MILAN (Reuters) - Sales at Giorgio Armani jumped 34% in the first half of 2021 as business in China and the United States helped the Italian fashion group bounce back, although it said it could be next year before it fully recovers from the pandemic. "The goal is to return to pre-pandemic levels by 2022, with...
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ZURICH (Reuters) - Credit Suisse (SIX:CSGN) has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of the Chief Executive Tidjane Thiam, a spokesperson for the Swiss bank said on Sunday. "Everybody involved has agreed to settle and this matter is now closed," Simone Meier said, confirming a report in Swiss newspaper NZZ am Sonntag. A spokesperson for Khan did not immediately respond to a request for comment. UBS, where Khan is now co-president of global wealth management, declined to comment. The...
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By Huw Jones LONDON (Reuters) -Crypto broker CoinBurp is not fully authorised before Monday's planned launch of its $BURP token and initial exchange offering, Britain's Financial Conduct Authority (FCA) said on Sunday, in its latest crack down on crypto trading. But the FCA said CoinBurp could start business under its temporary registration, provided it had the correct controls in place. CoinBurp said last week it had raised $6 million to build a platform to buy and sell non-fungible tokens (NFTs), digital assets that are attracting interest from some investors and scrutiny from regulators worried about the...
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By Geoffrey Smith Investing.com -- The European Central Bank shifted marginally in the direction of increasing monetary stimulus to the Eurozone economy Thursday, but disappointed many who had expected it to pursue its new, higher, inflation target with more zeal. The ECB said it expects to continue buying bonds at an elevated pace over the next two months, re-asserting its determination to steer against expectations of an early tightening of monetary policy due to a spike in inflation in the first half of this year. It also said it won't raise interest rates until its new goal...
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By Yoruk Bahceli (Reuters) - European governments' efforts to stamp out outsized bids from hedge funds at bond sales appear to be bearing fruit, with order books for the most recent issues showing a steep decline from levels seen at the start of this year. Reuters reported in April that huge bids for new bonds officials deemed inflated had become a headache for borrowers such as France, Spain, and the European Union, forcing them to take measures such as capping orders. That came after a series of bond sales where hedge funds consistently submitted bids...
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Key Points ECB keeps main refinancing rate, marginal lending rate and deposit rate unchanged at 0.00%, 0.25% and -0.50% respectively Governing Council expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon Governing Council will continue to conduct net asset purchases under the PEPP with a total envelope of EUR 1.850 trillion until at least the end of March 2022 Net purchases under the APP will...
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By Dhirendra Tripathi Investing.com – Boston Beer (NYSE:SAM) stock tumbled more than 23% in Friday’s session as the market for hard seltzers dealt a rude surprise to the brewer, knocking off its second-quarter earnings and forcing it to lower its forecast for the ongoing financial year. Jim Koch, chairman and founder of the company, listed several factors behind the new paradigm in the seltzer market that led to the fall in earnings. He said the market has matured. The consumption of seltzers has moved to on-premise channels and new entrants have proliferated, leading to more choices for...
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Investing.com – U.K. equities were higher at the close on Friday, as gains in the Aerospace & Defense, Insurance and Mobile Telecommunications sectors propelled shares higher. At the close in London, the Investing.com United Kingdom 100 gained 0.84%. The biggest gainers of the session on the Investing.com United Kingdom 100 were Meggitt PLC (LON:MGGT), which rose 2.78% or 11.90 points to trade at 440.20 at the close. Intermediate Capital Group PLC (LON:ICP) added 2.66% or 58.00 points to end at 2238.00 and 3I Group PLC (LON:III) was up 2.57% or 32.50 points...
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By David Milliken and William Schomberg LONDON (Reuters) - A current spike in prices is unlikely to create longer-term inflation pressures but central bankers should keep a close eye on job market shortages after the coronavirus pandemic, Bank of England Deputy Governor Ben Broadbent said on Thursday. Splits have emerged among top policymakers at the British central bank on the need to remove stimulus for the economy, and Broadbent said he disagreed with the view of those such as Michael Saunders who fear above-target inflation will persist. "While we know it's going to go...
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(Bloomberg) -- The European Central Bank revised its guidance on when interest rates might rise, saying it will persist with ultra-loose monetary stimulus until it has solid evidence that it can sustainably hit its new inflation goal. In the first policy meeting since concluding an 18-month strategy review, the Governing Council said it expects the key rates to remain at their present or lower levels until it sees inflation reaching 2% “well ahead of the end of its projection horizon, and durably for the rest of the projection horizon.” The ECB publishes inflation projections as far...
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