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16 June
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Ex-Fed Official Warsh Says Fed Won’t Move Before Jackson Hole By Bloomberg

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(Bloomberg) -- The Federal Reserve is unlikely to change its stance on interest rates or asset purchases before its meeting in Jackson Hole, Wyoming, in August, said former Federal Reserve Governor Kevin Warsh. Getting the Fed to change their policies before Jackson Hole is a long putt from here, Warsh said, according to people familiar with his comments. He was participating in the Robin Hood Investors Conference Wednesday. Warsh added that a rise in consumer prices won’t be enough to get the Fed to raise rates or taper purchases, but that a jump in employment...

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16 June
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Defensive, industrial stocks boost FTSE 100 as economy runs hot By Reuters

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By Amal S (Reuters) - London's FTSE 100 ended higher on Wednesday, helped by gains in industrial and defensive stocks, while data showed inflation jumped past the central bank's target as Britain emerges from a third national lockdown. After touching its highest level since February 2020 at 7,217.5, the blue-chip index end 0.2% higher at 7,184.95. Industrials, travel and pharmaceuticals provided the biggest boost to the index. The domestically focused mid-cap FTSE 250 index fell 0.1%. British inflation unexpectedly jumped above the Bank of England's 2% target in May when it hit 2.1%, driven in large...

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16 June
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U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.22% By Investing.com

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Investing.com – U.K. equities were higher at the close on Wednesday, as gains in the Insurance, Travel & Leisure and Industrial Engineering sectors propelled shares higher. At the close in London, the Investing.com United Kingdom 100 gained 0.22%. The biggest gainers of the session on the Investing.com United Kingdom 100 were Flutter Entertainment PLC (LON:FLTRF), which rose 3.23% or 430.0 points to trade at 13765.0 at the close. Admiral Group PLC (LON:ADML) added 2.60% or 82.0 points to end at 3237.0 and Bunzl PLC (LON:BNZL) was up 2.17% or 50.0 points to...

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16 June
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Exclusive: Fusion SPAC aims to beat London rush with new blank-check firm – sources By Reuters

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By Pamela Barbaglia and Abhinav Ramnarayan LONDON (Reuters) - Fusion Acquisition CEO John James is in talks to launch a new blank-check company which could list in London in the coming weeks with the aim of becoming the first to take advantage of a new British SPAC regime, sources told Reuters. James, who runs two Nasdaq-listed SPACs (special purpose acquisition companies) -- Fusion Acquisition Corp and Fusion Acquisition Corp II -- is working with JPMorgan (NYSE:JPM) on a third Fusion investment platform, the sources said. The plan, backed by Fusion chairman Jim Ross who spent more...

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16 June
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UK extends COVID ban on business evictions until 2022 By Reuters

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LONDON (Reuters) - Britain's government will extend a ban on evictions for businesses unable to pay their rent due to the coronavirus crisis until March 2022 from a previous expiry date of the end of this month, a junior finance minister said. "Existing measures will remain in place, including extending the current moratorium to protect commercial tenants from eviction to March 25, 2022," Steve Barclay, chief secretary to the Treasury, told parliament on Wednesday. In April last year the government blocked legal attempts to evict shops, restaurants and other businesses that had stopped paying rent, as...

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16 June
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Best of the Best shares fall on decline in customer engagement By Investing.com

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By Samuel Indyk Investing.com – Shares in Best Of The Best (LON:BOTB) were actually the worst of the worst on Wednesday despite the company announcing an over 200% increase in profit for the year ended 20th April. Although the company had a strong year last year, they said customer engagement had decreased since the easing of lockdown restrictions. Financial Results The company, which runs online competitions to win cars and prizes, said revenue increased 157% in the financial year to £45.68mln. This saw profit before tax balloon from £4.19mln to £14.06mln, a 236% increase and saw...

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16 June
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Nike Gets Boost from Morgan Stanley By Investing.com

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By Christiana Sciaudone Investing.com -- Nike (NYSE:NKE) got a price target increase from Morgan Stanley (NYSE:MS), which reiterated its buy-equivalent rating.  The long-term story is "intact," Morgan Stanley analyst Kimberly Greenberger wrote in a note, according to CNBC. Shares were little changed on Wednesday. The stock hit a record in January, and has dropped 11% since then. Sales recovered strongly after a weak initial post-pandemic performance and are expected to have continued to deliver in the quarter ended in May. Greenberger boosted the price target to $185 from...

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16 June
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GM Gains On $35 Billion EV Spending Plan, Higher Guidance     By Investing.com

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By Dhirendra Tripathi Investing.com – General Motors (NYSE:GM) shares rose nearly 2% Wednesday as the carmaker’s ambitious $35 billion spending plan through 2025 on electric and autonomous vehicles buoyed sentiment for the stock. A revised guidance for the first half of the year did its bit in the stock’s bump. GM plans to sell more than 1 million electric vehicles every year by 2025. The new spending is a 26% increase from plans announced late last year.   GM is playing catch-up in the EV space against the likes of Tesla (NASDAQ:TSLA) and Germany’s Volkswagen (DE:VOWG) (OTC:VWAPY),...

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16 June
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Analysis-Britain’s subprime lenders buckle under weight of complaints By Reuters

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By Muvija M (Reuters) - The number of Britons with poor credit ratings is rising in the wake of the COVID-19 pandemic, just as many lenders who cater to them are going out of business - opening a gap in the market some credit bodies warn may allow illegal lending to flourish. The subprime lending sector has been in the regulatory crosshairs for more than a decade due to complaints it charged interest rates in excess of 1,000% to people struggling to get by. But a sudden spike in customer claims of unfair...

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16 June
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UK PM’s ex-aide reignites row with ‘hopeless’ health minister By Reuters

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LONDON (Reuters) - A former aide to Boris Johnson reignited a row with Britain's health minister on Wednesday, publishing what he said was an exchange with the British prime minister who branded the COVID-19 testing programme totally "hopeless". Reuters could not independently verify whether the exchange was genuine. Johnson's Downing Street office did not immediately respond to a request for comment. Last month, Dominic Cummings, Johnson's former chief adviser, criticised his ex-boss's handling of the coronavirus pandemic, saying it was "crackers" that someone like him was prime minister. Cummings also aired particular disdain for Health Secretary...

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