Howell date : 210524 19h17m50s World Reuters 210524 19h02m Australia reinstates COVID-19 curbs in Melbourne after fresh outbreak Australia's second largest city Melbourne reinstated COVID-19 restrictions on Tuesday as authorities scrambled to find the missing link in a fresh outbreak that has grown to five cases. "This is a responsible step that we need to take to get on top of this outbreak," James Merlino, Victoria state's acting premier, told reporters in Melbourne. Victoria was the hardest-hit state during a second wave late last year, accounting for about 70% of total cases and 90% of deaths in Australia. World Bloomberg 210524 18h28m Oil Holds Two-Day Surge as Investors Weigh Iran Talks, Demand (Bloomberg) -- Oil was steady after its biggest two-day surge since early March as investors tracked a recovery in the U.S. economy before summer driving season and progress toward the revival of the Iranian nuclear deal.West Texas Intermediate traded near $66 a barrel after rallying more than 6% in the previous two sessions. Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues on the accord, which may pave the way for the removal of U.S. sanctions on Iranian crude flows. Goldman Sachs Group Inc. said the market will likely be able to absorb the extra barrels, highlighting the robustness of demand as vaccines are rolled out.Mobility in the U.S. is picking up, aiding energy consumption. With more than 61% of U.S. adults having received at least one vaccine dose, new coronavirus cases rose just 0.5% in the past week, the slowest increase since March 2020. The upcoming Memorial Day break, a three-day weekend for many, traditionally marks the start of the nation’s summer driving season.Oil remains on course for another monthly gain in May -- the fourth out of five this year -- as investors wager demand will pick up in the U.S., Europe, and China as the pandemic eases. That will be partially offset, however, by weakness elsewhere, especially India, where the coronavirus is still rampant.The possibility of Iran’s official return to the global oil market has been well-flagged. While Tehran said on Monday that gaps remain in negotiations aimed at reaching a deal, diplomats are pressing for a solution. As part of that process, Iran has agreed to extend a key nuclear-monitoring pact with United Nations’ inspectors, clearing the way for more time for the talks.Iranian President Hassan Rouhani spoke by phone with his Chinese counterpart, Xi Jinping, on Monday, with the pair agreeing to deepen ties in trade and energy, an important issue if a deal removes restrictions on crude exports.Brent’s prompt timespread was 7 cents a barrel in backwardation. While that’s a bullish pattern -- with near-term prices above those further out -- it is down from 32 cents at the beginning of last week.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 18h27m Weight-Loss App Noom Gets $540 Million in Silver Lake-Led Round (Bloomberg) -- Noom Inc., whose app is designed to help people lose weight by changing their behavior, raised $540 million in a new funding round as it seeks to expand into other realms of personal health.Private equity firm Silver Lake led the round, which also included investors such as health-care funds Oak HC/FT and Novo Holdings. Noom plans to use the money to hire fresh talent, Chief Executive Officer Saeju Jeong said in an interview.Noom is valued at $3.7 billion after the round, according to people who asked not to be identified because the information was private. A representative for the company declined to comment on the valuation.Noom, founded more than a decade ago under a different name, saw interest swell amid the coronavirus pandemic. Sales reached $400 million last year, up from $200 million in 2019, said Chief Financial Officer Michael Noonan.Noom is expanding beyond weight loss to areas such as stress management, help with sleep, diabetes and hypertension. While it currently focuses on individual consumers, it’s also reaching out beyond the app store, tapping employers and possibly even health insurers.Pushing into the enterprise market will pit Noom against a growing number of companies vying for that business. The digital health space is booming, with startups pitching employers on technology to make their workers healthier and reduce their costs.“That’s where we come in, and we get excited because that’s very much our bread and butter,” said Andrew Adams, Oak HC/FT’s co-founder and managing partner.Noom could go public within a year. The company has met with potential advisers to discuss an initial public offering, eyeing a valuation of around $10 billion, Bloomberg has reported. Noonan wouldn’t comment on the company’s listing plans.Sequoia, Samsung VenturesThe latest funding round was a mix of primary and secondary purchases, Noom said. Silver Lake, Oak HC/FT, Novo Holdings and Temasek were the new investors participating in the Series F round. Existing investors Sequoia Capital, RRE and Samsung Ventures also contributed.Adam Karol, managing director at Silver Lake, and Stacy Brown-Philpot, former Taskrabbit Inc. CEO and a founding member of the SoftBank Opportunity Fund, will join Noom’s six-member board of directors.Getting people to lose weight and keep it off is challenging -- and potentially lucrative. Almost three-quarters of adults in the U.S. are overweight and about 43% qualify as obese, according to the Centers for Disease Control and Prevention. Dieting can help people shed pounds, though people tend to gain them back. Noom markets its program as addressing underlying psychological factors related to weight gain.“We are building the world’s best behavior-changing platform,” Jeong said.Users input information such as their current and ideal weight, as well as their motives and time frames for wanting to shed pounds. People enter the foods they eat into the app and receive tips on nutrition and exercise.Diabetes, HypertensionIn a 2016 study of roughly 36,000 Noom users, 78% of them dropped pounds while using the app. Almost one-quarter of the people lost more than 10% of their body weight. To Jeong, those numbers show Noom is working -- and that the company could push into treating some diseases.Many Noom users have weight-related health conditions like diabetes and hypertension, Jeong said. The company wants to treat those, too.Managing chronic diseases will require some retooling of Noom’s current product and continued investment, Adams said.“I wouldn’t call it a risk, but you’ve got to have real execution and focus,” he said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 18h24m Asian Stocks Steady Amid Easing Inflation Fears: Markets Wrap (Bloomberg) -- Asian stocks were steady Tuesday after technology shares spurred a Wall Street rally as Federal Reserve officials tried to soothe concerns about inflation. Bitcoin held onto gains following last week’s crypto rout.Equities in Japan, South Korea and Australia rose modestly at the open. U.S contracts edged up after the S&P 500 climbed and the Nasdaq 100 outperformed amid a jump in Apple Inc. and Tesla Inc. Bitcoin soared in part on Elon Musk’s support for an apparent effort to improve its green credentials.The Fed comments aided sentiment, as officials reiterated they expect transitory rather than lasting price pressures from the U.S. economic rebound. Ten-year U.S. Treasury yields and the dollar were stable following a retreat.Oil held an advance after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude. The Bloomberg Commodity Spot Index advanced the most in about a week.Fed officials Lael Brainard, Raphael Bostic and James Bullard said they wouldn’t be surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes, but that much of those gains should be temporary. While market-based measures of inflation expectations have dipped, investors remain cautious about the risk of a pullback in stimulus. They are also monitoring Covid-19 spikes in regions such as Asia.“Inflation is a key focus for investors, meaning uncertainty over what happens to interest rates,” Chris Iggo, chief investment officer of core investments at AXA Investment Managers, wrote in a note. “Yield curves have stabilized, but it is not clear that renewed inflation concerns automatically mean steeper curves.”Here are some events this week:Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales on Thursday.These are some of the main moves in markets:StocksS&P 500 futures rose 0.1% as of 9:20 a.m. in Tokyo. The index added 1%.Nasdaq 100 contracts rose 0.1%. The gauge added 1.7%Japan’s Topix index climbed 0.2%Australia’s S&P/ASX 200 index gained 0.5%South Korea’s Kospi index climbed 0.5%CurrenciesThe Japanese yen was at 108.76 per dollarThe offshore yuan traded at 6.4114 per dollarThe Bloomberg Dollar Spot Index was steadyThe euro was at $1.2218BondsThe yield on 10-year Treasuries held at 1.60%Australia’s 10-year bond yield was steady at 1.69%CommoditiesWest Texas Intermediate crude was steady at $65.92 a barrelGold dipped 0.2% to $1,876.77 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 18h18m China Grapples With Yuan Messaging Amid Inflation Pressures (Bloomberg) -- China’s central bank has sought to clarify that it won’t let the yuan strengthen too much, too quickly, as mixed signals from officials underline the challenges presented by a currency trading near a three-year high.The exchange rate will remain “basically stable,” the deputy governor of the People’s Bank of China said in a statement on Sunday. Earlier, another central bank official wrote that the yuan should appreciate to offset the higher costs of commodity imports. That essay, published in a state-backed magazine on Friday, has since been deleted. Separately, another official said China has to give up its control over the exchange rate eventually to achieve greater global use of the yuan.With factory-gate prices surging, a stronger yuan helps reduce the cost of imports, such as commodities -- a key component of inflation. Yet any sign that Beijing is encouraging gains in the currency may spur traders to bet on further appreciation, triggering capital inflows that could inflate asset bubbles.“The PBOC has a higher tolerance for strength in the yuan, but that doesn’t mean it wants to see major capital inflows or outflows, any directional trend or large volatility,” said Becky Liu, head of China macro strategy at Standard Chartered Plc. in Hong Kong. “That’s why, when it thinks the supply and demand of the yuan is imbalanced, it will use the fixing to manage expectations.”The yuan has gained 2.1% this quarter, making it one of the best performers in Asia. The rally has been fueled by weakness in the dollar, which is near a three-year low. Capital inflows helped to quicken the gains, as overseas funds bought yuan bonds that will be included in global indexes and offer more attractive yields.China has long been resistant to one-way appreciation in its currency, which has become a key concern after foreign investors boosted their holdings of onshore stocks and bonds by nearly 70% in the year through March.An appreciating local currency also makes Chinese exports less competitive. “The main risk of such a strong yuan is that it hurts exports, and as such, it hurts exporters and therefore producers in the same way as high commodity prices,” said Iris Pang, chief economist for Greater China at ING Bank NV.The PBOC is doing more than sending verbal signals. The central bank set its reference rate at weaker-than-expected levels on all except three days this month, suggesting its tolerance for a strong currency is fading. The authorities also boosted the quota for onshore investors to buy overseas assets in January and March, reflecting Beijing’s willingness to see more capital outflows. The onshore yuan gained 0.2% to 6.42 per dollar on Monday.“The yuan will have room to gain further in the near term as the dollar remains weak,” said Tommy Ong, managing director for treasury and markets at DBS Hong Kong Ltd. “But the PBOC will likely manage expectations when the rally is too quick.”(Update prices in fifth and penultimate paragraphs.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 18h17m14s Business Reuters 210524 18h00m Singapore Q1 GDP up 1.3% on higher manufacturing output, topping forecasts Singapore's economy expanded more than initially estimated in the first quarter, helped by stronger-than-expected manufacturing, official data showed on Tuesday. Gross domestic product (GDP) grew 1.3% year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said, higher than the 0.2% growth seen in the government's advance estimate. The MTI said it would maintain 2021 GDP growth forecast at 4% to 6% amid significant uncertainties arising from the COVID-19 pandemic. Business Reuters 210524 17h56m At Epic v Apple's closing, judge probes implications of upending Apple's App Store Federal Judge Yvonne Gonzalez Rogers held unconventional closing arguments Monday in the antitrust trial between Epic Games and Apple Inc, peppering both sides' attorneys for three hours about how far she could - and should - go to change Apple's App Store business. App makers and regulators around the world are watching the trial and Gonzalez Rogers has hinted in sharp questions to Apple that she may be receptive to some of the "Fortnite" game creators' allegations that Apple misuses its control over the App Store and hurts developers. Business Reuters 210524 17h29m WRAPUP 1-U.S. Treasury deputy chief sees G7 backing for 15%-plus global minimum tax U.S. Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington's proposed 15%-plus global minimum corporate tax, which should help solidify support in the U.S. Congress for domestic corporate tax legislation. "My sense is that you're going to see a lot of unified support amongst the G7 moving forward," Adeyemo told Reuters on Monday after France, Germany, Italy and Japan made positive comments about the Treasury's proposal. Business Business Business Business Bloomberg 210524 16h17m AI Specialist BigBear Is In Merger Talks With GigCapital4 SPAC (Bloomberg) -- BigBear.ai, an artificial-intelligence company, is in talks to go public through a merger with GigCapital4 Inc., a blank-check firm, according to people with knowledge of the matter.The special purpose acquisition company is seeking to raise equity and convertible debt to support a deal that’s set to value the combined entity at more than $1.5 billion, said one of the people. Terms could change and as with all transactions that aren’t yet finalized, it’s possible talks could collapse.Columbia, Maryland-based BigBear’s projected 2021 revenue is $150 million to $200 million, one of the people said. The company says it is a provider of artificial intelligence and machine learning, advanced analytics, data science and management to U.S. government clients including the Department of Defense and intelligence agencies.BigBear, led by Reggie Brothers, was formed through the merger of NuWave Solutions and PCI Strategic Management, portfolio companies of private equity firm AE Industrial Partners LP, according to a February statement. AE acquired both companies last year.A spokeswoman for both BigBear and AE Industrial Partners and a GigCapital representative declined to comment.GigCapital4, led by Chairman Avi Katz and Chief Executive Officer Raluca Dinu, raised about $359 million in an February initial public offering with a focus on technology, media, telecommunications and sustainable industries.Earlier GigCapital vehicles have agreed to take other companies public, including Lightning eMotors Inc., Kaleyra Inc., UpHealth Holdings Inc. and Cloudbreak Health LLC.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 16h17m Stock market news live updates: Stock futures open slightly higher, extending gains as tech stocks rebounded Stock futures opened slightly higher Monday evening following a rally during the regular trading day, with technology stocks outperforming as concerns over rising inflation were at least temporarily pushed to the side. Howell date : 210524 17h16m36s Business Yahoo Finance 210524 16h25m Stock market news live updates: Stock futures open slightly higher, extending gains as tech stocks rebounded Stock futures opened slightly higher Monday evening following a rally during the regular trading day, with technology stocks outperforming as concerns over rising inflation were at least temporarily pushed to the side. Business Business Health Yahoo Finance Video 210524 15h16m Filipino nurses hit hard by the coronavirus pandemic The coronavirus pandemic brought to light the inequities of America's health care system — including access to care and underlying conditions that disproportionately affect certain communities. One particular subgroup has been suffering on the front lines: Filipino-American nurses. Filipinos make up about 4% of all registered nurses in the U.S., but accounted for 30% of COVID-19 related deaths among nurses in 2020, according to National Nurses United. The disproportionate impact of COVID-19 on Filipino-American nurses in the U.S. is no coincidence. The U.S. colonized the island after the Spanish American war in 1898, setting up nursing schools that trained Filipinos in Western medicine and English. That strategy eventually became a convenient source to fill a nursing shortage in the U.S. After World War II, when government funding to scale up wartime nursing staff declined, the U.S. was left with a shortage that was filled by an Exchange Visitor Program. The program had a dual purpose — it filled the nurse shortage and was also a propaganda strategy against rising Soviet communist influences in the region. But many of the nurses were eventually sent back to the Philippines. The U.S. once again leaned on Filipino nurses to fill shortages in the 1960s, but this time immigration reform allowed them to remain in the states. The influx was mutually beneficial for the two countries, as the U.S. was looking for cheap labor and the Philippines was looking for a way to export its labor as joblessness soared at home. Its economy also benefited as the result of many immigrants sending money home to their families. Throughout these periods, Filipino nurses were paid poorly and given some of the most strenuous jobs. It’s why they are often found in critical and long term care settings, which have been the hardest hit by the pandemic. And it’s why they were among the most affected during the pandemic. (Photo by: Basilio H. Sepe/Majority World/Universal Images Group via Getty Images) Intolerance for intolerance Lourdes Careaga, president of the Metro District of Columbia Chapter of the Philippine Nurses Association, arrived in the U.S. in the 1980s to help support her family. She was in her early 20s at the time and came to earn money to help support her 7 younger siblings in order to help them get a better education. "My story was written for me my first 20 years. My parents said, 'She has to go to college and she has to take up nursing.' That’s the only way to, as a woman, have a career and help the family out. I didn’t want to be a nurse," Careaga told Yahoo Finance. She said that by time she had arrived, the previous generation of nurses had established better advocacy networks within the community and the pay was better. Still, she said, there is still an underrepresentation of Filipino nurses in management positions. Careaga said she sees more Filipinos in middle management, but only recently have a few — largely from the younger, American-born generation — been breaking through to upper management. Careaga says she has witnessed the increase in hate crimes and bias against Asian Americans this year. She said the recent attacks are far more serious than the passive racism she experienced when she first arrived in the U.S.. She recalled once helping a white patient walk, with the help of an African-American colleague, through the hospital halls. A white surgeon commented that the trio looked like an Oreo cookie. "I was so new to the country I didn't even know what an Oreo cookie is. Lucky for him I didn't know," Careaga said. Another time, a woman at a shoe store asked multiple times if she knew the cost of a shoe Careaga was asking to try on — insinuating she wouldn't be able to afford it. She'd largely brushed off or quietly tolerated such experiences, but the attacks that have been reported in the past year have changed how she feels. "I'm getting more aware that I have to speak up and have to be more attuned to [bias] ... I think I should be a little bit intolerant," Careaga said. More from Anjalee: Moderna can't afford to share its vaccine technology, CEO says China, Russia playing 'greater-than-expected' roles in global pandemic response Biden COVID-19 adviser: Vaccine news is great, but we still have a ways to go Read the latest financial and business news from Yahoo Finance. Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube. Business Bloomberg 210524 15h16m Germany’s Vonovia to Buy Deutsche Wohnen for $23 Billion (Bloomberg) -- German residential property firm Vonovia SE agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in the biggest-ever takeover in European real estate.Vonovia will offer 53.03 euros per share in cash for each Deutsche Wohnen share, including a proposed dividend, the companies said in a statement Monday, confirming an earlier Bloomberg News report. The bid represents about an 18% premium to Deutsche Wohnen’s Friday closing price.The deal for Deutsche Wohnen ranks as the year’s biggest European takeover, according to data compiled by Bloomberg. It would reshape the country’s property industry, bringing together the two largest residential landlords with control of more than 500,000 apartment units.German property companies have faced rising public pressure over the past few years over high prices, particularly in the nation’s capital. Deutsche Wohnen faced a brief respite after a mid-April decision by the German constitutional court to overturn a controversial rent freeze in Berlin, where the company’s apartments are located.As part of the deal, Vonovia and Deutsche Wohnen are offering the state of Berlin the option to buy “a significant number” of residential units from the companies, according to the statement.Vonovia is planning a rights issue of as much as 8 billion euros after the completion of the transaction, expected in the second half. The companies anticipate 105 million euros in cost savings a year from the joint management of their portfolios.The latest move marks the third time Vonovia has tried to acquire Deutsche Wohnen. A previous attempt failed in February 2016 after Vonovia couldn’t win enough support from Deutsche Wohnen investors. Deutsche Wohnen called that bid hostile and not in the best interests of shareholders.Vonovia brought on advisers early last year to again consider the feasibility of a transaction, Bloomberg News reported at the time. In the end, it decided not to move forward with a bid.The deal shows that Vonovia Chief Executive Officer Rolf Buch was finally able to win over his counterpart at Deutsche Wohnen, Michael Zahn, after the two clashed over price during the failed pursuit about five years ago. Buch has built Bochum-based Vonovia into a European property heavyweight through several acquisitions, including the 2019 purchase of Swedish landlord Hembla AB and a 2016 deal for Austrian developer Conwert Immobilien Invest SE.Zahn and Deutsche Wohnen Chief Financial Officer Philip Grosse are expected to be named to Vonovia’s management board after the acquisition, the companies said.(Adds details on deal starting in the fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 15h16m Amazon Deal to Acquire MGM to Come as Soon as Tuesday (Bloomberg) -- Amazon.com Inc. is poised to announce an acquisition of the Metro-Goldwyn-Mayer movie studio as soon as Tuesday, according to a person familiar with the matter, marking the e-commerce giant’s biggest push yet into Hollywood.Amazon is in talks to pay almost $9 billion for the business, said the person, who asked not to be identified because the deliberations are private. The discussions -- first reported last week -- could still fall apart, and it’s possible that the price or timing changes.The agreement would bring a vast library of movies and shows to Amazon, which operates the Prime Video streaming service. MGM’s catalog includes the James Bond, Pink Panther, RoboCop and Rocky franchises, as well as films such as “The Silence of the Lambs.”Amazon and MGM declined to comment.MGM, currently owned by hedge funds including Anchorage Capital Group, has been seen as a takeover target for years, but was never able to close a sale before. The company made a fresh push last year, when it reportedly hired advisers to seek offers.What Bloomberg Intelligence says:“The acquisition could raise Amazon.com’s streaming profile by adding a mountain of proprietary content, strengthening the reach and value of its Prime offering. The deal would be Amazon’s second biggest after Whole Foods.”-- Poonam Goyal, BI retail analystClick here to read the research.The studio also has sought other ways to wring money from its movies. It held talks with Apple Inc. and Netflix Inc. about taking its new James Bond film directly to streaming, people familiar with the matter said last year. The studio opted to stick with a theatrical release for the film, which debuts in the U.S. on Oct. 8.The Wall Street Journal previously reported that an MGM-Amazon deal could come as soon as this week.At roughly $9 billion, the MGM takeover would be Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion. But it’s not the first sign that the company is willing to spend big on media. The company shelled out about $11 billion on content for its streaming video and music services last year alone. And it agreed to pay about $1 billion a year on NFL rights.(Updates with MGM’s response in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 16h16m00s Business Bloomberg 210524 15h46m Asian Stocks Set to Climb as Dollar, Yields Drop: Markets Wrap (Bloomberg) -- Asian stocks are set to open higher Tuesday after technology shares led gains in the U.S. as investors put inflation worries on the backburner for now. Bitcoin surged after a weekend rout.Futures pointed higher in Japan, Australia and Hong Kong. The S&P 500 rose and the Nasdaq 100 outperformed amid a rally in technology giants such as Apple Inc., Amazon.com Inc. and Tesla Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Benchmark 10-year Treasury yields and the dollar retreated.Oil jumped by the most in a month after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude, which would add to supply in the market.Federal Reserve officials reiterated that they expect spikes in inflation to be transitory. Federal Reserve Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis’s James Bullard said they wouldn’t be surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes and pent-up customer demand is unleashed -- but much of those price gains should prove temporary.While market-based measures of inflation expectations have dipped, investors remain cautious about price pressures as well as Covid-19 spikes, for instance in Asia.“Inflation is a key focus for investors, meaning uncertainty over what happens to interest rates,” Chris Iggo, chief investment officer of core investments at AXA Investment Managers, wrote in a note. “Yield curves have stabilized, but it is not clear that renewed inflation concerns automatically mean steeper curves.”Here are some events this week:Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales on Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1%The Nasdaq 100 added 1.7%Nikkei 225 futures climbed 0.5%Australia’s S&P/ASX 200 index futures gained 0.3%Hang Seng index futures rose 0.3%CurrenciesThe Japanese yen was at 108.76 per dollarThe offshore yuan traded at 6.4096 per dollarThe Bloomberg Dollar Spot Index fell 0.2%The euro was at $1.2216BondsThe yield on 10-year Treasuries declined two basis points to 1.60%CommoditiesWest Texas Intermediate crude rose 3.9% to $66.05 a barrelGold was at $1,881.02 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Health Yahoo Finance Video 210524 15h31m Filipino nurses hit hard by the coronavirus pandemic The coronavirus pandemic brought to light the inequities of America's health care system — including access to care and underlying conditions that disproportionately affect certain communities. One particular subgroup has been suffering on the front lines: Filipino-American nurses. Filipinos make up about 4% of all registered nurses in the U.S., but accounted for 30% of COVID-19 related deaths among nurses in 2020, according to National Nurses United. The disproportionate impact of COVID-19 on Filipino-American nurses in the U.S. is no coincidence. The U.S. colonized the island after the Spanish American war in 1898, setting up nursing schools that trained Filipinos in Western medicine and English. That strategy eventually became a convenient source to fill a nursing shortage in the U.S. After World War II, when government funding to scale up wartime nursing staff declined, the U.S. was left with a shortage that was filled by an Exchange Visitor Program. The program had a dual purpose — it filled the nurse shortage and was also a propaganda strategy against rising Soviet communist influences in the region. But many of the nurses were eventually sent back to the Philippines. The U.S. once again leaned on Filipino nurses to fill shortages in the 1960s, but this time immigration reform allowed them to remain in the states. The influx was mutually beneficial for the two countries, as the U.S. was looking for cheap labor and the Philippines was looking for a way to export its labor as joblessness soared at home. Its economy also benefited as the result of many immigrants sending money home to their families. Throughout these periods, Filipino nurses were paid poorly and given some of the most strenuous jobs. It’s why they are often found in critical and long term care settings, which have been the hardest hit by the pandemic. And it’s why they were among the most affected during the pandemic. (Photo by: Basilio H. Sepe/Majority World/Universal Images Group via Getty Images) Intolerance for intolerance Lourdes Careaga, president of the Metro District of Columbia Chapter of the Philippine Nurses Association, arrived in the U.S. in the 1980s to help support her family. She was in her early 20s at the time and came to earn money to help support her 7 younger siblings in order to help them get a better education. "My story was written for me my first 20 years. My parents said, 'She has to go to college and she has to take up nursing.' That’s the only way to, as a woman, have a career and help the family out. I didn’t want to be a nurse," Careaga told Yahoo Finance. She said that by time she had arrived, the previous generation of nurses had established better advocacy networks within the community and the pay was better. Still, she said, there is still an underrepresentation of Filipino nurses in management positions. Careaga said she sees more Filipinos in middle management, but only recently have a few — largely from the younger, American-born generation — been breaking through to upper management. Careaga says she has witnessed the increase in hate crimes and bias against Asian Americans this year. She said the recent attacks are far more serious than the passive racism she experienced when she first arrived in the U.S.. She recalled once helping a white patient walk, with the help of an African-American colleague, through the hospital halls. A white surgeon commented that the trio looked like an Oreo cookie. "I was so new to the country I didn't even know what an Oreo cookie is. Lucky for him I didn't know," Careaga said. Another time, a woman at a shoe store asked multiple times if she knew the cost of a shoe Careaga was asking to try on — insinuating she wouldn't be able to afford it. She'd largely brushed off or quietly tolerated such experiences, but the attacks that have been reported in the past year have changed how she feels. "I'm getting more aware that I have to speak up and have to be more attuned to [bias] ... I think I should be a little bit intolerant," Careaga said. More from Anjalee: Moderna can't afford to share its vaccine technology, CEO says China, Russia playing 'greater-than-expected' roles in global pandemic response Biden COVID-19 adviser: Vaccine news is great, but we still have a ways to go Read the latest financial and business news from Yahoo Finance. Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube. Business Bloomberg 210524 15h25m Germany’s Vonovia to Buy Deutsche Wohnen for $23 Billion (Bloomberg) -- German residential property firm Vonovia SE agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in the biggest-ever takeover in European real estate.Vonovia will offer 53.03 euros per share in cash for each Deutsche Wohnen share, including a proposed dividend, the companies said in a statement Monday, confirming an earlier Bloomberg News report. The bid represents about an 18% premium to Deutsche Wohnen’s Friday closing price.The deal for Deutsche Wohnen ranks as the year’s biggest European takeover, according to data compiled by Bloomberg. It would reshape the country’s property industry, bringing together the two largest residential landlords with control of more than 500,000 apartment units.German property companies have faced rising public pressure over the past few years over high prices, particularly in the nation’s capital. Deutsche Wohnen faced a brief respite after a mid-April decision by the German constitutional court to overturn a controversial rent freeze in Berlin, where the company’s apartments are located.As part of the deal, Vonovia and Deutsche Wohnen are offering the state of Berlin the option to buy “a significant number” of residential units from the companies, according to the statement.Vonovia is planning a rights issue of as much as 8 billion euros after the completion of the transaction, expected in the second half. The companies anticipate 105 million euros in cost savings a year from the joint management of their portfolios.The latest move marks the third time Vonovia has tried to acquire Deutsche Wohnen. A previous attempt failed in February 2016 after Vonovia couldn’t win enough support from Deutsche Wohnen investors. Deutsche Wohnen called that bid hostile and not in the best interests of shareholders.Vonovia brought on advisers early last year to again consider the feasibility of a transaction, Bloomberg News reported at the time. In the end, it decided not to move forward with a bid.The deal shows that Vonovia Chief Executive Officer Rolf Buch was finally able to win over his counterpart at Deutsche Wohnen, Michael Zahn, after the two clashed over price during the failed pursuit about five years ago. Buch has built Bochum-based Vonovia into a European property heavyweight through several acquisitions, including the 2019 purchase of Swedish landlord Hembla AB and a 2016 deal for Austrian developer Conwert Immobilien Invest SE.Zahn and Deutsche Wohnen Chief Financial Officer Philip Grosse are expected to be named to Vonovia’s management board after the acquisition, the companies said.(Adds details on deal starting in the fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 15h24m Amazon Deal to Acquire MGM to Come as Soon as Tuesday (Bloomberg) -- Amazon.com Inc. is poised to announce an acquisition of the Metro-Goldwyn-Mayer movie studio as soon as Tuesday, according to a person familiar with the matter, marking the e-commerce giant’s biggest push yet into Hollywood.Amazon is in talks to pay almost $9 billion for the business, said the person, who asked not to be identified because the deliberations are private. The discussions -- first reported last week -- could still fall apart, and it’s possible that the price or timing changes.The agreement would bring a vast library of movies and shows to Amazon, which operates the Prime Video streaming service. MGM’s catalog includes the James Bond, Pink Panther, RoboCop and Rocky franchises, as well as films such as “The Silence of the Lambs.”Amazon and MGM declined to comment.MGM, currently owned by hedge funds including Anchorage Capital Group, has been seen as a takeover target for years, but was never able to close a sale before. The company made a fresh push last year, when it reportedly hired advisers to seek offers.What Bloomberg Intelligence says:“The acquisition could raise Amazon.com’s streaming profile by adding a mountain of proprietary content, strengthening the reach and value of its Prime offering. The deal would be Amazon’s second biggest after Whole Foods.”-- Poonam Goyal, BI retail analystClick here to read the research.The studio also has sought other ways to wring money from its movies. It held talks with Apple Inc. and Netflix Inc. about taking its new James Bond film directly to streaming, people familiar with the matter said last year. The studio opted to stick with a theatrical release for the film, which debuts in the U.S. on Oct. 8.The Wall Street Journal previously reported that an MGM-Amazon deal could come as soon as this week.At roughly $9 billion, the MGM takeover would be Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion. But it’s not the first sign that the company is willing to spend big on media. The company shelled out about $11 billion on content for its streaming video and music services last year alone. And it agreed to pay about $1 billion a year on NFL rights.(Updates with MGM’s response in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 15h18m U.S. chip funding could result in seven to 10 new factories -officials U.S. Commerce Secretary Gina Raimondo said on Monday a proposed $52 billion boost in U.S. government funding for semiconductor production and research could result in seven to 10 new U.S. factories. Raimondo said at an event outside a Micron Technology Inc chip factory that she anticipated the government funding would generate "$150 billion-plus" in investment in chip production and research - including contributions from state and federal governments and private-sector firms. Business World Howell date : 210524 15h15m23s Business Reuters 210524 15h03m GLOBAL MARKETS-Equities rally, dollar falls as inflation concerns grow Market participants were gearing up for U.S. personal consumption data - the Federal Reserve's preferred inflation measure - on Thursday, and a potential tapering of asset purchases in the face of strong economic data. "The market is taking a deep breath and is coming to terms with inflation," said Thomas Hayes, managing member at Great Hill Capital in New York. Business Bloomberg 210524 15h03m Shale Drillers Baffle Analysts With $7.4 Billion Merger (Bloomberg) -- Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one.The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification. Cimarex is mostly an oil explorer in Texas and Oklahoma, while Cabot is focused on natural gas drilling in the Marcellus shale basin in Appalachia.Although the two companies are following a path blazed by other shale explorers of late by clinching a deal involving almost no takeover premium, it wasn’t enough to win over investors. Shares of both drillers slumped.Analysts at Citigroup Inc. said the deal -- an all-stock transaction valued at about $7.4 billion -- was an unexpected pairing as it creates geographic diversity, unlike other major industry transactions recently. KeyBanc Capital Markets Inc. downgraded shares of Cimarex because of the lack of a premium and what it views as no clear strategic benefit to investors. Bloomberg Intelligence said a Permian-focused partner would have made far more sense for Cimarex.“This deal comes as a bit of a surprise and may have a less clear story to tell investors,” Andrew Dittmar, an analyst at Enverus, wrote in a statement. “Some investors may wonder why in-basin opportunities weren’t pursued ahead of a surprising multi-basin deal.”Deal-making in the shale patch has picked up following a rebound in oil prices from their pandemic-era lows. The number of U.S. exploration and production deals announced or closed this year have more than quadrupled to about $26 billion from the same period a year earlier, Bloomberg data show.“We don’t really try to guess how people are going to react,” Cimarex Chief Executive Officer Tom Jorden said in a telephone interview. “This is a long-term move, and we will win our critics over.”By contrast, enthusiasm permeated through markets two weeks ago when Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. announced an all-stock deal valued at about $1.1 billion that will combine assets in Colorado. The merger -- a low-premium deal -- was favored among shareholders, as it aims to build on the companies’ existing footprint in the area. Shares for Bonanza and Extraction surged as a result.“I realize this one is a little different than many of the others,” Jorden said. “We’re not terribly focused on the short-term here.”Debt-laden oil drillers squeezed by back-to-back oil-market busts have faced the grim prospects of bankruptcy or absorption by a stronger rival. Jorden said the deal -- the largest merger in the U.S. shale patch in almost a year -- was not defensive and will allow the companies to go after bigger acquisitions that they couldn’t have otherwise sought on their own, roughly in the $1 billion to $2 billion range.“This is an offensive move on our part,” Jorden said. “This combined financial powerhouse -- we have great flexibility that neither one of us have individually.”The newly merged energy producer will be renamed and be based in Houston. Jorden will lead the company as chief executive officer, while Cabot’s current CEO Dan Dinges will remain executive chairman.The transaction is expected to be completed in the fourth quarter, subject to the approval of shareholders. The deal will give Cabot shareholders about 49.5% of the combined entity, with Cimarex shareholders holding the rest, the companies said Monday in a statement.Shares of Cabot closed 6.8% lower at $16.60 in New York while Cimarex dropped 7.1% to $66.14, the two biggest declines on the S&P Oil & Gas Exploration and Production Index.(Updates with closing share prices in last paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 15h02m Exclusive: Deputy U.S Treasury chief sees G7 support for 15%-plus global minimum tax U.S. Deputy Treasury Secretary Wally Adeyemo said he anticipates strong support from the G7 industrial democracies for the Biden Administration's proposed 15%-plus global minimum corporate tax, which in turn should help solidify support in the U.S. Congress for domestic corporate tax legislation. "My sense is that you're going to see a lot of unified support amongst the G7 moving forward," Adeyemo told Reuters on Monday after supportive comments about the Treasury's proposal from France, Germany, Italy and Japan. Business Bloomberg 210524 15h10m Musk Jolts Bitcoin Higher With Push to Burnish Miners’ Image (Bloomberg) -- Elon Musk continued to toy with the price of Bitcoin Monday, taking to Twitter to indicate support for what he says is an effort by miners to make their operations greener.Musk and Michael Saylor, another long-time Bitcoin booster, tweeted that they held a call with major North American miners, including Michael Novogratz’s Galaxy Digital and publicly traded Hut 8 Mining Corp., on Sunday to discuss “energy usage transparency.” Saylor said the group agreed to form the Bitcoin Mining Council “to standardize energy reporting.”The world’s largest cryptocurrency advanced as much as 19% to trade around $39,944 following the tweets. It has slumped to as low as $31,132 on Sunday.The latest was at least the fourth tweet by Musk that has sent Bitcoin prices running one way or another in the past two weeks. The volatility, almost unprecedented in an asset known for its wild swings, has raised concern among Wall Street veterans and regulators alike that Bitcoin might not be ready for the prime time its backers envision.“If the market continues to see wild swings based on Elon Musk tweets, it’s going to be a big set back for this asset class. The fact that it sees such wild swings to the tweets from one person takes away the legitimacy of the asset class,” said Matt Maley, chief market strategist for Miller Tabak + Co.A spokesperson from Galaxy confirmed that a company mining representative participated in the call. Hut 8 Mining tweeted that it also was on the call, and would be part of an effort to “educate the market that sustainable mining is possible and a priority.”The timing is conspicuous. Two weeks ago, Musk roiled the crypto world when he said Tesla Inc. wouldn’t accept Bitcoin for cars because of its energy-intensive proof-of-transaction process. While the creation of a mining industry council might standardize energy-usage reporting, it will take years for many of the largest miners to recalibrate where they source their energy.Pledges to make the industry more green picked up since Musk’s tweet, with several miners joining the Crypto Climate Accord, a private-sector initiative to decarbonize the crypto industry by 2030. The group was inspired by the Paris Climate Agreement.Energy usage -- a long-known problem -- had not seemed to bother Musk as he hyped crypto and earlier this year plowed $1.5 billion of Tesla’s corporate cash into it. Miners use hundreds of computers that run around the clock to verify Bitcoin transactions in exchange for new coins. While some have hooked into energy sources powered by hydroelectric dams or solar and wind farms, much of the power comes from coal-fired plants.Musk’s tweet criticizing the energy usage sent Bitcoin tumbling the most in years, wiping more than $500 billion from its market value. He later tweeted that he still believed in Bitcoin, helping the token recoup some of its losses. The volatility persisted through the weekend before a modest rebound Monday got supercharged by his latest online missive.Saylor, CEO and founder of Microstrategy Inc., announced last week that his enterprise-software company bought more Bitcoin as prices fell, bringing its holdings to approximately 92,079 Bitcoins, which it says were acquired for about $2.25 billion at an average of about $24,450 per token.A host of crypto bulls are lining up to hype the industry as it holds one of its biggest conferences of the year this week. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 14h56m Amazon Deal to Acquire MGM to Come as Soon as Tuesday (Bloomberg) -- Amazon.com Inc. is poised to announce an acquisition of the Metro-Goldwyn-Mayer movie studio as soon as Tuesday, according to a person familiar with the matter, marking the e-commerce giant’s biggest push yet into Hollywood.Amazon is in talks to pay almost $9 billion for the business, said the person, who asked not to be identified because the deliberations are private. The discussions -- first reported last week -- could still fall apart, and it’s possible that the price or timing changes.The agreement would bring a vast library of movies and shows to Amazon, which operates the Prime Video streaming service. MGM’s catalog includes the James Bond, Pink Panther, RoboCop and Rocky franchises, as well as films such as “The Silence of the Lambs.”Amazon declined to comment, while MGM didn’t immediately respond to a request for comment.MGM, currently owned by hedge funds including Anchorage Capital Group, has been seen as a takeover target for years, but was never able to close a sale before. The company made a fresh push last year, when it reportedly hired advisers to seek offers.What Bloomberg Intelligence says:“The acquisition could raise Amazon.com’s streaming profile by adding a mountain of proprietary content, strengthening the reach and value of its Prime offering. The deal would be Amazon’s second biggest after Whole Foods.”-- Poonam Goyal, BI retail analystClick here to read the research.The studio also has sought other ways to wring money from its movies. It held talks with Apple Inc. and Netflix Inc. about taking its new James Bond film directly to streaming, people familiar with the matter said last year. The studio opted to stick with a theatrical release for the film, which debuts in the U.S. on Oct. 8.The Wall Street Journal previously reported that an MGM-Amazon deal could come as soon as this week.At roughly $9 billion, the MGM takeover would be Amazon’s biggest acquisition since it agreed to buy Whole Foods in 2017 for $13.7 billion. But it’s not the first sign that the company is willing to spend big on media. The company shelled out about $11 billion on content for its streaming video and music services last year alone. And it agreed to pay about $1 billion a year on NFL rights.(Updates with previous Amazon deals in final paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 14h42m German Landlord Vonovia to Buy Deutsche Wohnen for $23 Billion (Bloomberg) -- German residential property firm Vonovia SE agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in the biggest-ever takeover in European real estate.Vonovia will offer 53.03 euros per share in cash for each Deutsche Wohnen share, including a proposed dividend, the companies said in a statement Tuesday, confirming an earlier Bloomberg News report. The bid represents about an 18% premium to Deutsche Wohnen’s Friday closing price.Vonovia is planning a rights issue of as much as 8 billion euros to fund the transaction, expected in the second half of the year.The deal for Deutsche Wohnen ranks as the year’s biggest European takeover, according to data compiled by Bloomberg. It would reshape the country’s property industry, bringing together the two largest residential landlords with control of more than 500,000 apartment units.German property companies have faced rising public pressure over the past few years over high prices, particularly in the nation’s capital. Deutsche Wohnen faced a brief respite after a mid-April decision by the German constitutional court to overturn a controversial rent freeze in Berlin, where the company’s apartments are located.The latest move marks the third time Vonovia has tried to acquire Deutsche Wohnen. A previous attempt failed in February 2016 after Vonovia couldn’t win enough support from Deutsche Wohnen investors. Deutsche Wohnen called that bid hostile and not in the best interests of shareholders.Vonovia brought on advisers early last year to again consider the feasibility of a transaction, Bloomberg News reported at the time. In the end, it decided not to move forward with a bid.The deal shows that Vonovia Chief Executive Officer Rolf Buch was finally able to win over his counterpart at Deutsche Wohnen, Michael Zahn, after the two clashed over price during the failed pursuit about five years ago. Buch has built Bochum-based Vonovia into a European property heavyweight through several acquisitions, including the 2019 purchase of Swedish landlord Hembla AB and a 2016 deal for Austrian developer Conwert Immobilien Invest SE.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 14h42m AT&T CEO John Stankey explains bullish financial targets for new media company Yahoo Finance Live catches up with AT&T CEO John Stankey to discuss his company's major deal with Discovery. Business Reuters 210524 14h32m Lordstown Motors says 2021 production will be half expectations, needs capital DETROIT (Reuters) -Lordstown Motors Corp on Monday said 2021 production of its Endurance truck will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down more than 9% in after-hours trading. "We are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans," Chief Executive Steve Burns said in a statement. Lordstown said Endurance production this year will be limited and would be "at best 50%" of the company's prior expectations. Howell date : 210524 14h14m46s Business Reuters 210524 14h05m Walmart blocks emails containing racial slur from being sent through its domain Several Twitter users posted screenshots of emails, from the company's official 'help@walmart.com' address, that contained a slur instead of their names. Walmart said a "bad actor" had created fake Walmart accounts using people's real email addresses and altered first names to fool its automated reply system. The company said it did not know how many fake accounts were created, but that its systems had not been hacked and no customer data was compromised. Business Yahoo Finance 210524 14h05m Stock market news live updates: Stocks gain as technology shares outperform, Bitcoin recovers some losses Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses. Business Bloomberg 210524 14h02m Tech Leads Gains in Stocks as Inflation Fears Ease: Markets Wrap (Bloomberg) -- Technology shares led gains in U.S. stocks as inflation anxiety appeared to be easing. Bitcoin surged after a weekend rout.Ten out of the 11 groups in the S&P 500 rose, while the Nasdaq 100 outperformed major equity benchmarks amid a rally in giants such as Apple Inc., Amazon.com Inc. and Tesla Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Benchmark 10-year Treasury yields and the dollar retreated.While several analysts are warning it may be too early to signal the all-clear on inflation pressures, weaker-than-expected economic data have helped quell investor worries. Federal Reserve Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis’s James Bullard said they wouldn’t surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes and pent-up customer demand is unleashed -- but much of those price gains should prove temporary.“The Fed continues its wait-and-see posture, which added wind beneath the tech sector’s wings,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Stocks head into the final full week of the month trying to break a two-week bull-bear stalemate.”For Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, inflation fears will remain a headwind for stocks until it becomes clear that any potential price pressures won’t last long.“Until then, expect a more volatile market,” he wrote in a note to clients. “But at this point, strong policy support for stocks remains very much in place, and that’s a good thing.”Some other corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Beyond Meat Inc. jumped as the plant-based protein producer was upgraded to outperform at Bernstein.Here are some events this week:Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales on Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1% as of 4 p.m. New York timeThe Nasdaq 100 rose 1.7%The Dow Jones Industrial Average rose 0.5%The MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.3% to $1.2216The British pound was little changed at $1.4158The Japanese yen rose 0.2% to 108.77 per dollarBondsThe yield on 10-year Treasuries declined one basis point to 1.61%Germany’s 10-year yield declined one basis point to -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 3.7% to $66 a barrelGold futures rose 0.4% to $1,886 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 14h00m Lebanon central bank chief says depositors' money safe Lebanon's central bank chief Riad Salameh said on Monday that depositors' money was safe in the country's banks and they might soon be able to access some of their dollars. Once ranked among the world's more profitable lenders, Lebanon's banks froze customers out of their deposits and blocked them from transferring cash abroad after a financial crisis erupted in late 2019. Lebanese banks for years funnelled funds from a scattered diaspora into state coffers in return for high interest rates. Business Reuters 210524 13h59m EMERGING MARKETS-Chile, Peru lead Latam FX losses; c.bank forex swap buoys Brazil' real * Potential Chinese price curbs weigh on copper exporters * Brazil c.bank to start $12.2 bln FX swaps rollover program * Mexico inflation well above central bank target in early May (Adds comments, bullets; Updates prices throughout) By Susan Mathew and Shreyashi Sanyal May 24 (Reuters) - The currencies of Chile and Peru led declines in Latin America on Monday on concerns over curbs on industrial metals in top consumer China, while Brazil's real recovered from over two-week lows as the central bank intervened. Chile's peso fell 1.2%, while Peru's sol dropped 1.5%. Business Reuters 210524 13h59m Analysis: Google's Starline shows promise and perils of 3D chats Google's Project Starline 3D videoconferencing system, unveiled last week, is well-timed for a post-pandemic world but still has a long way to go in seamlessly marrying the in-person and the virtual, three people who have used the system say. Alphabet's Google and rivals, including Microsoft Corp, Apple Inc and Facebook Inc, all view "mixed reality," as it is sometimes known, as the next big new wave in computing - following smartphones - and all are staking out fresh ground. Starline uses pricey cameras, sensors and cutting-edge screens to generate an illusion of depth, allowing users seated in special booths in different locations to see each other "life-size and in three dimensions," as Google puts it. World Bloomberg 210524 13h50m Jailed Journalist Denies Health Reports in Video: Belarus Update (Bloomberg) -- A video of Belarusian journalist Raman Pratasevich was released late Monday contradicting reports of his deteriorating health, as European Union leaders began debating possible measures against Minsk over the forced landing of a Ryanair Holdings Plc plane.The 27 leaders are considering further sanctions against President Alexander Lukashenko’s administration at a two-day summit in Brussels. German Chancellor Angela Merkel called the incident “without precedent” and said explanations from the Belarus government weren’t credible.Potential measures could include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still flying through Belarus’s airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist Raman Pratasevich removed from plane in MinskU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Hamas Denies It Sent Bomb Threat to Airport (9:50 p.m.)A Hamas spokesman denied a Belarusian assertion that the organization sent a bomb threat to the Minsk airport, leading to the forced landing of a Ryanair flight on Sunday.