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Climate Summit, Airline Earnings, ECB Meeting – What’s Moving Markets By Investing.com

By Geoffrey Smith    The U.S. sets out ambitious new climate pledges ahead of a summit to mark Earth Day. Jobless claims are expected to have ticked up slightly following last week's sharp fall. There is another big dump of earnings, with airlines prominent before the open, and Intel topping the bill after the close. The European Central bank holds its latest policy meeting, and oil slips to its lowest in a week as India’s COVID-19 crisis worsens. Here’s what you need to know in financial markets on Thursday, April 22nd. 1. Looking for a repeat...

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LIVE: ECB President Lagarde’s press conference after April decision By Investing.com

Key Points ECB kept all three interest rates unchanged, as expected. Will continue to conduct net asset purchases under PEPP until at least the end of March 2022 Expects rates to remain at present or lower levels until it has seen inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon Full monetary policy statement available here Watch ECB President Christine Lagarde and Vice -President Luis de Guindos explain the monetary policy decisions below: ...

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Exclusive: Challenger Metro Bank targets $3 billion in consumer finance By Reuters

By Muvija M, Lawrence White and Iain Withers LONDON (Reuters) - Britain's Metro Bank aims to expand its consumer finance lending tenfold to 2 billion pounds, a source familiar with the plan told Reuters, as it seeks to reverse a sharp downturn in its fortunes in the last two years. Metro Bank hopes the move into riskier but higher-yielding lending will help the loss-making bank return to profit and revive a stock that has fallen 97% since the discovery of a major accounting error in January 2019. The success or failure of the strategy will have...

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Oxford Nanopore hires banks for $3 billion London listing – sources By Reuters

By Abhinav Ramnarayan LONDON (Reuters) - Oxford Nanopore is moving ahead with plans for an initial public offering (IPO) and has now hired banks to manage the process, two sources familiar with the matter told Reuters, in a further boost to London's drive to be a hub for tech firms. The Oxford-based life sciences company has appointed Bank of America (NYSE:BAC), Citi and JP Morgan as global coordinators for the London listing that is likely to value the company in excess of $3 billion, the sources said. The company, Bank of America and Citi declined to...

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Exclusive-Volkswagen considers succession for board member Osterloh-sources By Reuters

By Jan Schwartz and Christoph Steitz HAMBURG (Reuters) -Volkswagen is considering a possible change to its supervisory board that could lead to the replacement of Bernd Osterloh, its powerful works council head, sources familiar with the matter said on Thursday. A move for Osterloh, if confirmed, could ease tensions that came to a head last year when he opposed a push by CEO Herbert Diess for a contract extension to drive his plans for cost cuts and to free up resources to invest more in electric vehicles. One source said that Osterloh had been offered the...

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UK watchdog ups pressure for more Black staff in financial firms By Reuters

By Huw Jones LONDON (Reuters) - Britain's financial watchdog said on Thursday it was examining how it could use its powers to boost the number of Black employees in financial firms, particularly at senior levels. The racism that many Black people face in the workplace is not overt, but subtle and insidious, and it adds obstacles for Black people to succeed, said Sheldon Mills, the Financial Conduct Authority's executive director for consumers and competition. Only 10 of 297 chairs, chief executives or finance chiefs of large-capitalized British companies listed on the FTSE 100 stock index come...

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Sterling slips versus euro; currency markets quiet ahead of ECB meeting By Reuters

LONDON (Reuters) - Sterling slipped on Thursday, holding below $1.40 before a European Central Bank meeting, as investors weighed up the outlook for an economic recovery from COVID-19 in the UK. Currency markets were generally quiet in early London trading, with the dollar holding near seven-week lows and the euro little changed from the previous two session's closing prices. After a short squeeze at the start of April, the pound has strengthened against the dollar in recent weeks - a move which Kenneth Broux, FX strategist at Societe Generale (PA:SOGN) said was driven by...

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EU parliament agrees to April 27 vote on EU-UK trade deal By Reuters

By Philip Blenkinsop BRUSSELS (Reuters) - The European Parliament will vote on a post-Brexit trade deal agreed between Britain and the EU next Tuesday after political leaders backed down on a threat not to ratify the accord due to British changes in Northern Ireland trading arrangements. EU lawmakers are expected to back the trade and cooperation agreement overwhelmingly, a final step in its approval, but there had been some doubt whether they would do so in time. Political group leaders agreed on Thursday to put the vote on the deal and a related resolution to the...

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Germany earns two billion euros with its debt in first quarter – document By Reuters

BERLIN (Reuters) - Germany earned roughly 2 billion euros ($2.4 billion) from issuing new bonds in the first quarter alone as negative yields continue to push down Berlin's overall debt servicing costs to record lows, a finance ministry document showed on Thursday. The lower-than-expected borrowing costs are enabled by the European Central Bank's loose monetary policy and Germany's international reputation as a fiscally reliable country, resulting in negative interest rates even for longer maturities. In a letter seen by Reuters following a parliamentary request, Deputy Finance Minister Sarah Ryglewski told opposition lawmaker Fabio De Masi that...

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Ad giant WPP pledges net zero emissions by 2025 By Reuters

By Kate Holton LONDON (Reuters) - WPP (LON:WPP) said on Thursday it planned to make the world's largest advertising company reach net zero carbon emissions by 2025 by incorporating many of the virtual production solutions it has developed during the pandemic. Announcing on Earth Day what it said was the industry's most ambitious climate target, the British company said it would also work with media partners in television and online to ensure its supply chain is a net zero producer by 2030. The owner of the GroupM, Ogilvy and Hill+Knowlton agencies joins a long...

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