5th May 2021

GM Reports Large Q1 Profit While Rivals Lose Big

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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Logistics] One of the world's largest logistics firms, DHL, has increased its earnings guidance for the third time in a row. Due to easing restrictions worldwide and a boom in e-commerce spending, the company now expects its earnings before interest and tax to exceed €6.7 ($8.04) billion in 2021 and €7 ($8.4) billion in 2023. DHL's EBIT for the first three months of 2021 stood at €1.9 ($2.28) billion. 

Over60: FT

[Economy - U.S.] Treasury Secretary Janet Yellen conceded Tuesday that interest rates might have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on in part by trillions of dollars in government stimulus spending. This is in contrast to Jerome Powell, the Chair of the Federal Reserve, who has vowed to keep Fed benchmarks for short-term interest rate near zero until the economy reaches maximum employment and annual inflation tops the Fed's 2% target.

Over60: CNBC

[Earnings] General Motors Co. said it expects to hit the high range of its 2021 profit forecast despite the vexing computer-chip shortage, as strong pricing and brisk new-vehicle demand offset supply woes. GM reiterated its guidance today while reporting first-quarter net profit rose to $3.02 billion, compared with about $300 million a year earlier. 

Over60: WSJ, CNBC

[Banking] Firms including Credit Suisse Group AG, Morgan Stanley and UBS Group AG are reviewing their businesses that offer financing to hedge funds and family offices for potential vulnerabilities to safeguard against another Archegos-style event. Archegos is the New York family office of the one-time hedge-fund manager Bill Hwang.

Over60: WSJ

[Crypto] Bitso, a regulated crypto exchange in Latin America, announced today that it had raised $250 million in a Series C round of funding that values the company at $2.2 billion. Tiger Global and Coatue co-led the round, including Paradigm, BOND & Valor Capital Group and existing backers QED, Pantera Capital and Kaszek.

Over60: TechCrunch

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