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25 May
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DBAY Advisors to buy Telit Communications in £300 million deal By Investing.com

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By Samuel Indyk Investing.com – Telit Communications has agreed to be taken over by funds managed by DBAY Advisors in a deal valued at £306.9mln. The AIM-listed company said that shareholders will each receive 220 pence per share in cash, representing a premium of 58.5% to the closing price on 2nd November 2020, the last business day before the previous offer period began. The takeover is being orchestrated by Trieste Acquisition Holdings, formed specifically for this acquisition and is an entity entirely owned by funds managed by DBAY Advisors. Speaking on the deal, Telit’s non-executive chairman...

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25 May
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Kremlin dismisses notion of alleged Russian involvement in Belarus plane incident By Reuters

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MOSCOW (Reuters) - The Kremlin said on Tuesday that any suggestion Russia was somehow involved in the forced landing of a commercial flight in Belarus to detain a dissident journalist was not worth responding to and fuelled by anti-Russian sentiment. Belarus on Sunday scrambled a warplane to escort a Ryanair passenger jet carrying Protasevich, a journalist critical of Belarusian leader Alexander Lukashenko, in an act denounced by Western powers as "state piracy". British foreign minister Dominic Raab said on Monday that while the situation was unclear, it was difficult to believe that Russia was not...

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25 May
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Credit Suisse recovers more assets in suspended Greensill-linked funds By Reuters

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ZURICH (Reuters) -Credit Suisse has recovered more assets from its suspended Greensill-linked supply chain finance funds, bringing total recoveries to $5.9 billion for the $10 billion funds, it told investors on Tuesday. "Together with the initial cash distribution and current cash and cash equivalents in the funds, the total cash position amounts to $5.9 billion as of May 14, 2021, which is more than half of the total (assets under management) of the four funds at the time of their suspension," the bank's asset management arm said in a statement to investors. Having paid out some...

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25 May
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UK borrowing shows first annual fall since start of pandemic By Reuters

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By David Milliken and Andy Bruce LONDON (Reuters) -Britain's massive public borrowing began to head downwards last month for the first time since the start of the COVID-19 pandemic, bolstered by a brightening economic outlook that pointed to a potentially faster improvement in public finances. Public sector net borrowing in April totalled 31.7 billion pounds ($44.9 billion), official figures showed on Tuesday, down from a record 47.3 billion pounds a year earlier when the government finances felt the greatest impact of the pandemic. Britain's government has spent heavily over the past year on health measures...

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25 May
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Sterling edges closer to year’s high By Reuters

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LONDON (Reuters) - Britain's pound neared its high for the year on Tuesday, boosted by expectations of further relaxation of social restrictions linked to the COVID-19 pandemic by the end of June. Recent gains have seen sterling close in on a nearly three-year high of $1.4240, a level last reached in February. The pound's performance this year has been second only to the commodity-driven Canadian dollar among G10 currencies, buoyed by Britain's fast rollout of vaccines that sparked hopes of its economy reopening. The British currency's recent rise against the dollar has also been supported by...

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25 May
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ECB must keep money taps fully open as crisis not over, Stournaras says By Reuters

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By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) - The European Central Bank must keep its money taps fully open, as the euro zone economy is still in the throes of the coronavirus pandemic despite progress in vaccination campaigns, ECB policymaker Yannis Stournaras said. ECB rate-setters will review the pace of emergency bond purchases at their June 10 meeting against an improved economic backdrop. Growth and inoculation rates are rising in the bloc as COVID-19 cases fall. However, in an exclusive with Reuters, Stournaras said the recovery remained fragile and, with no evidence to point...

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25 May
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Argo Blockchain joins Bitcoin Mining Council By Investing.com

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By Samuel Indyk Investing.com – Argo Blockchain has today announced it has joined the newly formed Bitcoin Mining Council. The Bitcoin Mining Council aims to collectively promote energy transparency and improve sustainable mining practices. The council was formed after a meeting chaired by MicroStrategy (NASDAQ:MSTR) co-founder Michael Saylor and attended by Tesla (NASDAQ:TSLA) CEO Elon Musk. The meeting included other North American cryptocurrency miners who discussed various ESG issues related to Bitcoin mining. Other companies represented at the meeting included Galaxy Digital (TSX:GLXY), Hut 8 (TSX:HUT_t), Marathon (NASDAQ:MARA), HIVE (TSXV:HIVE), Core Scientific,...

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25 May
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Huawei plans to launch new operating system for phones in June By Reuters

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SHENZHEN, China (Reuters) - China's Huawei Technologies said it will launch its new Harmony operating system for smartphones on June 2, its biggest move yet aimed at recovering from the damage done by U.S. sanctions to its mobile phone business. The use of its own operating system will mean it will no longer be reliant on Android. U.S. sanctions banned Google (NASDAQ:GOOGL) from providing technical support to new Huawei phone models and access to Google Mobile Services, the bundle of developer services upon which most Android apps are based. It was not immediately clear if it...

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25 May
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Royal Mail, Restaurant Group pull FTSE 250 higher By Reuters

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(Reuters) - London's FTSE 250 index rose on Tuesday, helped by gains in Restaurant Group and Royal Mail (LON:RMG), while a jump in Aveva Group (LON:AVV) kept the FTSE 100 index afloat. The domestically focussed mid-cap FTSE 250 index advanced 0.4%. Restaurant Group jumped 3% after the Frankie & Benny's owner said sales were recovering nicely as Britons stepped out to dine after the lifting of lockdowns. Royal Mail climbed 4.3% after Peel Hunt upgraded the stock to "buy" from "hold". The blue-chip FTSE 100 index rose 0.1%, with industrial software...

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25 May
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UK government borrowing falls in April By Reuters

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LONDON (Reuters) - British public borrowing totalled 31.696 billion pounds ($44.93 billion) in April, the first month of the new financial year, down from 47.315 billion pounds a year earlier when the public finances first felt the full impact of the COVID pandemic, official figures showed on Tuesday. Economists polled by Reuters had on average expected 30.9 billion pounds. ($1 = 0.7055 pounds) ...

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