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UK PM acted on plea from Saudi Crown Prince over axed deal to buy football club: Daily Mail By Reuters

(Reuters) - UK Prime Minister Boris Johnson acted on a personal plea from Saudi Crown Prince Mohammed bin Salman over the axed 300 million pounds ($413.34 million) deal to buy football club Newcastle United, the Daily Mail newspaper reported https:// late on Wednesday. The proposed takeover of Newcastle United by a Saudi Arabian-backed consortium collapsed last year after the group declined to take up the Premier League's offer of independent arbitration to decide who would own the club. ($1 = 0.7258 pounds) ...

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UK will support orderly departure from Afghanistan – Raab By Reuters

LONDON (Reuters) - The United Kingdom will "support an orderly departure of our forces" from Afghanistan as NATO withdraws from the country, Britain's Foreign Secretary Dominic Raab said on Wednesday "We will support an orderly departure of our forces, whilst building up Afghanistan’s capacity for self-governance, and continuing counter-terrorism support - to protect the gains made over the last 20 years," Raab said in a statement. Earlier on Wednesday, U.S. President Joe Biden said he would begin withdrawing troops from Afghanistan on May 1 to end America's longest war. ...

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S&P 500 Stumbles as Tech, Inflation Jitters Offset Earnings Euphoria By Investing.com

By Yasin Ebrahim Investing.com – The S&P 500 closed lower Wednesday, as the Fed's Beige Book report stoked inflation jitters somewhat offsetting intraday optimism following earnings from Wall Street banks that topped estimates. The S&P 500 fell 0.4%, after hitting a record intraday high of 4,151.97, the Dow Jones Industrial Average rose 0.16%, or 54 points, but had hit a record of 33,911.25, and the Nasdaq Composite was off 0.99%. Many districts reported moderate price increases, with some saying prices rose more robustly, according to the Fed's Beige Book report. "Contacts generally expect continued price increases in...

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Dell to spin off VMware stake in deal worth up to $9.7 billion By Reuters

(Reuters) - Dell Technologies Inc said on Wednesday it would spin off its 81% stake in cloud computing software maker VMware, creating two standalone public companies. VMware will distribute a special cash dividend of between $11.5 billion and $12 billion to all of its shareholders, including Dell. The PC maker is estimated to receive between $9.3 billion to $9.7 billion from the spinoff. Dell stockholders would receive about 0.44 shares of VMware for each of their shares. The companies said the deal will simplify their capital structures. Both firms will enter into a commercial arrangement...

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Rate Lift Off ‘Highly Unlikely’ Before 2022, Powell Says By Investing.com

By Yasin Ebrahim Federal Reserve Jerome Powell said Wednesday it is "highly unlikely" the central bank would lift rates before 2022 and reiterated that the pace of monthly bond purchases would remain steady until the economy has reached its goals.       "We've said we expect to keep rates where they are until meet three-part test," Powell said at a virtual event organized by the Economic Club of Washington. The three part test includes maximum employment, inflation reaching 2%, and on track to run moderately above 2% for some time.     The Fed's latest projections released in...

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Fed Sees Pick Up in Inflation, Labor Market Gains as Reopening Underway By Investing.com

By Yasin Ebrahim Investing.com – The U.S. economic recovery remains on track supported by stronger consumer spending amid a pick up in the labor market and inflation that is expected to pick up pace as the economy reopens, according to the Fed’s Beige Book released Wednesday. The central bank’s Beige Book economic report, based on anecdotal information collected by the Fed’s 12 reserve banks through April 5, showed the U.S. economy continued to recovery at a modest pace amid easing pandemic restrictions.   "National economic activity accelerated to a moderate pace from late February to early April....

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Coinbase Soars Above Reference Price in Nasdaq Debut By Investing.com

By Christiana Sciaudone Investing.com --  Coinbase, the first major crypto company to go public, opened at $381, soaring 52% over the $250 reference price. The price continued to climb just after the open around 1:25 PM ET. Nasdaq had given Coinbase a reference price of $250, which valued the cryptocurrency exchange at about $65.3 billion. The company listed directly on the exchange, bypassing a traditional initial public offering and allowing for a market-driven price.  The excitement over the crypto world comes as bitcoin trades near a record, surging above $62,500. A year ago, bitcoin was worth...

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S&P 500 Eases From Record as Tech Falls; Coinbase Surges in Debut By Investing.com

By Yasin Ebrahim Investing.com – The S&P 500 remained near record highs Wednesday as major Wall Street banks kicked off the earnings season in style, with results that topped estimates. The S&P 500 rose 0.1%, and hit a record intraday high of 4,151.97, the Dow Jones Industrial Average rose 0.56%, or 189 points, and the Nasdaq Composite was off 0.36%. JPMorgan (NYSE:JPM),Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) reported results that beat on both top and bottom lines. Goldman Sachs was the standout performer as first-quarter earnings of $18.60 a share came...

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Boeing says clients still have enough funds to buy aircraft By Reuters

(Reuters) - Boeing (NYSE:BA) said on Wednesday its clients continue to have enough funds to finance aircraft purchases, as the roll-out of COVID-19 vaccinations spurs a recovery in air travel after the pandemic pushed the sector to the brink of collapse last year. The aviation industry's commercial aircraft delivery funding volume fell by about 40% to $59 billion in 2020 as credit spreads widened, capital markets closed to aviation and banks retreated, Boeing said. "Despite the unprecedented impacts of COVID-19 on the global aerospace industry, there generally continues to be liquidity in the market for...

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Wells Fargo profit beats estimates as bank frees reserve funds By Reuters

By Noor Zainab Hussain and David Henry (Reuters) -Wells Fargo & Co reported first-quarter profit ahead of Wall Street estimates on Wednesday as the bank reduced its reserves by $1.6 billion and costs tied to its years-old sales practices scandal stabilized. The San Francisco-based lender did not report material restructuring and remediation charges in the quarter as Chief Executive Officer Charlie Scharf undertakes what he has said will be a "multi-year journey" to overhaul the bank. The fourth-largest U.S. lender said profit rose to $4.74 billion, or $1.05 per share, in the three months ended March,...

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