“It’s not true at all and Hamas never does such kinds of actions,” Hazem Qassem, a Hamas spokesman in Gaza, told Bloomberg.Earlier on Monday, Artiom Sikorskiy, director of aviation at the Belarus Transportation Ministry, told reporters that an email from people claiming to be Hamas fighters demanded that Israel stop fighting in Gaza and for the EU to withdraw support for Israel.Pratasevich Appears in Video, Says He’s Healthy (9:13 p.m.)Belarusian journalist Raman Pratasevich appeared in a video posted by state-owned media channels late Monday, denying reports that he’s suffering from health issues and is in the hospital.“I continue to cooperate with the investigation and am confessing evidence of organizing mass unrest in Minsk,” he said in the video, adding that his treatment is consistent with the law.Lufthansa Suspends Flights Over Belarus (9:13 p.m.)Lufthansa will suspend operations in Belarusian airspace “for the time being,” a company spokesperson said in an email.Earlier Monday, a Lufthansa flight from Minsk to Frankfurt was held for 2 hours after its scheduled time of departure. The airline had said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.Belarus Denies Reports That Journalist Is in Hospital (8:25 p.m.)Belarusian Interior Ministry spokeswoman Olga Chemodanova denied reports that Pratasevich had been transferred to hospital with serious health problems. Chemodanova said on her Telegram account that Pratasevich hasn’t complained about his health and is still being held in jail in Minsk.Polish Deputy Foreign Minister Pawel Jablonski earlier told TVN24 television that his government has received reports from Pratasevich’s mother that her son has “very serious” health conditions. Jablonski said such information is “very worrisome” given the unexplained deaths among members of Belarussian opposition who have been arrested in recent months.Inessa Olenskaya, Pratasevich’s lawyer, said by phone from Minsk that she couldn’t immediately confirm his condition and didn’t have information about his whereabouts.EU Leaders Go Dark to Keep Talks Secret (8:20 p.m.)Leaders at the summit have been asked not to use electronic devices, including their mobile phones, during the talks on Belarus and on Russia.Summit chair Charles Michel, who heads the European Council, requested the move “to ensure the confidentiality of the discussion,” his spokesman Barend Leyts tweeted.Von Der Leyen Says EU Preparing ‘Very Strong Answer’ (7:32 p.m.)Ursula von der Leyen, head of the EU’s executive arm, pledged that the bloc will ensure “a very strong answer because it is outrageous behavior and Lukashenko and his regime have to understand this will have serious consequences.”On her way into the summit, the chief of the European Commission said leaders will explore “sanctions against individuals that are involved in this hijacking but also sanctions against business and economic entities that are financing this regime. And we are looking into sanctions against the aviation sector in Belarus.”Von der Leyen said a previously prepared 3 billion-euro ($3.7 billion) investment and economic package by the EU “is on hold and frozen until Belarus turns democratic.”Belgian Prime Minister Alexander De Croo told reporters before the meeting that the bloc would act quickly.“This is a flight between two European capitals where European citizens have been used as hostages in an illegal arrest,” he said. “We will propose rapid, swift and severe measures are being taken to make it very clear that something like this is not being accepted.”Merkel Calls for a Ban on Overflights (6:42 p.m.)On her way into the summit, German Chancellor Angela Merkel called for further sanctions against Belarusian officials and a ban on overflights.She called the actions of Belarus authorities “without precedent” and said their explanations were “totally uncredible.”The White House Demands an Immediate Investigation (6:42 p.m.)The White House demanded an international investigation of Belarus’s forced landing of the Ryanair plane, calling it an “affront” by Lukashenko’s government.“This was a shocking act, diverting a flight between two EU member states for the apparent purpose of arresting a journalist,” White House Press Secretary Jen Psaki told reporters on Monday. “It constitutes a brazen affront to international peace and security by the regime. We demand an immediate international transparent and credible investigation of this incident.”She said the U.S. government is “in touch” with allies about the incident, and the U.S. ambassador to Belarus has conveyed the Biden administration’s concerns “directly.” White House National Security Adviser Jake Sullivan also “raised our strong concerns” about Belarus’s action with his Kremlin counterpart. Russia is Belarus’s closest ally.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.(An earlier version of this story corrected the spelling of “Minsk” in first bullet point)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 13h45m Jobs are back—but pay isn’t Pay for open jobs is lower than it was before the coronavirus pandemic, suggesting there may be no labor shortage at all. Howell date : 210524 13h44m09s Business Yahoo Finance 210524 13h33m St. Louis Fed's Bullard: Most cryptocurrencies are 'worthless' St. Louis Fed President James Bullard told Yahoo Finance that among the thousands of private cryptocurrencies out there, 'most of them are worthless.' Business Bloomberg 210524 13h31m Oil Surges With Iran Saying Differences Remain on Sanctions Deal (Bloomberg) -- Oil climbed the most in a month after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude.Futures rose 3.9% in New York on Monday with added support from a weaker dollar, which makes commodities priced in the currency more attractive, and a rally in U.S. equities. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement, allaying some concern about a rapid ramp-up in the Persian Gulf nation’s output.While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, Goldman Sachs Group Inc. said. The bank expects Brent futures to hit $80 a barrel in the next few months.“Seasonally we’re coming into a strong demand period, overwhelming concerns on supply,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. With the U.S. continuing to reopen, air travel picking up and Europe lifting pandemic-driven lockdowns, “it’s more than likely those barrels can get absorbed.”Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues. As part of that process, Iran extended a United Nations nuclear inspections agreement, buying diplomats time to revive the landmark deal that would usher in an official return of the Persian Gulf nation to world oil markets.“Statements over the weekend in the time between the expiration of the old monitoring agreement and the signing of the new deal made it clear that the sense of optimism (over a deal) that was pressuring prices last week was probably overdone,” Bob Yawger, head of the futures division at Mizuho Securities, said in a note. “There is still a lot of work that needs to be done before a final agreement is finished.”Global benchmark crude has been largely stuck between $60 and $70 a barrel since March, with concern about returning output and Covid-19 flare-ups counterbalanced by the demand recovery underway in some key markets. Virus cases in the U.S. were below 30,000 every day last week for the first time since June, and drivers are taking to the road again in parts of Europe, helping boost demand in the region.The discount for U.S. benchmark crude futures against Brent shrank on Monday to its narrowest since the end of November on a settlement basis. The smaller that discount becomes, the less attractive U.S. crude exports are to foreign buyers.Ahead of any agreement on a nuclear deal, Iran has already found buyers for its oil exports, notably China. Those ties may become even stronger, with the leaders of both countries speaking on the phone about Iran expanding its oil sales to China.Still, Goldman isn’t alone in its view on the impact of returning Iranian supply. Citigroup Inc. said it expects only a partial return of the country’s barrels initially. The bank still sees oil hitting the mid-$70s in the third quarter, but said prices could retreat thereafter.Physical markets continue to get a boost from a raft of buying from refiners in Asia. Japan’s Fuji Oil became the latest company to buy Middle Eastern crude on Monday, after a spate of bullish interest last week.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 13h24m Gold Holds Near Four-Month High as Fund Buying, ETFs Buoy Demand (Bloomberg) -- Gold steadied near the highest in more than four months amid signs that investors are turning more bullish on the precious metal.Hedge funds and other large speculators raised their net-long position in U.S. gold futures and options to the highest since January, government data showed Friday. Holdings in exchange-traded funds backed by bullion have climbed in May, following three months of outflows. Declines in the dollar and bond yields on Monday also helped gold.Gold has posted three straight weekly gains, bringing it closer to wiping out losses for the year after prices slumped in the first three months. The metal has advanced on wobbles in the greenback on Treasury yields, and demand for bullion as a store of value is rising as inflation worries threaten to undercut economic growth. Investors were also weighing the extreme volatility in Bitcoin, which may have lent an added pillar of support.“Gold prices are trending higher as weakness in cryptocurrencies and rising demand for inflation-hedge assets buoyed the appeal of the precious metal,” said Margaret Yang, a strategist at DailyFX. “Recent ETF data showed that investors are stockpiling the yellow metal for the first time since January, underscoring rising appetite.”Spot gold rose 0.1% to $1,883.03 an ounce by 3:01 p.m. in New York, after reaching $1,890.13 last week, the highest since Jan. 8. Futures for August delivery on the Comex rose 0.4% to settle at $1,886.70. Silver and platinum also advanced, while palladium fell.“The recent move lower in real rates, accompanied by further U.S. dollar weakness, have been the key drivers of gold’s rebound,” Morgan Stanley analysts led by Susan Bates said in a note on Monday. Still, “we continue to see a risk of a sharper sell-off similar to that seen in 2013 once tapering begins in 2022, but in our base case we assume price remains supported in the $1,600s per ounce until the first Fed rate hike.”Former U.S. Treasury Secretary Lawrence Summers said cryptocurrencies could stay a feature of global markets as something akin to “digital gold,” even if their importance in economies will remain limited. Cryptocurrencies offered an alternative to gold for those seeking an asset “separate and apart from the day-to-day workings of governments,” he said.On Monday, Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210524 13h17m The two biggest risks for equities Mark Mahaney, Evercore ISI Senior Managing Director & Head of Internet Research, joins Yahoo Finance Live to discuss the reopening trade, the streaming space, and outlook on the market. Business Bloomberg 210524 13h17m Acore Capital Backs Graduate Hotels as Pandemic Doom Lifts (Bloomberg) -- Acore Capital is wagering on a post-pandemic recovery by making a preferred-equity investment of around $200 million in Graduate Hotels, a lodging brand focused on serving college campuses, according to people with knowledge of the matter.The value of the company’s real estate assets exceeds $2.1 billion, one of the people said.Graduate Hotels has 32 locations in the U.S. and the U.K., with another two opening soon, according to its website. The boutique properties cater to prospective students, returning alumni and other campus visitors.AJ Capital Partners founded Graduate Hotels in 2014. It tapped Newmark for advice as it sought a strategic partner to supply growth capital and pay down debt, Bloomberg News reported in February.An Acore representative declined to comment and AJ Capital didn’t immediately respond to a request for comment.Acore in February raised $1 billion to make investments in North American hotels and said at the time it would focus on senior loans, mezzanine debt and preferred equity.Last year was the worst on record for the U.S. hospitality industry, with occupancy rates at 42%, according to lodging data firm STR. Room demand was better than expected in the first three months of 2021, leading STR to upgrade its forecast for a lodging recovery.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210524 13h14m Merkel Says Minsk’s Explanations Aren’t Credible: Belarus Update (Bloomberg) -- European Union leaders are debating possible measures against Belarus, a day after the nation forced the landing of a Ryanair Holdings Plc plane and arrested a journalist on board.The 27 leaders are considering further sanctions against President Alexander Lukashenko’s administration at the two-day summit in Brussels, which got underway at 7 p.m. German Chancellor Angela Merkel called the incident “without precedent” and said explanations weren’t credible.Potential measures could also include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc from Belarus, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still flying through Belarus’s airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist Raman Pratasevich removed from plane in MinskU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Pratasevich Appears in Video, Says He’s Healthy (9:13 p.m.)Belarusian journalist Raman Pratasevich appeared in a video posted by state-owned media channels late Monday, denying reports that he’s suffering from health issues and is in the hospital.“I continue to cooperate with the investigation and am confessing evidence of organizing mass unrest in Minsk,” he said in the video, adding that his treatment is consistent with the law.Lufthansa Suspends Flights Over Belarus (9:13 p.m.)Lufthansa will suspend operations in Belarusian airspace “for the time being,” a company spokesperson said in an email.Earlier Monday, a Lufthansa flight from Minsk to Frankfurt was held for 2 hours after its scheduled time of departure. The airline had said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.Belarus Denies Reports That Journalist Is in Hospital (8:25 p.m.)Belarusian Interior Ministry spokeswoman Olga Chemodanova denied reports that Pratasevich had been transferred to hospital with serious health problems. Chemodanova said on her Telegram account that Pratasevich hasn’t complained about his health and is still being held in jail in Minsk.Polish Deputy Foreign Minister Pawel Jablonski earlier told TVN24 television that his government has received reports from Pratasevich’s mother that her son has “very serious” health conditions. Jablonski said such information is “very worrisome” given the unexplained deaths among members of Belarussian opposition who have been arrested in recent months.Inessa Olenskaya, Pratasevich’s lawyer, said by phone from Minsk that she couldn’t immediately confirm his condition and didn’t have information about his whereabouts.EU Leaders Go Dark to Keep Talks Secret (8:20 p.m.)Leaders at the summit have been asked not to use electronic devices, including their mobile phones, during the talks on Belarus and on Russia.Summit chair Charles Michel, who heads the European Council, requested the move “to ensure the confidentiality of the discussion,” his spokesman Barend Leyts tweeted.Von Der Leyen Says EU Preparing ‘Very Strong Answer’ (7:32 p.m.)Ursula von der Leyen, head of the EU’s executive arm, pledged that the bloc will ensure “a very strong answer because it is outrageous behavior and Lukashenko and his regime have to understand this will have serious consequences.”On her way into the summit, the chief of the European Commission said leaders will explore “sanctions against individuals that are involved in this hijacking but also sanctions against business and economic entities that are financing this regime. And we are looking into sanctions against the aviation sector in Belarus.”Von der Leyen said a previously prepared 3 billion-euro ($3.7 billion) investment and economic package by the EU “is on hold and frozen until Belarus turns democratic.”Belgian Prime Minister Alexander De Croo told reporters before the meeting that the bloc would act quickly.“This is a flight between two European capitals where European citizens have been used as hostages in an illegal arrest,” he said. “We will propose rapid, swift and severe measures are being taken to make it very clear that something like this is not being accepted.”Merkel Calls for a Ban on Overflights (6:42 p.m.)On her way into the summit, German Chancellor Angela Merkel called for further sanctions against Belarusian officials and a ban on overflights.She called the actions of Belarus authorities “without precedent” and said their explanations were “totally uncredible.”The White House Demands an Immediate Investigation (6:42 p.m.)The White House demanded an international investigation of Belarus’s forced landing of the Ryanair plane, calling it an “affront” by Lukashenko’s government.“This was a shocking act, diverting a flight between two EU member states for the apparent purpose of arresting a journalist,” White House Press Secretary Jen Psaki told reporters on Monday. “It constitutes a brazen affront to international peace and security by the regime. We demand an immediate international transparent and credible investigation of this incident.”She said the U.S. government is “in touch” with allies about the incident, and the U.S. ambassador to Belarus has conveyed the Biden administration’s concerns “directly.” White House National Security Adviser Jake Sullivan also “raised our strong concerns” about Belarus’s action with his Kremlin counterpart. Russia is Belarus’s closest ally.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.(An earlier version of this story corrected the spelling of “Minsk” in first bullet)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 13h05m CORRECTED-TREASURIES-U.S. yields drop after Fed officials vow support to keep policy easy for some time Fed Board Governor Lael Brainard, St. Louis Fed President James Bullard, and Atlanta Fed President Raphael Bostic in separate remarks all backed the U.S. central bank's current easy monetary policy view. Brainard, for one, said she sees inflation pressures fading, and expects that spikes in prices associated with supply bottlenecks and the reopening of the economy to "subside over time," in line with what Fed Chairman Jerome Powell has said repeatedly over recent weeks. Howell date : 210524 13h13m31s Business Reuters 210524 12h57m UPDATE 1-Shell to sell interest in Deer Park refinery to partner Pemex Royal Dutch Shell said it would sell its interest in the Deer Park Refinery joint venture to partner Petroleos Mexicanos for about $596 million, the latest move by the European oil major to cut its global refining footprint. Operated by Shell, the Deer Park complex in Texas includes a petrochemical complex and it also refines crude from Africa, South America and the United States. Shell said on Monday one of its units would continue to operate the chemicals facility adjacent to the refinery. Business Bloomberg 210524 12h52m Bitcoiners Waving Eco-Friendly Bona Fides Bet on Premium (Bloomberg) -- Bitcoin’s environmental dark side has been glossed over for years. Elon Musk changed that with a tweet.And with it, the Tesla Inc. chief executive officer threw open what some see as a new market opportunity for crypto “miners” brandishing their eco-friendly credentials. Some are working to sell what they are calling green Bitcoin -- coins whose transactions are verified on the blockchain by computers powered only by renewable energy. The bet is that they will be able to command a premium of up to 10%.“There’s a market that doesn’t know it yet,” said Sheldon Bennett, CEO at crypto miner DMG Blockchain Solutions Inc. His firm has had discussions with “multiple banks and financial institutions” that want to buy Bitcoins that can fulfill increasing demand for environmental, social and corporate governance compliance, he said. “More and more, they are saying if there’s an option, I am willing to pay a premium to get it.”The corporate world has increasingly focused on environmental concerns in recent years -- or at least on appearing to care about green issues. With the shift, investors are hot to buy into renewable energy as the next big thing. Companies in every sector are pledging to cut their carbon emissions. And the Biden administration has set tough carbon goals and promised to fund new green technologies. Even before Musk helped to roil the crypto world with his tweet saying Tesla would no longer accept Bitcoin as payment, industry participants have been moving to address the green backlash. In addition to the mining pool focused on specifically using renewable energy, DMG recently joined the Crypto Climate Accord, a private-sector initiative to decarbonize the crypto industry by 2030. The group was inspired by the Paris Climate Agreement.The idea of paying a premium for green Bitcoin may not be such a stretch, considering that coins that don’t use energy-intensive mining -- such as Cardano and Polkadot -- actually enjoyed a short rally following Musk’s comments when Bitcoin tumbled. The protocols they use to secure their networks and process transactions use less power than the system that supports Bitcoin.A growing number of companies in the crypto industry are alert to the danger of being tagged as not green, said Isaac Maze-Rothstein, a research analyst at Wood Mackenzie.Intense Competition“There are a bunch of miners who saw what happened with the coal industry,” he said. “So they only pursue a project if it’s carbon negative. There are others who want to co-locate with wind, or with solar.”Miners’ willingness to shoulder potentially higher costs to go green may depend on Bitcoin’s price, of course. When the going gets tough, many green miners may be forced to change their game and go for lower cost, and dirtier energy, instead, said Christopher Bendiksen, head of research at CoinShares, a provider of digital-asset investment services.“Right now mining is hyper profitable,” Bendiksen said. “And these hyper profitability periods don’t last forever. When mining costs start approaching Bitcoin price again, the costs will matter. Bitcoin mining is absolutely ruthless, and you are competing against miners that are in different countries than you are, and they don’t necessarily care about the environment like you do. It’s quite dangerous for your competitiveness over time.”Today, only between 55% to 65% of total Bitcoin mining is done using renewable energy, Bendiksen estimated. About 50% of all Bitcoin is being mined in China, some of whose regions rely on cheap coal. Some of it is mined in Kazakhstan and Iran, using dirty energy as well.Ironically, some Bitcoin miners that call themselves green have managed to get to a low energy cost that can help them survive downturns -- by purchasing old coal-burning power plants. While designating themselves as green miners may raise some eyebrows, the strategy appears to be increasing in use.Greenidge Generation Holdings, is mining using a dormant New York state-based coal-powered power plant, which has been converted to natural gas. Starting in June, the company will be purchasing carbon offset credits to be carbon neutral.Elsewhere, Stronghold Digital Mining Inc. owns a plant in Scrubgrass Township, Pennsylvania, that runs on waste coal. The state has about 700 piles -- some of them containing as many as 10 million tons -- of coal-containing waste left over from steel making. Stronghold gets paid by the state to clean up the piles, which it burns to generate energy -- some for Bitcoin mining.“We don’t know of anyone who has a lower cost of power than us,” said Greg Beard, Stronghold’s CEO.Others are going for more innovative methods. A firm called Gather mines crypto using the unused processing power of computers used by people visiting Websites the company partners with. While users are streaming a video or reading the news on a website that’s teamed up with Gather, the company will mine crypto.“You’re not building massive new server farms in Iceland or Alaska, you’re just using the wasted resources that are already consuming electricity,” said Gather CEO Raghav “Reggie” Jerath, who founded the company in 2018. “We are not taking extra electricity from the grid.”Talen Energy Corp., a debt-laden power producer operating in the U.S. Northeast and Texas, unveiled a sweeping plan this week to focus more on clean energy and expand into crypto mining. The Woodlands, Texas-based company owns a mix of natural gas, coal, nuclear and solar plants.For Gryphon Digital Mining, one of the cheapest and longest used sources of power fits the bill while keeping it all simple. Gryphon, which expects to begin mining in August, plans to go 100% hydropower using a facility in upstate New York.“We are ESG committed,” said Gryphon CEO Rob Chang. “We will only look at renewable. We’ll not do the financial gymnastics others do.”(Updates chart.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210524 12h48m How to gauge sustainability of the tech sector rally Michele Schneider, Marketgauge.com Partner and Director of Trading Research & Education, joins Yahoo Finance to discuss, moves in the tech sector, outlook on the market and cryptocurrency. Business Bloomberg 210524 12h46m Copper Gains, Shrugging Off China Push Against Commodity Surge (Bloomberg) -- Copper rebounded, shrugging off China’s stepped-up fight against soaring commodities prices as the dollar slipped and inflation fears ebbed.The dollar weakened against most Group-of-10 currencies as a disappointing index of U.S. economic activity boosted sentiment that a recent spike in inflation is transitory, further damping speculation on any Federal Reserve tightening moves. Copper fell as much as 0.9% earlier after China summoned top executives to a meeting that threatened severe punishment for violations ranging from excessive speculation to spreading fake news.The warning from Chinese officials comes after a surge in commodities prices fueled fears that faster inflation could dent economic growth. The push to rein in metals prices rippled across markets, with steel and iron ore tumbling before prices steadied. Some analysts questioned how much control China can exert over global prices, and with broader price worries easing on Monday, concerns over the outlook for tight copper supply returned to the fore.“I don’t think China can do too much when it comes to copper,” Citigroup Inc. analyst Max Layton said during an interview with Bloomberg TV. “I don’t think China is going to slow its growth just to limit commodity prices.”Investors have been piling into industrial metals on bets that the world will rebound strongly from the pandemic.Layton said he thinks the rally in commodities has just started. Preference shifts during the pandemic have resulted in a “colossal” backlog of home renovations and consumer goods, and there’s “a ton of pent-up demand” in automobiles as economies reopen and people travel again, he said. “You’ve got to stick with this rally.”There’s been a steady drumbeat of government warnings about the consequences of commodity prices that are near the highest level in almost a decade. But aside from changes to trading rules at futures exchanges, there hasn’t been a lot of action. Beijing is likely to face a “potential exhaustion of policy options” to restrain the rally, Citigroup Inc. said in a note.In targeting commodity prices, authorities are fighting trends over which they have only partial control as the world economy reboots with supply chains stretched. The government is also tackling the consequences of its own efforts to reduce greenhouse gas emissions, which have contributed to price gains.Copper for three-month delivery rose 0.7% to settle at $9,947 a metric ton on the London Metal Exchange. Prices slid 3.5% last week, the most since September. Nickel and aluminum also gained, while lead, tin and zinc slipped.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 12h45m Blockchain Startup Chia Nabs $500 Million Valuation, Eyes IPO (Bloomberg) -- Chia Network Inc., a blockchain and digital currency platform founded by BitTorrent creator Bram Cohen, has more than doubled its valuation after raising $61 million from investors including Richmond Global Ventures and Andreessen Horowitz.The San Francisco-based company was valued at about $500 million in the funding round, a person with knowledge of the matter said. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency and DHVC also participated in round.“We want to make digital currency easier to use than cash,” Gene Hoffman, Chia’s president and chief operating officer, said in an interview. He called the fresh funding “rocket fuel” for hiring and accelerating the company’s ambition to become a trading and payment system used by governments, banks and other institutions.Hoffman said the company is looking to a traditional initial public offering as soon as this year, although a merger with the “right” special purpose acquisition company is a possibility.“Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use currency to hedge public market volatility, which is different from other coins,” Hoffman said.Chia calls itself eco-friendly, saying its operations are less energy-intensive than traditional mining. The firm is is now the largest storage-related blockchain, nearly double Filecoin, Hoffman said.Richmond Global Ventures managing partner David Frazee said the Chia coin is auditable, secure and regulatorily compliant, making it user-friendly for monetary authorities and multinationals.“Chia is what Bitcoin would look like if it was designed with knowledge from the last 13 years,” he said. Frazee is joining Chia’s board and personally invested in the company in 2018.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 12h37m Nasdaq 100 Rallies 2% as Inflation Concerns Ebb: Markets Wrap (Bloomberg) -- Technology shares led gains in U.S. stocks as inflation anxiety appeared to be easing. Bitcoin headed toward its biggest surge since February, rebounding from a weekend rout.All 11 groups in the S&P 500 advanced, while the Nasdaq 100 outperformed major equity benchmarks amid a rally in giants such as Apple Inc., Amazon.com Inc. and Google’s parent Alphabet Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Most base metals were under pressure, with iron ore and steel sinking as China stepped up its fight against soaring commodity prices.While several analysts are warning it may be too early to signal the all-clear on inflation pressures, weaker-than-expected economic data have helped quell investor worries. Federal Reserve Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis’s James Bullard said they wouldn’t surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes and pent-up customer demand is unleashed -- but much of those price gains should prove temporary.“The Fed continues its wait-and-see posture, which added wind beneath the tech sector’s wings,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Stocks head into the final full week of the month trying to break a two-week bull-bear stalemate.”For Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, inflation fears will remain a headwind for stocks until it becomes clear that price pressures are temporary.“Until then, expect a more volatile market,” he wrote in a note to clients. “But at this point, strong policy support for stocks remains very much in place, and that’s a good thing.”Some other corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Beyond Meat Inc. gained as the plant-based meat producer was upgraded to outperform at Bernstein.Here are some events this week:Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1.3% as of 2:36 p.m. New York timeThe Nasdaq 100 rose 2%The Dow Jones Industrial Average rose 0.7%The MSCI World index rose 0.8%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.3% to $1.2213The British pound was little changed at $1.4157The Japanese yen rose 0.2% to 108.79 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.61%Germany’s 10-year yield declined one basis point to -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 3.8% to $66 a barrelGold futures rose 0.4% to $1,886 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210524 12h32m Russian prosecutor seeks to ban Dolce & Gabbana same-sex kiss ads A Russian prosecutor has called for Dolce & Gabbana Instagram advertisements showing same-sex couples kissing to be banned in the country following a lawmaker's complaint about them, the prosecutor's office said on Monday. Mikhail Romanov, a member of the ruling United Russia party who sits in the Duma, or lower house of parliament, filed the complaint about the ads posted under the @dolcegabbana handle, the St Petersburg courts press service said. Same-sex relationships are legal in Russia, but a 2013 law bans disseminating "propaganda on non-traditional sexual relations" among young Russians. World Bloomberg 210524 12h31m Merkel Says Minsk’s Explanations Aren’t Credible: Belarus Update (Bloomberg) -- European Union leaders are debating possible measures against Belarus, a day after the nation forced the landing of a Ryanair Holdings Plc plane and arrested a journalist on board.The 27 leaders are considering further sanctions against President Alexander Lukashenko’s administration at the two-day summit in Brussels, which got underway at 7 p.m. German Chancellor Angela Merkel called the incident “without precedent” and said explanations weren’t credible.Potential measures could also include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc from Belarus, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still flying through Belarus’s airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist Raman Pratasevich removed from plane in MinskU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Belarus Denies Reports That Journalist Is in Hospital (8:25 p.m.)Belarusian Interior Ministry spokeswoman Olga Chemodanova denied reports that Pratasevich had been transferred to hospital with serious health problems. Chemodanova said on her Telegram account that Pratasevich hasn’t complained about his health and is still being held in jail in Minsk. Polish Deputy Foreign Minister Pawel Jablonski earlier told TVN24 television that his government has received reports from Pratasevich’s mother that her son has “very serious” health conditions. Jablonski said such information is “very worrisome” given the unexplained deaths among members of Belarussian opposition who have been arrested in recent months.Inessa Olenskaya, Pratasevich’s lawyer, said by phone from Minsk that she couldn’t immediately confirm his condition and didn’t have information about his whereabouts.EU Leaders Go Dark to Keep Talks Secret (8:20 p.m.)Leaders at the summit have been asked not to use electronic devices, including their mobile phones, during the talks on Belarus and on Russia.Summit chair Charles Michel, who heads the European Council, requested the move “to ensure the confidentiality of the discussion,” his spokesman Barend Leyts tweeted.Von Der Leyen Says EU Preparing ‘Very Strong Answer’ (7:32 p.m.)Ursula von der Leyen, head of the EU’s executive arm, pledged that the bloc will ensure “a very strong answer because it is outrageous behavior and Lukashenko and his regime have to understand this will have serious consequences.”On her way into the summit, the chief of the European Commission said leaders will explore “sanctions against individuals that are involved in this hijacking but also sanctions against business and economic entities that are financing this regime. And we are looking into sanctions against the aviation sector in Belarus.”Von der Leyen said a previously prepared 3 billion-euro ($3.7 billion) investment and economic package by the EU “is on hold and frozen until Belarus turns democratic.”Belgian Prime Minister Alexander De Croo told reporters before the meeting that the bloc would act quickly.“This is a flight between two European capitals where European citizens have been used as hostages in an illegal arrest,” he said. “We will propose rapid, swift and severe measures are being taken to make it very clear that something like this is not being accepted.”Merkel Calls for a Ban on Overflights (6:42 p.m.)On her way into the summit, German Chancellor Angela Merkel called for further sanctions against Belarusian officials and a ban on overflights.She called the actions of Belarus authorities “without precedent” and said their explanations were “totally uncredible.”The White House Demands an Immediate Investigation (6:42 p.m.)The White House demanded an international investigation of Belarus’s forced landing of the Ryanair plane, calling it an “affront” by Lukashenko’s government.“This was a shocking act, diverting a flight between two EU member states for the apparent purpose of arresting a journalist,” White House Press Secretary Jen Psaki told reporters on Monday. “It constitutes a brazen affront to international peace and security by the regime. We demand an immediate international transparent and credible investigation of this incident.”She said the U.S. government is “in touch” with allies about the incident, and the U.S. ambassador to Belarus has conveyed the Biden administration’s concerns “directly.” White House National Security Adviser Jake Sullivan also “raised our strong concerns” about Belarus’s action with his Kremlin counterpart. Russia is Belarus’s closest ally.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.(An earlier version of this story corrected the spelling of “Minsk” in first bullet)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 12h42m54s World Bloomberg 210524 12h31m Merkel Says Minsk’s Explanations Aren’t Credible: Belarus Update (Bloomberg) -- European Union leaders are debating possible measures against Belarus, a day after the nation forced the landing of a Ryanair Holdings Plc plane and arrested a journalist on board.The 27 leaders are considering further sanctions against President Alexander Lukashenko’s administration at the two-day summit in Brussels, which got underway at 7 p.m. German Chancellor Angela Merkel called the incident “without precedent” and said explanations weren’t credible.Potential measures could also include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc from Belarus, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still flying through Belarus’s airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist Raman Pratasevich removed from plane in MinskU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Belarus Denies Reports That Journalist Is in Hospital (8:25 p.m.)Belarusian Interior Ministry spokeswoman Olga Chemodanova denied reports that Pratasevich had been transferred to hospital with serious health problems. Chemodanova said on her Telegram account that Pratasevich hasn’t complained about his health and is still being held in jail in Minsk. Polish Deputy Foreign Minister Pawel Jablonski earlier told TVN24 television that his government has received reports from Pratasevich’s mother that her son has “very serious” health conditions. Jablonski said such information is “very worrisome” given the unexplained deaths among members of Belarussian opposition who have been arrested in recent months.Inessa Olenskaya, Pratasevich’s lawyer, said by phone from Minsk that she couldn’t immediately confirm his condition and didn’t have information about his whereabouts.EU Leaders Go Dark to Keep Talks Secret (8:20 p.m.)Leaders at the summit have been asked not to use electronic devices, including their mobile phones, during the talks on Belarus and on Russia.Summit chair Charles Michel, who heads the European Council, requested the move “to ensure the confidentiality of the discussion,” his spokesman Barend Leyts tweeted.Von Der Leyen Says EU Preparing ‘Very Strong Answer’ (7:32 p.m.)Ursula von der Leyen, head of the EU’s executive arm, pledged that the bloc will ensure “a very strong answer because it is outrageous behavior and Lukashenko and his regime have to understand this will have serious consequences.”On her way into the summit, the chief of the European Commission said leaders will explore “sanctions against individuals that are involved in this hijacking but also sanctions against business and economic entities that are financing this regime. And we are looking into sanctions against the aviation sector in Belarus.”Von der Leyen said a previously prepared 3 billion-euro ($3.7 billion) investment and economic package by the EU “is on hold and frozen until Belarus turns democratic.”Belgian Prime Minister Alexander De Croo told reporters before the meeting that the bloc would act quickly.“This is a flight between two European capitals where European citizens have been used as hostages in an illegal arrest,” he said. “We will propose rapid, swift and severe measures are being taken to make it very clear that something like this is not being accepted.”Merkel Calls for a Ban on Overflights (6:42 p.m.)On her way into the summit, German Chancellor Angela Merkel called for further sanctions against Belarusian officials and a ban on overflights.She called the actions of Belarus authorities “without precedent” and said their explanations were “totally uncredible.”The White House Demands an Immediate Investigation (6:42 p.m.)The White House demanded an international investigation of Belarus’s forced landing of the Ryanair plane, calling it an “affront” by Lukashenko’s government.“This was a shocking act, diverting a flight between two EU member states for the apparent purpose of arresting a journalist,” White House Press Secretary Jen Psaki told reporters on Monday. “It constitutes a brazen affront to international peace and security by the regime. We demand an immediate international transparent and credible investigation of this incident.”She said the U.S. government is “in touch” with allies about the incident, and the U.S. ambassador to Belarus has conveyed the Biden administration’s concerns “directly.” White House National Security Adviser Jake Sullivan also “raised our strong concerns” about Belarus’s action with his Kremlin counterpart. Russia is Belarus’s closest ally.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.(An earlier version of this story corrected the spelling of “Minsk” in first bullet)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 12h24m Here is one big inflation risk not many people are thinking about Beware of upside inflation risks, warns Goldman Sachs chief economist Jan Hatzius on Yahoo Finance Live. U.S. Reuters 210524 12h21m U.S. administers nearly 287 mln doses of COVID-19 vaccines - CDC The United States has administered 286,890,900 doses of COVID-19 vaccines in the country as of Monday morning and distributed 357,250,475 doses, the U.S. Centers for Disease Control and Prevention said. The number of administered doses is up from the 285,720,586 vaccine doses the CDC said had gone into arms by Sunday. CDC said 163,907,827 received at least one dose, while 130,615,797 people are fully vaccinated as of Monday. Politics Bloomberg 210524 11h57m Biden Directs $1 Billion for Severe Weather Preparedness (Bloomberg) -- President Joe Biden announced on Monday a doubling of federal spending on preparations for severe weather events, the president’s latest move to put climate change at the center of his domestic agenda.The administration will provide $1 billion this year to state, local and tribal governments to prevent damage from floods, hurricanes, wildfires and other natural disasters, the White House said in a statement. Biden is also directing the National Aeronautic and Space Administration to collect more advanced climate data.“We all know these storms are coming, and we’re going to be prepared,” Biden said during a visit to the Federal Emergency Management Agency’s headquarters. “We have to be ready.”The president has pledged to address climate change, including a push to build roads, bridges and seaports better able to withstand storms that are increasing in severity due to global warming. The approach stands in contrast to the views of President Donald Trump, who called climate change a “hoax” and disputed its connection to extreme weather events.The money will come from funding already allocated for 2021 and will be distributed through the Building Resilient Infrastructure and Communities program. The announcement comes one week after Biden signed an executive order directing the government come up with a strategy to measure the risks climate change poses to public and private financial assets.Read more: Hurricanes to Pound Atlantic in Active Season, U.S. Says Forecasters believe 2021 will have another overactive hurricane season. The National Oceanic and Atmospheric Administration predicted as many as 20 storm systems could be named this year. Of those, six to 10 would develop into hurricanes, and three to five would become major storms with winds of 111 miles per hour or more.A storm is named when its winds reach 39 miles per hour (63 kilometers per hour) and an average season has 14 such systems.The Atlantic Ocean has produced one storm so far this year with Tropical Storm Ana emerging to the east of Bermuda over the weekend. The short-lived system has already fallen apart, but it is the record seventh year in a row storms have begun before the official June 1 start of the six-month season.Atlantic storms are closely watched because they can disrupt global energy, agriculture, and insurance markets. The Gulf of Mexico is home to about 16% of the U.S.’s crude oil production and 2% of its gas output. In addition, about 48% of American refining capacity is located along the Gulf Coast, and Florida is the world’s second-largest source of orange juice.In addition to that, trillions of dollars of real estate from Mexico to Maine are vulnerable to hurricane strike.As the world’s oceans have warmed, storms have become more destructive. Last year, a record 30 storms formed in the Atlantic, which left more than 400 people dead and caused over $40 billion in damage and losses across North America. The National Hurricane Center resorted to using Greek letters to designate storms because so many took shape last year.Earlier: Biden Targets Louisiana Bridge in Infrastructure Sales PitchBiden’s infrastructure proposal includes $50 billion for improving resilience across the electric grid, transportation networks and cities and part of the money would go toward retrofitting buildings to make them better able to handle the effects of climate change.(Updates with Biden comment in third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 12h12m16s Politics Bloomberg 210524 11h58m Biden Directs $1 Billion for Severe Weather Preparedness (Bloomberg) -- President Joe Biden announced on Monday a doubling of federal spending on preparations for severe weather events, the president’s latest move to put climate change at the center of his domestic agenda.The administration will provide $1 billion this year to state, local and tribal governments to prevent damage from floods, hurricanes, wildfires and other natural disasters, the White House said in a statement. Biden is also directing the National Aeronautic and Space Administration to collect more advanced climate data.“We all know these storms are coming, and we’re going to be prepared,” Biden said during a visit to the Federal Emergency Management Agency’s headquarters. “We have to be ready.”The president has pledged to address climate change, including a push to build roads, bridges and seaports better able to withstand storms that are increasing in severity due to global warming. The approach stands in contrast to the views of President Donald Trump, who called climate change a “hoax” and disputed its connection to extreme weather events.The money will come from funding already allocated for 2021 and will be distributed through the Building Resilient Infrastructure and Communities program. The announcement comes one week after Biden signed an executive order directing the government come up with a strategy to measure the risks climate change poses to public and private financial assets.Read more: Hurricanes to Pound Atlantic in Active Season, U.S. Says Forecasters believe 2021 will have another overactive hurricane season. The National Oceanic and Atmospheric Administration predicted as many as 20 storm systems could be named this year. Of those, six to 10 would develop into hurricanes, and three to five would become major storms with winds of 111 miles per hour or more.A storm is named when its winds reach 39 miles per hour (63 kilometers per hour) and an average season has 14 such systems.The Atlantic Ocean has produced one storm so far this year with Tropical Storm Ana emerging to the east of Bermuda over the weekend. The short-lived system has already fallen apart, but it is the record seventh year in a row storms have begun before the official June 1 start of the six-month season.Atlantic storms are closely watched because they can disrupt global energy, agriculture, and insurance markets. The Gulf of Mexico is home to about 16% of the U.S.’s crude oil production and 2% of its gas output. In addition, about 48% of American refining capacity is located along the Gulf Coast, and Florida is the world’s second-largest source of orange juice.In addition to that, trillions of dollars of real estate from Mexico to Maine are vulnerable to hurricane strike.As the world’s oceans have warmed, storms have become more destructive. Last year, a record 30 storms formed in the Atlantic, which left more than 400 people dead and caused over $40 billion in damage and losses across North America. The National Hurricane Center resorted to using Greek letters to designate storms because so many took shape last year.Earlier: Biden Targets Louisiana Bridge in Infrastructure Sales PitchBiden’s infrastructure proposal includes $50 billion for improving resilience across the electric grid, transportation networks and cities and part of the money would go toward retrofitting buildings to make them better able to handle the effects of climate change.(Updates with Biden comment in third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 11h56m St. Louis Fed President James Bullard speaks with Yahoo Finance [Transcript] A full transcript of St. Louis Fed President James Bullard's interview with Yahoo Finance on May 24, 2021. World Bloomberg 210524 11h33m Merkel Says Minsk’s Explanations Aren’t Credible: Belarus Update (Bloomberg) -- European Union leaders are debating possible measures against Belarus, a day after the nation forced the landing of a Ryanair Holdings Plc plane and arrested a journalist on board.The 27 leaders are considering further sanctions against President Alexander Lukashenko’s administration at the two-day summit in Brussels, which got underway at 7 p.m. German Chancellor Angela Merkel called the incident “without precedent” and said explanations weren’t credible.Potential measures could also include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc from Belarus, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist removed from plane in MinksU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Von Der Leyen Says EU Preparing ‘Very Strong Answer’ (7:32 p.m.) Ursula von der Leyen, head of the EU’s executive arm, pledged that the bloc will ensure “a very strong answer because it is outrageous behavior and Lukashenko and his regime have to understand this will have serious consequences.”On her way into the summit, the chief of the European Commission said leaders will explore “sanctions against individuals that are involved in this hijacking but also sanctions against business and economic entities that are financing this regime. And we are looking into sanctions against the aviation sector in Belarus.”Von der Leyen said a previously prepared 3 billion-euro ($3.7 billion) investment and economic package by the EU “is on hold and frozen until Belarus turns democratic.”Belgian Prime Minister Alexander De Croo told reporters before the meeting that the bloc would act quickly.“This is a flight between two European capitals where European citizens have been used as hostages in an illegal arrest,” he said. “We will propose rapid, swift and severe measures are being taken to make it very clear that something like this is not being accepted.”Merkel Calls for a Ban on Overflights (6:42 p.m.)On her way into the summit, German Chancellor Angela Merkel called for further sanctions against Belarusian officials and a ban on overflights.She called the actions of Belarus authorities “without precedent” and said their explanations were “totally uncredible.”The White House Demands an Immediate Investigation (6:42 p.m.)The White House demanded an international investigation of Belarus’s forced landing of the Ryanair plane, calling it an “affront” by Lukashenko’s government.“This was a shocking act, diverting a flight between two EU member states for the apparent purpose of arresting a journalist,” White House Press Secretary Jen Psaki told reporters on Monday. “It constitutes a brazen affront to international peace and security by the regime. We demand an immediate international transparent and credible investigation of this incident.”She said the U.S. government is “in touch” with allies about the incident, and the U.S. ambassador to Belarus has conveyed the Biden administration’s concerns “directly.” White House National Security Adviser Jake Sullivan also “raised our strong concerns” about Belarus’s action with his Kremlin counterpart. Russia is Belarus’s closest ally.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Reuters 210524 11h32m GRAPHIC-U.S. reports lowest number of new COVID-19 cases in nearly a year The United States last week reported the lowest number of new COVID-19 cases in nearly a year, with new infections dropping 26% from the previous seven days to just under 180,000, according to a Reuters analysis of state and county data. About 39% of the country's population has been fully vaccinated as of Sunday, and 49% has received at least one dose of a COVID-19 vaccine, according to the U.S. Centers for Disease Control and Prevention. In the past seven days, an average of 1.8 million vaccine doses were administered per day, down from a peak of 3.1 million shots per day in April. Howell date : 210524 11h41m39s U.S. Reuters 210524 11h31m GRAPHIC-U.S. reports lowest number of new COVID-19 cases in nearly a year The United States last week reported the lowest number of new COVID-19 cases in nearly a year, with new infections dropping 26% from the previous seven days to just under 180,000, according to a Reuters analysis of state and county data. About 39% of the country's population has been fully vaccinated as of Sunday, and 49% has received at least one dose of a COVID-19 vaccine, according to the U.S. Centers for Disease Control and Prevention. In the past seven days, an average of 1.8 million vaccine doses were administered per day, down from a peak of 3.1 million shots per day in April. Business Bloomberg 210524 11h22m Bank of England Plays Down Risk of Runaway U.K. Inflation (Bloomberg) -- Bank of England policy makers pushed back against concerns that the U.K.’s rapid economic rebound from the pandemic will lead to a damaging wave of inflation.The expected acceleration in prices this year will likely be temporary, Governor Andrew Bailey said in testimony to lawmakers Monday. Jon Cunliffe, one of his deputies, said inflation will later return to the central bank’s 2% target as growth slows.While most economists agree, financial markets are betting that the central bank will raise interest rates as early as next year, implying that investors expect the recovery to gain enough momentum to force the BOE’s hand.Monday’s comments come after data showed U.K. inflation more than doubled in April to 1.5%.Market-based inflation expectations are now at their highest since 2008. The so-called 10-year breakeven rate -- a gauge derived from the difference between conventional bond yields and those linked to retail-price inflation -- has risen more than 50 basis points this year.Andy Haldane, the BOE’s outgoing chief economist, has also been sounding the alarm about inflationary risks. He cast the only vote against keeping the central bank’s stimulus unchanged, opting for a reduction on the bond-buying program.Cost PressuresHaldane told lawmakers that inflation represents a bigger risk to the economy than scars on the labor market following the recession.“My sense was that the balance of inflation risks is titled to the upside and therefore justified reducing that degree of accommodation by that 50 billion pounds,” Haldane said, adding that there’s a “better than even chance” that companies facing cost pressures will take advantage of the strong economic rebound to raise prices.Michael Saunders, another policy maker, said he sees risks that inflation would “undershoot the target over time” due to lingering scars from the pandemic.Bailey said policy makers need to watch inflation “very carefully,” though there are no signs that either inflation expectations or price rises are becoming entrenched. He attributed the recent gains to commodity prices and shortages in items such as computer chips.“We hope some of those factors will correct,” he said.(Updates with comment from Haldane from sixth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 11h22m Chile's Codelco strikes deal with Microsoft to extend automation at its copper mines Chile's Codelco, the world's largest copper producer, said on Monday it had struck a deal with tech giant Microsoft to fast-track the digitization of its sprawling mining operations, helping it extend automation and improve analytics. The joint project with Microsoft will beef up the company's capacity to make its production processes more efficient and promote "sustainability" within its operations, Codelco said in a statement. Codelco, like many Chilean miners, has fought in recent years to adopt new technologies to boost efficiency and keep down costs at its aging deposits, many of which suffer from declining ore grades. World Bloomberg 210524 11h21m Iran Nuclear Diplomacy Picks Up With Xi-Rouhani Call, IAEA Deal (Bloomberg) -- International efforts to reach a breakthrough over the Iran nuclear accord kicked into higher gear as China’s president spoke with Iran’s leader and Tehran agreed to extend a key nuclear-monitoring pact with United Nations inspectors, buying more time for diplomacy.Iranian President Hassan Rouhani spoke with President Xi Jinping on Monday, with the Chinese leader saying he’ll support Iran’s “reasonable demands” on nuclear issues, according to Chinese state broadcaster CCTV. The two leaders agreed to deepen ties in trade and energy, a key issue if a deal removes restrictions on Iran’s oil exports.Separately, negotiators from the U.S., Iran and European parties to the 2015 nuclear deal are preparing to return to Vienna for talks this week aimed at reviving the accord with a key deadline pushed over the weekend into June, soon after national elections in Iran. U.S. Secretary of State Antony Blinken said getting a deal done is a priority.