08 April

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Gucci owner Kering on track with global logistic hub in Italy By Reuters

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MILAN (Reuters) - Kering (PA:PRTP) has completed the first phase of its new global logistics hub in North-West Italy, helping increase the French luxury group's storage and speed up global deliveries. The group will keep some warehouses in Switzerland but has already relocated several teams to Italy, Kering Managing Director Jean-Francois Palus told reporters on Thursday. Kering said in a statement that it plans to increase staff numbers at the site in the Piedmont town of Trecate, which is operated by XPO Logistics, from more than 250 now to 900 by the end...

08 April

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Jobless Claims, Powell, AstraZeneca Vaccine – What’s Moving Markets By Investing.com

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By Geoffrey Smith Investing.com -- U.S. President Joe Biden’s tax plans may hit fewer companies than his campaign promises suggested: new details from the Treasury are supporting tech stocks as Wall Street gets ready to open. U.S. jobless claims are expected to have resumed their downward trend last week, while Federal Reserve Chairman Jerome Powell will speak later. AstraZeneca shares rise despite the fact that concerns about its Covid-19 vaccine’s safety refuse to go away. And crude oil still can’t get through $60 a barrel. Here’s what you need to know in financial markets on Thursday, April...

08 April

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Cut the debt of poor countries, Pope tells IMF, World Bank By Reuters

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VATICAN CITY (Reuters) - Pope Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making. In a letter to the participants of the International Monetary Fund and World Bank's annual spring meeting, the pope said the pandemic had forced the world to come to terms with interrelated socio-economic, ecological, and political crises. "The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and...

08 April

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Europe should invest in chip design, not a mega-fab – think tank By Reuters

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By Douglas Busvine BERLIN (Reuters) - Europe's ambition to make the most powerful computer chips risks wasting billions of euros, a German think tank said in a report on Thursday, urging policy makers to focus instead on rebuilding the region's chip design industry. The EU executive's new goal of doubling its global semiconductor share by 2030 is doomed to fail because the bloc lacks a meaningful market that any super-advanced chip foundry could sell into, author Jan-Peter Kleinhans said. "For an EU foundry there is simply no business case at the moment in Europe, mainly for...

08 April

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Tesla lashes out at German red tape ahead of planned site opening By Reuters

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BERLIN (Reuters) - Tesla sharply criticised lengthy regulatory processes in Germany ahead of the planned opening of its first European gigafactory this summer. Tesla plans to have the factory up and running by July 1, 2021 to start building its electric crossover, the Model Y but the process has been slow and complicated by environmental disputes. In December, Tesla was told by a court to suspend clearing of a forest at the site of the proposed factory after environmentalists said cutting down more trees could endanger hibernating snakes. "The German approval framework for industrial and...

08 April

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Apple to argue it faces competition in video game market in Epic lawsuit By Reuters

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By Stephen Nellis (Reuters) - Apple Inc (NASDAQ:AAPL) said it plans to argue that it faces abundant competition in the market for video game transactions to defend itself against antitrust allegations by "Fortnite" maker Epic Games, the iPhone maker said on Thursday. Epic sued Apple last year in federal court in California, alleging the 15% to 30% commissions that Apple charges for the use of its in-app payment systems and Apple's longstanding practice of exercising control over which apps can be installed on its devices amount to anticompetitive behavior. The dispute arose after Epic tried...

08 April

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ECB’s Lagarde sees receding growth risk beyond short term By Reuters

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FRANKFURT (Reuters) - The coronavirus pandemic will weigh on euro zone growth over the coming months but longer term risks are receding and growth will pick up once lockdown measures can be lifted, European Central Bank President Christine Lagarde said on Thursday. "Overall, the risks surrounding the euro area growth outlook have become more balanced, although downside risks associated with the pandemic remain in the near term," Lagarde said in a statement that echoes the bank's policy stance after its March meeting. Repeating the bank's standing guidance, Lagarde said that the 1.85 trillion euros...

08 April

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World food price index rises in March for tenth month running – FAO By Reuters

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ROME (Reuters) - World food prices rose for a 10th consecutive month in March, hitting their highest level since June 2014, led by jumps in vegetable oils, meat and dairy indices, the United Nations food agency said on Thursday. The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month versus a slightly revised 116.1 in February. The February figure was previously given as 116.0. The Rome-based FAO also said in a statement that worldwide cereal harvests remained...

08 April

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Japan’s Nomura to investigate Archegos-related loss -sources By Reuters

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By Takashi Umekawa TOKYO (Reuters) -Japan's Nomura has set up an internal team to investigate a possible $2 billion loss relating to Archegos Capital Management, two people familiar with the matter said. Archegos, a New York investment fund run by ex-Tiger Asia manager Bill Hwang, collapsed last month when its debt-laden bets on media companies including ViacomCBS unravelled. Nomura, Credit Suisse (SIX:CSGN) and other global banks, which acted as brokers for Archegos, scrambled to sell the shares they held as collateral and unwind the trades. The loss incurred by Nomura has...

08 April

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McCarthy Stone gets 200 million pound financing to boost retirement home supply By Reuters

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(Reuters) - Infrastructure investors John Laing and Macquarie Capital will invest 200 million pounds ($274.76 million) in retirement homes developed by McCarthy Stone to help address the undersupply of elderly accommodation in Britain, the companies said. Demand for specialist housing for the elderly is growing in the United Kingdom as the population ages, with private retirement units accounting for 0.6% of British homes, according to the estate agency Knight Frank. The investors have formed a special purpose vehicle, Brigid Investments, in which they would hold a 50% stake each, to finance about 250 completed retirement...

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Gucci owner Kering on track with global logistic hub in Italy By Reuters

Jobless Claims, Powell, AstraZeneca Vaccine – What’s Moving Markets By Investing.com

Cut the debt of poor countries, Pope tells IMF, World Bank By Reuters

Europe should invest in chip design, not a mega-fab – think tank By Reuters

Tesla lashes out at German red tape ahead of planned site opening By Reuters

Apple to argue it faces competition in video game market in Epic lawsuit By Reuters

ECB’s Lagarde sees receding growth risk beyond short term By Reuters

World food price index rises in March for tenth month running – FAO By Reuters

Japan’s Nomura to investigate Archegos-related loss -sources By Reuters

McCarthy Stone gets 200 million pound financing to boost retirement home supply By Reuters

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