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World Bank boosts growth forecasts as U.S. stimulus, vaccines stoke demand By Reuters

By David Lawder WASHINGTON (Reuters) -The World Bank on Tuesday raised its global growth forecast to 5.6% for 2021, marking the strongest recovery from a recession since 1940 due to U.S. stimulus spending and faster growth in China but held back by "highly unequal" access to COVID-19 vaccines. The development lender's latest Global Economic Prospects report showed a 1.5-percentage-point increase from forecasts made in January, before the Biden administration took office and enacted a $1.9 trillion U.S. COVID-19 aid package. Since then, vaccines have become much more widely distributed in the United States and some other...

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Lydall Jumps On Report It Is Exploring Sale By Investing.com

By Dhirendra Tripathi Investing.com – Lydall (NYSE:LDL) shares rose more than 6% Tuesday on a StreetInsider report that said the company is exploring a potential sale. Lydall is said to have hired an investment bank and has received at least two bids, according to the StreetInsider report. The strategic review may not lead to a sale, it said. The Manchester, Connecticut-headquartered company had authorized a $30 million share repurchase program in April. Lydall makes specialty engineered products for the thermal/acoustical and filtration/separation markets. For the first quarter ended March 31, Lydall reported net sales of...

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Websites back online after Fastly-linked glitch takes down internet By Reuters

By Subrat Patnaik (Reuters) -Thousands of government, news and social media websites across the globe were coming back online on Tuesday after getting hit by a widespread hour-long outage linked to U.S.-based cloud company Fastly Inc. High-traffic sites including Reddit, Amazon (NASDAQ:AMZN), CNN, Paypal, Spotify, Al Jazeera Media Network and the New York Times went down, according to outage tracking website Downdetector.com. They came back after outages that ranged from a few minutes to around an hour. "Our global network is coming back online," Fastly said. One of the world's most widely-used cloud-based content delivery network...

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S&P 500 Continues Holding Pattern Ahead of Inflation Data By Investing.com

By Yasin Ebrahim Investing.com – The S&P 500 ended flat Tuesday, as the humdrum action continued amid a lack of investor conviction to make bets on stocks ahead of inflation numbers that are expected to show the economy is running hot.   The S&P 500 rose 0.02%, the Dow Jones Industrial Average was down 0.09%, or 30 points, and the Nasdaq Composite was up 0.31%. Tech, which is on a three-week winning streak, ended flat as mixed performance in megacap tech despite falling U.S. bond yields  and weakness in semiconductors stocks weighed on the sector. Google-parent Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN),...

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Champion of Key Fed Inflation Gauge Says Policy Shift Is Needed By Bloomberg

(Bloomberg) -- The economist who helped change the way the Federal Reserve assesses long-run inflation expectations says their current level means the central bank needs to start laying the groundwork for shrinking its massive bond-buying program. As head of monetary and financial market analysis at the Fed Board of Governors almost two decades ago, Brian Sack and his colleagues championed the use of a forward measure of inflation expectations to help guide policy. Now director of global economics at hedge fund D.E. Shaw & Co., he says the so-called five-year, five-year forward breakeven inflation rate has...

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Group of EU states push back on using green finance rules in public spending By Reuters

By Kate Abnett and Simon Jessop BRUSSELS (Reuters) - The European Union's planned rulebook for green investments faced fresh pushback this week, with seven countries questioning its use in public spending, while green groups sought to delay approval of the rules. The EU in April published the first part of its sustainable finance "taxonomy", a list of economic activities and the detailed climate-related criteria they must meet to be labelled as a green investment. From 2022, providers of financial products must disclose which investments comply, to help make truly green ones more visible and...

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France’s Renault charged with deception over dieselgate probe By Reuters

PARIS (Reuters) -French carmaker Renault (PA:RENA) said on Tuesday French judicial authorities have charged the firm with deception over a diesel emissions probe launched in 2017. Renault said the company has been ordered to make a 20 million euros ($24.36 million) deposit as part of the probe. The company said, in addition, it will have to provide 60 million euros in bank guarantees to cover potential damages. The car maker said it denies any wrongdoing. "All Renault vehicles have always been approved in accordance with applicable laws and regulations", the group said...

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Canada shares higher at close of trade; S&P/TSX Composite up 0.33% By Investing.com

Investing.com – Canada equities were higher at the close on Tuesday, as gains in the Industrials, Real Estate and IT sectors propelled shares higher. At the close in Toronto, the S&P/TSX Composite gained 0.33% to hit a new all time high. The biggest gainers of the session on the S&P/TSX Composite were Real Matters Inc (TSX:REAL), which rose 6.81% or 1.08 points to trade at 16.94 at the close. Air Canada (TSX:AC) added 6.35% or 1.71 points to end at 28.66 and CAE Inc. (TSX:CAE) was up 5.09% or 1.87...

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Mortgages, GameStop, Booze Earnings: 3 Things to Watch By Investing.com

By Christiana SciaudoneInvesting.com -- Stocks meandered for much of the day before closing close to a record.    The S&P 500 rose as investors awaited the next key economic indicator -- Thursday's consumer-price data -- that could give a clue as to when the Federal Reserve might start tapering. Large-cap tech stocks led the charge higher.    Bitcoin took a beating, dropping to a two-week low as some analysts pointed at the recovery of the Colonial Pipeline ransom as the reason.    The internet outages that plagued some websites early this morning had sorted themselves out by...

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World Bank opposes vaccine intellectual property waiver as WTO talks resume By Reuters

By David Lawder WASHINGTON (Reuters) -World Bank President David Malpass said on Tuesday the bank does not support waiving intellectual property rights for COVID-19 vaccines at the World Trade Organization out of concern that it would hamper innovation in the pharmaceuticals sector. His comments on the subject, made during a call with reporters on World Bank economic forecasts, came as WTO negotiations over the proposed waiver resumed in Geneva. Asked whether he backs a WTO vaccine IP waiver, which India, South Africa and other emerging market countries argue is needed to expand vaccine access, Malpass said:...

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