12 August

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U.S. Sends ‘Tiger Teams,’ Funds to Fix Jobless-Benefit Systems By Bloomberg

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(Bloomberg) -- The U.S. will send in “tiger teams” of specialists and provide extra cash to strengthen state jobless-benefits systems, part of a $2 billion overhaul after a surge in unemployment overwhelmed governments and led to millions of fraudulent claims. The Department of Labor is sending $260 million in grants to help states improve outreach and service and $140 million for fraud prevention, deploying funds provided by the $1.9 trillion American Rescue Plan Act from March, according to a statement Wednesday. In addition, the federal government is deploying so-called “tiger teams,” or groups of experts...

12 August

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Biden Says His $3.5 Trillion Spending Plan Won’t Stoke Inflation By Bloomberg

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(Bloomberg) -- President Joe Biden sought to assure Americans his $3.5 trillion spending plan won’t trigger inflation, challenging a key Republican objection to his plan. “If your primary concern right now is the cost of living, you should support this plan, not oppose it,” Biden said Wednesday at the White House. Biden said his plan would lower drug prices and other costs for average Americans, and quoted economists and others to help make his case. The Senate advanced Biden’s agenda on Wednesday by passing a $3.5 trillion budget blueprint over unified Republican opposition. It opens the...

12 August

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U.S. judge says some Trump records should be turned over to House panel By Reuters

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By Jan Wolfe (Reuters) -A U.S. judge on Wednesday ordered Donald Trump's accounting firm Mazars to turn over some of the former president's financial records to a U.S. House of Representatives committee but not all of the documents sought by the congressional panel. The ruling by U.S. District Judge Amit Mehta came in a long-running lawsuit brought by the Democratic-controlled House Oversight Committee, which first issued a subpoena for Trump's financial records in 2019. Mehta said Mazars should turn over documents relating to Trump's hotel in Washington, D.C., saying the committee proved that it needed them...

11 August

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U.S. lawmakers introduce bill to rein in Apple, Google app stores By Reuters

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By Diane Bartz WASHINGTON (Reuters) - A bipartisan trio of senators introduced a bill that would rein in app stores of companies they said exert too much market control, including Apple Inc (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) Inc's Google. Democratic Senators Richard Blumenthal and Amy Klobuchar teamed up with Republican Senator Marsha Blackburn to sponsor the bill, which would bar big app stores from requiring app providers to use their payment system. It would also prohibit them from punishing apps that offer different prices or conditions through another app store or payment system. "I found this...

11 August

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Shareholder advocacy group goes after ‘environmental racism’ By Reuters

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By Jessica DiNapoli (Reuters) - A shareholder advocacy group that has successfully pushed for changes at U.S. conglomerates such as General Electric (NYSE:GE) Co and American Express Co (NYSE:AXP) said on Wednesday it would rate companies based on their involvement in "environmental racism," and pressure them for change. The nonprofit, As You Sow, collected and analyzed data from S&P 500 companies showing what it says is the environmental impact of operations on communities of color. It said it scrutinized their products, environmental violations and fines and corporate actions. The group will...

11 August

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Blazes flare anew in Greece but spare ancient Olympia By Reuters

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By Lefteris Papadimas and Leon Malherbe EVIA, Greece, (Reuters) - A big blaze that swelled overnight forced the evacuation of many villages on Greece's Peloponnese peninsula on Wednesday, as exhausted firefighters battled wildfires for a ninth consecutive day and as fires also raged in Algeria, Turkey and elsewhere. In the north of Evia, Greece's second-largest island, flare-ups remained the main problem for firefighters, who were joined by volunteers to combat the flames. In the Peloponnese, a flare-up started near ancient Olympia, the site of the first Olympic Games, but spread to Gortynia as it intensified late...

11 August

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Pound snaps 3-day losing streak vs dollar with modest gain By Reuters

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By Tom Wilson LONDON (Reuters) -Sterling reversed course and rose modestly on Wednesday after three days of losses against the dollar, which slipped after the release of U.S. inflation data and dovish comments by Fed policymaker Thomas Barkin. It also traded just off 18-month highs against the euro, though moves were limited as traders held off major bets ahead of British GDP growth figures due a day later. The pound traded earlier at two-week lows against the greenback, which has been buoyed in recent days by impressive U.S. jobs data and remarks by Federal Reserve officials...

11 August

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MARKET WRAP: FTSE rallies above 7,200, US CPI keeps Q4 taper on track By Investing.com

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Key Points FTSE 100 closing price of 7,219.9, +0.8% Avast higher after merger agreement Meggitt jumps after rival offer Deliveroo falls despite sales surge US CPI keeps Fed on track for Q4 taper USD marginally lower, EUR/USD support at 1.17 Oil falls after White House intervention, inventory data Bitcoin steady below key resistance By Samuel Indyk Investing.com – The FTSE 100 rallied for the fourth consecutive trading day and seventh in the last eight amid a broad European equity rally. Shares in FTSE 100 cyber security company Avast (LON:AVST) jumped after the company agreed...

11 August

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German train network paralysed by driver strike By Reuters

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BERLIN (Reuters) -A strike by train drivers heavily disrupted passenger and freight services across Germany on Wednesday as their labour union demanded a better wage offer from rail operator Deutsche Bahn. The strike coincides with increased demand for rail services following the easing of coronavirus curbs over the summer holidays. Stranded travellers stood waiting for their delayed trains at stations across Germany. "The strike is understandable. I support it, but the problem is that there is hardly any information on the internet about it," said David Jungck, a traveller stranded at Berlin's main railway station....

11 August

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Manic Robinhood Era Is Forcing Quants to Rethink Popular Trades By Bloomberg

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(Bloomberg) -- Between record dip-buying and the roller coaster in Robinhood Markets Inc (NASDAQ:HOOD)., the meme-stock army is running wild across Wall Street again -- making life harder for institutional pros trading popular quant strategies. With amateurs now commanding roughly one-fifth of U.S. equity volume, a cohort of systematic players suspect the retail billions are undermining time-tested trades like short selling and low-volatility investing. The industry is in better shape compared to the dark days of the pandemic, and quant portfolios are more diversified than those run by human stock pickers. Yet...

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U.S. Sends ‘Tiger Teams,’ Funds to Fix Jobless-Benefit Systems By Bloomberg

Biden Says His $3.5 Trillion Spending Plan Won’t Stoke Inflation By Bloomberg

U.S. judge says some Trump records should be turned over to House panel By Reuters

U.S. lawmakers introduce bill to rein in Apple, Google app stores By Reuters

Shareholder advocacy group goes after ‘environmental racism’ By Reuters

Blazes flare anew in Greece but spare ancient Olympia By Reuters

Pound snaps 3-day losing streak vs dollar with modest gain By Reuters

MARKET WRAP: FTSE rallies above 7,200, US CPI keeps Q4 taper on track By Investing.com

German train network paralysed by driver strike By Reuters

Manic Robinhood Era Is Forcing Quants to Rethink Popular Trades By Bloomberg

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