Commerzbank Upbeat on Outlook After Surprise First-Quarter Profit

Commerzbank lifted its revenue outlook for the year after posting an unexpected profit of EUR133 million for the first quarter, supported by a strong top line and lower provisions.

 
Hapag-Lloyd Sees Strong Start to Year On Higher Demand, Rates

Hapag-Lloyd said its first quarter profits and revenues surged thanks to high demand and freight rates and confirmed the positive earnings trend is likely to continue over the next three months, with a gradual normalization in the second half of the year.

 
Bayer Backs Outlook Despite Weaker First Quarter

Bayer's first-quarter core earnings fell slightly to EUR4.1 billion, on weaker sales, but the company maintained its key forecasts for the year.

 
Allianz Maintains Target After Sharp Profit Rise

Allianz posted a rise in first quarter net profit to EUR2.6 billion, helped by a rebound in its property and casualty division and life-health business and confirmed its 2021 operating profit target.

 
Boeing Says 737 MAX Supplier Tect Driven to Bankruptcy by Owners

Boeing said that in return for providing roughly $60 million in bankruptcy financing, it deserves a stake in possible commercial tort claims against Tect's directors and officers for potentially breaching their fiduciary duties to the company, which filed for chapter 11 protection last month.

 
Occidental Petroleum Climbing Out of Its Anadarko Hole

Occidental's first-quarter results show long-term investors hope for returns-even if that is sometime in the distant future.

 
Michigan Threatens Enbridge's Profits in Great Lakes Pipeline Dispute

Gov. Gretchen Whitmer and Daniel Eichinger, director of Michigan's natural resources department, remind the company in a letter that the state revoked a permit that allowed the Line 5 pipeline to run along the bottom of the Straits of Mackinac.

 
Mortgage Lender Better to Go Public in SPAC Deal

The digital startup would merge with Aurora Acquisition and raise nearly $800 million in new capital.

 
Toyota Motor's Quarterly Net Profit More Than Doubled

Toyota Motor Corp. said Wednesday that its fourth-quarter net profit more than doubled from a year earlier, as it continues its strong recovery from the Covid-19 pandemic.

 
Greensill Capital Is Target of U.K. Government Probe

The U.K.'s top financial regulator said it is investigating the failed financial firm, citing allegations of what it called "potentially criminal" matters. The company's founder, Lex Greensill, is due to give testimony in the U.K. Parliament on Tuesday.

(END) Dow Jones Newswires

May 12, 2021 03:15 ET (07:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.