Traditional car rental companies that want to survive in an age increasingly dominated by digital technology have to expand beyond their core business. This means partnering with ridehailing apps, such as Uber and Lyft, which both Hertz and Avis have done, or using their fleet to provide vans to delivery services, which again both car […]...
Suzuki Motor Corp said it was no longer gung-ho about India's auto market, the world's fourth-largest, where it has seen relentless growth in the past seven years. The Japanese automaker issued the warning after it reported a slump in quarterly profit this week on tumbling sales at its Indian unit, Maruti Suzuki, which accounts for half the number of cars sold in India. "We no longer think that growth in India will be an uninterrupted move upwards," Suzuki President Toshihiro Suzuki cautioned....
(Bloomberg) -- China Minsheng Investment Group Corp. once sought to be the nation’s version of JPMorgan Chase & Co. Instead it’s the country’s biggest dollar bond defaulter this year. With $2 billion of debt maturing in 2020, the company is scrambling to raise cash. It’s slashed executive pay as much as 83% and is selling assets.What’s the company:One of the largest private investment companies in China, the group was set up by 59 non-state companies in 2014 with a mandate to help Chinese private enterprise expand globally. The company posted 24.7 billion yuan ($3.5 billion) in revenue in the nine months through September 2018, and had 233 billion yuan in total liabilities at that point, according to a prospectus filing. It hasn’t disclosed financial results since.What’s happening:After a debt-fueled spending spree of more than $4 billion over the past five years, the first signs of trouble appeared in January, when CMIG...
