13 June

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IMF will explore options for re-allocating reserves to raise $100 billion for poor countries By Reuters

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WASHINGTON (Reuters) - The International Monetary Fund on Sunday welcomed the Group of Seven's support for expanding the global lender's emergency reserves by $650 billion and said it would work with members on ways to provide $100 billion to the poorest countries. IMF Managing Director Kristalina Georgieva, in a statement, said the $650 billion allocation of Special Drawing Rights, the largest ever, would help boost global reserves and allow countries to fund needed fiscal measures to exit the pandemic. She said she would work with IMF members in the coming months on how they could...

13 June

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Exclusive-IMF exploring creation of new trust to provide SDRs to broader group of countries-Georgieva By Reuters

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By Andrea Shalal WASHINGTON (Reuters) - The International Monetary Fund is exploring creation of a new trust that could allow its members to lend their IMF reserves to a broader range of countries, including middle-income countries vulnerable to climate change, IMF chief Kristalina Georgieva said on Sunday. Georgieva said leaders of the Group of Seven rich economies had given the IMF a 'green light' to keep working on the plan, and China - the world's second largest economy - had also expressed interest, along with middle income countries that could benefit from such a fund. ...

13 June

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Ferrari’s fashions reveal high-performance fabrics with ‘couture touch’ By Reuters

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By Giulio Piovaccari MARANELLO, Italy (Reuters) - Ferrari (NYSE:RACE) on Sunday rolled out its first in-house fashion collection, offering fans of the Ferrari brand and its supercars a touch of "couture" within a contemporary clothing range. The launch marks a major step in Ferrari's new brand strategy, one of its biggest investments outside the car business, which the company wants to account for around 10% of the profits in 7-10 years. Ferrari's plans to extend its brand also include a new restaurant in hometown Maranello in northern Italy with Michelin-starred chef Massimo Bottura. The fashions,...

13 June

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Biden: Democratic nations in a race to compete with autocratic governments By Reuters

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NEWQUAY, England (Reuters) - Western democracies are in a race to compete with autocratic governments, U.S. President Joe Biden said on Sunday. "We're in a contest, not with China per se, ...

13 June

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UK records another 7,490 COVID cases, 8 deaths By Reuters

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CARBIS BAY, England (Reuters) - The United Kingdom has recorded another 7,490 daily COVID-19 cases and the deaths of 8 people who tested positive for the virus within 28 days, official data shows. The 7,490 cases was down slightly from the 7,738 recorded the day before and the 8 deaths were down from the 12 recorded on Saturday. The data also showed that 78.4% of the adult population have had a first vaccine dose while 55.9% have had a second. ...

13 June

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Exclusive-Shell considering possible sale of U.S. Permian assets By Reuters

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By Ron Bousso, Jessica Resnick-Ault and David French (Reuters) -Oil giant Royal Dutch Shell (LON:RDSa) is reviewing its holdings in the largest oil field in the United States for a possible sale as the company looks to focus on its most profitable oil-and-gas assets and grow its low-carbon investments, according to sources familiar with the matter. The sale could be for part or all of Shell's position in the U.S. Permian Basin, located mostly in Texas. The holdings could be worth as much as $10 billion, the sources said, on condition of anonymity because...

13 June

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France’s army chief Lecointre steps down, replaced by General Burkhard By Reuters

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PARIS (Reuters) - France's chief of staff of the armed forces, General Francois Lecointre, is stepping down to retire and will be replaced by General Thierry Burkhard, the French Presidency said in a statement on Sunday. Burkhard was up to now army's chief of land staff. Lecointre's retirement was widely expected. The announcement comes after President Emmanuel Macron announced a drawdown in Mali which will take several months of planning. ...

13 June

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China’s Geely to press on with methanol vehicles, chairman says By Reuters

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BEIJING (Reuters) - Chinese automaker Geely will keep working on vehicles powered by methanol even though the effort may fail, chairman Li Shufu said on Sunday. Zhejiang-based Geely, among a small number of automakers developing methanol-powered vehicles, is testing methanol taxis in some western Chinese cities as well as developing methanol-powered trucks at its commercial vehicles unit. Li said Geely, which owns Volvo Cars and 9.7% stake in Daimler AG (DE:DAIGn), invested in Carbon Recycling International, an Icelandic company, to work on technologies to produce methanol with carbon dioxide, in a way to lower...

13 June

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Toshiba to change board director candidates as two step down By Reuters

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TOKYO (Reuters) - Toshiba Corp will change its slate of board director candidates for an unpcoming shareholder meeting as two previously nominated directors are stepping down, it said on Sunday, as crisis at the conglomerate deepened. Audit committee chair Junji Ota and audit committee member Takashi Yamauchi will retire as board directors, the company said in a statement on Sunday. The shake-up follows an investigation that found the company had colluded with the Japanese government to pressure investors. ...

13 June

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Analysis-G7’s billion vaccine plan counts some past pledges, limiting impact By Reuters

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By Carl O'Donnell, Andrea Shalal and Allison Martell (Reuters) - A G7 plan to donate 1 billion COVID-19 vaccine doses to poorer countries will have limited impact because it includes some previous pledges, but it still offers a small lifeline to a global vaccine buying system, some experts said. Leaders from the Group of Seven major economies announced the move on Friday. A U.S. initiative announced on Thursday to donate 500 million doses of the Pfizer (NYSE:PFE) and BioNTech SE vaccine is part of the G7 pledge. Many of the promised doses will flow...

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IMF will explore options for re-allocating reserves to raise $100 billion for poor countries By Reuters

Exclusive-IMF exploring creation of new trust to provide SDRs to broader group of countries-Georgieva By Reuters

Ferrari’s fashions reveal high-performance fabrics with ‘couture touch’ By Reuters

Biden: Democratic nations in a race to compete with autocratic governments By Reuters

UK records another 7,490 COVID cases, 8 deaths By Reuters

Exclusive-Shell considering possible sale of U.S. Permian assets By Reuters

France’s army chief Lecointre steps down, replaced by General Burkhard By Reuters

China’s Geely to press on with methanol vehicles, chairman says By Reuters

Toshiba to change board director candidates as two step down By Reuters

Analysis-G7’s billion vaccine plan counts some past pledges, limiting impact By Reuters

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