17 May

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Sudan clears final hurdle for debt relief at Paris conference By Reuters

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By John Irish PARIS (Reuters) - International Monetary Fund member countries have agreed to clear Sudan's arrears to the institution, France's president said on Monday, removing the final hurdle to the African nation getting wider relief on its external debt of at least $50 billion. France will provide Sudan with a $1.5 billion bridge loan to facilitate the clearance, Emmanuel Macron said, at a summit in Paris to promote debt relief and investment in the African country, adding that his country was in favor of a full clearance of the $5 billion it is owed by...

17 May

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J&J vaccine deliveries to EU cut by half this week -EU source By Reuters

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By Francesco Guarascio BRUSSELS (Reuters) - Johnson & Johnson (NYSE:JNJ) has cut by half expected deliveries of COVID-19 vaccines to the European Union this week, an EU official told Reuters on Monday, compounding supply problems the company has faced since it began shipping doses to the bloc in April. Under its contract with the EU, J&J has committed to shipping 55 million doses of its one-shot vaccine in the second quarter. But midway through the quarter, it had delivered less than 5 million doses, less than 10% of its target. In addition to these initial delays,...

17 May

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U.S. Banks Could Shed 200,000 Jobs in Decade in Efficiency Drive By Bloomberg

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(Bloomberg) -- U.S. banks could cut as many as 200,000 jobs in the next decade as they try to boost efficiency to compete with fintech and other upstarts encroaching on their territory, according to Wells Fargo (NYSE:WFC) & Co. The eliminations are likely to accelerate as the economy reopens following the Covid-19 pandemic and conditions normalize, Wells Fargo analysts led by Mike Mayo said in a note, adding that “this will be the biggest reduction in U.S. bank headcount in history.” Banks have little choice but to improve productivity in the...

17 May

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U.S. Adults Financially Worse Off in 2020, Checks Buffered Blows By Bloomberg

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(Bloomberg) -- The Covid-19 pandemic hurt American financial well being, but the impact differed widely by education, income and race, a Federal Reserve survey showed. “The pandemic caused substantial disruptions to many people’s finances, as well as to their daily lives, even while public-policy responses appear to have muted many of the effects,” the Fed said in its 2020 Survey of Household Economics and Decisionmaking released Monday. “A clear pattern from the survey is that financial challenges in 2020 were uneven, and frequently left those who entered the year with fewer resources further behind.” Almost 25%...

17 May

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Bank of England’s Vlieghe says UK not facing an economic ‘boom’ By Reuters

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LONDON (Reuters) - Sharp economic growth in Britain this year should not be confused with a normal boom, given the amount of ground lost last year during the coronavirus pandemic, Bank of England policymaker Gertjan Vlieghe said on Monday. Vlieghe reiterated BoE forecasts that inflation was likely to overshoot its 2% target later this year, due to temporary bottlenecks and base effects, but stressed the BoE would look to the medium term when setting interest rates. "The fact that we're going to have, or we're likely to have, temporarily high growth rates and temporarily high inflation...

17 May

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Tesla’s Musk blames bureaucracy for German gigafactory delays By Reuters

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BERLIN (Reuters) - Tesla Chief Executive Elon Musk called for cuts to German red tape on Monday as he said it was unclear when exactly the first electric car would roll off the production line of its planned plant outside Berlin. Last month Tesla delayed the opening of its first European gigafactory to late 2021 from an initial July 1 date after adding plans to also establish a battery cell plant on site as well as a lengthy approval processes.. "It's hard to predict with precision cause you can only make the cars when all...

17 May

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Food group Granarolo eyes M&A in U.S. after buying British unit By Reuters

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By Francesca Landini MILAN (Reuters) -Italian dairy group Granarolo aims to grow through acquisitions and is looking at opportunities in the United States, where it needs a base to help expand its cheese business, Chairman Gianpiero Calzolari told Reuters. The food group on Monday said it had taken complete control of its British distributor, Granarolo UK, adding this deal would open the way to further M&A activity in the coming months. In the last few years the group has increased its milk production and is now looking for new markets outside Italy. The United States could...

17 May

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Meme Stocks Gain As AMC Squeeze Trends On Twitter By Investing.com

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By Dhirendra Tripathi Investing.com – AMC Entertainment (NYSE:AMC), GameStop (NYSE:GME) and Koss (NASDAQ:KOSS) all rose Monday amid indications that retail investors and the big institutional guys may be renewing their battle. #AMCSqueeze is among the top Twitter trends on Monday, an indication that it may again be experiencing a short squeeze, sending the shares higher. AMC and GameStop were both up around 6% while Koss was up 1% percent. If the session goes as it has so far for AMC, it would be the seventh consecutive day of gains for the stock. Last week, AMC wrapped...

17 May

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FTSE and GBP make steady start to week, Crude higher, Cryptos fall By Investing.com

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Key Points FTSE 100 closing price of 7,032.90, -0.15% UK shares steady as restrictions eased Cryptocurrencies fall on Musk doubts FX markets quiet Oil futures higher By Samuel Indyk Investing.com – The FTSE 100 was relatively steady on Monday, trading above 7,000 as the UK takes the next steps in reopening the economy. From Monday, pubs and restaurants can open inside, international travel is no longer illegal, and cinemas and sports stadia can reopen. However, a number of companies in these sectors have had a torrid day as doubts creep in over the final...

17 May

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BJ’s Wholesale Gets Street-High Boost from Jefferies By Investing.com

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By Christiana Sciaudone Investing.com -- BJ's Wholesale Club rose more than 2% after getting a Street-high price target bump from Jefferies (NYSE:JEF). Analyst Stephanie Wissink raised the price target to $60 from $58 while maintaining a buy rating, StreetInsider reported. She also raised her estimates for the first quarter, saying data supports first quarter foot traffic recovery amid continued digital strength. BJ's is expected to report earnings per share of 56 cents on sales of $3.63 billion when it reports results on Thursday, according to data compiled by Investing.com. The company has seen an increase in...

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Sudan clears final hurdle for debt relief at Paris conference By Reuters

J&J vaccine deliveries to EU cut by half this week -EU source By Reuters

U.S. Banks Could Shed 200,000 Jobs in Decade in Efficiency Drive By Bloomberg

U.S. Adults Financially Worse Off in 2020, Checks Buffered Blows By Bloomberg

Bank of England’s Vlieghe says UK not facing an economic ‘boom’ By Reuters

Tesla’s Musk blames bureaucracy for German gigafactory delays By Reuters

Food group Granarolo eyes M&A in U.S. after buying British unit By Reuters

Meme Stocks Gain As AMC Squeeze Trends On Twitter By Investing.com

FTSE and GBP make steady start to week, Crude higher, Cryptos fall By Investing.com

BJ’s Wholesale Gets Street-High Boost from Jefferies By Investing.com

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