11 May

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Revenue-starved governments should revisit inheritance tax – OECD By Reuters

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PARIS (Reuters) - Governments hungry for extra revenue as they emerge from the coronavirus crisis should revisit their inheritance and estate tax, the Organisation for Economic Cooperation and Development said on Tuesday. Exemptions, carve-outs and generous lifetime donations mean inheritance and estate tax is a minor source of revenue in most countries and often make inequality worse, the Paris-based organisation said. Among the worst offenders is the United States, where only 0.2% of estates pay inheritance tax while nearly 80% of the wealth is in the hands of the top 10% richest households. Inheritance or estate...

11 May

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Nissan posts record annual loss due to pandemic, chip shortage By Reuters

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TOKYO (Reuters) -Nissan Motor Co reported on Tuesday a record annual loss as the coronavirus pandemic hit vehicle sales and a global shortage of semiconductors forced the carmaker to cut production. Nissan, Japan's No. 3 carmaker by sales, said its annual operating loss widened in the year ended March 31 to 150.65 billion yen ($1.38 billion) from a 40 billion yen shortfall in the previous year. It marked the worst performance in 12 years for the carmaker, which has not made a profit since the the year ended March 2019. However, it beat its February...

11 May

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Factbox-New German climate targets due on Wednesday By Reuters

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FRANKFURT (Reuters) - The German cabinet is due to agree on tighter sector targets for carbon emission curbs on Wednesday and probably bring forward an exit date for ending coal generation currently set at 2038. A draft law, seen by Reuters https://www.reuters.com/business/energy/energy-sector-bear-brunt-stepped-up-german-climate-law-draft-2021-05-06, showed the energy sector was identified as a key CO2 emissions cutter via electrification. It must curb carbon pollution by nearly two thirds. This is far ahead of only slightly higher targets for industry and a lower target for agriculture in the revised draft vis-à-vis the original. The moves follow a court ruling last...

11 May

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The CEO of Poland’s biggest bank PKO BP quits unexpectedly By Reuters

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WARSAW (Reuters) - Zbigniew Jagiello, the Chief Executive at Poland's biggest bank, the state-run PKO BP (LON:BP), has submitted his resignation, the bank said on Tuesday. Jagiello has been PKO BP CEO since October 2009 despite the change in the ruling party in 2015, which triggered staff changes in state-run companies. PKO said in a statement Jagiello did not provide a reason for his resignation, which is effective as of June 7. By 0858 GMT shares in PKO BP were down by 4.7%. ...

11 May

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Commerzbank to outsource equities business to ODDO BHF By Reuters

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FRANKFURT (Reuters) - Commerzbank (DE:CBKG) will outsource its equities trading and research business to ODDO BHF, ODDO said on Tuesday. The move is a small part of Commerzbank's broader push to trim staff by 10,000 people. () Commerzbank hopes the revamp will revive its fortunes as a standalone bank as it tries to turn a new leaf after management reshuffles and strategy flip-flops. ...

11 May

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ECB tapering talk is ‘purely speculative’ – Villeroy By Reuters

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PARIS (Reuters) -Suggestions that the European Central Bank (ECB) could begin winding down exceptional bond purchases early are "purely speculative", ECB policymaker Francois Villeroy de Galhau said on Tuesday. Villeroy, who is also governor of the French central bank, pushed back against recent comments by more hawkish members of the ECB who have suggested it could decide to slow bond purchases soon. Those comments have come even though the ECB has committed to maintain its Pandemic Emergency Purchase Programme (PEPP) - aimed to help economies deal with the COVID-19 crisis - until at least March 2022....

11 May

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Britain to bring forward long-term plan on social care: minister By Reuters

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LONDON (Reuters) - Britain will bring forward a long-term plan for the funding and provision of care for the elderly, Health Secretary Matt Hancock said on Tuesday, ahead of the Queen's speech that will set out the government's post-pandemic agenda. "We are going to bring forward a long-term plan to strengthen and reform social care," Hancock told BBC TV. "We're absolutely determined to bring that plan forward to deliver on our manifesto commitment." ...

11 May

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Inflation nerves hit European stocks; Evolution Gaming tumbles By Reuters

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(Reuters) - European stocks retreated from all-time highs on Friday, with shares of technology, travel and mining companies among the top losers after worries about rising U.S. inflation knocked back U.S. indexes. The pan-European STOXX 600 index fell 1.6% after it hit a record closing high on Monday. The main bourses in Frankfurt, Paris and London all lost more than 1.5%. Global sentiment soured after inflation jitters drove investors away from Wall Street's market-leading growth stocks on Monday ahead of the latest reading on U.S. consumer prices, which many fear could prompt the Federal Reserve to...

11 May

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Exclusive: Tesla puts brake on Shanghai land buy as U.S.-China tensions weigh – sources By Reuters

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SHANGHAI (Reuters) - U.S. electric car maker Tesla Inc has halted plans to buy land to expand its Shanghai plant and make it a global export hub, people familiar with the matter said, due to uncertainty created by U.S.-China tensions. With 25% tariffs on imported Chinese electric vehicles imposed on top of existing levies under former President Donald Trump still in place, Tesla now intends to limit the proportion of China output in its global production, two of the four people said. Tesla had earlier considered expanding exports of its China-made entry-level Model 3 to more...

11 May

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Japan shares lower at close of trade; Nikkei 225 down 3.08% By Investing.com

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Investing.com – Japan equities were lower at the close on Tuesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors propelled shares lower. At the close in Tokyo, the Nikkei 225 lost 3.08%. The biggest gainers of the session on the Nikkei 225 were Ajinomoto Co., Inc. (T:2802), which rose 3.77% or 87.5 points to trade at 2410.0 at the close. Ricoh Co., Ltd. (T:7752) added 2.11% or 26.0 points to end at 1258.0 and Sumitomo Heavy Industries, Ltd. (T:6302) was up 1.69% or 55.0...

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Revenue-starved governments should revisit inheritance tax – OECD By Reuters

Nissan posts record annual loss due to pandemic, chip shortage By Reuters

Factbox-New German climate targets due on Wednesday By Reuters

The CEO of Poland’s biggest bank PKO BP quits unexpectedly By Reuters

Commerzbank to outsource equities business to ODDO BHF By Reuters

ECB tapering talk is ‘purely speculative’ – Villeroy By Reuters

Britain to bring forward long-term plan on social care: minister By Reuters

Inflation nerves hit European stocks; Evolution Gaming tumbles By Reuters

Exclusive: Tesla puts brake on Shanghai land buy as U.S.-China tensions weigh – sources By Reuters

Japan shares lower at close of trade; Nikkei 225 down 3.08% By Investing.com

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