04 August

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China’s Latest Outbreak Threatens to Derail Consumer Recovery By Bloomberg

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(Bloomberg) -- China’s broadest Covid-19 outbreak since the beginning of the pandemic in late 2019 is hampering tourism and spending during the peak summer holiday, adding another risk to the economy just as consumption was picking up. Authorities rushed to close tourist sites, call off cultural events and cancel flights, as the outbreak linked to the highly-infectious delta variant spread to nearly half of China’s 32 provinces within just two weeks. At least 46 cities have advised residents to refrain from traveling unless it’s absolutely necessary, according to Chinese media reports. “There will be some downside...

04 August

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UK’s Taylor Wimpey raises annual outlook, swings to H1 profit By Reuters

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(Reuters) -UK homebuilder Taylor Wimpey Plc (LON:TW) on Wednesday raised its full-year earnings outlook, joining bigger rivals in projecting sustained demand, as Britain's housing boom stands to outlast the tax holiday period. Cheap loans and a pandemic-driven preference for larger houses from buyers who saved up during lockdowns have also helped homebuilders forecast a brighter outlook and driven up prices, although a survey last month pointed to a cooling in market activity. Britain's third-largest homebuilder forecast 2021 operating profit of about 820 million pounds ($1.14 billion), above the top end of a company-compiled...

04 August

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Hugo Boss expects recovery to continue through 2021 By Reuters

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BERLIN (Reuters) - German fashion house Hugo Boss said it expected a rebound in its business to continue in the second half of the year as sales almost recovered to pre-pandemic levels in the second quarter. "We are well prepared to further drive our business recovery also in the second half of the year," said new Chief Executive Daniel Grieder, the former Tommy Hilfiger boss who is due to present his strategy later on Wednesday. Hugo Boss, which had already reported preliminary second-quarter results last month, said sales were just 4% below levels recorded in...

04 August

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Thales to sell signalling business to Hitachi in $2 billion deal By Reuters

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By Gwénaëlle Barzic PARIS (Reuters) -Thales, Europe's largest defence electronics company, said it was in advanced talks to sell its GTS railway signalling business to Japan's Hitachi in a deal that values the division at 1.66 billion euros ($2 billion). The sale - which confirmed a Reuters exclusive - comes as the French company looks to streamline its sprawling operations and reassure investors of its core focus on making high-tech equipment for the defence and aerospace industries. Thales shares were up 1.1% in early trading. "With this major strategic move, we will be able to...

04 August

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Australia Sticks With Taper Plan Even as Virus Dents Economy By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The Reserve Bank of Australia said it will stick with its planned tapering of bond purchases even as Sydney’s protracted lockdown is set to push the economy into contraction this quarter. The Australian dollar advanced after Governor Philip Lowe and his board surprised economists by keeping to their plan to reduce the pace of weekly bond purchases to A$4 billion ($3 billion) in September from A$5 billion now, while maintaining the cash rate at 0.1% on Tuesday. “The experience to date has...

04 August

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Dollar pressured ahead of jobs data; kiwi leaps as rate hikes loom By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The dollar was pinned near recent lows against other currencies on Tuesday, as traders awaited U.S. jobs data for a guide to the rates outlook, while labour market strength lifted the kiwi in anticipation of a New Zealand rate hike within weeks. New Zealand's jobless rate unexpectedly fell to 4% last quarter, its lowest since December 2019, and the New Zealand dollar jumped 0.5% to a one-month high of $0.7056. "We've flown past full employment, and the economy is becoming quite overheated," said analysts at ANZ, who expect 25 basis...

04 August

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Facebook’s WhatsApp rolls out option for disappearing photos, videos to take on Snapchat By Reuters

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(Reuters) - Users of Facebook Inc (NASDAQ:FB)'s WhatsApp can now send disappearing photos and videos on its platform starting this week, as it looks to better compete with Snap Inc (NYSE:SNAP)'s photo messaging app Snapchat. The feature, called View Once, will let photos and videos disappear from the chat after they have been seen, Facebook said in a blog post https://about.fb.com/news/2021/08/view-once-photos-and-videos-on-whatsapp on Tuesday, adding that once the media content has been viewed, the message will be shown as "opened." Snapchat, known for its Stories feature that lets users post updates that...

04 August

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Big strategic decisions await Samsung’s Lee as momentum builds for his parole By Reuters

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By Joyce Lee and Heekyong Yang SEOUL (Reuters) - With bated breath, management at Samsung Electronics (LON:0593xq) is waiting to see if the conglomerate's leader, Jay Y. Lee, will be released on parole this month. Support for his parole, both political and amongst the public, has grown amid anxiety that key strategic decisions are not being made at the South Korean tech giant. If he is released, Samsung would be able to move forward with major investment and M&A projects - decisions company sources say should only be made by Lee who has...

04 August

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Boeing postpones Starliner launch after new glitch By Reuters

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By Eric M. Johnson (Reuters) -Boeing Co scrubbed the launch of its CST-100 Starliner to the International Space Station on Tuesday due to a system glitch, a fresh setback for the U.S. aerospace company following the vehicle's botched 2019 debut. Boeing (NYSE:BA) engineers ruled out "a number of potential causes, including software," but were still working to understand the source of "unexpected valve position indications" in the propulsion system, Boeing said in a statement Tuesday evening. "Additional time is needed to complete the assessment," Boeing said, adding that it would also not proceed with...

04 August

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The 1.9 Million Reasons the BOE Will Echo Fed’s Rate Patience By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Bank of England officials who favor patience on scaling back stimulus will likely dominate the policy discussion this week, with risks to the labor market recovery outweighing a surge in inflation. With almost 1.9 million people still on furlough, the Monetary Policy Committee will signal Thursday that it’s in no hurry to cut its 875 billion-pound ($1.2 trillion) bond-buying plan. It’s also unlikely to be swayed by the economic rebound, expected to be the fastest among the Group of Seven this year....

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China’s Latest Outbreak Threatens to Derail Consumer Recovery By Bloomberg

UK’s Taylor Wimpey raises annual outlook, swings to H1 profit By Reuters

Hugo Boss expects recovery to continue through 2021 By Reuters

Thales to sell signalling business to Hitachi in $2 billion deal By Reuters

Australia Sticks With Taper Plan Even as Virus Dents Economy By Bloomberg

Dollar pressured ahead of jobs data; kiwi leaps as rate hikes loom By Reuters

Facebook’s WhatsApp rolls out option for disappearing photos, videos to take on Snapchat By Reuters

Big strategic decisions await Samsung’s Lee as momentum builds for his parole By Reuters

Boeing postpones Starliner launch after new glitch By Reuters

The 1.9 Million Reasons the BOE Will Echo Fed’s Rate Patience By Bloomberg

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