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 […]
Shares struggled and the yen gained on Wednesday, with markets in China faltering on their return from a long holiday as investors fretted over Sino-U.S. tensions, while oil ended an extended winning streak on oversupply risks amid weak demand.
Drugmaker AbbVie Inc has won U.S. antitrust approval to buy Botox maker Allergan , a blockbuster $63 billion deal when it was announced last year, the companies said on Tuesday. AbbVie, which has been under pressure to diversify its portfolio, said in June 2019 that it would acquire Allergan in a deal that gives AbbVie control over the lucrative wrinkle treatment Botox and buys time to seek new growth before its arthritis treatment Humira loses U.S. patent protection in 2023. The combined AbbVie and Allergan will be based in AbbVie’s home of North Chicago. …read more […]
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The post test push to IU appeared first on Investment U. …read more […]
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down 14 cents at $24.41 a barrel at 0201 GMT. Brent crude futures were flat at $30.97 a barrel. …read more […]
U.S. airlines are collectively burning more than $10 billion in cash a month and averaging fewer than two dozen passengers per domestic flight because of the coronavirus pandemic, industry trade group Airlines for America said in prepared testimony seen by Reuters ahead of a U.S. Senate hearing on Wednesday.
Walt Disney Co. will kick off its strategy next week to begin restoring its lucrative parks business that has suffered $1 billion in lost profits from the coronavirus-led shutdown. Disney said on Tuesday it will reopen its Shanghai Disneyland park on May 11 but severely limit the number of guests and enforce strict social distancing measures on rides and in restaurants.
(Bloomberg) — Oil’s rally ran out of steam — after prices doubled over five days — as optimism that output cuts are easing the supply glut was balanced by trepidation over what promises to be a long and uncertain recovery.Futures in New York fell toward $24 a barrel in Asian trading after surging 20% on Tuesday to close at the highest level in almost a month. Diamondback Energy Inc. and Parsley Energy Inc. became the latest U.S. drillers to cut production in the country’s biggest shale fields, although they said they would consider restoring output if prices rose above $30 …read more […]
U.S. airlines are collectively burning more than $10 billion in cash a month and averaging fewer than two dozen passengers per domestic flight because of the coronavirus pandemic, industry trade group Airlines for America said in prepared testimony seen by Reuters ahead of a U.S. Senate hearing on Wednesday.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] …read more […]
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