Sunday, 9 May 2021

Walmart invests in GM's Cruise autonomous vehicle subsidiary

Key Moments on Day 14 of the Derek Chauvin Trial

Mr. Chauvin, the former police officer accused of killing George Floyd, invoked his Fifth Amendment right not to testify in his own defense.

By Shaila Dewan, Tim Arango, Marie Fazio and Lucy Tompkins

Pub owner jailed over death of boy, 7, electrocuted by lights in beer garden

Delta Air Lines Posts Adj. Pre-tax Loss In Q1

Delta Air Lines (DAL,DALRQ.PK) reported an adjusted pre-tax loss of $2.9 billion for the March quarter 2021 compared to profit of $831 million for March quarter 2019. Loss per share was $3.55 compared to $0.96. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $3.13, for the quarter. Analysts’ estimates typically exclude special items. March quarter GAAP net loss was $1.18 billion or $1.85 per share.

March quarter adjusted operating revenue was $3.61 billion, down 65 percent on 55 percent lower sellable capacity from March quarter 2019. Analysts expected revenue of $3.91 billion, for the quarter.

At the end of the March quarter, the company had $16.6 billion in liquidity. The company had total debt and finance lease obligations of $29.0 billion with adjusted net debt of $19.1 billion.

For the June Quarter, the company expects total revenue decline of 50% – 55% from June quarter 2019. Adjusted net debt is projected in a range of $19.0 – $19.5 billion.

Glen Hauenstein, Delta’s president, stated: “In the June quarter, we expect significant sequential improvement in revenue as leisure demand accelerates into the peak summer period and we add capacity efficiently with the removal of our seat block May 1 with revenues recovering to 45 to 50 percent of 2019.”

European Economics Preview: Germany Final Consumer Price Data Due

Final consumer prices from Germany and France are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases Germany’s final CPI and HICP data for March. According to preliminary estimate, consumer price inflation advanced to 1.7 percent from 1.3 percent in February.

At 2.45 am ET, France final consumer price data is due. The statistical office is expected to confirm a 1.1 percent annual rise in consumer prices in March.

At 4.00 am ET, Italy’s Istat releases CPI and HICP figures for March. Economists expect the Istat to confirm that consumer prices rose 0.8 percent and harmonized prices climbed 0.6 percent.

Half an hour later, the Bank of England is slated to issue Credit Conditions survey data.

At 7.00 am ET, Turkey’s central bank announces the outcome of its monetary policy meeting. The bank is expected to hold its one-week repo rate at 19.00 percent.

Where's my tax refund? Here's the quickest way to get IRS return

If you’re owed a refund, file your taxes ASAP: CPA

CPA Daniel Geltrude explains when you should file right away and when you should take advantage of the later May 17 deadline.

CPA Daniel Geltrude joined FOX Business' "Mornings with Maria" Wednesday to explain what you need to do to get your tax refund as quickly as possible amid the IRS extending the 2020 federal tax filing deadline to May 17.

THESE AMERICANS STILL NEED TO FILE TAXES BY APRIL 15 DEADLINE

Daniel Geltrude: The biggest question, Maria, that people have been asking me, "Do I file on April 15th or do I wait until May 17th? Isn't it great I get this extra time?" Well, it depends. So if you are due a refund, you want to file your tax return as quickly as possible. So if you haven't filed yet, file today. However, if you're going to owe with your tax return, then you want to hold off and take that extra time because they're giving you a month, take advantage of that.  

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The other big question is, people are saying, "Well, where's my refund?" Well, the best advice here is to make sure that you file your tax return electronically and with that refund, make sure it's going by direct deposit. The IRS is short on resources. You want to help them streamline the process to get your money as quickly as possible.

CLICK HERE TO WATCH THE FULL INTERVIEW

Walmart invests in GM's Cruise autonomous vehicle subsidiary

DETROIT — Walmart and some institutional investors have joined the latest investment in Cruise, bumping the capital influx into the General Motors autonomous vehicle subsidiary from over $2 billion to $2.75 billion.

Walmart and Cruise announced a partnership last fall to launch a self-driving delivery test in Phoenix.

“The investment will aid our work towards developing a last mile delivery ecosystem that’s fast, low-cost and scalable,” Walmart CEO John Furner said in a statement.

Honda and Microsoft are among other investors with a a stake in Cruise. Furner said Cruise’s fleet of all-electric vehicles will help Walmart reach a goal of zero emissions by 2040.

San Francisco-based Cruise said the investment brings its valuation to over $30 billion. Some investment analysts have encouraged GM to spin off the majority-owned subsidiary as a separate public company.

Cruise is testing autonomous vehicles in San Francisco without human backup drivers. The company plans to run a fully self-driving ride-hailing service but hasn’t said when it will begin.

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