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Lone Star bows out of takeover race for Senior Plc after five rejections By Reuters

(Reuters) - Lone Star Global said on Thursday it had backed out from trying to take over Britain's Senior Plc (LON:SNR) after the aircraft and car parts supplier this week rejected the private equity firm's fifth proposal. Senior Plc said on Tuesday there was no basis for it to engage with Lone Star after the fund said its 200-pence-per-share final offer could only be increased if a rival bid was made. ...

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Recovery optimism lifts European stocks; tech rallies as Nasdaq hits record high By Reuters

By Sagarika Jaisinghani (Reuters) - European shares rose on Thursday as investors focused on a steady economic rebound against the backdrop of fears of a tapering in global monetary stimulus, while technology stocks jumped following an overnight rally in their U.S. peers. The pan-European STOXX 600 was up 0.6% by 0803 GMT, with financial services, retail and bank stocks among the biggest gainers. Technology stocks jumped 0.7%, tracking gains in the tech-heavy U.S. Nasdaq index, which closed at a record high on Wednesday. (N) The benchmark STOXX 600 has seen sharp swings this week, with losses...

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Poundland owner Pepco earnings up 16.8% on store expansion By Reuters

LONDON (Reuters) - Pepco Group, the Poland-listed owner of British discount retailer Poundland, on Thursday reported a 16.8% increase in core earnings, as revenue growth from new store openings offset the impact of pandemic restrictions. The group, which also owns the PEPCO and Dealz brands in Europe, trades from more than 3,200 stores across 16 countries and is led by Chief Executive Andy Bond, a former boss of British supermarket group Asda. It made its stock market debut in Warsaw last month following the biggest initial public offering (IPO) in Poland this year and is trading...

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BOE Balances Recovery Boost Against Inflation: Decision Guide By Bloomberg

(Bloomberg) -- The Bank of England has a big task on Thursday, balancing the need to keep the economy recovering while limiting inflation and speculation about rising interest rates. The build up to the Monetary Policy Committee announcement due at 12 p.m. London time has been dominated by a jump in consumer-price growth above the BOE’s 2% target for the first time in almost two years. It’s the lone cloud on the horizon of what’s been a sunny outlook for the economy. While a growing minority of economists has brought forward its expectations for when the...

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Analysis: Fed’s mixed messages on inflation unsettle investors By Reuters

By Kate Duguid NEW YORK (Reuters) - Investors have been struggling to interpret signals from the Federal Reserve about how hot it is willing to let inflation run before it begins unwinding pandemic-era monetary stimulus. Measures of markets' U.S. inflation expectations hit multi-year highs in mid-May, but fell after comments from some Fed speakers and minutes from the committee's April meeting sounded more hawkish. Some investors interpreted that as policymakers having a lower tolerance for an inflation overshoot than previously estimated. The fall in inflation expectations was exacerbated by the central bank's policymaking meeting on...

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Backing grows for new IMF COVID and climate fund By Reuters

By Marc Jones and Andrea Shalal LONDON/WASHINGTON (Reuters) - Plans for a new IMF "Resilience and Sustainability" fund that would expand its support to dozens more vulnerable countries gained key international backing on Thursday ahead of crucial meetings. IMF chief Kristalina Georgieva this month proposed the new trust to allow rich countries to channel some of their new IMF reserves to poor and middle-income counterparts ravaged by COVID or climate change. "This is something we certainly support" said Lars Jensen, a senior economist on the United Nations Development Programme (UNDP) and the author of...

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Exclusive-Pacific island turns to Australia for undersea cable after spurning China By Reuters

By Jonathan Barrett SYDNEY (Reuters) - The Pacific island of Nauru is negotiating for the construction of an undersea communications cable that would connect to an Australian network, two sources with knowledge of the talks told Reuters, after the earlier rejection of a Chinese proposal. The United States and its Pacific allies have concerns that cables laid by China could compromise regional security. Beijing has denied any intent to use commercial optic fibre cables, which have far greater data capacity than satellites, for spying. Nauru, which has strong ties to U.S. ally Australia, helped scupper a...

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Japan to abolish fiscal, debt advisory panel -govt officials By Reuters

By Takaya Yamaguchi TOKYO (Reuters) - Japan's finance ministry will abolish a nearly two-decade-old panel consisting of academics and corporate executives that has offered long-term proposals on fixing the country's worsening finances, two government officials told Reuters. The move comes as huge stimulus packages to combat the coroanvirus pandemic add to Japan's already huge public debt which is the largest among major industrialised nations and twice the size of its economy. The panel, which met about twice a year to debate Japan's fiscal policy and long-term debt issuance plans, will hold its final meeting on Thursday,...

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