28 June

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Analysis: India bulks up against outflows as Fed, virus risks threaten repeat of 2013 By Reuters

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By Swati Bhat and Aftab Ahmed MUMBAI (Reuters) - India's $600 billion in reserves should help it fight market volatility from any U.S. monetary tightening, but analysts and traders warn a slowing economy and an expanding fiscal deficit still make it particularly vulnerable to capital flight. Asia's third-largest economy has bad memories of past attempts by the Federal Reserve to get away from crisis-mode policies, particularly in 2013 when mere talk of "tapering" stimulus prompted the rupee to sink to record lows. Now, with the Fed again giving increasing thought to when it will need...

28 June

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Glencore to buy out BHP, Anglo in Colombian coal mine By Reuters

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LONDON (Reuters) - Diversified miner Glencore (LON:GLEN) has agreed to buy out the stakes in Colombia's thermal coal mine Cerrejon held by its partners BHP and Anglo American (LON:AAL). Glencore, which said it expects to pay $230 million for the stakes when the deal completes in the first half of 2022, sees production volumes at the mine declining materially by 2030. Mining companies have been reviewing their ownership of thermal coal assets as they transition out of the most polluting fossil fuels amid growing climate concerns and a shift towards sustainable...

28 June

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Toshiba board chairman lost re-election bid with 56% of votes opposed By Reuters

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By Makiko Yamazaki TOKYO (Reuters) -Toshiba Corp's former board chairman lost his bid for re-election last week with 56% of votes cast against him, according to a breakdown of the results that marked a watershed moment for corporate governance in Japan. Voting participation at the annual general meeting was particularly high at more than 80%, and there were few abstentions with votes in favour at 43.7%. The ouster of Osamu Nagayama follows an explosive independent investigation released this month that found Toshiba colluded with the trade ministry to block foreign shareholders from gaining influence at last...

28 June

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Lookers provides positive trading update, delays publishing FY results By Investing.com

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By Samuel Indyk Investing.com – Auto dealership group Lookers PLC (LON:LOOK) has reported strong momentum in trading in recent months, where they have observed robust consumer demand and ongoing outperformance of the UK retail new car market. The company added that used vehicle margins remain strong, benefitting from improving residual values and greater operational focus. Given the strength of performance during the first half of the year, the company now expects full year performance to 31st December 2021 to be "significantly ahead of current expectations". “Performance in the first six months of the year has been...

28 June

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China’s Recovery Stabilized in June With Signs of Rebalancing By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. China’s economy showed signs of more balanced expansion in June, with solid underlying growth momentum. That’s the outlook of an aggregate index combining eight early indicators tracked by Bloomberg, which remained unchanged from May in expansionary territory. Although some economists cut their forecasts for 2021 after May’s data came in weaker than expected, the economy is still seen growing 8.5% this year, which would be the fastest in a decade. Confidence among small and medium-sized enterprises was unchanged at the second-highest level...

28 June

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UK watchdog investigates auditors of Greensill, Wyelands Bank By Reuters

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LONDON (Reuters) -Britain's accounting regulator said on Monday it has opened an investigation into how PwC audited the accounts of Wyelands, the bank owned by steel tycoon Sanjeev Gupta's metals-to-finance empire GFG Alliance. Wyelands financed GFG Alliance was closely linked to financing company Greensill Capital which went bust earlier this year. The Financial Reporting Council said it has started the investigation into PwC, one of the world's Big Four auditors, in relation to its audit of the consolidated financial statements of Wyelands Bank for the year ended 30 April 2019. The watchdog also said it has...

28 June

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Luxury brand Burberry’s CEO Marco Gobbetti to step down By Reuters

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(Reuters) - Burberry Chief Executive Marco Gobbetti will step down from the role to take up another opportunity that will let him be closer to his family in Italy, the British luxury group said on Monday. Gobbetti will be leaving at the end of 2021 after almost five years with the company, during which he transformed Burberry's brand and business, to take up a position that will let him return to Italy, Burberry said. "With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right...

28 June

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Didi’s $4 billion IPO order books to close Monday – sources By Reuters

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HONG KONG (Reuters) -China's biggest ride-sharing firm Didi Global Inc will close the investor order books for its U.S. initial public offering (IPO) to raise up to $4 billion one day early on Monday, two people with direct knowledge of the matter said. The people could not be identified as the information is not yet public. Didi did respond to a request for comment. The books will close at 5pm in each region on Monday, the people said. Didi set a price range of $13 to $14 per American Depositary Share (ADS), a regulatory filing...

28 June

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With cloud and AI, IBM broadens 5G deals with Verizon and Telefonica By Reuters

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By Clara-Laeila Laudette and Supantha Mukherjee BARCELONA (Reuters) - IBM (NYSE:IBM) will offer telecom operators Verizon (NYSE:VZ) and Telefonica (MC:TEF) new services ranging from running 5G over a cloud platform to using artificial intelligence, the U.S. technology company said on Monday. Big technology players such as Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) are vying for a share of 5G revenue by offering telecom operators next-generation software tools. IBM, using technology it obtained from buying software firm Red Hat, will offer the telecom operators cloud services to run their networks and assist them in...

28 June

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Chinese automaker Great Wall aims to sell 4 million cars in 2025 By Reuters

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BEIJING (Reuters) - China's top pickup truck maker Great Wall Motor is targeting sales of 4 million vehicles a year in 2025, Chairman Wei Jianjun said on Monday. Great Wall, which sold 1.1 million cars last year, aims for 80% of its annual sales in 2025 to be new energy vehicles, including battery electric, plug-in hybrid and hydrogen fuel cell vehicles. Baoding-based Great Wall is building a car plant in China with BMW for electric vehicles. Great Wall's revenue is forecast to reach 600 billion yuan ($92.86 billion) in 2025, Wei said during a...

Меню

Analysis: India bulks up against outflows as Fed, virus risks threaten repeat of 2013 By Reuters

Glencore to buy out BHP, Anglo in Colombian coal mine By Reuters

Toshiba board chairman lost re-election bid with 56% of votes opposed By Reuters

Lookers provides positive trading update, delays publishing FY results By Investing.com

China’s Recovery Stabilized in June With Signs of Rebalancing By Bloomberg

UK watchdog investigates auditors of Greensill, Wyelands Bank By Reuters

Luxury brand Burberry’s CEO Marco Gobbetti to step down By Reuters

Didi’s $4 billion IPO order books to close Monday – sources By Reuters

With cloud and AI, IBM broadens 5G deals with Verizon and Telefonica By Reuters

Chinese automaker Great Wall aims to sell 4 million cars in 2025 By Reuters

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