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06 August
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Biden Says Surge in Hiring Shows His Economic Plan ‘Is Working’ By Bloomberg

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(Bloomberg) -- President Joe Biden said July’s expectations-beating jobs report shows that his economic policies are working, and he urged Congress to advance legislation that would spend trillions of dollars on public works, education and other priorities. “The Biden plan is working,” the president said at the White House on Friday. “The Biden plan is producing results. And the Biden plan is moving the country forward.” U.S. payrolls climbed by 943,000 in July according to the Labor Department, the biggest addition in nearly a year, exceeding the median estimate of an 870,000 gain in a...

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06 August
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China Moly to spend $2.5 billion to double copper, cobalt output at Congo mine By Reuters

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By Tom Daly (Reuters) -China Molybdenum Co said on Friday it would spend $2.51 billion to roughly double production of copper and cobalt at its giant Tenke Fungurume mine (TFM) in the Democratic Republic of Congo. The bumper investment comes as prices for both metals have jumped in 2021 as demand rebounds from the COVID-19 pandemic. China Moly said in a filing that the $2.5 billion investment - which will go toward building three ore production lines - would boost average annual copper output at the mine by 200,000 tonnes and increase cobalt output by 17,000...

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06 August
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UK’s Morrisons agrees to raised $9.3 billion offer from Fortress-led group By Reuters

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By James Davey LONDON (Reuters) -British supermarket group Morrisons has agreed to an improved takeover offer worth 6.7 billion pounds ($9.3 billion) in cash from a consortium led by Fortress Investment Group, though its shares were trading above the level of the new bid. That indicated investors were still hoping for a counter bid from U.S. private equity group Clayton, Dubilier & Rice (CD&R). Softbank-owned Fortress said its raised offer comprises 270 pence per Morrisons share plus a 2 pence a share special dividend and was aimed at warding off its rival suitor. Fortress "remains committed...

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06 August
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Exclusive-Didi in talks with state-backed Westone to hand over data control-sources By Reuters

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By Julie Zhu HONG KONG (Reuters) -Chinese ride-hailing firm Didi Global Inc is in talks with state-owned information security firm Westone to handle its data management and monitoring activities, sources said, as part of its efforts to placate domestic regulators. The largest Chinese ride-hailing group became the target of an investigation by regulators in the country just days after it raised $4.4 billion in an initial public offering in the United States. The powerful Cyberspace Administration of China (CAC) last month launched a data-related cybersecurity investigation into Didi, citing a need to protect national security...

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06 August
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Analysis-CEOs and central bankers talk past each other on inflation By Reuters

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By Francesco Canepa and Mark John FRANKFURT/LONDON (Reuters) - The bosses of top multinationals are fretting about rising inflation but the very people responsible for keeping price growth in check - central bankers - seem unfazed. Even as policymakers at the U.S. Federal Reserve, European Central Bank and elsewhere diverge on how quickly to wind down massive pandemic stimulus programmes, they agree on one thing: the recent surge in inflation is not a major concern. Yet the latest set of corporate earnings calls are replete with mentions of the word "inflation", with the tally up...

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06 August
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UBS Global Wealth Mgmt bets on energy, financials, Japan in reflation trade By Reuters

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By Divya Chowdhury (Reuters) - UBS Global Wealth Management is betting on a reflation trade in the United States and globally linked to economic reopening as the world emerges from the COVID-19 Delta variant, Mark Haefele, chief investment officer at the world's largest wealth manager, said. "Not all of the inflation is going to go back to deflationary levels," Haefele told the Reuters Global Markets Forum on Thursday, adding that he was bullish on equities, specifically the energy and financials sectors, along with Japan. Valuations in emerging markets are attractive from a longer-term perspective, he said,...

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06 August
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UK 2-year gilt yields rise after BoE signals stimulus reversal By Reuters

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LONDON (Reuters) - The yield on two-year British government bonds is on course for its biggest weekly rise since February as investors brought forward their bets on when the Bank of England will start to raise interest rates. The two-year gilt yield rose by more than four basis points to hit 0.137% on Friday, its highest since July 16, and is 7.5 basis points up on the week according to Refinitiv data, the biggest weekly rise since the week ending Feb. 26. On Thursday, the BoE spelled out plans for a "modest" reversal of its huge...

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06 August
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Shipping group Maersk continues shopping spree after strong earnings By Reuters

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COPENHAGEN (Reuters) -Maersk announced the acquisition of two e-commerce companies on Friday as the world's biggest container shipping line boosts its bet on land-based services. Maersk handles one in five containers shipped worldwide but is looking to transform into an integrated logistics company to gain more work from existing clients such as Puma and Walmart (NYSE:WMT). It bought Visible Supply Chain Management and B2C Europe, both specialised in e-commerce, for a combined enterprise value of $924 million, Maersk said. It also confirmed a 60% jump in second-quarter revenue and a more than tripling of its quarterly...

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06 August
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Outsourcer Capita swings to profit, expects annual sales growth By Reuters

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(Reuters) - Capita Plc (LON:CPI) on Friday swung to a first-half profit, helped by cost cuts and several new contracts that safeguarded the British outsourcer against a pandemic hit, as the company said it was on track to deliver organic revenue growth in 2021. The company that provides consulting and digital services to public and private sectors said the total value of contracts jumped by 70% to 2.58 billion pounds ($3.59 billion) in the six months to June 30. Capita launched a recovery plan in March after the crisis disrupted its previous push to return to...

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06 August
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FTSE 100 slips as energy, banking stocks drag By Reuters

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(Reuters) - London's FTSE 100 fell on Friday, dragged by weakness in heavyweight energy and banking stocks, with investors weighing the effects of inflation growth and a rise in global cases of COVID-19. The blue-chip FTSE 100 eased 0.1%, but the index was set to post its third straight weekly gain on support from strong corporate earnings. HSBC Holdings (LON:HSBA), BP (LON:BP) and Royal Dutch Shell (LON:RDSa) were among the top drags on the FTSE 100 on Friday. London Stock Exchange Group (LON:LSEG) jumped 3.3% to the top of...

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