Norwegian cruise line may bypass Florida ports and other business news
Norwegian cruise line may bypass Florida due to ban on vaccine requirements
Miami-based Norwegian Cruise Line Holdings is threatening to skip Florida ports due to the governor’s order banning companies from requiring customers to be vaccinated against COVID-19.
The company says Governor Ron DeSantis’s order conflicts with guidelines from federal health authorities that would allow cruise ships to sail in U.S. waters if passengers and crew are vaccinated. Norwegian CEO Frank Del Rio says lawyers believe federal law is state law.
The CEO says if Norwegian can’t operate in Florida, it can go to other states or the Caribbean. The company owns Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.
Consumer borrowing increases again in March
Consumer borrowing in the United States rose $ 25.8 billion in March, the second consecutive significant monthly increase.
The figure released by the Federal Reserve on Friday is another indication that the US economic recovery is gaining momentum. March’s increase followed an even larger increase of $ 26.1 billion in February. The two increases were the biggest monthly gains since an increase of $ 26.8 billion in December 2019 before the pandemic hit.
The March loan advance reflects a $ 6.4 billion increase in the category that includes credit cards and a $ 19.4 billion increase in the category that covers auto loans and student loans.
BMW profits from sales in China
Auto sales are booming in China and BMW in Germany is taking advantage. The luxury carmarker doubled its sales there in the first quarter. This helped Munich-based BMW to achieve a net profit of 2.8 billion euros in the first three months of the year.
BMW’s net profit rose to 2.83 billion euros ($ 3.42 billion) from 574 million the previous year. Turnover increased by 15% to 26.78 billion euros. Profitability per vehicle, defined as operating profit on sales, reached 9.8%, a strong increase from 1.3% in the previous year quarter and within the long-term target range of l ‘business.
Auto markets are recovering from the worst of the pandemic recession. An exception was BMW’s domestic market in Germany, where sales were down. The company says it is using all that money to move forward with more electric and digitally connected cars.
German production, exports up sharply in March
Industrial production and exports rose sharply in Germany in March. This bodes well for the second quarter of Europe’s largest economy as it struggles to emerge from the coronavirus pandemic.
The Economy Ministry said on Friday that industrial production rose 2.5% in March from February after adjusting for seasonal and calendar factors. In another encouraging report, German exports rose 1.2% in March from February and 16.1% from March last year, according to seasonally and calendar-adjusted figures from the ‘Federal Statistics Bureau.
The German economy did better last year than many others in Europe, as it was supported by the manufacturing industry.
– Compiled by Dave Flessner