From Breakingviews: Singapore taps its sovereign wealth fund’s reserves, and cost cuts prop up Peugeot’s profit margin. Catch up with the latest financial insights
The logo of French car manufacturer Peugeot is seen on a car at a dealership of the company in Selestat, France, January 14, 2019.RAINY-DAY FUNDS. Singapore has dug deep. The government has turned to its sovereign wealth fund GIC’s reserves for an extraordinary $38 billion drawdown. That will help finance more than half of the economic support announced so far this year.
FULL SPEED AHEAD. Peugeot Chief Executive Carlos Tavares is showing automakers a way out of their post-coronavirus funk. Shares in the $16 billion company rose by 4% on Tuesday after its car business generated 731 million euros operating profit in the first half despite a 35% annual drop in revenue, comfortably beating analysts’ forecasts. Vigorous cost-cutting kept Peugeot’s core operating profit margin positive at 3.7%.
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