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Office space provider Workspace sees occupancy level returning this fiscal year By Reuters

(Reuters) -Office space provider Workspace Group said on Thursday it expects a recovery in occupancy levels in the current financial year as coronavirus-related restrictions ease in the UK and financial capital London opens up for business. Office space providers are gradually recovering after work-from-home policies and the economic fallout from the pandemic hurt their margins as costs surge and customers default on rent payments. Workspace, which owns and manages 4 million square feet of business space in London, said occupancy at its centres was at 20% of pre-pandemic levels by end-March and 30% by end-April. ...

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BOE Watchers Look for Signs of Tightening Ahead: Decision Guide By Bloomberg

(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here The Bank of England on Thursday may add fuel to investors’ expectations that its next move will be to tighten monetary policy rather than provide fresh stimulus to the economy as the pandemic eases. The U.K. central bank is set to significantly upgrade its growth outlook as the debate shifts away from whether it should cut interest rates below zero to how fast can the economy recoup its pandemic-induced losses....

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French group Sanofi and Stanford University to collaborate on research By Reuters

PARIS (Reuters) - French healthcare group Sanofi (PA:SASY) has entered into a three-year collaboration deal with leading U.S. university Stanford over developing research projects to focus on autoimmune diseases and inflammatory conditions. Sanofi, which is also working on projects to tackle COVID-19, and Stanford said in a joint statement on Thursday that Sanofi would provide funding for the research. "Sanofi's collaboration with Stanford University aims to transform how autoimmune disorders and inflammatory conditions are understood and treated. It will help accelerate our ambitious immunoscience programmes as we advance a rich pipeline of first- and best-in-class...

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Air France-KLM operating loss widens as European recovery lags By Reuters

PARIS (Reuters) - Air France-KLM sales are so far showing little sign of the travel upturn it still hopes to see by summer, the airline group said on Thursday as it posted a wider first-quarter operating loss. Air France-KLM said it expects to operate 50% of its pre-pandemic flight capacity in the second quarter under way, ramping up to 55-65% in July-September. "We're waiting to see the first effects of vaccination," Chief Financial Officer Frederic Gagey said. For the moment, "we continue to see late-booking behaviour" by customers, he added. While rebounding U.S. and Chinese domestic...

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ArcelorMittal beats estimates after “very positive” start to year By Reuters

BRUSSELS (Reuters) - ArcelorMittal, the world's largest steelmaker, reported higher than expected first quarter earnings after what its chief executive said was a "very positive" start to the year. The Luxembourg-based company said on Thursday first-quarter core profit (EBITDA), the figure most watched by the market, was $3.24 billion, more than triple the year-ago figure of $967 million and higher than the average forecast in a company poll of $2.97 billion. ...

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French start-up Shift Technology valued $1 billion in $220 million round By Reuters

By Mathieu Rosemain and Anna Irrera PARIS/LONDON (Reuters) - French start-up Shift Technology, a developer of software to help insurers detect fraudsters, has closed a $220 million fundraising that brings its valuation to over $1 billion, it said on Thursday. The company, whose clients include France's AXA, Japan's MS&AD and Hong Kong-based FWD Group, said it will use the funding to develop new products and add functionality to existing ones. "This includes products specifically designed for the health insurance market to help avoid improper payments," said Jeremy Jawish, Shift Technology's CEO and co-founder. "We'll also use...

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China to suspend economic dialogue mechanism with Australia By Reuters

BEIJING (Reuters) -China "indefinitely" suspended on Thursday all activity under a China-Australia Strategic Economic Dialogue, its state economic planner said, the latest setback for their strained relations. "Recently, some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination," China's National Development and Reform Commission (NDRC) said in a statement on the decision. The Australian dollar fell sharply on the news, and was as low as 0.7701 to the U.S. dollar from Wednesday's $0.7747. Bilateral ties were strained...

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ADB head urges fiscal resilience with eye on U.S. monetary normalisation By Reuters

By Tetsushi Kajimoto and Takaya Yamaguchi TOKYO (Reuters) - Emerging Asian countries must raise tax revenue and mobilise domestic financial resources as they brace for U.S. interest rate hikes that could cause another financial crisis, Asian Development Bank President Masatsugu Asakawa told Reuters. Rises in U.S. long-term rates and some speculation that the Federal Reserve may shift to normalise monetary policy stoke worry about developing countries saddled with dollar-denominated debt, who could face capital outflow and currency devaluation. To help fix the issue, Asakawa said the regional lender launched on Monday an Asia Pacific tax hub...

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Investor group in exclusive talks to acquire Forbes for $650 million -source By Reuters

By Echo Wang and Krystal Hu (Reuters) - An investor group led by U.S. merchant bank GSV's CEO Michael Moe has entered into exclusive negotiations to acquire business news and information publisher Forbes Media LLC for about $650 million, a person familiar with the matter said on Wednesday. A deal could result in Forbes' ownership changing hands seven years after Hong Kong-based investor group Integrated Whale Media Investments purchased 95% of the company. The remainder is owned by the Forbes family. Moe's consortium has about a month to clinch a deal with Forbes before the exclusivity...

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