10 July

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Key player in German ‘cum-ex’ tax fraud arrested in Switzerland – prosecutor By Reuters

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By Tom Sims and Brenna Hughes Neghaiwi FRANKFURT (Reuters) -Hanno Berger, a German accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, German and Swiss authorities said on Friday. The scandal, known as "cum-ex", is Germany's biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. According to the prosecutors, the scheme was promoted by Berger, a German tax inspector-turned-tax adviser, and others. Berger is a defendant in a case that is being tried in...

10 July

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Exclusive-IMF pushing G20 for clear path to donate reserves to poor countries -Okamoto By Reuters

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By David Lawder VENICE, Italy (Reuters) - The International Monetary Fund wants G20 countries to decide on a clear path over the next two days for allowing rich countries to contribute some $100 billion worth of newly issued IMF reserves to poorer countries, the Fund's No. 2 official told Reuters on Friday. IMF First Deputy Managing Director Geoffrey Okamoto said his goal was to be able to present a viable option for channeling newly issued Special Drawing Rights to countries in need by the time the $650 billion allocation is completed at the end of August....

10 July

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Treasury yields rise, U.S. stocks hit new highs; dollar weakens By Reuters

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By Alwyn Scott NEW YORK (Reuters) - Treasury yields extended their rise on Friday while the three major U.S. stock indexes rallied to record closing highs, as markets relaxed a bit from fears of a slowing pace of economic recovery from COVID-19 that dominated trading for much of the week. In currencies, the safe-haven yen weakened 0.32% versus the greenback at 110.14 per dollar, while the dollar index fell 0.205%, and the euro edged up 0.24% to $1.1871. Signs of risk relief were tempered, however, as spot gold, another safe-haven asset, logged its third...

10 July

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Canada judge won’t allow Huawei CFO to use HSBC documents in U.S. extradition case By Reuters

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By Moira Warburton VANCOUVER (Reuters) - A Canadian judge has denied Huawei Chief Financial Officer Meng Wanzhou's application to add a trove of documents her legal team received from HSBC as evidence to her U.S. extradition case, the judge announced on Friday. Meng, 49, is facing extradition from Canada to the United States on charges of bank fraud for allegedly misleading HSBC about Huawei's business dealings in Iran, potentially causing the bank to break U.S. sanctions. She has been held under house arrest in Vancouver since December 2018, when she was first detained. Her legal team...

10 July

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Investors pile into longer-dated Treasury ETFs as bond yields fall By Reuters

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By Lisa Pauline Mattackal (Reuters) - Recent price rallies in U.S. government debt drove flows into exchange-traded funds tracking longer-dated Treasuries, according to BlackRock (NYSE:BLK) ETF provider iShares. The iShares 20+ year Treasury Bond ETF attracted $1.4 billion of inflows in the past three weeks to Thursday, with around $447 million added in the last week. Comparatively, investors pulled $547 million out of the iShares 7-10 year Treasury Bond ETF over the same period, according to iShares fixed income investment strategist Dhruv Nagrath. "We see the balance of risks tilting toward higher yields...

10 July

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Analysis-China’s RRReminder that economies remain fragile By Reuters

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By Marc Jones and Tom Arnold LONDON (Reuters) - China's decision on Friday to give its economy a 1 trillion yuan ($154 billion) shot in the arm has given investors a reminder that even the largest economies are likely to the need the occasional pick-me-up while the coronavirus pandemic lasts. In one of its trademark Friday night moves, the People's Bank of China (PBOC) cut its reserve requirement ratio (RRR) - the money banks have to park at the central bank for safety - by 50 basis points (bps). It is the first such step...

10 July

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Four euro zone banks pass ECB stress test exercise By Reuters

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FRANKFURT (Reuters) - Four euro zone banks that recently fell under the European Central Bank's supervision passed a stress test exercise, which uncovered no capital shortfalls, the ECB said on Friday. The banks - Italy's Cassa Centrale Banca and Iccrea Banca S.p.A , Estonia's Luminor Bank AS and Lithuania's Šiaulių bankas - have all been classified as significant institutions with their supervision passing to the ECB from local authorities. "The comprehensive assessment shows that none of the four banks face any capital shortfalls, as they did not fall below the relevant thresholds used in...

10 July

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Irish government support slumps in Dublin by-election By Reuters

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DUBLIN (Reuters) - Support for the party of Irish Prime Minister Micheál Martin collapsed to under 5% in a parliamentary by-election and his coalition partners both suffered significant setbacks, deserted by voters angry about soaring housing costs. Ivana Bacik, of the small centre-left opposition Labour party, looked set to win the Dublin Bay South seat, incomplete results showed on Friday, following a campaign focused on a housing crisis that has seen rents and house prices double in a decade. The Fine Gael party of Deputy Prime Minister Leo Varadkar, which held what it views...

09 July

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FDA seeks probe into its talks with Biogen before Alzheimer’s drug approval By Reuters

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By Manas Mishra (Reuters) -The U.S. drug regulator on Friday called for an independent federal probe into the interactions between its representatives and Biogen Inc (NASDAQ:BIIB) that led to the approval of the company Alzheimer's disease drug last month. The drugmaker's shares fell 3% after the agency's acting commissioner Janet Woodcock asked the Office of the Inspector General at the Department of Health and Human Services to probe if the talks were inconsistent with the regulator's policies. Biogen said it will cooperate with any inquiry in connection to a possible review. The drug, Aduhelm, was...

09 July

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Amazon hires Tesco veteran Tony Hoggett to run stores By Reuters

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LONDON (Reuters) -Amazon has appointed Tony Hoggett, a veteran of British supermarket chain Tesco (LON:TSCO), to run its physical stores, the U.S. group said on Friday. Hoggett has been with Tesco, the UK's biggest retailer, for over 31 years and is currently chief strategy and innovation director. Amazon (NASDAQ:AMZN) said Hoggett will join in January 2022 as senior vice president of physical stores, reporting to Dave Clark, chief executive of its worldwide consumer business. "Over the next few months we’ll put together a plan for Tony’s transition to Amazon," Clark said in a statement....

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News

Key player in German ‘cum-ex’ tax fraud arrested in Switzerland – prosecutor By Reuters

Exclusive-IMF pushing G20 for clear path to donate reserves to poor countries -Okamoto By Reuters

Treasury yields rise, U.S. stocks hit new highs; dollar weakens By Reuters

Canada judge won’t allow Huawei CFO to use HSBC documents in U.S. extradition case By Reuters

Investors pile into longer-dated Treasury ETFs as bond yields fall By Reuters

Analysis-China’s RRReminder that economies remain fragile By Reuters

Four euro zone banks pass ECB stress test exercise By Reuters

Irish government support slumps in Dublin by-election By Reuters

FDA seeks probe into its talks with Biogen before Alzheimer’s drug approval By Reuters

Amazon hires Tesco veteran Tony Hoggett to run stores By Reuters

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