days, but three mining billionaires are quietly padding their fortunes with an investment that’s decidedly more old school.Saudi Arabia’s Mohammed Al Amoudi and Russia’s Alexander Nesis and Suleiman Kerimov have the largest exposure to gold among the world’s wealthiest people, according to the Bloomberg Billionaires Index. As a result, they’ve collectively become $2.8 billion richer this year.With the coronavirus pandemic devastating economies and central banks and governments boosting stimulus measures, gold is once again king. Investors flocking to the precious metal pushed its price to a record high this …read more […]

Chief Executive Pascal Soriot has driven a change in the company’s fortunes by investing in varied products and betting on newer medicines, which jolted the drugmaker onto the global stage. The company reiterated it was on track with late-stage trials for its coronavirus vaccine. Newer drugs for diabetes, heart conditions and cancer, including its top selling lung cancer drug Tagrisso, performed well in the quarter and AstraZeneca remains on track for a third consecutive year of growth in sales. …read more […]

Volkswagen unveiled a first-half operating loss on Thursday after suffering a 27% drop in vehicle deliveries due to the coronavirus pandemic, which forced the carmaker to slash its dividend. Volkswagen predicted a significant decline in full-year sales from 2019 levels, even though it said global sales had staged a gradual recovery as lockdowns eased. The carmaker posted an adjusted operating loss of 800 million euros ($940 million) in the January to June period, down from a 10-billion euro adjusted operating profit in the year-earlier period, and said it will cut its dividend for 2019. …read more […]

(Bloomberg) — Royal Dutch Shell Plc’s mammoth oil trading business saved the company from what was expected to be its worst quarterly result of its modern era.Investors had already been warned that the coronavirus pandemic had affected almost all parts of the energy giant’s business — from forecourts to its upstream division. But that impact was offset by gains from buying and selling crude and fuels, the company said in a statement on Thursday.Like its peers Total SE and Equinor ASA, who reported similar gains, Shell’s oil trading business benefits from its extensive infrastructure, giving the company an advantage in …read more […]