“The first thing we need to do is put the nuclear problem back in the box,” Blinken said Sunday on “This Week” on ABC News, adding that an agreement would serve as a “platform” for addressing broader concerns about Tehran’s activities in the Mideast. “That’s why we’re committed to trying to see if Iran will come back into compliance with the nuclear agreement.”Blinken may also find time to discuss the Iran talks with Israeli Prime Minister Benjamin Netanyahu, who lobbied hard against the original deal and has called Tehran his country’s biggest threat, when he arrives in Tel Aviv for talks this week about the latest cease-fire with Hamas.A last-minute compromise over the weekend with the International Atomic Energy Agency means Iran will continue storing camera data recorded at key atomic installations for one month, buying time for diplomacy.‘Stopgap Measure’“This temporary technical understanding is a stopgap measure,” IAEA Director General Rafael Mariano Grossi said at a press briefing in Vienna. “It’s something we came up with as a way to avoid flying completely blind.”Diplomats warned last week, after the fourth round of negotiations in Vienna, that failing to extend the monitoring agreement could have scuttled the fragile process that seeks to end a standoff between Tehran and Washington that has roiled oil markets and almost sparked a war between the two sides.“We recommend the negotiating countries to seize the extra opportunity provided by Iran in good faith for the complete lifting of sanctions in a practical and verifiable manner,” Iran’s representative at the IAEA, Kazem Gharib Abadi, said in a tweet.Without Nuclear Deal, How Close Is Iran to a Bomb?: QuickTakeWhile oil markets are braced for an increase in Iranian supply, crude rallied above $64 a barrel after Iran’s Foreign Ministry said earlier on Monday that gaps remain in negotiations involving world powers around the sequencing and verification of sanctions removal.Following the Iranian parliament’s decision last year to restrict some agency access, Tehran reached a temporary monitoring pact with Grossi in February that enabled recorded video material to be temporarily retained.Erasing the material would jeopardize the continuity of inspectors’ knowledge of the nuclear program. Iran and the IAEA have been at loggerheads for months over an investigation into decades-old particles of man-made uranium discovered at undeclared sites. Grossi said he expects to publish an update of that probe next month.Rouhani is eager to restore the nuclear accord and secure the removal of former President Donald Trump’s tough sanctions regime before he leaves office later this year. Reviving the nuclear deal would loosen restrictions on Iranian oil exports, the nation’s main source of foreign currency revenue.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 11h18m Bitcoin Surges the Most Since February After Weekend Selloff (Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency advanced 12% to trade around $37,598 as of 1:17 p.m. in New York. It climbed as high as $38,683 at one point. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.Traders may be feeling more positive as the crypto industry holds one of its biggest conferences of the year this week. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.If people can keep digital dollars in a wallet that’s unrelated to a bank account, and easily use that wallet to make payments and transfers, that then undermines the commercial banking system, Brainard said. It could starve the banks of deposits, which of course are vital for making loans, she noted.Bridgewater’s Ray Dalio said there is little incentive right now to hold dollars with no interest being paid. Eventually people will go to “almost anything else” -- stocks, gold, Bitcoin and real estate, he said during the conference webcast.Meanwhile, in a separate panel at the virtual conference, Wyoming Senator Cynthia Lummis said Bitcoin was a “friendly asset that everybody can hold,” and added that she sees it as “leveling the playing field.” And when it comes to government or central-bank backed digital currencies, “we have to compete with China,” Lummis said. “We want to make sure that we continue to be strong in innovation in the digital-asset space.”“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”Ether, the second-largest token, also rebounded on Monday, jumping more than 23% at one point Monday to about $2,559.The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.(Updates prices throughout, adds Lummis comments)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 11h13m Bullard: Fed 'not quite there yet' to start taper talk St. Louis Fed President James Bullard said Monday that the central bank is not yet ready to pull back on its aggressive monetary stimulus, but could be ready soon. Business Yahoo Finance Video 210524 11h07m St. Louis Fed President Bullard: Many cryptocurrencies are 'worthless' Yahoo Finance reporter Brian Cheung joins the Yahoo Finance Live panel with an exclusive interview with Federal Reserve Bank of St. Louis President James Bullard. Howell date : 210524 11h11m02s Business Bloomberg 210524 11h04m Vonovia Is Said in Talks on $23 Billion Deutsche Wohnen Deal (Bloomberg) -- German residential property firm Vonovia SE is in advanced talks on a potential acquisition of rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in what would be the biggest-ever takeover in European real estate, people with knowledge of the matter said.Vonovia is discussing a friendly purchase of Deutsche Wohnen for about 53 euros per share in cash, according to the people, who asked not to be identified because the information is private. The companies are prepared to address political and tenant concerns in Berlin as part of any transaction, the people said.A deal for Deutsche Wohnen, valued at 28 billion euros including debt at Friday’s close, would rank as the year’s biggest European takeover and the largest acquisition of a German company in about four years, data compiled by Bloomberg show. It would reshape the country’s property industry, bringing together the two largest residential landlords with control of more than 500,000 apartment units.While an agreement could be reached as soon as this week, there’s no certainty the negotiations will lead to a transaction, according to the people. Representatives for Vonovia and Deutsche Wohnen weren’t immediately available for comment during a German public holiday.Shares of Deutsche Wohnen were up 9.7% on the Tradegate platform at 6:34 p.m. Monday in Frankfurt, giving the company a market value of about 17.6 billion euros, after earlier jumping as much as 11%. Vonovia fell as much as 1.9% on Tradegate.German property companies have faced rising public pressure over the past few years over high prices, particularly in the nation’s capital. A combination between Vonovia and Deutsche Wohnen would enable significant cost savings and free up the firms to offer concessions to address political concerns, the people said.Deutsche Wohnen faced a brief respite after a mid-April decision by the German constitutional court to overturn a controversial rent freeze in Berlin, where the company’s apartments are located. The company had a net asset value per share of 52.50 euros at the end of March, according to its latest results.The negotiations mark the third time Vonovia has tried to acquire Deutsche Wohnen. A previous attempt failed in February 2016 after Vonovia couldn’t win enough support from Deutsche Wohnen investors. Deutsche Wohnen called that bid hostile and not in the best interests of shareholders.Vonovia brought on advisers early last year to again consider the feasibility of a transaction, Bloomberg News reported at the time. In the end, it decided not to move forward with a bid.Any combination would require alignment between Vonovia Chief Executive Officer Rolf Buch and his counterpart at Deutsche Wohnen, Michael Zahn, who clashed over price during the failed pursuit about five years ago. Buch has built Bochum-based Vonovia into a European property heavyweight through several acquisitions, including the 2019 purchase of Swedish landlord Hembla AB and a 2016 deal for Austrian developer Conwert Immobilien Invest SE.(Updates with Tradegate share move in fifth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 11h01m Stocks Climb as Inflation Fears Ebb; Bitcoin Jumps: Markets Wrap (Bloomberg) -- Stocks climbed, led by technology companies, as inflation anxiety appeared to be easing. Bitcoin headed toward its biggest surge since February, rebounding from a weekend rout.All 11 groups in the S&P 500 advanced, while the Nasdaq 100 outperformed major equity benchmarks amid a rally in giants such as Apple Inc., Amazon.com Inc. and Google’s parent Alphabet Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Most base metals were under pressure, with iron ore and steel sinking as China stepped up its fight against soaring commodity prices.While several analysts are warning it may be too early to signal the all-clear on inflation pressures, weaker-than-expected economic data have helped quell investor worries. Rates on 10-year breakevens -- a market gauge of inflation expectations over the next decade -- fluctuated after the biggest weekly drop since September. Federal Reserve Governor Lael Brainard said she expected to see prices rise as the economy reopens -- but played down the risk it could lead to a persistent overshoot.“The Fed continues its wait-and-see posture -- which added wind beneath the tech sector’s wings,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Stocks head into the final full week of the month trying to break a two-week bull-bear stalemate.”For Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, inflation fears will remain a headwind for stocks until it becomes clear that price pressures are temporary.“Until then, expect a more volatile market,” he wrote in a note to clients. “But at this point, strong policy support for stocks remains very much in place, and that’s a good thing.”Some other corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Beyond Meat Inc. gained as the plant-based meat producer was upgraded to outperform at Bernstein.Here are some events this week:Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1% as of 1 p.m. New York timeThe Nasdaq 100 rose 1.7%The Dow Jones Industrial Average rose 0.6%The MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.3% to $1.2215The British pound was little changed at $1.4157The Japanese yen rose 0.2% to 108.79 per dollarBondsThe yield on 10-year Treasuries declined one basis point to 1.61%Germany’s 10-year yield declined one basis point to -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 3.5% to $66 a barrelGold futures rose 0.4% to $1,887 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 11h01m Gupta to Try Sell U.K. Plants Amid Debt Talks With Credit Suisse (Bloomberg) -- GFG Alliance is putting seven of its U.K. plants up for sale as it seeks to reach an agreement with Credit Suisse Group AG to stave off insolvencies of some of its units.Owner Sanjeev Gupta made “significant progress” in weekend talks with the Swiss lender’s asset-management arm to resolve GFG’s exposure with Credit Suisse, the metals group said in an emailed statement Monday.GFG has been seeking to raise new financing to replace some of the $5 billion of loans provided by Greensill Capital since the London-based financial firm collapsed in March. Meanwhile, Credit Suisse, which is trying to recover claims on loans it had made via Greensill, has sought to wind up some of GFG’s British and Australian businesses in court.As part of a restructuring plan for its U.K. operations, GFG will look to sell its Liberty Steel aerospace and special alloys business in Stocksbridge, which supplies customers including Rolls-Royce Holdings Plc, as well as the Aluminium Technologies and Pressing Solutions units. Alvarez & Marsal will run the sale processes, according to the statement.Liberty also said it’s in “advanced discussions” with Credit Suisse to reach a debt standstill for its Australian primary metals unit ahead of a refinancing that would repay the Swiss bank in full.A Credit Suisse spokesman declined to comment.Read more: Credit Suisse Seeks Insolvency for Gupta Trading Unit GFG had been in negotiations to obtain new funding from investment fund White Oak Global Advisors, which said last week it was continuing efforts to refinance the Australian primary metals business “subject to financial due diligence and acceptable governance.”Read more: Gupta Loan Effort Ongoing Despite SFO Probe, White Oak SaysU.K PlantsGupta’s British plants that are being put up for sale employ about 1,500 people. The fate of the plants has been closely watched by politicians, suppliers and unions since funding to GFG dried up earlier this year.“Stocksbridge and its downstream plants are strategically important businesses vital to our country’s defense, energy and aerospace sectors,” union representatives for the National Trade Union Steel Coordinating Committee said in a statement. “The trade unions will hold Sanjeev Gupta to his promise that none of our steel plants will close on his watch.”Gupta bought his first steel mill in the U.K. eight years ago, and is now the country’s third-biggest producer with a dozen sites. Many of his Liberty Steel plants provide products tailored to local manufacturers, potentially leaving customers exposed if they shut down, especially given Brexit trade upheaval.A spokesperson for aerospace trade body ADS said the industry was monitoring the situation and that “a successful sale that secures continuity of supply would be a positive outcome.”Pressure on Gupta was dialed up further this month after the U.K.’s Serious Fraud Office said it was investigating GFG for possible fraud and money laundering, including its Greensill financing.The Bank of England revealed on Monday that it had notified the National Crime Agency and the SFO more than a year ago about its concerns over Wyelands Bank, Gupta’s banking arm in the U.K.Andrew Bailey, governor of the Bank of England, told a parliamentary committee that the banking regulator had first identified problems in late 2018 or early 2019 relating to “a lack of transparency particularly around connected lending in the context of the ultimate beneficial owner, who was Mr. Gupta.”He said that “further concerns” came to light in October-November 2019, triggering a new phase of investigations and leading to the regulator setting out its concerns to the SFO in February 2020.A spokesman for GFG didn’t immediately respond to a request for comment.Wyelands Bank said this month it would be wound up if it can’t find a buyer.(Updates with details on U.K. plants, union and trade body comments; BOE comments at the bottom.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210524 10h57m Indian police visit Twitter office to serve notice about inquiry Indian police said on Monday they visited a Twitter office to serve notice to its country managing director about an investigation into the social media giant's tagging of a post by a ruling party spokesman as "manipulated media". Leaders of Prime Minister Narendra Modi's Bharatiya Janata Party last week shared portions of a document on Twitter they said was created by the main opposition Congress and highlighted government failures in handling the COVID-19 pandemic. Congress complained to Twitter saying the document was fake, after which the U.S. company marked some of the posts - including one by BJP spokesman Sambit Patra - as "manipulated media". Business Bloomberg 210524 10h54m Oil Climbs With Iran Saying Differences Remain on Sanctions Deal (Bloomberg) -- Oil climbed to the highest level in nearly a week after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude.Futures rose as much as 3.7% in New York with added support from a weaker dollar, which makes commodities priced in the currency more attractive, and a rally in U.S. equities. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement, allaying some concern about a rapid ramp-up in the Persian Gulf nation’s output.While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, Goldman Sachs Group Inc. said. The bank expects Brent futures to hit $80 a barrel in the next few months.“Seasonally we’re coming into a strong demand period, overwhelming concerns on supply,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. With the U.S. continuing to reopen, air travel picking up and Europe lifting pandemic-driven lockdowns, “it’s more than likely those barrels can get absorbed.”Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues. As part of that process, Iran extended a United Nations nuclear inspections agreement, buying diplomats time to revive the landmark deal that would usher in an official return of the Persian Gulf nation to world oil markets.Crude has been largely stuck between $60 and $70 a barrel recently, with concern about returning output counterbalanced by the demand recovery underway in some key markets. Virus cases in the U.S. were below 30,000 every day last week for the first time since June, and drivers are taking to the road again in parts of Europe, helping boost demand in the region.“The economy, especially in the U.S., looks good and people are expecting a big uptick in travel this summer,” said Michael Lynch, president of Strategic Energy & Economic Research. With European demand showing signs of picking up too, the global recovery “appears well in hand.”The discount for U.S. benchmark crude futures against Brent shrank on Monday to its narrowest since January on an intraday basis. The smaller that discount becomes, the less attractive U.S. crude exports are to foreign buyers.Ahead of any agreement on a nuclear deal, Iran has already found buyers for its oil exports, notably China. Those ties may become even stronger, with the leaders of both countries speaking on the phone about Iran expanding its oil sales to China.Still, Goldman isn’t alone in its view on the impact of returning Iranian supply. Citigroup Inc. said it expects only a partial return of the country’s barrels initially. The bank still sees oil hitting the mid-$70s in the third quarter, but said prices could retreat thereafter.Physical markets continue to get a boost from a raft of buying from refiners in Asia. Japan’s Fuji Oil became the latest company to buy Middle Eastern crude on Monday, after a spate of bullish interest last week.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 10h50m ‘Buy Anything’ Debt Market Sees Private Equity Payday (Bloomberg) -- It’s the latest sign of leveraged mania hitting bondholders: Companies across Europe are piling on debt at the fastest pace in at least four years to enrich their private-equity owners.The controversial practice known as dividend recaps is growing as investors gorge on every credit risk, handing a windfall to buyout pros at Lion Capital LLP, Partners Group and Hellman & Friedman LLC, to name a few.Private equity firms have always borrowed to buy companies. But they’re layering on extra debt to write themselves dividend checks at a time when central banks have driven borrowing costs to all-time lows to help foster a global economic rebound.“If people want to put capital to work they’re just buying anything with a bit of yield, regardless of what proceeds are for,” said Mark Benbow, a high-yield fund manager at Aegon Asset Management. “Perhaps the market is just too complacent or perhaps believes the central bankers will always be there as a backstop. Whatever the reason, these deals are getting done very easily.”More than 10 companies in the region have raised junk bonds this year in part to fund dividends, the highest year-to-date number since 2017, according to data provider 9Fin. Some 13 firms also sold loans to finance payouts in the first quarter of this year, a post-financial crisis high, according to data compiled by Bloomberg.Some of this year’s transactions were rated CCC -- the lowest ranking of junk debt -- and paid relatively higher rates. But viewed alongside decades of history, the deals are still dirt cheap.The dividend payouts are one way for buyout firms to take profits as they wait for the growth rebound to spur higher prices in the IPO market. By issuing dividend recaps they can take a cut now and keep their end investors happy while they bide their time to cash out completely.“You have a lot of private equity involvement in the high-yield market, and sponsors don’t want to necessarily exit businesses now because we haven’t seen the full opening-up trade develop,” said Martin Horne, head of global public fixed income at Barings LLC. “Maybe they wouldn’t get the right multiple if they tried to get a full exit by normal mechanics.”Alain Afflelou SA is the latest example. The French eye-glass retailer skimmed off a portion of bonds sold this month and used some of its own cash to make a 135 million-euro payment to owner Lion Capital, according to Andre Verneyre, Afflelou’s head of financial operations.The senior notes received orders for an excess of three times the amount on sale, indicating that “investors know us very well and are happy to continue with us,” he said. Despite the new debt, gross leverage has remained steady as the company retired older borrowings, Verneyre said.Frozen OutThe deal followed dividend recaps for French real-estate developer Foncia Holding SAS and Swedish security systems maker Verisure Holding AB this year. In the U.S., Verizon Communications Victra tapped investors for a dividend twice in the space of just three months this year. The second $75 million transaction which priced last week was used to fund a $65 million dividend to its private-equity sponsor Lone Star.Yet even in the latest wave of market froth, there’s been pushback from bond investors.Lion Capital failed to pull off a deal to extract dividends from another one of its portfolio holdings, French frozen-food retailer Picard Groupe SAS. Investors demanded higher pricing on the 1.7 billion-euro deal in April and Lion walked away.“We completed Afflelou but pulled Picard because we were being opportunistic and didn’t like the pricing,” said Lyndon Lea, co-founder of Picard’s majority owner Lion Capital. “There was no urgency because the proceeds were for a dividend, which is not time-sensitive.”While the economy powers ahead and companies are growing, servicing the extra debt may not seem like much of a strain. The problem arises when the economic boom comes to an end, and fragile balance sheets are left struggling under the weight of large debt piles and falling revenue. In the U.S., the financial travails of the Payless shoe company were blamed in part on such payouts, and have been the target of criticism from Senator Elizabeth Warren.In the public stock market, companies that have paid shareholder dividends are underperforming those that have been buying back shares. The S&P Europe 350 Dividend Aristocrats Index is up about 20% since the end of October, when the vaccine-fueled stock market rally started, compared with 37% for its buyback equivalent.“It’s easier to keep adding debt when business multiples are so high as the market still thinks there is plenty of equity below the bonds,” said Benbow at Aegon. “Obviously when the cycle turns and the market cheapens up you realize that there is little to no equity left.”(Corrects name of BC Partners to Partners Group in second graph. Original story published on 20 May)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 10h49m Fed's balance sheet could reach $9 trillion by end of 2022, NY Fed report estimates The forecasts, issued as part of an annual report conducted by the markets team at the New York Fed, assume that the U.S. central bank continues buying bonds at the current pace of $120 billion a month through the end of 2021. Howell date : 210524 10h40m25s Business Yahoo Finance Video 210524 10h23m Lawmakers clash over infrastructure deal as deadline looms Lawmakers are clashing over Biden's infrastructure deal as the deadline approaches. Yahoo Finance's Jessica Smith shares the details. World Reuters 210524 10h19m UPDATE 1-Pound steadies below $1.42, BoE speakers in focus Britain's pound held within recent ranges on Monday, trading just shy of $1.42 as analysts set their eyes on an address by four Bank of England policymakers to a parliamentary sub-committee. Bank of England Governor Andrew Bailey, in an annual report to parliament's Treasury Committee, said on Monday he does not see long-term implications from an expected pick-up in inflation as the economy emerges from the coronavirus pandemic. Michael Saunders, another BoE policymaker, said that he expected the BoE would need to raise interest rates modestly over the next three years if the economy grew as strongly as forecast. World Bloomberg 210524 10h15m EU Leaders Urged to Act Against Lukashenko: Belarus Update (Bloomberg) -- European Union leaders will begin debating possible measures against Belarus, a day after the nation forced the landing of a Ryanair Holdings Plc plane and arrested a journalist on board.The 27 leaders will consider further sanctions against President Alexander Lukashenko’s administration when the two-day summit kicks off in Brussels at 7 p.m. European Council President Charles Michel called the incident an “international scandal.”Potential measures could also include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the bloc from Belarus, according to a person familiar with the summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Belarusian journalist removed from plane in MinksU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Leaders Begin Arriving at Summit in Brussels (6:15 p.m.)EU leaders are expected to use the following wording in their joint communique on Belarus, according to a senior diplomat familiar with the ongoing drafting of the text:They’ll condemn the forced landing and call for release of Raman Pratasevich and Sofia Sapega.Call for an investigation of this “unprecedented and unacceptable incident”Vow “to adopt additional listings as soon as possible on the basis of the relevant sanctions framework”Call on all EU-based carriers to avoid overflight of BelarusTask their ministers “to adopt the necessary measures to ban overflight of EU airspace by Belarusian Airlines and prevent access to EU airports”Transport Lobby Says Avoiding Belarus Airspace Difficult (6:02 p.m.)It could be complicated for airlines to avoid Belarusian airspace given its location and the fact that there are other restricted flight areas nearby, according to Director General of the International Air Transport Association Willie Walsh. He told Bloomberg Television’s Guy Johnson and Alix Steel that airlines that are still flying over Belarus will have assessed the risk.“We do have to strongly condemn the actions of the government of Belarus,” Walsh said. “What they did on Sunday, intercepting a commercial civil aircraft, clearly put the passengers and crew of that aircraft at risk. Forcing them to divert is unacceptable behavior by any government.”U.K. Summons Belarus Ambassador (6:02 p.m.)The U.K. summoned the Belarusian ambassador to London to explain the forced landing of a commercial plane and arrest of journalist Raman Pratasevich, according to Foreign Secretary Dominic Raab.Raab told Parliament on Monday that the actions by Belarus were an “egregious and extraordinary departure from international law.”“It’s very difficult to believe that this kind of action could’ve been taken without at least the acquiescence of the authorities in Moscow,” Raab said.U.K. Suspends Operating Permit of Belarus Airline (6:02 p.m.)Raab told Parliament the U.K. has suspended the operating permit on the Belarusian airline Belavia. He added that the Civil Aviation Authority has been instructed not to grant any further ad hoc permits for carriers between the U.K. and Belarus, and to request airlines not to venture into Belarusian airspace.Belarus Says Bomb Threat Led to Forced Landing (6:02 p.m.)Belarus grounded the Ryanair flight after receiving an emailed bomb threat signed by people claiming to be Hamas fighters, Artiom Sikorskiy, director of aviation at the country’s Transportation Ministry, said during an online briefing Monday.The message included demands for Israel to stop fighting in Gaza and the EU to withdraw support for Israel, and was composed in English, Sikorskiy said. The bomb was allegedly set to explode over Lithuania’s capital, Vilnius.The anonymous email to the Minsk airport was sent just days after the Israel-Palestine truce sparked celebrations in Gaza.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.”“We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Politics Reuters 210524 10h14m UPDATE 1-Biden doubles U.S. spending on preparations for extreme weather The United States will double its spending to $1 billion on preparations for extreme weather and other natural disasters as part of the battle against climate change, the White House said on Monday. It issued the statement just ahead of U.S. President Joe Biden's planned visit to the Federal Emergency Management Agency to be briefed on a 2021 hurricane season, which is expected to be above-normal along the Atlantic coast. Business Reuters 210524 10h12m Peloton to build first factory in U.S., targets production in 2023 Peloton has emerged as a pandemic winner as home workouts became popular during the prolonged coronavirus-led lockdowns. The factory will be the latest addition to the company's growing global manufacturing network, which includes third-party partners in Asia and Peloton's own facilities, the company said. Peloton said it would commit about $400 million to the facility and add more than 2,000 jobs over the next few years. Business Bloomberg 210524 10h07m Gold Holds Near Four-Month High as Fund Buying, ETFs Buoy Demand (Bloomberg) -- Gold steadied near the highest in more than four months amid signs that investors are turning more bullish on the precious metal.Hedge funds and other large speculators raised their net-long position in U.S. gold futures and options to the highest since January, government data showed Friday. Holdings in exchange-traded funds backed by bullion have climbed in May, following three months of outflows. Declines in the dollar and bond yields on Monday also helped gold.Gold has posted three straight weekly gains, bringing it closer to wiping out losses for the year after prices slumped in the first three months. The metal has advanced on wobbles in the greenback on Treasury yields, and demand for bullion as a store of value is rising as inflation worries threaten to undercut economic growth. Investors were also weighing the extreme volatility in Bitcoin, which may have lent an added pillar of support.“Gold prices are trending higher as weakness in cryptocurrencies and rising demand for inflation-hedge assets buoyed the appeal of the precious metal,” said Margaret Yang, a strategist at DailyFX. “Recent ETF data showed that investors are stockpiling the yellow metal for the first time since January, underscoring rising appetite.”Spot gold rose 0.2% to $1,884.88 an ounce by 11:23 a.m. in New York, after reaching $1,890.13 last week, the highest since Jan. 8. Silver and platinum also advanced, while palladium fell. “The recent move lower in real rates, accompanied by further U.S. dollar weakness, have been the key drivers of gold’s rebound,” Morgan Stanley analysts led by Susan Bates said in a note on Monday. Still, “we continue to see a risk of a sharper sell-off similar to that seen in 2013 once tapering begins in 2022, but in our base case we assume price remains supported in the $1,600s per ounce until the first Fed rate hike.”Former U.S. Treasury Secretary Lawrence Summers said cryptocurrencies could stay a feature of global markets as something akin to “digital gold,” even if their importance in economies will remain limited. Cryptocurrencies offered an alternative to gold for those seeking an asset “separate and apart from the day-to-day workings of governments,” he said.On Monday, Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 10h07m Stocks Rise as Inflation Fears Ebb; Bitcoin Surges: Markets Wrap (Bloomberg) -- U.S. stocks climbed, led by technology companies, as inflation anxiety appeared to be easing. Bitcoin headed toward its biggest surge since February, rebounding from a weekend rout.Ten out of the 11 groups in the S&P 500 advanced, while the Nasdaq 100 outperformed major equity benchmarks amid a rally in giants such as Apple Inc., Amazon.com Inc. and Google’s parent Alphabet Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Most base metals were under pressure, with iron ore and steel sinking as China stepped up its fight against soaring commodity prices.While several analysts are warning that it may be early to signal the all-clear on inflation risks, weaker-than-expected economic reports have helped quell investor worries. Rates on 10-year breakevens -- a market gauge of inflation expectations over the next decade -- fluctuated after the biggest weekly drop since September. Meanwhile, Federal Reserve Governor Lael Brainard said she expected to see prices rise as the U.S. economy reopens -- but played down the risk that the potential increase would lead to a persistent overshoot.“The Fed continues its wait-and-see posture -- which added wind beneath the tech sector’s wings,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Stocks head into the final full week of the month trying to break a two-week bull-bear stalemate.”For Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, inflation fears will remain a headwind for stocks until it becomes clear that price pressures are temporary.“Until then, expect a more volatile market,” he wrote in a note to clients. “But at this point, strong policy support for stocks remains very much in place, and that’s a good thing.”Some other corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Coinbase Global Inc. rose as Goldman Sachs Group Inc. recommended buying shares of the cryptocurrency exchange.Beyond Meat Inc. gained as the plant-based meat producer was upgraded to outperform at Bernstein.Here are some events this week:Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1.1% as of 12:06 p.m. New York timeThe Nasdaq 100 rose 1.9%The Dow Jones Industrial Average rose 0.6%The Stoxx Europe 600 rose 0.1%The MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%The euro rose 0.2% to $1.2211The British pound was little changed at $1.4149The Japanese yen rose 0.1% to 108.80 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.60%Germany’s 10-year yield declined one basis point to -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 3% to $65 a barrelGold futures rose 0.4% to $1,887 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 10h09m49s Business Bloomberg 210524 09h53m PG&E to Sell San Francisco Headquarters for $800 Million (Bloomberg) -- PG&E Corp. has reached a deal to sell its iconic San Francisco headquarters to real estate joint-venture Hines Atlas for $800 million as the utility giant moves to cut costs after it emerged from bankruptcy last year.PG&E, which plans to move to Oakland next year, needs approval from state regulators to sell the 1.7 million-square-foot (158,000-square-meter) complex, which includes 77 Beale Street and 245 Market Street, according to a statement Monday.The sale comes as office markets around the globe have been battered by the coronavirus pandemic. One broker estimated in 2019 that PG&E’s headquarters could bring in more than $1 billion. The utility giant is one of the most high-profile companies to leave San Francisco for Oakland, a less expensive city located across San Francisco Bay.Nearly a dozen bids were submitted for the property, according to a person familiar with the matter, who asked not to be identified discussing the private negotiations. That level of interest suggests real estate investors are willing to bet on a rebound for office demand in the city.“It’s a fantastic bet on San Francisco,” said J.D. Lumpkin, executive managing director at commercial real estate brokerage Cushman & Wakefield in San Francisco, who wasn’t involved in the deal. “While San Francisco has taken its lumps through Covid, perhaps more than other cities, there’s a lot of evidence that we will rebound over the next two or three years.”PG&E didn’t immediately respond to a request for comment about the bids. The company’s shares rose as much as 2.1% Monday.Unlike some other large property sales in San Francisco since the pandemic, the complex will require a substantial amount of renovation. It also doesn’t have a tenant in place, so the buyers will have to fill it in a few years once the redevelopment is finished.Also See: KKR Said to Buy $1.08 Billion San Francisco Dropbox Offices San Francisco’s overall office vacancy rate in the first quarter shattered the previous record high hit during the dot-com bust at the turn of the century, according to CBRE Group Inc. That’s pushed rent down and weighed on the value of buildings.The sale price is about $200 million less than expected, Citigroup Inc. utility analyst Ryan Levine wrote in a research note Monday. That raises the prospect that PG&E may need to raise equity this year, he said.Offset BillsPG&E intends to distribute about $400 million from its gain on the sale to customers over five years to offset bill increases as it invests in safety and operational improvements. In an added benefit, most PG&E workers will have shorter commutes to their new office, the company said.CBRE’s San Francisco Capital Markets team brokered the deal.PG&E filed for bankruptcy in early 2019 after collapsing under liabilities from wildfires sparked by its equipment. Though the company exited Chapter 11 last year, it remains burdened by about $42 billion of debt, raising concerns about its financial durability and ability to make the investments required to fire-proof its grid.Hines is one of the biggest private real estate investors and managers in the world, according to its website. Hines Atlas is a joint venture between Hines and another investor, a Hines spokesman said. He declined to name the other investor.(Adds details of bid beginning in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 09h51m Stock market news live updates: Stocks gain as technology shares outperform, Bitcoin recovers some losses Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses. U.S. Bloomberg 210524 09h41m NYC to End Remote-School Option for Students in September (Bloomberg) -- New York Mayor Bill de Blasio said a remote option will no longer be available when public school students return in September.Requiring in-person learning for the roughly 1 million students in the largest U.S. school system represents a big move toward the city’s full reopening. As the end of the school year approaches, most of the city’s students are learning from home.“You can’t have a full recovery without full-strength schools,” de Blasio said Monday on MSNBC. “More and more kids will be vaccinated, we’ve made vaccination available everywhere. It’s really time to go full strength right now.”New York joins neighboring New Jersey in eliminating a virtual option for students in the fall, among the first in the nation to pledge to bring back all students to in-person schooling.De Blasio had long expressed his hope that kids would return to classrooms in the fall, but it was unclear whether a remote option would be offered. The city began allowing in-person learning for elementary schools last December, middle schools in February and high schools in March. About 600,000 students opted not to return to schools due to health and other concerns.After new distancing guidance in March from the Centers for Disease Control and Prevention allowed the school system to open classrooms for more students, nearly two thirds of kids still chose to stay home.The move will be a step toward easing some of the inequities compounded by the pandemic as students of color and low-income students have struggled disproportionately. More than $100 billion from the American Rescue Plan, in addition to aid from prior relief bills, is headed to school districts across the country to help cover the cost of reopening and addressing those differences.De Blasio urged parents who still feel unsafe sending their kids to in-person classes to mentally put Covid behind them. City schools will welcome parents to come into the buildings starting in June to view safety protocols and get them re-acclimated, he said.“It’s time for everyone to come back,” de Blasio said Monday during a briefing.Teacher ResponseThe mayor also will have to win over the city’s teachers, thousands of whom remain home due to safety concerns.Michael Mulgrew, president of the United Federation of Teachers, the largest New York City teachers union, said he supports getting as many students back in school this fall, but there should still be a remote option.“There is no substitute for in-person instruction,” he said in an emailed statement. “We still have concerns about the safety of a small number of students with extreme medical challenges.”City officials have maintained that health and safety protocols have kept Covid-19 rates relatively low at schools, despite frequent closings throughout the year prompted by student cases. With nearly half of New York City vaccinated, the city’s hospitalization rate has dropped precipitously to below 1 per 100,000 residents.About half of the city’s teachers have been vaccinated, schools chancellor Meisha Ross Porter said during a briefing. “We will welcome all our teachers into the fold,” she said. “We would never take any risks with our most important assets and that’s our children.”De Blasio said he expects more teachers and kids to be vaccinated by September, and that Covid rates will continue their steady decline. Kids ages 12 and up are now eligible for the vaccine. De Blasio said he expects that the CDC may drop their guidance to keep kids three feet apart, but that “every school could go to three feet if we had that rule right now.”Come next school year, teachers won’t be allowed to teach remotely while kids are in classrooms, more commonly known as “Zoom in a Room.”Jasmine Gripper, executive director of the Alliance for Quality Education, a coalition of parent groups, said she was surprised about the mayor’s move and was concerned about returning to large classes.“I think there’s a hesitancy about bringing children back if there are overcrowded classrooms,” Gripper said. “It’s not just the CDC, it’s parents’ concerns about overcrowding. There’s a hesitancy about putting 35 people in a room together, whether six feet apart or three feet apart.”Some parents said today’s move was made without their consultation.“A lot of my parents are very upset,” said Farah Despeignes, president of the Community Education Council District Eight in the Bronx, who has two sons studying remotely. The decision jeopardizes children who have excelled in remote learning and is a risk to areas where vaccine hesitancy is higher, she said.“To have this decision made without speaking to Bronx parents feels like a slap in the face,” Despeignes said.(Updates with Mulgrew comments)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210524 09h36m UPDATE 1-Russian, U.S. security chiefs meet in Geneva in push for summit -TASS The U.S. and Russian national security advisers held wide-ranging talks on Monday in what both sides described as an important step in preparing for a possible summit between U.S. President Joe Biden and Russian President Vladimir Putin. White House national security adviser Jake Sullivan and Russian Security Council Secretary Nikolay Patrushev discussed a range of issues at their Geneva meeting, with a focus on strategic stability, according to the White House and the Russian Security Council, quoted by the TASS news agency. Business Bloomberg 210524 09h32m Vonovia Is Said in Talks on $23 Billion Deutsche Wohnen Deal (Bloomberg) -- German residential property firm Vonovia SE is in advanced talks on a potential takeover of rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) as it pursues a third attempt at a combination, people with knowledge of the matter said.Vonovia is discussing a friendly acquisition of Deutsche Wohnen for about 53 euros per share in cash, according to the people, who asked not to be identified because the information is private. The companies are prepared to address political and tenant concerns in Berlin as part of any deal, the people said.While an agreement could be reached as soon as this week, there’s no certainty the negotiations will lead to a transaction, according to the people. Representatives for Vonovia and Deutsche Wohnen weren’t immediately available for comment during a German public holiday.A transaction would bring together Germany’s largest residential landlords, which together control more than 500,000 apartment units. Shares of Deutsche Wohnen have risen 3% this year through Friday, giving it a market capitalization of 16.2 billion euros. It’s valued at about 28 billion euros including debt. Vonovia fell 13% over the period, valuing the company at 30 billion euros.German property companies have faced rising public pressure over the past few years over high prices, particularly in the nation’s capital. A combination between Vonovia and Deutsche Wohnen would enable significant cost savings and free up the firms to offer concessions to address political concerns, the people said.Deutsche Wohnen faced a brief respite after a mid-April decision by the German constitutional court to overturn a controversial rent freeze in Berlin, where the company’s apartments are located. The company had a net asset value per share of 52.50 euros at the end of March, according to its latest results.A previous acquisition attempt by Vonovia failed in February 2016 after it failed to win enough support from Deutsche Wohnen investors. Deutsche Wohnen called that bid hostile and not in the best interests of shareholders.Vonovia brought on advisers early last year to again consider the feasibility of a transaction, Bloomberg News reported at the time. In the end, it decided not to move forward with a bid.Any combination would require alignment between Vonovia Chief Executive Officer Rolf Buch and his counterpart at Deutsche Wohnen, Michael Zahn, who clashed over price during the failed pursuit about five years ago. Buch has built Bochum-based Vonovia into a European property heavyweight through several acquisitions, including the 2019 purchase of Swedish landlord Hembla AB and a 2016 deal for Austrian developer Conwert Immobilien Invest SE.(Updates with further transaction details from first paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 09h28m Elliott Takes Stake in Takeover Target UDG Healthcare (Bloomberg) -- Activist investor Elliott Investment Management has built a position in UDG Healthcare Plc, which has drawn shareholder criticism over the terms of its proposed takeover by buyout firm Clayton Dubilier & Rice.The New York-based hedge fund, which is run by billionaire Paul Singer, disclosed in a regulatory filing Monday it owns a 3.1% stake in the company in derivatives and other options. It didn’t say in the filing what the nature of the investment was, or what changes it might be seeking.A representative for Elliott declined to comment. A representative for UDG wasn’t immediately available for comment.Clayton Dubilier agreed to acquire UDG this month for 2.61 billion pounds ($3.2 billion) in cash, a roughly 22% premium at the time. Shares in the company rose 1.8% to 1,064 pence at 3:53 p.m. Monday in London, above the offer price of 1,023 pence per share.UDG’s largest shareholder said last week in an emailed statement it was opposed to the terms of the deal, arguing it is “opportunistic and undervalues UDG.” Allianz Global Investors, which owns an 8.6% stake in the company, said it was open to further discussions but believed the offer price doesn’t reflect the value of UDG’s future potential.“Having come through the trials of the pandemic with a strong balance sheet, AllianzGI believes UDG can realize the potential of recent acquisitions, consider further inorganic opportunities and improve the efficiency of its capital structure,” it said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 09h39m12s Business Reuters 210524 09h18m UPDATE 1-Uber, Lyft launch U.S. vaccine rides program in White House partnership Uber Technologies Inc and rival Lyft Inc on Monday launched COVID-19 vaccine ride programs in partnership with the White House, offering Americans free rides or discounts for their trips to and from a vaccination site. Customers who have booked a vaccine appointment can request a ride through the Uber app and either incur no charges if the trip costs less than $25, or receive a $25 discount for their journey, the company said. With two of the three COVID-19 vaccines available in the United States requiring two separate shots, Uber would pay a maximum of $100 per passenger under the program. U.S. Reuters 210524 09h18m UPDATE 1-Unfriendly skies: 2,500 unruly U.S. airline passengers reported in 2021 Airlines have filed about 2,500 unruly-passenger reports with the U.S. Federal Aviation Administration this year, including 1,900 reports of passengers not wearing required face masks, the agency said on Monday. The jump in cases in midst of the coronavirus pandemic prompted FAA Administrator Steve Dickson in March to indefinitely extend a "zero tolerance policy" on unruly air passengers imposed in January. The FAA said on Monday it had proposed new civil penalties ranging from $9,000 to $15,000 against five airline passengers for disruptive and, in some cases, assaultive behavior. World Reuters 210524 09h14m UPDATE 1-UK's Raab says: difficult to believe Russia not involved in Belarus jet incident Britain said on Monday it was difficult to believe that Russia was not involved, at least by acquiescence, in the jet incident in Belarusian airspace but that London had no clear evidence of Moscow's involvement yet. Belarusian authorities scrambled a fighter jet and flagged what turned out to be a false bomb alert to force a Ryanair plane to land on Sunday and then detained an opposition-minded journalist who was on board, drawing condemnation from Europe and the United States. Business Reuters 210524 09h09m UPDATE 1-Exxon vows to add two new directors ahead of bitter proxy fight Exxon Mobil on Monday said it would appoint two new directors with energy industry and climate experience within the next 12 months, a pledge made days ahead of a shareholder contest over the oil major's climate stance and board makeup. Shareholders on Wednesday will decide between's Exxon's 12 current directors and four from hedge fund Engine No.1, whose nominees had gained support from investors and proxy advisory firms. "Over the next 12 months, we will work with the Board to secure two new directors, one with energy industry experience and one with climate experience," Exxon wrote to shareholders. Business Bloomberg 210524 09h06m Bridgewater’s Ray Dalio Says He Prefers Bitcoin to Bonds (Bloomberg) -- Ray Dalio, founder of Bridgewater Associates, said he would rather own Bitcoin than a bond.Should cryptocurrencies continue to gain traction, investors might decide to invest in them rather than government bonds, Dalio said in a recorded interview that was presented Monday at CoinDesk’s Consensus 2021 conference. The result is that governments lose control over their ability to raise money.Dalio has been bearish bonds for some time, saying in March that the economics of investing in bonds “has become stupid” because they pay less than inflation. Even with that view, a large percentage of the $151 billion his firm manages is in U.S. Treasuries and other government bonds.“I have some Bitcoin,” Dalio said in the interview, which was recorded on May 6, according to CoinDesk. He didn’t say how much he owned.Dalio also said that Bitcoin’s “greatest risk is its success.”The hedge fund manager has previously called Bitcoin “one hell of an invention” and that he found it challenging to put a value on digital assets since investing in Bitcoin means recognizing the potential to lose about 80%.Dalio said in January he was considering cryptocurrencies as investments for new funds that would offer clients protection against the debasement of fiat money.Bridgewater Associates has struggled to make money in its main macro fund. Last year, its Pure Alpha II fund lost 12.6% and it is up 4% this year through April. Overall, Bridgewater manages $73 billion across its macro strategies.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 09h05m UPDATE 1-Dollar hangs near 4-month lows, bitcoin rebounds * Dollar down 0.2% for day, holds above Friday low * Euro gains 0.3%, continuing its gain on dollar * Bitcoin perks up after wild weekend * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E (Updates prices) By David Henry and Iain Withers NEW YORK/LONDON, May 24 (Reuters) - The dollar languished near four-month lows against major currencies on Monday as bets on a robust global economic recovery continued to support currencies seen as riskier. Since the end of March, the greenback, seen as a safe-haven trade, has retreated steadily with optimism about the global economic recovery. "Markets have to start pricing in a slightly more hawkish Fed going forward," Win Thin, global head of currency strategy at Brown Brothers Harriman wrote on Monday morning. Business Bloomberg 210524 09h04m FiscalNote, Valued at $1.4 Billion, Eyes Public-Markets Debut (Bloomberg) -- FiscalNote Inc., a company that specializes in software for policy makers and regulators among others, is weighing a public-markets debut after raising fresh capital at a $1.4 billion valuation, according to a person with knowledge of the matter.Led by founder and Chief Executive Officer Tim Hwang, FiscalNote raised $40 million from investors including Clearvision Ventures, Maso Capital Partners and Japan’s CBC Group in an extension of its latest funding round in recent weeks, the person said.The Washington, D.C.-based company is working with an adviser as it explores options for going public, including merging with a special purpose acquisition company or a traditional initial public offering, the person said, asking not to be identified discussing non-public information. A firm decision hasn’t been made.A FiscalNote spokesman declined to comment on its valuation and listing plans. Representatives for Clearvision, Maso and CBC didn’t respond to requests for comment.The FiscalNote representative said the company recently acquired Fireside, a provider of technology to Capitol Hill that includes software to manage customer relationships. It also bought TimeBase, an Australia-based provider of legislative research and tracking tools.FiscalNote in December said it raised $160 million in new equity and debt financing from backers including Matthew Safaii’s Arrowroot Capital, David Spreng’s Runway Growth Capital and Carlos Gutierrez, the former U.S. Secretary of Commerce. Earlier investors include Mark Cuban, Jerry Yang, Winklevoss Capital Management and New Enterprise Associates.FiscalNote has more than 4,000 clients, including the Federal Reserve, AstraZeneca Plc, the U.S. Centers for Disease Control and Prevention, 3M Co., and the American Hospital Association.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 09h08m36s Business Bloomberg 210524 09h00m Bitcoin Bounces Back Above $38,000 After Weekend Selloff (Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency was trading 12% higher around $37,655 as of 10:58 a.m. in New York. It climbed as high as $38,683. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.Traders may be feeling more positive as the crypto industry holds one of its biggest conferences of the year. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.If people can keep digital dollars in a wallet that’s unrelated to a bank account, and easily use that wallet to make payments and transfers, that then undermines the commercial banking system, Brainard said. It could starve the banks of deposits, which of course are vital for making loans, she noted.Bridgewater’s Ray Dalio said there is little incentive right now to hold dollars is low with no interest being paid. Eventually people will go to “almost anything else” -- stocks, gold, Bitcoin and real estate, he said during the conference webcast.“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”Ether, the second-largest token, also rebounded on Monday, jumping 15% to about $2,373.The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210524 08h50m Analyst: We’ve got very robust GDP expectations RBC Capital Markets Head of U.S. Equity Strategy, Lori Calvasina, joins Yahoo Finance to discuss the tech space within the market and how inflation might play a role, and the impact of the new possible corporate tax rate. Business Yahoo Finance Video 210524 08h48m Goldman’s Jan Hatzius: We’re still ‘far from a normal economic environment’ Jan Hatzius, Goldman Sachs Chief Economist and Head of Global Economics and Markets Research, joins Yahoo Finance Live to weigh in on the outlook for U.S. economic recovery, inflation fears and what’s next for the Fed. Business Yahoo Finance 210524 08h46m Stock market news live updates: Stocks gain as technology shares outperform, Bitcoin recovers some losses Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses. Business Bloomberg 210524 08h45m Tech Leads Gains in U.S. Stocks; Bitcoin Rebounds: Markets Wrap (Bloomberg) -- Technology shares led gains in U.S. stocks as inflation anxiety appeared to be easing. Bitcoin headed toward its biggest surge since February, rebounding from a weekend rout.All 11 groups in the S&P 500 advanced, while the Nasdaq 100 outperformed major equity benchmarks amid a rally in giants such as Apple Inc., Amazon.com Inc. and Google’s parent Alphabet Inc. