07 August

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Warren Buffett’s Berkshire Hathaway recovering from coronavirus woes By Reuters

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(Reuters) -Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc on Saturday reported improved quarterly operating results, as many businesses owned by the billionaire's conglomerate recovered from the early depths of the coronavirus pandemic. Berkshire's manufacturing, service and retailing businesses had struggled a year earlier as economic activity plunged, job losses soared and shoppers stayed home. But in its latest quarterly report, the Omaha, Nebraska-based company said many of those businesses were posting significant recoveries in earnings and revenue, some topping pre-pandemic levels, despite supply chain disruptions and higher costs. Another sign Berkshire is faring better is that...

07 August

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India’s RBI Keeps Focus on Growth as Key Rate Held Steady By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. India’s central bank kept interest rates unchanged at a record low, setting aside concerns over high inflation to support an economy bracing for impact from an impending wave of the pandemic. The Reserve Bank of India’s six-member Monetary Policy Committee retained its main repurchase rate at 4% on Friday, as predicted by all 29 economists in a Bloomberg survey. Policy makers voted 5-1 in favor of keeping the stance accommodative, a departure from the past when they were unanimous on the...

07 August

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Global investors chase safer money market, bond funds on virus woes – Lipper By Reuters

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(Reuters) - Global investors took shelter in safer money market and bond funds in the week to Aug. 4, as the rapidly spreading Delta variant of COVID-19 dampened hopes for a faster recovery from the pandemic, with some economic data already showing signs of a slowdown. Data from Lipper showed global money market funds attracted inflows of $36.68 billion, the most in 10 weeks. Global bond funds received $14.6 billion in the week, twice the inflows in the previous week. Graphic: Fund flows into global equities bonds and money markets - https://fingfx.thomsonreuters.com/gfx/mkt/xmvjogwnqpr/Fund%20flows%20into%20global%20equities%20bonds%20and%20money%20markets.jpg Bond...

07 August

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U.S. Senate meets on Saturday to consider $1 trillion infrastructure bill By Reuters

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By David Morgan WASHINGTON (Reuters) - The U.S. Senate will meet for the second weekend in a row on Saturday in hopes of passing a $1 trillion infrastructure bill that has struggled to overcome a series of last-minute delays and objections, despite strong bipartisan support. The package https://www.reuters.com/world/us/whats-us-senates-bipartisan-1-trillion-infrastructure-bill-2021-08-03, which represents the biggest investment in decades in America's physical infrastructure including roads, bridges, airports and waterways, will face a key test at noon EDT (1600 GMT), when lawmakers are due to vote on whether to limit debate on the legislation. If the vote succeeds, Senate Majority Leader...

07 August

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Exclusive: Banker behind report alleging HSBC racism resigns over lack of support By Reuters

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By Lawrence White LONDON (Reuters) - The author of a report alleging institutional racism inside HSBC has resigned, citing frustration at its response to some of his criticism and a lack of support from white colleagues, two internal emails seen by Reuters show. Ian Clarke, who was a salesman in the U.S. Global Liquidity and Cash Management division in New York, resigned on Tuesday in an email sent to around 1,000 staff and senior managers in HSBC's U.S. and British businesses, and seen by Reuters. HSBC's newly-appointed global head of inclusion attempted to reassure staff over...

07 August

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S&P 500, Dow Remain Near Records as Cyclicals Gain on Stronger Jobs Report By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 and Dow remained near record highs Friday, as a better-than-expected monthly jobs report pointed to strength in the underlying economy, and lifted cyclical sectors of the market. The S&P 500 rose 0.2% and had hit a record intraday high of 4,440.20. The Dow Jones Industrial Average climbed 0.5%, or 160 points, to remain close to its all-time high of 35,246.79. The Nasdaq was down 0.41%. The U.S. economy created 943,000 jobs in July, above forecasts for a gain of 870,000, while the unemployment rate fell to 5.4% from 5.9%. ”Bottom line,...

07 August

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Apple to roll out photo checking system on country-by-country basis By Reuters

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By Joseph Menn and Stephen Nellis (Reuters) -Apple Inc will roll out a system for checking photos for child abuse imagery on a country-by-country basis, depending on local laws, the company said on Friday. A day earlier, Apple (NASDAQ:AAPL) said it would implement a system that screens photos for such images before they are uploaded from iPhones in the United States to its iCloud storage. Child safety groups praised Apple as it joined Facebook Inc (NASDAQ:FB), Microsoft Corp (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) Inc's Google in taking such measures. But Apple's photo check on...

07 August

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BoE to keep very close eye on inflation’s impact on wages – Broadbent By Reuters

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LONDON (Reuters) - The Bank of England will keep a very close eye on possible second-round effects on wages from a recent jump in inflation, Deputy Governor Ben Broadbent said on Friday, a day after the BoE said consumer inflation was likely to hit 4%. "I would say the judgements about labour market frictions dissipating are probably more uncertain than those on the trade and goods side of things," Broadbent said in a presentation to businesses which take part in BoE surveys. Governor Andrew Bailey, speaking during the same webcast, said labour shortages had been...

07 August

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BoE’s Bailey says fixing pandemic bottlenecks could cool inflation By Reuters

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LONDON (Reuters) - Bank of England Governor Andrew Bailey said inflation could turn out lower than the BoE predicted in its latest forecasts if production and supply problems caused by the pandemic are fixed rapidly and goods flood back on to market. "One of the risks is that these supply bottlenecks could unblock and we could get actually quite a wave of supply coming back onto the market," Bailey said in a presentation to businesses, a day after the BoE said inflation was likely to hit 4% later this year. ...

07 August

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Fed’s Kaplan Calls for Gradual, Balanced Tapering Starting Soon By Bloomberg

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(Bloomberg) -- The Federal Reserve should start tapering its asset purchases sooner rather than later and in a gradual manner, Dallas Fed President Robert Kaplan said, arguing that the massive bond-buying is leading to excessive risk-taking. “I would be supportive of adjusting these purchases soon, but once we start the adjustment process, I would probably prefer to have it be more gradual,” Kaplan said in an interview this week with Joe Weisenthal and Tracy Alloway on Bloomberg’s “Odd Lots” podcast. The Fed should cut monthly Treasury purchases by $10 billion and mortgage-backed security purchases by...

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Warren Buffett’s Berkshire Hathaway recovering from coronavirus woes By Reuters

India’s RBI Keeps Focus on Growth as Key Rate Held Steady By Bloomberg

Global investors chase safer money market, bond funds on virus woes – Lipper By Reuters

U.S. Senate meets on Saturday to consider $1 trillion infrastructure bill By Reuters

Exclusive: Banker behind report alleging HSBC racism resigns over lack of support By Reuters

S&P 500, Dow Remain Near Records as Cyclicals Gain on Stronger Jobs Report By Investing.com

Apple to roll out photo checking system on country-by-country basis By Reuters

BoE to keep very close eye on inflation’s impact on wages – Broadbent By Reuters

BoE’s Bailey says fixing pandemic bottlenecks could cool inflation By Reuters

Fed’s Kaplan Calls for Gradual, Balanced Tapering Starting Soon By Bloomberg

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