07 July

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China steps up supervision of overseas-listed firms after Didi IPO drama By Reuters

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By Tony Munroe and Kevin Yao BEIJING (Reuters) - China will step up supervision of Chinese firms listed offshore, its cabinet said on Tuesday, days after Beijing launched a cybersecurity investigation into ride-hailing giant Didi Global Inc on the heels of its U.S. stock market listing. Under the new measures, China will improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading, China's cabinet said in a statement. China will also check sources of funding for securities investment and...

07 July

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UK food delivery company Deliveroo orders up 400 new tech jobs By Reuters

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LONDON (Reuters) - Deliveroo, the food delivery company that listed in London in March, said on Wednesday it would hire 400 software engineers, data scientists and designers in the next 12 months to drive innovation on its platform. The company said the expansion would enable it to develop its logistics technology to help restaurants, delivery workers and customers. Deliveroo, along with rivals Just Eat-Takeaway.com and Uber (NYSE:UBER) Eats, saw orders surge over the last year after COVID-19 lockdown measures closed restaurants. Orders on Deliveroo's platform more than doubled in the first quarter to 71 million,...

07 July

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Nvidia gives health researchers access to UK supercomputer By Reuters

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By Stephen Nellis (Reuters) - Nvidia Corp on Wednesday said it opened what it claims is the fastest UK supercomputer to outside researchers that include both academic scientists and commercial firms such as AstraZeneca (NASDAQ:AZN) PLC and GlaxoSmithKline PLC. The chip supplier spent about $100 million on its Cambridge-1 system, which uses artificial intelligence to solve health research problems and was announced in October. In the case of AstraZeneca, for example, the system will learn about 1 billion chemical compounds represented by groups of characters that can be assembled into sentence-like structures. "They can use...

07 July

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Samsung Electronics flags 53% jump in Q2 profit, topping estimates By Reuters

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By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd said on Wednesday its second-quarter operating profit likely jumped 53%, beating analysts' estimates, as strong chip prices and demand lifted earnings. The world's largest memory chip and smartphone maker said profit for the quarter ended June 30 was likely 12.5 trillion won ($11 billion), above a Refinitiv SmartEstimate of 11.3 trillion won ($10 billion) drawn from 20 analysts. Revenue rose an estimated 19% from the same period a year earlier to 63 trillion won, Samsung (LON:0593xq) said in a short preliminary earnings release....

07 July

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U.S. urges China, private sector to boost participation in G20 debt response By Reuters

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By Andrea Shalal WASHINGTON (Reuters) -The United States on Tuesday urged China and the private sector to increase their participation in a G20 debt moratorium for low-income countries hammered by the COVID-19 pandemic, and a common framework for restructuring their debts. A senior U.S. Treasury official said Washington was open to expanding the common framework for debt treatment agreed by the G20 and the Paris Club beyond just low-income countries to include small island states, fragile states and even some lower middle-income countries with high debt burdens. G20 finance officials will review progress on the debt...

07 July

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Marion Cotillard, Jodie Foster lead Cannes glamour in red carpet return By Reuters

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By Sarah White CANNES, France (Reuters) - Decked out in a shimmering silver Chanel gown, Oscar-winning actress Marion Cotillard helped kick off Cannes' comeback on Tuesday as movie stars from far and wide descended onto the red carpet for the French cinema showcase. The world's biggest film festival is marking its return after skipping 2020 due to the COVID-19 pandemic, in slightly more subdued form, with fewer attendees and parties over the 12-day whirlwind of film premieres. Stars were out in force on the French Riviera for the opening ceremony, in a show of support for...

07 July

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S&P 500 Cuts Losses as Tech Finds Feet Into Close By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 recovered most of its losses Tuesday, as big tech cut losses to ease pressure on the broader market following a slump in economically-sensitive stocks amid fears the reopening-led boost to the economy is running out of steam. The S&P 500 fell 0.2%, but had been down nearly 0.9% at the lows of the day. The Dow Jones Industrial Average slipped 0.6%, or 208 points, the Nasdaq was up 0.17%. Services activity, accounting for nearly 80% of U.S. private-sector gross domestic product, slipped more than expected, stoking fears that the pace of...

07 July

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Yellen to press G20 for higher minimum corporate tax rate -U.S. Treasury By Reuters

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By David Lawder WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen will press G20 counterparts this week for a global minimum corporate tax rate above the 15% floor agreed by 130 countries last week, but a rate decision is not expected until future phases of negotiations, U.S. Treasury officials said on Tuesday. The specific rate, and potential exemptions, are among issues still to be determined after 130 countries reached an historic agreement at a Paris-based Organisation for Economic Co-operation and Development (OECD) meeting last week. The countries outlined a global minimum tax and the reallocation of...

07 July

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Egypt Waves Goodbye to Suez Canal Saga With Payoff and a Party By Bloomberg

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(Bloomberg) -- For a nation that provides safe passage for so many ships through its waters, Egypt is reserving rather special treatment for the Ever Given. The 400-meter-long container ship will be seen off on Wednesday in a ceremony attended by dignitaries, diplomats and company officials from around the world. In fact, the last time the Suez Canal Authority, which is hosting the event, promised this much fanfare was in 2015, when an $8 billion expansion project was completed within a year. This time though, the event will be as much about closure as celebration....

07 July

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Oil turmoil reminds markets of inflation pain points By Reuters

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By Karin Strohecker, Dhara Ranasinghe and Saikat Chatterjee LONDON (Reuters) - OPEC+ brinkmanship has taken oil prices towards $80 a barrel, the highest since 2018, threatening to upend central banks' transitory inflation narrative as well as the post-pandemic economic recovery. Last year's Saudi-Russian oil war showed that disputes between OPEC+ members do not always result in higher prices, but this week's standoff within the group sent prices higher, building on year-to-date gains of around 50%. Many traders do not discount a return to $100 a barrel, levels last seen in 2014. Brent futures slipped around 3%...

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China steps up supervision of overseas-listed firms after Didi IPO drama By Reuters

UK food delivery company Deliveroo orders up 400 new tech jobs By Reuters

Nvidia gives health researchers access to UK supercomputer By Reuters

Samsung Electronics flags 53% jump in Q2 profit, topping estimates By Reuters

U.S. urges China, private sector to boost participation in G20 debt response By Reuters

Marion Cotillard, Jodie Foster lead Cannes glamour in red carpet return By Reuters

S&P 500 Cuts Losses as Tech Finds Feet Into Close By Investing.com

Yellen to press G20 for higher minimum corporate tax rate -U.S. Treasury By Reuters

Egypt Waves Goodbye to Suez Canal Saga With Payoff and a Party By Bloomberg

Oil turmoil reminds markets of inflation pain points By Reuters

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