11 May

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British shares track worst day in 3 weeks on inflation concerns; NatWest slips By Reuters

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(Reuters) - London's FTSE 100 fell on Tuesday, in line with Asian markets, after an overnight tech sell-off on Wall Street over inflation concerns, while NatWest Group slipped as the British government cut its stake in the domestic lender. The blue-chip index slid 1.8%, with NatWest tumbling 3.3% after the UK government completed the sale of 1.1 billion pounds ($1.55 billion) in its shares at a discounted price. All the FTSE 100 constituents were trading in negative territory. Banks, travel and leisure, and miners were among the biggest losers, all down more than 2% each. ...

11 May

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Explainer-How Malaysia is seeking to recover billions of dollars missing from 1MDB By Reuters

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KUALA LUMPUR (Reuters) - Malaysia on Monday announced 22 civil suits against entities and people accused of being involved with the massive 1MDB corruption scandal, including units of global banks Deutsche Bank (DE:DBKGn) and JPMorgan (NYSE:JPM). The lawsuits are part of a years-long effort by Malaysia to recover billions of dollars missing from 1Malaysia Development Berhad (1MDB) in a scandal that has implicated high-level officials, banks and financial institutions around the world. WHAT IS 1MDB? 1MDB was a sovereign fund set up by former Malaysian prime minister Najib Razak in 2009 to promote...

11 May

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Forestry firm Stora Enso to supply Diageo pulp for paper whisky bottles By Reuters

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By Essi Lehto HELSINKI (Reuters) - Finnish forestry firm Stora Enso said on Tuesday it would start supplying pulp for sustainable packaging company Pulpex, a research and development venture of British beverage maker Diageo (LON:DGE). Stora Enso and Pulpex will also work together to build a scalable high speed production line for bottles and other packages out of pulp fibre in a commercial capacity in 2022, the companies said in a joint statement. "The first high-speed line will be a demonstrator to show whether we can do this on an industrial scale and...

11 May

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British Airways-owner IAG launches 800 million euro convertible bond By Reuters

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LONDON (Reuters) - British Airways-owner IAG (LON:ICAG) said it would launch a convertible bond with an initial issue size of approximately 800 million euros due in 2028 to strengthen its balance sheet. IAG said that given the continuing uncertainty around air travel the new funds would help the group's overall liquidity position and provide the group with extra resources to take advantage of a recovery in demand. ...

11 May

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Minerals group K+S hikes 2021 profit forecast on higher potash prices By Reuters

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By Milla Nissi (Reuters) - German minerals group K+S raised its 2021 core profit forecast on Tuesday following a rise in potash prices and strong demand for de-icing salts during a cold European winter. The company, which produces around 11% of the world's potash, an essential nutrient for crops, said it had seen good demand for the mineral across its key regions. It predicted a boost from higher prices seen in the first three months of the year would continue in the coming quarters. It also said a cold winter drove strong sales of de-icing...

11 May

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U.S. Fed should require banks to hold more cash for climate risks – think tank By Reuters

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By Pete Schroeder WASHINGTON (Reuters) - The U.S. Federal Reserve should force banks to hold more cash to guard against potential losses due to climate change and possible steps to fight it, one of Washington's top liberal think tanks said on Tuesday. The plan https://www.americanprogress.org/?p=498976, published by the Center for American Progress and seen first by Reuters, is likely to inform a looming debate about exactly how far bank regulators should go in policing climate change as the Biden administration looks to tackle the issue on all fronts. The paper argues that the Fed could...

11 May

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Worst-paying blue chip employers bolstered CEO pay in pandemic, report says By Reuters

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By Jessica DiNapoli NEW YORK (Reuters) - More than half of 100 companies with the lowest median employee wages in the S&P 500 Index boosted CEO pay by changing the rules for assessing executive performance during the COVID-19 pandemic, according to a report by a left-leaning policy group published on Tuesday. The report from the Institute for Policy Studies found that 51 of these 100 companies, including beverage and snack maker Coca-Cola (NYSE:KO) Co, cruise ship operator Carnival Corp (LON:CCL) and fast food corporation Yum Brands Inc, reduced median worker pay by 2% to $28,187 on...

11 May

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Strong power retail business lifts E.ON’s first quarter profit By Reuters

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FRANKFURT (Reuters) - E.ON, Europe's largest energy networks operator, on Tuesday posted a 14% rise in first-quarter operating earnings after its British power retail division swung to a profit following a major overhaul. The company stuck to its 2021 outlook, still expecting adjusted core profit (EBITDA) of 7.2 billion to 7.5 billion euros ($8.7-9.1 billion) and adjusted operating profit (EBIT) of 3.8 billion to 4 billion euros. ...

11 May

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Thyssenkrupp raises outlook again as global recovery takes hold By Reuters

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FRANKFURT (Reuters) -German conglomerate Thyssenkrupp (DE:TKAG) on Tuesday raised its full-year outlook for the second time in three months, boosted by a global economic recovery that drove demand for steel, car parts and materials. The group now expects adjusted earnings before interest and tax to reach a mid triple-digit million euro amount in the year to September, having previously forecast to almost break even. The submarines-to-bearings maker is emerging from years of crisis during which it lost two CEOs, warned on profits numerous times and sold its elevators division - its crown jewel - to private...

11 May

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Asia shares fall on worries over inflation, Fed outlook By Reuters

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By Julie Zhu HONG KONG (Reuters) - Asian shares declined in early trade on Tuesday as Wall Street retreated on worries about accelerating inflation, prompting investors to cut back on their exposure to growth-focused stocks on bets of higher interest rates in the not-too-distant future. A host of Federal Reserve speakers this week will likely give markets plenty to consider as policymakers assess how best to respond to receding risks posed by the coronavirus in some major economies. A test case on U.S. inflation will come this week when the Labor Department releases its latest consumer...

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News

British shares track worst day in 3 weeks on inflation concerns; NatWest slips By Reuters

Explainer-How Malaysia is seeking to recover billions of dollars missing from 1MDB By Reuters

Forestry firm Stora Enso to supply Diageo pulp for paper whisky bottles By Reuters

British Airways-owner IAG launches 800 million euro convertible bond By Reuters

Minerals group K+S hikes 2021 profit forecast on higher potash prices By Reuters

U.S. Fed should require banks to hold more cash for climate risks – think tank By Reuters

Worst-paying blue chip employers bolstered CEO pay in pandemic, report says By Reuters

Strong power retail business lifts E.ON’s first quarter profit By Reuters

Thyssenkrupp raises outlook again as global recovery takes hold By Reuters

Asia shares fall on worries over inflation, Fed outlook By Reuters

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