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Most base metals were under pressure, with iron ore and steel sinking as China stepped up its fight against soaring commodity prices.While several analysts are warning that it may be too early to signal the all-clear on inflation risks, weaker-than-expected economic reports have helped quell investor worries. Data from the Federal Reserve Bank of Chicago showed Monday that U.S. economic activity slowed down in April. Rates on 10-year breakevens -- a market gauge of inflation expectations over the next decade -- fluctuated after capping their biggest weekly decline since September.“General inflation fears are a headwind on stocks, and they will be until it becomes clear that inflation is a temporary phenomenon,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote to clients. “Until then, expect a more volatile market -- but at this point, strong policy support for stocks remains very much in place, and that’s a good thing.”Meanwhile, Fed Governor Lael Brainard said Monday she expected to see inflation rise as the U.S. economy reopens from the pandemic -- but played down the risk that this potential increase would lead to a persistent overshoot. A record of the central bank’s April gathering showed last week that some officials were open to a debate at “upcoming meetings” on scaling back their massive bond purchases.“The Fed continues its wait-and-see posture, which added wind beneath the tech sector’s wings,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Stocks head into the final full week of the month trying to break a two-week bull-bear stalemate.”Some other corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Coinbase Global Inc. rose as Goldman Sachs Group Inc. recommended buying shares of the cryptocurrency exchange.Beyond Meat Inc. gained as the plant-based meat producer was upgraded to outperform at Bernstein.Here are some events this week:Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 1.1% as of 10:44 a.m. New York timeThe Nasdaq 100 rose 1.7%The Dow Jones Industrial Average rose 0.6%The Stoxx Europe 600 was little changedThe MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.3% to $1.2224The British pound was little changed at $1.4159The Japanese yen rose 0.2% to 108.74 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.61%Germany’s 10-year yield was little changed at -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 2.2% to $65 a barrelGold futures rose 0.4% to $1,886 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210524 08h45m Germany Summons Ambassador, Flights Delayed: Belarus Update (Bloomberg) -- Russia dismissed European Union and U.S. outrage at the forced landing of a Ryanair Holdings Plc plane in Minsk by Belarusian authorities who arrested a journalist on board.The European Union will consider further sanctions against President Alexander Lukashenko’s administration when its leaders meet for dinner in Brussels on Monday night for the start of a two-day summit.The EU was already working on an additional package of sanctions over a disputed election last year and will now look at increasing the pressure on Belarus. Potential measures could include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the EU from Belarus, according to a person familiar with summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Ryanair jet diverted to Minsk under escort from Mig-29 fighter jetBelarusian journalist removed from plane in Belarusian capitalU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Michel to Push for Concrete EU Measures (4:45 p.m.)European Council President Charles Michel will push for EU leaders to decide on measures against Belarus when they meet for dinner Monday night at the start of a two-day summit.“What happened yesterday is an international scandal. Lives of European civilians were at risk,” Michel said as he arrived at the summit building. “This is not acceptable and this is why we put the debate on sanctions on the table of the European Council.” “We are preparing different options, different possible measures and I hope tonight we can take decisions on that,” he added.Schroders Says Putin Unlikely to Jeopardize Biden Summit (4:45 p.m.)“The developments over the weekend are obviously negative and we will await a European response,” Schroders money manager James Barrineau said by email from New York. “We doubt Putin will want to jeopardize his summit with Biden over this issue, but it does not help the overall tone of the relationship of Russia with Europe.”Schroders has a “very small” position in Belarus, and for now does not expect implications for Russian assets from the forced landing of the Ryanair plane in Minsk, he said.Germany Summons Belarus Ambassador (4:29 p.m.)Germany summoned the Belarus ambassador to the foreign ministry in Berlin Monday evening to explain why the country forced a Ryanair jet to land in Minsk. Foreign Minister Heiko Maas called the previous explanations from Alexander Lukashenko’s regime “absurd and not credible.”“We need clarity about what really happened on board and on the ground yesterday,” Maas said in a statement. “And we need clarity about the well-being of Raman Pratasevich and his partner, who must be released immediately.”Lithuania Urges Its Citizens to Avoid Belarus (4:29 p.m.)The Lithuanian foreign ministry urged its nationals not to travel to Belarus and recommended those currently in the neighboring country to leave, according to a statement. The incident with the Ryanair plane demonstrates “a threat to security and lives of individuals,” the ministry said.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 08h37m59s Business Bloomberg 210524 08h27m Oil Extends Gain With Iran Saying Differences Remain on Deal (Bloomberg) -- Oil’s rally accelerated after Iran said that gaps remain in negotiations involving world powers in reaching a deal that would end U.S. sanctions on its crude.Futures climbed as much as 2.6% in New York with added support from a weakening dollar making commodities priced in the currency more attractive. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement.While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, Goldman Sachs Group Inc said. The bank expects Brent futures to hit $80 a barrel in the next few months.“Whether a deal gets done will move prices around one way or another,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “It doesn’t look we’re getting those Iranian barrels coming back as quickly as the market thought we would.”Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues. As part of that process, Iran extended a UN nuclear inspections agreement, buying diplomats time to revive the landmark deal that would usher in an official return of the Persian Gulf nation to world oil markets. Meanwhile, Iran has already found buyers for its oil exports ahead of an agreement on the nuclear deal, notably China. Those ties may become even stronger, with the leaders of both countries speaking on the phone about Iran expanding its oil sales to China.Crude has been largely stuck between $60 and $70 a barrel recently, with concerns over returning output being counteracted with the ongoing demand recovery underway in some key markets. Virus cases in the U.S. were below 30,000 every day last week for the first time since June, though parts of Asia continue to see significant infections.“The specter of Iranian sanctions relief looms large over the oil market,” said PVM Oil Associates analyst Stephen Brennock. “Additional supply from Tehran is poised to be absorbed by the market as a result of a vaccine-spurred surge in demand over the coming months.”Physical markets continue to get a boost from a raft of buying from refiners in Asia. Japan’s Fuji Oil became the latest company to buy Middle Eastern crude on Monday, after a spate of bullish interest last week.Goldman isn’t alone in its view on the impact of returning Iranian supply. Citigroup Inc. said it expects only a partial return of the country’s barrels initially. The bank still sees oil hitting the mid-$70s in the third quarter, but said prices could retreat thereafter.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 08h23m US STOCKS-Wall St climbs on boost from tech stocks Crypto-exchange operator Coinbase Global and miners Riot Blockchain and Marathon Digital Holdings gained between 1% and 3.8%. The S&P index recorded 17 new 52-week highs and no new lows, while the Nasdaq recorded 57 new highs and 15 new lows. Business Bloomberg 210524 08h23m PG&E to Sell San Francisco Headquarters for $800 Million (Bloomberg) -- PG&E Corp. has reached a deal to sell its San Francisco headquarters to real estate joint venture Hines Atlas for $800 million, part of the utility giant’s move to cut costs after it emerged from bankruptcy last year.PG&E plans to move into its new headquarters in Oakland next year, according to a statement Monday. It intends to distribute about $400 million from its gain on the sale, which includes 77 Beale Street and 245 Market Street, to customers over five years to offset bill increases as it invests in safety and operational improvements. The sale must still be approved by state utility regulators.The move makes PG&E one of the most high-profile companies to leave San Francisco for Oakland, a less expensive city located just across San Francisco Bay. In an added benefit, most PG&E workers will have shorter commutes to their new office, the company said.PG&E filed for bankruptcy in early 2019 after collapsing under liabilities from wildfires sparked by its equipment. Though the company exited Chapter 11 last year, it remains burdened by about $42 billion of debt, raising concerns about its financial durability and ability to make the investments required to fire-proof its grid.Hines is one of the biggest private real estate investors and managers in the world, according to its website. Hines Atlas is a joint venture between Hines and another investor, a Hines spokesperson said. He declined to name the other investor.One broker estimated in 2019 that PG&E’s headquarters could bring in more than $1 billion, assuming no major upgrades were needed. The lower sale price could reflect a shift in the commercial real estate market in the wake of the Covid-19 pandemic.Remote work has kept employees home, emptying office buildings and prompting companies to put their space on the market as subleases. San Francisco’s overall office vacancy rate in the first quarter shattered the previous record high hit during the dot-com bust at the turn of the century, according to CBRE Group Inc. That’s pushed rent down and weighed on the value of buildings.(Updates with details starting in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210524 08h21m Israel signs cloud services deal with Amazon, Google Israel's government said on Monday it had signed a deal with Amazon Web Services (AWS) and Google for a more than $1 billion project to provide cloud services for the country's public sector and military. A month ago, AWS and Google won a tender, beating out Microsoft, Oracle and IBM for the four phase project known as "Nimbus". Finance Ministry officials said they expected to start moving data to the cloud in about two months, but it will not be a centralised system since there are two providers, while some data will not be on the cloud. Business Reuters 210524 08h17m EMERGING MARKETS-Cenbank forex swap buoys Brazil' real Data on Monday showed annual headline inflation in Mexico stood at 5.80% in the year through the first half of May, well above the central bank's target of 3%, strengthening the case to end an easing cycle. It had dipped on Friday after Mexican President Andres Manuel Lopez Obrador said current central bank chief Alejandro Diaz de Leon's term will not be renewed when it ends in December. Lopez Obrador said will nominate an economist with a "social dimension". Business Bloomberg 210524 08h15m Shale Drillers Cabot, Cimarex to Merge in $7.4 Billion Deal (Bloomberg) -- Cabot Oil & Gas Corp. agreed to merge with Cimarex Energy Co., disappointing investors with little overlap in the combination of two mid-tier shale drillers in an all-stock transaction valued at about $7.4 billion.The deal will give Cabot shareholders about 49.5% of the combined entity, with Cimarex shareholders holding the rest, the companies said Monday in a statement. In common with other recent industry mergers, the combination of Cabot and Cimarex is an almost zero-premium deal. Shares for both companies tumbled more than 7%, marking their biggest intraday declines in more than a year.Cimarex “shareholders are only receiving a 0.4% premium despite COG trading at nearly twice the multiple in 2022,” Leo Mariani, an Austin-based analyst at KeyBanc Capital Markets Inc., wrote Monday in a note, downgrading the Cimarex shares from the equivalent of a buy to a hold. “COG and XEC also have no acreage overlap, which results in no clear strategic benefit to XEC’s shareholders and precludes the two companies from realizing any operational synergies, unlike other recent deals in the space.”U.S. shale drillers are getting increasingly acquisitive following a sustained recovery in energy prices from the lows seen in 2020. They’re also responding to investor pressure to improve financial and operational performance after a dismal few years.The Cimarex-Cabot deal addresses investor demands with a heavy emphasis on returning of cash: with plans to pay a 50-cent-per-share special dividend on the closing of the deal, while introducing a quarterly variable dividend, on top of a regular payout every three months.“When you look at the stability of our combined cash flow through commodity cycles, you just have to say, ‘Wow,’” Chief Executive Officer Tom Jorden told analysts and investors Monday on a conference call. “We’re building an ark, not a party boat, and this new company is an ark.”Combining Cabot, which operates in the Marcellus shale basin in Appalachia, and Cimarex, which drills in the Permian and Anadarko basins, will lead to the elimination of about $100 million in annual costs, according to both companies. The newly merged energy producer will be renamed and be based in Houston.“A Permian-focused partner would have made far more sense” for Cimarex, Bloomberg Intelligence analysts Talon Custer and Vincent G. Piazza said in a note. “Still, the new E&P will generate robust free cash flow, enhance shareholder distributions and mitigate federal leasehold risk.”The Cabot-Cimarex merger is the largest U.S. oil and gas deal since Chevron Corp.’s acquisition of Noble Energy Inc. last year, according to data compiled by Bloomberg.Cimarex investors will receive 4.0146 shares of Cabot common stock for each share of Cimarex common stock owned, The transaction is expected to close in the fourth quarter, subject to regulatory clearance, shareholder approval and other customary closing conditions.(Updates with shares in second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 08h08m Coinbase appoints former White House staffer as chief policy officer Shirzad joins the company against the backdrop of increased regulatory scrutiny around digital currencies globally. He served as deputy National Security Advisor for International Economic Affairs at the White House and was most recently the global co-head of government affairs at Goldman Sachs, where his tenure spanned 15 years. Howell date : 210524 08h07m23s Business Reuters 210524 07h52m SoftBank Vision Fund 2 invests $250 mln in banking tech startup Zeta SoftBank Group Corp's Vision Fund 2 has invested $250 million in Zeta, valuing it at $1.45 billion, the banking technology startup said on Monday. Zeta, founded in 2015, will use the proceeds of the Series C funding round to accelerate growth in the United States and Europe including scaling its operations, team, and platform. Sodexo, a customer of the company, also participated in the latest round as a minority investor, Zeta said. World Reuters 210524 07h51m Israeli businesses lost $368 million during Gaza fighting Israeli businesses lost 1.2 billion shekels ($368 million) during 11 days of fighting between Israel and the Hamas militant group in Gaza, the country's main industrial group said on Monday. The Manufacturers' Association, which represents some 1,500 firms and 400,000 workers, said the loss was mostly due to employees choosing to stay at home due to the nearly nonstop Palestinian rocket fire from Gaza. About a third of workers were absent from work in southern Israel and about 10% stayed home in areas closer to the commerical hub of central Israel, the association said. World Bloomberg 210524 07h42m Planes Rerouted, Russia Rejects Outrage: Belarus Update (Bloomberg) -- Russia dismissed European Union and U.S. outrage at the forced landing of a Ryanair Holdings Plc plane in Minsk by Belarusian authorities who arrested a journalist on board.The European Union will consider further sanctions against President Alexander Lukashenko’s administration when its leaders meet for dinner in Brussels on Monday night for the start of a two-day summit.The EU was already working on an additional package of sanctions over a disputed election last year and will now look at increasing the pressure on Belarus. Potential measures could include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the EU from Belarus, according to a person familiar with summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Ryanair jet diverted to Minsk under escort from Mig-29 fighter jetBelarusian journalist removed from plane in Belarusian capitalU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Lufthansa Flight Leaves Minsk With all Passengers (3:42 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt took off at 4:21 p.m. local time, according to FlightRadar24, 2 hours after its scheduled time of departure. The airline had earlier said that it was cooperating with local authorities who were “searching the aircraft again before departure and subjecting the passengers to another security check” after receiving a security alert during boarding.All 51 people schedule to depart on the flight were on board, according to a Lufthansa spokesperson. Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Bloomberg 210524 07h40m NYC to End Remote-School Option for Students in September (Bloomberg) -- New York City Mayor Bill de Blasio said all public school students will return to their school buildings come September and that a remote option will no longer be available.Reopening the largest school system in the U.S. for the roughly one million students represents a big move toward the city’s full reopening and will be crucial to the economic recovery of New York, which has been battered by the pandemic.“You can’t have a full recovery without full strength schools,” de Blasio said on an appearance Monday on MSNBC. “More and more kids will be vaccinated, we’ve made vaccination available everywhere. It’s really time to go full strength right now.”New York joins neighboring New Jersey in eliminating a virtual option for students in the fall, among the first in the nation to pledge to bring back all students to in-person schooling.The move will be a step toward easing some of the inequities compounded by the pandemic as students of color and low-income students have struggled disproportionately. Over $100 billion of of stimulus aid from the American Rescue Plan act, in addition to aid from prior relief bills, is headed to school districts across the country to help cover the cost of reopening and addressing those differences.De Blasio had long expressed his hope that kids would return in the fall, but it was unclear whether a remote option would be offered. As the end of the school year approaches, most of the city’s students remain at home. About 600,000 students opted to remain in remote learning due to health and other concerns despite having the option to return to schools. The city began allowing in-person learning for elementary schools last December, middle schools in February and high schools in March.After new distancing guidance in March from the Centers for Disease Control and Prevention allowed the school system to open classrooms for more students, nearly two thirds of kids again chose to stay home.De Blasio said city schools would welcome parents to come into the schools starting in June to view safety protocols and get them re-acclimated. “Anyone who has a question or concern, come into your child’s school, see what’s going on, get some answers,” he said.He will also have to win over the city’s teachers, thousands of whom remain home due to safety concerns.Michael Mulgrew, the president of the largest New York City teachers union, said he supports getting as many students back in school this fall but that a remote option should remain.“There is no substitute for in-person instruction,” he said in an emailed statement. “We still have concerns about the safety of a small number of students with extreme medical challenges.”City officials have maintained that health and safety protocols have kept Covid-19 rates relatively low at schools, despite frequent closures throughout the year prompted by student cases. With nearly half of New York City vaccinated, the city’s hospitalization rate has dropped precipitously to below 1 per 100,000 residents.De Blasio said Monday that by Sept. 13, he expects more kids will be vaccinated and Covid rates will continue their steady decline. Kids ages 12 and up are now eligible for the vaccine. De Blasio said the CDC may drop their guidance to keep kids three feet apart, but that “we could make that work if we have to.”Jasmine Gripper, executive director of the Alliance for Quality Education, a coalition of parent groups, said she was surprised about the mayor’s move on Monday and that she was concerned about returning to large classes.“I think there’s a hesitancy about bringing children back if there are overcrowded classrooms,” Gripper said. “It’s not just the CDC it’s parents concerns about overcrowding. There’s a hesitancy about putting 35 people in a room together, whether six feet apart or three feet apart.”(Updates with Mulgrew comments)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 07h36m Virgin Galactic Shares Jump Following Successful Test Flight (Bloomberg) -- Virgin Galactic Holdings Inc. climbed as much as 21% after the company founded by billionaire Richard Branson conducted a test flight to space for the first time in more than two years.The VSS Unity flight from New Mexico on Saturday marks a critical step on the path toward the start of commercial space tourism, helping to put the company back on its stated schedule for flying Branson to suborbital space as early as this summer and resuming ticket sales.“We view this event as a major milestone,” Michael Ciarmoli, an analyst at Truist Securities, said in a note to clients. Importantly, the flight carried revenue-generating scientific research experiments for NASA, and collected key data for the Federal Aviation Administration, Ciarmoli added.The stock was up 16% at $24.44, the highest in nearly six weeks, as of 9:34 a.m. in New York.Virgin Galactic’s first rocket burn since February 2019 paves the way for the next test, which is expected to carry additional employees. No date has yet been set for that step.After the 2019 flight, engineers detected damage to the spacecraft from pressure that had built up after ventilating holes were accidentally covered, according to “Test Gods,” a book published this month by New Yorker writer Nicholas Schmidle, who was given access to observe the company.The program suffered another setback in December when Unity had to glide to the ground after a rocket motor failed to ignite when it was dropped from carrier aircraft VMS Eve.A second flight attempt in February was scuttled by electrical interference to the spacecraft’s avionics, while Virgin this month said it was probing stress issues affecting Eve, before the craft was cleared to fly.(Updates with regular-session trading)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 07h34m Tech Leads Gains in U.S. Stocks; Bitcoin Rebounds: Markets Wrap (Bloomberg) -- Technology shares led gains in U.S. stocks as inflation anxiety appeared to be easing. Bitcoin headed toward its biggest surge since February, rebounding from a weekend rout.All major groups in the S&P 500 advanced. The world’s largest cryptocurrency soared after plunging as much as 18% on Sunday. Most base metals were under pressure, with iron ore and steel sinking as China stepped up its fight against soaring commodity prices.While several analysts are warning that it may be too early to signal the all-clear on inflation risks, weaker-than-expected economic reports have helped quell investor worries. Data from the Federal Reserve Bank of Chicago showed Monday that U.S. economic activity slowed down in April. Rates on 10-year breakevens -- a market gauge of inflation expectations over the next decade -- are little changed after capping their biggest weekly decline since September.“General inflation fears are a headwind on stocks, andthey will be until it becomes clear that inflation is a temporaryphenomenon,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote to clients. “Until then,expect a more volatile market -- but at this point strongpolicy support for stocks remains very much in place,and that’s a good thing.”Read: Brainard Lays Out Cost Benefits of Central Bank Digital CurrencySome corporate highlights:Virgin Galactic Holdings Inc. soared after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years.Coinbase Global Inc. climbed as Goldman Sachs Group Inc. recommended buying shares of the cryptocurrency exchange.Beyond Meat Inc. gained as the plant-based meat producer was upgraded to outperform at Bernstein.Here are some events this week:Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksThe S&P 500 rose 0.5% as of 9:30 a.m. New York timeThe Nasdaq 100 fell 0.6%The Dow Jones Industrial Average rose 0.4%The Stoxx Europe 600 fell 0.1%The MSCI World index rose 0.3%CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%The euro rose 0.3% to $1.2215The British pound was little changed at $1.4149The Japanese yen rose 0.1% to 108.84 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.61%Germany’s 10-year yield was little changed at -0.13%Britain’s 10-year yield declined one basis point to 0.82%CommoditiesWest Texas Intermediate crude rose 1.7% to $65 a barrelGold futures rose 0.2% to $1,882 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 07h32m Stock market news live updates: Stocks gain as technology shares outperform, Bitcoin recovers some losses Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses. Howell date : 210524 07h36m45s Business Yahoo Finance 210524 07h32m Stock market news live updates: Stocks gain as technology shares outperform, Bitcoin recovers some losses Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses. World Bloomberg 210524 07h28m Planes Rerouted, Russia Rejects Outrage: Belarus Update (Bloomberg) -- Russia dismissed European Union and U.S. outrage at the forced landing of a Ryanair Holdings Plc plane in Minsk by Belarusian authorities who arrested a journalist on board.The European Union will consider further sanctions against President Alexander Lukashenko’s administration when its leaders meet for dinner in Brussels on Monday night for the start of a two-day summit.The EU was already working on an additional package of sanctions over a disputed election last year and will now look at increasing the pressure on Belarus. Potential measures could include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the EU from Belarus, according to a person familiar with summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Ryanair jet diverted to Minsk under escort from Mig-29 fighter jetBelarusian journalist removed from plane in Belarusian capitalU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Tsikhanouskaya Calls for Belarus Sanctions (3:28 p.m.)Exiled Belarus opposition leader Svetlana Tsikhanouskaya called for sanctions against the country during a Monday phone call with EU foreign policy chief Josep Borrell. She is scheduled to hold a call later in the day with members of President Joe Biden’s administration.Tsikhanouskaya also said the whereabouts of the detained journalist Raman Pratasevich are unknown and his lawyer is unable to contact him. The journalist’s girlfriend, who is a Russian citizen, is being held in a Minsk prison and has been refused assistance from the Russian consulate.Lufthansa Flight From Minsk Delayed by Threat (3:02 p.m.)Lufthansa flight LH1487 from Minsk to Frankfurt was delayed following a “security alert,” the German airline said in a statement. The Minsk airport said on its Telegram channel that it had received an anonymous email about a planned “terrorist attack.” Lufthansa said 51 passengers, including five crew members, were on board the plane.“We are cooperating with the authorities, who are searching the aircraft again before departure and subjecting the passengers to another security check,” Lufthansa said on Monday. The search includes unloading all suitcases and cargo.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit.Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 07h26m Bitcoin Bounces Back Above $38,000 After Weekend Selloff (Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency was trading 12% higher around $37,781 as of 9:24 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.Traders may be feeling more positive as the crypto industry holds one of its biggest conferences of the year. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.If people can keep digital dollars in a wallet that’s unrelated to a bank account, and easily use that wallet to make payments and transfers, that then undermines the commercial banking system, Brainard said. . It could starve the banks of deposits, which of course are vital for making loans, she noted.“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”Ether, the second-largest token, also rebounded on Monday, jumping 15% to about $2,373.The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 07h16m UPDATE 1-UK's FirstGroup faces more pressure over EQT deal FirstGroup's biggest investor on Monday again asked shareholders of the London-listed transport operator to vote against the company's sale of two North American bus businesses, while proxy advisory firm Glass Lewis joined the opposition. The $4.6 billion sale to Swedish private equity firm EQT Infrastructure has led to a shareholder rebellion after Coast Capital, the British firm's top investor with a 14% stake, opposed the deal on concerns that it undervalued the assets. Business Bloomberg 210524 07h16m Libor Replacements Multiply in Shift That Could Fracture Markets (Bloomberg) -- A slew of newer and lesser known reference rates are staking their claim to a share of the post-Libor landscape as the outlook for the space grows increasingly fractured.Once largely considered afterthoughts in the race to replace the London interbank offered rate, a clutch of upstart challengers, from Ameribor and BSBY to ICE’s Bank Yield Index, have been gaining traction, or at least garnering more attention, in recent weeks. Their ascent comes as borrowers and bankers increasingly question whether the Federal Reserve’s long-preferred replacement, the Secured Overnight Financing Rate, is the best option for the multitude of markets that must ditch scandal-tainted Libor by year-end.At the heart of the matter are two shortcomings that have long dogged SOFR: a lack of a forward-looking curve, and the absence of a credit component -- both key features of Libor that the newer rates all offer. Wall Street, for its part, has already begun signaling some support for the lesser-known alternatives. But while multiple rates could help meet the needs of various business lines, they also risk making a complex transition even more difficult, while potentially slowing the build up of liquidity in any one benchmark.“While there was a big push to try and have SOFR be the monolith, the market seems to have other views of the type of benchmark it would like to have for very specific transactions,” said Mark Cabana, head of U.S. interest-rate strategy at Bank of America Corp. “Will SOFR end up being the key lending rate in the future? I don’t know. I think there are real questions around that.”Nowhere is the race to succeed Libor more up in the air than in the multitrillion-dollar syndicated lending markets.Almost half of respondents in a TD Securities survey published May 14 singled out loans when asked where they expect to see the greatest adoption of so-called credit-sensitive rates, with another 19% choosing all cash products and a further 22% selecting both cash and derivatives markets.One of the main issues hindering the widespread adoption of SOFR continues to be the lack of a forward-looking term structure, according to Meredith Coffey, executive vice president of research & public policy at the Loan Syndications and Trading Association.Yet the situation is more complex than a single obstacle. Borrowers, lenders and investors all have different needs that may be better met by different rates, said Coffey, who is also a member of the Alternative Reference Rates Committee, the Fed-backed group guiding the Libor transition in the U.S.Banks that are offering revolving credit facilities, for example, are exposed to funding risk, and may therefore be more inclined to do a transaction based on a credit-sensitive rate, while certain borrowers may prefer SOFR, especially once a forward-looking term rate backed by robust derivatives trading can be established.“The key thing is we’re going to be in a multirate environment,” Coffey said. “We’ve seen it. We’ve expected it. And it’s not a tragedy.”For more on the transition away from Libor, subscribe to the Libor CountdownJust last week, Duluth Holdings Inc. became the first nonfinancial company to get a corporate syndicated loan tied to the Bloomberg Short Term Bank Yield Index, following the first swaps trade and first bank bond linked to the benchmark in April.CME Group Inc., which launched SOFR futures more than three years ago, said Monday it plans to introduce futures based on BSBY sometime in the third quarter, with over-the-counter swap clearing to debut in the fourth quarter, pending regulatory review. CBOE Futures Exchange launched Ameribor futures in August 2019.BSBY is administered by Bloomberg Index Services Limited, a subsidiary of Bloomberg LP, the parent of Bloomberg News.“We appreciated it had a very high correlation to Libor and we could set some term portions on it, which under the SOFR arrangement it was going to be a little more complicated,” Duluth Chief Financial Officer Dave Loretta said in an interview.Last month the LSTA included Ameribor, overseen by the American Financial Exchange, as a fallback option for its suggested contract provisions meant to help loans shift to alternative rates when Libor is discontinued.The Bank Yield Index, for its part, has yet to launch, but like BSBY and Ameribor will be forward looking and credit focused. It’s overseen by the ICE Benchmark Administration, the same company that currently oversees Libor.Liquidity ConcernsStill, not everyone is convinced more options are a good thing.“We are concerned that it may fragment markets or decrease derivatives market liquidity,” TD Securities’ Priya Misra wrote in a recent note to clients. In a separate report she said that “it is unclear how any credit-sensitive rate would behave in a credit event.”Bank of England Governor Andrew Bailey was more emphatic earlier this month, saying at an ARRC-hosted symposium that a myriad of credit-sensitive alternatives is not a viable option.“While these rates may offer convenience as a short-term substitution, they present a range of complex longer-term risks,” Bailey said during a panel with Federal Reserve Bank of New York President John Williams. “While they may remove the reliance on expert judgment, they veneer over the fundamental challenges of thin and incomplete markets through the extrapolation of data.”The ARRC encourages everyone to understand the benchmarks they choose as alternatives to Libor so that they can avoid having to go through a costly and risky transition again, Tom Wipf, chair of the group, said via email. He added that SOFR is a robust rate that will meet many of the needs of market participants.Ultimately, few are arguing that SOFR won’t play an important role in the post-Libor landscape over the next few years, and many still see it as the likely go-to benchmark for most types of transactions going forward.Pension funds will use it to hedge interest-rate risk, while mortgage lenders will use it to hedge prepayment risk. So too will those who want to make a wager on the direction of U.S. monetary policy.In fact, 60% of respondents in the TD survey said they expect the derivatives market to mostly lean on some iteration of the rate as it transitions away from Libor.Others aren’t so sure.“What will the dominant rate be in five or 10 years from now? That’s where I have more doubts about SOFR because of the markets’ tepid adoption of it today,” said Bank of America’s Cabana. “There’s still another chapter of the Libor transition that has yet to be written and that will involve credit-sensitive rates.”(Adds CME Group’s BSBY futures announcement in 12th paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 07h15m Exxon Activist Battle Turns Climate Angst Into Referendum on CEO (Bloomberg) -- An unprecedented fight over who should sit on the board of Exxon Mobil Corp. is turning into a referendum on Chief Executive Officer Darren Woods as a decades-long struggle by climate campaigners comes to a head.Activist investor Engine No. 1 LLC wants to replace one-third of Exxon’s board in an effort to force the Western world’s largest oil explorer to embrace a transition away from fossil fuels and end a decade of what it calls “value destruction.” Shareholders are set to gather — virtually — for their annual meeting on May 26.The stakes are high. Under Exxon’s bylaws, a victory for any dissident director would mean an incumbent must step down, equating to a zero-sum proxy contest: of 16 candidates, only 12 will prevail. Any dilution of Woods’s influence over the board could derail his long-term plans and force strategic and tactical changes he has previously rejected.Although Engine No. 1 hasn’t targeted Woods for removal, even a partial victory for the activist would be a serious, and perhaps fatal, blow to his leadership, according to Ceres, a coalition of environmentally active investors managing $37 trillion.“I don’t see how Darren Woods remains as CEO if one of the dissidents, let alone all four, are elected,” said Andrew Logan, director of oil and gas at Ceres. “It would be such a sign of fundamental dissatisfaction with the status quo that something would have to change. And that starts with the CEO.”Exxon's engagement with environmental activists was once characterized by a sense of bemusement — under former CEO Lee Raymond, Greenpeace protesters outside its annual meetings were offered donuts. But as worries about climate change have gone mainstream in the investment world, the clash has evolved into a confrontation over boardroom seats.In other corners of the commodities sector, shareholders this year have already shown frustration with executives’ reluctance to embrace tough environmental goals. DuPont de Nemours Inc. suffered an 81% vote against management on plastic-pollution disclosures, while ConocoPhillips lost a contest on adopting more stringent emission targets.Exxon’s meeting this year threatens to be one of the stormiest on the U.S. corporate calendar, made all the more remarkable for being instigated by a newly formed fund that only has a $54 million, or 0.02%, stake in the oil behemoth. Investor dissatisfaction with the company largely centers on two issues that are becoming more interlinked: climate change and profits. The oil giant envisages a profitable, long-term future for fossil fuels, but sees no point in investing in traditional renewable energy businesses. It also refuses to commit to a net-zero emissions target, unlike European rivals.Climate concerns are are resonating more deeply with investors at the same time that Exxon’s status as a financial powerhouse crumbles after multiple corporate missteps, some of which preceded Woods’s elevation to CEO in 2017. Returns on invested capital are a fraction of what they were in Exxon’s heyday a decade ago and debt ballooned 40% last year as Covid-19 paralyzed economies and energy demand around the world. Under mounting pressure and concerns over Exxon’s ability to pay the S&P 500’s third-largest dividend, the CEO slashed an ambitious $200 billion expansion program by a third late last year. It was a relief to some investors who had questioned both the cost and the need for such projects at a time when policymakers — and even rivals like BP Plc and Royal Dutch Shell Plc — are planning for the twilight of the petroleum era.Still, Engine No. 1 says Exxon needs higher-quality directors who are willing to challenge management. Exxon missed key industry trends such as the shale revolution, “the shift to focusing on project returns over chasing production growth, and the need to gradually prepare for rather than ignore the energy transition,” according to the San Francisco-based activist.After receiving early backing from major state pension funds, Engine No. 1’s campaign gathered momentum this month as two prominent shareholder-advisory firms, Institutional Shareholder Services Inc. and Glass Lewis & Co., threw their partial support behind the activist’s efforts. ISS wrote a scathing rebuke of Exxon’s climate strategy, saying the company had only taken “incremental steps to prepare for the inevitable.”Top 20 shareholder Legal & General Investment Management, a previous critic of Exxon, is also backing Engine No. 1 and has pledged to vote against Woods. However, the voting intentions of some other major investors, such as Vanguard Group, BlackRock Inc. and State Street Corp. aren’t clear — all three declined to comment when contacted by Bloomberg News. Norway’s giant sovereign wealth fund said late last week that it would support the reelection of most Exxon directors, but not Woods, part of its long-standing push to separate the roles of CEO and chairman at Exxon.With such animosity brewing, the usual course of action would be for Exxon’s board to meet with the activists and hash out a compromise. But that has yet to happen, and both sides appear to be entrenched.Exxon said in a May 14 letter to shareholders its board “listens and responds to shareholder feedback,” but that Engine No. 1, founded only a few months ago, wasn’t interested in engaging and “is trying to replace four of our world-class directors with unqualified nominees.'' The company added that the activist fund's plans would “derail our progress and jeopardize your dividend.”In another letter to shareholders on Sunday, Exxon said that over the next 12 months it plans to name two new directors, one with energy industry and one with climate experience.For its part, Engine No. 1 said Exxon refused to meet its nominees: Gregory Goff, former CEO of refiner Andeavor; environmental scientist Kaisa Hietala; private equity investor Alexander Karsner; and Anders Runevad, ex-CEO of power producer Vestas Wind Systems A/S.Exxon did talk with another investor, hedge fund D.E. Shaw & Co., which built a stake in an effort to push for change. Those discussions led to the appointment of the new directors, including activist investor Jeff Ubben. The oil company has also announced new emissions targets, started a low-carbon business, and supported policies that will help technological innovations like carbon capture.In some respects Exxon is in a better position that it was at the start of 2021. Its stock has rallied more than 40% as oil prices rebounded and lockdowns are eased. Engine No. 1 points to its involvement as the turning point, while Exxon claims the market is rewarding prudent cost cutting and high-return investments made over the last couple of years. The forthcoming vote will help to determine which side of the debate other investors lean toward.“There’s a governance challenge at Exxon,” said John Hoeppner, head of U.S. sustainable investments at Legal & General. “How seriously is the current board questioning management’s business model? It’s important to add urgency to the debate.”(Updates with comments from letter to shareholder in 17th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210524 07h07m Oil Climbs Near $65 With Iran Saying Differences Remain on Deal (Bloomberg) -- Oil climbed toward $65 a barrel as Iran said gaps remain in reaching a deal that could end U.S. sanctions on its crude.West Texas Intermediate futures were 2% higher, extending Friday’s gain. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement. While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, Goldman Sachs Group Inc said. The bank expects oil to hit $80 a barrel in the next few months.Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues. As part of that process, Iran extended a UN nuclear inspections agreement, buying diplomats time to revive the landmark deal that would usher in an official return of the Persian Gulf nation to world oil markets.Crude has been largely stuck between $60 and $70 a barrel recently. There are signs that demand in the West is recovering sharply with virus cases in the U.S. below 30,000 every day last week for the first time since June, though parts of Asia continue to see significant infections. The Organization of Petroleum Exporting Countries and its allies are also loosening output curbs.“The specter of Iranian sanctions relief looms large over the oil market,” said PVM Oil Associates analyst Stephen Brennock. “Additional supply from Tehran is poised to be absorbed by the market as a result of a vaccine-spurred surge in demand over the coming months.”Physical markets continue to get a boost from a raft of buying from refiners in Asia. Japan’s Fuji Oil became the latest company to buy Middle Eastern crude on Monday, after a spate of bullish interest last week.Goldman isn’t alone in its view on the impact of returning Iranian supply. Citigroup Inc. said it expects only a partial return of the country’s barrels initially. The bank still sees oil hitting the mid-$70s in the third quarter, but said prices could retreat thereafter.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210524 07h06m08s World Bloomberg 210524 06h53m Russia Rejects Western Outrage at Plane Arrest: Belarus Update (Bloomberg) -- Russia dismissed European Union and U.S. outrage at the forced landing of a Ryanair Holdings Plc plane in Minsk by Belarusian authorities who arrested a journalist on board.The European Union will consider further sanctions against President Alexander Lukashenko’s administration when its leaders meet for dinner in Brussels on Monday night for the start of a two-day summit.The EU was already working on an additional package of sanctions over a disputed election last year and will now look at increasing the pressure on Belarus. Potential measures could include suspending flights over Belarus, banning the country’s national airline from landing at EU airports and blocking ground transit into the EU from Belarus, according to a person familiar with summit preparations.For now, even as Ryanair calls the interception an “act of aviation piracy,” the Irish carrier -- like many other airlines -- is still overflying Belarus airspace.Read More: How Belarus Snatched a Dissident Off a Ryanair Plane From GreeceKey Developments:Ryanair jet diverted to Minsk under escort from Mig-29 fighter jetBelarusian journalist removed from plane in Belarusian capitalU.S., EU and U.K. leaders condemn actions by authorities in BelarusRussia defends Belarus, its closest allyFlights over Belarus airspace continueAll times are Central European Time.Czech Premier Says EU Must Be Tough (2:50 p.m.)The proposals for discussion about EU’s response include banning Belarus airlines from landing in the EU or suspending flights over Belarus’s airspace, Czech Prime Minister Andrej Babis said. He said that according to available information, there were four Russian citizens on the Raynair flight “who probably had a lot to do with this unbelievable act.”“Europe’s response must be tough,” Babis told reporters before departing to EU summit. Passenger Number Confusion (2:40 p.m.)Lithuania’s criminal police said on Monday that 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight, which Lithuania said Monday was the number of reservations. There was also confusion over infant passengers, who didn’t require tickets, and some boarding passes that weren’t digital. Ryanair hasn’t confirmed the numbers.Lithuania’s transport member also said the country would ban flights to and from Belarus airspace starting at 3 a.m. on Tuesday. The ban will affect 26 flights a day. Lithuania’s neighbor Poland will propose at the EU summit on Monday that all flights between the bloc and Belarus be halted.Poland Wants to Halt All Flights Between EU and Belarus (1:55 p.m.)Poland has come as one of the strongest voices demanding firm action. At the meeting of leaders in Brussels Prime Minister Mateusz Morawiecki will propose halting all flights between EU and Belarus.Belarusian Activists Ask EU For Help (1:50 p.m.)Holding a placard reading “SOS,” Belarusian activists in Poland appealed to the EU for help. Standing in front of Belarus embassy in Warsaw, Nexta founder and blogger Stsiapan Putsila said he’s received “more than a thousand threats” since Sunday. “We can’t stay silent,” said Jana Shostak, another activist.Police Revise Passenger Numbers (1:40 p.m.)According to Lithuania’s criminal police, 121 of the 126 passengers who left Athens on the flight arrived in Vilnius. The captain of the airliner consulted with Ryanair’s management before deciding to divert to Minsk. On Sunday, both Greece and Lithuania said 171 passengers and crew were on the flight.Poland Increases Protection of Activists (1:30 p.m.)Polish Deputy Foreign Minister Pawel Jablonski said on Monday his country was setting up “special protection” for activists on Polish territory who “could be in the cross-hairs of Belarusian or Russian services.”Raman Pratasevich, arrested after the Ryanair plane was diverted to Minsk, worked for Nexta, a media group registered and run out of Warsaw.Jablonski urged activists to avoid contact with Belarus as “we can’t tell what the regime is capable of.”France Says All Options Being Considered (1:20 p.m.)“Nothing is off the table,” a French diplomat told journalists when asked about possible punitive measures against Belarus.In addition to sanctions targeting Belarusian officials and companies, the EU is mulling the suspension of overflights of European airlines over Belarus, a landing ban for flag carrier Belavia in European airports, and the suspension of transits (including land) from Belarus to the EU, the French diplomat added, asking not to be named in line with policy.Ryanair Is Flying Over Belarus Today (1:10 p.m.)Flight FR3340 from Paphos, Cyprus, is scheduled to land at Talinn, Estonia, at 2:30 p.m. local time. The route takes the plane directly across Belarus territory, highlighting the mixed messaging coming out of Europe in response to Sunday’s incident.The airspace over Belarus is part of a major route for flights between Asia and Europe, with some carriers including Deutsche Lufthansa AG and cargo hauler FedEx Corp. continuing to fly over the country on Monday. Airlines have routed traffic over Belarus to avoid the restive eastern Ukraine region that’s been off-limits since a Malaysian Airlines Boeing 777 jet was shot down there in 2014, killing 298 people.Poland Orders Probe (12:20 p.m.)Poland’s state prosecutor said it has ordered an investigation into the landing because the Ryanair jet was registered in Poland and therefore falls under Polish jurisdiction.Estonia to Raise Issue at UN Security Council (12:00 p.m.)Estonia plans to raise the Belarus issue at the Security Council and has already started consultations to have a discussion, public broadcaster ERR cited the country’s foreign minister, Eva-Maria Liimets, as saying.Ryanair Cooperating with EU, NATO (11:50 a.m.)The diversion of the Ryanair plane to Minsk on Sunday was an “act of aviation piracy,” the airline said in a statement today.Ryanair said it was “fully cooperating” with the EU safety and security agencies as well as NATO, and wouldn’t comment further due to security reasons.Kremlin Says U.S.-Russia Summit Plans Not Affected (11:45 a.m.)Tensions between Moscow’s closest ally and the West over Minsk’s forcing of a Ryanair jet to land won’t affect Russia’s efforts to arrange a summit meeting between President Vladimir Putin and his U.S. Counterpart, Joe Biden, Kremlin spokesman Dmitry Peskov said.“I wouldn’t combine all this into a single system,” Peskov told reporters on a conference call. “These are different things, after all.”Peskov declined to comment on the details of the case, including on whether Belarus gave Russia advance warning of its decision to force the plane to land or whether Moscow’s agents were involved. “Our special services are in the closest possible contact,” he said, adding that he doesn’t have detailed information about the Ryanair jet.Russia Calls Western Reaction ‘Shocking’ (11:15 a.m.)Western countries are showing double standards, according to Russian Foreign Ministry spokeswoman Maria Zakharova. “It’s shocking that the West is calling the incident in Belarus’s airspace ‘shocking,’” she wrote in a Facebook post.Zakharova cited past examples of what she said were western governments forcing planes to land, such as a 2013 episode when the plane of Bolivian President Evo Morales had to land in Austria as the U.S. searched for Edward Snowden, as evidence that the U.S. and its allies use the same tactics.U.K. Joins Calls for Sanctions (10:40 a.m.)Foreign Secretary Dominic Raab added to the voices calling for further sanctions against Belarus and the immediate release of Protasevich. In a statement, Raab condemned the arrest, adding “Mr Lukashenko must be held to account for his outlandish actions.”Russian Senator Defends Belarus (10:35 a.m.)“Formally, there was a bomb threat, so everything was done properly,” Vladimir Dzhabarov, first deputy chairman of the International Affairs committee in the upper house of parliament, said in a phone interview Monday. “I don’t see anything unusual or unacceptable in the actions of the Belarusian authorities.”The arrest of Raman Pratasevich, the journalist, was justified, he said. “This person was sitting abroad and criticizing his homeland,” he said. “It’s a warning to Tsikhanouskaya,” he said, referring to exiled opposition leader Sviatlana Tsikhanouskaya.EU Mulls Sanction Options (10:25 a.m.)Of the possible options for EU action, sanctions against individuals and entities would likely be the simplest, according to a senior official close to the European talks.Other options, such as the suspension all flights by EU airlines over Belarus and the suspension of all transit -- including ground travel -- between Belarus and the EU, would trigger increased costs for European companies, the official said.‘State-Sponsored Hijacking’ (10:10 a.m.)“This was a case of state-sponsored hijacking,” Ryanair CEO Michael O’Leary said in comments broadcast by RTE Radio. The airline has to do a “detailed debrief today with the NATO and EU authorities” after the incident, which he said saw passengers and crew held under armed guard.It appears the intent of Belarusian authorities was to remove a journalist and his traveling companion, O’Leary said. “We believe there was also some KGB agents offloaded off the aircraft as well,” he said.Irish Minister Calls for Tough EU Response (10:00 a.m.)“This was effectively aviation piracy, state sponsored,” Irish foreign minister Simon Coveney told RTE Radio. The EU’s response “has to be clear, tough, and needs to happen quickly,” he said.Belarus’s Bonds Tumble (9:30 a.m.)Worries over potential sanctions are scaring away bond investors. Belarus’s dollar bonds due 2031 tanked early on Monday, pushing yields up 23 basis points to a one-month high of 7.48%. The bonds traded at a yield of above 8% in August after authorities cracked down on protesters following Lukashenko’s claim to a landslide election victory.Flights Avoid Belarus (9:25 a.m.)Wizz Air Holdings Plc, Eastern Europe’s biggest discount carrier, said it has rerouted a service from the Ukrainian capital Kyiv to Tallinn in Estonia to avoid Belarusian airspace. A spokesman said in an email that the Budapest-based company is “continuously monitoring and evaluating the situation.”Latvia’s national carrier Airbaltic has decided to avoid Belarusian air space “for the time being,” Latvian Transport Minister Talis Linkaits said in interview with Latvijas Radio.Poland to Call for More Sanctions Against Lukashenko (9:22 a.m.)Belarus’s neighbor, Poland, will propose new sanctions against Lukashenko’s government at Monday’s EU meeting, according to Deputy Foreign Minister Pawel Jablonski. He declined to specify the type of measures Warsaw will seek, saying the government wants to consult with EU partners first.