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Bulgaria’s centre-right GERB just ahead in election, unlikely to form government By Reuters

By Tsvetelia Tsolova SOFIA (Reuters) - The centre-right GERB party of former prime minister Boyko Borissov has a narrow lead in Bulgaria's parliamentary election, partial official results showed on Monday, but it is unlikely to be able to forge a ruling coalition. With 95% of ballots counted, GERB won 23.9% of the vote, only just ahead of the new anti-establishment party There Is Such a People (ITN) of popular TV talk show host and singer Slavi Trifonov, with 23.7%. The razor-thin margin in Bulgaria's second election since April reflects the deep divisions in the European Union's...

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After G7 pledge, EU seeks to rival China’s ‘Belt and Road’ with own infrastructure plan By Reuters

By Robin Emmott and Sabine Siebold BRUSSELS (Reuters) - European Union foreign ministers agreed on Monday to launch a global infrastructure plan linking Europe to the world, its latest step after deals with India and Japan and a similar pledge by the Group of Seven richest democracies. Suspicious of Chinese President Xi Jinping's Belt and Road Initiative to link Europe to Asia via infrastructure in a bid for greater influence, the EU set out a formal path for an ambitious "connectivity" plan from 2022. "We see China using economic and financial means to increase its political...

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Kinnevik’s startup bets push up net asset value By Reuters

By Supantha Mukherjee STOCKHOLM (Reuters) - Sweden's Kinnevik, one of Europe's largest listed investment firms, on Monday reported an 11% rise in second-quarter net asset value from the prior quarter helped by its investments in companies such as Pleo and Budbee. Net asset value, which excluded Zalando's valuation of 54.1 billion Swedish crowns ($6.32 billion), grew by 12.6 billion crowns to 76.2 billion from the previous quarter. Earlier this year it announced https://www.reuters.com/article/us-kinnevik-dividend-zalando-idUSKBN2AH0VN plans to distribute its stake in German online fashion group Zalando to its shareholders. The company, which counts influential Swedish Stenbeck family and...

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Mining, energy stocks pull FTSE 100 lower; Admiral jumps By Reuters

(Reuters) - London's FTSE 100 fell on Monday, dragged down by heavyweight energy and mining stocks on lower commodity prices, while gains in insurers led by Admiral helped cut some of the losses. British motor insurer Admiral jumped 6% to the top of the FTSE 100 after it said it was on track for a higher-than-expected first-half profit due to lower motor accident claims through pandemic lockdowns. The blue-chip FTSE 100 eased 0.2% with heavyweight energy and precious mining stocks falling the most on weak commodity prices. Among stocks, Tate & Lyle (LON:TATE) Plc...

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Credit Suisse names new asset management COO as post-crisis shakeup continues By Reuters

ZURICH (Reuters) - Credit Suisse (SIX:CSGN) on Monday named Markus Ruetimann as new global chief operating officer of Credit Suisse Asset Management (CSAM) as the Zurich bank turns to the ex-UBS and Schroders (LON:SDR) manager to help it recover from repeated crises. Ruetimann will report to Ulrich Koerner, another former UBS executive named in March to lead asset management, as the Swiss bank separated the business into its own division following the implosion of around $10 billion of funds related to British supply chain financier Greensill. "In his role as Global COO...

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ECB to change policy guidance at next meeting, Lagarde says By Reuters

FRANKFURT (Reuters) - The European Central Bank will change its guidance on the next policy steps at its next meeting to reflect its new strategy and show it is serious about reviving inflation, ECB President Christine Lagarde said in an interview aired on Monday. Announced last week, the ECB's new strategy allows it to tolerate inflation higher than its 2% goal when rates are near rock bottom, such as now. This is meant to reassure investors that policy won't be tightened prematurely and boost their expectations about future price growth, which has lagged below the ECB's...

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Pressure on risk currencies subside, U.S. inflation in focus By Reuters

By Hideyuki Sano TOKYO (Reuters) - Risk currencies hovered above their recent lows against the dollar and the yen on Monday, as fears about slowdown in the global economic recovery appeared to have subsided for now. The outlook for U.S. inflation and the speed of the Federal Reserve's future policy tightening are back in focus ahead of Tuesday's consumer price data and Fed Chair Jerome Powell's testimony from Wednesday. "If we see strong data, the Fed could bring forward their projection for their first rate hike further from their current forecast of 2023. That would also...

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Asia shares bounce as mood shifts, sentiment fickle By Reuters

By Wayne Cole SYDNEY (Reuters) - Asian shares were enjoying a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week. In the United States, inflation data could provide a scare ahead of testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday, where markets will be hyper-sensitive to any talk of early tapering. The earnings season also kicks off with JP Morgan, Goldman, Citigroup (NYSE:C) and Wells...

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Rothermere family weighs offer to take owner of Daily Mail private – Sky News By Reuters

(Reuters) - The Rothermere family is weighing an offer to take Daily Mail and General Trust Plc (DMGT), the owner of the Daily Mail and MailOnline, private, Sky News reported late on Sunday. The step follows a takeover approach for one of the company's business-to-business divisions, Sky News editor Mark Kleinman said on Twitter. "A formal bid to take full control of DMGT by making an offer to holders of its Class A shares is contingent upon the sale of its insurance risk arm taking place," Kleinman tweeted, adding that a statement confirming the potential...

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UK needs tougher policies, more public awareness to hit zero emissions, report says By Reuters

By Nina Chestney LONDON (Reuters) - Britain must introduce tougher policies to make residential heating more efficient and consumers need to cut energy usage to meet the nation's target of net zero emissions by mid century, the National Grid (LON:NG) said in a report released on Monday. The National Grid Electricity System Operator (ESO), which distributes power around the country, modelled different scenarios in its report, with three showing how Britain could meet its goal in 2050 or sooner and fourth that misses it. A cross-party group of lawmakers also said last week the...

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