18 May

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Dow Ends Deeper in Red on Late-Selling as Tech Pares Gains By Investing.com

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By Yasin Ebrahim Investing.com – The Dow closed lower on sharp selling into the close Tuesday as tech stocks gave up gains and energy shares were dragged lower by falling oil prices on fears an Iran nuclear deal will boost global oil supplies. The S&P 500 fell 0.89%, the Dow Jones Industrial Average fell 0.78%, or 267 points, and Nasdaq Composite fell 0.57%. Tech struggled to hold onto gains as ongoing concerns the rotation to value from growth still has room to go kept gains in check. "While there are some minor technical indicators implying the value/growth ratio may...

18 May

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Weekly Comic: Cheers! It’s Springtime for Sterling By Investing.com

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By Geoffrey Smith Investing.com -- The rain may be incessant but in every other sense, the clouds over the U.K. economy appear to be finally lifting. Lockdown restrictions on pubs, theatres, museums, concert halls and gyms were all largely lifted on Monday, while the government also relaxed limits on social gatherings. The move will allow a broad swath of the British service sector.- which accounts for 71% of gross domestic product - to operate in near to normal conditions again. Outward-bound tourism is now allowed, although the list of countries that can be visited without cumbersome...

18 May

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Ireland hikes stamp duty, amends planning laws to end bulk buying of homes By Reuters

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DUBLIN (Reuters) - Ireland will impose a stamp duty charge of 10% on the multiple purchase of 10 or more residential houses and ringfence up to 50% of housing developments for owner-occupiers in a bid to discourage bulk purchases by institutional investors. There was a public outcry last week after an investment firm bought most of the homes for sale in a development outside Dublin, pushing a years-long scarcity of affordable housing and sky-high rents back to the top of the political agenda. Apartments are fully exempt from the higher stamp duty so as not to...

18 May

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Bank of America Down After Saying It Will Raise Minimum Pay to $25 an Hour by 2025 By Investing.com

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By Dhirendra Tripathi Investing.com – Bank of America (NYSE:BAC) shares weakened Tuesday following its decision to raise minimum pay to $25 an hour by 2025, up from $20 now. In addition, the bank said all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. It said already 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate. Bank of America is not the first to raise minimum wages. Many employers, including Amazon...

18 May

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Biden’s EV Plans Push Plug Power, Peers, Higher By Investing.com

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By Christiana Sciaudone Investing.com -- President Joe Biden will make a case for his $174 billion electric vehicle plant today, driving shares of Plug Power (NASDAQ:PLUG) up 9%, Workhorse up 8% and FuelCell up 7%.Not included? Consumer incentives for high-priced electric luxury models (here's looking at you, Tesla (NASDAQ:TSLA)). The president will call for government grants for new battery production facilities when he visits a Ford Motor (NYSE:F) electric vehicle plant in Michigan, Reuters reported. The plan includes $100 billion in consumer rebates for electric vehicles, which are putting gasoline slowly out...

18 May

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Shell Norco refinery to restart hydrocracker second stage this week – sources By Reuters

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HOUSTON (Reuters) - Royal Dutch Shell (LON:RDSa) Plc plans to restart the second stage of the hydrocracker at its 227,400 barrel-per-day (bpd) Norco, Louisiana, refinery this week, said sources familiar with plant operations. Shell spokesman Curtis Smith declined to comment. The second stage of the 40,000-bpd hydrocracker was shut on April 25 to repair a leak, the sources said. The adjoining Shell chemical plant plans to restart the Olefins-5 cracker this week as well, the sources said. ...

18 May

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Google lays out new features to keep users clicking after lockdown By Reuters

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By Paresh Dave (Reuters) - Alphabet (NASDAQ:GOOGL) Inc's Google on Tuesday unveiled updates across many services, including Maps and Docs, as the company showcases its role in a world that has become more digitally connected during the pandemic. Google's search, video-conferencing and other tools have been increasingly used in the past year as lockdowns and other pandemic restrictions forced people to shop and communicate online. With in-person activities resuming, Google is out to make a case it can remain relevant and compete with services from Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL) and...

18 May

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Italy’s Valentino bans fur and focuses on its main brand By Reuters

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MILAN (Reuters) - Italian luxury group Valentino said on Tuesday it would stop using fur from next year and would focus on its main, eponymous brand, ditching its second, younger line from 2024. The fashion company controlled by Qatari investment vehicle Mayhoola follows many other brands in banning fur in recent years including Prada, Versace, Gucci and Armani, due to growing customer sensitivity to animal rights and environmental issues. The latest Valentino collection to include fur will be the Fall/Winter 2021-22 season, the company said. Valentino Chief Executive Jacopo Venturini, who joined the Italian group...

18 May

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Exclusive-Amazon extends moratorium on police use of facial recognition software By Reuters

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By Jeffrey Dastin (Reuters) -Amazon.com Inc told Reuters on Tuesday it is extending until further notice a moratorium that it imposed last year on police use of its facial recognition software. The company had issued the moratorium for one year in June 2020, at the height of protests across the United States against police brutality towards people of color, sparked by the killing of George Floyd, a Black man, during an arrest in Minnesota. The moratorium followed a years-long fight between the world's largest online retailer and civil liberties advocates, who warned that inaccurate matches could...

18 May

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Yellen Plans to Attend London G-7 Meeting in First Overseas Trip By Bloomberg

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(Bloomberg) -- U.S. Treasury Secretary Janet Yellen is planning to travel to London for a June 4-5 meeting with her Group of Seven counterparts, according to people familiar with the matter. The U.K., this year’s rotating G-7 host, earlier this month announced that it would hold the meeting in person as the spread of Covid-19 begins to subside. Chancellor Rishi Sunak will lead the gathering, which will include central bankers from Italy, Canada, France, Germany and Japan, as well as leaders from the International Monetary Fund, World Bank and other multilateral institutions. A Treasury spokeswoman declined...

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Dow Ends Deeper in Red on Late-Selling as Tech Pares Gains By Investing.com

Weekly Comic: Cheers! It’s Springtime for Sterling By Investing.com

Ireland hikes stamp duty, amends planning laws to end bulk buying of homes By Reuters

Bank of America Down After Saying It Will Raise Minimum Pay to $25 an Hour by 2025 By Investing.com

Biden’s EV Plans Push Plug Power, Peers, Higher By Investing.com

Shell Norco refinery to restart hydrocracker second stage this week – sources By Reuters

Google lays out new features to keep users clicking after lockdown By Reuters

Italy’s Valentino bans fur and focuses on its main brand By Reuters

Exclusive-Amazon extends moratorium on police use of facial recognition software By Reuters

Yellen Plans to Attend London G-7 Meeting in First Overseas Trip By Bloomberg

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