13 May

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UK watchdog warns over hasty cash machine closures By Reuters

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LONDON (Reuters) -Britain's financial regulator will intervene if banks and other providers close cash machines in areas where there are no alternatives, it said on Thursday. There was a 40% drop in cash machine withdrawals last year as the COVID-19 pandemic prompted more people to use contactless card payments and shop online, but five million adults still use cash for most of their purchases, the Financial Conduct Authority (FCA) said. "We are monitoring trends and supervising firms to make sure access is available and we will use the tools at our disposal to ensure this happens,"...

13 May

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Inflation fears rattle European stocks By Reuters

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By Sruthi Shankar (Reuters) -European stocks slid on Thursday, tracking an overnight selloff on Wall Street, as a rapid rise in U.S. inflation spooked investors, while a drop in commodity prices weighed on heavyweight miners. The pan-European STOXX 600 index fell 1.6%, drifting further away from an all-time high. Basic resources and oil and gas sectors, among recent market leaders on the back of a surge in commodity prices, fell about 3%. [MET/L] Automakers also shed more then 3%, while defensive names like healthcare and telecoms posted small losses. The U.S. benchmark S&P 500...

13 May

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UK’s Intertek to buy Australia’s SAI Global Assurance for $660 million By Reuters

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By Yadarisa Shabong and Kane Wu (Reuters) -British inspection and product testing company Intertek Group (LON:ITRK) agreed on Thursday to buy SAI Global Assurance for A$855 million ($660 million), as it builds market share in Australia, North America, the UK and China. SAI Global Assurance, which is indirectly owned by private equity firm Baring Private Equity Asia (BPEA), provides second-party audits to clients across 130 countries, and has a strong position in food and agriculture and also carries out environmental and sustainability audits. The Australia-based company's environmental management systems helps its customers reduce energy consumption,...

13 May

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Samsung boosts non-memory chip investment to $151 billion as S.Korea offers bigger tax breaks By Reuters

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By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics on Thursday raised its planned investment in non-memory chips to 171 trillion won ($151 billion) through 2030, joining a rush of firms ramping up investments amid a global semiconductor shortage. Countries have also been working to bolster chip supply chains as the chip shortage affects production in industries such as autos. South Korea on Thursday said it would offer bigger tax breaks plus 1 trillion won ($883 million) in loans for its local chip industry. Some 153 chip companies including global No.1 and...

13 May

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Danone to return most of Chinese divestment proceeds to shareholders By Reuters

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PARIS (Reuters) - French food group Danone on Thursday said that most of the proceeds from a $2 billion divestment of its stake in China Mengniu Dairy Company will be returned to shareholders through a share buyback programme, it said on Thursday. Danone, under pressure from investment funds over its shareholder returns, on Wednesday said it would sell its 9.8% stake in Chine Mengniu Dairy. "The transaction resulted in total gross proceeds of 15.4 billion Hong Kong dollars, representing about 1.6 billion euros ($1.94 billion). The settlement of the transaction will take place on May 17,"...

13 May

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Alphawave shares slump 18% on London debut By Reuters

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By Joice Alves and Abhinav Ramnarayan LONDON (Reuters) -Canadian computer chip company Alphawave's shares plunged by as much as 18% on their London market debut on Thursday, shrinking its value by about 550 million pounds ($562 million) in less than an hour. The slump comes amid a broader tech stock sell-off and only weeks after food delivery firm Deliveroo fell by as much as 30% on its stock market debut, potentially hurting the London market's ambitions to attract fast-growing tech companies. The Toronto-based company and its shareholders earlier sold shares worth 856 million pounds at 410...

13 May

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British Airways cancels flight to Tel Aviv amid escalating conflict By Reuters

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LONDON (Reuters) -British Airways cancelled its flights to and from Tel Aviv on Thursday, the latest international carrier to avoid flying to Israel amid an escalating conflict there. "The safety and security of our colleagues and customers is always our top priority, and we continue to monitor the situation closely," British Airways said. United Airlines, Delta Air Lines (NYSE:DAL) and American Airlines (NASDAQ:AAL) on Wednesday all cancelled flights between the United States and Tel Aviv. The fiercest hostilities in years continued on Thursday, as Israel was preparing ground troops along the Gaza border and Hamas...

13 May

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China’s GDP jumps record 18.3% but post-COVID recovery seen losing steam By Reuters

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By Gabriel Crossley and Kevin Yao BEIJING (Reuters) -China's economic recovery quickened sharply in the first quarter to record growth of 18.3% from last year's deep coronavirus slump, propelled by stronger demand at home and abroad and continued government support for smaller firms. But the brisk expansion, heavily skewed by the plunge in activity a year earlier, is expected to moderate later this year as the government turns its attention to reining in financial risks in overheating parts of the economy. While the jump in gross domestic product (GDP) undershot the 19% forecast by economists...

13 May

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BT ups fibre broadband target to 25 million homes by end-2026 By Reuters

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LONDON (Reuters) -BT said on Thursday it would extend its full-fibre broadband network to 25 million premises by the end of 2026, aiming to fund the 5 million additional homes and businesses through a joint venture with other parties. BT, Britain's biggest broadband and mobile provider, set the new target as it reported a 7% fall in revenue and a 6% fall in adjusted earnings for the year to end-March, reflecting the impact of COVID-19. Chief Executive Philip Jansen said changes in regulation and tax, along with a new agreement on the company's pension payments,...

13 May

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Investment platform Hargreaves assets grow to 133 billion pounds By Reuters

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(Reuters) - British investment platform Hargreaves Lansdown (LON:HRGV) on Thursday reported a rise in assets under administration during the past four months, but said it has started to see a fall in share-dealing volumes as pandemic curbs ease. The company's assets under administration reached 132.9 billion pounds ($186.82 billion) by April 30, compared with 120.6 billion pounds reported at the end of 2020. Net inflows climbed to 7.9 billion pounds from 6.3 billion pounds year to date. ($1 = 0.7114 pounds) ...

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UK watchdog warns over hasty cash machine closures By Reuters

Inflation fears rattle European stocks By Reuters

UK’s Intertek to buy Australia’s SAI Global Assurance for $660 million By Reuters

Samsung boosts non-memory chip investment to $151 billion as S.Korea offers bigger tax breaks By Reuters

Danone to return most of Chinese divestment proceeds to shareholders By Reuters

Alphawave shares slump 18% on London debut By Reuters

British Airways cancels flight to Tel Aviv amid escalating conflict By Reuters

China’s GDP jumps record 18.3% but post-COVID recovery seen losing steam By Reuters

BT ups fibre broadband target to 25 million homes by end-2026 By Reuters

Investment platform Hargreaves assets grow to 133 billion pounds By Reuters

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