Honda facing quality crisis as profits dip
According to some insider information, Honda is facing a financial crisis as the company has recently had to undergo some costly recalls. Honda CEO Takahiro Hachigo has said that the company will need to plot a new course and is reportedly making changes to the company's decision-making process. Some senior management roles have also been cut.
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Tesla beats Toyota to become the world’s most valuable automaker
American electric automaker Tesla became the world’s most valuable automaker on Wednesday when the electric vehicle company’s market capitalization surpassed Toyota’s for the first time. Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion
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Bill Ackman made a $2.6 billion profit on a single trade during coronavirus pandemic
CEO of Pershing Square Capital Management, Bill Ackman completed his ‘single best trade of all-time’ that turned his $27 million modest bearish bet into a $2.6 billion winner. He predicted a severe impact of coronavirus on financial markets in February and decided to put a $27 million bearish bet back then. Ackman closed his position right at the bottom of the stock market with a whopping $2.6 billion in profit
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Detroit Auto Show canceled
Detroit Auto Show canceled
As originally reported by The Detroit Free Press, the annual auto expo has been nixed because the Federal Emergency Management Administration (FEMA) has designated its host venue, the TCF Center, as a coronavirus field hospital site. The Detroit Auto Show is just the latest in a long string of car-related races and gatherings that have been canceled or postponed due to fallout from the coronavirus crisis.
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Aramco to miss profit targets for its first year as a publicly listed company
Amid the global economic fallout from the coronavirus pandemic, Saudi state-owned oil company Aramco, currently the most valuable company in the world, has announced that it will miss its first profit targets as a publicly listed company. CEO Amin Nasser also stated that the company will restrict its capital spending in 2020 due to Saudi Arabia's ongoing oil price war with Russia.
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