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Global economy recovering from pandemic; higher rates would hurt -IMF steering committee By Reuters

By Andrea Shalal and David Lawder WASHINGTON (Reuters) - The steering committee of the International Monetary Fund said the global economy is recovering faster than expected from the COVID-19 crisis, but warned that a spike in interest rates could be especially painful for emerging economies. In its communique, the International Monetary and Financial Committee stressed the importance of accelerating distribution of COVID-19 vaccines around the world, and pledged to strengthen international cooperation. "Elevated financial vulnerabilities could pose risks, should global financial conditions tighten swiftly," the 24-member committee said. "The crisis may cause extended scarring and...

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Okta Jumps After Confirming Guidance for Q1 and 2022 By Investing.com

By Christiana Sciaudone Investing.com -- Okta (NASDAQ:OKTA) jumped almost 8% after reaffirming guidance during its investor day. The cloud identity management company expects first quarter revenue of up to $239 million, up about 31% year-on-year, and a loss per share of between 20 cents and 21 cents. For fiscal 2022, sales are estimated at around $1.08 billion, up from $835 billion in fiscal 2021, with a loss per share of up to 49 cents, Okta said in a presentation.   The company added 2,000 new customers in fiscal 2021 for a total of 10,000. It sees a...

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U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.93% By Investing.com

Investing.com – U.K. equities were higher at the close on Thursday, as gains in the Tobacco, Beverage and Support Services sectors propelled shares higher. At the close in London, the Investing.com United Kingdom 100 added 0.93% to hit a new 52-week high. The biggest gainers of the session on the Investing.com United Kingdom 100 were Experian PLC (LON:EXPN), which rose 4.38% or 111.0 points to trade at 2647.0 at the close. Sage Group PLC (LON:SGE) added 4.10% or 25.80 points to end at 655.00 and AVEVA Group PLC (LON:AVV) was up 3.99% or 145.0...

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ACS offers to buy large stake in Atlantia’s motorway unit By Reuters

By Francesca Landini MILAN (Reuters) - Spanish infrastructure group ACS has sent a letter to Atlantia offering to buy a large stake in the Italian group's motorway unit, Atlantia investor TCI said on Thursday. ACS values the whole of Atlantia's Autostrade per l'Italia unit at 9 billion to 10 billion euros ($10.7 billion-$12 billion) and does not mention in its proposal a request for guarantees against legal risks, according to TCI, which was aware of the contents of the letter. ACS declined to comment. "We welcome ACS's offer, which is far superior to the offer...

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Beyond Meat to Expand Product Offerings at Kroger, Target, Other Grocers By Investing.com

By Dhirendra Tripathi Investing.com – Beyond Meat (NASDAQ:BYND) shares rose 2% Thursday after the plant-based meat producer announced several major product expansions at retailers nationwide. The increased distribution strengthens the company’s expansive retail presence at approximately 28,000 retail outlets across the U.S. Grocery giants Kroger (NYSE:KR), Target (NYSE:TGT) and Giant Foods will now stock Beyond Meatballs. Kroger will also stock its Beyond Breakfast Sausage, while Super Targets will carry Beyond Sausage. Beyond's frozen meatless burger value packs will also be offered in more stores. Beyond Meat shares also rose Wednesday on optimism...

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Exclusive: SIGNA Sports United in talks to go public through SPAC deal – sources By Reuters

FRANKFURT (Reuters) - Sporting goods retailer SIGNA Sports United, owned by Austrian investor Rene Benko, is in talks to go public through a merger with a blank check company in a deal that could value the firm at up to $4 billion, two people familiar with the matter said. SIGNA Sports United is working with several banks, including Citi, on a potential transaction and is in preliminary talks with special purpose acquisition companies (SPAC), including Yucaipa Acquisition Corp, the people said. SIGNA Sports United is also nearing a deal to buy Britain-based online sporting goods store...

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GM Drops as Chip Shortage Shutters More Plants By Investing.com

By Christiana Sciaudone Investing.com -- General Motors Company (NYSE:GM) slipped more than 3% after idling plants because of a chip shortage.  The carmaker will idle or extend shutdowns at several plants in North America for at least a week, which will reduce operating profit by $1.5 billion to $2 billion this year, CNBC reported. The automobile industry has suffered from a shortage of chips as they were redirected to other industries over the past year as vehicle-making factories closed during the pandemic.   “We continue to work closely with our supply base to find solutions for our...

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Major economies should inject ‘significant’ support for global economy – Yellen By Reuters

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen on Thursday warned of the risk of a permanence divergence in the global economy, and urged major economies to strive to provide significant amounts of new fiscal support to secure a robust recovery. In a statement to the steering committees of the International Monetary Fund and the World Bank, Yellen underscored the need to continue supporting the world's poorest countries as they grapple with the COVID-19 pandemic, climate change and high debt burdens. She urged the World Bank to support developing countries and ensure they get timely...

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GameStop plans to elect activist investor Cohen as chairman By Reuters

(Reuters) - GameStop Corp (NYSE:GME), which has been part of a recent Reddit-driven trading frenzy, said on Thursday it intends to elect activist investor Ryan Cohen as chairman, putting him in the driver's seat as he looks to transform the videogame retailer. Since Chewy co-founder Cohen joined GameStop's board in January, he has been pushing towards transformation of the brick-and-mortar retailer into an e-commerce firm that can take on big-box retailers such as Target Corp (NYSE:TGT) and technology firms such as Microsoft Corp (NASDAQ:MSFT). The company also said on Thursday...

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Amazon union election tally expected to start, turnout 55% By Reuters

NEW YORK (Reuters) - U.S. regulators are expected to start tallying votes in Amazon.com Inc (NASDAQ:AMZN)'s closely watched union election in Alabama later on Thursday or early Friday, union officials said. The elections had voter turnout of about 55% the Retail, Wholesale and Department Store Union (RWDSU) said in a statement on Wednesday. More than 3,200 mail ballots were received by the U.S.National Labor Relations Board (NLRB), in an election open toover 5,800 workers at Amazon's warehouse in Bessemer, Alabama,the union said. The workers are voting on whether to join theRWDSU and have their warehouse...

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