|Bid||0.00 x 18200|
|Ask||0.00 x 4300|
|Day's Range||59.06 - 61.84|
|52 Week Range||51.45 - 157.40|
|Beta (5Y Monthly)||1.28|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 07, 2020|
|Forward Dividend & Yield||4.00 (6.65%)|
|Ex-Dividend Date||May 04, 2020|
|1y Target Est||251.52|
(Bloomberg) -- Germany faces a deeper recession than during the financial crisis, as the coronavirus pandemic shuts down large parts of Europe’s biggest economy.The impact on 2020 growth from measures to contain the virus could be “as strong, or even stronger” than the 5% contraction caused by the sovereign-debt emergency in 2008 and 2009, Economy Minister Peter Altmaier said Thursday in Berlin. National output could shrink for some months in the first half by more than 8%, with the biggest slump likely in May, he added.“That means that after 10 years of good economic growth we will again experience a recession this year,” said Altmaier. “It’s the first since 2009, and we want it to be a temporary one and that it’s quickly put behind us and the economy emerges stronger.”In the face of the unprecedented challenges posed by the spread of the deadly disease, Chancellor Angela Merkel’s government was widely expected to slash its forecast from the pre-crisis prediction of 1.1% growth.Germany’s efforts to limit the fallout are advancing, as aid applications pour in and officials seek a path to restart all-important auto production. Altmaier also underscored the government’s commitment to revive growth once the outbreak subsides.Under a government program aimed to providing strapped businesses with financial liquidity, 2,500 companies have requested a total of 10.6 billion euros ($11.6 billion) in support, according to state development bank KfW.“In such a situation, in which companies are really experiencing a massive collapse in sales, there is certainly a measure of panic in the air,” said Guenther Braeunig, head of the bank. He expects a “significant increase” in applications in the next few weeks.Merkel’s government secured emergency spending powers to unleash a historic rescue package that totals more than 750 billion euros, including social benefits, loans and guarantees for businesses and funds to take stakes in stricken companies.As aid starts to flow, Merkel -- still in precautionary quarantine at home -- turned her attention to the country’s critical auto sector, speaking with executives and industry heavyweights late Wednesday on how and when to restart factories. The meeting comes amid growing concern that some cash-strapped suppliers may not survive the pandemic’s fallout.The country can ill afford a prolonged shutdown of its car industry, which employs more than 800,000 people and is a key indicator of industrial health in Europe’s largest economy. Volkswagen AG currently burns through 2 billion euros ($2.2 billion) per week as most of its sites sit idle.As VW, Daimler AG and BMW AG halt production, the disruptions have ripple effects on the hundreds of companies that make components from screws to seat cushions. Many of these firms are small, family-owned entities that lack deep financial resources, putting them particularly at risk.While Germany has set up a series of measures to aid companies, the concern is the support won’t reach many smaller, cash-strapped suppliers quickly enough to keep them afloat.These firms are critical for the finely-tuned supply chain and widespread bankruptcies would be a disaster, Continental AG’s Chief Executive Officer Elmar Degenhart told reporters on Wednesday, after the auto-parts giant abandoned its earnings outlook over the coronavirus.Despite the risks in the coming, Altmaier offered an optimistic outlook going forward, saying Germany could be in position for “decent growth” next year and that the government planned spending to get the economy back on track.“We all want to be able to get things going again after the health crisis has passed,” he said. “For that, we will need more than the aid package we have put together. We need a fitness program, a growth program, and we will work toward that together in the government.”(Updates with additional comments and context beginning in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
EU antitrust regulators are asking Daimler, Continental and other car parts suppliers for details of failed mediation talks with Nokia, raising hopes that enforcers may step in to resolve a patent licensing fee dispute. Daimler and Continental, along with Bury Technologies, Valeo and Thales-owned Gemalto, complained to the European Commission last year about the fees Nokia was demanding for patents related to car communications.
Rating Action: Moody's places ratings of 14 European Automotive parts suppliers under review for downgrade; downgrades six issuers. Global Credit Research- 26 Mar 2020. Frankfurt am Main, March 26, 2020-- ...
(MSFT) has reached 44 million daily active users for Teams, the collaborative communications service that is part of the Office 365 productivity suite, the company said Thursday. Teams is the primary rival for (WORK) (ticker: WORK), which announced 12 million users last October. Microsoft (MSFT) said that the user total has accelerated over the last week as more people work remotely amid the Covid-19 pandemic.
Moody's Investors Service, ("Moody's") has today downgraded the issuer rating of Continental AG (Continental, or the company) to Baa2 from Baa1. Concurrently, Moody's downgraded the senior unsecured ratings of Continental and their subsidiaries Conti-Gummi Finance BV and Continental Rubber of America, Corp. (CRoA).
European shares rose for a fourth straight session on Thursday, as the action taken this week by several major central banks to ease the impact of the coronavirus outbreak on growth fed through into financial markets. The outbreak shows little signs of peaking globally, with Italy closing all schools and California declaring a state of emergency, but investors are hopeful stimulus from governments and central banks will protect the global economy. Analysts firmly expect the European Central Bank to cut interest rates by 10 basis points next week, joining the U.S. Federal Reserve and its peers in Canada and Australia in reducing borrowing costs.
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Two months later, they learned that the tire factory where both work would be shut down early next year. A malaise in Germany's mighty automobile industry, caused by weaker demand from abroad, stricter emission rules and electrification, is starting to leave a wider mark on Europe's largest economy by pushing up unemployment, eroding job security and hitting pay. The German auto sector is expected to cut nearly a tenth of its 830,000 jobs in the next decade, according to the VDA industry association.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Continental AG and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The big shareholder groups in Continental Aktiengesellschaft (ETR:CON) have power over the company. Large companies...
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of IHO Verwaltungs GmbH and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Brembo's distinctive coloured brakes stop many of the world's fastest cars but when it comes to the electric vehicles of the future it faces a problem - traditional brakes are noisy. Brembo is developing lighter, electrical brake-by-wire mechanisms used in electric cars to replace traditional hydraulic brakes and faces a threat to its business from so-called regenerative braking systems that capture energy lost when cars slow down and pump it back into the battery. "Electric engines make no noise, so the braking system could eventually be annoying for the passengers," said Brembo's Executive Deputy Chairman Matteo Tiraboschi.
Is Continental Aktiengesellschaft (ETR:CON) a good dividend stock? How can we tell? Dividend paying companies with...