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210524 06h50m Google CEO: The digital divide is 'easier to bridge than most people think' 'I think it's our duty to make sure it's possible, even without a college degree, to have a meaningful and fulfilling life.' Business Bloomberg 210524 06h44m China Targets ‘Speculators and Hoarders’ to Stop Commodity Boom (Bloomberg) -- China stepped up its fight against soaring commodities prices, summoning top executives to a meeting that threatened severe punishment for violations ranging from excessive speculation to spreading fake news.The government will show “zero tolerance” for monopoly behavior and hoarding, the National Development and Reform Commission said after leaders of top metals producers were called to a meeting in Beijing with multiple government departments on Sunday.The push to rein in surging metals prices rippled across markets -- with steel dropping as much as 6% and iron ore tumbling by close to the daily limit -- before prices steadied later in the session. Most base metals were also under pressure.“With policy risk shifting toward government intervention, prices will surely be affected by market sentiment,” said Li Ye, an analyst at Shenyin Wanguo Futures Co. in Shanghai. “The rapid surge in commodity prices has badly affected manufacturers and market orders, leading to losses and defaults.”There’s been a steady drumbeat of government warnings about the consequences of commodity prices that are near the highest level in almost a decade. But aside from changes to trading rules at futures exchanges, there hasn’t been a lot of action. Beijing is likely to face a “potential exhaustion of policy options” to restrain the rally, Citigroup Inc. said in a note.The warning from the NDRC comes as a broad surge in commodities prices fuels fears that faster inflation could dent economic growth in China and beyond. Investors have been piling into industrial metals on bets that the world will rebound strongly from the pandemic, but concerns about the knock-on impact on demand are rising as manufacturers are forced to raise the cost of finished goods.“It might not be great for the speculative community, but it’s good news for the world in general,” Amelia Xiao Fu, head of global commodities strategy at BOCI Global Commodities Ltd. said by phone from London. “I think prices could become calmer, and the room for excessive rallies may be limited.”In targeting commodity prices, authorities are fighting trends over which they have only partial control as the world economy reboots with supply chains stretched. The government is also tackling the consequences of its own efforts to reduce greenhouse gas emissions, which have contributed to price gains.The NDRC’s statement is the toughest comment yet from the government, which started warning about higher raw-materials prices in April. The officials from the iron ore, steel, copper and aluminum firms that met with five state agencies in Beijing on Sunday were told excessive speculation and rising international prices were to blame for recent advances.Key enterprises should “actively fulfill their social responsibilities” and take the lead in maintaining market order, the NDRC said in a statement. “Do not collude with each other to manipulate the prices, fabricate and disseminate price increase information, and do not hoard and drive up prices.”There’s been an unusual amount of attention from policy makers on commodities in recent weeks. China’s factory-gate prices rose at the fastest pace in more than three years in April, sparking concerns that costlier raw materials could hamper the economic recovery or feed into higher consumer prices.The deputy governor of the People’s Bank of China pledged a “basically stable” yuan in a statement on Sunday, right after another central bank official said the currency should appreciate to offset the rising cost of commodity imports. The comments from the official were later deleted.The drive to tackle rising materials prices comes after China’s V-shaped demand rebound last year helped ignite a global commodities rally. Stimulus support for metal-intensive sectors is showing signs of cresting, however, and authorities are now starting to worry about imported inflation.That Beijing is also dealing with a problem partly of its own making is most evident in steel, where prices spiked to records after the government set targets on output curbs and ordered production to fall this year. Instead, output surged to record levels in April.“Another week, another Chinese government announcement trying to soothe the self-inflicted wounds caused by regular statements on steel capacity reforms, which fueled steel prices and margins,” said Atilla Widnell, managing director at Navigate Commodities.Chinese steel rebar futures closed 2.7% lower. Hot-rolled coil fell 3.2% and iron ore dropped 3%, after earlier being down more than 7%. Base metals were mostly lower, with aluminum dropping 1.4% to $2,336 a ton as of 1:30 p.m. on the London Metal Exchange.Copper traded little changed at $9,886 a ton, after losing as much as 0.9% earlier. Prices slid 3.5% last week, the most since September.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Bloomberg 210524 06h40m NYC to End Remote-School Option for Students in September (Bloomberg) -- New York City Mayor Bill de Blasio said all public school students will return to their school buildings come September and that a remote option will no longer be available.Reopening the largest school system in the U.S. for the roughly one million students represents a big move toward the city’s full reopening and will be crucial to the economic recovery of New York, which has been battered by the pandemic.“You can’t have a full recovery without full strength schools,” de Blasio said on an appearance Monday on MSNBC. “More and more kids will be vaccinated, we’ve made vaccination available everywhere. It’s really time to go full strength right now.”New York joins neighboring New Jersey in eliminating a virtual option for students in the fall, among the first in the nation to pledge to bring back all students to in-person schooling. The move will be a step toward easing some of the inequities compounded by the pandemic as students of color and low-income students have struggled disproportionately. Over $100 billion of of stimulus aid from the American Rescue Plan act, in addition to aid from prior relief bills, is headed to school districts across the country to help cover the cost of reopening and addressing those differences.De Blasio had long expressed his hope that kids would return in the fall, but it was unclear whether a remote option would be offered. As the end of the school year approaches, most of the city’s students remain at home. About 600,000 students opted to remain in remote learning due to health and other concerns despite having the option to return to schools. The city began allowing in-person learning for elementary schools last December, middle schools in February and high schools in March.After new distancing guidance in March from the Centers for Disease Control and Prevention allowed the school system to open classrooms for more students, nearly two thirds of kids again chose to stay home.De Blasio said city schools would welcome parents to come into the schools starting in June to view safety protocols and get them re-acclimated. “Anyone who has a question or concern, come into your child’s school, see what’s going on, get some answers,” he said.He will also have to win over the city’s teachers, thousands of whom remain home due to safety concerns.Michael Mulgrew, the president of the largest New York City teachers union, has said he supports getting as many students back in school this fall but that a remote option should remain.“There are three immediate steps Mayor de Blasio and Schools Chancellor Meisha Porter should undertake,” Mulgrew wrote in a New York Daily News editorial last week. “Insist that every school schedule parent open houses before the school year ends; adopt and publicize programs to guarantee academic and emotional/psychological intervention in every school; and create a small but efficient remote alternative for parents who still feel they need it.”He said keeping a remote option “for a limited number of parents will be important for maintaining the public schools as the key education resource for all families.”Mulgrew did not immediately respond to a request for comment on Monday.City officials have maintained that health and safety protocols have kept Covid-19 rates relatively low at schools, despite frequent closures throughout the year prompted by student cases. With nearly half of New York City vaccinated, the city’s hospitalization rate has dropped precipitously to below 1 per 100,000 residents.De Blasio said Monday that by Sept. 13, he expects more kids will be vaccinated and Covid rates will continue their steady decline. Kids ages 12 and up are now eligible for the vaccine. De Blasio said the CDC may drop their guidance to keep kids three feet apart, but that “we could make that work if we have to.”Jasmine Gripper, executive director of the Alliance for Quality Education, a coalition of parent groups, said she was surprised about the mayor’s move on Monday and that she was concerned about returning to large classes.“I think there’s a hesitancy about bringing children back if there are overcrowded classrooms,” Gripper said. “It’s not just the CDC it’s parents concerns about overcrowding. There’s a hesitancy about putting 35 people in a room together, whether six feet apart or three feet apart.”(Updates with more details throughout.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210524 06h37m Wells Fargo names Ulrike Guigui as head of payments strategy Guigui was most recently managing director and head of payments practice at audit firm Deloitte, Wells Fargo said. The incoming payments strategy chief has previously held positions at Citigroup Inc, where she worked for about ten years, according to her LinkedIn profile. Guigui also worked at Mastercard and GE Capital, the financial services unit of U.S. conglomerate General Electric Co. She will report to Ather Williams III, Wells Fargo's head of strategy, digital and innovation, the statement from the bank said. World Reuters 210524 06h30m UPDATE 1-Russia raises concerns over U.S. implementation of arms control treaty Russia's foreign ministry on Monday raised concerns over Washington's implementation of the New START nuclear arms control treaty and said the number of U.S. launchers and bombers exceeded the agreed limit. Russia and Washington extended the New START treaty in February. It is a cornerstone of global arms control and limits the numbers of strategic nuclear warheads, missiles and bombers that Russia and the United States can deploy. Business Bloomberg 210524 06h28m U.S. Futures Gain; China’s Stance Weighs on Metals: Markets Wrap (Bloomberg) -- U.S. equity-index futures advanced as investors wagered that the Federal Reserve will maintain monetary support in coming months while a rebound in the world’s biggest economy stokes inflation fears.Contracts on the S&P 500 and Nasdaq 100 gauges pointed to gains after U.S. stocks closed mixed on Friday. The dollar was steady and Treasuries edged higher. Bitcoin advanced above $35,000 following another weekend of big swings. The Stoxx Europe 600 fluctuated before turning lower amid low volumes, with German, Danish, Norwegian and Swiss markets closed for holidays.China’s crackdown on commodities speculation weighed on raw-material prices, with steel dropping as much as 6% and iron ore tumbling by close to the daily limit. Bloomberg’s industrial metals subindex declined for a fourth day to a one-month low.Implied volatility for major global indexes remains subdued, suggesting investors aren’t pricing in a surprise from the Fed in the next six months. While market-based gauges of inflation expectations have declined recently, concerns linger that the post-pandemic recovery could stoke price pressures, and some countries also face Covid-19 spikes. Robust corporate earnings, especially in Europe, are underpinning stock prices.“It’s going to be a very mixed market over the next several months until we get more information on what’s really going to happen with inflation and how the stimulus in the U.S. affects spending there, but also how the coronavirus really progresses,” JoAnne Feeney, a partner at Advisors Capital Management LLC, said in a Bloomberg TV interview.WTI crude climbed above $64 a barrel, though it pared some of the advance after Iran agreed to extend a key nuclear-monitoring pact with United Nations inspectors, setting the Persian Gulf country up to revive an agreement that could enable it to resume oil exports.Here are some events this week week:Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksFutures on the S&P 500 rose 0.5% as of 8:25 a.m. New York timeFutures on the Nasdaq 100 rose 0.8%Futures on the Dow Jones Industrial Average rose 0.3%The Stoxx Europe 600 fell 0.1%The MSCI World index was little changedCurrenciesThe Bloomberg Dollar Spot Index was flatThe euro rose 0.2% to $1.2210The British pound was little changed at $1.4136The Japanese yen was little changed at 108.90 per dollarBondsThe yield on 10-year Treasuries declined one basis point to 1.61%Germany’s 10-year yield was little changed at -0.14%Britain’s 10-year yield declined two basis points to 0.81%CommoditiesWest Texas Intermediate crude rose 1.2% to $64 a barrelGold futures rose 0.3% to $1,885 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210523 21h08m39s Business Reuters 210523 20h48m Singapore court approves move to freeze Hin Leong's founder's assets - liquidators Singapore's Court has accepted a request to freeze up to $3.5 billion of worldwide assets of Lim Oon Kuin and his two children following the collapse of Lim's oil trading firm Hin Leong Trading Pte Ltd, the company's liquidators told creditors in an email seen by Reuters. Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, and the Singapore High Court did not immediately respond to requests for comment on Monday. World Bloomberg 210523 20h40m Oil Climbs Above $64 as Investors Track Virus Fight, Iran Talks (Bloomberg) -- Oil advanced above $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply.West Texas Intermediate was 0.9% higher, after rising 2.5% on Friday. The spread of coronavirus in the U.S. has slowed further, with the country ending its first week since June with no days of infections exceeding 30,000. Death rates continue to ebb in France and Italy, boding well for energy consumption.Talks between Iran and world powers will continue in Vienna this week to try and resolve the sides’ remaining differences over the nuclear pact. As part of that process, Iran is likely to extend a U.N. nuclear inspections agreement, buying diplomats time to revive the landmark deal that would usher in an official return of the Persian Gulf nation to world oil markets.Crude has rallied this year as investors wager the roll-out of vaccines will turn the tide against the outbreak in key economies. Still, that climb has lost some momentum since March as fresh waves of infection roiled Asian economies. At the same time the Iranian talks are making headway, the Organization of Petroleum Exporting Countries and its allies are loosening joint output curbs.“There’s a lot of vaccine-driven demand optimism in the U.S. and Europe that’s likely to be further boosted by the summer driving season next month,” said Kim Kwangrae, senior commodities analyst at Samsung Futures Inc. The market also continues to keep an eye on how many Iranian barrels will flow, he said.Goldman Sachs Group Inc. said the case for higher prices “remains intact,” forecasting Brent was still set to hit $80 this year even if Iranian supplies are restored. The recovery in developed markets’ demand was helping offset weaker South Asian and Latin American consumption, it said in note.Brent’s prompt timespread was 7 cents a barrel in backwardation, a bullish pattern in which near-term prices are above those further out. The spread dropped to 4 cents last Thursday, when Iran’s President Hassan Rouhani said world powers had accepted that major sanctions on his country will be lifted.While there are signs the virus is strengthening its grip in parts of Asia, with Malaysia announcing fresh curbs on movement at the weekend, macro-economic signals in developed economies remain positive. In the U.S., a measure of output at manufacturers and service providers hit a record in May.A meeting of the OPEC+ Joint Technical Committee, which was to have taken place on May 25, to assess the state of global supply and demand has been shifted to May 31, according to a person familiar with the matter. The alliance’s next planned ministerial meeting will still take place on June 1.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210523 20h28m Cross-Asset Strategy Chief Signs Off With Correction Warning (Bloomberg) -- John Normand shared one last round of advice before signing off.JPMorgan Chase & Co.’s head of cross-asset fundamental strategy said in a note Friday that it was his last because he’s “moving on,” though he didn’t specify where he was going.He sees a “moderate” chance of a 10% drop in the MSCI’s all-country index in the Northern Hemisphere summer, which he said is better pre-empted via a range of trades that benefit from a hawkish Federal Reserve -- such as long U.S. dollar, short gold and long value versus growth -- than by reducing equity exposure overall.“If the catalyst will be a hawkish Fed due to rising inflation in the context of still-strong growth, the better risk-reward would be sell Fed-sensitive assets (bonds, gold, non-USD currencies, growth stocks) rather than to sell cyclically-sensitive ones (equities overall),” he wrote.Normand said the market is in a “mostly young” phase, though he expects returns to be below average for the rest of the year. He considers the expansion new because Fed policy is ultra-loose, output gaps are generally negative rather than positive, and profit margins are above rather than below average. But he also cautioned that equity, fixed income and currency markets have never been so broadly expensive this early in an expansion.“If I had to avoid any of the very expensive markets now it would be cryptocurrencies, because it entails two characteristics other rich markets lack: a penchant for high investor leverage, and a questionable investment these about the utility and efficiency of private money compared to legal tender,” Normand said.Normand didn’t respond to requests for comment sent outside of regular work hours. A JPMorgan spokeswoman declined to comment.“I am grateful to dozens of JPM Research colleagues for their collaboration and to a few for their mentoring; and to clients, for their readership and engagement though good and bad calls,” Normand said.(Updates with JPMorgan declining to comment in second to last paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Business Business Reuters 210523 19h08m Crypto miners halt China business after Beijing cracks down, bitcoin dives SHANGHAI (Reuters) -Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday - the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world's crypto supply. Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process which produces newly minted crypto currencies such as bitcoin. Business Reuters 210523 19h08m Dollar near 3-month low, weighed by prospects of dovish Fed The dollar stood near its lowest level in three months against a resurgent euro, struggling for traction as investors pared earlier bets the U.S. Federal Reserve may soon be ready to taper its stimulus. Minutes from the Fed's April policy meeting released last week showed a sizable minority of policymakers wanted to discuss tapering bond purchase. Still, Fed Chairman Jerome Powell's repeated warnings that it is not yet time to discuss a reduction in quantitative monetary easing has led many investors to believe it will be months before the central bank actually tweaks policy. Howell date : 210523 19h08m03s World Reuters 210523 18h40m PRESS DIGEST-British Business - May 24 The following are the top stories on the business pages of British newspapers. - Coronavirus restrictions in the UK are almost certain to be lifted next month with signs that the growth in the Indian variant may be levelling off, according to a health expert. - UK's Boris Johnson was forced into a "bodged" COVID plan because the government did not realise its initial strategy would cost hundreds of thousands of lives and lead to an economic disaster, Dominic Cummings has claimed. Business Bloomberg 210523 18h34m Stocks, U.S. Futures Steady; Cryptos Extend Swings: Markets Wrap (Bloomberg) -- Asian stocks and U.S. equity futures made a steady start early Monday as traders weighed the volatile slump in cryptocurrencies and the inflation outlook.Shares edged higher in Japan but fluctuated in Australia and South Korea. S&P 500 futures posted modest gains after U.S. stocks closed mixed Friday. Bitcoin advanced to about $35,500 following another weekend of big price swings.The stalling commodities boom remains in focus as China tries to temper prices. Market-based gauges of inflation expectations have declined of late, though concerns linger that the post-pandemic recovery could stoke price pressures and force a pullback in extraordinary central bank support.Global equities have lost some steam and speculative ardor for riskier investments like Bitcoin has declined after a prolonged rally from pandemic lows. While the economic recovery from the health crisis offers background support for sentiment, investors are wary that policy makers may eventually have to curb stimulus. Some countries also still face Covid-19 spikes.“It’s going to be a very mixed market over the next several months until we get more information on what’s really going to happen with inflation and how the stimulus in the U.S. affects spending there, but also how the coronavirus really progresses,” JoAnne Feeney, a partner at Advisors Capital Management LLC, said in a Bloomberg TV interview.Oil traded above $63 a barrel amid further signs the U.S. is recovering from the pandemic. Traders also monitored progress in talks to revive an Iranian nuclear deal that could lead to increased global crude supply.Here are some events this week week:Consensus by CoinDesk brings prominent crypto voices together to discuss NFTs, exchanges and the role of central banks. Fed Governor Lael Brainard and Bridgewater founder Ray Dalio will participate. Through May 27.Bank of Indonesia rate decision Tuesday, Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.U.S. initial jobless claims, GDP, durable goods, pending home sales, Thursday.These are some of the main moves in markets:StocksS&P 500 futures added 0.2% as of 9:30 a.m. in Tokyo. The index dipped less than 0.1% Friday.Nasdaq 100 contracts were flat. The gauge fell 0.6% on Friday.Japan’s Topix index rose 0.8%.Australia’s S&P/ASX 200 Index was flat.South Korea’s Kospi index fell 0.3%.CurrenciesThe Japanese yen was at 108.95 per dollar.The offshore yuan traded at 6.4360 per dollar.The Bloomberg Dollar Spot Index was steady.The euro was at $1.2183.BondsThe yield on 10-year Treasuries was little changed at 1.62%.Australia’s 10-year bond yield fell more than two basis points to 1.71%.CommoditiesWest Texas Intermediate crude rose 0.5% to $63.90 a barrel.Gold was at $1,882.53 an ounce.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210523 18h30m Asia shares cautious ahead of U.S. inflation test, Bitcoin slides Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy, while Bitcoin took a hammering after China cracked down on mining and trading of the cryptocurrency. MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed in slow trade. Japan's Nikkei added 0.1% and South Korea was flat. Business Reuters 210523 18h22m GLOBAL MARKETS-Asia shares cautious ahead of U.S. inflation test, Bitcoin slides Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy, while Bitcoin took a hammering after China cracked down on mining and trading of the cryptocurrency. MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed in slow trade. Japan's Nikkei added 0.1% and South Korea was flat. World Reuters 210523 18h11m 'A lot to lose': SoftBank's CEO speaks out against Games In a series of tweets, SoftBank Group Corp's founder and CEO Masayoshi Son expressed bewilderment and concern about the Tokyo Olympics going ahead amid Japan's slow-going vaccination drive during the COVID-19 pandemic. "There's talk about a huge penalty (if the Games are cancelled) but if 100,000 people from 200 countries descend on vaccine-laggard Japan and the mutant variant spreads, I think we could lose a lot more: lives, the burden of subsidies if a state of emergency is called, a fall in gross domestic product, and the public's patience." Son's tweets followed comments on Friday https://www.reuters.com/article/olympics-2020-idCNL2N2N80BL from International Olympic Committee (IOC) Vice President John Coates that the Olympics would "absolutely" go ahead even if Tokyo was under a state of emergency. World Business Bloomberg 210523 17h08m Ex-Blackstone India Head Hunts for Next Star in Hot IPO Market (Bloomberg) -- Mathew Cyriac is looking to take at least two companies public in India in the coming years after MTAR Technologies Pvt.’s debut success.MTAR Technologies, a precision engineering firm that Cyriac bought from Blackstone Group Inc. in 2017 when he left the private equity firm, has seen shares risen more than 60% since its March debut. The listing is part of India’s red-hot initial public offerings market where companies have raised about $4 billion since the start of the year, on track for the busiest first-half since 2017, according to data compiled by Bloomberg. UBS Group AG expects a record year for first-time share sales in the country despite the coronavirus pandemic.Cyriac joined Blackstone as its second employee in India in 2006 and eventually became the firm’s co-head in the country. He now runs his own firm Florintree Advisors and remains optimistic about the IPO market.“There will be significant interest in new business models in fintech, digital companies and analytics-based IT services,” Cyriac, 51, said in an interview. “We expect to take at least two of our companies public in a few years.”Florintree has five portfolio companies, mainly in the engineering and fintech sectors, he said. The firm has recently bought a minority stake in Mobikwik, an Indian digital payments platform, as well as drugmaker Wanbury Ltd.The Mumbai-based investment firm has invested less than $100 million in the past three years and the MTAR’s IPO brought in 3.5 billion rupees ($48 million) of proceeds that could strengthen its war chest. It also secured a commitment from a family office for about 4 billion rupees and another 7 billion rupees from some local investors.Cyriac plans to expand the investment portfolio to 10 companies and has been in discussions with a gold loan mortgagor and a heavy engineering company that’s going through debt restructuring, he said.“We will be looking for fallen angels, buy them and restore to their old glory,” he added.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210523 13h04m26s World Bloomberg 210523 12h53m U.S. Outbreak Slows as Concern Rises Over Variant: Virus Update (Bloomberg) -- The spread of coronavirus in the U.S. continues to slow, with the country ending its first week since June with no days of infections exceeding 30,000, according to data compiled by Johns Hopkins University and Bloomberg.The U.S. Centers for Disease Control and Prevention warned that under-vaccinated areas in the U.S. could become hot spots for a mutation of the coronavirus first detected in India and is increasing surveillance of the more-transmissible variant. The U.K. government pushed back on claims from the former chief aide of Prime Minister Boris Johnson that officials pursued a herd-immunity strategy in the early days of the Covid-19 pandemic.Key Developments:Global Tracker: Cases pass 166.8 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.63 billion doses have been givenData revisions leave Taiwan unsure where outbreak is headingWhat’s the best Covid vaccine? Why it’s not so simple: QuickTakeGlaxoSmithKline will make sure it’s on the front lines of the next pandemicVaccine tourists urged to read fine print on trips overseasCalifornia Deaths Decline (2:48 p.m. NY)California’s deaths dropped to 33 from 50 the day before. Cases rose to 1,308 from 1,186, a rate of 2.8 new cases per 100,000. California has administered more than 36 million vaccines in total. The state is preparing for its reopening on June 15, when it’s easing mask requirements and lifting capacity limits for most venues.France Deaths Lowest Since Fall (1:36 p.m. NY)France reported the lowest daily increases in coronavirus-related deaths since October, in a sign that the pandemic’s grip on the country is loosening. The 70 additional fatalities registered over the past 24 hours bring the official toll to 108,596. France reported 9,704 new cases, about a third less than the seven-day average.Gottlieb Says Covid Profile Changing (12:22 p.m. NY)Falling hospitalizations from Covid-19 show a “rapidly-declining vulnerability” in the U.S., as the people getting infected -- sharply falling, but still averaging over 25,000 a day in the past week -- tend to be younger and less vulnerable to complications, said former FDA commissioner Scott Gottlieb.Gottlieb said on CBS that many in the U.S. are gradually recalibrating their approach to masks, social distancing and other measures as cases and deaths fall sharply.“We need to make a judgment about what our comfort is. A lot of people have spent a year wearing masks and taking precautions, so it will take some time for us to get comfortable again going into settings without those precautions,” he said.Texas Governor Hails Early End to Masking (12:05 p.m. NY)Texas Governor Greg Abbott said his decision to remove mask mandates and to allow businesses to open at full capacity as early as March was the “right move.”“Of course, President Biden and the Democrats railed against it,” he said Sunday on Fox News. “Democrats said that I had issued a death warrant.”New cases and deaths have been declining in Texas since March. Last week, the state reported zero virus-related deaths for the first time in more than a year. About 43% of the population in Texas has received at least one dose of vaccine, behind the U.S. average of almost 49%, according to Bloomberg Vaccine Tracker.Italy Reports Fewest Deaths This Year (11:58 a.m. NY)Italy on Sunday reported the lowest number of daily coronavirus-related deaths this year, according to Ansa. There were 3,995 new virus cases compared with 4,717 a day before and 72 deaths compared with 125 on Saturday.N.Y. Positive Test Rate Dips (11:48 a.m. NY)New York state’s single-day positive test rate dropped to .77%, the lowest since late August, Governor Andrew Cuomo said in a statement. The state’s positive tests are among the lowest in the U.S., with a seven-day average of .92%.Cuomo reported 1,073 new infections, in line with the dropping caseload, and 12 deaths. Hospitalizations continue to fall.U.S. Outbreak Continues to Weaken (8:16 a.m. NY)The U.S. reported just over 18,700 new cases Saturday, capping the first week since June with no days of infections exceeding 30,000, according to data compiled by Johns Hopkins University and Bloomberg. Average daily infections dropped to about 25,600, compared with almost 217,500 at the end of the first week that vaccines were rolled out in the U.S. in mid-December.A further 481 fatalities were recorded, capping a week with the fewest fatalities since the end of March 2020.Norway Earmarks Priority Shots (8:06 a.m. NY)Norway has decided to set aside 500 vaccine doses for persons in socially critical functions, the government said in a statement Saturday. Members of parliament, government and the health directorate are among those who will be prioritized.U.K. Denies Cummings Claims (7:05 a.m. NY)The U.K. government pushed back on claims from the former chief aide of Prime Minister Boris Johnson that officials pursued a herd-immunity strategy in the early days of the pandemic. Dominic Cummings unleashed a series of tweets on Saturday criticizing the U.K.’s response.He said that letting enough citizens become infected in order to reach natural herd immunity was the “official plan in all docs/graphs/meetings” until early March 2020, when it became clear that such a policy would lead to catastrophe.When asked about the allegations in an interview on the BBC on Sunday, Home Secretary Priti Patel said that was “not at all” the plan. Jenny Harries, chief executive of the U.K. Health Security Agency, also said it wasn’t the nation’s strategy.Germany Vows Summer Easing (5:51 p.m. HK)Germany’s health minister, Jens Spahn, has promised a wide-ranging easing of pandemic restrictions during the summer if the country’s seven-day incidence rate falls below 20. “Last summer the rate was below 20. We should aim for that again,” Spahn told the Sunday edition of Bild. According to the Robert Koch Institute, Germany has a seven-seven-day incidence rate of 64.5. That means that there are 64.5 new infections per 100,000 individuals over a period of seven days.CDC on Variant Watch (5:01 p.m. HK)Federal health officials are ramping up their surveillance of the highly transmissible Covid-19 variant first identified in India, as experts warn that under-vaccinated areas in the U.S. could become hot spots for the mutation.While U.S. cases attributed to the B.1.617 variant currently sit below 1%, the growth rate remains unclear due to the small sample size. One science group said the strain could be as much as 50% more transmissible than B.1.1.7, the variant that emerged from the U.K. That mutation was first seen in the U.S. in late December, and is now dominant nationally.India Cases Lowest in More Than a Month (2:38 p.m. HK)India’s new coronavirus cases continued to slow with a daily total of 240,842 on Sunday, the lowest in more than a month. Meanwhile, India’s capital extended its lockdown until May 31 as it halted vaccinations of people age 18 to 44 due to a shortage of jabs. India and scores of other World Trade Organization members made a fresh appeal for a three-year patent waiver on products and technology used in the treatment of Covid-19, the Economic Times reported.CDC Probes Cases of Youth Heart Inflammation (7:17 a.m. HK)The U.S. Centers for Disease Control and Prevention is investigating “relatively few” reports of a heart problem in adolescents and young adults after a Covid-19 vaccination.A report from a meeting of the agency’s safety group on May 17 said that most discovered cases of myocarditis “appear to be mild” and could be unrelated to vaccinations. Myocarditis is an inflammation of the heart muscle often found after an infection.The cases were mostly in adolescents and young adults and more often in males than females. The report added that the cases occurred more often after a second dose than the first and were typically found within four days after infection.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210523 12h07m Lithuania calls for joint EU action to keep planes out of Belarus airspace Lithuania on Sunday called for European Union countries to jointly recommend that planes avoid Belarusian airspace, after a Ryanair flight was forced to land in Minsk and an opposition activist on board detained. The proposal for a joint declaration will be put forward at a meeting of European leaders on Monday and will include a call to recognize the incident as a violation of International Civil Aviation Organisation rules, the foreign ministry said. Lithuania has also asked its EU allies to summon Belarusian ambassadors and to protest against the use of military aircraft to divert planes. Business World World World Howell date : 210523 10h10m16s World Reuters 210523 09h15m UPDATE 1-Italy reports 72 coronavirus deaths on Sunday, 3,995 new cases Italy reported 72 coronavirus-related deaths on Sunday, down from 125 the day before, the health ministry said, while the daily tally of new infections fell to 3,995 from 4,717. The country has registered 125,225 deaths linked to COVID-19 since its outbreak began in February last year, the second-highest toll in Europe after Britain and the seventh-highest in the world. Italy has reported 4.19 million cases to date. World Business Bloomberg 210523 08h10m Bitcoin Volatility Puts Weekend Traders on Stomach-Churning Ride (Bloomberg) -- Bitcoin’s extreme volatility carried into the weekend as the world’s largest cryptocurrency continued to whipsaw investors with double-digit percentage moves.The digital token slumped as much as 13% Sunday, and traded 12.3% lower at $33,178 as of 10:19 a.m. in New York, holding below its 200-day moving average. A day earlier, Bitcoin had climbed more than 8% to move back above $38,000 following a tweet from Elon Musk.A measure of implied volatility on Bitcoin comparable to the U.S. equity market’s VIX indicator sits above 130, higher than the stock version has ever gotten in 30 years. Thirty-day historical volatility in the coin is about 100, some seven times more than the S&P 500 and surpassing the comparable measure in lumber futures, and an ETF designed to pay twice the daily return in crude oil.Investors in Bitcoin are experiencing one of its rockiest weeks ever after a string of negative headlines, with prices swinging as much as 30% in each direction Wednesday alone, when it fell as low as $30,016, the least since January. Even with the gyrations, Bitcoin is still up more than 250% in the past year.The turbulent stretch began after Musk said Tesla would no longer accept Bitcoin as payment for its electric vehicles, citing the coin’s intensive energy use. Another blow came Friday when China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“Bitcoin has two problems, ESG and decreasing reliance on China, both of which could take some time” Edward Moya, senior market analyst with Oanda Corp., wrote in a note.Other cryptocurrencies also slumped on Sunday, with Ethereum briefly trading below $1,900 and satirical token Dogecoin dropping more than 16%, according to Coinmarketcap.com.Read more: Musk Tweets He Supports Crypto in Battle Against Fiat CurrenciesThe latest warning from Beijing followed a statement earlier in the week disseminated by the People’s Bank of China that financial institutions weren’t allowed to accept cryptocurrencies for payment.China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens. The country is home to a large concentration of the world’s crypto miners who use vast sums of computing power to verify transactions on the blockchain.“It is no surprise that governments are not inclined to give up their monetary monopolies. Throughout history, governments first regulate and then take ownership,” Deutsche Bank macro strategist Marion Laboure wrote in a May 20 report titled “Bitcoin: Trendy Is the Last Stage Before Tacky.” “As cryptocurrencies begin to seriously compete with regular currencies and fiat currencies, regulators and policymakers will crack down.”‘Higher Stakes’A mid-week report from blockchain analysis firm Chainalysis showed over half of the $410 billion spent on acquiring current Bitcoin holdings occurred in the past 12 months. About $110 billion of that was spent on buying it at an average cost of less than $36,000 per coin. That means the vast majority of investments aren’t making a profit unless the coin trades at $36,000 or higher.“The stakes are much higher now than they were in the past,” Philip Gradwell, chief economist at Chainalysis, said in an email. “This week’s price fall means that a lot of investments are now held at a loss. This is going to be a serious test for recent investors, but so much is at stake now that there is the incentive and resources to address the problems in crypto that prevent it from becoming a mature asset.”Weekends tend to be particularly volatile for crypto assets which -- unlike most traditional assets -- trade around the clock every day of the week. Before this weekend, Bitcoin’s average swing on Saturdays and Sundays this year comes in at 5.14%.That type of volatility is owing to a few factors: Bitcoin’s held by relatively few people, meaning that price swings can be magnified during low-volume periods. And the market remains hugely fragmented with dozens of platforms operating under different standards. That means cryptocurrencies lack a centralized market structure akin to that of traditional assets.“When noise is accompanied by a huge amount of speculation and the noise can be interpreted negatively, you get these huge swings,” said Eric Green, chief investment officer of equity at Penn Capital. “What goes straight up is going to come down at some point.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210523 08h10m INSIGHT-Israel's Gaza challenge: stopping metal tubes turning into rockets The Israel-Hamas conflict that ended with a ceasefire on Friday showed the Palestinian group's ability to build an arsenal of home-made rockets largely with civilian materials and Iranian expertise, analysts and officials said, a feat it can likely replicate. The low cost of such arms and the need to rebuild Gaza leaves Israel and the international community with a quandary of how to meet Gazans' basic needs yet keep ordinary items such as pipes, sugar and concrete from being put to military uses. Current and former officials see no easy answers, saying it is all but impossible to seal off even a relatively small area such as Gaza and to prevent goods for reconstruction from being turned into locally-made rockets. Business Reuters 210523 08h10m Bitcoin falls 10% to $33,747, ether down 14% Bitcoin, the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.22 on April 14. Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours. "Many point to Bitcoin’s volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. World Bloomberg 210523 08h10m U.S. Outbreak Slows as Concern Rises Over Variant: Virus Update (Bloomberg) -- The spread of coronavirus in the U.S. continues to slow, with the country ending its first week since June with no days of infections exceeding 30,000, according to data compiled by Johns Hopkins University and Bloomberg.The U.K. government has pushed back on claims from the former chief aide of Prime Minister Boris Johnson that officials pursued a herd-immunity strategy in the early days of the Covid-19 pandemic.The Centers for Disease Control and Prevention warned that under-vaccinated areas in the U.S. could become hotspots for a mutation of the coronavirus first detected in India and are increasing surveillance of the highly transmissible variant. Meanwhile, vaccines from Pfizer Inc. and AstraZeneca Plc have been shown to work against this strain, according to a study by Public Health England.Key Developments:Global Tracker: Cases pass 166.4 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.63 billion doses have been givenData revisions leave Taiwan unsure where outbreak is headingWhat’s the Best Covid Vaccine? Why It’s Not So Simple: QuickTakeGlaxoSmithKline will make sure it’s on the front lines of the next pandemicVaccine tourists urged to read fine print on trips overseasU.S. Outbreak Continues to Weaken (8:16 a.m. NY)The U.S. reported just over 18,700 new cases Saturday, capping the first week since June with no days of infections exceeding 30,000, according to data compiled by Johns Hopkins University and Bloomberg. Average daily infections dropped to about 25,600, compared with almost 217,500 at the end of the first week that vaccines were rolled out in the U.S. in mid-December.A further 481 fatalities were recorded, capping a week with the fewest fatalities since the end of March 2020.Norway Earmarks 500 Priority Shots (8:06 a.m. NY)Norway has decided to set aside 500 vaccine doses for persons in socially critical functions, the government said in a statement Saturday. Members of parliament, government and the health directorate are among those who will be prioritized.U.K. Denies Cummings Claims (7:05 a.m. NY)The U.K. government pushed back on claims from the former chief aide of Prime Minister Boris Johnson that officials pursued a herd-immunity strategy in the early days of the pandemic. Dominic Cummings unleashed a series of tweets on Saturday criticizing the U.K.’s response.He said that letting enough citizens become infected in order to reach natural herd immunity was the “official plan in all docs/graphs/meetings” until early March 2020, when it became clear that such a policy would lead to catastrophe.When asked about the allegations in an interview on the BBC on Sunday, Home Secretary Priti Patel said that was “not at all” the plan. Jenny Harries, chief executive of the U.K. Health Security Agency, also said it wasn’t the nation’s strategy.Germany Eyes Restrictions Easing (5:51 p.m. HK)Germany’s health minister, Jens Spahn, has promised a wide-ranging easing of pandemic restrictions during the summer if the country’s seven-day incidence rate falls below 20. “Last summer the rate was below 20. We should aim for that again,” Spahn told the Sunday edition of Bild. According to the Robert Koch Institute, Germany has a seven-seven-day incidence rate of 64.5. That means that there are 64.5 new infections per 100,000 individuals over a period of seven days.CDC on Variant Watch (5:01 p.m. HK)Federal Health officials are ramping up their surveillance of the highly transmissible Covid-19 variant first identified in India, as experts warn that under-vaccinated areas in the U.S. could become hotspots for the mutation.While U.S. cases attributed to the B.1.617 variant currently sit below 1%, the growth rate remains unclear due to the small sample size. One science group said the strain could be as much as 50% more transmissible than B.1.1.7, the variant that emerged from the U.K. That mutation was first seen in the U.S. in late December, and is now dominant nationally.Philippines Probes Online Vaccine Sales (4:14 p.m. HK)Authorities in the Philippines are investigating the alleged online sale of slots for Covid-19 vaccines in the cities of Mandaluyong and San Juan, the Philippine Star reported Sunday, citing a top police official. The country’s government is offering shots for free under its vaccine drive. Philippine National Police chief Guillermo Eleazar has directed the Criminal Investigation and Detection Group to identify and arrest those taking advantage of the pandemic to con victims.India New Cases Lowest in More Than a Month (2:38 p.m. HK)India’s new coronavirus cases continued to slow with a daily total of 240,842 on Sunday, the lowest in more than a month. Meanwhile, India’s capital extended its lockdown until May 31 as it halted vaccinations of people age 18 to 44 due to a shortage of jabs. India and scores of other World Trade Organization members made a fresh appeal for a three-year patent waiver on products and technology used in the treatment of Covid-19, the Economic Times reported.Thailand Detects Cases of South Africa Variant (2:31 p.m. HK)Thailand discovered its first case of the variant first reported in South Africa, two days after the country detected another variant originally seen in India. The latest variant was detected in three infections from a cluster of 83 cases in southern Thailand, Opas Karnkawinpong, director-general of the Department of Disease Control, said on Sunday, adding that authorities have restricted access to the district.The country reported 3,382 new cases and 17 fatalities for the day, taking the country’s total case count to 129,5000 with 776 deaths.Enough Pfizer Doses for All Australians by End-2021 (11:15 a.m. HK)Australia’s government is promising enough Pfizer Inc. vaccines to have all Australians vaccinated by the end of 2021, the Sun-Herald newspaper reported. Two million Pfizer doses are expected to be available in Australia each week from the beginning of October, which would mean all who are keen can get their two shots by the end of the year, the paper said, citing the Australian Medical Association.Health Minister Greg Hunt told the paper that 4.5 million Pfizer doses will arrive by the end of June, and there will be 7 million doses expected in both the third and fourth quarters.Samsung Biologics, Moderna Sign Deal: Yonhap (10:30 a.m. HK)South Korea’s Samsung Biologics signed a deal with Moderna on vaccine production, Yonhap News Agency reported. Under the agreement, Samsung Biologics will provide contract-manufacturing organization services to Moderna for its mRNA vaccine and some of the doses will be produced in South Korea.Samsung and Moderna will together supply “hundreds of millions” of doses intended for markets across the globe, starting in the third quarter of this year, Second Vice Health Minister Kang Dotae said in a briefing Sunday.Malaysia to Impose Curfew, Add Guidelines (9:30 a.m. HK)Malaysia will restrict business operations to 8 a.m until 8 p.m. beginning May 25 to stem a recent surge in Covid-19 cases, according to Defense Minister Ismail Sabri Yaakob. About 80% of government officials and 40% of private sector employees will work from home, with the move affecting 7 million to 8 million workers.Places deemed high risk will shut immediately and usage of public transportation will be limited to 50% capacity, Ismail said. The nation logged 6,320 new coronavirus cases on Saturday, a fourth straight day that infections have topped 6,000.Japan Sets July 4 Target for Vaccines: Yomiuri (9 a.m. HK)The Japanese government expects to finish delivering coronavirus vaccines for senior citizens to all municipalities by July 4, the Yomiuri newspaper reported.About 93% out of the nation’s 1,741 municipalities will be able to meet the government’s target to vaccinate people ages 65 and over by the end of July, the Yomiuri said.Singapore to Shut Two Malls (7:45 a.m. HK)Singapore will close two shopping malls on the western part of the island for two weeks starting Sunday after 10 recent cases were linked to the properties.“Our epidemiological investigations have found that there is likely ongoing transmission among individuals who visited these malls,” the health ministry said in a statement. “To break any potential chain of transmission and enable deep cleaning of the premises, JEM and Westgate shopping malls will be closed to all members of the public.”The ministry will also offer free Covid-19 tests to those who visited the malls from May 10 to May 14.Argentina to Get 1 Million Astra Doses (7:33 a.m. HK)Argentina will receive more than 1 million doses of the AstraZeneca vaccine, which will arrive in the country between Sunday and Monday, according to an emailed statement from President Alberto Fernandez’s press office.Of the doses, 204,000 are set to arrive Sunday morning via purchases through Covax, while 843,000 will arrive Monday from the U.S.Glaxo Gets Ready for Next Pandemic (7:25 a.m. HK)GlaxoSmithKline fell behind in the Covid-19 vaccine race, but now the drugmaker is working to make sure it’s on the front lines of the next pandemic.The British pharma giant is talking with the U.K. and other governments about building facilities to bring vaccine development and production onshore before the next crisis, said Roger Connor, its vaccines chief. The labs would offer a range of vaccine technologies to tackle deadly viruses of the future, he said in an interview.CDC Probes Cases of Youth Heart Inflammation (7:17 a.m. HK)The U.S. Centers for Disease Control and Prevention is investigating “relatively few” reports of a heart problem in adolescents and young adults after a Covid-19 vaccination.A report from a meeting of the agency’s safety group on May 17 said that most discovered cases of myocarditis “appear to be mild” and could be unrelated to vaccinations. Myocarditis is an inflammation of the heart muscle often found after an infection.The cases were mostly in adolescents and young adults and more often in males than females. The report added that the cases occurred more often after a second dose than the first and were typically found within four days after infection.Brazil Passes 16 Million Cases (6:37 a.m. HK)Brazil passed 16 million cases Saturday, at the end of week in which infections and deaths were rising, according to Health Ministry data.Cases rose for the fourth consecutive week, adding another 76,490 on Saturday, though the weekly caseload of 460,905 remains about 80,000 below a peak in March.Weekly deaths increased to 13,495, after falling for five straight weeks from a peak of 21,141. Brazil has a total 448,208 recorded deaths, the most after the U.S.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 19h29m30s Business Business Bloomberg 210521 17h29m Alden Declares Victory in Its Monthslong Pursuit of Tribune (Bloomberg) -- Alden Global Capital declared victory in its monthslong effort to acquire Tribune Publishing Co. following a shareholder vote on the hedge fund’s bid for daily newspapers in Chicago, New York and other major cities.“The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term,” Alden President Heath Freeman said in a statement Friday.Tribune said in a statement that 81% of shares held by non-Alden stockholders voted to approve the agreement, giving it more than the two-thirds required. Chairman Philip G. Franklin called the results “an important milestone in completing the transaction.”Newspapers have struggled to compete with online media and have seen advertising and subscribers shrink, leading to consolidation, job cuts and financial distress for publishers like Tribune. Alden, known for cutting costs in newsrooms, already owns the Boston Herald, Denver Post and San Jose Mercury News through its Digital First Media chain.The hedge fund holds a 31% stake in Tribune. It agreed in February to pay $17.25 a share, or almost $460 million, for the stock it didn’t already own.Tribune’s No. 2 shareholder, Los Angeles billionaire Patrick Soon-Shiong, abstained from voting his 24% stake.A spokeswoman for Soon-Shiong announced his decision Friday, saying the entrepreneur and his family always viewed Tribune as a passive investment and were more focused on their ownership of the Los Angeles Times and San Diego Union-Tribune. “They remain honored to be entrusted with these storied news organizations and continue working to secure their longevity,” the statement said.Silent ApprovalBut that abstention amounted to approval, according to the Chicago Tribune. Tribune Publishing officials said ballots registered to Soon-Shiong failed to check any box and were counted as a “yes” vote. They would have been counted as “no” votes if the abstain box had been checked. Tribune journalists fought the sale to Alden and tried to find alternative buyers for each of the company’s newspapers, including the namesake Chicago Tribune, the New York Daily News and other big-city publications.“While we are saddened by the turn of events, we know that our work over the past year -- to build allies in the community and to raise awareness about Alden -- is not in vain,” the journalists’ union said in a statement.In early April, Tribune agreed to talks with a rival investor group led by Stewart Bainum that was offering $18.50 a share. Tribune journalists supported Bainum’s bid, but the company ended their discussions after the group’s largest investor, Swiss billionaire Hansjoerg Wyss, dropped out.In a statement, Bainum said we was “deeply grateful to the journalists, readers, and civic-minded investors who teamed with us to help rescue, re-imagine and reinvigorate local journalism.”‘Better Model’“While our effort to acquire the Tribune and its local newspapers has fallen short, the journey reaffirmed my belief that a better model for local news is both possible and necessary,” Bainum said.He added that he’s “evaluating various options” to create “locally supported, not-for-profit newsrooms that place stakeholders above shareholders and journalistic integrity above all.”In February, when Tribune agreed to be acquired by Alden, Bainum was initially part of that purchase, with a side deal that allowed him to buy the Baltimore Sun and smaller newspapers in Maryland.But Bainum and Alden disagreed over how they would share services before the Maryland newspapers were fully independent of Tribune, and Bainum grew skeptical of Alden’s intentions in the deal, people familiar with the situation said in March. That led Bainum to pursue an acquisition of the whole company.Shares of Tribune were little changed at $17.19 in New York.(Adds Tribune’s comment in third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 17h29m Exclusive-U.S. prepares to downgrade Mexico air safety rating, sources say WASHINGTON/MEXICO CITY (Reuters) -The U.S. government is preparing to downgrade Mexico's aviation safety rating, a move that would bar Mexican carriers from adding new U.S. flights and limit airlines' ability to carry out marketing agreements, four sources briefed on the matter said. The Federal Aviation Administration's (FAA) planned move is expected be announced in the coming days and follows a lengthy review of Mexico's aviation oversight by the agency. The sources added that Mexican government officials have been informed about the planned action and raised concerns. Politics Bloomberg 210521 17h29m Gap With White House on Infrastructure Is Widening, GOP Says (Bloomberg) -- Senate Republicans panned President Joe Biden’s trimmed-down $1.7 trillion infrastructure proposal on Friday, saying the revised offer suggested the two sides were even further apart than the lawmakers had thought they were.“There continue to be vast differences between the White House and Senate Republicans when it comes to the definition of infrastructure, the magnitude of proposed spending, and how to pay for it,” said Kelley Moore, a spokeswoman for West Virginia Senator Shelley Moore Capito, the lawmaker leading the GOP effort.Biden’s offer on Friday reduced the size of his infrastructure and jobs plan by about a quarter, but it’s still far higher than what Republicans have suggested they could support. White House Press Secretary Jen Psaki said it exemplified “the art of seeking common ground.”The proposal -- presented to Republican senators in an afternoon call -- was a response to a GOP counter-offer earlier this week, a modified version of their initial $568 billion pitch. While calling off the negotiations was discussed among the GOP members, most favored giving the talks another week, according to a person familiar with the Republicans’ view.