13 July

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EU holds up Hungary’s recovery money in rule-of-law standoff By Reuters

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By Gabriela Baczynska BRUSSELS (Reuters) -The European Union's executive missed its own deadline to sign off on billions of euros in economic recovery aid to Hungary, delaying its decision in an attempt to win rule-of-law concessions from Budapest. Hungary is set to receive 7.2 billion euros in EU stimulus funds meant to kickstart economic growth mauled by the coronavirus pandemic. The funds will start flowing once the Brussels-based European Commission accepts national plans on how to spend them to ensure digital and green transitions, among others goals. However, the Commission is using the money...

13 July

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UK government allows vote to reverse 4 billion pound foreign aid cut By Reuters

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(Adds missing first name for Rishi Sunak in paragraph 3) By David Milliken LONDON (Reuters) -Britain's government said it would let parliament hold a vote on Tuesday to reverse a decision to cut the country's overseas aid spending by around 4 billion pounds ($5.6 billion) a year. The finance ministry announced in November it would cut aid spending to 0.5% of national income from 0.7%, breaking a 2019 pre-election commitment though still leaving overseas aid spending more generous than in most rich nations. Finance minister Rishi Sunak wrote in a statement to parliament on Monday that...

12 July

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Merkel reassures Ukraine on gas transit before talks with Biden By Reuters

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BERLIN (Reuters) - Ukraine can be confident that Germany and the European Union will guarantee its status as a transit country for Russian gas even after the Nord Stream 2 pipeline has opened, German Chancellor Angela Merkel said on Monday. Merkel made the remarks during a news conference with Ukraine's President Volodymyr Zelenskiy three days before she holds talks in Washington with U.S. President Joe Biden, whose administration is against the almost completed pipeline. "The European Union and Germany will see to it that this continues in the future beyond 2024," said Merkel. "We promised Ukraine...

12 July

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S&P 500 Climbs to Fresh Record as Banks Catch Bid Ahead of Earnings By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 hit a fresh record high Monday, led by financials as investors piled into banking stocks ahead of their earnings later this week. The S&P 500 rose 0.3% to a record high of 4,384.90. The Dow Jones Industrial Average was up 0.31%, or 107 points, the Nasdaq was up 0.08%. A slew of major Wall Street banks are set to kick off the quarterly earnings season in earnest this week, with JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs (NYSE:GS) reporting earnings on Tuesday. The second-quarter wasn't a particularly...

12 July

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Williams Says Fed’s Treasury Purchases Boost Housing Market, Too By Bloomberg

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(Bloomberg) -- The U.S. central bank’s purchases of Treasury and mortgage-backed securities are both contributing to lower housing costs, Federal Reserve Bank of New York President John Williams said, alluding to an ongoing debate among policy makers over whether or not to scale back MBS buying faster than Treasuries when the time comes to taper. “I don’t see them as, one tool is particularly focused on housing and the other not,” Williams told reporters Monday after a virtual speech at an event hosted by the Bank of Israel. “Both of them affect interest rates. Therefore...

12 July

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Local Olympics organisers face uninsured loss from spectator ban – sources By Reuters

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By Carolyn Cohn and Noor Zainab Hussain LONDON (Reuters) - The local Tokyo Olympics organising committee is unlikely to get much of an insurance pay-out due to lost ticket sales from a ban on spectators, after using up much of its event cancellation policy on postponement costs last year, insurance sources say. The Olympics will take place without spectators in host city Tokyo, organisers said last week, as a resurgent coronavirus forced Japan to declare a state of emergency in the capital that will run throughout the Games. Some events outside Tokyo will have spectators, but...

12 July

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Euro zone bond yields dip, investors watch central bankers By Reuters

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By Yoruk Bahceli (Reuters) - Euro zone bond yields dipped towards recent lows on Monday as risk aversion boosted demand for safe-haven bonds, while investors watched for clues from central bankers ahead of Tuesday's U.S. inflation print. Last week's bond rally - driven by hedge funds unwinding bets against U.S. Treasuries as economic growth assumptions came under doubt - resumed after Friday's pause. Bond yields fell as stock markets dipped on worries of new COVID-19 variants stalling economic recovery and European Central Bank policymakers signalled continuing support. The ECB will change its guidance on...

12 July

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Founding family plan $1.1 billion bid to take Daily Mail owner private By Reuters

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By Muvija M and Paul Sandle (Reuters) -The founding family and leading investor in the publisher of Britain's Daily Mail newspaper is considering taking the group private in a $1.1 billion deal as part of a break-up of the business. The Daily Mail and General Trust (DMGT) said the Rothermeres, who own 28% of the company, are ready to make a cash offer to buy the group outright, provided it sells its RMS insurance risk business and that the listing of online car seller Cazoo, which it partially owns, goes ahead. Shares in DMGT, which publishes...

12 July

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Google to fight EU antitrust fine at court hearing from Sept. 27 – sources By Reuters

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By Foo Yun Chee BRUSSELS (Reuters) - Alphabet (NASDAQ:GOOGL) unit Google will seek to overturn a record 4.34-billion-euro ($5.15 billion) EU antitrust fine at a five-day hearing in September at Europe's second-highest court, people familiar with the matter said. The European Commission in its 2018 decision said Google had used its popular Android mobile operating system to thwart rivals, an anti-competitive practice dating from 2011. Android, used by device makers for free, is found on about 80% of the world's smartphones. The case is the most important of the EU's three cases against Google because of...

12 July

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Musk arrives at trial over Tesla’s $2.6 billion deal for SolarCity By Reuters

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By Tom Hals and Sierra Jackson WILMINGTON, Del. (Reuters) - Elon Musk arrived at court on Monday to defend Tesla Inc's 2016 acquisition of SolarCity against a lawsuit by shareholders seeking to recoup the $2.6 billion the company paid for the ailing solar panel maker. Musk is slated to take the witness stand this morning, kicking off a two-week trial in Wilmington, Delaware, before Vice Chancellor Joseph Slights, who will decide whether the SolarCity deal was fair to Tesla stockholders. The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla's...

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News

EU holds up Hungary’s recovery money in rule-of-law standoff By Reuters

UK government allows vote to reverse 4 billion pound foreign aid cut By Reuters

Merkel reassures Ukraine on gas transit before talks with Biden By Reuters

S&P 500 Climbs to Fresh Record as Banks Catch Bid Ahead of Earnings By Investing.com

Williams Says Fed’s Treasury Purchases Boost Housing Market, Too By Bloomberg

Local Olympics organisers face uninsured loss from spectator ban – sources By Reuters

Euro zone bond yields dip, investors watch central bankers By Reuters

Founding family plan $1.1 billion bid to take Daily Mail owner private By Reuters

Google to fight EU antitrust fine at court hearing from Sept. 27 – sources By Reuters

Musk arrives at trial over Tesla’s $2.6 billion deal for SolarCity By Reuters

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