03 August

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UK inflation to hit 3.9% in early 2022, NIESR forecasts By Reuters

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LONDON (Reuters) - British consumer price inflation will reach 3.9% early next year, almost double the Bank of England's target, but should fall back to 2% the year after if the BoE begins to raise interest rates, a leading think tank forecast on Monday. The National Institute of Economic and Social Research (NIESR) also revised up its growth forecast for 2021 by 1.1 percentage points to 6.8% - broadly in with the most recent forecasts from the BoE and the International Monetary Fund. After suffering its biggest economic slump in over 300 years in 2020 due...

03 August

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Yellen, Lawmakers to Discuss Distributing Rent-Relief Funds By Bloomberg

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(Bloomberg) -- Treasury Secretary Janet Yellen will talk Tuesday to House Democrats about getting tens of billions in federal rent assistance to Americans who may lose their homes following Saturday’s expiration of the eviction moratorium. Congress has approved $46.5 billion in rent assistance since December but most of that funding has not been distributed to Americans. Speaker Nancy Pelosi was unable on Friday to muster enough votes from fellow House Democrats to extend the moratorium, something President Joe Biden had urged the day before. The House instead adjourned and its members left Washington for a recess...

03 August

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Treasury Starts Additional Steps to Avoid Breaching Debt Limit By Bloomberg

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(Bloomberg) -- The Treasury Department began using additional special measures to avoid U.S. default, after the debt limit was reinstated Sunday following a two-year suspension. The department is pausing new investments in several federal employee retirement and benefit funds, Treasury Secretary Janet Yellen said Monday in a letter to Congress. Previous secretaries have taken similar action during prior episodes over the limit, Yellen wrote. Unless Congress raises or suspends the debt ceiling again, the U.S. may be headed toward default as early as October. Treasury used its first special measure on Friday to avoid breaching...

02 August

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Britain’s Smiths Group to sell medical unit in $2.3 billion deal By Reuters

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By Yadarisa Shabong (Reuters) -British engineering and technology company Smiths Group (LON:SMIN) said on Monday it will sell its medical unit for $2.3 billion including debt to U.S. private equity firm TA Associates as it focuses on its core industrial technology business. Smiths, whose businesses include making components for the aerospace industry as well as baggage screening kits and explosive detectors that are a common sight in airports, said the proposed deal offers an additional $200 million contingent on the future performance of Smith Medical, which makes respiratory devices and catheters. The deal is...

02 August

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Twitter’s Dorsey leads $29 billion buyout of lending pioneer Afterpay By Reuters

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By Byron Kaye and Paulina Duran SYDNEY (Reuters) -Square Inc, the payments firm of Twitter Inc (NYSE:TWTR) co-founder Jack Dorsey, will purchase buy now, pay later pioneer Afterpay Ltd for $29 billion, creating a transactions giant that will battle banks and tech firms in the financial sector's fastest-growing business. The takeover, Square (NYSE:SQ)'s biggest deal to date and the largest buyout ever of an Australian firm, underscores the popularity of a business model that has upended consumer credit by charging merchants a fee to offer small point-of-sale loans which shoppers repay in interest-free instalments,...

02 August

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Dow Eases From Record as Stocks Struggle for Direction By Investing.com

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By Yasin Ebrahim Investing.com – The Dow struggled for direction on Monday, after hitting an intraday record high as investors weighed mixed quarterly results and data showing a slowdown in manufacturing activity. The Dow Jones Industrial Average gained 0.1%, or 26 points, though had hit an intraday record of 35,192.11. The S&P 500 rose 0.1%, and the Nasdaq was up 0.4%. Materials were the biggest drag on the broader market, weighed down by a 3% decline in Mosaic Co (NYSE:MOS) ahead of its quarterly results due after the closing bell. Wall Street analysts are expecting Mosaic...

02 August

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Senate Plans to End Business Tax Cut After Few Claimed Break By Bloomberg

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(Bloomberg) -- The bipartisan infrastructure bill would end a tax break Congress crafted to help businesses struggling during the pandemic but relatively few companies have claimed. The employee retention tax credit, worth up to $28,000 per employee kept on the payroll in 2021, would end Sept. 30 under the legislation that the Senate is expected to pass this week. The House, however, is on recess until Sept. 20 and wouldn’t take up the bill until the fall. The tax credit is currently slated to expire at the end of the year. Ending it early would...

02 August

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U.S. Senate pushes ahead with $1 trillion bipartisan infrastructure bill By Reuters

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By Richard Cowan and David Morgan WASHINGTON (Reuters) -The U.S. Senate will try to complete work this week on a $1 trillion infrastructure investment bill that would bring long-awaited improvements to roads, bridges and mass-transit systems and deliver a rare bipartisan victory to President Joe Biden. Following long sessions on Saturday and Sunday, Senate negotiators announced they had finished drafting a 2,702-page bill, which promptly was introduced, clearing the way for senators to debate amendments. "It has been decades - decades - since Congress passed such a significant, stand-alone investment," a buoyant Senate Majority Leader Chuck...

02 August

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Tech Giants’ Rise Requires New Financial Oversight, BIS Says By Bloomberg

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(Bloomberg) -- The world’s biggest tech firms need oversight from financial regulators to guard against their growing market power, possible threats to financial stability and data privacy concerns, according to senior officials at the Bank for International Settlements. Agustin Carstens, general manager of the BIS, and three colleagues at the Basel-based institution said in a paper published Monday that the current system “is likely to fall short of an adequate response” to Big Tech’s move into finance. “The current framework does not address the potential (possibly global) systemic impact of big tech operations and of possible...

02 August

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Foot Locker Falls After Buying 2 Retailers in Push for Off-Mall Sales By Investing.com

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By Dhirendra Tripathi Investing.com – Foot Locker (NYSE:FL) stock was trading 0.5% lower as the company announced the acquisition of two smaller retailers for a combined $1.1 billion. It is buying athletic retailer WSS for $750 million and Japan’s Atmos for $360 million. The Wall Street Journal first reported the news. The stock traded higher with 0.5% gains for a while thereafter before giving up the gains. The acquisitions are part of the company’s game-plan to move out of high-rental malls, a shift accelerated by the pandemic, which has hastened the growth of...

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UK inflation to hit 3.9% in early 2022, NIESR forecasts By Reuters

Yellen, Lawmakers to Discuss Distributing Rent-Relief Funds By Bloomberg

Treasury Starts Additional Steps to Avoid Breaching Debt Limit By Bloomberg

Britain’s Smiths Group to sell medical unit in $2.3 billion deal By Reuters

Twitter’s Dorsey leads $29 billion buyout of lending pioneer Afterpay By Reuters

Dow Eases From Record as Stocks Struggle for Direction By Investing.com

Senate Plans to End Business Tax Cut After Few Claimed Break By Bloomberg

U.S. Senate pushes ahead with $1 trillion bipartisan infrastructure bill By Reuters

Tech Giants’ Rise Requires New Financial Oversight, BIS Says By Bloomberg

Foot Locker Falls After Buying 2 Retailers in Push for Off-Mall Sales By Investing.com

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