“Based on today’s meeting, the groups seem further apart after two meetings with White House staff than they were after one meeting with President Biden,” Moore added. Still, the Republicans will continue their conversations with the administration and consider the various aspects of the offer, Moore said in a statement.While Biden’s new proposal is $550 billion less than the original $2.25 trillion American Jobs Plan, Psaki explained that the administration would still pursue much of what was removed, via other legislative vehicles. The plan also still retains $400 billion of elderly and disabled care that Republicans have said doesn’t count as infrastructure.Trimmed BackThe spending figures, detailed in a memo obtained by Bloomberg News, are over 8 years.On funding, the administration demonstrated openness to creating an infrastructure bank, something that Republicans had asked for. The new proposal is “a reasonable counter-offer,” Psaki said.Republican lawmakers and staff felt the latest proposal was different from what had been discussed with the president himself, and assessed that Biden wasn’t in charge of the talks, said the person familiar with the GOP’s view. The Republican group was frustrated to have seen the White House memo only after its circulation in the media, and to see Psaki characterizing the offer even as the call proceeded, the person said.Little MovementBiden instructed his aides to make the overture to the Republican group in hopes of trying to advance the negotiations, a White House official said, speaking on condition of anonymity. The Republicans, led by West Virginia Senator Shelley Moore Capito, didn’t substantially expand their original $568 billion proposal, a person familiar with the discussions said.Capito said in an interview Wednesday that the next two weeks would be critical in determining whether a bipartisan deal was possible. Senate Minority Leader Mitch McConnell had suggested a compromise figure as high as $800 billion, still far below the new Biden topline.The White House committed to shifting spending on manufacturing, supply chains, small business, and research and development to other pieces of legislation being considered by Congress -- including bills aimed at combating China’s technology dominance and the global semiconductor shortage, Psaki said.The administration’s plan doesn’t give up on Biden priorities including spending on clean energy, railways, workforce training, the so-called care economy and other areas that Senate Republicans omitted from their initial offer, according to the memo.Funding QuestionBiden hopes to see the Republicans move on some of those issues, just as he has compromised on some of theirs, the White House official said.The administration continues to oppose user fees as a funding mechanism, as some Republicans have proposed. Biden won’t yield on his requirement not to raise taxes on Americans earning less than $400,000, the memo showed. That would also exclude a hike in the gasoline tax.Biden hosted a group of Senate Republicans at the White House last week to step up an effort for a bipartisan compromise, and both sides have continued talks since then.In last week’s negotiations, the administration highlighted that it would aim to pursue social spending and tax measures separately if they weren’t included in any compromise. The Republicans underscored they wouldn’t consider any roll-back of the 2017 tax cuts they enacted.Biden has also released a separate $1.8 trillion “American Families Plan,” made up of social spending and higher taxes on wealthy individuals.Capito said earlier this week she saw a more than 50% chance of being able to reach an agreement with the president. The overall process still has months to go, she said, with a bill was unlikely to clear both chambers of Congress by July 4, a deadline proposed by House Speaker Nancy Pelosi.(Updates with context on Republican reaction, starting in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Bloomberg 210521 17h29m Dakota Access Avoids New Shutdown Order From Federal Court (Bloomberg) -- A federal district court won’t force the Dakota Access pipeline to shut down while federal regulators conduct a new environmental analysis.The oil project -- at the center of a years-long battle between oil companies and the Standing Rock Sioux tribe -- may remain in service even though it lacks a valid federal easement for a water crossing in North Dakota, the U.S. District Court for the District of Columbia said Friday. The pipeline’s easement was scrapped in an earlier court ruling for inadequate environmental review.The ruling, which may be appealed, is a relief for operator Energy Transfer LP, which has faced an unending stream of legal threats to Dakota Access since 2016. It’s also seen as a rare victory for the pipeline industry as a whole amid rising opposition from environmental watchdogs and activists over the past few years.However, it’s a discouraging loss for the Standing Rock Sioux Tribe and other Indigenous opponents of the pipeline -- already reeling after the Biden administration announced April 9 that it wouldn’t order a shutdown.“We are pleased the court correctly recognized that the continued operation of the Dakota Access pipeline presents no risk of harm to others and appropriately denied the efforts to shut down this vitally important pipeline,” Energy Transfer said in an emailed statement.But government officials could change their minds, leaving some lingering threat for Dakota Access, according to James Coleman, an energy law professor at Southern Methodist University.“It’s not a comfortable position, but it’s a lot more comfortable than it was yesterday,” he said of the pipeline’s status.High BarThe Dakota Access pipeline, also used by drillers such as Continental Resources Inc., has been shipping oil from North Dakota’s Bakken oil field to Illinois for four years.Judge James Boasberg determined the tribes hadn’t met the high bar for shutting down the pipeline under a legal standard set out by a federal appeals court last year.“Whether framed in terms of likelihood or imminence, Plaintiffs have not made a successful showing of irreparable harm based on the threat of an oil spill at Lake Oahe,” the judge wrote, referring to the body of water the pipeline crosses near tribal land.Boasberg scolded the Biden administration for refusing to take a clear stance on the pipeline. The Army Corps of Engineers declined to shut it down, but also failed to formally approve its ongoing operation without an easement.The Army Corps has said it expects to finish a court-ordered environmental impact statement for the project in spring 2022.Earthjustice lawyer Jan Hasselman, who represents Standing Rock, said the tribe will continue to press the Army Corps to closely review the project’s risks.“The unacceptable risk of an oil spill, impacts to Tribal sovereignty and harm to drinking water supply must all be examined thoroughly in the months ahead as the U.S. Army Corps conducts its review of this pipeline,” he said in a statement Friday.‘Free of Political Pressure’He declined to comment on the next steps in the case, including whether the tribes will pursue an appeal.Pipeline opponents could also raise a separate “Hail Mary play” under the Administrative Procedure Act targeting the Army Corps’ inaction, said Christi Tezak, analyst at ClearView Energy Partners, in a note to clients Friday.Energy Transfer reversed early losses and jumped as much as 2.7% following the news. The stock settled up 1.7% in New York. Phillips 66 Partners, which owns a minority stake in the project, gained 6.3% at the close.Energy Transfer didn’t immediately respond to a request for comment. The Army Corps referred questions to the Justice Department, which didn’t immediately respond.“We hope that the administrative process is allowed to move forward allowing the Army Corps of Engineers to complete its work -- free of political pressure,” said Craig Stevens, head of the pro-pipeline GAIN Coalition, in a statement.(Adds company statement in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 16h29m Meatpacker Marfrig Scoops Up a Quarter of Brazilian Rival BRF (Bloomberg) -- Brazilian beef producer Marfrig Global Foods SA bought about a quarter of rival BRF SA, one of the world’s biggest poultry suppliers, as it seeks to expand in processed food.Marfrig purchased a 24.23% stake in BRF, pledging to remain a passive investor that won’t influence the board or management, according to a regulatory filing. It paid about $800 million, according to a person familiar with the purchase, who asked not to be named because the information isn’t public.BRF shares jumped by a record 29% this week, pushing its market value to almost 22 billion reais ($4.1 billion). That still leaves it at little more than a third of its peak value of more than 60 billion reais in 2015.Trading volumes surged this week as a JPMorgan Chase & Co. brokerage unit dominated the buying, with a net volume of about 48.2 million shares.The Sao Paulo-based foodmakers started discussions on a merger in 2019, but the talks to create what would have become the world’s fourth-largest meat producer ended without a deal at that time.Marfrig, the second-largest beef producer, saw net income surge to record levels last year. Flush with cash, the company has been seeking opportunities to grow, focusing on the processed-food segment in which BRF is a leading producer.Marfrig’s founder and chairman Marcos Molina is the company’s largest shareholder, with a stake of about 38%.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210521 16h29m UPDATE 1-Germany declares U.K. a virus variant region Germany's public health institute on Friday declared Britain and Northern Ireland a virus variant region, requiring anyone entering the country from the United Kingdom to quarantine for two weeks on arrival. "In this important phase of the vaccination campaign, the entry of problematic mutations must be avoided as far as possible." Health Minister Jens Spahn said earlier this month that a third wave coronavirus infections in Germany "appears to be broken", but government officials are being careful. Howell date : 210521 18h28m54s Business Bloomberg 210521 17h31m Alden Declares Victory in Its Monthslong Pursuit of Tribune (Bloomberg) -- Alden Global Capital declared victory in its monthslong effort to acquire Tribune Publishing Co. following a shareholder vote on the hedge fund’s bid for daily newspapers in Chicago, New York and other major cities.“The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term,” Alden President Heath Freeman said in a statement Friday.Tribune said in a statement that 81% of shares held by non-Alden stockholders voted to approve the agreement, giving it more than the two-thirds required. Chairman Philip G. Franklin called the results “an important milestone in completing the transaction.”Newspapers have struggled to compete with online media and have seen advertising and subscribers shrink, leading to consolidation, job cuts and financial distress for publishers like Tribune. Alden, known for cutting costs in newsrooms, already owns the Boston Herald, Denver Post and San Jose Mercury News through its Digital First Media chain.The hedge fund holds a 31% stake in Tribune. It agreed in February to pay $17.25 a share, or almost $460 million, for the stock it didn’t already own.Tribune’s No. 2 shareholder, Los Angeles billionaire Patrick Soon-Shiong, abstained from voting his 24% stake.A spokeswoman for Soon-Shiong announced his decision Friday, saying the entrepreneur and his family always viewed Tribune as a passive investment and were more focused on their ownership of the Los Angeles Times and San Diego Union-Tribune. “They remain honored to be entrusted with these storied news organizations and continue working to secure their longevity,” the statement said.Silent ApprovalBut that abstention amounted to approval, according to the Chicago Tribune. Tribune Publishing officials said ballots registered to Soon-Shiong failed to check any box and were counted as a “yes” vote. They would have been counted as “no” votes if the abstain box had been checked. Tribune journalists fought the sale to Alden and tried to find alternative buyers for each of the company’s newspapers, including the namesake Chicago Tribune, the New York Daily News and other big-city publications.“While we are saddened by the turn of events, we know that our work over the past year -- to build allies in the community and to raise awareness about Alden -- is not in vain,” the journalists’ union said in a statement.In early April, Tribune agreed to talks with a rival investor group led by Stewart Bainum that was offering $18.50 a share. Tribune journalists supported Bainum’s bid, but the company ended their discussions after the group’s largest investor, Swiss billionaire Hansjoerg Wyss, dropped out.In a statement, Bainum said we was “deeply grateful to the journalists, readers, and civic-minded investors who teamed with us to help rescue, re-imagine and reinvigorate local journalism.”‘Better Model’“While our effort to acquire the Tribune and its local newspapers has fallen short, the journey reaffirmed my belief that a better model for local news is both possible and necessary,” Bainum said.He added that he’s “evaluating various options” to create “locally supported, not-for-profit newsrooms that place stakeholders above shareholders and journalistic integrity above all.”In February, when Tribune agreed to be acquired by Alden, Bainum was initially part of that purchase, with a side deal that allowed him to buy the Baltimore Sun and smaller newspapers in Maryland.But Bainum and Alden disagreed over how they would share services before the Maryland newspapers were fully independent of Tribune, and Bainum grew skeptical of Alden’s intentions in the deal, people familiar with the situation said in March. That led Bainum to pursue an acquisition of the whole company.Shares of Tribune were little changed at $17.19 in New York.(Adds Tribune’s comment in third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 17h29m Exclusive-U.S. prepares to downgrade Mexico air safety rating -sources WASHINGTON/MEXICO CITY (Reuters) -The U.S. government is preparing to downgrade Mexico’s aviation safety rating, a move that will bar Mexican carriers from adding new U.S. flights and limits airlines ability to carry out marketing agreements, four sources briefed on the matter said. The Federal Aviation Administration's (FAA) planned move is expected be announced in the coming days and follows a lengthy review of Mexico's aviation oversight by the agency. Downgrading Mexico from Category 1 to Category 2 will mean current U.S. service by Mexican carriers is unaffected, but they cannot launch new flights and airline-to-airline marketing practices, like selling seats on each other’s flights in code-share arrangements, are restricted. Politics Business U.S. Business Bloomberg 210521 16h28m Meatpacker Marfrig Scoops Up a Quarter of Brazilian Rival BRF (Bloomberg) -- Brazilian beef producer Marfrig Global Foods SA bought about a quarter of rival BRF SA, one of the world’s biggest poultry suppliers, as it seeks to expand in processed food.Marfrig purchased a 24.23% stake in BRF, pledging to remain a passive investor that won’t influence the board or management, according to a regulatory filing. It paid about $800 million, according to a person familiar with the purchase, who asked not to be named because the information isn’t public.BRF shares jumped by a record 29% this week, pushing its market value to almost 22 billion reais ($4.1 billion). That still leaves it at little more than a third of its peak value of more than 60 billion reais in 2015.Trading volumes surged this week as a JPMorgan Chase & Co. brokerage unit dominated the buying, with a net volume of about 48.2 million shares.The Sao Paulo-based foodmakers started discussions on a merger in 2019, but the talks to create what would have become the world’s fourth-largest meat producer ended without a deal at that time.Marfrig, the second-largest beef producer, saw net income surge to record levels last year. Flush with cash, the company has been seeking opportunities to grow, focusing on the processed-food segment in which BRF is a leading producer.Marfrig’s founder and chairman Marcos Molina is the company’s largest shareholder, with a stake of about 38%.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210521 16h28m UPDATE 1-Germany declares U.K. a virus variant region Germany's public health institute on Friday declared Britain and Northern Ireland a virus variant region, requiring anyone entering the country from the United Kingdom to quarantine for two weeks on arrival. "In this important phase of the vaccination campaign, the entry of problematic mutations must be avoided as far as possible." Health Minister Jens Spahn said earlier this month that a third wave coronavirus infections in Germany "appears to be broken", but government officials are being careful. Business Reuters 210521 16h28m Volkswagen's Mexico unit sees new output tweaks in June on chip shortage Volkswagen's Mexico unit expects adjustments from June for its three production segments due to an ongoing global semiconductor chip supply crunch, the German automaker said on Friday. "A significant reduction in the supply of semiconductor (chips) is causing several bottlenecks in many industries around the world," said Volkswagen in a statement. Automakers including General Motors Co, Ford Motor 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 during the pandemic and fast recovery in auto markets. Howell date : 210521 17h28m17s Business Reuters 210521 17h00m REFILE-UPDATE 1-Tribune shareholders approve Alden Global's take-private deal Tribune Publishing Co said on Friday shareholders had approved its proposed acquisition by hedge fund Alden Global Capital LLC. The take-private deal, gives Alden full control of Tribune's newspapers such as the Chicago Tribune and the New York Daily News. As per terms of agreement, expected to close by May 25, Alden will acquire all of the outstanding shares of Tribune common stock not currently owned by it for $17.25 per share in cash. U.S. Bloomberg 210521 16h59m Dakota Access Avoids New Shutdown Order From Federal Court (Bloomberg) -- A federal district court won’t force the Dakota Access pipeline to shut down while federal regulators conduct a new environmental analysis.The oil project -- at the center of a years-long battle between oil companies and the Standing Rock Sioux tribe -- may remain in service even though it lacks a valid federal easement for a water crossing in North Dakota, the U.S. District Court for the District of Columbia said Friday. The pipeline’s easement was scrapped in an earlier court ruling for inadequate environmental review.The ruling, which may be appealed, is a relief for operator Energy Transfer LP, which has faced an unending stream of legal threats to Dakota Access since 2016. It’s also seen as a rare victory for the pipeline industry as a whole amid rising opposition from environmental watchdogs and activists over the past few years.However, it’s a discouraging loss for the Standing Rock Sioux Tribe and other Indigenous opponents of the pipeline -- already reeling after the Biden administration announced April 9 that it wouldn’t order a shutdown.“We are pleased the court correctly recognized that the continued operation of the Dakota Access pipeline presents no risk of harm to others and appropriately denied the efforts to shut down this vitally important pipeline,” Energy Transfer said in an emailed statement.But government officials could change their minds, leaving some lingering threat for Dakota Access, according to James Coleman, an energy law professor at Southern Methodist University.“It’s not a comfortable position, but it’s a lot more comfortable than it was yesterday,” he said of the pipeline’s status.High BarThe Dakota Access pipeline, also used by drillers such as Continental Resources Inc., has been shipping oil from North Dakota’s Bakken oil field to Illinois for four years.Judge James Boasberg determined the tribes hadn’t met the high bar for shutting down the pipeline under a legal standard set out by a federal appeals court last year.“Whether framed in terms of likelihood or imminence, Plaintiffs have not made a successful showing of irreparable harm based on the threat of an oil spill at Lake Oahe,” the judge wrote, referring to the body of water the pipeline crosses near tribal land.Boasberg scolded the Biden administration for refusing to take a clear stance on the pipeline. The Army Corps of Engineers declined to shut it down, but also failed to formally approve its ongoing operation without an easement.The Army Corps has said it expects to finish a court-ordered environmental impact statement for the project in spring 2022.Earthjustice lawyer Jan Hasselman, who represents Standing Rock, said the tribe will continue to press the Army Corps to closely review the project’s risks.“The unacceptable risk of an oil spill, impacts to Tribal sovereignty and harm to drinking water supply must all be examined thoroughly in the months ahead as the U.S. Army Corps conducts its review of this pipeline,” he said in a statement Friday.‘Free of Political Pressure’He declined to comment on the next steps in the case, including whether the tribes will pursue an appeal.Pipeline opponents could also raise a separate “Hail Mary play” under the Administrative Procedure Act targeting the Army Corps’ inaction, said Christi Tezak, analyst at ClearView Energy Partners, in a note to clients Friday.Energy Transfer reversed early losses and jumped as much as 2.7% following the news. The stock settled up 1.7% in New York. Phillips 66 Partners, which owns a minority stake in the project, gained 6.3% at the close.Energy Transfer didn’t immediately respond to a request for comment. The Army Corps referred questions to the Justice Department, which didn’t immediately respond.“We hope that the administrative process is allowed to move forward allowing the Army Corps of Engineers to complete its work -- free of political pressure,” said Craig Stevens, head of the pro-pipeline GAIN Coalition, in a statement.(Adds company statement in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Business Business Bloomberg 210521 15h28m Oil Has Worst Week in Over a Month With Potential Iran Return (Bloomberg) -- Oil benchmarks suffered their worst week in more than a month as the market considered the consequences of a potential nuclear deal that could lift U.S. sanctions against Iranian crude.WTI futures in New York fell 2.7% for the week, the worst performance since early April. Brent posted the largest weekly decline since March, amid the possible return of millions of barrels a day of Iranian crude returning to the market. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.“There’s concern about the additional slug of supply potentially coming from Iran,” said John Kilduff, a partner at Again Capital LLC. “The prospect of more Iranian supply has been a momentum killer.”Some analysts estimate Iran could return to pre-sanctions production of almost 4 million barrels a day in as little as three months. Iranian oil output has been rising this year and was about 2.4 million barrels a day last month, according to estimates compiled by Bloomberg.The key to whether the potential rise in Iranian output upsets global inventory drawdowns is how early the country re-enters the oil market, Michael Hsueh, an analyst at Deutsche Bank, said in a note. While the third-quarter deficit stands at only 1.2 million barrels-a-day, the market is more equipped to handle the additional output the following quarter when that shortfall is likely larger, he wrote.“The most pressing question will be how much an early Iranian ramp-up could hurt third-quarter balances,” Hsueh wrote. “The schedule of the ramp-up will be principally a question of politics and negotiation,” as Iran’s supply “could be brought into the market before an actual increase in production.”Oil was also caught in a broader selloff this week in commodities and equities markets following concerns about inflation. Hedge funds cut their net bullish position in WTI and Brent for a second straight week, according to weekly ICE Futures Europe and CFTC futures and options data for four contracts.The streak of losses this week tested the borders of oil’s current trading range, with the benchmarks finding technical support after dipping to their lowest since April. Brent has been trading within a roughly $5 band over the last month, pulling back from $70 a barrel but prompting a round of buying the closer it got to $65.Prior to the implementation of sanctions, Iran was producing about 3.8 million barrels a day of crude. Only Iraq and Saudi Arabia’s output exceeds that amount within the Organization of Petroleum Exporting Countries. Still, Citigroup Inc. estimates overall global demand is strong enough to absorb any additional supply, including from Iran and that prices will continue to climb.Meanwhile, the prompt spread for Nymex gasoline futures moved into a marked contango on Friday, reflecting expectations that fuel markets may be oversupplied.“The gasoline spread threatening to switch to contango implies the gasoline market is oversupplied going into Memorial Day weekend, and that’s a negative price development,” said Bob Yawger, head of the futures division at Mizuho Securities. “The inflation situation has also started to spook some people, with prices at the pump getting a little lofty.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 16h27m41s Business Reuters 210521 16h07m Volkswagen's Mexico unit sees new output tweaks in June on chip shortage Volkswagen's Mexico unit expects adjustments from June for its three production segments due to an ongoing global semiconductor chip supply crunch, the German automaker said on Friday. "A significant reduction in the supply of semiconductor (chips) is causing several bottlenecks in many industries around the world," said Volkswagen in a statement. Automakers including General Motors Co, Ford Motor 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 during the pandemic and fast recovery in auto markets. Business Bloomberg 210521 15h48m Oil Has Worst Week in Over a Month With Potential Iran Return (Bloomberg) -- Oil benchmarks suffered their worst week in more than a month as the market considered the consequences of a potential nuclear deal that could lift U.S. sanctions against Iranian crude.WTI futures in New York fell 2.7% for the week, the worst performance since early April. Brent posted the largest weekly decline since March, amid the possible return of millions of barrels a day of Iranian crude returning to the market. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.“There’s concern about the additional slug of supply potentially coming from Iran,” said John Kilduff, a partner at Again Capital LLC. “The prospect of more Iranian supply has been a momentum killer.”Some analysts estimate Iran could return to pre-sanctions production of almost 4 million barrels a day in as little as three months. Iranian oil output has been rising this year and was about 2.4 million barrels a day last month, according to estimates compiled by Bloomberg.The key to whether the potential rise in Iranian output upsets global inventory drawdowns is how early the country re-enters the oil market, Michael Hsueh, an analyst at Deutsche Bank, said in a note. While the third-quarter deficit stands at only 1.2 million barrels-a-day, the market is more equipped to handle the additional output the following quarter when that shortfall is likely larger, he wrote.“The most pressing question will be how much an early Iranian ramp-up could hurt third-quarter balances,” Hsueh wrote. “The schedule of the ramp-up will be principally a question of politics and negotiation,” as Iran’s supply “could be brought into the market before an actual increase in production.”Oil was also caught in a broader selloff this week in commodities and equities markets following concerns about inflation. Hedge funds cut their net bullish position in WTI and Brent for a second straight week, according to weekly ICE Futures Europe and CFTC futures and options data for four contracts.The streak of losses this week tested the borders of oil’s current trading range, with the benchmarks finding technical support after dipping to their lowest since April. Brent has been trading within a roughly $5 band over the last month, pulling back from $70 a barrel but prompting a round of buying the closer it got to $65.Prior to the implementation of sanctions, Iran was producing about 3.8 million barrels a day of crude. Only Iraq and Saudi Arabia’s output exceeds that amount within the Organization of Petroleum Exporting Countries. Still, Citigroup Inc. estimates overall global demand is strong enough to absorb any additional supply, including from Iran and that prices will continue to climb.Meanwhile, the prompt spread for Nymex gasoline futures moved into a marked contango on Friday, reflecting expectations that fuel markets may be oversupplied.“The gasoline spread threatening to switch to contango implies the gasoline market is oversupplied going into Memorial Day weekend, and that’s a negative price development,” said Bob Yawger, head of the futures division at Mizuho Securities. “The inflation situation has also started to spook some people, with prices at the pump getting a little lofty.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 15h43m SEC approves Nasdaq proposal to allow IPO alternative to raise funds In a filing https://bit.ly/3vc3jHV dated May 19, the SEC said Nasdaq's proposed rule change was consistent with the regulator's rules and regulations and could be beneficial to investors as an alternative to a traditional initial public offering. The move is a big breakthrough for the exchange operator that has been pushing for an alternative for companies to raise money. Reuters had reported in August https://www.reuters.com/article/us-nasdaq-direct-listing-exclusive-idUSKBN25L1BC that Nasdaq had filed with the SEC to change its rules to enable companies that debut on the stock market through a direct listing to raise capital. Politics U.S. Howell date : 210521 15h27m04s Business Reuters 210521 14h57m US STOCKS-U.S. stocks end mixed as Dow recovers on strong economic data Wall Street closed mixed at the end of a volatile week of trading, with the Dow Jones Industrial Average being the only bright spot, as inflation concerns loom over growth names. The Dow was lifted by industrial heavyweights, including Boeing and Caterpillar Inc.. Boeing jumped 3.1% as industry sources said the planemaker has drawn up preliminary plans to increase in 737 MAX output to as many as 42 jets a month in fall 2022.. Banks, including Goldman Sachs, and JP Morgan , also supported the Dow. Business Bloomberg 210521 14h55m Fed’s Daly Says Inflation Pressures Likely to Ease in 2022 (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Factors pushing U.S. inflation higher are likely to ebb at the start of 2022, said Federal Reserve Bank of San Francisco President Mary Daly.“There’s just going to be a sequence of these temporary factors that are going to persist probably through the end of the year,” Daly said Friday in an interview with Bloomberg News. “They will start to roll off at the beginning of next year. How many of them will roll off or whether other bottlenecks will emerge as we start to get the economy back into shape and get back into recovery is hard to say.”Daly, a voter this year on monetary policy, said she expects inflation to remain elevated through the end of 2021 and that a variety of pressures are adding to price increases right now, including supply-chain constraints in shipping and semiconductor manufacturing and the so-called base effect of comparing this year’s prices to last year’s pandemic-induced declines.Fed officials last month held interest rates near zero and vowed to maintain their massive monthly asset purchases until achieving “substantial further progress” on employment and inflation. There’s a range of views among officials about when that test will be met.Details of their April 27-28 meeting showed that a number of officials were open to discussing scaling back bond buying at upcoming meetings if the economy continued to make rapid progress.Daly said monetary policy is in a good place right now and that policy makers need to be patient in light of the more than 8 million people who are still unemployed compared with pre-pandemic levels. Despite some “frothy” spots in financial markets, overall they’re also in a good place, she said.Some of Daly’s colleagues on the Federal Open Market Committee, including Dallas Fed President Robert Kaplan and Philadelphia Fed President Patrick Harker, have said they think the Fed should start talking about tapering its bond purchases sooner rather than later. But Chair Jerome Powell has said it’s too early to think about removing some of the central bank’s accommodative policy.”I don’t want to front run the committee discussions by coming down on any particular thing because we’re not in a place where that’s been decided,” Daly said. “You would hear that first from the chair and he has signaled that we’re not ready to start talking about talking about these types of things.”The Fed is buying $80 billion of Treasuries and $40 billion of mortgage backed securities every month. Some policy makers have said that when the central bank does start scaling back purchases, it should start with MBS, arguing that record-high housing prices are a sign that market no longer needs the Fed’s support.Daly said that some of the increases in housing prices are due to structural changes in where people want to live. Many people left smaller city apartments for houses in the suburbs in the midst of the pandemic. Many of the home purchases are still for primary residences and not the secondary or even tertiary home buying that helped fuel the 2008-2009 financial crisis, Daly said.“Home buyers and households in general are incredibly well positioned,” Daly said. “Their leverage is low, their savings is high, they’ve done well after the financial crisis to get their balance sheets in order. They’re also having this happen while the economy is starting to grow faster so that would support these dynamics which would support these valuations.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Politics Reuters 210521 14h47m Republicans and White House 'further apart' in infrastructure talks Republicans and the White House are "further apart" in negotiations to reach a deal on an infrastructure package, Senator Shelley Moore Capito's office said on Friday, after the White House lowered the cost of an infrastructure bill from $2.3 trillion to $1.7 trillion. "Based on today's meeting, the groups seem further apart after two meetings with White House staff than they were after one meeting with President Biden," a spokeswoman for the senator said. "Senate Republicans will further review the details in today's counteroffer and continue to engage in conversations with the administration." Business Yahoo Finance Video 210521 14h41m This week in Bidenomics Yahoo FInance's Rick Newman joined Yahoo Finance Live to break down why providing the IRS with money to catch tax cheats is a smart move and how the WHite House pares down the proposed infrastructure bill to $1.7T. Business Reuters 210521 14h29m CANADA FX DEBT-Canadian dollar up for 8th straight week as speculative buying climbs Speculators have raised their bullish bets on the Canadian dollar to the highest since November 2019, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. The Canadian dollar was trading nearly unchanged at 1.2055 to the greenback, or 82.95 U.S. cents, having traded in a range of 1.2027 to 1.2094. Howell date : 210521 14h26m27s Business Bloomberg 210521 14h10m Annovis’s 127% Surge Showcases Alzheimer’s Drug Enthusiasm (Bloomberg) -- Annovis Bio Inc.’s 127% surge after new data from a trial of its experimental drug to combat Alzheimer’s disease and Parkinson’s disease showcased investors’ enthusiasm for stocks that are targeting the tough-to-treat brain disorders.The fervor sent the Berwyn, Pennsylvania-based company soaring to a record high of $60 on Friday as it added around $230 million in value and millions of shares changed hands -- making it one of the day’s most actively traded stocks. The company said patients that received the drug for 25 days showed cognitive improvement as measured by an 11-part test.The rally comes with about two weeks until a critical decision from the Food and Drug Administration over whether to approve Biogen Inc.’s experimental Alzheimer’s drug, aducanumab. The decision on the hotly debated therapy is seen as the most-closely watched event in the biotech industry this year -- and a green light may buoy shares of other firms with therapies that are less advanced.Traders have highlighted Biogen’s Japan-based partner Eisai Co., Prothena Corp., Athira Pharma Inc., Alector Inc., and Cassava Sciences Inc. among smaller peers that could see big share reactions if Biogen’s drug wins approval. It’s worth noting that euphoria around small datasets has helped make Cassava Sciences one of the best-performing stocks in the Russell 2000 this year despite warnings from one analyst that the company is “not for the faint of heart.”Many of the companies that are also studying experimental drugs for Alzheimer’s saw their shares climb Friday as traders discussed the implications of Annovis Bio’s data. Cassava Sciences climbed as much as 11% at one point Friday, while Anavex Life Sciences Corp. gained as much as 6.7% and Prothena as much as 8.7%.(Updates trading throughout.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 14h06m U.S. Stocks Are Mixed; Bitcoin Resumes Decline: Markets Wrap (Bloomberg) -- U.S. stocks were mixed after investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin amid lingering concerns about the outlook for inflation. Oil rose for the first time in four trading sessions.The S&P 500 closed little changed after erasing earlier gains when Philadelphia Fed President Patrick Harker said the central bank should speak about reducing bond buying sooner rather than later. The tech-heavy Nasdaq 100 finished lower, while the Dow Jones Industrial Average gained as investors shifted from growth to value favorites such as Boeing. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.”European shares climbed earlier on prospects of easing lockdowns and as services data signaled a recovery. Asian shares were mostly higher, although they slipped in China.Treasury yields were little changed and the dollar gained. Gold dropped from its highest level in more than four months.China’s has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. China is home to a large concentration of the world’s crypto miners, programmers who use massive computing power to verify transactions on the blockchain.The global economic revival, the risk of a significant pickup in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. Stocks have been volatile this week, with speculative ardor cooling as minutes from the latest Fed meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment.“Inflation fears and concerns over the Fed tightening monetary policy appear to have eased,” said Fiona Cincotta, senior financial markets analyst at City Index. “The impact from the FOMC minutes where the Fed indicated its readiness to start talking about tapering asset purchases appears to have been short-lived.”Elsewhere, oil trimmed its biggest weekly decline since March. In Europe, Cartier jewelry maker Richemont gained after posting sales that topped estimates.Click here for the MLIV question of the day: How should markets price in an aging China?Here are some key events this week:Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 was little changed as of 4:01 p.m. New York timeThe Nasdaq 100 fell 0.6%The Dow Jones Industrial Average rose 0.4%The MSCI World index was little changedCurrenciesThe Bloomberg Dollar Spot Index rose 0.2%The euro fell 0.3% to $1.2187The British pound fell 0.2% to $1.4155The Japanese yen fell 0.1% to 108.90 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.62%Germany’s 10-year yield declined two basis points, more than any closing loss since May 4Britain’s 10-year yield was little changed at 0.83%CommoditiesWest Texas Intermediate crude rose 3.1%, the most since April 14Gold futures fell 0.1% to $1,882 an ounce, ending a six-day winning streakMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 14h04m US STOCKS-U.S. stocks end mixed as Dow extends recovery after strong economic data The Dow Jones Industrial Average rose with the help of Boeing, which jumped as industry sources said the planemaker has drawn up preliminary plans to increase in 737 MAX output to as many as 42 jets a month in fall 2022.. Banks, including Goldman Sachs and JP Morgan , also lifted the Dow. On S&P 500, economy-linked financials and energy are providing the biggest boost. Business Bloomberg 210521 14h04m Tesla Records Longest Weekly Losing Streak in Three Years (Bloomberg) -- Tesla Inc. shares hit a gloomy milestone -- dropping for a fifth straight week -- after several unflattering headlines and the unveiling of a formidable electric pickup truck by Ford Motor Co.The stock closed down 1.5% for the week, at $580.88. It is the longest weekly losing streak for Elon Musk’s EV company since March 2018, coming as investors started avoiding riskier stocks amid growing concerns about inflation and its impact on the U.S. economy, as well as some intense flare-ups of Covid-19 infections in some countries.The steady stream of negative incremental news about Tesla over the past month -- including multiple crashes, signs of a slowdown in sales in China and a potential delay to the company’s plant in Germany -- has made it hard for the stock to find favor with investors in a largely risk-off trading environment.Musk’s persistent tweeting about Bitcoin, which crashed earlier this month, also hasn’t helped Tesla shares.“Musk seems to be losing some of his mojo with retail investors,” Roth Capital Partners analyst Craig Irwin said, reflecting on the stock’s recent weakness. The analyst doesn’t see the tide turning in Tesla’s favor anytime soon, as he expects more EV announcements from traditional automakers, and possibly more leaks regarding tech giant Apple Inc.’s plans for entering the space.“This would draw attention away from Tesla, and likely pressure the shares,” Irwin said.(Updates stock move in headline, and first and second paragraphs.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210521 14h04m Stock market news live updates: Stocks turn mixed, Wall Street struggles amid inflation fears Wall Street is trying to strike a balance between optimism over the recovery, and the encroachment of higher prices on the economy. Business Bloomberg 210521 14h01m Bitcoin Ends Week in Free Fall With China Again Rattling Bulls (Bloomberg) -- Bitcoin is heading into the weekend in freefall again after a fresh warning from Chinese officials over cracking down on cryptocurrencies.The largest digital currency fell as much as 10% in late Friday trading to as low as $35,636, and peer tokens also posted double-digit losses. The coin almost hit $30,000 earlier in the week, after ending May 14 at $49,100.The latest blow came when China’s State Council reiterated its call to curtail Bitcoin mining and trading. The crypto market was already rattled earlier in the week by forced selling and possible U.S. tax consequences.Friday’s selloff hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin is down about 25% since last Friday, though it’s up from a Wednesday plunge to as low as $30,000. Other coins have slumped too -- Ether is down about 38% over the past seven sessions.The sour stretch started with Musk suspending acceptance of Bitcoin payments at Tesla Inc. and trading barbs with boosters of the cryptocurrency on Twitter. China’s central bank added to the downdraft Tuesday with a statement warning against using virtual currencies. On Thursday, it emerged the U.S. may require crypto transactions of $10,000 or more to be reported to tax authorities.China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier that financial institutions weren’t allowed to accept it for payment. The country is home to a large concentration of the world’s crypto miners, who require massive amounts of power and thus run afoul of the nation’s efforts to curb greenhouse-gas emissions.“The new guidance issued from the regulatory agencies -- they’re taking it more seriously, they want more enforcement,” Bobby Lee, founder and chief executive officer of crypto storage provider Ballet, said in an interview Friday. “There’s talk about going after miners. The question is, can they catch all the miners.”China’s moves this week highlight the country’s continued desire to seek control over the notoriously volatile asset class. It’s something China would rather see regulated by the People’s Bank of China, market-watchers say.“It’s not really the mining issue that is the problem,” said Matt Maley, chief market strategist for Miller Tabak + Co. “They say they’re doing this as part of an effort to control risk-taking in their markets, but it’s really a signal that China is not going to be a big market for cryptos unless it’s a PBOC-controlled one.”In the meantime, volatility in Bitcoin is likely to stay elevated. The selloff Friday once again pushed Bitcoin below its average price over the past 200 days, which to some chartists and technical analysts suggests it could trend lower still to around $30,000, where it found support earlier this week.This week’s swings have led to huge liquidations by leveraged investors and damaged the narrative that cryptocurrencies will become more stable as the sector matures. Musk’s actions showed how just a few tweets can still upend the entire market. But even moreso, the past few days have renewed the regulatory threat on the crypto market.“Investors are underestimating the regulatory risk of crypto as governments defend their lucrative monopolies over currency,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors in New York. In the U.S., the possible imposition of transaction reporting requirements could be the “tip of the iceberg” of potential Treasury rules on virtual currencies, he said.As far as regulations in China go, it may be a game of wait and see.“You must always proceed cautiously with China -- never get too bullish or bearish,” said David Tawil, president of ProChain Capital. “We’ll have to see what the regulation brings. It’s one thing to say, it’s another to do.”(Updates prices, adds comments in fourth, eighth and last paragraphs)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Bloomberg 210521 13h56m Dakota Access Avoids New Shutdown Order From Federal Court (Bloomberg) -- A federal district court won’t force the Dakota Access pipeline to shut down while federal regulators conduct a new environmental analysis.The oil project -- at the center of a years-long battle between oil companies and the Standing Rock Sioux tribe -- may remain in service even though it lacks a valid federal easement for a water crossing in North Dakota, the U.S. District Court for the District of Columbia said Friday. The pipeline’s easement was scrapped in an earlier court ruling for inadequate environmental review.The ruling, which may be appealed, is a relief for operator Energy Transfer LP, which has faced an unending stream of legal threats to Dakota Access since 2016. It’s also seen as a rare victory for the pipeline industry as a whole, amid rising opposition from environmental watchdogs and activists over the past few years.However, it’s a discouraging loss for the Standing Rock Sioux Tribe and other Indigenous opponents of the pipeline -- already reeling after the Biden administration announced April 9 that it wouldn’t order a shutdown.The Dakota Access pipeline, also used by drillers such as Continental Resources Inc., has been been shipping oil from North Dakota’s Bakken oil field to Illinois for four years.High BarJudge James Boasberg determined the tribes hadn’t met the high bar for shutting down the pipeline under a legal standard set out by a federal appeals court last year.“Whether framed in terms of likelihood or imminence, Plaintiffs have not made a successful showing of irreparable harm based on the threat of an oil spill at Lake Oahe,” the judge wrote, referring to the body of water the pipeline crosses near tribal land.The Army Corps of Engineers has said it expects to finish a court-ordered environmental impact statement for the project in spring 2022.Earthjustice lawyer Jan Hasselman, who represents Standing Rock, said the tribe will continue to press the Army Corps to closely review the project’s risks.“The unacceptable risk of an oil spill, impacts to Tribal sovereignty and harm to drinking water supply must all be examined thoroughly in the months ahead as the U.S. Army Corps conducts its review of this pipeline,” he said in a statement Friday.Energy Transfer reversed early losses and jumped as much as 2.7% following the news. The stock gained 1.7% as of 3:16 p.m. in New York. Phillips 66 Partners, which owns a minority stake in the project, surged as much as 7.9%.Energy Transfer didn’t immediately respond to a request for comment. The Army Corps referred questions to the Justice Department, which didn’t immediately respond.(Updates throughout with comments from judge, lawyer, share price.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 13h55m50s Business Reuters 210521 13h48m FOREX-Dollar rises on upbeat U.S. manufacturing data The dollar rose against a basket of currencies on Friday, boosted by encouraging U.S. manufacturing data, but remained on track for a weekly loss as traders' concerns about taper talk in U.S. Federal Reserve minutes moderated. The dollar has given back much of the advance it made after a mention in minutes from the Fed's April monetary policy meeting of possible future discussions on paring back stimulus, raised hopes U.S. interest rate raises might come earlier than previously thought. "Taper concerns have faded rather quickly, it would seem," Shaun Osborne, chief currency strategist at Scotiabank, said in a note. Business Bloomberg 210521 13h36m Fed’s Tools Showing Signs of Stress Against the Cash Onslaught (Bloomberg) -- The deluge of cash in the short-end is threatening to create fissures in the Federal Reserve’s key rates corridor, increasing chances policy makers will be forced to adjust their tools to defend the floor.The effective fed funds rate remains at 0.06%, within the Fed’s 0% to 0.25% target range, anchored by the offering yield on the Fed’s facility for overnight reverse repurchase agreements. While the operation has been draining reserves from the system, there’s a risk that money-market funds -- the primary counterparties -- will eventually demand higher yields to handle the surge in inflows.“The Fed relies on money funds to provide a floor on interest rates as these entities can deposit cash via reverse repos directly with the central bank at zero, thereby draining reserves and helping to stop rates from going negative,” Mark Cabana, head of U.S. interest rate strategy at Bank of America, wrote in a note to clients. “The risk of cracking stems from money funds that would no longer remain willing to drain reserves for the Fed via ON RRP while being paid zero for this service.”The front-end of the U.S. fixed-income market has been awash in cash. In addition to central-bank asset purchases, the drawdown of the Treasury’s general account, monthly principal and interest investments from government sponsored enterprises and stimulus payments to state and local municipalities are adding to the glut. Regulatory constraints are also spurring banks to turn away deposits and direct that cash to money-market funds.As a result, Treasury bills out to November are yielding two basis points or less and the Secured Overnight Financing Rate has fixed at 0.01% since March. Demand at the Fed’s reverse repo facility surged to $369 billion on Friday, with 52 participants taking it to the highest in almost four years.While the Fed is equipped to handle the surge in demand at this facility, the problem for money funds is that the additional inflows that get deposited with the Fed dilute investment returns for existing shareholders, according to Cabana. The longer the rate on the Fed’s facility remains at zero, money markets will either need to close funds to new or existing investors or offer zero or negative return to investors, he said.The Fed is aware of the significant portion of the T-bill and repo markets that is trading at zero and that doesn’t mean the central bank will hold off on adjusting its so-called administered rates, Barclays Plc strategist Joseph Abate wrote in a note to clients. He expects policy makers to adjust the offering yield on the reverse repo facility, and interest on excess reserve rate, or IOER, by five basis points at the June meeting, citing the tone of the recent minutes.In the minutes of the latest Fed gathering released Wednesday, the System Open Market Account manager noted that downward pressure on overnight rates in coming months could result in conditions that warrant consideration of a modest adjustment to administered rates.Bank of America strategists believe that it would be appropriate for the Fed to boost IOER by five basis points and the RRP offering rate by two or three basis points to bolster the floor as soon as the June FOMC meeting.(Adds Barclays strategist comment in the seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 13h31m Speculators increase short dollar bets in latest week -CFTC, Reuters data Speculators increased their net short dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. The value of the net short dollar position rose to $15.07 billion in the week ended May 18, compared with a net short of $14.93 billion the previous week. Howell date : 210521 13h25m13s Howell date : 210521 12h54m34s Business Bloomberg 210521 12h41m U.S. Stocks Are Mixed; Bitcoin Resumes Decline: Markets Wrap (Bloomberg) -- U.S. stocks were mixed after investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin amid lingering concerns about the outlook for inflation. Oil rose for the first time in four trading sessions.The S&P 500 fluctuated between gains and losses after Philadelphia Fed President Patrick Harker said the central bank should speak about reducing bond buying sooner rather than later. The tech-heavy Nasdaq 100 was lower, while the Dow Jones Industrial Average gained as investors shifted from growth to value favorites such as Boeing. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.”European shares climbed earlier on prospects of easing lockdowns and as services data signaled a recovery. Asian shares were mostly higher, although they slipped in China.Treasury yields were little changed and the dollar gained. Gold dropped from its highest level in more than four months.China’s has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. China is home to a large concentration of the world’s crypto miners, programmers who use massive computing power to verify transactions on the blockchain.The global economic revival, the risk of a significant pickup in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. Stocks have been volatile this week, with speculative ardor cooling as minutes from the latest Fed meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment.“Inflation fears and concerns over the Fed tightening monetary policy appear to have eased,” said Fiona Cincotta, senior financial markets analyst at City Index. “The impact from the FOMC minutes where the Fed indicated its readiness to start talking about tapering asset purchases appears to have been short-lived.”Elsewhere, Brent oil trimmed its biggest weekly decline since March. In Europe, Cartier jewelry maker Richemont gained after posting sales that topped estimates.Click here for the MLIV question of the day: How should markets price in an aging China?Here are some key events this week:Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 was little changed as of 2:34 p.m. New York timeThe Nasdaq 100 fell 0.4%The Dow Jones Industrial Average rose 0.5%The MSCI World index rose 0.1% to the highest since May 10CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%The euro slipped 0.4%, more than any closing loss since May 12The British pound fell 0.3% to $1.4154The Japanese yen fell 0.1% to 108.93 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.63%Germany’s 10-year yield declined two basis points, more than any closing loss since May 4Britain’s 10-year yield was little changed at 0.83%CommoditiesWest Texas Intermediate crude rose 2.8%, the most since April 14Gold futures fell 0.1% to $1,882 an ounce, ending a six-day winning streakMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 12h32m Castillo Halts Fujimori’s Advance in Latest Peru Runoff Poll (Bloomberg) -- Peru’s Pedro Castillo consolidated his lead in a new election poll released on Friday over Keiko Fujimori as the left wing educator looks to secure the presidency in a runoff on June 6.In a vote simulation done by polling company Datum, Castillo received 45.5% compared with 40.1% for Fujimori, according to the data published in newspaper Gestion. That compares with a previous Datum simulation that had the difference at a more narrow 3.6 percentage points.Voter intention, a slightly different gauge, had Castillo at 44.9% against 40.1% for Fujimori with 9.2% planning to spoil their ballot and 5.8% undecided, according to Datum. The poll surveyed 1,201 people between May 18 and 20 with a margin of error of 2.8%.Peruvian markets soured Friday following the survey results. Asset prices have been whipsawed since the surprise first-round vote in April that saw Castillo emerge from near obscurity to handily beat a crowded field of candidates. Fujimori, who has unsuccessfully sought the presidency in the two previous elections, is trying to claw back terrain after initially trailing by some 20 percentage points in polls.Peru’s dollar bonds due in 2051 fell 0.9% to trade at 97.3 cents on the dollar, the lowest in three weeks and the nation’s benchmark stock index was poised for its biggest drop in a month. The cost of insuring the country’s debt against default over the next five years jumped by 7.7 basis points, putting it on course for its largest one-day increase since April 26, based on CMA pricing.A separate poll by Ipsos released last weekend showed the candidates virtually tied within the margin of error.Castillo is pledging greater spending on education and health while demanding higher taxes from multinationals. Fujimori promises to maintain investor confidence and use her experience in a divided congress to push through legislation and find consensus.The Peruvian sol has lost 2.4% since the first-round vote, the worst performing currency in emerging markets over that period.