04 August

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Exclusive-India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources By Reuters

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By Aditya Kalra, Aftab Ahmed and Sanjeev Miglani NEW DELHI (Reuters) - India's financial-crime agency has asked Walmart (NYSE:WMT)'s Flipkart and its founders to explain why they shouldn't face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Amazon.com Inc (NASDAQ:AMZN) for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers. The Enforcement Directorate official, who declined to be named, said...

04 August

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Exclusive: Biden plans shift in arms export policy to favor human rights – sources By Reuters

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By Mike Stone and Patricia Zengerle WASHINGTON (Reuters) - U.S. President Joe Biden's administration is preparing an overhaul of arms export policy to increase the emphasis on human rights, a departure from former President Donald Trump's prioritization of economic benefits to U.S. defense contractors, four people familiar with the initiative said. Defense companies and activists scrutinize such policies for insight into the administration's posture as it balances the commercial interests of exporters like Lockheed Martin (NYSE:LMT) Co and Raytheon (NYSE:RTN) Technologies against the country's stated commitment to human rights. Two State Department deputy assistant...

04 August

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Canada shares lower at close of trade; S&P/TSX Composite down 0.14% By Investing.com

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Investing.com – Canada equities were lower at the close on Wednesday, as losses in the Energy, Healthcare and Materials sectors propelled shares lower. At the close in Toronto, the S&P/TSX Composite fell 0.14%. The biggest gainers of the session on the S&P/TSX Composite were Sleep Country Canada Holdings Inc (TSX:ZZZ), which rose 16.20% or 4.61 points to trade at 33.06 at the close. NFI Group Inc (TSX:NFI) added 8.23% or 2.23 points to end at 29.32 and SSR Mining Inc (TSX:SSRM) was up 4.62% or 0.95 points to 21.52 in late trade. Biggest losers...

04 August

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Yellen Says Biden’s Proposals Are Key to U.S. Economic Power By Bloomberg

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(Bloomberg) -- Treasury Secretary Janet Yellen said President Joe Biden’s proposed spending on infrastructure, child care and education is necessary for the U.S. to remain a leading economic power. The bipartisan infrastructure bill before Congress is “just the beginning,” with other parts of Biden’s agenda geared toward housing, child care and schooling being “crucial pieces” to help Americans, Yellen said in excerpts of remarks prepared for delivery at a speech in Atlanta, where she’s holding several meetings and events Wednesday. “We’ve grown used to America as the world’s pre-eminent economic power,” Yellen said in excerpts...

04 August

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Sterling steady above $1.39 before Bank of England meeting By Reuters

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By Ritvik Carvalho LONDON (Reuters) - Sterling steadied around $1.39 against the dollar on Wednesday, buoyed by risk sentiment in markets, optimism over the outlook for COVID-19 in Britain and some anticipation of a hawkish turn from the Bank of England when it meets on Thursday. Britain's pound has rebounded after most lockdown measures in England were dropped on July 19, reaching $1.3984 at the end of the month. Since then it has stayed mostly above $1.39. "We think UK assets have the potential to be first in, first out when it comes to pricing in...

04 August

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GM, Kraft Heinz Fall Premarket; Live Nation, Robinhood Rise By Investing.com

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By Peter Nurse Investing.com -- Stocks in focus in premarket trade on Wednesday, August 4th. Please refresh for updates. General Motors (NYSE:GM) stock fell 3.6% after the auto giant revealed a $800 million cost from the recalls of the Chevrolet Bolt electric vehicle; that overshadowed a return to profit in the second quarter from a loss last year, as well as an increase in full-year guidance. Lyft (NASDAQ:LYFT) stock rose 0.9% after the ride-hailing company reported a quarterly profit three months ahead of target, but warned...

04 August

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Sticky at-home cooking behavior powers Kraft Heinz’s upbeat quarter By Reuters

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(Reuters) -Kraft Heinz Co topped market estimates for quarterly net sales and profit on Wednesday, as demand for snacks and packaged meals remained strong even as people started venturing out following the easing of coronavirus restrictions. Packaged food makers were among the major beneficiaries of the pandemic-induced curbs in 2020 that forced people to cook more at home. "We are seeing signs that several pandemic-inspired cooking and eating behaviors are sticking, even as mobility increases and restrictions lift," Kraft senior executive Carlos Abrams-Rivera said. Analysts anticipate the pandemic-led boom in sales to last as remote...

04 August

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GM keeps on trucking despite Covid, semiconductor concerns By Reuters

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By Ben Klayman and Paul Lienert DETROIT (Reuters) -General Motors Co on Wednesday swung to a second-quarter profit from a loss last year when the COVID-19 pandemic shut operations, and raised its full-year forecast despite an $800 million recall bill and uncertainty over Covid and a global semiconductor shortage. Net income was $2.8 billion, or $1.90 a share, compared with a loss in the year-earlier quarter of $806 million, or 56 cents a share. Analysts were expecting $2.23 a share, according to IBES data from Refinitiv. GM said adjusted earnings before interest and taxes were a...

04 August

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World’s Biggest Pension Fund Cuts U.S. Bond Weighting by Record By Bloomberg

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(Bloomberg) -- Japan’s Government Pension Investment Fund made a record cut to the weighting of Treasuries in its portfolio last fiscal year as the world’s safest asset led a global debt selloff. GPIF, as the world’s biggest pension fund is known, slashed U.S. government bonds and bills to 35% of its foreign debt holdings in the 12 months through March 30, from 47% previously, according to an analysis by Bloomberg of the latest data. The rebalancing comes with the fund now over a year into a new investment plan that’s reduced dependence on Japanese government bonds...

04 August

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China’s Latest Outbreak Threatens to Derail Consumer Recovery By Bloomberg

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(Bloomberg) -- China’s broadest Covid-19 outbreak since the beginning of the pandemic in late 2019 is hampering tourism and spending during the peak summer holiday, adding another risk to the economy just as consumption was picking up. Authorities rushed to close tourist sites, call off cultural events and cancel flights, as the outbreak linked to the highly-infectious delta variant spread to nearly half of China’s 32 provinces within just two weeks. At least 46 cities have advised residents to refrain from traveling unless it’s absolutely necessary, according to Chinese media reports. “There will be some downside...

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Exclusive-India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources By Reuters

Exclusive: Biden plans shift in arms export policy to favor human rights – sources By Reuters

Canada shares lower at close of trade; S&P/TSX Composite down 0.14% By Investing.com

Yellen Says Biden’s Proposals Are Key to U.S. Economic Power By Bloomberg

Sterling steady above $1.39 before Bank of England meeting By Reuters

GM, Kraft Heinz Fall Premarket; Live Nation, Robinhood Rise By Investing.com

Sticky at-home cooking behavior powers Kraft Heinz’s upbeat quarter By Reuters

GM keeps on trucking despite Covid, semiconductor concerns By Reuters

World’s Biggest Pension Fund Cuts U.S. Bond Weighting by Record By Bloomberg

China’s Latest Outbreak Threatens to Derail Consumer Recovery By Bloomberg

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