05 June

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Morgan Stanley hires ex BofA banker Rizzo to drive European client push – sources By Reuters

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By Pamela Barbaglia LONDON (Reuters) - Morgan Stanley (NYSE:MS) has hired former Bank of America (NYSE:BAC) banker Luigi Rizzo for a new client-facing role overseeing a drive to win business from a wide spectrum of companies across Europe, the Middle East and Africa (EMEA), sources familiar with the move told Reuters. Rizzo, who was at the helm of Bank of America's European corporate and investment banking and quit in late 2019, will become Morgan Stanley's vice chairman of investment banking for EMEA, the sources said, speaking on condition of anonymity. Morgan Stanley was not...

05 June

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Explainer-What is a global minimum tax and what will it mean? By Reuters

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By Leigh Thomas and David Lawder (Reuters) - Finance Ministers from the Group of Seven (G7) rich nations have said they are close to a landmark accord setting a global minimum corporate tax rate, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what U.S. Treasury Secretary Janet Yellen has called a "30-year race to the bottom on corporate tax rates" as countries compete to lure multinationals. WHY A GLOBAL MINIMUM TAX? Major economies are aiming to discourage multinationals from shifting profits - and tax revenues -...

05 June

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Philippines files criminal complaint against Wirecard’s former COO By Reuters

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MANILA (Reuters) - Philippine authorities investigating the multi-billion dollar fraud at Germany's Wirecard AG's have filed criminal complaints against the payment firm's former chief operating officer as well as others. Wirecard collapsed last June, owing creditors almost $4 billion, accused by its auditor of a sophisticated global fraud. At one point, it claimed it kept more than $2 billion in two Philippine banks - claims that the Southeast Asian nation's central bank and the lenders have denied. Philippines Justice Minister Menardo Guevarra said via text message on Saturday complaints filed by the National Bureau of Investigation...

05 June

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Workhorse Stumbles as Cowen Says Recent Pop Just a Meme Rally By Investing.com

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By Christiana Sciaudone Investing.com -- Workhorse Group Inc (NASDAQ:WKHS) slid more than 11% after Cowen downgraded shares after what it called a "meme stock spike" this week. The electric delivery vehicle maker rose 57% this week, prompting Cowen to drop the stock to market perform from outperform with little near-term upside ahead, CNBC reported. “We view shares as fairly valued following the recent rally which we view as not supported by fundamentals or company specific catalysts,” the firm said. It's been a wild week for meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC), which has...

05 June

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Exclusive-China pushes Huarong to sell non-core units, mulls implicit support – sources By Reuters

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BEIJING/HONG KONG (Reuters) - China is pushing China Huarong Asset Management Co to sell non-core assets, two people involved in the revamp told Reuters, while considering offering an implicit guarantee of the liabilities of the debt-laden bad-debt manager. Regulators are pressing the state-controlled "bad bank", which has been trying to restructure since 2018, to sell units including a bank, a trust, an investment firm and a consumer finance firm, the sources said. The plan, one source said, envisions the authorities informally backing $20 billion of dollar debt coming due this year for the sprawling company,...

05 June

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Zumiez Gains As Swing To Profit Surprises Street By Investing.com

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By Dhirendra Tripathi Investing – Zumiez (NASDAQ:ZUMZ) shares were up more than 3% Friday as the company pleasantly surprised the Street with a profit. The retailer of apparel, footwear, equipment and accessories benefited from higher discretionary spending as people stepped out to use their stimulus checks. The pent-up demand allowed it to report a profit even as a portion of its global store fleet remains closed. Net income in 2021 fiscal’s first quarter ended May 1 was $1.03 per diluted share, compared to a loss of 84 cents in the year-ago quarter. It exceeded the 3-cent...

05 June

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Microsoft says error led to no matching Bing images for Tiananmen ‘tank man’ By Reuters

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By Paresh Dave and Joseph Menn (Reuters) - Microsoft Corp (NASDAQ:MSFT) on Friday blamed "accidental human error" for its Bing search engine not showing image results for the query "tank man" in the United States and elsewhere after users raised concerns about possible censorship around the Tiananmen Square (NYSE:SQ) crackdown anniversary. Users, including in the United Kingdom, Germany and Singapore, reported Friday that when they performed the search Bing returned the message, "There are no results for tank man." David Greene, civil liberties director at the nonprofit Electronic Frontier Foundation, said that...

05 June

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Square Rises on Dorsey Tweet for Bitcoin Wallet By Investing.com

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By Christiana Sciaudone Investing.com -- Square (NYSE:SQ) popped on news that its considering making a hardware wallet for bitcoin. Jack Dorsey said in a tweet that it would be built "entirely in the open from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles." Square was up 2.1%. Dorsey published a series of posts with details regarding the idea. "Bitcoin is for everyone. It’s important to us to build an...

05 June

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Putin says Nord Stream 2 gas link to be finished as U.S. seeks good European ties By Reuters

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By Vladimir Soldatkin and Katya Golubkova ST PETERSBURG, Russia (Reuters) - Russia's Nord Stream 2 gas pipeline is ready to start pumping gas to Germany and the final stretch will be completed as the new U.S. administration seeks good relations with "key partners in Europe," President Vladimir Putin said on Friday. Successive U.S. administrations have imposed sanctions to try to block the project that will ship gas directly from Russia to Germany, bypassing Western ally Ukraine. Russia's Gazprom (MCX:GAZP) has pressed ahead with building the pipeline after U.S. sanctions left it without a...

05 June

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U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.09% By Investing.com

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Investing.com – U.K. equities were higher at the close on Friday, as gains in the Electronic & Electrical Equipment, Mining and Industrial Metals & Mining sectors propelled shares higher. At the close in London, the Investing.com United Kingdom 100 rose 0.09%. The biggest gainers of the session on the Investing.com United Kingdom 100 were Ocado Group PLC (LON:OCDO), which rose 3.04% or 55.50 points to trade at 1884.00 at the close. Halma PLC (LON:HLMA) added 2.01% or 52.0 points to end at 2640.0 and Flutter Entertainment PLC (LON:FLTRF) was up 1.91% or...

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Morgan Stanley hires ex BofA banker Rizzo to drive European client push – sources By Reuters

Explainer-What is a global minimum tax and what will it mean? By Reuters

Philippines files criminal complaint against Wirecard’s former COO By Reuters

Workhorse Stumbles as Cowen Says Recent Pop Just a Meme Rally By Investing.com

Exclusive-China pushes Huarong to sell non-core units, mulls implicit support – sources By Reuters

Zumiez Gains As Swing To Profit Surprises Street By Investing.com

Microsoft says error led to no matching Bing images for Tiananmen ‘tank man’ By Reuters

Square Rises on Dorsey Tweet for Bitcoin Wallet By Investing.com

Putin says Nord Stream 2 gas link to be finished as U.S. seeks good European ties By Reuters

U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.09% By Investing.com

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