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09 August
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Energy, mining stocks drag FTSE 100 lower on weak commodity prices By Reuters

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(Reuters) - London's FTSE 100 fell on Monday, dragged down by heavyweight energy and mining stocks as concerns about commodity demand returned due to a rise in coronavirus infections. The blue-chip FTSE 100 slipped 0.3% with BP (LON:BP), Anglo American (LON:AAL), Glencore (LON:GLEN) and Royal Dutch Shell (LON:RDSa) being among the top drags. The domestically focussed mid-cap index fell 0.3%. Among stocks, Vecture gained 2.8% after tobacco company Philip Morris (NYSE:PM) raised its bid for the drugmaker to 165 pence ($2.29) per share. Deliveroo jumped 3.5% after its...

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09 August
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Dollar hits four-month high on euro as markets bet on earlier Fed taper By Reuters

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By Kevin Buckland TOKYO (Reuters) - The dollar climbed against major peers on Monday, reaching a four-month high versus the euro, as traders positioned for an earlier tapering of Federal Reserve stimulus. The greenback strengthened as far as $1.1742 to the single currency, extending a 0.6% pop from Friday, when a strong U.S. jobs report stoked bets that a reduction in asset purchases could start this year and higher interest rates could follow as soon as 2022. The dollar index, which tracks the U.S. currency against six rivals, rose to a two-week top 92.915. The dollar...

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09 August
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China’s July factory price growth quickens, adds to business and broad economic pressures By Reuters

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BEIJING (Reuters) -China's factory gate inflation in July rose at a faster clip from the previous month and exceeded market expectations, adding to strains on an economy losing recovery momentum as businesses struggle with high raw material costs. The world's second-biggest economy is on track to expand more than 8% this year but analysts say pent-up coronavirus demand has peaked and forecast growth to moderate amid supply chain bottle necks and outbreaks of the Delta variant of COVID-19. The producer price index (PPI) grew 9.0% from a year earlier, matching the high seen in May, the...

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09 August
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Wolfsburg, we have a problem: How Volkswagen stalled in China By Reuters

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By Yilei Sun and Tony Munroe BEIJING (Reuters) - In late December 2019, managers at Volkswagen (DE:VOWG_p) headquarters in Wolfsburg realised they might have a serious problem in China, the company's biggest market and ticket to its electric future. Its flagship Passat sedan had fared badly in an unofficial safety test carried out by an insurance industry body which simulated a front-on driver's side collision, a test that's been widely used in the United States for around a decade. The car was mangled. The crash-test video went viral, attracting millions of views and triggering...

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09 August
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France’s Renault, China’s Geely to explore new hybrid-focused JV – sources By Reuters

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By Norihiko Shirouzu BEIJING (Reuters) - France's Renault SA (PA:RENA) is looking to revive business in China by forming a hybrid vehicle joint venture with Geely Holding Group, sources said, a year after it ended its previous operation in the world's largest car market. According to two people familiar with the discussions and documents seen by Reuters, the two companies have signed a "framework agreement" to set up the joint venture. An announcement about the possible joint venture could be made as early as Monday. The new venture would make and sell Renault-branded petrol-electric...

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09 August
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Asia stocks spooked by sudden slide in gold By Reuters

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By Wayne Cole SYDNEY (Reuters) - Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields. Sentiment was shaken by a sudden dive in gold as a break of $1,750 triggered stop loss sales taking it as low as $1,684 an ounce. It was last down 2.2% at $1,723. Brent sank almost 2% on concerns the spread of the Delta variant would temper travel demand. Holidays in Tokyo and Singapore made for thin trading conditions, leaving...

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08 August
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Philip Morris lifts bid for UK’s Vectura to 165 pence per share By Reuters

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(Reuters) -Philip Morris has raised its bid for British drugmaker Vectura to 165 pence ($2.29) per share, the tobacco company said on Sunday. "The PMI (Philip Morris (NYSE:PM) International) increased offer values the entire issued and to be issued ordinary share capital of Vectura at approximately 1.02 billion pounds ($1.41 billion)," it said in an emailed statement to Reuters. The latest offer represents a premium of approximately 10 pence per share to a rival offer of 155 pence a share by U.S.-based Carlyle Group (NASDAQ:CG) announced on Friday. Carlyle offered to buy Vectura...

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08 August
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Airbus sees 1,000 German jobs at risk without parts unit spinoff – source By Reuters

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By Alexander Hübner MUNICH (Reuters) - Airbus has warned employees of hundreds of possible job losses at its small-parts manufacturing buiness in Germany if the unit isn't hived off in line with a cost-cutting strategy set out in April, a source familiar with the plan told Reuters. The group sees 1,000 of its 2,500 jobs in Germany at risk if it continues to manufacture parts within the group, rather than spinning off the activities, said the source who is familiar with plans presented to its works council and trade unions. Under the shakeup set out four...

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08 August
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U.S. Senate edges toward passage of $1 tln infrastructure bill By Reuters

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By David Morgan and Makini Brice WASHINGTON (Reuters) - The U.S. Senate will try to move toward passage of a $1 trillion infrastructure bill on Sunday, as Republicans struggle to heal a rift within their ranks that has inhibited party efforts to amend the legislation. The Senate was scheduled to convene at noon EDT (1600 GMT) and was expected to hold two procedural votes on Sunday evening, unless Republicans and Democrats could reach an agreement on amendments that would allow the chamber to move more quickly to passage. The legislation represents the biggest investment in decades...

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08 August
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Rocked by sexual assault allegation, Alibaba launches investigation, suspends several staff By Reuters

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SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd said on Sunday it has suspended several staff following an employee's allegations on the company's intranet that she was sexually assaulted by her boss and a client. The woman's account, published via an eleven-page PDF that went on to circulate widely online, prompted a social media storm on China's Twitter-like microblogging website Weibo. Police in the city of Jinan said on Sunday morning that they were investigating the incident. "Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace...

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