21 July

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Daimler sees chip shortage extending into 2022 By Reuters

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By Nick Carey LONDON (Reuters) -A global shortage of semiconductor chips will dent car sales in the second half of 2021 and will extend into 2022, Mercedes-Benz maker Daimler AG (DE:DAIGn) said on Wednesday, but left unchanged its profit margin outlook for this year. Along with other carmakers, Daimler cut back production this year because of a chip shortage during the coronavirus pandemic, prompting the German company to focus on higher-margin models. Chief Financial Officer Harald Wilhelm told investors that although the chip shortage would last into 2022, it would be less severe than...

21 July

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Novartis profit tops expectations as pandemic impact ebbs By Reuters

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By Michael Shields ZURICH (Reuters) -Swiss drugmaker Novartis beat second-quarter sales and profit expectations on Wednesday, while keeping its 2021 guidance unchanged, as disruption from the coronavirus pandemic waned. "While demand is starting to return to pre-COVID-19 levels in most geographies and therapeutic areas, we still see a slight impact on parts of our business for example in oncology, generics and certain geographies," it said. "We are assuming further easing of COVID-19 restrictions in the second half of the year with a positive impact on business dynamics." Finance chief Harry Kirsch told reporters that the pandemic...

21 July

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Retailers push FTSE 100 higher as pound weakens; Next top gainer By Reuters

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(Reuters) - London's FTSE 100 rose on Wednesday led by gains in export-oriented retailers as the pound weakened, while fashion retailer Next was the top gainer after it raised its profit guidance on the back of robust earnings. The blue-chip FTSE 100 gained 0.7% with retailers Compass Group (LON:CPG), Diageo (LON:DGE) and Unilever (LON:ULVR) among the top boosts. Retail stocks, the top gainers among sectoral peers, were up 2.5%. The domestically focussed mid-cap index rose 0.8%, pushed by gains in travel and leisure stocks, up 1.9%. Britain's...

21 July

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Digital banking app Revolut launches travel booking service By Reuters

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By Anna Irrera LONDON (Reuters) - British-based digital banking app Revolut is launching a new service allowing users to book travel accommodation and receive up to 10% in cashback in its first non-financial or insurance product launch. Revolut, which was valued at about $33 billion through a new investment round last week, will allocate 70 million pounds ($95.24 million) to cashback for customers using the new service, Stays, it said on Wednesday. Stays is part of Revolut's wider goal to help users spend "more smartly" when travelling, it said. It comes as coronavirus travel restrictions start...

21 July

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Climbing dollar pauses for breath ahead of ECB By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The dollar took a breather from its grind higher on Wednesday, easing slightly from multi-month peaks as a bout of risk-aversion ebbed, though selling was light as expectations of a cautious European Central Bank had the euro pinned down. The euro touched a fresh three-month trough of $1.1755 overnight and its small rebound had carried it only as far as $1.1780 by early in the Asia session. The Australian and New Zealand dollars also rose from year-to-date lows, while sterling lifted off a five-month low. But the moves barely dented...

21 July

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Asian shares, U.S. yields rise as investors reassess rout By Reuters

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By Andrew Galbraith SHANGHAI (Reuters) - Asian shares and U.S. Treasury yields rose on Wednesday, clawing back some of the week's losses as investors reassessed economic worries, but the dollar was firm on concerns over the impact of a fast-spreading coronavirus variant. Rising COVID-19 infections have rocked global markets this week as investors dumped risk assets, seeking stability in safe haven assets like bonds. That sent stocks tumbling and pushed the benchmark U.S. 10-year yield to five-month lows on Tuesday. But on Wednesday, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.17%, trimming its...

21 July

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New York, drug distributors reach $1.18 billion opioid settlement as national deal looms By Reuters

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(Removes extra word from name of firm in paragraph 11) By Brendan Pierson and Nate Raymond NEW YORK (Reuters) -The three largest U.S. drug distributors agreed mid-trial to pay up to $1.18 billion to settle claims by New York state and two of its biggest counties over their role in the nationwide opioid epidemic, the state's attorney general said on Tuesday. McKesson Corp (NYSE:MCK), Cardinal Health Inc (NYSE:CAH) and AmerisourceBergen (NYSE:ABC) Corp settled as state attorneys general prepare to announce as soon as this week a landmark $26 billion deal with the distributors and...

21 July

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British homes, businesses unprepared for climate change, Aviva says By Reuters

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LONDON (Reuters) - British insurer Aviva (LON:AV) called on Wednesday for urgent action from policymakers, developers and insurers to protect homes and businesses from the impact of climate change, saying most were ill-prepared to handle extreme weather. It said more than 570,000 new homes had been built since 2016 that would not be resilient to future high temperatures and more than 70,000 had been built since 2009 on flood plains. "A cultural shift is needed to better understand the risks from extreme weather and prepare for its impacts," said Adam Winslow, chief executive of...

21 July

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UK car insurance premiums in Q2 drop to over 5-year lows – survey By Reuters

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(Reuters) - The cost of a comprehensive car insurance policy in Britain fell 12% in the second quarter to its lowest level since early 2016 due to COVID-19 lockdowns, although it might rebound to pre-pandemic levels as restrictions ease, a survey showed on Wednesday. UK motorists now have to pay 522 pounds ($709.45) on average, according to the latest index from price comparison site Confused.com in association with insurance broker Willis Towers Watson (NASDAQ:WLTW). The fall was the second-biggest annual drop since 2014, and car insurance premiums have now fallen for three consecutive quarters. However, they...

21 July

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Filling $22 Trillion GDP Hole Requires Reforms, IMF No. 2 Says By Bloomberg

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(Bloomberg) -- Countries need to consider undertaking “difficult reforms” across product, labor, and financial markets to fill the estimated $22 trillion global output gap caused by the Covid-19 crisis, a top International Monetary Fund official said. “The same energy that is being put into vaccination and plans for recovery spending also needs to be put into growth measures to make up for this lost output,” IMF First Deputy Managing Director Geoffrey Okamoto said in a blog published on the Washington-based fund’s website Tuesday. “The monetary and fiscal stimulus still flowing will serve as a springboard...

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News

Daimler sees chip shortage extending into 2022 By Reuters

Novartis profit tops expectations as pandemic impact ebbs By Reuters

Retailers push FTSE 100 higher as pound weakens; Next top gainer By Reuters

Digital banking app Revolut launches travel booking service By Reuters

Climbing dollar pauses for breath ahead of ECB By Reuters

Asian shares, U.S. yields rise as investors reassess rout By Reuters

New York, drug distributors reach $1.18 billion opioid settlement as national deal looms By Reuters

British homes, businesses unprepared for climate change, Aviva says By Reuters

UK car insurance premiums in Q2 drop to over 5-year lows – survey By Reuters

Filling $22 Trillion GDP Hole Requires Reforms, IMF No. 2 Says By Bloomberg

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