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Business from the Wall Street Journal
- Carmaker plans to show off its automated vehicle this summer, but tech and regulatory hurdles remain before it can become reality.
- The fitness-equipment maker has warned of cash-flow issues and continued losses amid a decline in paying subscribers and a recall.
- Shell’s first-quarter adjusted earnings fell by less than expected, and the oil major kicked off a share buyback as it hurried to close the valuation gap to its U.S. rivals.
- ING shares rose after the Dutch lender said it plans to buy back up to €2.5 billion of shares and reported a first-quarter profit driven by income from fees and interest rates.
- Novo Nordisk raised its full-year guidance to reflect better pricing in the U.S. and as global demand for its hit weight-loss and diabetes drugs continues to outstrip supply.
- BYD, the world’s largest electric-vehicle maker, paid a price for aggressively cutting prices on its cars, grinding revenue growth to a four-year low in the first quarter. But the bigger story is in its margins.
- The government has referred 860,000 delinquent Covid loans for collection—tacking on billions of dollars in fees for small-business borrowers.
- The deal comes after the companies failed to reach an agreement, prompting Universal to pull all of its artists’ songs off TikTok at the beginning of February.
- Maersk raised the lower end of its full-year guidance despite expecting the overcapacity challenges that have plagued the industry to continue, potentially for the rest of the year.
- Hugo Boss reported profit and revenue growth in the first quarter, helped by brand investment and efficiency gains, and confirmed its full-year targets.
- Pandora raised its revenue guidance after reporting a market-beating result for the first quarter, and said the second quarter had got off to a healthy start with high single-digit like-for-like growth.
- ArcelorMittal reported better-than-expected earnings for the first quarter after volumes and prices improved, but cautioned that economic sentiment remained subdued with no signs customers were restocking on inventories.
- The Chinese electric-vehicle maker’s shares are on track for their largest one-day gain in more than two years.
- The chair of Rio Tinto declined to comment on whether the world’s second-largest miner by market value is weighing a bid for Anglo American, the target of a recent $39 billion bid by BHP Group.
Market News from Wall Street Journal
- The check from Chubb would be the first large payout in what will likely be a yearslong wrangle over who bears the $1 billion-plus estimated cost of the bridge’s collapse.
- Cost cuts and bet on physical stores should pay off.
- Hedge fund Elliott has built a position in Sumitomo, joining Berkshire Hathaway. The trading firm’s shares are up 10% this week.
- Among other things, you can now roll over unused funds to Roth IRAs. But conditions apply.
- The allegations come as Exxon Mobil struck an agreement with antitrust enforcers not to add the former Pioneer CEO to its board, allowing Exxon to close a deal to acquire Pioneer.
- Inflation and deficits are lifting yields and jarring the stock market.
- Embraer’s potential venture into 737-sized commercial planes highlights how even companies in a global duopoly must innovate to survive. It is a useful lesson for investors in most industries.
- Berkshire is poised to hit a $1 trillion valuation as investors gather this weekend for its annual shareholder meeting
- UniSuper, one of Australia’s largest pension funds, said it expects bond yields to keep increasing as inflation lingers.
- The London-based bank posted a rise in first-quarter net profit due to higher trading income despite lower earnings from lending.
- We thought a lot about what we would do once we quit or jobs, and that has made all the difference. But we didn’t anticipate everything.
- Singapore’s biggest bank by assets said its first-quarter net profit rose on higher fee and commission income, and expects to deliver strong shareholder returns this year
- Australia’s second-largest lender by market capitalization reported a 12% decline in half-year net profit and announced it will increase its share buyback by $980 million.
- Treasury yields inched down but are still up sharply for the year.