Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track.
(Bloomberg) — The firings of Luckin Coffee Inc.’s chief executive officer and her lieutenant in an escalating scandal over faked transactions is another body blow for the Chinese chain, which expanded at breakneck speed trying to supplant Starbucks Corp. as the dominant barista in a booming coffee culture.CEO Jenny Zhiya Qian and Chief Operating Officer Jian Liu were terminated and also resigned their board positions, according to a Tuesday filing by the U.S.-listed company. Six others either were suspended or placed on leave. Jinyi Guo, a board member and senior vice president, was named acting CEO.The dismissals reflect the increasing …read more […]
Amazon plans to extend the closure of its French warehouses until May 18, the U.S. e-commerce giant said on Wednesday.
Tourism will recover to its pre-coronavirus levels by 2022 at the latest and European holidays will restart in July said Fritz Joussen, the chief executive of travel group TUI .
(Bloomberg) — Commerzbank AG took a 479 million-euro ($520 million) hit to deal with the fallout from the coronavirus crisis, joining peers in marking down assets and boosting reserves to deal with bad loans.The Frankfurt-based bank said on Wednesday that 185 million euros of its 326 million euros in credit provisions were directly related to the outbreak, while the crisis also caused a hit of 295 million euros in the value of customer derivatives. Commerzbank said credit provisions could reach 1.4 billion euros this year, making its goal of posting a profit “very ambitious.”The outbreak has added urgency to a …read more […]
Asian shares recovered early losses and crept into positive territory on Wednesday, but stock futures pointed to a lower European open as worries about a slow economic recovery from the coronavirus weighed on global sentiment.
(Bloomberg) — Jerome Powell and his Federal Reserve colleagues are staring down the possibility of mass bankruptcies and long-lasting unemployment unless there’s a more concerted government effort to shield the U.S. economy from the impact of the coronavirus pandemic.That’s the context in which the Fed chair will speak Wednesday at 9 a.m. during a virtual event with the Peterson Institute for International Economics in Washington, though he may be loath to give clear hints on future monetary policy, with the central bank’s next rate decision still a month out.Some investors are looking for insights into how hard Powell’s resolve is …read more […]
Uber (UBER) has rejected an all-stock proposal to buy food delivery company Grubhub (GRUB) for 2.15 Uber shares per share of Grubhub, reports CNBC’s David Faber.According to Faber, the two companies have been in discussions about a deal for about a year, but have so far failed to agree on a price.“We remain squarely focused on delivering shareholder value,” Grubhub wrote in a statement to CNBC. “As we have consistently said, consolidation could make sense in our industry, and, like any responsible company, we are always looking at value-enhancing opportunities. That said, we remain confident in our current strategy and …read more […]
Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed U.S. crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after the Organization of the Petroleum Export Countries’ (OPEC) biggest producer said earlier this week it planned to add to output cuts again. “Oil prices are being undercut by fears that a resurgence of the coronavirus may prompt countries to keep …read more […]
Shipping giant A.P. Moller-Maersk on Wednesday warned of a sharp drop in global container volumes due to the coronavirus pandemic after posting flat first-quarter revenues in line with expectations.
European travel company TUI on Wednesday said it needs to reduce its fixed cost base by 30% and cut thousands of jobs as it looks to stay aloft in a market weakened by the coronavirus pandemic.
Travel group TUI , which is struggling with the impact of the coronavirus pandemic, is burning cash at a rate of 250 million euros ($271 million) a month, its CEO said on Wednesday.
CMA CGM has arranged a 1.05 billion euro ($1.1 billion) syndicated loan to be 70% guaranteed by the French government, the shipping and logistics company announced on Wednesday.
(Bloomberg) — ABN Amro Bank NV posted a higher-than-expected loss and provisions in the first quarter, prompting new Chief Executive Officer Robert Swaak to ramp up a review of the investment bank as he seeks to return the Dutch lender to profitability.The bank set aside 1.1 billion euros ($1.2 billion) to cover the cost of loans going bad, more than expected, and said the figure may rise to 2.5 billion euros for the full year. The lender reported a net loss of 395 million euros, its first in seven years, partly related to its exposure to two clients.European lenders have …read more […]
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