11 May

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French car parts distributor PHE plans $546 million listing in Paris By Reuters

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(Corrects to clarify company descriptor in paragraph 2) (Reuters) -Auto spare parts distributor Parts Holding Europe (PHE) said on Tuesday it was planning a 450 million euros ($546.21 million) initial public offering (IPO) on Euronext Paris to pay down its debt. The owner of Autodistribution and e-commerce brand Oscaro, operating in Western Europe, said the French financial markets authority has approved its registration document, a first step for its stock market listing in Paris. PHE, also known as Autodis, had suspended its IPO plans in 2018 due to a "cautious" market environment. (https://reut.rs/2Q6n3xc) The company said...

11 May

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Buyback to the future: pre-pandemic peak in sight By Reuters

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By Thyagaraju Adinarayan and Sujata Rao LONDON (Reuters) - Trillions of dollars stashed by U.S. and European companies during the coronavirus pandemic are starting to flow to shareholders, largely via buybacks, after a 2020 drought. Buyback announcements came thick and fast with first-quarter results, with multi-billion dollar programmes from Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) stealing the limelight. Analysts note a buyback rebound in Europe too, ranging from Maersk and Unilever (LON:ULVR) to Carrefour (PA:CARR), which is planning its first in a decade. Some $360 billion in buybacks were announced in the first...

11 May

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French state aid for tourism sector stands at 28 billion euros – minister By Reuters

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PARIS (Reuters) - French state aid for the country's tourism sector - one of many industries that has been hit hard by the COVID-19 crisis - currently stands at around 28 billion euros ($34 billion), said junior tourism minister Jean-Baptiste Lemoyne on Tuesday. ($1 = 0.8234 euros) ...

11 May

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Germany to support quantum computing with 2 billion euros By Reuters

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BERLIN (Reuters) - Germany will spend about 2 billion euros ($2.4 billion) to support the development of its first quantum computer and related technologies in the next four years, the economy and science ministries said on Tuesday. The science ministry will spend 1.1 billion euros by 2025 to support research and development in quantum computing, which uses the phenomena of quantum mechanics to deliver a leap forward in computation. The economy ministry will spend 878 million euros backing practical applications. Germany's Aerospace Center (DLR) will receive the bulk of the subsidies - about 740 million euros...

11 May

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New York remains winner in Brexit derivatives migration By Reuters

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LONDON (Reuters) - New York remains the global winner after Brexit forced 2.3 trillion pounds ($3.25 trillion) of monthly trading in derivatives to leave the City of London by March, a report from consultants Deloitte and data company IHS Markit said on Tuesday. Britain left the European Union's full legal orbit on Dec. 31 and the UK financial sector's access to the bloc is now limited. Banks and other market participants in the EU are no longer allowed to use platforms in London to trade swaps, forcing them to switch to alternatives in the bloc or...

11 May

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U.S. fuel supplies tighten as energy pipeline outage enters fifth day By Reuters

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By Stephanie Kelly and Devika Krishna Kumar (Reuters) - Supplies of gasoline tightened further in parts of the United States on Tuesday as the shutdown of the nation’s biggest fuel pipeline by hackers entered its fifth day, raising concern about price spikes at the pumps heading into the summer driving season. The Colonial Pipeline said it was working to “substantially” resume operations by the end of this week after a cyberattack forced it to cease operations on Friday, choking off nearly half of the East Coast’s fuel supply in an incident that underscored the vulnerability of...

11 May

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Amigo Holdings shares fall 20% as regulator rebukes plan By Investing.com

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By Samuel Indyk Investing.com – Amigo Holdings shares fell over 20% on Tuesday morning after the company announced it has received a letter from the Financial Conduct Authority (FCA) stating that the terms of its rescue scheme are unfair to creditors and that they plan to oppose the scheme in Court. Amigo Holdings (LON:AMGO) said that most of the company’s creditors (95.1%) have so far voted in favour of the rescue scheme which will see creditors paid less compensation for mis-selling than they are owed. The scheme requires more than 50% of all creditors...

11 May

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Pandemic propels makeover at shipping giant Maersk By Reuters

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By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) -Shipping group Maersk said on Tuesday it expects average returns on invested capital towards 2025 to be significantly above recent years, propelled by high demand for containers to meet a surge in consumer orders. The Danish company said it aims to bolster supply chain logistics for clients such as Puma and Walmart (NYSE:WMT) as it spurs a transformation that began before the pandemic. Maersk Chief Executive Soren Skou told investors at a Capital Markets Day he expects return on invested capital (ROIC) - a measure of how well a company uses...

11 May

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Samsung will attend Barcelona’s World Mobile Congress remotely By Reuters

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MADRID (Reuters) -South Korean mobile handset manufacturer Samsung Electronics (LON:0593xq) said on Tuesday it will not be present at the World Mobile Congress in Barcelona next month, becoming the latest major company to decide to attend the event remotely because of concerns over covid. "The health and safety of our employees, partners and customers is our number one priority, so we have made the decision to withdraw from exhibiting in-person at this year’s Mobile World Congress," Samsung said in an emailed statement. The 2020 edition of the world's largest mobile telephone industry event, usually held...

11 May

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Revenue-starved governments should revisit inheritance tax – OECD By Reuters

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PARIS (Reuters) - Governments hungry for extra revenue as they emerge from the coronavirus crisis should revisit their inheritance and estate tax, the Organisation for Economic Cooperation and Development said on Tuesday. Exemptions, carve-outs and generous lifetime donations mean inheritance and estate tax is a minor source of revenue in most countries and often make inequality worse, the Paris-based organisation said. Among the worst offenders is the United States, where only 0.2% of estates pay inheritance tax while nearly 80% of the wealth is in the hands of the top 10% richest households. Inheritance or estate...

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French car parts distributor PHE plans $546 million listing in Paris By Reuters

Buyback to the future: pre-pandemic peak in sight By Reuters

French state aid for tourism sector stands at 28 billion euros – minister By Reuters

Germany to support quantum computing with 2 billion euros By Reuters

New York remains winner in Brexit derivatives migration By Reuters

U.S. fuel supplies tighten as energy pipeline outage enters fifth day By Reuters

Amigo Holdings shares fall 20% as regulator rebukes plan By Investing.com

Pandemic propels makeover at shipping giant Maersk By Reuters

Samsung will attend Barcelona’s World Mobile Congress remotely By Reuters

Revenue-starved governments should revisit inheritance tax – OECD By Reuters

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