BMW AG on Wednesday reported a 133% rise in first-quarter 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. Earnings before interest and taxes rose to 1.38 billion euros ($1.50 billion). Its earnings before interest and taxes (EBIT) margin for its autos division reached 1.3% from a negative 1.6% margin in the year-earlier period....
(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 assets ending the year higher than current levels.Emerging-market investments have seen a significant bounce back from their initial coronavirus sell-off, with the MSCI Emerging Markets Index posting its biggest monthly gain in four years in April. Sentiment has been boosted by optimism about potential drugs being developed to fight the pathogen,...
Delta Air Lines, Inc. (NYSE: DAL) CEO Ed Bastian said Tuesday that the airline is blocking even more seats on its flights to enforce social distancing, In addition to previously announced healthy and safety measures. Delta Says First-Class Seats Dropping By Half After blocking middle seats on all flights in mid-April, Delta announced Tuesday that it is also blocking select window and aisle seats in all cabins configured with 1X2, 2X2 and 2X3 seating.Seat blocks for narrow-body and regional jets will begin this week, while blocks for two-seat sections of widebody aircraft will begin in the coming weeks, according to the Atlanta-based airline. The cap on seating means 50% fewer seats in first class and 40% fewer seats in the main cabin as well as in Delta's Comfort+ and Premium Select products. The reduced seating will apply through June 30.Benzinga is covering every angle of how the coronavirus affects the financial...
(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 billion) of new loans to small- and medium-sized companies this year, up nearly 18% from 2019. “In face of the virus outbreak, we have not lowered our business targets,” Jin Xiaolong, the firm’s president, said in an interview.While the lending surge aligns with Chinese government efforts to revive the world’s second-largest...
Tesla Inc. (NASDAQ: TSLA) stock has risen enough in recent months to qualify CEO Elon Musk for the first lump sum payment under his stock compensation program, Bloomberg reported Tuesday.Tesla Meets Performance Goals The Palo Alto-based company's average trailing market capitalization over six months surpassed $100 billion at the day's close, according to the data compiled by Bloomberg. This was one of the provisions under a 2018 agreement made by the Tesla board of directors.The other conditions for the first of Musk's 12 stock option tranches to be unlocked included the electric vehicles maker hitting an average trailing market cap of $100 billion over 30 days; and grossing $20 billion in revenue and recording adjusted EBITDA of $1.5 billion in the preceding quarter.These performance goals have already been met, Bloomberg said. That means Musk is now eligible to unlock 1.69 million stock options at $350.02 per share. These are valued at...
