19 July

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Zoom to buy cloud software provider Five9 in $15 billion deal By Reuters

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(Reuters) -Zoom Video Communications Inc has agreed to buy cloud software provider Five9 Inc in an all-stock deal worth about $14.7 billion to target business clients looking to boost customer engagement, it said on Sunday. The teleconferencing services provider has become a household name and investor favorite in the year since the coronavirus pandemic, as businesses and schools adopted its services to hold virtual classes, office meets and socialise. The San Jose, California-based company is now shifting focus to its two-year-old cloud-calling product Zoom Phone and conference-hosting product Zoom Rooms as bigger players Facebook (NASDAQ:FB) and...

19 July

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UK’s National Grid to lose electricity role to independent body -The Times By Reuters

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(Reuters) -The British government is preparing to issue plans to strip UK-listed grid operator National Grid (LON:NG) of its responsibility for running the country's electricity system in favour of a new independent body, The Times newspaper reported on Monday. The Department for Business, Energy and Industrial Strategy is planning to unveil a consultation outlining the creation of a "Future System Operator", which would manage the country's electricity system, alongside plans for a new governance framework for energy regulations, according to the newspaper https:// It said an announcement could come as early as this week....

19 July

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Asian shares extend losses on renewed virus scare, inflation woes By Reuters

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By Swati Pandey SYDNEY (Reuters) - Asian shares slipped again on Monday while perceived safe haven assets, including the yen and gold, edged higher as investor risk appetite was soured by fears of rising inflation and a relentless surge in coronavirus cases. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4% for its second straight day of losses. Japan's Nikkei dropped 1.3% as did Australia's benchmark share index. South Korea's KOSPI was 1% lower while New Zealand's shares were off 0.4%. Global economic growth is beginning to show signs of fatigue while many countries,...

19 July

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Exclusive: J&J exploring putting talc liabilities into bankruptcy, sources say By Reuters

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By Mike Spector, Jessica DiNapoli and Dan Levine (Reuters) - Johnson & Johnson (NYSE:JNJ) is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter. During settlement discussions, one of the healthcare conglomerate’s attorneys has told plaintiffs’ lawyers that J&J could pursue the bankruptcy plan, which could result in lower payouts for cases that do not settle beforehand, some of the people said. Plaintiffs’ lawyers would initially be unable to stop J&J from taking such a...

18 July

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Walmart’s Flipkart says Indian probe shouldn’t treat it the same as Amazon By Reuters

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By Aditya Kalra and Abhirup Roy NEW DELHI (Reuters) -Walmart's Flipkart should not be treated the same as rival Amazon (NASDAQ:AMZN) in an Indian antitrust probe as the evidence against the two firms was "qualitatively different", Flipkart argued in a court filing seen by Reuters. Both Amazon and Flipkart have challenged the Competition Commission of India (CCI) in court as they seek revocation of an Indian court's June decision to allow https://www.reuters.com/world/india/india-court-dismisses-pleas-by-amazon-flipkart-quash-antitrust-probe-lawyer-2021-06-11 an antitrust probe against them to continue. The companies deny any wrongdoing. India's government has called the U.S. firms arrogant https://www.reuters.com/world/india/indian-commerce-minister-arrogant-us-ecommerce-giants-flout-our-laws-2021-06-27 and accused them...

18 July

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ADCB posts 14% increase in Q2 net profit, bullish on NMC recoveries By Reuters

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DUBAI (Reuters) - Abu Dhabi Commercial Bank (ADCB), UAE's third-biggest lender, reported a jump in second-quarter net profit on Sunday and said it was optimistic about the turnaround of troubled hospital operator NMC, to which it was heavily exposed. Net profit between April and June amounted to 1.4 billion dirhams ($381.22 million), a 14% increase year on year and a 25% increase quarter on quarter. "The growth in net profit is a result of the increase in a diversified revenue stream, disciplined cost control and a prudent approach to risk management", Chairman Khaldoon Al Mubarak said...

18 July

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LVMH-backed fund to buy 60% of Italian fashion label Etro -sources By Reuters

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MILAN (Reuters) - L Catterton, a private equity firm backed by French luxury giant LVMH (PA:LVMH), has agreed to buy a 60% stake in Italian fashion company Etro, two sources familiar with the matter said on Sunday. The deal values Etro at about 500 million euros ($590 million), the sources said, confirming reports in Italian newspapers La Repubblica and Il Sole 24 Ore. Etro said in a statement that L Catterton was taking a majority stake in the company, while the Etro family would retain "a significant minority interest". It did not go into specifics and...

18 July

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Biggest U.S. banks smash profit estimates as economy revives By Reuters

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(Corrects quote in paragraph 13 to show Wells Fargo (NYSE:WFC) CFO was comparing current consumer spending to 2019, not 2018 as previously stated) By Michelle Price WASHINGTON (Reuters) -The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life. Wells Fargo & Co, Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C) and JPMorgan Chase & Co (NYSE:JPM) posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they...

18 July

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UK two-year yields hit highest since April 2020 after BoE speech By Reuters

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LONDON (Reuters) - British government bonds tumbled on Thursday after a Bank of England policymaker said the central bank might call time early on its asset purchase programme, pushing two-year yields to their highest since April 2020. Rate-sensitive two-year gilt yields rose almost 8 basis points on the day to 0.161%, pushing past a previous high set in late June to their highest since April 2020, not long after the BoE restarted purchases of government bonds. Benchmark 10-year gilt yields rose 4 basis points on the day to 0.67% following the speech by Monetary Policy...

18 July

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Miners, coronavirus fears drag FTSE 100; worst weekly drop in a month By Reuters

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By Amal S (Reuters) - London's FTSE 100 ended lower on Friday, as weakness in miners and warnings about a surge in coronavirus infection offset optimism around economic re-opening, and the index posted a weekly loss on flagging travel and energy stocks. After rising as much as 0.6%, the blue-chip FTSE 100 index fell 0.1%, with base and precious metal miners down 2.8% and 1.8% respectively, while banks dropped 1.7%. The British government's chief medical adviser said England's coronavirus crisis could return again surprisingly quickly and the country is not yet out of the woods, as...

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News

Zoom to buy cloud software provider Five9 in $15 billion deal By Reuters

UK’s National Grid to lose electricity role to independent body -The Times By Reuters

Asian shares extend losses on renewed virus scare, inflation woes By Reuters

Exclusive: J&J exploring putting talc liabilities into bankruptcy, sources say By Reuters

Walmart’s Flipkart says Indian probe shouldn’t treat it the same as Amazon By Reuters

ADCB posts 14% increase in Q2 net profit, bullish on NMC recoveries By Reuters

LVMH-backed fund to buy 60% of Italian fashion label Etro -sources By Reuters

Biggest U.S. banks smash profit estimates as economy revives By Reuters

UK two-year yields hit highest since April 2020 after BoE speech By Reuters

Miners, coronavirus fears drag FTSE 100; worst weekly drop in a month By Reuters

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