(Updates with market reaction in 5th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210521 12h29m Prospect of Fed tapering can be interpreted as ‘somewhat bullish’: Strategist Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, joins Yahoo Finance to discuss outlook on the bond market and inflation pressures. World Bloomberg 210521 12h22m U.S. Enlists Dating Apps; EU Travel Moves Forward: Virus Update (Bloomberg) -- The White House is enlisting popular dating apps to encourage Americans to brandish their vaccination status in exchange for a better shot at love. Just as Wall Street offices are filling up, New York City’s high-flying social life is returning.California outlined its plans for full reopening, saying it will lift physical distancing and capacity limits on June 15, as well as drop quarantine requirements for people traveling into the state.Europeans and some foreign visitors can firm up their summer plans in the region, after EU negotiators agreed to introduce vaccine certificates. The EU’s drug regulator issued a warning against using AstraZeneca’s vaccine in some cases.Key Developments:Global Tracker: Cases pass 165.6 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.57 billion doses have been givenHow long do vaccine protections last? Science can’t say for sureItaly’s disappearing villages are having a pandemic renaissanceBillionaire’s year at home gives impetus to Africa vaccine planFungal epidemic, sick babies: Worst of Covid plays out in IndiaN.Y. Positive Tests Dip Below 1% (2:15 p.m. NY)New York’s state’s seven-day positivite test rate dropped below 1% for the first time since September, Governor Andrew Cuomo said on Friday. The rate is among the lowest in the nation. California was the only state with a seven-day rate below 1% in the latest data from the U.S Centers for Disease Control and Prevention.With more than a month of declining cases, hospitalizations and deaths, New York followed the CDC guidance and dropped its mask mandate this week for fully-vaccinated residents. On Friday, Cuomo said four counties -- Putnam, Yates, Hamilton and Essex -- all recorded zero new positive cases.California Details June Reopening (1:49 p.m. NY)California outlined its plans for full reopening, saying it will lift physical distancing and capacity limits on June 15, as well as drop quarantine requirements for people traveling into the state. The state has already said it will conform to CDC guidelines and lift mask mandates for those who are vaccinated on June 15.The state said it is recommending that large outdoor sporting events and concerts with more than 10,000 attendees and indoors events of more than 5,000 should require proof of a vaccine or a negative coronavirus test. “We feel like we are tracking well,” said California Health Secretary Mark Ghaly said during a call with reporters, citing high vaccination rates and plummeting hospitalizations.Heathrow to Separate Arrivals (1:12 p.m. NY)London Heathrow airport will devote a terminal to arrivals from countries with high levels of Covid-19 infection amid concern that having them share a building with other passengers risks spreading the virus.A dedicated facility for flights from so-called red list nations will open in Heathrow’s Terminal 3 from June 1, the airport said in a statement Friday. The hub had been in protracted talks over government funding for the plan, which it said will be very challenging logistically.Masks, Airflow Lower School Spread (1:04 p.m. NY)Mask use and improved ventilation were linked to a lower rate of Covid-19 cases in schools in a study that reinforced federal health guidance on how to keep the nation’s children safe.Among Georgia elementary schools, the frequency of Covid cases at the end of last year was 37% lower in schools that required teachers and staff to use masks, according to a Friday report by the U.S. Centers for Disease Control and Prevention. The incidence of Covid cases was 39% lower in schools that enhanced ventilation.McDonald’s Franchises Hesitate (12:58 p.m. NY)McDonald’s Corp. is planning for fully reopened dining rooms in the U.S. this summer, though it’s running into opposition from some franchisees who say they don’t have enough staff or interested diners to make it worthwhile.The company said that while it isn’t setting a hard deadline for franchises, it’s aiming for a rolling re-opening between now and the end of August, as Covid-19 rates and local regulations allow. Franchisees own about 95% of McDonald’s roughly 13,600 U.S. locations, and the company said it plans to be flexible and work with individual owners on alternate plans when necessary. Only about 15% of customer dining areas were open as of last month, McDonald’s said.NYC High Society Revives the Gala (11:53 a.m. NY)Just as Wall Street offices are filling up, New York City’s high-flying social life is returning, with cater-waiters, high heels and all the other wonderful and annoying things about being in person to support a cause.Of course, gatherings are outdoors and in smaller groups, but the masks are largely off, with safety protocols still in place.The Whitney Museum of American Art offered on-site rapid testing and crudite in individual containers. The Central Park Conservancy’s legendary hat lunch took place at several locations, on two days, after its first round-robin tennis tournament and before an in-person board meeting of the Women’s Committee at the Colony Club.G-20 Pledges Greater Cooperation (11:37 a.m. NY)Leaders of the Group of 20 nations called for greater global cooperation in the battle against the coronavirus pandemic and to prevent future outbreaks, a bid to turn the page on damaging tensions over how to tackle the disease.China pledged $3 billion in additional international aid over the next three years to support developing countries recover. U.S. Vice President Kamala Harris vowed to continue donating excess supplies of vaccines to countries in need, and France will share at least 30 million doses by the end of this year and contribute 500 million euros ($609 million) to the G-20’s Act-A initiative.U.S. Enlists Dating Apps (10:47 a.m. NY)The White House is enlisting popular dating apps to encourage Americans to brandish their vaccination status in exchange for a better shot at love.Nine of the largest dating apps in the U.S., including Bumble Inc.’s namesake and Match Group Inc.’s Tinder and Hinge, are adding badges that show a person’s vaccine status and offering perks for those who have already gotten their inoculations.The program is the federal government’s latest effort to boost vaccination rates in the U.S. and achieve President Joe Biden’s goal of getting 70% of adults at least one jab by July 4.EU Backs Vaccine Certificates (10:24 a.m. NY)Europeans and some foreign visitors can firm up their summer plans in the region, after European Union negotiators agreed to introduce vaccine certificates that will allow quarantine-free travel within Europe, handing the pummeled tourist industry an important chance to salvage the season.“Citizens will be able to travel safely. Businesses will be able to benefit from their spending, and transport will be able to operate,” European Justice Commissioner Didier Reynders said at a press conference Friday. “Today we are one step closer to making this happen.”France Set to Vaccinate Youth (9:32 a.m. NY)Youngsters in France between the age of 16 and 18 years old could start to be inoculated in June, vaccination czar Alain Fischer said in an interview on BFM TV on Friday.Earlier in the day, health authorities revised lower the total number of confirmed Covid cases since the start of the pandemic by 348,846 to 5.57 million, or about 6%. That’s due to an updated tracking system that now avoids double-counting of people who were tested twice in a very short period of time.The authorities said the the revisions don’t modify the broad trend of the epidemic, which has slowed after a recent partial lockdown and as vaccination ramps up.Ireland Monitoring Variant (9:18 a.m. NY)Ireland is “closely monitoring” the variant first identified in India, chief medical officer Tony Holohan said, amid the strain’s “possible higher transmissibility” and “early reports of its impact on vaccine effectiveness.”The nation has been easing restrictions steadily in recent weeks after a four month lockdown. There have been 72 cases of the B.1.617.2 variant in the country so far. Ireland is due to move to the next stage of easing restrictions next month, with bars and restaurants set to reopen.U.K. Confident on Lockdown End (8:41 a.m. NY)U.K. Prime Minister Boris Johnson said he remains confident that England’s lockdown will end on June 21 as planned, despite the rapid rise in cases of a variant first detected in India.Authorities have found 3,424 cases of the B1.617.2 variant in the U.K., up from 1,313 last week. Public Health England also announced late on Thursday it was investigating a separate variant with an “unusual mutation profile,” with 49 cases logged so far.That prompted fears that the U.K.’s reopening plans could be in doubt, but Johnson told broadcasters on Friday: “At the moment I can’t see anything that makes me think we’ll have to deviate from the roadmap.”Norway Eases Restrictions (8:11 a.m. NY)Norway removed limits on large gatherings and allowed restaurants and pubs to serve alcohol until later in the night after hospital admissions fell and the share of adults with at least a first vaccine dose reached 36%.Separately, Oslo municipality opened training centers, swimming pools, museums and cinemas.EU Adds Warning on Astra Shot (7:49 a.m. NY)The EU drug regulator warned healthcare professionals against giving AstraZeneca’s Vaxzevria to anyone who developed blood clots with low platelets after receiving the vaccine, according to a statement.Doctors should make checks within 3 weeks of vaccination and ensure that such patients receive specialist care.Moscow Lags Among European Cities (4:57 p.m. HK)Moscow has a lower vaccination rate than any other European city despite starting inoculations before others, Mayor Sergei Sobyanin said in a video posted on his blog Friday.Only 1.3 million people in the Russian capital, or 10% of its population, have received shots since the start of the campaign even though they are free and the government provides incentives, Sobyanin said.Earlier this week, former Prime Minister Dmitry Medvedev said it may be in the state’s interest to make vaccination mandatory. Nearly two-thirds of Russians aren’t ready to get inoculated, according to an April poll by the Levada Center.German Terraces Reopen (4:40 p.m. HK)Germany’s Health Minister Jens Spahn said the third virus wave “has been broken” amid accelerating vaccinations. The country’s seven-day incidence rate has been steadily falling and was at 67.3 per 100,000 people on Friday.Europe’s biggest economy is reopening outdoor dining and is easing restrictions on non-essential stores. Lothar Wieler, head of the Robert Koch Institute public-health agency, said the willingness of Germans to get vaccinated was very high. Still, he warned that infections could jump back up quickly if restrictions were relaxed too soon.Fungus Seen as Epidemic in India (1:53 p.m. HK)India reported 259,551 new infections Friday, continuing with the declining trend seen since a record high May 7. The total tally inched past 26 million, while deaths rose by more than 4,200 to 291,331, according the heath ministry.The country also is seeing a raft of secondary ailments, from dangerous inflammatory syndrome in children to rising cases of a deadly black fungal infection called mucormycosis, which India’s government has asked states to designate as an epidemic.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 12h15m Oil Set for Worst Week Since April Amid Potential Iran Return (Bloomberg) -- Oil benchmarks headed for the largest weekly drop in at least a month as the market contends with a potential deal that could lift U.S. sanctions against Iranian crude.WTI futures in New York rose as much as 3.4% on Friday, tracking a broader market rally that buoyed prices during most of the trading day. Nonetheless, crude benchmarks couldn’t shake off the specter of millions of barrels a day of Iranian crude returning to the market, with Brent futures in London poised for their worst week since March. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.“There’s concern about the additional slug of supply potentially coming from Iran,” said John Kilduff, a partner at Again Capital LLC. “As the market was getting back on its feet, the prospect of more Iranian supply has been a momentum killer.”Some of the most optimistic analysts estimate Iran could return to pre-sanctions production of almost 4 million barrels a day in as little as three months. Iranian oil output has been rising this year and was about 2.4 million barrels a day last month, according to estimates compiled by Bloomberg.The key to whether the potential rise in Iranian output upsets global inventory drawdowns is how early the country re-enters the oil market, Michael Hsueh, an analyst at Deutsche Bank, said in a note. While the third-quarter deficit stands at only 1.2 million barrels-a-day, the market is more equipped to handle the additional output the following quarter when that shortfall is likely larger, he wrote.“The most pressing question will be how much an early Iranian ramp-up could hurt third-quarter balances,” Hsueh wrote. “The schedule of the ramp-up will be principally a question of politics and negotiation,” as Iran’s supply “could be brought into the market before an actual increase in production.”Oil this week was also swept up in a broader selloff in commodities and equities markets following concerns about inflation, speculation that the U.S. Federal Reserve will ease stimulus and China’s warning on measures to cool price spikes. The surge in the coronavirus continues to haunt some major consumers, with India’s largest refiner canceling a tender to buy Middle Eastern crude.The streak of losses this week tested the borders of oil’s current trading range, with the benchmarks finding technical support after dipping to their lowest since April. Brent has been trading within a roughly $5 band over the last month, pulling back from $70 a barrel but prompting a round of buying the closer it got to $65.With traders gearing up for even more supply, Brent’s nearest timespread had approached a bearish contango structure in an indication market tightness is easing.Prior to the implementation of sanctions, Iran was producing about 3.8 million barrels a day of crude. Only Iraq and Saudi Arabia’s output exceeds that amount within the Organization of Petroleum Exporting Countries. Still, Citigroup Inc. estimates overall global demand is strong enough to absorb any additional supply, including from Iran and that prices will continue to climb.Meanwhile, the prompt spread for Nymex gasoline futures moved into a marked contango on Friday, reflecting expectations that fuel markets may be oversupplied.“The gasoline spread threatening to switch to contango implies the gasoline market is oversupplied going into Memorial Day weekend, and that’s a negative price development,” said Bob Yawger, head of the futures division at Mizuho Securities. “The inflation situation has also started to spook some people, with prices at the pump getting a little lofty.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Politics Reuters 210521 12h07m UPDATE 1-Swipe right! White House partners with dating apps to encourage vaccination The White House has partnered with popular online dating platforms such as Match, Tinder and Bumble to encourage more Americans to get vaccinated against the virus that has killed hundreds of thousands of people in the United States alone. With restrictions loosening across the country as coronavirus cases, hospitalizations and deaths decline, people are increasingly getting back to some semblance of normalcy in their lives, including dating. President Joe Biden's administration has set a goal of getting at least one vaccine shot into at least 70% of U.S. adults by the July 4 Independence Day holiday. Howell date : 210521 12h23m58s Politics Reuters 210521 12h07m UPDATE 1-Swipe right! White House partners with dating apps to encourage vaccination The White House has partnered with popular online dating platforms such as Match, Tinder and Bumble to encourage more Americans to get vaccinated against the virus that has killed hundreds of thousands of people in the United States alone. With restrictions loosening across the country as coronavirus cases, hospitalizations and deaths decline, people are increasingly getting back to some semblance of normalcy in their lives, including dating. President Joe Biden's administration has set a goal of getting at least one vaccine shot into at least 70% of U.S. adults by the July 4 Independence Day holiday. Business Yahoo Finance Video 210521 12h02m Dockwa CEO on boating boom: ’We caught lightning in a bottle’ Mike Melillo, Dockwa CEO & Co-Founder, joins Yahoo Finance Live to discuss growth in boating industry amid the pandemic and outlook on Dockwa’s future. Business Bloomberg 210521 11h48m U.S. Stocks Push Higher; Bitcoin Resumes Decline: Markets Wrap (Bloomberg) -- U.S. stocks resumed rising for a second day after investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin amid lingering concerns about the outlook for inflation. Oil rose for the first time in four trading sessions.The S&P 500 edged higher after briefly turning negative when Philadelphia Fed President Patrick Harker said the central bank should speak about reducing bond buying sooner rather than later. The tech-heavy Nasdaq 100 was lower, while the Dow Jones Industrial Average gained as investors shifts from growth to value shares favorites such as Boeing. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.”European shares climbed earlier on prospects of easing lockdowns and as services data signaled a recovery. Asian shares were mostly higher, although they slipped in China.Treasury yields were little changed and the dollar gained. Gold dropped from its highest level in more than four months.China’s has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. China is home to a large concentration of the world’s crypto miners, programmers who use massive computing power to verify transactions on the blockchain.The global economic revival, the risk of a significant pickup in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. Stocks have been volatile this week, with speculative ardor cooling as minutes from the latest Fed meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment.“Inflation fears and concerns over the Fed tightening monetary policy appear to have eased,” said Fiona Cincotta, senior financial markets analyst at City Index. “The impact from the FOMC minutes where the Fed indicated its readiness to start talking about tapering asset purchases appears to have been short-lived.”Elsewhere, Brent oil trimmed its biggest weekly decline since March. In Europe, Cartier jewelry maker Richemont gained after posting sales that topped estimates.Click here for the MLIV question of the day: How should markets price in an aging China?Here are some key events this week:Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 0.1% to the highest since May 14 as of 1:46 p.m. New York timeThe Nasdaq 100 fell 0.3%The Dow Jones Industrial Average rose 0.4%The MSCI World index rose 0.1% to the highest since May 10CurrenciesThe Bloomberg Dollar Spot Index rose 0.3%The euro slipped 0.4%, more than any closing loss since May 12The British pound fell 0.3% to $1.4150The Japanese yen fell 0.2% to 108.96 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.62%Germany’s 10-year yield declined two basis points, more than any closing loss since May 4Britain’s 10-year yield was little changed at 0.83%CommoditiesWest Texas Intermediate crude rose 2.6% to $64 a barrelGold futures fell 0.2% to $1,880 an ounce, ending a six-day winning streakMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210521 11h45m UPDATE 1-Brazil govt cuts 2021 budget deficit forecast to $35 bln, GDP growth boosts tax take Brazil's government on Friday issued a brighter fiscal outlook for this year, with the growing economy set to deliver higher revenues and lower spending than previously expected, narrowing the budget deficit to 2.2% of gross domestic product. Economy Ministry officials said an improving fiscal position is a key condition for a sustainable economic recovery, and repeated their view that government debt close to 90% of GDP makes fiscal consolidation an imperative rather than a choice. In its bimonthly spending and revenue report, the Economy Ministry lowered its forecast for this year's budget deficit excluding interest payments to 187.7 billion reais ($35 billion), or 2.2% of GDP. Business Reuters 210521 11h43m Analysis: Retail investors learn to love the crypto rollercoaster "Investing in crypto is not for the faint of heart," said Bettencourt, a 32-year-old photographer in Toronto who has owned bitcoin and ether over the last year-and-a-half to complement his stock portfolio. This week, cryptocurrencies were buffeted by factors ranging from critical tweets by Tesla Inc CEO Elon Musk to governmental controls in China. Leveraged positions in bitcoin and ether futures fell sharply last week, said Vanda Research, which tracks retail trades. Business Bloomberg 210521 11h40m Fed’s Tools Showing Signs of Stress Against the Cash Onslaught (Bloomberg) -- The deluge of cash in the short-end is threatening to create fissures in the Federal Reserve’s key rates corridor, increasing chances policy makers will be forced to adjust their tools to defend the floor.The effective fed funds rate remains at 0.06%, within the Fed’s 0% to 0.25% target range, anchored by the offering yield on the Fed’s facility for overnight reverse repurchase agreements. While the operation has been draining reserves from the system, there’s a risk that money-market funds -- the primary counterparties -- will eventually demand higher yields to handle the surge in inflows.“The Fed relies on money funds to provide a floor on interest rates as these entities can deposit cash via reverse repos directly with the central bank at zero, thereby draining reserves and helping to stop rates from going negative,” Mark Cabana, head of U.S. interest rate strategy at Bank of America, wrote in a note to clients. “The risk of cracking stems from money funds that would no longer remain willing to drain reserves for the Fed via ON RRP while being paid zero for this service.”The front-end of the U.S. fixed-income market has been awash in cash. In addition to central-bank asset purchases, the drawdown of the Treasury’s general account, monthly principal and interest investments from government sponsored enterprises and stimulus payments to state and local municipalities are adding to the glut. Regulatory constraints are also spurring banks to turn away deposits and direct that cash to money-market funds.As a result, Treasury bills out to November are yielding two basis points or less and the Secured Overnight Financing Rate has fixed at 0.01% since March. Demand at the Fed’s reverse repo facility surged to $369 billion on Friday, with 52 participants taking it to the highest in almost four years.While the Fed is equipped to handle the surge in demand at this facility, the problem for money funds is that the additional inflows that get deposited with the Fed dilute investment returns for existing shareholders, according to Cabana. The longer this continues, money markets will either need to close funds to new or existing investors or offer zero or negative return to investors, he said.The central bank still has room to adjust its so-called administered rates, the offering yield on the reverse repo facility, and interest on excess reserve rate, or IOER. In the minutes of the latest Fed gathering released Wednesday, the System Open Market Account manager noted that downward pressure on overnight rates in coming months could result in conditions that warrant consideration of a modest adjustment to administered rates.Bank of America strategists believe that it would be appropriate for the Fed to boost IOER by 5 basis points and the RRP offering rate by two or three basis points to bolster the floor as soon as the June FOMC meeting.(Adds results of Friday’s reverse repo operation in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 11h53m21s World Reuters 210521 11h46m UPDATE 1-Brazil govt cuts 2021 budget deficit forecast to $35 bln, GDP growth boosts tax take Brazil's government on Friday issued a brighter fiscal outlook for this year, with the growing economy set to deliver higher revenues and lower spending than previously expected, narrowing the budget deficit to 2.2% of gross domestic product. Economy Ministry officials said an improving fiscal position is a key condition for a sustainable economic recovery, and repeated their view that government debt close to 90% of GDP makes fiscal consolidation an imperative rather than a choice. In its bimonthly spending and revenue report, the Economy Ministry lowered its forecast for this year's budget deficit excluding interest payments to 187.7 billion reais ($35 billion), or 2.2% of GDP. Business Reuters 210521 11h44m Analysis: Retail investors learn to love the crypto rollercoaster "Investing in crypto is not for the faint of heart," said Bettencourt, a 32-year-old photographer in Toronto who has owned bitcoin and ether over the last year-and-a-half to complement his stock portfolio. This week, cryptocurrencies were buffeted by factors ranging from critical tweets by Tesla Inc CEO Elon Musk to governmental controls in China. Leveraged positions in bitcoin and ether futures fell sharply last week, said Vanda Research, which tracks retail trades. Business Bloomberg 210521 11h41m Fed’s Tools Showing Signs of Stress Against the Cash Onslaught (Bloomberg) -- The deluge of cash in the short-end is threatening to create fissures in the Federal Reserve’s key rates corridor, increasing chances policy makers will be forced to adjust their tools to defend the floor.The effective fed funds rate remains at 0.06%, within the Fed’s 0% to 0.25% target range, anchored by the offering yield on the Fed’s facility for overnight reverse repurchase agreements. While the operation has been draining reserves from the system, there’s a risk that money-market funds -- the primary counterparties -- will eventually demand higher yields to handle the surge in inflows.“The Fed relies on money funds to provide a floor on interest rates as these entities can deposit cash via reverse repos directly with the central bank at zero, thereby draining reserves and helping to stop rates from going negative,” Mark Cabana, head of U.S. interest rate strategy at Bank of America, wrote in a note to clients. “The risk of cracking stems from money funds that would no longer remain willing to drain reserves for the Fed via ON RRP while being paid zero for this service.”The front-end of the U.S. fixed-income market has been awash in cash. In addition to central-bank asset purchases, the drawdown of the Treasury’s general account, monthly principal and interest investments from government sponsored enterprises and stimulus payments to state and local municipalities are adding to the glut. Regulatory constraints are also spurring banks to turn away deposits and direct that cash to money-market funds.As a result, Treasury bills out to November are yielding two basis points or less and the Secured Overnight Financing Rate has fixed at 0.01% since March. Demand at the Fed’s reverse repo facility surged to $369 billion on Friday, with 52 participants taking it to the highest in almost four years.While the Fed is equipped to handle the surge in demand at this facility, the problem for money funds is that the additional inflows that get deposited with the Fed dilute investment returns for existing shareholders, according to Cabana. The longer this continues, money markets will either need to close funds to new or existing investors or offer zero or negative return to investors, he said.The central bank still has room to adjust its so-called administered rates, the offering yield on the reverse repo facility, and interest on excess reserve rate, or IOER. In the minutes of the latest Fed gathering released Wednesday, the System Open Market Account manager noted that downward pressure on overnight rates in coming months could result in conditions that warrant consideration of a modest adjustment to administered rates.Bank of America strategists believe that it would be appropriate for the Fed to boost IOER by 5 basis points and the RRP offering rate by two or three basis points to bolster the floor as soon as the June FOMC meeting.(Adds results of Friday’s reverse repo operation in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 11h39m Alden Declares Victory in Its Monthslong Pursuit of Tribune (Bloomberg) -- Alden Global Capital declared victory in its monthslong effort to acquire Tribune Publishing Co. following a shareholder vote on the hedge fund’s bid for daily newspapers in Chicago, New York and other major cities.“The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term,” Alden President Heath Freeman said in a statement Friday.Newspapers have struggled to compete with online media and have seen advertising and subscribers shrink, leading to consolidation, job cuts and financial distress for publishers like Tribune. Alden, known for cutting costs in newsrooms, already owns the Boston Herald, Denver Post and San Jose Mercury News through its Digital First Media chain.The hedge fund holds a 31% stake in Tribune. It agreed in February to pay $17.25 a share, or almost $460 million, for the stock it didn’t already own.However, the deal required the approval of two-thirds of non-Alden shareholders. Tribune’s No. 2 shareholder, Los Angeles billionaire Patrick Soon-Shiong, abstained from voting his 24% stake.A spokeswoman for Soon-Shiong announced his decision Friday, saying the entrepreneur and his family always viewed Tribune as a passive investment and were more focused on their ownership of the Los Angeles Times and San Diego Union-Tribune. “They remain honored to be entrusted with these storied news organizations and continue working to secure their longevity,” the statement said.Silent ApprovalBut that abstention amounted to approval, according to the Chicago Tribune. Tribune Publishing officials said ballots registered to Soon-Shiong failed to check any box and were counted as a “yes” vote. They would have been counted as “no” votes if the abstain box had been checked.Tribune journalists fought the sale to Alden and tried to find alternative buyers for each of the company’s newspapers, including the namesake Chicago Tribune, the New York Daily News and other big-city publications.“While we are saddened by the turn of events, we know that our work over the past year -- to build allies in the community and to raise awareness about Alden -- is not in vain,” the journalists’ union said in a statement.In early April, Tribune agreed to talks with a rival investor group led by Stewart Bainum that was offering $18.50 a share. Tribune journalists supported Bainum’s bid, but the company ended their discussions after the group’s largest investor, Swiss billionaire Hansjoerg Wyss, dropped out.In a statement, Bainum said we was “deeply grateful to the journalists, readers, and civic-minded investors who teamed with us to help rescue, re-imagine and reinvigorate local journalism.”‘Better Model’“While our effort to acquire the Tribune and its local newspapers has fallen short, the journey reaffirmed my belief that a better model for local news is both possible and necessary,” Bainum said.He added that he’s “evaluating various options” to create “locally supported, not-for-profit newsrooms that place stakeholders above shareholders and journalistic integrity above all.”In February, when Tribune agreed to be acquired by Alden, Bainum was initially part of that purchase, with a side deal that allowed him to buy the Baltimore Sun and smaller newspapers in Maryland.But Bainum and Alden disagreed over how they would share services before the Maryland newspapers were fully independent of Tribune, and Bainum grew skeptical of Alden’s intentions in the deal, people familiar with the situation said in March. That led Bainum to pursue an acquisition of the whole company.Shares of Tribune fell less than 1% to $17.20 in New York.(Updates with ballot-counting procedure in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210521 11h35m Municipal Market Sales Slacken, Raising Supply Alarms (Bloomberg) -- State and local governments, helped by the arrival of federal stimulus money, are in no rush to issue debt as they wait for Congress to consider sending them infrastructure funding.Municipal bond issuers are anticipated to sell $7.3 billion in bonds over the next month, the lowest visible supply mark since late March and well below the average pace of about $10 billion this year, according to data compiled by Bloomberg. The 30-day supply projection usually accounts for about half of what is actually sold, since deals can be priced with less than a month’s notice.The drop in visible supply comes at a time of year where issuance has been historically strong. A combination of an economic rebound and the $350 billion American Rescue Plan, of which $105.3 billion has already been disbursed, has left the nation’s municipalities less dependent on borrowing, said Barclays Plc municipal strategist Mikhail Foux.“Going into the year a lot of people were thinking municipalities would have to issue bonds to fund deficits. The economic recovery was stronger than people believed,” Foux said. “Clearly we’re not going to have that much issuance over the course of the summer.”Issuers may also be waiting for federal infrastructure plans, which could serve as the catalyst for billions of dollars of debt sales. This week, Democrats in both the House and Senate advocated for leaning on the state and local government debt market in any infrastructure package and the revival of a technique to refinance debt that was rolled back during the Trump administration.For now, the lull in sales has yet to scare off participants in a muni market that has become historically expensive by some metrics. Money has continued to pour into the market unabated, with investors adding an additional $725 million to municipal-focused mutual funds, marking the 11th straight week of inflows.Those funds have been sitting on more cash than ever before, perhaps waiting for the right time to deploy. The 10 biggest mutual fund families all have higher cash holdings than 2016 levels, with some holding nearly 10% more, according to Barclays. If there’s rate volatility during the summer it could be an opportunity to put that money to work, Foux said.“If rates move higher, munis will outperform somewhat,” Foux said. “Everyone understands valuations and how rich they are and people don’t want to chase at current levels.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210521 11h30m This week in Bideonomics: Biden’s best revenue idea Providing more money to crack down on tax cheats should the simplest decision on the Congressional agenda. Business Reuters 210521 11h29m M&S profit seen crashing 90% in "lost year" of pandemic Britain's Marks & Spencer is set to report on Wednesday a 90% slump in full-year profit after the COVID-19 pandemic hammered its clothing sales. Analysts on average expect the 137-year old M&S, one of the best known names in British retail, to report a pretax profit before one-off items of 43 million pounds ($61 million) for its year to April 3, down from 403 million pounds in 2019-20. It reflects an expected 34% crash in UK clothing and homewares like-for-like sales, due to multiple lockdowns which shut the retailer's non-food space, slightly offset by an expected 1.2% rise in food sales. Howell date : 210521 11h22m44s Business Reuters 210521 11h12m BMO investment arm sold Microsoft over U.S. Army headset deal A responsible-investment arm of Canada’s Bank of Montreal sold roughly $275 million worth of Microsoft Corp shares because of the company's recent U.S. Army contract for augmented reality headsets, a bank spokesman said on Friday. BMO's responsible investment managers worried that the $22 billion Army contract Microsoft won in March moves the technology from a proof-of-concept phase to a battlefield-ready product outside its investment strategies' mandate, BMO representatives said. The contract "sits at odds with our central investment philosophy to avoid companies with damaging businesses practices, and we class bespoke military equipment as one component of our avoid criteria," Jamie Jenkins, head of the Responsible Global Equities team at BMO, said in an e-mailed statement. Business Yahoo Finance Video 210521 11h10m Bitcoin's damaged technicals, getting bullish on Roblox Irusha Peiris, O'Neil Global Advisors Portfolio Manager, joins Yahoo Finance's Jared Blikre to talk about what's moving markets, Bitcoin's damaged technicals and outlook for Roblox. Business Yahoo Finance 210521 11h05m Stock market news live updates: Stocks turn mixed, Wall Street struggles amid inflation fears Wall Street is trying to strike a balance between optimism over the recovery, and the encroachment of higher prices on the economy. Business Reuters 210521 11h02m Factbox-Five things to know about Epic's epic legal fight with Apple Apple Inc Chief Executive Tim Cook takes the witness stand on Friday to defend the lucrative App Store against "Fortnite" maker Epic Games' allegations that it is a monopoly that Apple illegally abuses. After years of complaints about Apple by app companies like music service Spotify Technology, Epic sued the most valuable U.S. public company for allegedly using its dominance to rake in bigger profits. Epic has waged a public relations and legal campaign, arguing that Apple acts anticompetitively by only allowing apps it approves on the world's 1 billion iPhones and by forcing developers to use Apple's in-app payment system, which charges commissions of up to 30% on sales. Business Bloomberg 210521 10h51m Alden Declares Victory in Its Monthslong Pursuit of Tribune (Bloomberg) -- Alden Global Capital declared victory in its monthslong effort to acquire Tribune Publishing Co. following a shareholder vote on the hedge fund’s bid for daily newspapers in Chicago, New York and other major cities.“The purchase of Tribune reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term,” Alden President Heath Freeman said in a statement Friday.Newspapers have struggled to compete with online media and have seen advertising and subscribers shrink, leading to job cuts and financial distress for publishers like Tribune.Alden holds a 31% stake in Tribune. It agreed in February to pay $17.25 a share, or almost $460 million, for the stock it didn’t already own. The deal required the approval of two-thirds of non-Alden shareholders.The company’s No. 2 shareholder, Los Angeles billionaire Patrick Soon-Shiong, abstained from voting his 24% stake. Alden already owns the Boston Herald, Denver Post and San Jose Mercury News through its Digital First Media chain.A spokeswoman for Soon-Shiong announced his decision to abstain Friday, saying the entrepreneur and his family always viewed the Tribune investment as passive and were more focused on their ownership of the Los Angeles Times and San Diego Union-Tribune. “They remain honored to be entrusted with these storied news organizations and continue working to secure their longevity,” the statement said.Fought SaleTribune journalists fought the sale to Alden and tried to find alternative buyers for each of the company’s newspapers, including the namesake Chicago Tribune, the New York Daily News and other big-city publications.“While we are saddened by the turn of events, we know that our work over the past year -- to build allies in the community and to raise awareness about Alden -- is not in vain,” the journalists’ union said in a statement.In early April, Tribune agreed to talks with a rival investor group led by Stewart Bainum that was offering $18.50 a share. Tribune journalists supported Bainum’s bid, but the company ended their discussions after the group’s largest investor, Swiss billionaire Hansjoerg Wyss, dropped out.In a statement, Bainum said we was “deeply grateful to the journalists, readers, and civic-minded investors who teamed with us to help rescue, re-imagine and reinvigorate local journalism.”‘Better Model’“While our effort to acquire the Tribune and its local newspapers has fallen short, the journey reaffirmed my belief that a better model for local news is both possible and necessary,” Bainum said.He added that he’s “evaluating various options” to create “locally supported, not-for-profit newsrooms that place stakeholders above shareholders and journalistic integrity above all.”In February, when Tribune agreed to be acquired by Alden, Bainum was initially part of that purchase, with a side deal that allowed him to buy the Baltimore Sun and smaller newspapers in Maryland.But Bainum and Alden disagreed over how they would share services before the Maryland newspapers were fully independent of Tribune, and Bainum grew skeptical of Alden’s intentions in the deal, people familiar with the situation said in March. That led Bainum to pursue an acquisition of the whole company.Shares of Tribune fell less than 1% to $17.20 in New York.(Updates with statements from Freeman, Bainum starting in second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 10h52m08s Business Reuters 210521 10h47m UPDATE 1-Kentucky securities regulator opens inquiry into Danimer Scientific Kentucky's state securities regulator is investigating plant-based plastics maker Danimer Scientific after a financial researcher told the office that the newly public company failed to make certain material disclosures. The Division of Securities of the Kentucky Department of Financial Institutions wrote in a letter dated May 17, and seen by Reuters, that it "has opened a formal inquiry into the matter". The letter was addressed to activist short-seller Ben Axler, whose firm Spruce Point Capital conducts forensic financial research. Business Bloomberg 210521 10h43m China Hammers Bitcoin Anew With Warning on Miner Crackdown (Bloomberg) -- Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.The largest digital currency fell 6.6% to $37,451 as of 12:41 p.m. in New York. The statement Friday after a meeting of the Financial Stability and Development Committee provided the latest blow in a rough week for the cryptocurrency market, rattled by forced selling and a possible U.S. tax clampdown.China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. The country is home to a large concentration of the world’s crypto miners who verify transactions and require massive amounts of commuting power, threatening the nation’s greenhouse gas emissions.“The new guidance issued from the regulatory agencies – they’re taking it more seriously, they want more enforcement,” Bobby Lee, founder and chief executive officer of crypto storage provider Ballet, said in an interview Friday. “But in terms of the rules, it’s the same in terms of what’s allowed and not allowed. There’s talk about going after miners. The question is, can they catch all the miners.”Friday’s selloff hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin is down about 38% since last Friday, though up from a Wednesday plunge to as low as $30,000. Other coins have slumped too -- Ether is down about 38% over the past seven sessions.The sour stretch for digital tokens started with Musk suspending acceptance of Bitcoin payments at Tesla Inc. and trading barbs with boosters of the cryptocurrency on Twitter. China’s central bank added to the downdraft Tuesday after carrying a statement warning against using virtual currencies. On Thursday, it emerged the U.S. may require crypto transactions of $10,000 or more to be reported to tax authorities.China moves this week ultimately highlight the country’s continued desire to seek control over the notoriously volatile asset class. It’s something China would rather see regulated by the People’s Bank of China, market watchers say.“It’s not really the mining issue that is the problem,” said Matt Maley, chief market strategist for Miller Tabak + Co. “They say they’re doing this as part of an effort to control risk taking in their markets, but it’s really a signal that China is not going to be a big market for cryptos unless it’s a PBOC-controlled one.”In the meantime, volatility in Bitcoin is likely to stay elevated. The selloff Friday has once again pushed Bitcoin below its average price over the past 200 days, which to some chartists and technical analysts suggests it could trend lower still to around $30,000, where it found support earlier this week.This week’s swings have led to huge liquidations by leveraged investors and damaged the narrative that cryptocurrencies will become more stable as the sector matures. Musk’s actions showed how just a few tweets can still upend the entire market. But even more so, the past few days has also reiterated the regulatory threat on the crypto market.“Investors are underestimating the regulatory risk of crypto as governments defend their lucrative monopolies over currency,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors in New York. In the U.S., the possible imposition of transaction reporting requirements could be the “tip of the iceberg” of potential Treasury rules on virtual currencies, he said.As far as regulations in China go, it may be a game of wait and see.“You must always proceed cautiously with China -- never get too bullish or bearish,” said David Tawil, president of ProChain Capital. “We’ll have to see what the regulation brings. It’s one thing to say, it’s another to do.”(Updates prices, adds comments in fourth, eighth and last paragraphs)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 10h43m Norwegian Air raises fresh capital, set to exit restructuring Norwegian Air has raised the 6 billion Norwegian crowns ($714.07 million) it targeted through the sale of perpetual bonds, new shares and a rights issue, the company said on Friday. Courts in Ireland and Norway had demanded the budget airline raise at least 4.5 billion crowns as part of a scheme to emerge from bankruptcy protection in the two countries on May 26. The private placement of new shares raised 3.73 billion crowns and was "significantly oversubscribed", the firm said in a statement. Business Bloomberg 210521 10h39m Gold Surrenders Gains as Dollar Rises on Record Factories Output (Bloomberg) -- Gold gave up early gains on Friday on a strengthening U.S. dollar, though not enough to upset the precious metal’s push toward its third straight weekly increase.Bullion prices retreated as the greenback rose after the release of data showing output at U.S. manufacturers and service providers advanced to a fresh record in May. Friday’s decline still sets up gold for a 1.8% gain for the week. Gold is trading near the highest level in more than four months amid rising inflation expectations, static Treasury yields and concerns of a resurgence of coronavirus cases in some countries. Holdings in exchange-traded funds backed by the precious metal have resumed an uptrend.“Higher U.S. inflation and lower government bonds yields have lifted gold back” to $1,870 an ounce, UBS AG analysts including Wayne Gordon wrote in a note.The IHS Markit flash composite index of purchasing manager at manufacturers and service providers surged to its highest in data going back to 2009, underscoring solid demand that’s contributing to added inflationary pressures.Meanwhile, traders mostly shrugged off concerns over Federal Reserve minutes Wednesday that showed some policy makers are open to talking about tapering bond purchases, focusing instead on the U.S. central bank’s accommodative stance. Meanwhile, applications for U.S. state unemployment insurance fell last week to a fresh pandemic low, signaling steady improvement in the job market as remaining business restrictions are lifted.Still, UBS analysts kept their end of year forecast for gold unchanged at $1,600 an ounce, as “we expect fading inflation surprises, higher U.S. government bond yields, rising vaccination pace to reduce uncertainty and the U.S. dollar to peak.”Spot gold fell 0.2% to $1,872.96 an ounce by 12:33 p.m. in New York, after earlier climbing as much as 0.7%. Prices climbed to $1,890.13 on Wednesday, the highest since Jan. 8. Silver, platinum and palladium edged lower. The Bloomberg Dollar Spot Index moved higher after dropping 0.4% on Thursday.Bullion may have also been supported after the extreme volatility in cryptocurrencies this week. Bitcoin, which is often touted as a replacement for gold due to its inherently limited supply, plunged this week.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 10h33m UPDATE 1-Enbridge, Fluxys, EIG bid for Brazil's top natgas import pipeline, sources say A consortium of Canada's Enbridge, Belgium's Fluxys and U.S. private equity firm EIG Global Energy Partners has submitted a non-binding offer for Brazil's largest natural gas import pipeline, three people with knowledge of the matter told Reuters this week. Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, put its stakes in the 2,593-kilometer (1,611-mile) TBG pipeline, which imports gas from Bolivia, and the far southern TSB pipeline up for sale in December. If the consortium is ultimately successful, it would mark Enbridge's first foray into South America. Business Bloomberg 210521 10h33m U.S. Stocks Turn Mixed; Bitcoin Resumes Decline: Markets Wrap (Bloomberg) -- U.S. stocks were mixed as investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin amid linger concerns about the outlook for inflation. Oil rose for the first time in four trading sessions.The S&P 500 erased all its gains for the session and briefly turned negative after Philadelphia Fed President Patrick Harker said the central bank should speak about reducing bond buying sooner rather than later. The tech-heavy Nasdaq 100 was lower, while the Dow Jones Industrial Average gained as investors shifts from growth to value shares. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.”European shares climbed earlier on prospects of easing lockdowns and as services data signaled a recovery. Asian shares were mostly higher, although they slipped in China.Treasury yields were little changed and the dollar gained. Gold dropped from its highest level in more than four months.China’s has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. China is home to a large concentration of the world’s crypto miners, programmers who use massive computing power to verify transactions on the blockchain.The global economic revival, the risk of a significant pickup in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. Stocks have been volatile this week, with speculative ardor cooling as minutes from the latest Fed meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment.“Inflation fears and concerns over the Fed tightening monetary policy appear to have eased,” said Fiona Cincotta, senior financial markets analyst at City Index. “The impact from the FOMC minutes where the Fed indicated its readiness to start talking about tapering asset purchases appears to have been short-lived.”Elsewhere, Brent oil trimmed its biggest weekly decline since March. In Europe, Cartier jewelry maker Richemont gained after posting sales that topped estimates.Click here for the MLIV question of the day: How should markets price in an aging China?Here are some key events this week:Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets: StocksThe S&P 500 was little changed as of 12:29 p.m. New York timeThe Nasdaq 100 fell 0.5%The Dow Jones Industrial Average rose 0.5%The MSCI World index rose 0.1% to the highest since May 10CurrenciesThe Bloomberg Dollar Spot Index rose 0.3%The euro slipped 0.4%, more than any closing loss since May 12The British pound fell 0.2% to $1.4157The Japanese yen fell 0.1% to 108.94 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.62%Germany’s 10-year yield declined two basis points, more than any closing loss since May 4Britain’s 10-year yield was little changed at 0.83%CommoditiesWest Texas Intermediate crude rose 2.9%, the most since April 14Gold futures fell 0.4% to $1,877 an ounce, ending a six-day winning streakMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 10h28m UPDATE 1-Investors file class action against Credit Suisse over Archegos, Greensill dealings Investors have filed a lawsuit against Credit Suisse over the Swiss bank's dealings with Archegos and Greensill, a law firm organising the class action said on Friday. The Law Offices of Frank R. Cruz said that the lawsuit has been filed on behalf of investors who purchased or otherwise acquired Credit Suisse Group AG American Depositary Receipts between Oct. 29, 2020 and March 31, 2021, the law firm said in a statement. Credit Suisse did not immediately respond to a request for comment. Howell date : 210521 10h21m31s Politics Reuters 210521 10h10m White House partners with dating apps in hopes users swipe right on vaccinations The White House has partnered with popular online dating platforms such as Match, Tinder and Bumble to encourage more Americans to get vaccinated against the virus that has killed hundreds of thousands of people in the United States alone. The dating apps will be offering new features including badges that show people's vaccination status, free access to "premium content like boosts, super likes, and super swipes" for vaccinated individuals, and ways to filter potential hook-ups according to people's vaccination status, the White House said. President Joe Biden has set a goal to vaccinate 70% of U.S. adults with at least one COVID-19 shot by that date. Business Reuters 210521 10h09m US STOCKS-S&P 500, Dow extend recovery after strong U.S. business surveys The S&P 500 and the Dow rose on Friday, extending a recovery from the previous session, as strong U.S. factory and services activity surveys lifted the mood at the end of a volatile week of trading. Helping the Dow outperform was Boeing, which added about 3% as industry sources said the planemaker has drawn up preliminary plans for a fresh sprint in 737 MAX output to as many as 42 jets a month in fall 2022. IHS Markit's data showed U.S. business activity picked up in May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor. Business Yahoo Finance 210521 10h01m Stock market news live updates: Stocks gain as Wall Street tries to overcome inflation fears Wall Street is trying to strike a balance between optimism over the recovery, and the encroachment of higher prices on the economy. Business Bloomberg 210521 09h52m Oil Pares Weekly Drop While Market Weighs Prospect of Iran Deal (Bloomberg) -- Oil gained on Friday with a broader market advance but is on track for the largest weekly drop in over a month with a potential end to yearslong sanctions raising the prospect of more Iranian supply.Futures in New York rose as much as 3.4% on Friday, as U.S. equities strengthened for a second day and oil prices found technical support at their late-April lows. A measure of output of U.S. manufacturers and service providers posted a fresh record in May, pointing to the demand recovery underway in the world’s largest oil consumer.“Crude’s rallied back strongly” amid some dip-buying, said Bob Yawger, head of the futures division at Mizuho Securities. But prices remain under pressure into the weekend with the risk “we could get an announcement on the Iran deal at any given moment.”Still, Friday’s gains were not enough to reverse oil’s weekly slump amid optimism from Iran and some world powers that a revival of the 2015 nuclear accord is near. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted, though details and finer points still needed to be ironed out.Some of the most optimistic analysts estimate the country could return to pre-sanctions production of almost 4 million barrels a day in as little as three months. Iranian oil output has been rising this year and was about 2.4 million barrels a day last month, according to estimates compiled by Bloomberg.“The market is a bit surprised at how quickly they could come to a deal,” said Warren Patterson, head of commodities strategy at ING Groep NV, in reference to the Iran negotiations. There’s potential for additional barrels “much quicker than many in the market were initially expecting.”Oil has also been swept up in a broader selloff in commodities and equities markets following concerns about inflation, speculation that the U.S. Federal Reserve will ease stimulus and China’s warning on measures to cool price spikes. The surge in the coronavirus continues to haunt some major consumers, with India’s largest refiner canceling a tender to buy Middle Eastern crude.With traders gearing up for even more supply, Brent’s nearest timespread had approached a bearish contango structure in an indication market tightness is easing.Prior to the implementation of sanctions, Iran was producing about 3.8 million barrels a day of crude. Only Iraq and Saudi Arabia’s output exceeds that amount within the Organization of Petroleum Exporting Countries. Still, Citigroup Inc. estimates overall global demand is strong enough to absorb any additional supply, including from Iran and that prices will continue to climb.Meanwhile, the prompt spread for Nymex gasoline futures moved into contango on Friday, reflecting expectations that fuel markets may be oversupplied.