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Aston Martin: F1 billionaire owner leads rescue deal
A consortium led by billionaire Lawrence Stroll will put in ÂŁ182m, with the rest of the money coming from existing investors.
Mr Stroll partly owns the Racing Point Formula 1 team, which will be branded Aston Martin from 2021 under the deal. The move comes hours after a board meeting held to discuss how to prop up the ailing firm.
Aston Martin's best known customer is fictional spy James Bond and the company recently revealed that four of its cars will feature in the next Bond movie, No Time To Die. The carmaker said its latest financial moves were aimed at strengthening its balance sheet after its "disappointing performance" in 2019.
Mr Stroll's consortium will take a 20% stake in the company and he will become its executive chairman. As a result, Penny Hughes will be stepping down as Aston Martin's chairman once the deal is completed. It's all very well to build James Bond's company cars, but Aston Martin can't rely on a flashy brand alone.
Many of its troubles can be traced to the decision to build a new factory at St Athan in South Wales, where it will produce its long-anticipated sports utility vehicle, the DBX.
An ambitious move, it could have big long-term benefits for the carmaker.
But in the short term, it has been struggling to generate enough cash to pay its bills, including the costs of setting up the factory.
Dealers have been reducing stock rather than ordering new cars, while average selling prices have been falling, weighing on profits.
Last year, the company was forced to borrow ÂŁ120m at a steep interest rate in order to prop up its operations. It had been facing the prospect of borrowing even more.
The new funding from Lawrence Stroll will give Aston Martin some much-needed stability. It now has breathing space in which to get the DBX into production, and implement a cost-cutting programme.
Meanwhile the Canadian billionaire will be able to put an Aston Martin badge on his F1 cars - opening up new opportunities both to burnish the brand and to exploit its petrol-scented cachet.
https://www.bbc.com/news/business-51323241
chek't
4K-8888 Gov't of Azerbaijan Airbus ACJ319 south east
the guy at the end pushing all the media out of the way.
Pilots, flight attendants demand flights to China stop as virus fear mounts worldwide
Pilots and flight attendants are demanding airlines stop flights to China as health officials declare a global emergency over the rapidly spreading coronavirus, with American Airlines’ pilots filing a lawsuit seeking an immediate halt.
China has reported nearly 10,000 cases and 213 deaths, but the virus has spread to 18 countries, mostly, presumably, by airline passengers.
The United States has advised its citizens not to travel to China, raising its warning to the same level as those for Iraq and Afghanistan.
U.S. airlines, which have been reducing flights to China this week, were reassessing flying plans as a result, according to people familiar with the matter.
It is possible the White House could opt to take further action to bar flights to China in coming days, but officials stressed that no decision has been made.
The Allied Pilots Association (APA), which represents American Airlines pilots, cited “serious, and in many ways still unknown, health threats posed by the coronavirus” in a lawsuit filed in Texas, where the airline is based.
American said it was taking precautions against the virus but had no immediate comment on the lawsuit. On Wednesday, it announced flight cancellations from Los Angeles to Beijing and Shanghai, but is continuing flights from Dallas.
https://www.reuters.com/article/us-china-health-airlines/pilots-flight-attendants-demand-flights-to-china-stop-as-virus-fear-mounts-worldwide-idUSKBN1ZT33W
have for many years. especially on tuesday's when the fake COT #'s are pinned. my local coin dealer hated seeing me arrive just after they opened at 10:30am pst.