14 July

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European shares cut losses after Powell stays dovish By Reuters

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By Sruthi Shankar and Susan Mathew (Reuters) - European shares recovered most of their day's losses to remain near record highs on Wednesday after a dovish tone from the U.S. Federal Reserve calmed fears brought about by rising inflation in the United States. Fed Chairman Jerome Powell on Tuesday said U.S. monetary policy will offer "powerful support" to the economy "until the recovery is complete", reiterating that the rise in inflation was transitory. Data on Tuesday showing that U.S. inflation ran hotter than expected in June had investors fearing that a policy tightening could come sooner...

14 July

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British retailer John Lewis Partnership to cut another 1,000 jobs By Reuters

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LONDON (Reuters) - British retailer the John Lewis Partnership said on Wednesday it planned to cut another 1,000 store jobs as it strives to meet a cost reduction target. The employee-owned group, which runs John Lewis department stores and the upmarket Waitrose supermarket chain, said a plan to simplify management structures would result in the roles being made redundant. It said that as it has 34 John Lewis stores and 331 Waitrose shops the cuts would amount to about 2.7 management roles per store. The group said it would try to find new roles for affected...

14 July

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Nike loses fight against EU probe into Dutch tax deal By Reuters

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By Foo Yun Chee BRUSSELS (Reuters) -U.S. sportswear maker Nike (NYSE:NKE) on Wednesday lost its fight to stop a probe into its Dutch tax affairs, as Europe's second-highest court backed an EU investigation opened two years ago. The EU case was part of a crackdown on multinationals' sweetheart tax deals with EU countries that Brussels says gives them an unfair advantage, among them Apple (NASDAQ:AAPL)'s Irish tax arrangements, and Fiat Chrysler and Amazon (NASDAQ:AMZN)'s Luxembourg deals. The Luxembourg-based General Court dismissed Nike's challenge against the EU investigation. "The (European) Commission complied with the procedural...

14 July

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Volkswagen to appeal Dutch court order for Dieselgate compensation By Reuters

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AMSTERDAM (Reuters) -German carmaker Volkswagen (DE:VOWG_p) Group said on Wednesday it would appeal a Dutch court order to compensate owners of cars equipped with software meant to rig diesel engine emissions tests. The district court in Amsterdam said 3,000 euros ($3,538) of compensation was warranted for each buyer of a new Volkswagen, Audi, Seat and Skoda that had the software installed, while owners of a second-hand car should get 1,500 euros. Volkswagen said it did not agree with the verdict, the latest in a string of payouts and fines for the carmaker since it admitted...

14 July

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UK inflation tests BoE as it jumps to highest since 2018 By Reuters

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By David Milliken and William Schomberg LONDON (Reuters) - British inflation surged further above the Bank of England's target in June to strike 2.5%, its highest since August 2018, placing a new focus on the BoE's plan to keep its huge stimulus programme in place. Prices for food, fuel, second-hand cars, clothing and footwear rose as the economy bounced back from its lockdown slump, the Office for National Statistics https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/june2021 said. The jump exceeded all forecasts from economists polled by Reuters, who had mostly seen CPI edging up to 2.2% from May's 2.1%, and...

14 July

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After EU tax win, Yellen will try to sell U.S. Republicans on global tax deal By Reuters

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By David Lawder WASHINGTON (Reuters) - Janet Yellen's first visit to continental Europe as Treasury Secretary helped solidify G20 political support for a global corporate tax deal and gave European Union officials an excuse to delay a problematic digital tax proposal. Returning from Brussels, where Yellen met EU officials on Monday and Tuesday following a G20 meeting in Italy over the weekend, Yellen faces a battle in the U.S. Congress over the Biden administration's tax-hike plans that include the 15%-plus global corporate minimum levy agreed by 132 countries.In an interview with Reuters, Yellen said she plans...

14 July

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UK regulator won’t oppose Provident’s doorstep lending payouts in court By Reuters

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(Reuters) - Britain's financial watchdog said it will not formally oppose Provident's 50 million pound ($69.22 million) compensation plan for its doorstep lending unit in court even as it expressed concerns consumers were being short-changed. The Financial Conduct Authority (FCA) said on Wednesday its decision to not oppose the plan was because the only likely alternative to it was the insolvency of the business, which will potentially leave consumers with no redress at all. Separately, 140-year old Provident acknowledged the concerns which were expressed in a letter to it earlier in the week, and reiterated that...

14 July

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Upper Crust owner SSP Group CEO to step down at 2021-end By Reuters

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(Reuters) - Snack food firm SSP Group said on Wednesday its chief executive officer, Simon Smith, plans to step down from his role at the end of 2021 to join a private equity-backed business. The Upper Crust owner has started a search for the successor of Smith, who joined SSP as head of its UK and Ireland region in 2014 and has held the role of group CEO since 2018, the company said. SSP Group, which operates food and beverage stores in travel locations, has started to see a recovery since travel resumed after months...

14 July

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Dunelm lifts profit view, flags supply chain cost pressure By Reuters

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(Reuters) -British home furnishing retailer Dunelm said on Wednesday it expects annual earnings to top market expectations as people renovate their homes during the pandemic, but warned about cost pressures across the supply chain. Dunelm, which said it has planned for two new distribution facilities to ramp up capacity that will cost it 12 million pounds this year and 8 million pounds in the next, declined to elaborate on the supply chain issues. "Sales in the weeks following reopening on 12 April were exceptionally strong, partly reflecting pent up demand," the company said. Dunelm reported...

14 July

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WTO seeks to land big prize after 20 years of fish talks By Reuters

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By Emma Farge GENEVA (Reuters) - Negotiators are hoping the World Trade Organization will on Thursday not only deal a major blow to overfishing after 20 years of trying, but in doing so also dispel doubts about its own usefulness. The global trade watchdog, whose 164 members are also at loggerheads over how it should settle disputes, has not clinched a major trade deal for years, and analysts say it needs to land one this year to maintain its credibility. The prize could be a sharp reduction of the widespread fishing subsidies that are generally...

Меню

European shares cut losses after Powell stays dovish By Reuters

British retailer John Lewis Partnership to cut another 1,000 jobs By Reuters

Nike loses fight against EU probe into Dutch tax deal By Reuters

Volkswagen to appeal Dutch court order for Dieselgate compensation By Reuters

UK inflation tests BoE as it jumps to highest since 2018 By Reuters

After EU tax win, Yellen will try to sell U.S. Republicans on global tax deal By Reuters

UK regulator won’t oppose Provident’s doorstep lending payouts in court By Reuters

Upper Crust owner SSP Group CEO to step down at 2021-end By Reuters

Dunelm lifts profit view, flags supply chain cost pressure By Reuters

WTO seeks to land big prize after 20 years of fish talks By Reuters

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