BMW on Thursday said China sales of luxury passenger cars rebounded in April but the German premium car and motorbike manufacturer cautioned that other markets including the United States will be “very slow” to recover from the corona pandemic.
Nokia, which axed its dividend after a profit warning in October to preserve cash, is battling with China’s Huawei [HWT.UL] and Sweden’s Ericsson in the race to build next-generation 5G networks. “We are pleased to have pre-financed our 2021 and 2022 maturities in-line with our prudent capital structure management,” Chief Financial Officer Kristian Pullola said in a statement. Nokia said it accepted 66% of notes tendered and 350 million euros of its March 2021 notes would remain outstanding after settlement of the offer. …read more […]
Merck KGaA said a slight decline in operating earnings was on the cards this year as the coronavirus pandemic weighs on demand for chemicals in TV screens and is putting couples off seeking the German group’s fertility treatments.
A lightning-quick rally in U.S. equities is showing cracks, as investors face mounting evidence that the economy’s coronavirus-fueled woes may be far longer-lasting than many had anticipated.
Clariant is scrapping a regular dividend as it hunkers down to survive the COVID-19 crisis, the Swiss specialty chemicals maker said on Thursday, while still planning a special $1 billion payout from asset-sale proceeds, if they go through.
Royal Caribbean Cruises (RCL) is planning to raise $3.3 billion from a bond sale as the ailing cruise operator struggles with the financial fallout of the coronavirus-related travel restrictions which brought its operations to an almost complete halt.The embattled cruise operator is offering series of notes due 2023 and 2025, which will be secured by 28 of the company’s vessels, it said in a SEC filing. The proceeds of the $3.3 billion secured note issuance will be used to refinance the cruise operator’s existing $2.4 billion 364-day secured facility that matures in March 2021 with the balance being held for …read more […]
(Bloomberg) — U.S. and European stock futures slid along with Asian benchmarks on Thursday after Federal Reserve Chair Jerome Powell warned about economic risks and big-name investors fueled doubts about valuations. Treasuries climbed and the dollar edged up, as did the yen. Powell said the threat of a lasting downturn could deepen without additional government spending — something not on the immediate horizon amid a divided Congress. The Australian dollar fell after data showed a record plunge of over half a million jobs in April. Crude oil ticked up, taking back some of Wednesday’s drop.The rally in global equities from …read more […]
(Bloomberg) — Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.Earnings before interest, taxes, depreciation and amortization will be 1 billion euros ($1.1 billion) to 1.2 billion euros in 2020, the company said in its preliminary first-quarter earnings statement on Thursday. Adjusted first-quarter ebitda rose 29% to about 204 million euros.The German payment processor didn’t further address an inconclusive audit by KPMG released last month that was meant to clear the company of accusations about its accounting practices. Chief Executive Officer Markus Braun has dismissed calls to step down instead …read more […]
Italian fashion group Dolce & Gabbana will lose out “a lot” this year, after the coronavirus emergency, founders Domenico Dolce and Stefano Gabbana said on Thursday.
For weeks, hopes that massive stimulus from the Federal Reserve and U.S. government would set the stage for a recovery later in the year fueled a blistering rebound in stocks even as the worst drop-off in jobs since the Great Depression slammed the economy. After surging over 30% in just over a month, the S&P 500 benchmark stock index has edged down about 4% since late April. In contrast, bond funds have notched inflows for four consecutive weeks, drawing nearly $47 billion, the bank said. …read more […]
Stock markets fell and bonds were in demand on Thursday as worries grew about a second wave of coronavirus infections and a dour assessment from the head of the U.S. Federal Reserve dashed hopes for a quick economic recovery.
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