26 May

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Tsunami of Cash Threatens to Pin Funding Rates at 0% Until 2022 By Bloomberg

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(Bloomberg) -- The amount cash sloshing around in U.S. dollar funding markets looks unlikely to abate anytime soon and that’s set to put downward pressure on short-term rates until next year unless officials act to alter the situation. That’s the view of strategists at Bank of America Corp (NYSE:BAC)., who foresee further increases in usage of the Federal Reserve’s reverse repurchase agreement operation -- a facility that’s become a go-to place for parking cash. While it offers absolutely zero yield, the facility at least doesn’t charge investors for the privilege of keeping cash there, which is...

26 May

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Britain to legislate soon to pay London Capital & Finance investors By Reuters

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By Huw Jones LONDON (Reuters) -Britain will legislate shortly to compensate investors who lost money in the collapse of investment firm London Capital & Finance, its financial services minister said on Wednesday. The finance ministry said in April it will pay about 120 million pounds to compensate about 8,800 investors after LCF collapsed in 2019. The collapse left 11,600 investors facing losses of up to 237 million pounds. "We will be bringing legislation forward imminently to get those payouts made," John Glen told a parliamentary committee. Although LCF was regulated by the Financial Conduct Authority, the...

26 May

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Beyond Meat Pops on New KFC China Offering (For a Limited Time Only) By Investing.com

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By Christiana Sciaudone Investing.com -- Beyond Meat (NASDAQ:BYND) bounced nearly 5% after announcing a new wrap being sold for a limited time at more than 2,600 KFC China stores. The Plant-Based Spicy Beef Wrap is a meat-free version of a famous limited beef wrap found at KFC China stores. This is the second collaboration between Beyond Meat and KFC China. Last year, the Beyond Burger was sold in KFC China locations. This is the first time that the juicy wrap is available with faux meat, available while supplies last. Shares are down some 35% from a...

26 May

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IAG’s Gallego hopes North Atlantic air corridor open late June, early July By Reuters

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MADRID (Reuters) - The chief executive of British Airways-owner IAG (LON:ICAG), Luis Gallego, said on Wednesday he hoped the North Atlantic corridor for air travel would be open by late June, early July. Countries such as the United States need to be included in Britain's green list of safe destinations very soon, Gallego, speaking at a virtual event on the prospect of the tourism industry in 2021, said, citing its high level of vaccination - "one of the best in the world". The COVID-19 pandemic has devastated the airline industry, grounding thousands of planes worldwide and...

26 May

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British midcaps rise on strong earnings, Vectura shines By Reuters

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By Shivani Kumaresan and Devik Jain (Reuters) -British midcaps rose on Wednesday, boosted by solid earnings updates from companies including Marks & Spencer and Softcat, while Vectura Group topped the mid-cap index after agreeing to a takeover by The Carlyle Group (NASDAQ:CG). The domestically focused mid-cap index advanced 0.9%, helped by consumer discretionary and industrials stocks. Vectura Group surged 33.8% to the top of the index, after the pharmaceutical company focused on inhaled medicines agreed to a 958 million pound ($1.36 billion) takeover by global investment firm The Carlyle Group. Marks & Spencer...

26 May

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Global Deal on Tax Nears First Stage as G-7 Seeks Common Ground By Bloomberg

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(Bloomberg) -- A global agreement that could reshape the tax landscape for the biggest corporations is approaching a crucial first stage as the Group of Seven nations hone in on an accord that might feature both a minimum rate and encompass digital giants. If finance ministers due to meet virtually on Friday and in person next week can find enough common ground, that could pave the way for a wider consensus to form within the Group of 20, building a foundation for the worldwide agreement that is in negotiators’ sights. “It’s absolutely promising that we will...

26 May

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Dick’s Sporting Jumps as Retailer Forecasts Stronger Sales This Year By Investing.com

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By Dhirendra Tripathi Investing – Shares of Dick’s Sporting Goods (NYSE:DKS) rose more than 8% in Wednesday’s premarket after the company raised its guidance and posted record quarterly earnings. A $200-million repurchase plan for 2021 was just an added lubricant in today’s trade. The sporting goods retailer has now guided for net sales of $10.51 billion to $10.80 billion this year, up from the $9.54 billion to $9.93 billion range it gave in March. Earnings per diluted share are seen at $7.05 to $7.68, more than the $3.81 to $4.55 range it forecast earlier. Net sales...

26 May

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Nordstrom Slips As Q1 Sales Still Below 2019 Levels By Investing.com

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.By Dhirendra Tripathi Investing – Nordstrom (NYSE:JWN) shares slipped Wednesday as first quarter sales stayed below 2019 levels even as the retailer kept its forecast for 2021 unchanged. The fact that total net sales decreased 13% from the same period in fiscal 2019, a pre-pandemic time, pulled sentiment lower. They came at $2.92 billion, 44% higher from the same period in fiscal 2020. This is in contrast to many other retailers reporting numbers that beat the 2019 period before coronavirus. Many chains have left 2019 behind, helped by stimulus-driven consumer spending and the desire of people...

26 May

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Toll Brothers Rises as Guidance Strengthened Across the Board By Investing.com

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By Christiana Sciaudone Investing.com -- Toll Brothers (NYSE:TOL) rose almost 3% after reporting stellar results and stronger guidance. Earnings per share of $1.01 for the fiscal second quarter bested the forecast of 79 cents on sales of $1.9 billion, which surpassed the expected $1.77 billion, according to data compiled by Investing.com. Home sales revenue reached a second quarter record at $1.84 billion, up 21% compared to a year earlier; delivered homes were 2,271, up 18%. The company expects to deliver 2,675 units in the third quarter, and as many as 10,400 units...

26 May

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UK feared bond markets could turn against it at start of pandemic – Cummings By Reuters

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LONDON (Reuters) -Top British officials worried that bond markets could turn against them in early 2020 due to the sums being borrowed to finance the pandemic response, Prime Minister Boris Johnson's former top adviser Dominic Cummings said. Britain, along with other countries including the United States, saw major volatility in its bond market in March 2020 as panicked investors sought the most liquid possible assets. "It was the case that the Bank of England, senior officials in the Treasury, senior officials in the Cabinet Office were saying: 'We have to think about the consequences of, if...

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Tsunami of Cash Threatens to Pin Funding Rates at 0% Until 2022 By Bloomberg

Britain to legislate soon to pay London Capital & Finance investors By Reuters

Beyond Meat Pops on New KFC China Offering (For a Limited Time Only) By Investing.com

IAG’s Gallego hopes North Atlantic air corridor open late June, early July By Reuters

British midcaps rise on strong earnings, Vectura shines By Reuters

Global Deal on Tax Nears First Stage as G-7 Seeks Common Ground By Bloomberg

Dick’s Sporting Jumps as Retailer Forecasts Stronger Sales This Year By Investing.com

Nordstrom Slips As Q1 Sales Still Below 2019 Levels By Investing.com

Toll Brothers Rises as Guidance Strengthened Across the Board By Investing.com

UK feared bond markets could turn against it at start of pandemic – Cummings By Reuters

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