Hints and tips:
...For context, VW paid out more than $30bn over the dieselgate emissions cheating scandal....
...In the US, Hyundai was discounting the Ioniq 5 by $9,400, while Ford cut $6,700 from the price of a Mustang Mach-E, whose buyers separately qualify for a partial EV tax credit....
...“Electrification will actually be acting as an accelerator of the [leasing] trend,” says Annie Pin, chief commercial officer of leasing company ALD....
...In 2018, banks and mutual funds throttled credit lines to shadow banks after the collapse of Infrastructure Leasing & Financial Services....
...Many of these “captive finance” companies that are owned by the carmaker, such as VW Financial Service or Ford Credit, are also large profit drivers for their parent companies....
...Hargreaves has already extended financial support to the company by buying and leasing back its head office for £25mn....
...Stellantis, which has almost 700,000 vehicles in its leasing fleet, trails VW as well as ALD, LeasePlan and Arval, which is backed by BNP Paribas....
...Apollo’s huge bet on credit investing also comes as the Fed is set to aggressively raise interest rates to fight inflation....
...Ford Credit, which provides financing for the American company’s customers and dealers, posted $3.7bn in earnings before taxes in the same period, which included a record-breaking second quarter....
...It hasn’t been an easy feat in America’s profoundly unequal credit system, Bloomberg writes....
...IAG boasts more than £9bn in cash and credit lines....
...Huarong’s overseas investments helped Chinese companies access credit beyond the mainland....
...Greensill has about $5bn of exposure to GFG Alliance, the group of companies run by metals magnate Sanjeev Gupta which has defaulted on its obligations It has “no conceivable way” of repaying a $140m loan to Credit...
...The hedge fund was eventually charged over a $1bn fraud and seven top executives were indicted criminally, a moment the 37-year-old credits with changing the trajectory of his career....
...Germany’s Daimler and VW have both posted record earnings for the final quarter of 2020, on the back of a faster-than-expected recovery in China....
...Last year, Beijing suspended licences held by Dagong Global Credit Rating, one of China’s biggest agencies....
...Soaring used-car prices have also driven profits at VW’s financing arm to a record high. Joe Miller 8....
...Dann Liebermann, a music producer, chose PCP for her family’s VW Passat....
...Deliveroo has gone a step further, leasing and fitting out so-called “dark kitchens” to increase supply and variety....
...The company blamed the loss on a decline in vehicle and components sales as well as reserves it had set aside for its finance and leasing arm, which analysts said would be hit hard if the outbreak led to...
...Toyota also disclosed that it had tapped a ¥1.25tn credit line to bolster its already cash-heavy balance sheet....
...The credit spree has already triggered high-profile interventions in the shadow banking sector. The government took control of shadow lender Infrastructure Leasing & Financial Services (IL&FS) in 2018....
...The firm said that “even under the worst case downside scenario” it believed it would comply with its banking covenants, including a £111m credit facility that runs to the end of 2023....
...The FT reported in October that Citigroup, Credit Suisse and Bank of America were among the banks working to take Ucommune public....
...moving jobs or you know someone who is, let us know about it at quote@ft.com Beyond the Square Mile While many big banks have earned millions of dollars in fees from WeWork, none is as entwined with the leasing...
International Edition