BMW (BMWG.DE) remains on course to meet its profit targets for 2021 despite rising raw material costs, though the global chip shortage will worsen and may hit production in the second quarter, the German carmaker said on Friday.
BMW confirms its 2021 targets despite worsening chip shortages
By Nick Carey
Reuters
LONDON (Reuters) -BMW remains on course to meet its profit targets for 2021 despite rising raw material costs, though the global chip shortage will worsen and may hit production in the second quarter, the German carmaker said on Friday.
Most of the auto industry has been hit by a global semiconductor chip shortage, forcing many assembly plants to shut, driving down inventories and pushing up prices for both new and used vehicles. We cannot assume that we will emerge from the second quarter unscathed, Chief Executive Officer Oliver Zipse said.
Mubadala announces a total comprehensive income of Dhs72 billion
06 May 2021 Picture used for illustrative purpose.
Mubadala Investment Company on Thursday released its 2020 financial results for the Group. In 2020, Mubadala achieved a Total Comprehensive Income attributable to the owner of Dhs72 billion for the year, compared to Dhs53 billion in 2019. It is the largest TCI in Mubadala’s history, driven by significant growth in Mubadala’s public equities portfolio and funds, as well as the company’s assets across various sectors.
The performance was also attributable to Mubadala’s multi-year strategy to increase investments in sectors with growth ‘tailwinds,’ such as technology, life sciences, and consumer goods, through direct investments and partnerships with leading fund managers. Major investments in 2020 reinforced that strategy, including long-term agreements with Silver Lake in technology; in life sciences with PCI Pharma in the US; and
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Mubadala Investment Company, Abu Dhabi’s strategic investment arm, said its comprehensive income last year soared 36 per cent, driven by equity and fund investments as well as growth of assets across various sectors.
Comprehensive income jumped to a record Dh72 billion ($19.6bn) in 2020 from Dh53bn a year earlier, the company s largest profit in its history, Mubadala said in its annual review released on Thursday.
“We navigated our portfolio through the dramatic macroeconomic decline of early 2020 and decided to accelerate the pace of our capital deployment, ending the year with record profit and growth, Khaldoon Al Mubarak, Mubadala’s group chief executive and managing director, said.
TAQA in talks to buy power plants in Abu Dhabi, plans green bonds, says CFO Reuters 3 hrs ago
DUBAI, May 5 (Reuters) - Abu Dhabi National Energy Company (TAQA) is in talks to buy power plants in the United Arab Emirates and could issue debut green bonds in 2022 as it seeks to expand renewables generation, the finance chief said.
Abu Dhabi-listed TAQA is looking at ways to expand after a state-driven transaction last year boosted its balance sheet and increased total assets to more than $50 billion.
Chief Financial Officer Steve Ridlington told Reuters the company was in early talks to buy power plants in Abu Dhabi, the largest and wealthiest of seven emirates making up the UAE.