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June 9, 2021

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Inditex ignited by post-lockdown clothing binge

Reuters
Spanish fast fashion giant Inditex (ITX.MC) said sales in May and so far in June were twice as high as in the same period last year as customers splashed out on post-lockdown shopping sprees. The strong sales for May 1 to June 6 for the owner of brands including Zara,......

EXCLUSIVE Apple, Chinese manufacturers in talks on U.S. car battery factory -sources

Reuters
Apple Inc (AAPL.O) is in early-stage talks with China’s CATL (300750.SZ) and BYD (002594.SZ), about the supply of batteries for its planned electric vehicle, four people with knowledge of the matter said. The discussions are subject to change and it is not clear if agreements with either CATL or BYD......

Clover Health soars 49% as ‘meme stock’ rally powers on

Reuters
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photo Shares of Clover Health Investments Corp (CLOV.O) jumped 49% on Tuesday as it became the new center of attention for small-time individual......

Apple will enable storage of IDs like drivers licenses on iPhones

Reuters
Apple Inc (AAPL.O)on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also......

U.S. tech giant shares unmoved on G7 tax deal

Reuters
FILE PHOTO: The logos of Amazon, Apple, Facebook and Google in a combination photo Shares in U.S. technology giants were flat to slightly lower in premarket trading, little changed by the landmark global minimum corporate tax dealagreed between the world’s richest nations. The Group of Seven (G7) advanced economies agreed......

G7 nations reach historic deal to tax big multinationals

Reuters
A group of the world’s richest nations reached a landmark deal on Saturday to close cross-border tax loopholes used by some of the world’s biggest companies. The Group of Seven said it would back a minimum global corporation tax rate of at least 15%, and put in place measures to......

Global equities nearly grasp all-time record, dollar drops after U.S. jobs data

Reuters
Global stocks rallied on Friday and closed near all-time highs, and oil and gold rose while the dollar dropped after U.S. jobs data was strong but not as robust as expected, easing investor worries that the Federal Reserve would soon rein in monetary stimulus. U.S. employers increased hiring in May......

Retail favorite AMC soars on options buying, woos investors with free popcorn

Reuters
AMC Entertainment Holdings Inc (AMC.N) shares more than doubled to record highs on Wednesday, extending a breathtaking rally partly fueled by heavy options trading, while the theater chain operator promoted free popcorn to investors. The shares surged 97.3% to $63.23, after hitting a high of $72.62 even as it was......

AMC shares soar nearly 23% after fund buys and flips $230 mln stake

Reuters
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photo A hedge fund that helped AMC Entertainment Holdings (AMC.N) raise $230 million quickly sold its stake in the world’s largest cinema chain......

Taiwan says working hard to get vaccines, infections fall

Reuters
Soldiers wear protective suits as they disinfect a street following the recent surge of coronavirus disease (COVID-19) infections, in Tucheng district of New Taipei City, Taiwan May 27, 2021. REUTERS/Ann Wang Taiwan is working hard to get the almost 20 million COVID-19 vaccines it has ordered as soon as possible......

Wall St set to rise at open, unshaken by inflation surge

Reuters
People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo Wall Street’s main indexes were set to open higher on Friday as investors shrugged off data showing a jump in inflation, although recent worries about a......

EXCLUSIVE Hyundai to slash combustion engine line-up, invest in EVs – sources

Reuters
Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. The move will result in a 50% reduction in models powered by fossil fuels, one of......

Scrubs maker FIGS valued at $4.57 bln in stellar debut

Reuters
FIGS Inc’s (FIGS.N) shares jumped nearly 29% in their market debut on Thursday, valuing the company at $4.57 billion, indicating robust investor interest after the maker of medical scrubs, face masks and shields saw a jump in demand during the COVID-19 pandemic. The shares opened at $28.30 each, up from......

Lenovo’s Q4 profit growth of 512% beats estimates

Reuters
The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration China’s Lenovo Group (0992.HK) on Thursday posted a better-than-expected rise of 512% in fourth-quarter profit, as more consumers working and studying from home powered demand for the world’s biggest maker of personal computers. Profit for the......

Amazon snaps up James Bond owner MGM for $8.45 bln as streaming war heats up

Reuters
Amazon.com Inc (AMZN.O) said on Wednesday it is buying MGM, the fabled U.S. movie studio home to the James Bond franchise, for $8.45 billion, giving it a huge library of films and TV shows and ramping up competition with streaming rivals led by Netflix and Disney+. Privately-held MGM, or Metro......

M&S’s annual profit slumps 88% as COVID crushes clothing sales

Reuters
British retailer Marks & Spencer (MKS.L) on Wednesday reported an 88% slump in full-year profit, reflecting a collapse in clothing sales due to the COVID-19 pandemic and said it was unlikely to pay a dividend for the current year. M&S, which also sells upmarket food, made a pretax profit before......

District of Columbia accuses Amazon of unfair pricing strategies in new suit

Reuters
Signage is seen at an Amazon facility in Bethpage on Long Island in New York, U.S., March 17, 2020. REUTERS/Andrew Kelly/File Photo Washington, DC’s attorney general filed a lawsuit against Amazon.com (AMZN.O) on Tuesday, alleging the online retailer broke antitrust law by requiring that third-party sellers not offer better deals......

Sea change: global freight sails out of the digital dark ages

Reuters
If suppliers in China fail to pick up freight containers to fill an order for MediaShop, Marcel Schneider gets an alert via a digital freight system, allowing the retailer to reach out and fix the problem swiftly. Before July 2020, Austria-based MediaShop’s deputy supply chain director says he would discover......

Veteran stock picker to join ‘Son-chan’ on SoftBank board

Reuters
SoftBank Corp. placard is prepared during a ceremony to mark the company’s debut on the Tokyo Stock Exchange in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato The nomination of Koei Tecmo (3635.T) chair Keiko Erikawa to SoftBank Group’s (9984.T) board adds a veteran games industry executive known for her stock-picking......

Analysis: Retail investors learn to love the crypto rollercoaster

Reuters
When Brjánn Bettencourt rolled out of bed on Wednesday morning to find the assets in his cryptocurrency portfolio slammed in their biggest selloff in years, he knew exactly what to do: buy more. “Investing in crypto is not for the faint of heart,” said Bettencourt, a 32-year-old photographer in Toronto......

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