07 June

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EU quizzes industry on relocating euro clearing from London By Reuters

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LONDON (Reuters) - The European Union is asking financial market participants about what legislative and regulatory steps would help them transfer clearing in euro derivatives from London to the bloc, an EU document showed on Monday. The bloc's executive European Commission is holding workshops with industry about shifting trillions of euros in swaps contracts from the London Stock Exchange to Deutsche Boerse (DE:DB1Gn) in Frankfurt due to Brexit largely severing Britain's access to the EU financial market. "How long would be needed to transfer positions or flows identified as clearable inside the Union? How could...

07 June

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EU banking watchdog maps out plan to cut red tape for small lenders By Reuters

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By Huw Jones LONDON (Reuters) - Smaller banks across the European Union could save millions of euros by cutting and automating the thousands of data points they must report to regulators, the bloc's banking watchdog said on Monday. The European Banking Authority (EBA) set out 25 recommendations for smaller, simpler banks to introduce over coming years to save a collective 188 million to 288 million euros ($350 million), or 15% to 24% of their reporting costs. "Industry representatives corroborated this in the EBA interviews," EBA said in a statement. The watchdog was looking for ways to...

07 June

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Bosch opens German chip plant, its biggest-ever investment By Reuters

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By Douglas Busvine BERLIN (Reuters) - Robert Bosch opened a 1 billion euro ($1.2 billion) chip plant in Germany on Monday, in a record investment by the leading automotive supplier as it stakes a claim to equipping the latest electric and self-driving cars. The plant, located in a semiconductor hub near Dresden, enters service at a time of very tight supply and will increase Bosch's ability to serve carmakers directly and rely less on third-party manufacturers. "Every chip that we make here in Dresden is one chip less that is lacking. That helps," management board member...

07 June

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Endeavour Mining sets dividend policy ahead of London listing By Reuters

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TORONTO (Reuters) - West Africa-focused gold miner Endeavour Mining on Monday said it would target at least $500 million in shareholder returns through to 2023 with a progressive dividend policy ahead of a London listing expected next week. Endeavour, which is set to list on the London Stock Exchange on or about June 14, is working to integrate new mines after a $2.7 billion acquisition spree in West Africa last year spooked some investors. Minimum dividends would be set at $125 million, $150 million, $175 million for fiscal 2021, 2022, and 2023, respectively, which represents...

07 June

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German lawmakers criticise Scholz and Merkel over Wirecard – draft report By Reuters

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FRANKFURT (Reuters) - Germany's finance minister Olaf Scholz was criticised by lawmakers for bungling oversight of Wirecard, according to a draft report of a public inquiry into Germany's biggest post-war fraud scandal. The report by opposition lawmakers, after a months long cross-party investigation, also said that Chancellor Angela Merkel was naive regarding Wirecard's lobbying efforts. The criticism echoes lawmakers' public comments since the start of the inquiry, but the 675-page draft revives the topic just months ahead of a federal election to choose Merkel's successor. Scholz is among those vying for the office. "Olaf Scholz as...

07 June

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What now for the G7 tax deal on multinationals? By Reuters

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By Leigh Thomas PARIS (Reuters) - The G7's weekend agreement on a global minimum corporate tax rate and arrangements for taxing multinationals paves the way for a broader deal in the coming weeks that could reshape cross-border taxation for years to come. Hailed as historic by its backers, the deal nonetheless contains much detail that still needs to be hammered out in time for countries of the wider G20 grouping to give it their support at a meeting scheduled for next month. Here is what we know so far and what remains unclear: WILL THE...

07 June

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Frozen But Not Forgiven, U.S. Student Loans Are Coming Due Again Soon By Bloomberg

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(Bloomberg) -- For millions of Americans, there’s an unwelcome side of the return to business-as-usual after the pandemic: They’ll have to start repaying their student loans again. More than 40 million holders of federal loans are due to start making monthly instalments again on Oct. 1, when the freeze imposed as part of Covid-19 relief measures is due to run out. It covered payments worth about $7 billion a month, the Federal Reserve Bank of New York estimated. Their resumption will eat a chunk out of household budgets, in a potential drag on the consumer recovery. Americans now...

07 June

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From lapsing job benefits to full stadiums, June could be U.S. recovery’s pivot By Reuters

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By Howard Schneider and Ann Saphir WASHINGTON (Reuters) - Fourteen months after the pandemic triggered a national emergency, the final chapter of the U.S. economic recovery may begin this month, with rapid changes starting with the end of enhanced unemployment benefits in half the states and ending in the fall's expected reopening of schools and universities. Along the way, Major League Baseball stadiums are slated to return to full capacity, and the largest state economy, California, on June 15 will shed its final COVID-era restrictions and give bars, restaurants and other businesses a green light...

07 June

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U.S. tech giant shares unmoved on G7 tax deal By Reuters

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By Thyagaraju Adinarayan LONDON (Reuters) - Shares in U.S. technology giants were flat to slightly lower in premarket trading, little changed by the landmark global minimum corporate tax deal agreed between the world's richest nations. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15% and the focus now shifts to the G20 countries for a wider agreement on the new tax proposals. Analysts say the tax deal wouldn't be of major impact unless it's agreed with tax-haven countries. The Irish economy for instance...

07 June

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Enel eyes potential green hydrogen project in Russia By Reuters

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ST PETERSBURG, Russia (Reuters) - Europe's biggest utility Enel (MI:ENEI) is looking to develop a green hydrogen project in Russia as part of plans to expand its renewable energy business in the country, Enel's Head of Europe, Simone Mori, told Reuters in an interview. Mori said Enel was looking into the possibility of producing hydrogen in connection with a wind plant in the Murmansk region in northern Russia together with Russian state technology corporation Rosnano. "We believe that there is huge opportunity for green production in Russia and then there is opportunity for...

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News

EU quizzes industry on relocating euro clearing from London By Reuters

EU banking watchdog maps out plan to cut red tape for small lenders By Reuters

Bosch opens German chip plant, its biggest-ever investment By Reuters

Endeavour Mining sets dividend policy ahead of London listing By Reuters

German lawmakers criticise Scholz and Merkel over Wirecard – draft report By Reuters

What now for the G7 tax deal on multinationals? By Reuters

Frozen But Not Forgiven, U.S. Student Loans Are Coming Due Again Soon By Bloomberg

From lapsing job benefits to full stadiums, June could be U.S. recovery’s pivot By Reuters

U.S. tech giant shares unmoved on G7 tax deal By Reuters

Enel eyes potential green hydrogen project in Russia By Reuters

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