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Oil Holds Near $74 With Focus Turning to Upcoming OPEC+ Meeting By Bloomberg

(Bloomberg) -- Oil held steady near $74 a barrel at the open in Asia as investors focused on an OPEC+ meeting toward the end of the week that may pave the way for increased supply. Futures in New York were little changed after a fifth weekly gain, while global benchmark Brent traded near its highest level since October 2018. The alliance gathers on Thursday to discuss its production policy for August, with the group expected to revive more halted output. The market has firmed in a bullish structure as the global vaccine rollout boosts demand. Oil...

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Analysis: Shut off from the world, Australia fosters red-hot growth at home By Reuters

By Swati Pandey SYDNEY (Reuters) - A year after the coronavirus pandemic pummelled Australia's economy, IT contractor Ashok Ravindran has a nice problem: deciding which of three job offers to accept. His happy dilemma is a reflection of an economy that is now larger than its pre-pandemic level. Exports are booming, consumer and business confidence are high and employment has beaten all expectations, with job vacancy rates at a 12 1/2 year high. The Sydney resident only quit his last job two weeks ago. "The market is really hot right now. I tried a...

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Analysis-Chinese flock to home-grown brands in golden opportunity for investors By Reuters

By Sophie Yu and Kane Wu BEIJING/HONG KONG (Reuters) - He Shuang, a student at a U.S. university stranded in her home city of Chongqing in southwest China during the pandemic, has added more than 300 domestic brands to her list of favourites on Alibaba (NYSE:BABA)'s Taobao online mall. Like with He, Chinese brands are hot with most shoppers and have spurred billions of dollars in investment, as consumers increasingly make patriotic choices amid a growing backlash against foreign brands https://www.reuters.com/business/retail-consumer/chinese-apps-join-celebs-backlash-against-western-fashion-brands-over-xinjiang-2021-03-26 in the country. A surge in online shopping after people were forced...

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Thousands descend on Barcelona for reboot of MWC mobile tech show By Reuters

By Supantha Mukherjee and Clara-Laeila Laudette BARCELONA (Reuters) - The great and good of the mobile communications world have flocked to their annual jamboree in Barcelona, all armed with this year's must-have tech: a negative COVID-19 test, an FFP2 face mask and a digital badge for contact-tracing. Over 30,000 visitors from 143 countries are set to stream into the Catalan city for the three-day Mobile World Congress, or MWC, which starts on Monday - and each will have to pass through a mammoth testing area complete with 80 booths. While that attendance is a far cry...

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Canada’s Brookfield Business Partners acquires Modulaire Group for $5 billion By Reuters

(Reuters) -Canada's real estate service provider Brookfield Business Partners announced on Sunday an agreement to acquire UK-based Modulaire Group, which is backed by private equity firm TDR capital, for $5 billion. Brookfield's investment will be funded with about $1.6 billion of equity and the company intends to fund about $500 million, with the balance funded by institutional partners, the company said. Modulaire Group, an infrastructure services company, said the transaction is expected to close in the fourth quarter. Modulaire's current management team will remain with the company following its acquisition by Brookfield Business Partners, the company...

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Boeing 777X ‘realistically’ will not win certification approval before mid-2023 – U.S. FAA By Reuters

By David Shepardson (Reuters) - The U.S. Federal Aviation Administration (FAA) has told Boeing (NYSE:BA) Co that its planned 777X is not yet ready for a significant certification step and warned it "realistically" will not certify the airplane until mid- to late 2023. The FAA in a May 13 letter to Boeing seen by Reuters cited a number of issues in rejecting a request by the manufacturer to issue a Type Inspection Authorization (TIA) Readiness. "The aircraft is not yet ready for TIA," the FAA wrote, declining to approve "a phased TIA of limited scope with...

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Volkswagen’s Mexico unit says it will resume production that was hit by chip shortage By Reuters

MEXICO CITY (Reuters) - Volkswagen (DE:VOWG_p) AG's Mexico unit said on Sunday it expects to restart production of three segments from next week and in July after output was curtailed by a global semiconductor chip supply crunch. "Volkswagen de México is preparing a return to activities for its three manufacturing segments," the company said in a statement. Automakers including General Motors Co (NYSE:GM), Ford Motor (NYSE:F) Co and Toyota Motor Corp have cut production this year due to the shortage of semiconductor chips, which was caused by factors including a rise in demand for electronic devices...

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Macron rolls out red carpet to JPMorgan, global CEOs in post-Brexit push By Reuters

PARIS (Reuters) - President Emmanuel Macron will declare that Paris is back on the map of global finance on Tuesday when he inaugurates JPMorgan (NYSE:JPM)'s new trading hub in the French capital which he hopes will attract more bankers leaving post-Brexit Britain. The U.S. bank's chief executive, Jamie Dimon, will be one of almost 120 international CEOs travelling to Versailles on Monday for Macron's now traditional "Choose France" summit in which he pitches France as an investment destination. The day after, Dimon and Macron will visit JPMorgan's new hub in central Paris, a stone's throw...

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Israel summons Polish envoy over Holocaust property bill By Reuters

By Maayan Lubell JERUSALEM (Reuters) - Israel summoned Poland's ambassador on Sunday to express its "deep disappointment" over a Polish bill that critics say will make it harder for Jews to recover property seized by the country's Nazi occupiers during World War Two and then kept by post-war communist rulers, the foreign ministry said. Poland's lower house of parliament on Thursday passed a draft bill introducing a statute of limitations on claims for the restitution of property, drawing a furious response from Israeli Foreign Minister Yair Lapid, who labelled it a "disgrace". A statement from...

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Financial watchdog orders crypto exchange Binance to stop regulated activities in UK By Reuters

(Reuters) - Britain's Financial Conduct Authority (FCA) ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country, saying the firm lacked authorization. The exchange would not be allowed to undertake any regulated activities without the prior written consent of the FCA, the watchdog said in a statement https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group dated Saturday. "No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK," the FCA statement said. Britain's move comes at a time when Binance, one of the world's largest cryptocurrency exchanges, is...

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