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Ghosn gets $6 million bill as Nissan-Mitsubishi case backfires By Reuters

By Bart H. Meijer AMSTERDAM (Reuters) - Fugitive former car executive Carlos Ghosn suffered a setback on Thursday when a Dutch court ordered him to repay 5 million euros ($6.1 million) in wages to Nissan and Mitsubishi in a case he had brought. The case, one of a series of legal battles involving one of the best known figures in the auto industry, centres around the Dutch-registered joint venture Nissan-Mitsubishi BV (NMBV), where Ghosn was ousted as chairman in 2019. Ghosn claimed the Japanese companies violated Dutch labour laws when they dismissed him and had...

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ViacomCBS Rallies on Double Upgrade as Consolidation Eyed By Investing.com

By Christiana Sciaudone Investing.com -- ViacomCBS (NASDAQ:VIAC) rose more than 4% after getting a double upgrade from Bank of America (NYSE:BAC) on expected consolidation. Analyst Jessica Reif Ehrlich upgraded the stock to buy from a sell-equivalent following the Discovery (NASDAQ:DISCA) merger with WarnerMedia announced earlier this week to create a giant in streaming that will rival Amazon (NASDAQ:AMZN), Disney and Netflix (NASDAQ:NFLX). "We believe the recently announced transaction between DISCA and Warner Media will spur further media consolidation as industry participants seek increased scale," the analyst wrote in a note, according to StreetInsider. “In our view,...

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Britain’s GSK exits Innoviva stake in $392 million deal By Reuters

(Reuters) - GSK said on Thursday it sold its entire shareholding in Innoviva back to the U.S.-based biopharmaceutical company for about $392 million, as the British drugmaker simplifies its operations ahead of a split into two businesses. The terms of the two companies' existing collaboration on respiratory treatments is not affected by the sale, GSK said. Under that deal, GSK pays royalties to Innoviva on drugs Trelegy Ellipta, Relvar/Breo Ellipta and Anoro Ellipta. ...

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EasyJet readies 90% of fleet despite summer doubts By Reuters

By Laurence Frost and Paul Sandle LONDON (Reuters) -EasyJet said it was poised to ramp up summer flight schedules with an easing of COVID-19 restrictions, but the low-cost airline warned that late announcement of travel rules reduced visibility as it reported a wider half-year loss. EasyJet expects to operate about 15% of pre-crisis capacity in the current April-June quarter, it said on Thursday, before returning furloughed crews for a much-anticipated summer surge. "We have the ability to flex up quickly to operate 90% of our current fleet over the peak summer period to match demand," Chief...

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Cisco, Kohl’s Fall Premarket; Virgin Galactic Soars By Investing.com

By Peter Nurse  Investing.com -- Stocks in focus in premarket trade on Thursday, May 20th. Please refresh for updates. Cisco (NASDAQ:CSCO) stock fell 5.5% after the networking equipment company cautioned that supply chain issues will linger through the end of 2021 and forecast its current-quarter profit below estimates. Kohls (NYSE:KSS) stock fell 6.4% despite the retail chain reporting a near 70% jump in first-quarter sales and raising its forecast for 2021 profit, as it prepares for the upcoming shopping boom after a pandemic hit. Its stock is up nearly 50% year to...

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Tesla Gigafactory coming to the UK? By Investing.com

By Samuel Indyk Investing.com – A visit to the UK by Tesla CEO Elon Musk has sparked speculation that Tesla could start building its electric vehicles or producing batteries in the country. Musk reportedly arrived in the UK on his private jet on Friday before jetting off to Germany on Sunday. The Telegraph reported that the government’s new Office for Investment has called on regional agencies to urgently submit potential locations for a new factory, which would be a welcome win for the government and auto industry in the post-Brexit world. “We only had 48 hours...

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Strong UK housing demand might outlast tax incentives – BoE’s Cunliffe By Reuters

LONDON (Reuters) -Britain's pandemic-driven housing market boom is likely to cool when tax incentives are withdrawn but more persistent drivers of demand might keep pressure on the market, a Bank of England policymaker said on Thursday. House prices rose in the 12 months to March by more than 10% in annual terms - the biggest increase since August 2007 - spurred by demand for bigger homes as more people work from home, as well as the government's support measures, data showed. "There may also be some reasons to believe that the recent increase in demand...

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Analysis-Global liquidity is shrinking and that’s no bad thing By Reuters

By Tommy Wilkes and Ritvik Carvalho LONDON (Reuters) - After a year of record-breaking cash injections, the world's big central banks are starting to ease off the stimulus pedal, forcing economies and financial markets to practise walking on their own again. Not everyone is dismayed at the prospect. Since March 2020, central banks and governments have flooded markets with some $27 trillion - a third of global gross domestic product, consultancy CrossBorder Capital estimates. Since then, world stocks have surged 85%, economic growth is rebounding from last year's pandemic-inflicted devastation, and inflation expectations are rising. Continuing...

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Pound faces tough battle to reclaim pre-Brexit levels vs dollar By Reuters

By Joice Alves and Saikat Chatterjee LONDON (Reuters) - Five years after the 2016 referendum that dealt it a heavy blow, the pound is less than ten cents below its pre-Brexit exchange rate against the dollar. But making up that final stretch of ground could prove tough. Currently around $1.41, sterling has staged an impressive rally from a 35-year trough it plumbed last March at $1.1413 and is about 6% below the $1.5022 level it recorded before Britain's June 23, 2016, vote to leave the European Union. Sterling's rally is partly down to the dollar's weakness;...

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Lloyds annual meeting halted by shareholder shouting complaints By Reuters

LONDON (Reuters) - Lloyds Banking Group (LON:LLOY) had to temporarily adjourn its annual investor meeting on Thursday after a shareholder shouting complaints delayed the start and had to be removed from the meeting. The meeting was adjourned by chairman Robin Budenberg after 15 minutes of disruption and the webcast was suspended, with the meeting restarting a few minutes later. The shareholder repeateadly shouted: "You are not the chairman", objecting to the fact that investors were voting to approve Budenberg's appointment for the first time at this meeting. "I am the chairman," Budenberg replied several times,...

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