08 June

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Bank of England launches climate stress test for banks and insurers By Reuters

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LONDON (Reuters) - The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine capital requirements. The test will scrutinise the resilience of the country's biggest banks and insurers to stresses from the shift to a net zero-carbon economy over coming decades as well as the impact of extreme weather. "The end result will be more robust management of climate related financial risks across the sector," BoE Governor Andrew Bailey said in...

08 June

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BAT hikes sales growth outlook amid shift to e-cigarettes By Reuters

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(Reuters) -British American Tobacco raised its annual revenue growth forecast on Tuesday as the cigarette maker's focus on e-cigarettes and tobacco-heating devices pays off, sending its shares up 2%. The London-listed company said it expected revenue growth of more than 5% at constant currencies, above its previous range of 3% to 5% for the year to December. It stuck to its growth expectation for adjusted earnings per share in the mid-single digit range. The maker of Lucky Strike and Newport cigarettes said its "new category" reduced risk products had gained share in all key...

08 June

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London Metal Exchange will reopen its open outcry trading floor By Reuters

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LONDON (Reuters) -The London Metal Exchange said on Tuesday it will reopen its open outcry trading floor on Sept. 6, but added that it also believes electronic trading is the way forward. The floor was closed in March 2020 for the first time since World War II to allow for the social distancing needed to deal with COVID-19, silencing its red ring of seats and the theatre of arcane hand signals and frenzied shouting by traders. In January, the world's oldest and biggest marketplace for industrial metals launched a consultation process on closing Europe's...

08 June

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Singapore says will make needed changes to corporate tax once consensus on G7 plan By Reuters

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SINGAPORE (Reuters) - Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world's rich nations agreed there should be a minimum corporate tax rate of 15%. Singapore, a low-tax jurisdiction where several multinationals including Alphabet (NASDAQ:GOOGL)'s Google, Microsoft (NASDAQ:MSFT) and Facebook (NASDAQ:FB) have regional headquarters, has a rate of 17% but provides incentives and schemes which reduce the effective rate. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate...

08 June

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UK’s Johnson wants G7 ‘Marshall plan’ on climate – The Times By Reuters

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LONDON (Reuters) - British Prime Minister Boris Johnson wants G7 leaders to sign up to a "Marshall plan" on climate to help developing countries decarbonise their economies but is having problems getting British money allocated, The Times newspaper said on Tuesday. The first in-person meeting of the leaders of major developed economies for nearly two years will take place in Cornwall on the tip of southwestern England, with the focus on recovering from the COVID-19 pandemic and climate change. Johnson wants the G7 to support large-scale renewable energy projects across Africa and parts of...

08 June

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Supply bottlenecks throttle German industrial output in April By Reuters

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By Michael Nienaber BERLIN (Reuters) -A lack of semiconductors, timber and other intermediate goods drove an unexpected fall in German industrial output in April, a further sign that supply bottlenecks are hampering the recovery in Europe's largest economy. The Federal Statistics Office said industrial output dropped 1.0% on the month after a downwardly revised increase of 2.2% in March. A Reuters poll had pointed to a 0.5% rise in April. The drop in the headline figure was driven by a decrease in consumer goods production of more than 3% and a plunge in construction activity of...

08 June

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Fashion e-tailer About You eyes 4 billion euro valuation in Frankfurt listing By Reuters

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BERLIN (Reuters) - German fashion e-tailer About You set a price range of 21 to 26 euros per share on Tuesday for its stock market listing, putting a prospective valuation of around 4 billion euros ($4.9 billion) on the business. The Hamburg startup will sell new shares worth 600 million euros via a private placement as part of its flotation, and invest proceeds in international expansion and in its business-to-business technology platform. About You, which operates in 23 European markets, competes with Zalando in the consumer segment while its B2B platform pits it against Shopify, SAP...

08 June

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Activist Cevian takes 5% stake in British insurer Aviva By Reuters

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LONDON (Reuters) -Activist investor Cevian Capital said on Tuesday it had built up a 4.95% stake in Aviva (LON:AV) and that the British insurer should be able to return 5 billion pounds ($7.08 billion) of excess capital in 2022. "Aviva has been poorly managed for many years, and its high-quality core businesses have been held back by high costs and a series of bad strategic decisions," Christer Gardell, managing partner and co-founder of Cevian said in a statement. Aviva should have a value of more than eight pounds per share within three years, and...

08 June

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Amazon to invest $3 billion to open data centres in Spain in 2022 By Reuters

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MADRID (Reuters) - U.S. tech giant Amazon (NASDAQ:AMZN) plans to invest 2.5 billion euros ($3.04 billion) in new data centres in the Spanish northern region of Aragon that will open in mid 2022, the company said on one of its websites on Monday. The cloud computing service unit of Amazon, Amazon Web Services, will invest the amount over a period of ten years, the company said. The investment includes capital expenditure, the construction of the centres, imports of equipment and operating expenses such as the salaries of the 1,300 employees the company will hire there. ...

08 June

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Foreign judges will remain part of HK’s ‘hard as a rock’ judicial system – Lam By Reuters

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HONG KONG (Reuters) - Hong Kong will continue to invite foreign judges to its courts and the city's legal system remains "hard as a rock", Chief Executive Carrie Lam said on Tuesday amid international concern about the impact of a sweeping national security law. Worries over the ability of Hong Kong's judicial system to uphold human rights while applying the new law independently intensified last week when the judiciary said British judge Brenda Hale would step down from the top court next month. Hale, Britain's former Supreme Court president, is one of 13 overseas non-permanent judges...

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News

Bank of England launches climate stress test for banks and insurers By Reuters

BAT hikes sales growth outlook amid shift to e-cigarettes By Reuters

London Metal Exchange will reopen its open outcry trading floor By Reuters

Singapore says will make needed changes to corporate tax once consensus on G7 plan By Reuters

UK’s Johnson wants G7 ‘Marshall plan’ on climate – The Times By Reuters

Supply bottlenecks throttle German industrial output in April By Reuters

Fashion e-tailer About You eyes 4 billion euro valuation in Frankfurt listing By Reuters

Activist Cevian takes 5% stake in British insurer Aviva By Reuters

Amazon to invest $3 billion to open data centres in Spain in 2022 By Reuters

Foreign judges will remain part of HK’s ‘hard as a rock’ judicial system – Lam By Reuters

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