08 August

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Rocked by sexual assault allegation, Alibaba launches investigation, suspends several staff By Reuters

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SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd said on Sunday it has suspended several staff following an employee's allegations on the company's intranet that she was sexually assaulted by her boss and a client. The woman's account, published via an eleven-page PDF that went on to circulate widely online, prompted a social media storm on China's Twitter-like microblogging website Weibo. Police in the city of Jinan said on Sunday morning that they were investigating the incident. "Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace...

08 August

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Britain plans to change laws to protect football authorities from breakaway leagues -The Telegraph By Reuters

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(Reuters) - The British government is working on a legislation to safeguard the rights of English football authorities to take firmer action against clubs joining a proposed breakaway league, the Telegraph reported Saturday. The English Super League,, which was announced in April, provoked a furore among fans, governments, players and managers and the project unravelled less than 48 hours after its launch when the all six English clubs withdrew from the breakaway project. Ministers are working on plans for a legal change which would disapply provisions in competition law and will allow authorities such as the...

08 August

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Hedge fund Odey sells stake in Ryanair, IAG -Mail on Sunday By Reuters

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(Reuters) - UK-based hedge fund Odey Asset Management has sold its stakes in airline firms Ryanair Holdings Plc and International Consolidated Airlines Group (LON:ICAG) SA, the Mail on Sunday reported. Hedge fund manager James Hanbury sold his holding in British Airways-owner IAG, Mail on Sunday reported https://www.thisismoney.co.uk/money/markets/article-9871965/Odey-Asset-Management-dumps-stakes-Ryanair-BA-owner-IAG.html?mrn_rm=rta, citing a presentation seen by the newspaper. The recent development comes after the hedge fund took a short position for cinema chain AMC Entertainment, according to a report in the Financial Times https://www.ft.com/content/45f1578f-dcd0-4194-bc32-1a49e3b5b5f1. Airlines, cinemas and other hospitality chains have been particularly hit by the COVID-19 pandemic, with the...

08 August

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China Imposes Restrictions as Delta Reaches Nearly Half the Country By Bloomberg

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(Bloomberg) -- China imposed new travel and movement restrictions across the nation, including in its highly protected capital of Beijing, as a delta-driven outbreak grew to over 500 symptomatic cases scattered across 15 provinces and municipalities. Public transport and taxi services were curtailed in 144 of the worst-hit areas nationwide, while officials curbed train service and subway usage in Beijing, where three new cases were reported Wednesday. Hong Kong re-imposed quarantine on travelers from the mainland, though an exception remained for the southern Guangdong province which neighbors the financial city. Officials reported on Thursday 94 new...

08 August

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What to expect from the Bank of England – Hawkish dissenters? By Investing.com

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By Samuel Indyk Investing.com – The Bank of England’s Monetary Policy Committee will announce its latest decisions on monetary policy on Thursday. The central bank is not expected to make any changes to policy at this juncture, maintaining the Bank Rate at 0.1% and the QE total at £875 billion. Vote split The MPC is currently down to just eight members after the chief economist Andy Haldane left after the last meeting. Haldane was one of the more hawkish members, previously voting to reduce the stock of asset purchases by £50 billion. However, with Haldane gone,...

07 August

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Ashley to quit Frasers CEO role but keep it in the family By Reuters

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By James Davey LONDON (Reuters) -Mike Ashley, one of Britain's best known and most outspoken business leaders, is set to step down as chief executive of the sportswear retail group he founded nearly 40 years ago, handing the baton to his daughter's partner. Passing on the CEO position to his future son-in-law, Michael Murray, is a typically unconventional move from Ashley. His frank comments about rivals and politicians, a love of casinos, stories of settling banker fees by playing bar games and clips on YouTube showing him sinking a pint of beer in a few seconds...

07 August

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U.S. job growth seen strong as technical factors provide a boost By Reuters

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By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth likely remained robust in July amid shifts in seasonal employment at schools caused by the pandemic, which could mask some softening in underlying labour market conditions as the boost from fiscal stimulus and the economy's reopening fades. The Labor Department's closely watched employment report on Friday could show nonfarm payrolls surging by at least 1 million last month because of the so-called seasonal adjustment factors, which are also seen inflating employment at auto assembly plants and in the leisure and hospitality sector. Prior to the COVID-19 pandemic,...

07 August

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RBA Sees Australia Bouncing Back, Will Act If Virus Worsens By Bloomberg

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(Bloomberg) -- Reserve Bank Governor Philip Lowe signaled he’s looking through the current outbreak of the delta strain of the coronavirus that’s shuttered Australia’s largest cities, while signaling a willingness to respond if the health situation worsens. Policy makers “are prepared to act in response to further bad news on the health front that affects the outlook for the economy over the year ahead,” Lowe said in his opening statement to a parliamentary panel as he began three hours of testimony Friday. But for now, the central bank is sticking with its planned tapering of bond...

07 August

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Chinese regulators meet with delivery firms, call for stronger labour rights By Reuters

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BEIJING (Reuters) - China's delivery platform companies including Meituan and Alibaba (NYSE:BABA)'s Ele.me recently joined a meeting with government regulators on improving safety and labour rights for delivery workers. Food delivery platforms, in the spotlight due to China's regulatory reforms, have attracted severe criticism on social media for their treatment of delivery workers, most of whom are not covered by basic social and medical insurance. The meeting included officials from the Ministry of Public Security and the Ministry of Human Resources and Social Security, according to a Saturday notice on WeChat by the...

07 August

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Branson’s Virgin Atlantic plans London listing -Sky News By Reuters

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(Reuters) -Britain-based airline Virgin Atlantic is planning to list on the London Stock Exchange, Sky News reported on Saturday. Citing "City sources", it said the airline founded by Richard Branson has received positive responses from institutional investors about an initial public offering, with an autumn announcement likely. It said the move would almost certainly see Branson relinquish overall control of the business. It added that Virgin Atlantic has hired Citi and Barclays (LON:BARC) to oversee the listing. The airline is 51% owned by Branson's Virgin Group and 49% by the U.S.'s Delta Air Lines...

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Rocked by sexual assault allegation, Alibaba launches investigation, suspends several staff By Reuters

Britain plans to change laws to protect football authorities from breakaway leagues -The Telegraph By Reuters

Hedge fund Odey sells stake in Ryanair, IAG -Mail on Sunday By Reuters

China Imposes Restrictions as Delta Reaches Nearly Half the Country By Bloomberg

What to expect from the Bank of England – Hawkish dissenters? By Investing.com

Ashley to quit Frasers CEO role but keep it in the family By Reuters

U.S. job growth seen strong as technical factors provide a boost By Reuters

RBA Sees Australia Bouncing Back, Will Act If Virus Worsens By Bloomberg

Chinese regulators meet with delivery firms, call for stronger labour rights By Reuters

Branson’s Virgin Atlantic plans London listing -Sky News By Reuters

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