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20 May
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BMW to cut antitrust provisions by 1 billion eur as EU fine seen lower By Reuters

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FRANKFURT (Reuters) - German luxury carmaker BMW said on Thursday it would have to set aside 1 billion euros ($1.2 billion) less than initially feared for expected European antitrust fines for alleged collusion with rivals. In 2019, BMW recognised a provision of around 1.4 billion euros for expected penalties from an EU investigation into collaboration between German automakers on emission-reduction technologies. "The significant limitation in the scope of the allegations has led to a revaluation of the provision," BMW said, adding this would lead to a positive effect on earnings of around 1 billion euros in the second...

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20 May
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FTSE 100 higher, Bitcoin steady above $40k, USD soft By Investing.com

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Key Points FTSE 100 closing price of 7,020.32, +1.01% Trainline falls after UK rail plans Bitcoin steady after Wednesday’s volatility USD soft despite improving labour market By Samuel Indyk Investing.com – The FTSE 100 finished higher alongside other European bourses on Thursday and managed to close the day back above 7,000. The big mover in the UK was Trainline (LON:TRNT) whose shares fell over 20% after the UK government announced ambitious plans to overhaul the rail industry. Part of that plan would involve the rollout of an application and website to buy rail tickets, directly competing...

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20 May
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UK regulator says Pfizer COVID vaccine can be stored 31 days in fridge By Reuters

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LONDON (Reuters) - The Pfizer (NYSE:PFE) BioNTech vaccine for COVID-19 can be stored for up to 31 days at normal fridge temperatures in Britain after a change approved by the country's health and medicine regulator on Thursday. "Up until now, the Pfizer vaccine had to be administered within five days of being removed from ultra-low temperature freezers," June Raine, the head of the Medicines and Healthcare products Regulatory Agency (MHRA) said in a statement. "Now that the jab can be stored at normal fridge temperatures for up to 31 days, it...

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20 May
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Biden’s IRS Crackdown Plan Targets Rich Hiding Half of Income By Bloomberg

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(Bloomberg) -- The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding more than half their income outside of wages and salaries, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements. The department detailed in a report Thursday the administration’s proposed measures to raise $700 billion in additional revenue over a decade through Internal Revenue Service enforcement. The release follows criticism from Republican lawmakers and tax analysts that the estimate is unrealistically high. Read more: Biden’s Tax Math...

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20 May
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Construction’s ‘perfect storm’ is a boon for ABB’s robots By Reuters

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By John Revill ZURICH(Reuters) - ABB is looking to tap into a skilled labour shortage in the fast-growing construction sector to help drive the post-pandemic recovery of its robotics business and diversification from the automotive industry, the head of the division said. The Swiss engineering group's robotics business has been hit by the downturn in recent years in the auto sector, traditionally its biggest customer, as carmakers suffered falling sales and it quit low-margin businesses. Construction offers new opportunities, especially with massive infrastructure programmes planned to revive the global economy after the coronavirus...

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20 May
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Ralph Lauren Plunges As CEO Says Not Completely Done With Covid By Investing.com

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By Dhirendra Tripathi Investing.com – Ralph Lauren (NYSE:RL) shares fell more than 8% Thursday after Chief Executive Officer Patrice Louvet said, “We're not completely done with Covid.” The restoration of a dividend, suspended due to the pandemic, didn’t help the stock price. Louvet’s comments during a call for analysts come at a time when the global luxury industry is seen making a quick rebound as the pandemic retreats in the U.S. and Europe. The luxury industry was among the worst affected in the pandemic as world economies went into multiple lockdowns at various intervals and companies...

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20 May
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Microsoft to unplug Internet Explorer as it seeks edge in browser war By Reuters

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(Reuters) - Microsoft Corp (NASDAQ:MSFT) is pulling the plug on its once omnipresent browser, Internet Explorer, next year as it prepares to battle market leader Chrome with its slicker Edge browser. Launched in 1995, Internet Explorer became the dominant browser for over a decade as it was bundled with Microsoft's Windows operating system that came pre-installed in billions of computers. The browser, however, started losing out to Google (NASDAQ:GOOGL)'s Chrome in the late 2000s and has become a subject of countless internet memes for its sluggishness in comparison to its rivals. To compete better,...

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20 May
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U.S. Mortgage Rates Reach 3% for the First Time Since April By Bloomberg

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(Bloomberg) -- Mortgage rates in the U.S. rose for the first time this month. The average for a 30-year loan was 3%, up from 2.94% last week, Freddie Mac (OTC:FMCC) data showed Thursday. It was the first time since mid-April that the rate was at or above 3%. Rates have see-sawed over the past few weeks as investors process economic data and look for signs of inflation triggered by the country’s recovery from the pandemic. There’s a growing consensus that the Federal Reserve may have to consider tapering its purchases of...

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20 May
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COVID fight could return ‘to square one’: experts sound vaccines alarm By Reuters

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By Kate Kelland LONDON (Reuters) - India's export ban on COVID-19 shots risks dragging the battle against the pandemic "back to square one" unless wealthy nations step in to plug a gaping hole in the COVAX global vaccine-sharing scheme, health specialists said on Thursday. COVAX, which is critical for poorer countries, relies on AstraZeneca (NASDAQ:AZN) shots made by the Serum Institute of India, the world's biggest maker of vaccines. It was already around 100 million doses short of where it had planned to be when India halted exports a month ago amid a surge in...

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20 May
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Ford Gains On Aggressively Pricing EV Truck, JV Plan For Batteries   By Investing.com

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By Dhirendra Tripathi Investing.com – Ford Motor shares (NYSE:F) rose than 3% after twin announcements, that of the company putting a price tag on its new electric truck and the other of it disclosing plans to form a joint venture with a South Korean firm to make batteries. The base model of the company’s latest electric truck, F -150 Lightning, will carry a tag of $40,000, making it 20% more affordable than the next cheapest truck, the Tesla (NASDAQ:TSLA) Cybertruck. Rivals like the Rivian R1T and the Hummer EV cost a lot more. Under the other...

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