Month: April 2020

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Ford Hints at Raising More Cash After Burning Through Billions

April 13, 2020 admin Comments Off on Ford Hints at Raising More Cash After Burning Through Billions

(Bloomberg) — Ford Motor Co. is considering additional financing actions as a global pandemic heaps more pressure onto earnings that already were slumping before the coronavirus forced plant and showroom closures around the globe.The carmaker said Monday it’s expecting to report a loss later this month and that it had roughly $30 billion in cash on its balance sheet as of April 9. The comments suggest the company has used about $8 billion since the end of last year, Joel Levington a Bloomberg Intelligence credit analyst, wrote in a report.Chief Executive Officer Jim Hackett already has suspended the dividend prized …read more […]

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Fear of an Impending Car-Price Collapse Grips Auto Industry

April 13, 2020 admin Comments Off on Fear of an Impending Car-Price Collapse Grips Auto Industry

(Bloomberg) — The auto industry — already fretting lengthy factory shutdowns and depressed new-vehicle demand — is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences for manufacturers, lenders and rental companies.Used-vehicle auctions are for now virtually paralyzed, much like the rest of the economy. The grave concern market watchers have is that vehicles already are starting to pile up at places where buyers and sellers make and take bids on cars and trucks — and that this imbalance will last for months.If that fear is realized and prices plummet, it will be …read more […]

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Trump’s Oil Deal: The Inside Story of How a Price War Ended

April 13, 2020 admin Comments Off on Trump’s Oil Deal: The Inside Story of How a Price War Ended

(Bloomberg) — After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.From Villahermosa, a city near Mexico’s largest crude terminal, Energy Minister Rocio Nahle raised her voice. “Your Royal Highness, Mexico has already agreed. And now I would like to ask you: ‘Do you agree with these terms?’”In Riyadh, Saudi Energy Minister Prince Abdulaziz bin Salman nearly chuckled as he looked at a wall of video feeds showing his counterparts around the world. “I go with the consensus. I agree,” he replied.At …read more […]