Hyundai Motor sales down 57% amid coronavirus pandemic
South Korea’s Hyundai Motor said on Wednesday its provisional April sales fell 57% on year to 159,079 vehicles globally, as the coronavirus pandemic and efforts to curb its spread sharply contracted auto demand and dealership traffic.
BMW cuts outlook, expects coronavirus impact to last all year
BMW AG on Wednesday said the impact of the coronavirus will likely hurt demand and profit throughout the year, forcing the German automaker to lower its profit outlook for passenger cars following a slowdown in first-quarter deliveries.
Amber Capital: no plans to sell Lagardere stake and it may even raise it
The founder of activist investment company Amber Capital, which lost out this week in a bid to shake up the governance at French group Lagardere , said on Wednesday he had no plans to exit his stake in Lagardere and added that he could even raise it.
Asian shares gain on ‘risk-friendly’ yuan fixing, oil falters
Asian shares extended gains on Wednesday, as investors saw China’s yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
Samsung heir Lee apologises over succession, labour controversy
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Yum China keeps bets on dine-in, sticks to expansion plans after virus
Yum China is betting that Chinese consumers will still choose to dine-in in the aftermath of the coronavirus crisis and plans to open more Pizza Hut and KFC outlets in China’s smaller cities in the coming months, its chief executive said.
Metro Bank posts rising deposits, lower first quarter lending
Britain’s Metro Bank reported a modest dip in lending in the first quarter and a 77 million pounds rise in total deposits to 14.6 billion pounds ($18.15 billion) as customers shrugged off lower fixed term deposit rates.
Virgin Money profits erased by coronavirus provision
Virgin Money swung to a first-half loss after setting aside 232 million pounds ($288 million) to handle loans likely to turn sour as a result of the coronavirus crisis.
BMW reports first-quarter profit rise as coronavirus saps demand
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.
GM investors want to know how much more coronavirus pain remains
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 r…
