GM to Invest $3.5bn More in Cruise as SoftBank Exits Bet
SoftBank has sold its stake in Cruise, a self-driving car subsidiary of American auto major General Motors (GM). Since 2018 SoftBank had invested $1.2bn in Cruise, and GM would now pay $2.1bn to buy SoftBank Vision Fund’s stake and infuse another $1.35bn in the...
Aramco’s 2021 Profits More than Double to $110bn
Saudi Aramco reported a more than doubling of its annual 2021 profits to $110bn (up 124% YoY) on the back of higher crude oil prices, better refining and chemicals margins, and consolidation of its chemicals business. Aramco reported free cash flows of $107.5bn vs....
Aeromexico Exits Bankruptcy; Plans to Spend $5bn in 5 Years
Mexico´s airline Aerovías de México, S.A. de C.V (Aeromexico) has exited bankruptcy protection. It plans to spend $5bn by 2027 for fleet modernization and other upgrades. During the pandemic, Aeromexico filed for bankruptcy and in November 2021 got the proposal to...
Unifin Downgraded to B+ by S&P
Unifin Financiera S.A.B. de C.V.’s (Unifin) was downgraded to B+ from BB- by S&P on the back of “adverse financial and operating conditions” as investors’ confidence has fallen. Unifin’s perps were downgraded to CCC+ from B-. Given...
