BASF cuts investment plans as crisis consumes car industry

FRANKFURT (Reuters) - BASF scaled back its investment budget on Thursday and said it could not rule out a second quarter operating loss as the coronavirus crisis hit automakers, who are the chemicals giant's largest customers.Profits in the chemicals industry react strongly to a downturn because of its exposure to cyclical sectors such as carmakers, while massive overheads prevent swift cost cutting.The transportation and automotive sector was most heavily affected by weak demand, production..