09 July

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A Wise move? London listing may open fintech floodgates By Reuters

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By Abhinav Ramnarayan LONDON (Reuters) -Wise's record breaking direct listing has come as a relief to other tech firms aiming to go public in the coming months, the bankers managing those deals and to post-Brexit London. A souring of sentiment towards technology firm flotations in the British capital had been apparent in the disastrous post-IPO trading of Deliveroo and Alphawave. But Wise's 7.9 billion pounds ($10.9 billion) valuation and subsequent market performance in London's first-ever direct listing looks set to quell concerns that it is not as receptive to tech companies as other venues such...

09 July

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Weaker pound, mining stocks push blue-chip FTSE 100 higher By Reuters

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(Reuters) - London's FTSE 100 gained on Friday as a weaker pound helped support export-focussed stocks, but was set to end the week lower on signs that the pace of economic recovery could be slower than expected. The blue-chip FTSE 100 index rose 0.5%, powered by Glencore (LON:GLEN), Rio Tinto (LON:RIO), Unilever (LON:ULVR) and GlaxoSmithKline. Britain's economy grew by a slower-than expected 0.8% in May from April, official data showed. A Reuters poll of economists had pointed to month-on-month growth of 1.5% in gross domestic product. The domestically focussed mid-cap...

09 July

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How Vietnam’s ‘influencer’ army wages information warfare on Facebook By Reuters

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By James Pearson HANOI (Reuters) - In Vietnam, where the state is fighting a fierce online battle against political dissent, social media "influencers" are more likely to be soldiers than celebrities. Force 47, as the Vietnamese army's online information warfare unit is known, consists of thousands of soldiers who, in addition to their normal duties, are tasked with setting up, moderating and posting on pro-state Facebook (NASDAQ:FB) groups, to correct "wrong views" online. According to a Reuters review of provincial-level state media reports and broadcasts by the army's official television station, Force 47 has since...

09 July

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Five reasons the ECB didn’t follow the Fed on inflation By Reuters

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FRANKFURT (Reuters) - Setting out a policy strategy shift on Thursday, the European Central Bank left many questions unanswered but made one point abundantly clear: it would not follow its U.S. counterpart in targeting an average level of inflation. The fact that it put distance between the two regimes in such a stark way reflects both the ECB's own struggles and the U.S. Federal Reserve's difficulty in communicating how average inflation-targeting actually works and impacts policy. The following are five takeaways on why the ECB did not copy the Fed. Average inflation-targeting means making...

09 July

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UK’s Sunak calls for progress on global tax deal at G20 gathering By Reuters

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LONDON (Reuters) - British finance minister Rishi Sunak called for progress on a global deal to agree a minimum corporate tax rate and how to split revenue from large multinationals, as finance ministers from 20 of the world's biggest economies prepare to meet. Sunak chaired a meeting of finance ministers from the Group of Seven in London last month https://www.reuters.com/business/g7-nations-near-historic-deal-taxing-multinationals-2021-06-05 which reached a provisional agreement, and 130 countries backed similar wide-ranging changes after talks in Paris last week https://www.reuters.com/business/countries-backs-global-minimum-corporate-tax-least-15-2021-07-01. After years of stalemate, global tax talks gained fresh impetus in recent months under the new administration...

09 July

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Japan’s households, firms keep saving on prolonged impact of pandemic By Reuters

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By Leika Kihara TOKYO (Reuters) - Japan's currency in circulation and bank deposits hit a record high for the fourth straight month in June, data showed on Friday, as households and companies continued to pile up savings on uncertainty over the economic fallout from the COVID-19 pandemic. The data highlights how Japan is lagging other major economies in emerging from the pandemic's blow, with the government's declaration of fresh state of emergency curbs in Tokyo expected to hurt already weak consumption. Japan's M3 money stock - or currency in circulation and deposits at financial institutions -...

09 July

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U.S. regulator drops case against two London forex traders By Reuters

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By Kirstin Ridley LONDON (Reuters) -A U.S. regulator has dropped a case against two former top London currency traders that alleged exchange-rate rigging, the agency said on Thursday, drawing a line under an eight-year pursuit by U.S. authorities. The U.S. Office of Comptroller of the Currency (OCC) withdrew its case in federal court against Richard Usher, an ex JPMorgan (NYSE:JPM) head of EMEA foreign exchange spot trading, and Rohan Ramchandani, Citigroup (NYSE:C)'s former European forex trading head, according to their lawyers, the agency and a court notice. "The agency made its decision...

09 July

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Levi Strauss forecasts upbeat full year as apparel demand bounces back By Reuters

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(Reuters) -Levi Strauss & Co on Thursday forecast a strong full-year profit after handily beating quarterly earnings estimates as demand for its jeans, tops, and jackets rebound quicker than expected across its markets. Shares in Levi climbed 3% in extended trading as it also increased its third-quarter dividend by 33%. Customers refreshing their wardrobes following months-long lockdowns and COVID-19-related restrictions are boosting sales of loose-fitting jeans and street clothes at Levi and its peers American Eagle and Abercrombie & Fitch. "About 35% of consumers in the U.S. have changed waist sizes. And some of it is...

09 July

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Pfizer to ask FDA to authorize booster dose of COVID vaccine as Delta variant spreads By Reuters

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By Michael Erman and Julie Steenhuysen NEW YORK (Reuters) - Pfizer Inc (NYSE:PFE) plans to ask U.S. regulators to authorize a booster dose of its COVID-19 vaccine within the next month, the drugmaker's top scientist said on Thursday, based on evidence of greater risk of reinfection six months after inoculation and the spread of the highly contagious Delta variant. Pfizer Chief Scientific Officer Mikael Dolsten said the recently reported dip in the vaccine's effectiveness in Israel was mostly due to infections in people who had been vaccinated in January or February. The country's health...

09 July

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Analysis-A fine mess: Weak inflation prompts a global central bank reset By Reuters

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By Howard Schneider and Leika Kihara WASHINGTON (Reuters) - It is an article of faith among central bankers that the decisions they make about how much money to create and what interest rate to charge for it will determine the rate of inflation - at least over moderate lengths of time. For more than a decade that belief has been undermined by inflation that has remained weak despite trillions of dollars pumped into the world's biggest economies through quantitative easing programs and ultra-low interest rates. That prompted the top central banks to review how...

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A Wise move? London listing may open fintech floodgates By Reuters

Weaker pound, mining stocks push blue-chip FTSE 100 higher By Reuters

How Vietnam’s ‘influencer’ army wages information warfare on Facebook By Reuters

Five reasons the ECB didn’t follow the Fed on inflation By Reuters

UK’s Sunak calls for progress on global tax deal at G20 gathering By Reuters

Japan’s households, firms keep saving on prolonged impact of pandemic By Reuters

U.S. regulator drops case against two London forex traders By Reuters

Levi Strauss forecasts upbeat full year as apparel demand bounces back By Reuters

Pfizer to ask FDA to authorize booster dose of COVID vaccine as Delta variant spreads By Reuters

Analysis-A fine mess: Weak inflation prompts a global central bank reset By Reuters

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