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17 June
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Workhorse Jumps on USPS Contract Challenge By Investing.com

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By Christiana Sciaudone Investing.com --  Workhorse jumped 11% after Reuters reported it will challenge the USPS decision to award a multibillion-dollar, 10-year contract to Oshkosh (NYSE:OSK) Defense for a new generation of postal delivery vehicles. The contract, which could be worth more than $6 billion, includes the delivery of 50,000 and 165,000 of internal-combustion and battery-electric vehicles over 10 years. Workhorse had proposed an all-electric vehicle fleet. The bid protest will be filed in the U.S. Court of Federal Claims as soon as today, a source familiar with the matter told Reuters. Workhorse rallied in 2020...

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17 June
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Citi Slips After Warning of Costs Rising, Revenue Slipping By Investing.com

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By Dhirendra Tripathi Investing.com – Citigroup (NYSE:C) shares fell by more than 4% in Wednesday’s trade after the financial services giant’s finance chief warned of rising costs even as revenue growth in various verticals slows. Expenses in the second quarter will likely jump to “somewhere in the middle” of a range of $11.2 billion to $11.6 billion, Bloomberg quoted its Chief Financial Officer Mark Mason as telling investors at a virtual conference Tuesday. That compares with costs of $10.4 billion a year earlier. Companies in the U.S. are facing higher wage costs...

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17 June
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JPMorgan, Goldman Sachs delay workers’ return to U.K. offices By Reuters

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By Elizabeth Dilts Marshall NEW YORK (Reuters) - Global banks JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs are delaying plans for workers to return to U.K. offices after the government extended its COVID-19 restrictions until mid-July due to the rapid spread of the more infectious Delta variant. Goldman Sachs Group Inc (NYSE:GS), which required most U.S. staff to return to offices this week, told U.K. staff on Tuesday that working at its London office will remain voluntary for now, according to a memo seen by Reuters. Social distancing and mask-wearing is required,...

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17 June
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Ryanair to sue UK government over pandemic border policy – Financial Times By Reuters

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(Reuters) - Ryanair and the owner of three major English airports are preparing to sue the UK government over the 'traffic light' system it has put in place for international travel, the Financial Times reported on Wednesday. The Irish airline and Manchester Airports Group said they will lodge High Court papers on Thursday to seek a judicial review over the transparency of the system, the report said. Under the government rules, travellers returning from green countries take COVID-19 tests but do not need to quarantine. Amber country arrivals require a period of self-isolation at home as...

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17 June
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UK AI start-up Tractable becomes unicorn with latest funding By Reuters

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By Carolyn Cohn LONDON (Reuters) - Tractable has raised $60 million in a late-stage funding round led by investors Insight Partners and Georgian, which values the British artificial intelligence start-up at $1 billion. Tractable uses AI to speed up the time taken to process motor insurance claims and says its $1 billion valuation makes it the first British unicorn company focussed on "computer vision" technology, which helps computers to understand pictures. Other computer vision unicorns are mainly based in China and the United States. A driver who has had a car accident submits photos of...

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16 June
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Fed Keeps Rates, Bond Purchases Steady; Signals Hikes in 2023 By Investing.com

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By Yasin Ebrahim The Federal Reserve kept interest rates and monthly bond buying steady, though signaled that it could hike rates sooner than previously expected. The Federal Open Market Committee left its benchmark rate unchanged in the range of 0% to 0.25% and said it would continue its $120 billion monthly bond purchases. The Fed has come under pressure to signal a willingness to begin taking its foot off the stimulus accelerator at a time when inflation is running at its hottest rate in years. The central bank appears to be taking note. The...

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16 June
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Fed Effects, Jobless Claims, Kroger Report: 3 Things to Watch By Investing.com

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By Dhirendra Tripathi Investing.com -- Stocks tumbled after the Federal Reserve’s latest interest rate decision, which held steady but pointed to rate hikes down the road. They later recovered some of their lost ground. Cyclical stocks, which tend to move in tandem with an improving economy, were also lower, though financials pared their losses as bank stocks rose. Financial firms can make more money when rates rise.   The Fed’s announcement on Wednesday sent a jolt of electricity through a market that had been waffling in recent days. Another factor could have been the conclusion of a...

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16 June
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S&P 500 in Red as Fed’s Forecast for Sooner Liftoff Sours Sentiment By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 ended in the red Wednesday after the Federal Reserve penciled in two interest rates hikes by the end of 2023 amid expectations for stronger growth and inflation.      The S&P 500 fell 0.53%, and the Dow Jones Industrial Average was down 0.77%, or 265 points, and the Nasdaq Composite was down 0.24%. The Federal Reserve kept interest rates and monthly bond buying steady, though it signaled that it could hike rates sooner than previously expected. The Fed hiked its interest-rate outlook in 2023 to 0.6% from previous...

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16 June
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WATCH LIVE: Fed Chair Powell holds press conference post June 2021 decision By Investing.com

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Key Points Fed Funds Rate unchanged at 0.0-0.25%, QE unchanged at $120bln/month Median dot sees first rate hike in 2023 7 Fed members see first hike next year (Previously 4) 13 see first hike in 2023 (Previously 7) QE guidance unchanged: Will maintain purchases “until substantial further progress has been made towards the Committee’s maximum employment and price stability goals" Link to FOMC statement and Summary of Economic Projections Watch the press conference from Federal Reserve Chairman Powell from 19:30BST below: ...

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