A.P. Moller – Maersk Q1 Profit Rises; Revenue Up 30% – Quick Facts
A.P. Moller – Maersk (AMKAF.PK,AMKBF.PK) reported first quarter A.P. Møller – Mærsk A/S’ share of net income of $2.7 billion compared to $197 million, previous year. EBITDA increased to $4.0 billion from $1.5 billion. Underlying profit increased to $2.7 billion from $197 million.
First quarter revenue increased by 30% to $12.4 billion from $9.6 billion, prior year. Revenue growth was driven by an increase in Ocean of 31%, while revenue increased in Logistics & Services by 42%.
The Board of Directors has decided to accelerate the remaining share buy-back programme to be completed within the next five months.
Roland Bouchara appointed CEO and MD for Stellantis in India
Stellantis India and Asia Pacific has announced key leadership appointments for operations in the region. Roland Bouchara has been appointed to the role of CEO and managing director for Stellantis in India, while Dr Partha Datta has assumed responsibility for engineering, design, R&D operations across the India and Asia Pacific region.
Bouchara, who had headed Citroen’s India operations as senior vice president of sales and marketing since 2017, will take full responsibility for the Jeep and Citroen brands, and for the Group’s manufacturing operations in the country.
Dr Partha Datta, president and managing director of FCA India since 2019, has worked in senior leadership positions across international industrial and commercial operations, governance, business development projects, engineering and vehicle integration over the past twenty years. During his tenure at FCA, Datta was also the director of technical centres in Chennai and Pune, as well as the head of product engineering in China.
German Consumer Confidence Set To Fall In May: GfK
Germany’s consumer confidence is set to weaken in May as rising cases of infections and the subsequent tightening of restrictions dampened income expectations as well as the economic outlook, survey results from the market research group GfK showed on Wednesday.
The forward-looking consumer sentiment index fell to -8.8 in May from revised -6.1 in April. The score was forecast to improve to -3.5.
“The third wave will ensure that the recovery of the domestic economy is still a long way off,” Rolf Bürkl, GfK consumer expert said. As in 2020, consumption will not be a pillar of the economy this year.
While the propensity to buy increased moderately, economic and income expectations logged significant losses in April.
The income expectations indicator dropped 13 points to 9.3 points in April. The tightening of the lockdown is likely to have reignited unemployment fears and also raised concerns about companies moving into bankruptcy.
In contrast to the income prospects, the propensity to buy has so far been resisting the third wave. The corresponding index advanced to 17.3 points from 12.3 a month ago. This was the third consecutive increase.
The economic expectations index fell to 7.3 points from 17.7 in the previous month. Despite rising exports, weak consumer spending is weighing on economic growth this year.
Virgin Money UK Turns To Pre-tax Profit In H1, Net Interest Income Down; Stock Down
Financial services company Virgin Money UK plc (VM.L) reported Wednesday that its first-half profit before tax was 72 million pounds, compared to last year’s loss of 7 million pounds.
Underlying profit before tax was 245 million pounds, compared to 120 million pounds a year ago. Underlying earnings per share were 12.6 pence, compared to prior year’s 5.7 pence.
Total underlying operating income declined 9 percent to 743 million pounds from 817 million pounds last year.
Underlying net interest income fell 4 percent from last year to 677 million pounds, and underlying non-interest income declined 43 percent to 66 million pounds.
Net interest margin was 1.56 percent, down 6 basis points from 1.62 percent a year ago.
Looking ahead, the company projects net interest margin to be around 160 basis points for fiscal 2021.
In London, Virgin Money shares were trading at 190.35 pence, down 5.16 percent.
First batch of 2021 Suzuki Hayabusa sees great demand
Suzuki recently launched the 2021 Hayabusa in India at ₹16.4 lakh (ex-showroom, Delhi). Just days after the launch, the first batch of 101 motorcycles allocated for India have been sold out. Bookings for the 2021 Hayabusa are now closed, though deliveries of the first batch should begin around mid-May, the COVID-19 situation allowing. It will take around two to three months to deliver all the units of the first batch, and we expect a similar waiting period before more motorcycles are assigned for the Indian market.
The new Hayabusa retains much of the visual identity, but it brings in a vastly improved electronics suite, tweaked suspension, better brakes and a two kilogram weight loss.
The superbike still uses the 1,340cc, four-cylinder engine, but it has been tweaked for 2021. The changes include lighter pistons, new connecting rods and fuel injectors. That said, both power and torque figures have gone down. It now makes 190hp as compared to the previous-gen’s 197hp, while the peak torque of 150Nm is also slightly lower than before.
Suzuki, however, claims that the torque delivery has been revised to be stronger and that this results in the ‘quickest Hayabusa ever’.
How One Graphic Novel Looks at Anti-Asian Hate
In “Cyclopedia Exotica,” the artist and writer Aminder Dhaliwal created a fictitious community facing xenophobia, fetishization and media misrepresentation. It’s resonating with her thousands of Instagram followers.
By Robert Ito