15 June

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Bank of England sheds light on reform of insurance solvency rules By Reuters

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LONDON (Reuters) - Britain's review of insurance sector rules inherited from the European Union will not increase policyholder protections but could increase reliance on stress testing for determining capital levels, the Bank of England said on Tuesday. "It’s our view that, in the round, the current regime provides about the right amount of protection for policyholders," Anna Sweeney, BoE executive director for insurance, told a JP Morgan European Insurance conference. ...

15 June

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Shell Norco, Louisiana refinery restarts hydrocracker second stage -sources By Reuters

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HOUSTON (Reuters) -Royal Dutch Shell (LON:RDSa) Plc completed restarting the second stage of the hydrocracker at its 227,400 barrel-per-day (bpd) Norco, Louisiana, refinery, sources familiar with plant operations said on Tuesday. A Shell spokesman declined to comment. The second stage of the 40,000-bpd hydrocracker was taken out of production on June 8 because of a malfunction, the sources said. The first stage of the hydrocracker continued to operate while the second stage was shut. Hydrocrackers convert gas oil or other feedstocks into diesel and other motor fuels by using a catalyst in the...

15 June

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IKEA fined $1.2 million for spying on French employees By Reuters

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By Caroline Pailliez PARIS (Reuters) - A French court on Tuesday ordered IKEA to pay a 1 million euro ($1.2 million) fine for spying on its French staff, after the world's biggest furniture retailer was found guilty of improperly gathering and storing data on its employees. The French branch of Ingka Group, which owns most IKEA stores worldwide, was accused of snooping on its workers and some clients over several years. The flatpack furniture group, which has recognised there were some improper practices, was accused of breaching employees' privacy by reviewing records of their bank...

15 June

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DraftKings Plunges As Hindenburg Alleges Black Market Links By Investing.com

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By Dhirendra Tripathi Investing.com – DraftKings (NASDAQ:DKNG) shares slumped by more than 7% Tuesday after Hindenburg Research revealed it was short the stock while alleging that the betting company generates significant revenue from questionable gambling practices. According to CNBC, Hindenburg compares DraftKings’ valuation to that of rival firms and questions the company’s promotional spend and future potential in the highly competitive sports gambling landscape. The links to black money are an outcome of a merger of SBTech, a European tech company, with DraftKings as part of a SPAC deal, according to the Hindenburg report. The...

15 June

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BoE’s Bailey promises ‘tough love’ for fintech firms By Reuters

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LONDON (Reuters) -Bank of England Governor Andrew Bailey promised "tough love" for some financial technology firms and "disappointed ambitions" for others, as the central bank seeks to ensure that innovation in cryptocurrencies does not create financial instability. Bailey, speaking to the annual conference of financial trade body TheCityUK, said the BoE did not oppose competition, but did want financial innovation to serve the wider public interest. "There will inevitably be elements of tough love in such a process, and some disappointed ambitions, but I am confident that out of it will come a robust form of...

15 June

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Ping Falls On Stake Sale By Shareholder; Firm To Bear Costs By Investing.com

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By Dhirendra Tripathi Investing.com – Ping Identity (NYSE:PING) fell more than 4% in Tuesday’s premarket trading following the decision of shareholder Vista Equity Partners to sell 6 million shares of the company to underwriters. Investment funds affiliated with Vista Equity Partners are selling the shares. While Ping will not receive any funds from the sale, it will bear the costs associated with it, other than underwriting discounts and commissions. The underwriters will also have a 30-day option to purchase up to an additional 900,000 shares of Ping. The sale will not lead to any equity...

15 June

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Vroom Slumps On Fear Convertible Debt May Dilute EPS By Investing.com

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By Dhirendra Tripathi Investing.com – Vroom (NASDAQ:VRM) shares fell by more than 6% in Tuesday’s premarket trading following the company’s decision to raise $500 million via convertible senior notes due in 2026. The used-vehicle e-commerce platform provider also expects to grant the buyers an additional $75 million aggregate principal amount of notes. When issued, the notes will be senior, unsecured obligations of Vroom, will accrue interest payable semi-annually in arrears and will mature on July 1, 2026, unless earlier repurchased, redeemed or converted. Vroom intends to use the net proceeds from...

15 June

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UK govt to deliver economic statement on Wednesday – Labour party By Reuters

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LONDON (Reuters) - The British government will deliver a statement on the economy to parliament on Wednesday, the opposition Labour party said on Twitter on Tuesday. Plans for the economic statement, which may be delivered by finance minister Rishi Sunak, follow Prime Minister Boris Johnson's plan to delay lifting most remaining COVID-19 restrictions on Monday, a blow for businesses which had hoped to fully reopen. ...

15 June

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Goldman Lifts Saudi Arabia’s Growth Forecasts as Oil Prices Rise By Bloomberg

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(Bloomberg) -- Goldman Sachs has raised its expectations for Saudi Arabia’s oil production and economic growth as crude prices rise well over $70 a barrel. The bank’s Middle East and North Africa economist Farouk Soussa lifted his assumptions for Saudi oil production by around 500,000 barrels per day, to reach 10 million barrels by the end of 2021 and 10.5 million in 2022. That -- combined with the release of favorable non-oil growth data on Monday -- pushed Goldman to boost its growth forecast for gross domestic product to 4.5% this year, compared to an earlier...

15 June

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After EU-U.S. end aircraft subsidy row, Britain hoping for similar deal within days By Reuters

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LONDON, England (Reuters) - Britain is hoping to agree within days a deal similar to that which ended a multi-year trade dispute between the United States and the European Union over civil aircraft subsidies, a British official said on Tuesday. The official said they hoped a deal would be struck during or shortly after a meeting between U.S. Trade Representative Katherine Tai and British trade minister Liz Truss on Wednesday. A separate statement from the Department for International Trade said: "We have been working hard with the US to de-escalate and agree a settlement after...

Меню

Bank of England sheds light on reform of insurance solvency rules By Reuters

Shell Norco, Louisiana refinery restarts hydrocracker second stage -sources By Reuters

IKEA fined $1.2 million for spying on French employees By Reuters

DraftKings Plunges As Hindenburg Alleges Black Market Links By Investing.com

BoE’s Bailey promises ‘tough love’ for fintech firms By Reuters

Ping Falls On Stake Sale By Shareholder; Firm To Bear Costs By Investing.com

Vroom Slumps On Fear Convertible Debt May Dilute EPS By Investing.com

UK govt to deliver economic statement on Wednesday – Labour party By Reuters

Goldman Lifts Saudi Arabia’s Growth Forecasts as Oil Prices Rise By Bloomberg

After EU-U.S. end aircraft subsidy row, Britain hoping for similar deal within days By Reuters

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