25 May

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Industry Groups Form Coalition to Fend Against Biden Tax Hikes By Bloomberg

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(Bloomberg) -- Nearly three dozen groups representing industries from brick manufacturers to food and beverage distributors have formed an alliance to fight Democrats’ plans to raise taxes, arguing President Joe Biden’s proposed increases would kill job creation and stall the U.S. economic recovery. The coalition of 28 industry groups, called “America’s Job Creators for a Strong Recovery,” is led by the National Association of Wholesaler-Distributors. Its members include Associated Builders and Contractors and the National Grocers Association. Biden has proposed nearly $4 trillion in government spending on infrastructure and social programs that would be funded...

25 May

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FTSE lower in quiet trade, USD soft, cryptos steady, oil unchanged By Investing.com

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Key Points FTSE 100 closing price of 7,027.93, -0.34% Amigo Holdings shares collapse as rescue plan in doubt Oil fluctuates ahead of Iran talks Strong Ifo lifts EUR; GBP & USD soft Cryptocurrencies steady By Samuel Indyk Investing.com – The FTSE 100 traded in a narrow range for much of the trading session before retreating towards the end of the day. The midcaps were also trading steady with the FTSE 250 broadly unchanged. Greencore Group (LON:GNC) shares underperformed after the company announced a 19% decline in revenue in the first half of the year....

25 May

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Analysis-Floundering dollar falls to bottom of global currency heap By Reuters

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By Saqib Iqbal Ahmed NEW YORK (Reuters) - A dovish Federal Reserve and accelerating growth abroad are weighing on the dollar, a move that could be a boon for stocks and other assets. The U.S. Dollar Currency Index is down 4% from its 2021 peak, making the greenback the worst performer of the world’s major currencies so far this quarter. By contrast, the euro is up 4% against the dollar, the Brazilian real has risen 6% and the Chinese yuan by about 3%. Net bets against the dollar in futures markets have grown for...

25 May

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Factbox-UK North Sea oil and gas fields bought by private groups By Reuters

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(Reuters) -Tailwind, a private oil producer backed by commodity trader Mercuria, has agreed to buy BP (LON:BP)'s stake in the Shearwater oilfield in the British North Sea, it said on Monday. The British North Sea has been undergoing a changing of the guard with oil majors selling oil and gas fields to private equity-owned groups. The new owners say they can squeeze out more and cheaper barrels from North Sea fields than big companies, making faster decisions and specialising in North Sea extraction. Here is a list of recent deals: Deals in...

25 May

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European stocks end below record high as mining losses offset tech rally By Reuters

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By Sruthi Shankar and Ambar Warrick (Reuters) -European stocks closed flat on Tuesday, as a billion-dollar German property deal and a rally in technology shares were offset by losses in major mining stocks due to concerns over Chinese markets. The pan-European STOXX 600 index ended largely unchanged at 445.20 points, after hitting a record high of 447.15 earlier in the day. Germany's DAX rose 0.2%, having hit a record high earlier in the day on news that Europe's largest residential property group Vonovia SE agreed to take over its rival Deutsche Wohnen for about...

25 May

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Exclusive-EU antitrust regulators set to fine BMW, Volkswagen on emissions collusion – source By Reuters

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BRUSSELS (Reuters) - EU antitrust regulators, which have drastically narrowed the scope of their case, are set to hand out sharply reduced fines to BMW and Volkswagen (DE:VOWG_p) for hindering clean air technology, a person familiar with the matter said on Tuesday. The European Commission, which charged the three German carmakers in 2019 with colluding to block the rollout of clean emissions technology, is likely to issue the penalties before the summer break, the person said. The EU competition watchdog had said previously that the case involved the "circle of five", namely BMW, Daimler...

25 May

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VW’s SEAT hopes to make up for lost time as manages chip shortage By Reuters

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By Joan Faus BARCELONA, May 25 (Reuters) - Volkswagen (DE:VOWG_p)'s VOWG_p.DE Spanish brand SEAT has maintained broadly stable production despite the global shortage of semiconductor chips affecting the auto industry, its chairman Wayne Griffiths said on Tuesday. However, he said production at the SEAT plant near Barcelona would continue in August when it typically stops for four weeks of summer holidays to recover production lost in the first half. "The lack of semiconductor (chips) is still a challenge but we are managing it well ...

25 May

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Britain can revamp insurance sector after Brexit, says Bank of England By Reuters

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LONDON (Reuters) - Brexit has given Britain a "unique" opportunity to refashion its globally important insurance sector without undermining high regulatory standards, the Bank of England said on Tuesday. "We now have the ability to set our own direction," executive director of insurance supervision Anna Sweeney said in a speech to the Association of British Insurers. ...

25 May

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Kremlin confirms Putin-Biden summit to go ahead in Geneva on June 16 By Reuters

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MOSCOW (Reuters) - The Kremlin on Tuesday confirmed that Russian President Vladimir Putin and U.S. President Joe Biden will hold a summit in Geneva on June 16 to discuss the troubled state of ties between Moscow and Washington. The White House has already confirmed the summit. The Kremlin said in a statement that the two leaders would discuss bilateral ties, problems related to strategic nuclear stability, and other issues including cooperation in the fight against COVID-19 and regional conflicts. ...

25 May

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Industrial software firm Aveva confident as end-markets improve By Reuters

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LONDON (Reuters) -British industrial software company Aveva said the business environment had improved in most of its major markets following disruption caused by COVID-19 in the first half of its last financial year, giving it confidence about the year ahead. The company, which completed the acquisition of OSIsoft just before its year-end, met expectations by reporting revenue of 820.4 million pounds ($1.16 billion), down 1.6%, and adjusted earnings of 226.4 million pounds, up 4.4%, for the year to end-March. Chief Executive Peter Herweck, who joined from majority shareholder Schneider Electric (PA:SCHN) at the beginning of the...

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Industry Groups Form Coalition to Fend Against Biden Tax Hikes By Bloomberg

FTSE lower in quiet trade, USD soft, cryptos steady, oil unchanged By Investing.com

Analysis-Floundering dollar falls to bottom of global currency heap By Reuters

Factbox-UK North Sea oil and gas fields bought by private groups By Reuters

European stocks end below record high as mining losses offset tech rally By Reuters

Exclusive-EU antitrust regulators set to fine BMW, Volkswagen on emissions collusion – source By Reuters

VW’s SEAT hopes to make up for lost time as manages chip shortage By Reuters

Britain can revamp insurance sector after Brexit, says Bank of England By Reuters

Kremlin confirms Putin-Biden summit to go ahead in Geneva on June 16 By Reuters

Industrial software firm Aveva confident as end-markets improve By Reuters

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