Sunday, 9 May 2021

Battered Luckin Coffee gets $240 million investment

CureVac Posts Wider Loss In Q4

CureVac N.V. (CVAC) reported loss before taxes of 57.3 million euros for three months ended December 31, 2020, compared to a loss of 35.9 million euros, prior year. Operating loss was 46.6 million euros, compared to a loss of 35.1 million euros. The company said the increase in fourth quarter operating loss was mainly driven by higher research and development costs, primarily due to high costs for CVnCoV R&D activities, including research material manufacturing expenses.

Fourth quarter revenue was 6.0 million euros, a decline of 11.8% from 6.8 million euros, last year.

CureVac currently expects completing data submission in time to file for conditional approval of CVnCoV, the company’s COVID-19 vaccine candidate, in second quarter, 2021. The company initiated a rolling submission with the European Medicines Agency on February 12, 2021.

Shares of CureVac were up 5% in pre-market trade on Thursday.

Shake Shack CEO has revealed its plans for rapid expansion in Asia

  • New York chain Shake Shack is ramping up expansion in Asia, according to its CEO. 
  • CEO Randy Garutti told CNBC that Asia will become one of its most important markets.
  • It has over 45 restaurants in Asia with more locations in China and Singapore opening imminently. 
  • See more stories on Insider’s business page.

New York chain Shake Shack has its sights set on expansion in Asia. 

The CEO of the restaurant chain said in an interview with CNBC on Thursday that the company has “big plans” for Asia and believes that by 2025 it will become one of its most important positions.

“Our business has been incredibly resilient in Asia,” CEO Randy Garutti told CNBC on Thursday morning. 

Shake Shack has more than 45 locations in China, Japan, South Korea, Singapore, and the Philippines; it plans to open several locations in South China and Singapore in the next few months. 

Garutti said the company works with local partners to launch in each new area: “We say one shake at a time, one burger at a time, one community at a time,” he said, adding that once the company has success with one location, there is opportunity to grow their presence there.

Garutti also insisted the dining-in experience would continue to be a strong part of its offering, despite testing new delivery options during the pandemic. “We have learned that people are craving to be together with friends,” he said.

Citigroup Inc. Q1 Profit Advances

Citigroup Inc. (C) announced earnings for its first quarter that increased from the same period last year.

The company’s bottom line came in at $7.94 billion, or $3.62 per share. This compares with $2.54 billion, or $1.06 per share, in last year’s first quarter.

Analysts had expected the company to earn $2.60 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 6.8% to $19.33 billion from $20.73 billion last year.

Citigroup Inc. earnings at a glance:

-Earnings (Q1): $7.94 Bln. vs. $2.54 Bln. last year.
-EPS (Q1): $3.62 vs. $1.06 last year.
-Analysts Estimate: $2.60
-Revenue (Q1): $19.33 Bln vs. $20.73 Bln last year.

‘We’re not ready to play’: Canucks veteran says rushing back after COVID-19 outbreak is ‘dangerous’

J.T. Miller was one of the few Vancouver Canucks to avoid being placed on the COVID-19 protocol list after a variant of the virus infected 25 members of the organization in late March. Seven players remain on the NHL's COVID-19 protocol list. 

On Friday, Vancouver is expected to return to the ice against the Edmonton Oilers to start a 19-game stretch over 31 days.

"I don't really feel ready at all, to be totally honest," Miller told reporters Wednesday.   

"It's dangerous to a lot of our players," he added. 

For all of the talk about prioritizing the health of players and their families, Miller said it's frustrating to see the NHL schedule the rest of the season in such a short time period.

"Brutally honest, we're going to need more time to come back from this to play hockey. Even for the guys who didn't get (the coronavirus), we're not ready to play."

Spending at US retailers rockets 9.8% higher as stimulus supercharges reopening

  • US retail sales surged 9.8% in March to a record $619.1 billion, the Census Bureau said Thursday.
  • The leap nearly doubles the median economist estimate of a 5.8% gain from a Bloomberg survey.
  • See more stories on Insider’s business page.

Warmer weather, reopening, and stimulus support converged in March to drive the strongest month of retail spending the US has ever seen.

Retail sales increased 9.8% last month to a record $619.1 billion, according to Census Bureau data published Thursday. The leap nearly doubles the median economist estimate of a 5.8% gain from economists surveyed by Bloomberg. February’s decline was revised higher to a 2.7% contraction.

The March reading sits 27.7% higher than that seen exactly one year ago. Sales dipped in March 2020 and hit their pandemic-era floor in April as initial lockdowns and fears of COVID-19 kept Americans from spending at physical stores.

This story is breaking, check back soon for updates.

Battered Luckin Coffee gets $240 million investment

April 15 (Reuters) – China’s Luckin Coffee Inc said on Thursday it had reached a deal with investors to receive $240 million, as the coffee chain tries to recover from an accounting fraud last year that derailed its business.

Chinese private equity firm Centurium Capital will lead the investment in exchange for preferred shares, while Joy Capital will also participate, Luckin said.

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