24 June

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Used-Car Prices Are Poised to Peak in U.S. After Pandemic Surge By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The record-breaking rise in used-car prices is probably coming to an end -- and with it a key driver of the recent spike in U.S. inflation. The bellwether of the industry -- the wholesale market where dealers buy and sell in bulk -- has already topped out and prices of individual secondhand cars should follow in a matter of weeks, said Zo Rahim, industry analyst at Cox Automotive. Cox owns Manheim, the biggest U.S. auction house selling millions of vehicles every year....

24 June

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Irish PM says Northern Ireland protocol extension very positive sign – RTE By Reuters

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DUBLIN (Reuters) - The European Union and Britain should use an extension to one of the contentious aspects of the post-Brexit Northern Ireland protocol to hammer out a longer term deal, national broadcaster RTE quoted Irish Prime Minister Micheál Martin as saying. Britain asked Brussels for the extra time last week to resolve a dispute over whether chilled meat products such as sausages, produced in the mainland United Kingdom, can continue to be sold in Northern Ireland. Martin said the extension - which RTE reported on Wednesday had been informally agreed by EU member states...

24 June

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Explainer-What are the main issues in Germany’s federal election? By Reuters

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By Paul Carrel BERLIN (Reuters) - The manifestos presented by the parties vying to form Germany's next government set out very different visions for the future of the country, and Europe, after September's federal election. At stake is the direction that Germany, Europe's largest economy, will take after Angela Merkel's departure as chancellor. In power since 2005, she plans to stand down after the Sept. 26 election. The conservatives promise voters "stability and renewal" in their manifesto. Their main rivals are the ecologist Greens, followed by the left-leaning Social Democrats (SPD) and the business-friendly Free Democrats...

24 June

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Investigators defend Toshiba report, say stonewalled by Japan official By Reuters

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By Makiko Yamazaki TOKYO (Reuters) - The investigators who revealed Toshiba Corp colluded with Japan's trade ministry to pressure foreign shareholders defended the integrity of their inquiry, pushing back against government criticism it was one-sided. Takao Nakamura, one of the three lawyers who conducted the shareholder-commissioned investigation that exposed the corporate governance scandal at Toshiba, said the three did their best to include the viewpoint of a key figure in the saga even after they were stonewalled by a ministry official. "We, as investigators, would argue against claims that question the reliability of the report," Nakamura,...

24 June

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UK Court of Appeal confirms Deliveroo riders are self employed By Reuters

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LONDON (Reuters) -Britain's Court of Appeal confirmed on Thursday that riders for food delivery firm Deliveroo were self-employed, dismissing a union appeal against past judgments on their status. Deliveroo said it was the fourth court judgment in Britain which had determined its riders were self-employed, after one by the Central Arbitration Committee and two at the High Court. The Independent Workers Union of Great Britain (IWGB) was refused permission in 2017 for collective bargaining rights for a group of Deliveroo riders on the basis that they were not workers under the terms of legislation on labour...

24 June

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Renault-Nissan rejig how they manage Daimler partnership – sources By Reuters

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By Gilles Guillaume PARIS (Reuters) - The Renault-Nissan-Mitsubishi alliance is set to scrap a role overseeing ties with Daimler in favour of individual relations with the German group, three sources told Reuters, as they try to better manage a partnership that has not met initial hopes. The shift comes as alliance-level executive Jacques Verdonck, who was in charge of the cooperation with Daimler, retires at the end of the month, the sources familiar with the matter said. France's Renault (PA:RENA) will instead rely on its head of partnerships, Sandra Gomez, while Nissan will...

24 June

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Bank of England keeps base rate at 0.1%, QE programme unchanged By Investing.com

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By Samuel Indyk Investing.com – The Bank of England voted unanimously to keep the Bank Rate unchanged at 0.1% on Thursday, as it judged that the existing stance of monetary policy remained appropriate. The Monetary Policy Committee voted 8-1 to keep its Asset Purchase Facility unchanged at £895bln (£875bln in gilts and £20bln in corporate bonds). Outgoing chief economist Andy Haldane was the sole dissenter on the Committee. Haldane, who was taking part in his last meeting, preferred to reduce the stock of gilts purchased by £50bln to £825bln. Inflation and the economy The central bank...

24 June

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Swedish snap election looms as Liberals urge PM to step aside By Reuters

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By Johan Ahlander and Anna Ringstrom STOCKHOLM (Reuters) - A snap election looked increasingly likely in Sweden on Thursday after the Liberal Party said it would not help restore a Social Democrat-led government after Prime Minister Stefan Lofven lost a no-confidence vote in parliament. Lofven was the first Swedish prime minister to lose such a vote, held on Monday after the Left Party withdrew its support for the government over a planned easing of rent controls. He has a week to resign or call a new election and is holding talks to try to...

24 June

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BoE sees inflation breaking 3% but won’t rush to unwind stimulus By Reuters

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LONDON (Reuters) -The Bank of England said inflation would peak above 3% as Britain's locked-down economy reopens, but the rise further beyond its 2% target would only be "temporary" and most policymakers favoured keeping stimulus at full throttle. Sterling fell as the BoE's nine monetary policymakers voted 8-1 once again to keep their government bond-buying programme at 875 billion pounds ($1.22 trillion). Some investors had bet that more objectors would appear, signalling the central bank was speeding up its thinking about unwinding the huge stimulus that has helped steer the world's fifth-biggest economy through the...

24 June

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Eli Lilly Alzheimer’s Drug Gains FDA Breakthrough Designation By Bloomberg

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(Bloomberg) -- Eli Lilly & Co (NYSE:LLY) rose after its experimental drug for Alzheimer’s disease gained breakthrough status from U.S. regulators, a designation that will speed its consideration for approval. Biogen's (NASDAQ:BIIB) Aduhelm was approved for Alzheimer’s on June 7 after gaining breakthrough status in a controversial move by the Food and Drug Administration. Lecanemab, another drug being developed by Biogen and its partner Eisai (OTC:ESALY), received the same designation Wednesday. Lilly gained as much as 8.7% in trading before U.S. markets opened. Biogen fell 3.5%. Like Aduhelm, Lilly’s donanemab attacks amyloid, an abnormal protein...

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Used-Car Prices Are Poised to Peak in U.S. After Pandemic Surge By Bloomberg

Irish PM says Northern Ireland protocol extension very positive sign – RTE By Reuters

Explainer-What are the main issues in Germany’s federal election? By Reuters

Investigators defend Toshiba report, say stonewalled by Japan official By Reuters

UK Court of Appeal confirms Deliveroo riders are self employed By Reuters

Renault-Nissan rejig how they manage Daimler partnership – sources By Reuters

Bank of England keeps base rate at 0.1%, QE programme unchanged By Investing.com

Swedish snap election looms as Liberals urge PM to step aside By Reuters

BoE sees inflation breaking 3% but won’t rush to unwind stimulus By Reuters

Eli Lilly Alzheimer’s Drug Gains FDA Breakthrough Designation By Bloomberg

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