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05 May
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Biden’s Fed Choices Add Uncertainty for Inflation-Wary Investors By Bloomberg

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(Bloomberg) -- The biggest uncertainty for investors watching the Federal Reserve in coming months may not be the rate of inflation but turnover at the top of the U.S. central bank. Chair Jerome Powell and vice chairs Richard Clarida and Randal Quarles could all potentially be replaced in the coming year, depending on how much President Joe Biden wants to reshape its leadership. And while Fed chairs always matter, the choice right now is even more critical. Fed officials are deliberating under a new policy framework adopted last year with Powell’s stewardship. It grants great...

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05 May
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EU unveils plan to cut dependency on China, others By Reuters

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BRUSSELS (Reuters) - The European Union unveiled on Wednesday a plan to cut its dependency on Chinese and other foreign suppliers in six strategic areas like raw materials, pharmaceutical ingredients and semiconductors after the pandemic-induced economic slump. The 27-nation bloc outlined the urgency of the task citing Europe's reliance on China for about half of 137 products used in sensitive ecosystems, mainly raw materials and pharmaceuticals and other products key to the bloc's green and digital goals. The updated industrial strategy plan was devised after the COVID-19 pandemic showed bottlenecks in supply chain and the...

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05 May
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Liberty Steel moves to restructure after Greensill collapse By Reuters

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LONDON (Reuters) - Liberty Steel Group said on Wednesday it had appointed a committee to restructure and refinance the group after Greensill Capital, its biggest lender, filed for insolvency in March. The move comes after Sanjeev Gupta's family conglomerate GFG Alliance announced that its Australian unit had agreed terms to refinance its exposure to Greensill. Liberty Steel, which is also under the GFG umbrella, said in a statement that four new board directors would form a Restructuring and Transformation Committee (RTC) to focus on fixing or selling underperforming units. "The RTC will be given...

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05 May
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Trump still banned from Facebook but board calls for company review By Reuters

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By Elizabeth Culliford (Reuters) - Facebook Inc (NASDAQ:FB)'s oversight board on Wednesday upheld the company's suspension of former U.S. President Donald Trump but said the indefinite suspension was wrong, in a much-awaited verdict that may signal how the company will treat rule-breaking world leaders in the future. The Board said Facebook should determine a "proportionate response" that is consistent with rules applied to other users of the platform, and that Facebook must complete its review within six months. Facebook indefinitely blocked Trump's access to his Facebook and Instagram accounts over concerns of further violent...

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05 May
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Hong Kongers increase activity in weak London property market By Reuters

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LONDON (Reuters) - The number of London properties bought by Hong Kongers has more than doubled since the announcement of a new visa offering residents of the territory an opportunity to move to Britain, estate agent Benham & Reeves said on Wednesday. Transactions by Hong Kong buyers had increased by 144% in London since July 2020, it said. That was the month when Prime Minister Boris Johnson announced the visa scheme for holders of British National Overseas (BNO) passports in response to Beijing imposing a national security law that Britain said undermined Hong Kong's high degree...

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05 May
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Nasdaq Futures Up 85 Pts; ADP Employment Data in Focus By Investing.com

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By Peter Nurse    Investing.com - U.S. stocks are seen opening higher Wednesday, rebounding after the sharp tech-induced losses of the previous session while investors digest more corporate earnings and employment data. At 7:05 AM ET (1205 GMT), the Dow Futures contract was up 70 points, or 0.2%, S&P 500 Futures traded 14 points, or 0.3%, higher, and Nasdaq 100 Futures climbed 85 points, or 0.6%. The tech-heavy Nasdaq Composite closed almost 2% lower Tuesday, its worst day since last March, after comments from Treasury Secretary Janet Yellen about higher interest rates resulted in investors exiting the...

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05 May
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Barclays to offer investors a vote on climate policy next year By Reuters

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By Lawrence White and Iain Withers LONDON (Reuters) -Barclays will offer investors a vote on its climate policy at next year's annual shareholder meeting, the bank's chairman said, after pressure from investors and activists to become greener. Barclays (LON:BARC) will devise additional climate targets in consultation with shareholders, chairman Nigel Higgins told the bank's webcast shareholder meeting on Wednesday. The bank in March last year set itself a target to reach "net zero" for its own carbon emissions and the activities it finances by 2050. Despite these commitments, climate activists have said...

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05 May
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Germany to hike 2030 CO2 emissions reduction target to 65% By Reuters

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BERLIN (Reuters) -Germany is planning more ambitious carbon emission reduction targets, aiming for a cut of 65% by 2030 and 88% by 2040, Finance Minister Olaf Scholz said on Wednesday. Under the new targets, Germany will also aim for nearly net zero emissions by 2045, five years earlier than initially planned, he said. Environment Minister Svenja Schulze said: "Each decade, each generation takes responsibility." Last week, Germany's constitutional court said the government had failed to set out how it would bring carbon emissions down beyond 2030 to almost zero by 2050, and that this was unfairly...

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05 May
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EU executive slows drive for China investment deal By Reuters

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By Philip Blenkinsop and Sabine Siebold BRUSSELS (Reuters) -The European Commission has dialled down efforts to promote its planned investment agreement with China, recognising that EU lawmakers will not approve any such deal while Beijing maintains sanctions on five of their colleagues. The Commission said in a statement on Wednesday the China comprehensive agreement on investment (CAI) could not be divorced from other EU-Chinese developments and that the sanctioning of EU lawmakers was "unacceptable and regrettable". "The prospects for CAI's ratification will depend on how the situation evolves," the Commission said. That came after EU...

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05 May
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EU drafts rules to curb state-backed foreign buyers By Reuters

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BRUSSELS (Reuters) - The European Commission proposed rules on Wednesday to restrain companies benefiting from foreign subsidies to buy EU businesses or take part in public tenders, with a particular eye on China. The European Commission's plan underscores a more protectionist line prompted by a recent surge of EU takeovers by foreign companies and fears of a post-virus buying spree of EU firms whose share prices have declined during the pandemic. The Commission would trigger investigations if it identifies possible distortive foreign subsidies in takeovers of EU companies worth 500 million euros ($600.4 million) or...

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