13 May

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Sonos Jumps On Raising Forecast After Swinging Back Into Profit By Investing.com

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By Dhirendra Tripathi Investing.com – Sonos (NASDAQ:SONO) shares jumped 11% Thursday a day after the company raised its outlook for the full year following a return to profitability. The company now sees its 2021 adjusted earnings before interest, taxes, depreciation and amortization in a range of $225 million to $250 million, representing growth of 107% to 130%. It had earlier expected this to come between $195 million and $225 million. The higher guidance impressed traders as it comes amid a global shortage of chips that go into Sonos’s smart speakers and other products. Revenue is now...

13 May

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PM Johnson says UK wants urgent de-escalation to Israel violence By Reuters

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LONDON (Reuters) - Prime Minister Boris Johnson said on Thursday Britain wanted to see an urgent de-escalation of violence in Israel after days of clashes between Jewish Israelis and the country's Arab minority. "Certainly we in the UK are very sad to see what is happening and the cycle of violence that now seems to be taking place," Johnson told reporters. "I think it's important that we break that cycle and we end this idea of reprisals, and I think that what everybody wants to see is urgent, urgent de-escalation." ...

13 May

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Bank of England sets June milestone for scrapping Libor in derivatives By Reuters

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LONDON (Reuters) - Banks are encouraged to scrap Libor for pricing derivatives contracts from mid-June, Britain's financial regulators said on Thursday, piling pressure on markets to speed up the long-anticipated demise of the tarnished interest rate benchmark. Regulators have set a Dec. 31 global deadline for ending the use of the London Interbank Offered Rate or Libor in pricing new contracts such as home loans and credit cards. Libor is being ditched after banks were fined for trying to rig the rate. It is being replaced in sterling contracts by the Bank of England's overnight Sonia...

13 May

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Bank of England’s Cunliffe sees case for BoE digital currency By Reuters

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LONDON (Reuters) - Bank of England Deputy Governor Jon Cunliffe said on Thursday he could see a good case for the BoE to issue its own digital currency, though no decision has been reached yet. Cunliffe said the coronavirus pandemic had accelerated a shift away from cash issued by the BoE and in favour of 'private' money created by banks which the BoE regulates. "We may not be there yet, but it looks probable in this country that if we want to retain public money capable of general use, and available to all citizens, the state...

13 May

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Alibaba Falls As Antitrust Fine Pulls Firm Into Red By Investing.com

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By Dhirendra Tripathi Investing.com -- Alibaba (NYSE:BABA) shares were down 3% in Thursday’s premarket following a quarterly loss brought on by a $2.78 billion antitrust fine. The 5.47-billion-yuan ($848 million) loss for the March quarter surprised traders who expected the Chinese internet giant to report a profit. Alibaba said its loss from operations was 7.66 billion yuan as a result of the fine. Discounting the fine, its income from operations would be 10.56 billion yuan, a 48% year-on-year rise. Revenue came at 187.39 billion, up 64% year-over-year. Alibaba would be hoping for...

13 May

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McDonald’s Boosting Average U.S. Wages to More Than $13 an Hour By Bloomberg

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(Bloomberg) -- McDonald’s Corp. (NYSE:MCD) will raise hourly wages to help it hire and retain workers in an increasingly tight labor market for U.S. restaurants. The raises, which average about 10%, bring hourly entry-level salaries to a range of $11 to $17, with managers starting at $15 to $20, depending on location. Once the raises are completed, average hourly pay at company-owned restaurants will be more than $13, McDonald’s said. The hikes, announced the same week Chipotle Mexican Grill Inc (NYSE:CMG). said it would boost its average wage to $15 an...

13 May

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Germany’s 2021 election and why it matters to markets By Reuters

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By Yoruk Bahceli, Danilo Masoni and Dhara Ranasinghe LONDON (Reuters) - It's rare for German elections to be exciting, market-moving events but the one on Sept. 26 may prove the exception if its outcome completes the transformation of a nation long wedded to austerity into a big spender. The election will end Angela Merkel's 16-year stint at the helm of Europe's biggest economy, and the Greens have a chance to become the leading party in national government for the first time in their 40-year history. The implications could range from more environment-focused spending to greater...

13 May

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Royal Dutch Shell investor RWC to back Follow This climate proposal at AGM By Reuters

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By Simon Jessop LONDON (Reuters) -Royal Dutch Shell (LON:RDSa) investor RWC said on Thursday it planned to back a climate-related shareholder proposal put forward at the company's annual meeting by activist group Follow This. RWC said the company's energy transition plans were not ambitious enough, lacked detail and did not put the company on a path to align with the goals of the Paris Agreement within the next decade. The Follow This resolution, which will be voted on at the company's May 18 AGM, calls for the company to set "inspirational" targets to reduce greenhouse gas...

13 May

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U.S. seizes shipment from Malaysia’s Top Glove over forced labour concerns By Reuters

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KUALA LUMPUR (Reuters) - The United States seized latex gloves made by Malaysian firm Top Glove Corp Bhd after a shipment was found in Kansas City despite an import ban on its products over forced labour allegations, U.S. customs said. In a statement on Wednesday, the U.S. Customs and Border Protection said its officials at the Port of Kansas City seized 4.68 million latex gloves produced by a Top Glove unit in Malaysia with an estimated value of $690,000. In response, Top Glove said it has informed the U.S. agency that it has remediated all...

13 May

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Crypto exchange operator Huobi launches $100 million venture unit for bolt-on deals and NFTs By Reuters

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HONG KONG (Reuters) -Cryptocurrency exchange operator Huobi Group has launched an investment arm with $100 million to spend, setting aside some cash specifically for non-fungible tokens, the latest hot trend, the company said on Thursday. The recent surge in prices for bitcoin and other cryptocurrencies has fuelled a global rush of fundraising by companies in the sector, with both traditional venture capital firms and cryptocurrency incumbents competing to snap up the best companies. The new unit is the latest move by Huobi, parent company of one of the world's largest exchanges for trading cryptocurrencies, to...

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Sonos Jumps On Raising Forecast After Swinging Back Into Profit By Investing.com

PM Johnson says UK wants urgent de-escalation to Israel violence By Reuters

Bank of England sets June milestone for scrapping Libor in derivatives By Reuters

Bank of England’s Cunliffe sees case for BoE digital currency By Reuters

Alibaba Falls As Antitrust Fine Pulls Firm Into Red By Investing.com

McDonald’s Boosting Average U.S. Wages to More Than $13 an Hour By Bloomberg

Germany’s 2021 election and why it matters to markets By Reuters

Royal Dutch Shell investor RWC to back Follow This climate proposal at AGM By Reuters

U.S. seizes shipment from Malaysia’s Top Glove over forced labour concerns By Reuters

Crypto exchange operator Huobi launches $100 million venture unit for bolt-on deals and NFTs By Reuters

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