“The gasoline spread threatening to switch to contango implies the gasoline market is oversupplied going into Memorial Day weekend, and that’s a negative price development,” Yawger said. “The inflation situation has also started to spook some people, with prices at the pump getting a little lofty.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210521 09h48m K.C. Southern Agrees to $30 Billion CN Rail Deal, Jilting CP (Bloomberg) -- Kansas City Southern agreed to a $30 billion merger with Canadian National Railway Co., scrapping a $25 billion deal with Canadian Pacific Railway Ltd. after it declined to boost its offer.Under the deal, Canadian National will pay $200 and 1.129 shares of its stock for each share of Kansas City Southern, the U.S. railroad said in a statement Friday. Kansas City Southern paid a $700 million breakup fee to Canadian Pacific, which will be reimbursed by Canadian National.Kansas City Southern last week deemed Canadian National’s bid superior and gave Canadian Pacific until the end of this week to sweeten its offer. Instead, Canadian Pacific said it wouldn’t enter a bidding war. It urged Kansas City Southern to drop its larger rival’s proposal because of heightened risk that the deal couldn’t win approval from U.S. regulators, which is still a looming question mark for Canadian National.The ultimate outcome will determine which gets to be the first railroad to operate from Canada, down through the U.S. and on to Mexico. Kansas City Southern gets about half its revenue from Mexico, which is poised to capture investment as manufacturers seek to use a renegotiated trilateral trade agreement to shorten overseas supply lines.“I am confident that together with KCS’s experienced and talented team, we will meaningfully connect the continent,” Canadian National Chief Executive Officer Jean-Jacques Ruest said in the statement.Kansas City Southern rose less than 1% to $295.40 at 11:27 a.m. in New York. The railroad’s shares had advanced 44% this year through Thursday. Canadian National declined 1.3% to C$126.58 in Toronto, while Canadian Pacific rose 1% to C$98.20.Now that Kansas City Southern has spurned Canadian Pacific, the focus shifts to the U.S. Surface Transportation Board, which will decide whether Canadian National can use a voting trust to complete the financial portion of the transaction. Closing the deal is contingent on getting such approval.The trust would allow Kansas City Southern stockholders to get paid for their shares while government approval to merge operations is pending -- a process that could take more than a year. The STB, which has final say on U.S. railroad mergers, has approved Canadian Pacific’s trust but hasn’t made a final decision on Canadian National’s.Canadian National’s proposal is “illusory,” Canadian Pacific CEO Keith Creel said in a Thursday letter to Kansas City Southern’s board, citing opposition from the U.S. Justice Department and a large shareholder. Creel also pointed to the STB’s decision to judge the Canadian National proposal under tougher antitrust standards.Canadian National has said it’s confident that its proposal will get regulatory approval.Kansas City Southern and Canadian Pacific had reached a merger agreement in March that Canadian National topped in April. The U.S. carrier earlier this month said it planned to accept Canadian National’s offer.‘Cautious Approach’Creel early Thursday said he “remained confident” that the STB wouldn’t approve Canadian National’s proposal for a voting trust, pointing to language in a recent ruling in which the board said it expected “to take a more cautious approach.”The STB has said it would ultimately judge Canadian National’s proposal under stricter merger rules than Canadian Pacific’s, explaining that the smaller railroad’s plan would “result in the fewest overlapping routes.” Canadian National has to prove that its deal would be in the public interest, while Canadian Pacific merely has to establish that its tie-up wouldn’t hurt competition.Kansas City Southern is the smallest of the seven large U.S. and Canadian railroads and one of the industry’s few substantial merger targets remaining.(Updates with deal details in second paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 09h50m55s Business Reuters 210521 09h39m Brazilian infrastructure firm CCR may scrap shareholders agreement -sources Shareholders in Brazilian infrastructure company CCR SA, which operates highways and subway lines in Brazil and airports throughout Latin America, are discussing dissolving the agreement under which they control the company, two sources with knowledge of the matter said. Such a move would follow unlisted construction conglomerate Andrade Gutierrez SA's planned sale of its 14.86% stake in CCR, Brazil's largest transportation infrastructure company, the sources added. Andrade Gutierrez, one of three groups that comprise CCR's core shareholder pact, said earlier this month it expected to sell its stake to asset manager IG4 Capital for 4.6 billion reais ($865 million). Politics Bloomberg 210521 09h37m Biden Fight Against Climate Financial Risk Can’t Be One-Joe Show (Bloomberg) -- Joe Biden’s goal of using regulation to limit the threat of climate change to the financial system can’t be accomplished with just the stroke of the presidential pen.Thursday’s executive order setting the plan in motion is a big step, but only the first in a long process that the administration and regulators are feeling their way into. The White House lacks the power to get what it wants simply through executive fiat, and must overcome resistance from fossil-fuel industries and those in Congress who are warning against regulatory overreach.The move represents an early element of the new administration’s efforts to reduce greenhouse-gas emissions by 50% by 2030, compared to 2005 levels, and make the U.S. a global leader on climate. Under Biden, the U.S. has rejoined the 2015 Paris Agreement on climate change after his predecessor, Donald Trump, withdrew from the accord.Biden’s order directs National Economic Council Director Brian Deese and National Climate Adviser Gina McCarthy to develop a strategy for assessing risks to the federal government’s own financial assets and liabilities. It also instructs the Department of Labor to report on the risks to pensions.Read more: Biden Ordering Climate Risk Strategy for Financial AssetsThe language is less forceful on the task of building out a regime of climate-related risk disclosures for financial and non-financial companies. In the order, Biden asks Treasury Secretary Janet Yellen to engage with regulatory agencies “to consider” a number of actions, including assessing the risk of climate change to U.S. financial stability.Hitting LimitThe word choice reflects the White House’s lack of direct authority over independent regulatory agencies, according to David Arkush, climate program director at Public Citizen.“This order goes up to the limit of what they can do,” Arkush said.Even with the White House encouraging the Financial Stability Oversight Council at arm’s reach, it can be a powerful tool, McCarthy said on a phone briefing with reporters. “The FSOC is independent,” McCarthy said, but “that does not mean we don’t intend to continue to pursue these issues.”Read more: Yellen Gets a Shot to Put Treasury Clout Into Climate FightThe Financial Stability Oversight Council, which Yellen heads, brings together the U.S. Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission and other agencies. The panel can encourage individual agencies and regulators to better address specific risks, such as climate change, and it’s a forum for coordinating that action.Still, individual regulations -- such as potential new requirements for climate risk disclosure that could be mandated by the SEC -- remain the purview of individual agencies represented on the council.Yet even in what it only encourages, the order also lacks specificity regarding the type of disclosure regime it wants to create. That, according to Giulia Christianson, director of sustainable private-sector finance at the World Resources Institute, reveals how early-stage the entire project is now.“There are a lot of plans for plans here,” said Christianson, who nonetheless welcomed the order as a first step. “The truth of the matter is that nobody has quite figured out how to meaningfully, fully assess the risks associated with climate change.”Progress ReportWith the action, the administration has raised expectations for significant steps in the near future, and Yellen pledged during the media call to deliver a report on progress made by the FSOC on coordinating regulators’ approach to addressing climate-related financial risks.“In many ways this sets the stage for robust action by the financial regulators to not only analyze and identify risks, but ultimately mitigate them by developing regulations,” said Gregg Gelzinis, associate director for economic policy at the Center for American Progress.Yet it was also clear even before the executive order the administration will face opposition on the regulatory front. Some lawmakers have asserted that financial regulatory agencies lack the legal authority to police the corporate and financial sectors based on climate risks.Senator Patrick Toomey, a Pennsylvania Republican, has been among the most outspoken critics on this point.“Today’s executive order demonstrates that the Biden administration is preparing to misuse financial regulation to further environmental policy objectives,” he said in a statement late Thursday. “Not only would such regulation exceed the scope of financial regulators’ respective missions and authorities, but it would also distort capital allocation, raise energy costs for consumers and slow economic growth.”Deese, however, said in the phone briefing that “we’re confident that the actions that are outlined, mandated and encouraged by this executive order are all those that we can effectively execute with existing authorities.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 09h35m UPDATE 1-Apple's Tim Cook takes stand to defend App Store at trial with 'Fortnite' maker Apple Inc Chief Executive Tim Cook on Friday took the witness stand to defend the App Store, a booming part of the iPhone maker's business that "Fortnite" online game maker Epic Games says is a monopoly that Apple abuses. Cook is expected to spend more than two hours making what are likely to be his most extensive public remarks on the App Store, which anchors Apple's $53.8 billion services business. World Bloomberg 210521 09h35m U.K. to Tell Homeowners to Ditch Gas Boilers in Green Plan (Bloomberg) -- British homeowners will have to replace their conventional gas boilers with potentially more expensive and greener alternatives under a radical plan being drawn up by Prime Minister Boris Johnson’s officials.When owner-occupiers sell their homes, or carry out significant renovations, they would need to make sure their heating systems comply with tougher new environmental standards, people familiar with the proposals said. That’s likely to involve replacing a gas boiler with a heat pump, which can typically cost more than 10,000 pounds ($14,154).Hidden Gauge of U.K.’s Zero-Carbon Drive Sits in Your CellarMinisters are preparing to launch a consultation on how to regulate the proposed new rules. Options could include the threat of financial penalties for non-compliance, according to one of the people who declined to be identified because the policy has not been finalized.Under separate regulations due to be put to a public consultation, boiler manufacturers would also be required to sell a minimum number of heat pumps alongside their gas boilers, one person said. That is likely to increase the price of standard gas boilers if companies add a surcharge to bills to cover their costs.The proposals are a core part of Johnson’s drive to cut greenhouse gas emissions to “net zero” by 2050, as he seeks to turn the U.K. into a world leader on tackling climate change.“Our heat and buildings strategy will be published in due course,” a spokesperson for the Department for Business, Energy and Industrial Strategy said. “While we do not comment on speculation around the content of forthcoming publications, we are clear that this and our wider efforts to tackle climate change will go with the grain of consumer behavior, and ensure measures are fair and affordable.”Greener HeatThe residential sector accounted for 20.8% of all U.K. carbon dioxide emissions in 2020, according to data published earlier this year, and making domestic heating greener is key to meeting the government’s climate goals.Ministers and officials have been working on a heat and buildings strategy for months and a draft has now been completed, although the policies have yet to be finally agreed by Johnson’s team.As it stands, the strategy gives government backing to accelerating the rollout of heat pumps in residential properties, the continued development of hydrogen as a clean alternative to methane gas, and support for other new technologies, the people said.Ultimately, consumers are likely to shoulder the financial burden of any policy changes and Johnson’s team knows how controversial that could be.Yet without drastic steps, the government is unlikely to meet its targets to decarbonize buildings and install 600,000 heat pumps a year by 2028. The ultimate aim for ministers is to do away with every gas boiler in the country in an effort to meet the U.K. net zero goal.This week the International Energy Agency recommended that no new fossil fuel boilers should be sold after 2025 to keep the world on track to meet 2050 climate targets. Hydrogen is one option for replacing methane gas in homes and boilers that can switch over to the cleaner fuel once it’s available are likely to help ease the transition.Voter BacklashWhile Johnson’s government has prioritized the green agenda as host of this year’s COP26 climate summit, some in his Conservative Party fear a revolt from voters over the added costs of making their homes comply with new standards.“The government will face a terrific backlash when homeowners realise they’re going to be forced to shell out many thousands of pounds for heating that’s less effective than what they currently enjoy, and if they don’t they will be unable to sell their homes,” said Steve Baker, a senior Conservative member of Parliament and trustee of the Global Warming Policy Foundation. “It’s going to cause outrage.”A draft of the heat and buildings strategy has been written but Johnson’s team is nervous about the political ramifications of the policies. One person familiar with the matter said the document, which was due to be released earlier this year.Under the proposals, developing new technology and using hydrogen will be options for greener heating systems in future. But there would need to be major investment in sustainable hydrogen production. The government is due to publish its hydrogen strategy soon.At the moment, ministers are not planning new grants or subsidies to help homeowners cover the costs, one of the people said.The U.K. energy industry has backed the need for an overhaul of regulation and wider market incentives and called on the government to provide clarity about the blueprint so companies can justify investment.“Heat decarbonisation will bring benefits to consumers and to the U.K. economy while also delivering local growth, for example through developing domestic supply chains and establishing skills and training hubs to deliver green jobs,” said Charles Wood, from trade association Energy UK. “It is therefore critical that whatever is included in this strategy, it is set out with a level of ambition that reaffirms the government’s commitment to green recovery, local leveling up, and its net zero target.”(Adds government comment in sixth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210521 09h34m Stock market news live updates: Stocks gain as Wall Street tries to overcome inflation fears Wall Street is trying to strike a balance between optimism over the recovery, and the encroachment of higher prices on the economy. Business Bloomberg 210521 09h34m U.S. Stocks Shave Gains; Bitcoin Resumes Decline: Markets Wrap (Bloomberg) -- U.S. stocks dropped from the highs of the day as investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin while they mulled recent economic readings and earnings reports. Oil rose for the first time in four trading sessions.Financials, energy and industrial shares led the S&P 500 higher for a second day. The tech-heavy Nasdaq 100 swung between gains and loses. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.”European shares climbed earlier on prospects of easing lockdowns and as services data signaled a recovery. Asian shares were mostly higher, although they slipped in China.Treasury yields were little changed and the dollar gained. Gold dropped from its highest level in more than four months.China’s has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. China is home to a large concentration of the world’s crypto miners, programmers who use massive computing power to verify transactions on the blockchain.The global economic revival, the risk of a significant pickup in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. Stocks have been volatile this week, with speculative ardor cooling as minutes from the latest Federal Reserve meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment.“Inflation fears and concerns over the Fed tightening monetary policy appear to have eased,” said Fiona Cincotta, senior financial markets analyst at City Index. “The impact from the FOMC minutes where the Fed indicated its readiness to start talking about tapering asset purchases appears to have been short-lived.”Elsewhere, Brent oil trimmed its biggest weekly decline since March. In Europe, Cartier jewelry maker Richemont gained after posting sales that topped estimates.Click here for the MLIV question of the day: How should markets price in an aging China?Here are some key events this week:Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 0.3% to the highest since May 14 as of 11:29 a.m. New York timeThe Nasdaq 100 fell 0.3%The Dow Jones Industrial Average rose 0.6%, more than any closing gain since May 14The Stoxx Europe 600 rose 0.6% to the highest since May 10The MSCI World index rose 0.2% to the highest since May 10CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%The euro fell 0.4% to $1.2185The British pound fell 0.2% to $1.4167The Japanese yen fell 0.1% to 108.94 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.63%Germany’s 10-year yield declined two basis points, more than any closing loss since May 4Britain’s 10-year yield was little changed at 0.83%CommoditiesWest Texas Intermediate crude rose 3%, the most since April 14Gold futures fell 0.4% to $1,877 an ounce, ending a six-day winning streakMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210521 09h20m18s Business Yahoo Finance 210521 09h17m Warren Buffett gave this investing tip to NFL defenseman Ndamukong Suh Super Bowl champion Ndamukong Suh has had a long-time friendship with legendary investor Warren Buffett. Here's an investing tip the Tampa Bay Buccaneers defenseman got from the Oracle of Omaha. Business Bloomberg 210521 09h15m New Gas Plants Threaten Carbon Hangover Long Past Biden Deadline (Bloomberg) -- The red-and-white flue stacks of the James M. Barry Electric Generating Station tower over the Mobile River, belching steam into the Alabama sky. The sprawling complex of coal and natural gas plants already spews more than 7.5 million metric tons of carbon dioxide-equivalent every year. Now it's about to get even bigger, with a seventh unit estimated to cost $635 million by the time it starts service in 2023.The new gas plant, and others like it, has a 40-year lifespan. That means it will still be there in 2035, the year that President Joe Biden has promised a zero-emission electricity sector, and in 2050, the deadline set by its owner, Southern Co., to reach carbon neutrality. It could even burn past 2060, more than a century after the first coal facility opened on the site — making the complex a testament to the endurance of fossil fuels.The decision by one of the biggest U.S. power companies to develop new fossil fuel assets is hard to square with a low-carbon future. But it’s not unusual. At least eight large utilities in the U.S. are building new gas plants right now, and another five are thinking about doing the same. That lays bare an uncomfortable truth about the sector’s commitment to fighting climate change: All those carbon-neutral pledges don’t necessarily mean quitting fossil fuels. “It seems like false advertising or greenwashing,” said Drew Shindell, a professor at Duke University who studies climate change. “We can’t be building gas infrastructure in the 2020s and 2030s. We need to be closing it down.”If all of the plants under consideration moved forward, they would release nearly 35 million metric tons of carbon dioxide into the atmosphere every year, according to calculations by BloombergNEF.(1)That’s about the same as the annual tailpipe emissions of every car in Florida.Power companies explain their commitment to gas by arguing that it’s both necessary for electric reliability and an important bridge to transition from coal to cleaner energy sources. California learned that the hard way. Over the past five years, the state retired enough gas capacity to power 6.8 million homes, and had to resort to rolling blackouts last summer when a heatwave taxed the electric grid just as solar waned at sunset.“Cloud cover comes and goes,” said Katharine Bond, vice president of public policy and state affairs at Dominion Energy Inc. “The winds slows. We've got to have something that we can ratchet up.” Dominion, which has a 2050 net-zero pledge and is required by Virginia to be 100% carbon free by 2045, is also considering building a new natural gas-fired plant.To offset pollution from the new facilities, Southern, Dominion and others say they plan to invest, eventually, in technology to capture and dispose of their emissions, or rework those facilities to burn cleaner fuels such as biogas or hydrogen made from renewable sources. But neither of those strategies has been implemented at scale, and both remain uneconomic at today’s prices. Notably, almost none of the companies have laid out a timeline or budget for upgrading or transitioning their gas plants. Two of them, DTE Energy Co. and Xcel Energy Inc., acknowledge that their carbon goals rely on technology that doesn’t currently exist.(2)Southern’s new Barry plant “will support us getting to 2050” because it’s designed for both carbon capture and mixing in hydrogen, said Chief Executive Officer Tom Fanning. Right now, those technologies don’t make sense financially but “when it’s in the money, we’ll absolutely add that in.” It’s a worldwide phenomenon. The Spanish utility giant Iberdrola just finished building over $1.6 billion worth of gas plants in Mexico, though it vows to be carbon-neutral by 2050. French multinational electric utility Engie SA plans to build four new gas-fired plants in Belgium by 2025. Europe’s biggest utility, Enel SpA, pledged zero emissions by 2050 and also plans to build new gas plants in its home market, Italy, where they can replace coal stations. All of those countries have set goals to neutralize greenhouse gas by 2050, meaning that many utilities appear to be setting themselves up as potential obstacles to international climate commitments. In the U.S. alone, about 36 gigawatts of new gas generation is coming online in the next five years, according to BNEF.That raises questions about the nation’s ability to meet its own climate targets. Fossil fuel-based electricity is responsible for 25% of U.S. greenhouse-gas emissions, second only to the transportation sector — so achieving a carbon-free economy hinges on overhauling the power sector. But of the nearly two dozen U.S. utilities aiming for net-zero carbon emissions by 2050, most aren’t on track to meet the goal, according to a September report by Deloitte LLP.The Biden administration has indicated it's skeptically eyeing new fossil fuel plants as part of its quest to decarbonize the power sector by 2035. "There are a couple hundred natural gas units that are in the pipeline, and we have to think about those," White House National Climate Advisor Gina McCarthy said Tuesday at a Columbia University energy summit.The electric industry is one of the easiest to clean up, thanks to the proliferation of inexpensive renewable energy. Not only has the cost of building wind, solar and batteries plunged in recent years, but those sources of energy have zero emissions and zero fuel cost: sunshine and air are free.“Renewables are now the most competitive energy sources,” said Jim Thomson, Deloitte’s U.S. leader of power, utilities and renewables.But cost isn’t always a prime concern for power companies. Most big utilities are regulated by state agencies that generally allow them to pass capital costs onto their customers. A natural gas plant built today will get funded by ratepayers and earn the company a return, even if it gets shuttered early or replaced by cleaner sources later. Buying power from a wind or solar developer isn’t always as attractive, while building renewables doesn’t always come naturally for utilities long accustomed to fossil fuels.“The thing that provides the most reliability and the lowest rates for customers is not the same thing that makes the utility money,” said Charles Teplin, a principal at RMI.Duke Energy Corp., the nation’s biggest electric utility by customer count, is weighing as many as 15 new gas units even as it commits to eliminating emissions by 2050. If the company moves forward with the buildout — which is just one of six proposals Duke has laid out — it would aim to meet its climate goals by retiring those plants after 25 years instead of 40.That prompted Duke customers Apple, Facebook and Google to complain to regulators that the new plants could become a “financial albatross” weighing on them for decades to come.Duke’s head of resource planning, Glen Snider, said gas is necessary to transition away from coal while greener technologies develop. “We don't want to be sitting still while we're waiting for these other technologies like batteries and small nuclear reactors,” he said, adding that new technologies also have risks that could add costs to ratepayer bills. U.S. utilities have so far announced plans for over $70 billion-worth of new gas-fired power plants through 2025 — almost all of which will cost more than equivalent clean energy, according to a 2019 RMI report. Those plants will be uneconomic to operate starting in about 2035 as the cost of carbon-free power keeps falling, the report said.“Utility leaders who have experience with natural gas plants are going to find that to be their go-to reliability plan,” said Miriam Wrobel, who advises utilities as part of her work for FTI Consulting's power and renewables practice.Many utilities say that their new gas plants could burn some hydrogen alongside natural gas to reduce emissions. The Los Angeles Department of Water and Power, the biggest municipal utility in the U.S., is building a plant in Utah that’s expected to run on 70% gas and 30% clean hydrogen when it starts up in 2025. The company says it would increase the proportion of hydrogen to 100% by 2045 to meet a California law that mandates zero-carbon electricity by that date.While so-called green hydrogen that's produced without emissions is expected to be cheaper than natural gas by 2050 in many parts of the world, that won’t be the case in the U.S. due to the nation’s abundance of the fossil fuel, according to BNEF. And, for now, there isn’t any pipeline infrastructure that can safely transport hydrogen from the few areas where it may be produced to the plants where it will be used. Meanwhile, systems that capture carbon before it’s released into the atmosphere continue to have high capital costs, despite decades of research and federal funding. Most existing U.S. projects are deployed by oil companies that sell the carbon for use in enhanced oil recovery. But barring big advances in industrial utilization of carbon — such as in the production of cement — emissions captured at a power plant would likely have little commercial value even as they generate storage and transportation costs.Another option for meeting climate goals that utilities are increasingly turning to is simply selling the infrastructure later on to companies that haven’t pledged to cut carbon. Oil companies including BP Plc have already started offloading their most-polluting assets in a bid to meet their ambitious climate targets. Drax, a U.K. power producer that recently won 15-year agreements to build three new gas plants, has since said it may sell those facilities to meet its goal of being carbon negative by 2030.“We call it resource shuffling,” said Leah Stokes, a professor at University of California at Santa Barbara who studies energy and climate change.But potential buyers are already drying up as investors grow increasingly wary of fossil-fuel assets. Iberdrola, for example, has struggled to find someone to take its gas plants in Spain. Globally, the shift toward clean energy could cost companies $100 billion in stranded gas assets, according to calculations by Global Energy Monitor. “There is a cost to customers,” said Scotiabank utility analyst Andrew Weisel. “Customers will need to double pay for the gas plant and the renewable technology that replaces them.”— With assistance by Dave Merrill, Nicholas Steckler, Rachel Morison and Jennifer Dlouhy (Adds comment from White House National Climate Advisor Gina McCarthy in 12th paragraph.)(1) Calculation uses an emissions capacity factor of 0.38.Carbon dioxide emissions per coal-fired power plant were calculated by dividing the CO2-equivalent output of all U.S. coal-fired power (1.19 billion tons) by the number of operating plants in 2018 (367). That equates to 3.25 million tons of CO2-equivalent emissions per coal facility. This is the same methodology used by the Environmental Protection Agency in itsGreenhouse Gas Equivalencies Calculator.(2) While both companies said their climate goals rely on technology that doesn't currently exist, DTE said in a statement that its new gas plant will help the company reduce carbon emissions by replacing a coal plant that generates 70% higher emissions per kilowatt hour. Xcel emphasized that gas will help the utility shut coal plants earlier and that new, greener technologies will be brought online as they become available.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210521 09h13m Clover Health president: We 'seek talent wherever we can find and recruit it' Clover Health president Andrew Toy on hiring workers overseas. Business Bloomberg 210521 09h13m China Hammers Bitcoin Anew With Warning on Miner Crackdown (Bloomberg) -- Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.The largest cryptocurrency fell 4.8% to $38,165 as of 11:11 a.m. in New York. The statement late Friday after a meeting of the Financial Stability and Development Committee was the latest blow in a rough week for the cryptocurrency market, rattled by forced selling and a possible U.S. tax clampdown.China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. The country is home to a large concentration of the world’s crypto miners, or programmers who use massive computing power to verify transactions on the blockchain.Friday’s selloff hit Bitcoin believers still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin is down about 20% since last Friday, though up from a Wednesday plunge to $30,000. Other coins have slumped too -- Ether is down about 35% over the past seven sessions.The sour stretch for digital tokens started with Musk suspending acceptance of Bitcoin payments at Tesla Inc. and trading barbs with boosters of the cryptocurrency on Twitter. China’s central bank added to the downdraft Tuesday after carrying a statement warning against using virtual currencies. On Thursday, it emerged the U.S. may require crypto transactions of $10,000 or more to be reported to tax authorities.“Volatility of Bitcoin is to stay elevated,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors in New York. Leverage that unwound in Wednesday’s tumble is already being replaced, he added in a note.Friday’s selloff once again pushed Bitcoin below its average price over the past 200 days, which to some chartists and technical analysts suggests it could trend lower still to around $30,000, where it found support earlier this week.Meanwhile, this week’s swings led to huge liquidations by leveraged investors and damaged the narrative that cryptocurrencies will become more stable as the sector matures. Musk’s actions showed how a few tweets can still upend the entire market.Still, over a longer time horizon tokens like Bitcoin and Ether are sitting on big gains. Over the past year, Bitcoin is up roughly 300% and Ether about 1,100%.Regulatory ThreatOne takeaway from the past few days is a reiteration of the regulatory threat to the crypto market.“Investors are underestimating the regulatory risk of crypto as governments defend their lucrative monopolies over currency,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors in New York. The possible imposition of transaction reporting requirements could be the “tip of the iceberg” of potential Treasury rules on virtual currencies, he said.The Bloomberg Galaxy Crypto Index is poised for a weekly tumble of more than 30%, the most since the market turmoil that accompanied the onset of the pandemic last year.Despite downside risks and this week’s volatility -- which saw Bitcoin slide about 31% and jump roughly the same percentage on Wednesday -- crypto bulls are undaunted.They are sticking to the narrative that Bitcoin offers a modern-day portfolio hedge and store of value, akin to digital bullion, and that blockchain-based financial services -- so-called decentralized finance -- are expanding.“The institutional investors getting exposure to digital gold aren’t going away any time soon,” Paolo Ardoino, chief technology officer of crypto exchange Bitfinex, wrote in a note Thursday. “Decentralized finance will continue to grow. Developers will continue to build.”(Updates prices, adds 200-day moving average)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210521 09h13m UPDATE 1-S.Korea seeks tax deductions, incentives for U.S. investment by firms-Blue House South Korea requested from the United States incentives such as tax deductions and infrastructure construction to ease the U.S. investment of Korean firms such as Samsung Electronics, its presidential office said on Friday. South Korean President Moon Jae-in, in Washington for a summit with U.S. President Joe Biden, told a gathering of U.S. Secretary of Commerce Gina Raimondo, her South Korean counterpart and CEOs of Qualcomm, Samsung and other leading businesspeople that both countries can benefit by strengthening supply chain cooperation. Biden has spurred on support for the U.S. chip industry amid a global chip shortage that has hit automakers and other industries. Business Yahoo Finance Video 210521 09h09m These are the top stocks for hedge funds: Goldman Sachs Brian Sozzi breaks down the new Goldman Sachs note that highlights the most popular stocks across hedge funds and what could be driving these investors. Business Reuters 210521 09h07m U.S. Congress to hold hearing on SPACs, ramping up scrutiny U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry. The U.S. Securities and Exchange Commission (SEC) has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs. Howell date : 210520 19h23m27s World Reuters 210520 19h00m PRESS DIGEST-Financial Times - May 21 UK consumer confidence bounced back more than expected in May and regained all the ground lost to the pandemic, reflecting the reopening of the economy and supporting expectations of a strong consumer-driven rebound in the second quarter. - Prince William has launched an unprecedented attack on the BBC over its handling of claims relating to the 1995 Panorama interview with his late mother, after the BBC apologised over the affair. World Bloomberg 210520 18h55m Malaysian Firms Oppose Lockdown; EU Certificates: Virus Update (Bloomberg) -- Malaysian industries urged the government to opt for tighter curbs rather than a full lockdown after a second straight day of record infections. Brunei suspended its “green lane” travel arrangement with Singapore amid a rise in Covid cases in the city-state.The European Union moved forward with a plan for EU-wide vaccination certificates, boosting chances of a summer tourism rebound. The number of U.K. cases of a worrying virus variant from India more than doubled for a second week, adding fresh doubt to plans to fully unlock the economy.New York will offer $20 scratch-off lottery tickets as a vaccine incentive, with a maximum payout of $5 million, while Maryland residents who get vaccinated can compete for $2 million in prize money. Unvaccinated Americans should keep wearing masks in public, said Anthony Fauci, President Joe Biden’s top health adviser.Key Developments:Global Tracker: Cases pass 165.1 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.57 billion doses have been givenHow long do vaccine protections last? Science can’t say for sureSocial networks are exporting disinformation about vaccinesDelayed second dose turns into a win for vaccine-starved placesCan I be required to get vaccinated against Covid-19?: QuickTakeArgentina Tightens Lockdown as Cases Surge (8:13 a.m. HK)Argentina will impose a stricter lockdown for nine days as cases and deaths have shot up in recent weeks. President Alberto Fernandez announced that all non-essential, in-person activities are suspended from Saturday, including schools, sports, churches and social gatherings. People will be allowed to circulate from 6 a.m. to 6 p.m. in areas near their home. Only essential businesses may remain open.Then, from May 31 to June 11, the government plans to lift the lockdown and return to current restrictions, which still involve an 8 p.m. curfew and limited social activities.Argentina has reported more than 35,000 new cases each day this week, by far its worst stretch. About 73% of the country’s ICU beds are occupied.Brunei Suspends Green Lane With Singapore (8:03 a.m. HK)Brunei temporarily suspended its reciprocal “green lane” travel arrangement with Singapore until further notice from Thursday evening, according to a statement from the Prime Minister’s Office of Brunei.All travelers from Singapore will have to self-isolate at hotels for a period determined by Brunei’s health ministry, according to the statement dated Wednesday.Sputnik, Cansino Seek Indonesia Approval (8:01 a.m. HK)Indonesia will decide whether the Sputnik and Cansino vaccines will be used in its inoculation program or in the private program, Honesti Basyir, president director of Indonesia’s state vaccine maker Bio Farma, told a parliament panel Thursday.Bio Farma and the government are lobbying Saudi Arabian authorities to include Sinovac’s vaccine on its preferred list for the hajj pilgrimage. Bio Farma expects Sinovac to get emergency-use listing procedure from the World Health Organization in the first or second week of June.Malaysian Firms Want Tighter Curbs, Not Lockdown (7:59 a.m. HK)Malaysian industries are calling on the government to avoid a full lockdown and instead tighten virus protocols and accelerate the vaccine roll-out, as infections hit a record for a second straight day.The Malaysian Iron and Steel Federation asked the government to assure there would be “no total lockdown” to maintain business confidence, while proposing tighter curbs on public mobility and work-from-home practices. The Chemical Industries Council of Malaysia suggested reducing on-site workforces and increasing fines.The statements come as Malaysia’s Covid cases topped 6,000 for a second day Thursday. One-third of the new cases originated from Selangor, the nation’s most industrialized state, which said it was willing to accept a lockdown with hospitals low on ICU beds. Prime Minister Muhyiddin Yassin will chair a meeting Friday to discuss a nationwide Movement Control Order, Bernama reported.U.K. Plans ‘Pandemic Radar’ (6:49 a.m. HK)U.K. Prime Minister Boris Johnson announced plans Friday to create a “global pandemic radar” to identify and track new coronavirus variants and other emerging diseases. The WHO will work with the U.K. and partners, including the Wellcome Trust, to develop an international pathogen surveillance network before the end of 2021, according to an emailed statement. The announcement was made ahead of the Global Health Summit convened by G20 President Italy and the European Union.Africa Death Risk Higher for Very Ill (6:34 a.m. HK)Critically ill Covid patients in Africa face an outsize risk of death, mainly because health systems lack key resources like hospital beds and oxygen machines, according to a study.The death rate in the month after admission to intensive care is about 48% on the continent, compared with about 32% globally, according to a report published Thursday in The Lancet.S.F. Hospital Free of Covid Patients (5:45 p.m. NY)The Zuckerberg San Francisco General Hospital and Trauma Center had no Covid-19 patients for the first time since March 2020, according to Vivek Jain, an infectious disease doctor, who called the day a “huge milestone.”Covid-19 hospitalizations in San Francisco hit a peak of 259 on Jan. 11, with 62 people in intensive care. The public hospital is the major trauma hospital for the San Francisco area and serves many poor and elderly residents.U.K. Cases of India Strain Double (5:23 p.m. NY)The number of U.K. cases of a worrying coronavirus variant from India more than doubled for a second week as authorities also monitor a new mutation of the virus, adding fresh doubt to U.K. plans to fully unlock the economy.Health officials have now detected 3,424 cases of the B1.617.2 variant, Public Health England said Thursday in a statement. That’s up from 1,313 last week, and 520 a week earlier. They’re also investigating a mutation called VUI-21MAY-01, with 49 cases logged so far.Taiwan Seeks U.S. Vaccine Help (5:15 p.m. NY)U.S. help in securing vaccines could protect Taiwan’s semiconductor industry, according to James Lee, the head of Taipei’s cultural and economic office in New York.While Taiwan’s increasing cases haven’t had an impact yet, “if it lasts too long there could be logistical problems,” he said in an interview. “We have talked to the Biden administration and we work closely together. We expect them to help.”The argument may resonate in the U.S. amid concern in government and the business community about a shortage of chips used in everything from mobile phones to automobiles.Minnesota Offers Shots at Sports Events (5:09 p.m. NY)Minnesota Governor Tim Walz said sports fan will be able to get vaccinated when they attend upcoming baseball, basketball or hockey games, in partnership with professional teams.The vaccinations are part of the governor’s push to take shots to state residents instead of waiting for them to show up for them. “We are always looking for creative ways to get vaccines directly to Minnesotans. This partnership is just another example of that work,” the Democratic governor said in a statement.Texas Passes 50,000 Deaths (4:20 p.m. NY)Texas joined California and New York in surpassing 50,000 deaths related to Covid-19, though fatalities and new infections have been dropping.Texas added 52 deaths Thursday, state data showed. That compares with a daily peak of more than 600 in January, according to data compiled by Johns Hopkins University and Bloomberg.Morocco to Ease Nightly Curfew (3:30 p.m. NY)Morocco’s nightly curfew, which has been in force for much of the last 13 months, will be eased on Friday after new cases declined, the government said in a statement.Cafes, bars and restaurants will be allowed to say open an extra three hours until 11 p.m., according to a cabinet statement on the MAP newswire.EU Vaccine Certificate Plan Set for Summer (2:45 p.m. NY)With the summer tourism season at stake, European Union negotiators agreed to introduce mutually recognized vaccination certificates designed to let people travel within the EU without having to quarantine.European Parliament representatives and the 27 EU governments agreed on the plan, which requires a formal approval process before taking effect at the end of June. Proof of vaccination issued by non-European governments would be accepted.The EU will soon allow quarantine-free travel for vaccinated visitors from non-EU countries deemed safe, too.Maryland Offers $2 Million in Rewards (2:34 p.m.)Maryland, which previously offered residents free pizza as an incentive to get vaccinated, is now trying it with a $2 million lottery.Forty daily drawings with $40,000 in prize money and a grand prize of $400,000 on July 4 are planned, according to Kata Hall, Governor Larry Hogan’s deputy communications director.Brown Requires Staff Vaccinations (2:33 p.m. NY)Brown became the latest U.S. university to require faculty and staff to be vaccinated before classes resume this fall.Yale required last week that all faculty, staff and post-graduate students be vaccinated by Aug. 1. Providence, Rhode Island-based Brown on Thursday asked employees to receive their final vaccine dose by July 1. All Brown employees and students will have to verify their vaccination status by uploading their vaccination cards.The Chronicle of Higher Education has tracked 387 U.S. colleges and universities that require vaccines of at least some students or employees.BioNTech to Begin Production in Turkey (1:39 p.m. NY)BioNTech SE Chief Executive Officer Ugur Sahin said Thursday that the company plans to both produce and engage in research and development of vaccines in Turkey.BioNTech plans to increase the number of vaccines to be dispatched to Turkey to 120 million, with new shipments planned from July to September, Sahin said after attending a meeting of the Turkish pandemic board.Eiffel Tower to Reopen in July (1:20 p.m. NY)The Eiffel Tower, which has been shut to visitors since Nov. 30, will reopen July 16, its operator said in a statement. Tickets go on sale June 1.France will open vaccination to all adults from May 31 as it expects increased deliveries of vaccines next month, the government said in a statement.Astra Efficacy Reported High (12:27 p.m. NY)Two doses of AstraZeneca Plc’s Covid-19 vaccine provide about 85%-90% protection against symptomatic disease, according to statistics released Thursday by Public Health England.The health body estimated that 13,000 deaths have been prevented in England as of May 9 in people ages 60 and older. It also suggested that vaccinations have stopped almost 40,000 hospitalizations among those over 65, a crucial metric in a country where the National Health Service has struggled to contain Europe’s highest death toll from the pandemic.N.Y. Offers Lottery Tickets for Shots (12:05 p.m. NY)If you get vaccinated next week you could win up to $5 million, New York Governor Andrew Cuomo said Thursday.Vaccinations next week will come with free scratch-off lottery tickets worth $20, with the chance of both small prizes and a multimillion dollar payoff. “Vax and scratch,” Cuomo said at a press briefing in Buffalo. “The chances of winning something in this program are one in nine.”The tickets will be distributed at the 10 mass vaccination sites around the state, he said, with the program running May 24-28. Cuomo said the state will decide later whether to extend it.Fauci Cites Masking Confusion (11:36 a.m. NY)U.S. health leaders’ move to relax nationwide rules on masks for fully vaccinated people has spurred “understandable confusion” that must be cleared up, said Anthony Fauci, the government’s top infectious disease doctor.Fully vaccinated Americans can shed their masks in most places, including indoors and in large groups, the Centers for Disease Control and Prevention said May 13. The devil is in the details: It’s recommended that even fully vaccinated people wear masks on public transportation, in health-care and correctional facilities, and where required by state and local governments or businesses. And the unvaccinated should still mask up in public.“The problem is,” said Fauci, director of the National Institute of Allergy and Infectious Diseases, “people interpreted that as a signal that you don’t need masks anymore, which absolutely is not the case.”NYC Passes Vaccine Milestone (10:40 a.m. NY)New York City has passed 4 million first doses, with a total of 7,753,184 shots administered.“We have proven vaccinations work,” Mayor Bill de Blasio said Thursday. “Vaccinations are your ticket to freedom. We can have an extraordinary summer of joy, but we need to keep getting vaccinated.”New York is trying to entice more residents to get vaccinated, now targeting families. The mayor announced the city is opening a vaccination site at the Brooklyn Children’s Museum, offering free same-day admission and a family pass for a future visit. A site will also open at the Bronx Zoo, and one is in the works at the New York Aquarium on Coney Island.These come on top of the vaccination site at the American Museum of Natural History, below the suspended model of a blue whale.Brazil Reports India Variant (10:35 a.m. NY)Brazil confirmed its first cases of a variant first found in India. The infected people are six crew members of the Shandong da Zhi vessel, which came from South Africa and was chartered by Vale to deliver iron ore in Sao Luis in Maranhao state, UOL reported.Moderna Exports Shots From U.S. (10:31 a.m. NY)Moderna Inc. has begun exporting U.S.-produced Covid vaccines to other countries, a key step as U.S. vaccine supply begins to be shipped abroad.Moderna and Pfizer Inc. have been the backbone of the U.S. vaccination campaign, which is leveling off as domestic demand wanes. Their shipments of their coveted mRNA vaccines could be a turning point for nations that have sought to get any doses they can, including less effective ones.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 18h48m Korea Early Exports Surge as Vaccines Spur Global Reopening (Bloomberg) -- South Korea’s early trade data show exports are set to surge in May as vaccinations allow a broader reopening of major economies.Exports gained 53.3% in the first 20 days of the month from a year earlier, the customs office reported Friday. Average daily shipments increased 59.1% in the period which had half a business day less than a year earlier. The readings were partly boosted by last year’s deep slump when the pandemic hobbled global trade.As the world seeks a return to normalcy, Korea is seeing a rise in demand for export products beyond its cash cow -- memory chips -- with sales also growing in cars, wireless devices, and machinery. The country’s recovery from the pandemic has been driven by exports, and President Moon Jae-in sees potential for more-than-4% economic growth in 2021.Korea’s 20-day trade figures offer early signals on the health of global commerce due to its timely release and as its manufacturers are positioned widely across supply chains. The latest report offers more evidence of increased economic activity in the U.S., the European Union and other key export markets.What Bloomberg Economics Says...“Stripping out base effects illustrates the strength in underlying demand. Compared with the same period in 2019, South Korea’s daily shipments were up 26% on average.”-- Justin Jimenez, Asia EconomistRead full report here. Exports to China, Korea’s largest overseas market, rose 25.2% between May 1-20 from a year earlier. Shipments to the U.S. jumped 87.3%, while those to the EU were up 78.1% and those to Japan increased 30.6%.“Demand appears favorable, with the global supply chain emerging from a pandemic hit,” said Kim Jin-myoung, an economist at Hanwha Investment & Securities Co. “There’s growing demand particularly from the U.S. in terms of both consumer and industrial goods.”Semiconductor shipments increased 26%. Exports of cars and oil products both more than doubled, while sales of wireless communications devices rose 64%.Korea’s overall imports rose 36% in the first 20 days of May.(Adds economist comment.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210520 18h47m Ireland testing decryption key that could ease impact of health system cyberattack Ireland said on Thursday that experts were examining a decryption tool that had been posted online that might help unlock IT systems disabled by a massive ransomware attack on its health service operator. It did not comment on reports that the gang had threatened to make reams of patient data public next week. Ireland's Health Service Executive (HSE) shut down its networks last Friday after the attack that it blamed on an international cyber-crime gang. Business Reuters 210520 18h30m Japan emergency curbs push private-sector activity into contraction - PMIs Japan's factory activity expanded at a slower pace in May as growth in output and new orders eased, in a sign emergency curbs to stem a rise in coronavirus infections were hampering the country's economic recovery. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) weakened to a seasonally adjusted 52.5 in May from a final 53.6 in April. Manufacturers saw input prices rising for a 12th month, while output prices were largely unchanged, causing the widest gap between the two in nearly a decade. Howell date : 210520 18h22m50s World Reuters 210520 18h05m QUOTES-World reacts to Israeli-Hamas truce “Gaza is an integral part of the future Palestinian state and no effort should be spared to bring about real national reconciliation that ends the division.” "We remain committed to work with the United Nations and other international stakeholders to provide rapid humanitarian assistance and to marshal international support for the people in Gaza and in the Gaza reconstruction efforts." "With utter happiness I have received a phone call from President Biden in which we have exchanged visions around reaching a formula that would calm the current conflict between Israel and Gaza, our vision was in tune about managing the conflict between all parties with diplomacy." Business Bloomberg 210520 18h03m Giant New Iron Ore Mine May Aid China’s Push to Cool Prices (Bloomberg) -- BHP Group’s start up of production at its $3.6 billion South Flank project in Australia -- combined with existing operations at the site -- will create the world’s biggest iron ore hub. It may also help temporarily cool a hot market.Iron ore futures are trading below $200 a ton after China’s cabinet called for tougher oversight of commodity markets and protection for consumers from soaring prices. While South Flank was a replacement mine, the announcement of a big mine coming on stream can add short-term to negative market talk, according to Peter O’Connor, mining analyst at Shaw & Partners Ltd.Commodities have tumbled as international markets are gripped by inflation fears and the authorities in Beijing continue to try to jawbone and manage prices lower. China’s cabinet expressed concerns Wednesday about the surge in prices for a second week in row, calling for more effort to curb “unreasonable” gains and prevent any impact on consumer prices. The meeting, chaired by Premier Li Keqiang, also called for a crackdown on speculation and hoarding.Against this backdrop, where steel margins were getting compressed in China and Li was trying to talk commodities down, “it weighs on that narrative as opposed to really weighing on the market,” O’Connor said. “But when you get these sort of extremes -- that subjective narrative can be a key driver.”South Flank has been built to replace the depleting Yandi mine -- and together with the existing Mining Area C -- will form a hub with annual production of 145 million tons a year. South Flank’s higher quality product will also lift the average iron ore grade across BHP’s Pilbara operations. In the short-term, there was potential for a squeeze higher in BHP’s ore exports as South Flank and Yandi operated in tandem, although the overall physical impact on the market was likely to be small, said O’Connor.The start of production of 80 million tons a year at South Flank, matching Yandi, comes at a time when top exporters Australia and Brazil have been challenged in meeting strong demand from Chinese steel mills. Pilbara shipments were down 6% in April compared to the year-ago period, while Brazil’s exports were flat, according to Bloomberg Intelligence. BHP’s current guidance is for annual production at the upper end of its range of 276-286 million tons.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 17h52m Oil Steadies Near $62 After Slump With Iranian Supply Looming (Bloomberg) -- Oil was steady in early Asian trading after a three-day decline with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal.Futures in New York traded near $62 a barrel after sliding more than 6% over the past three sessions. Iran’s President Hassan Rouhani said world powers have accepted that major sanctions on his country will be lifted, though details and finer points still need to be ironed out. The potential for additional Iranian oil exports is being reflected in the prompt timespread for Brent crude, which is nearing a bearish structure in an indication market tightness is easing.Oil was also swept up in a broader commodities sell-off on Thursday following concerns about inflation, speculation that the U.S. Federal Reserve will ease stimulus and China’s warning on measures to cool price spikes.Oil is still up more than 25% this year as a robust recovery from the pandemic in the U.S., China and parts of Europe boost optimism in the outlook for fuel demand, even as the virus makes a comeback in Asia. While Iran is moving closer to boosting its crude exports, Citigroup Inc. predicts the market will be tight enough by the middle of the third quarter to support higher prices.The prompt timespread for Brent was 4 cents in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones -- on Thursday. That compares with 42 cents at the start of May.Planned tax adjustments in China, meanwhile, are sparking a chain reaction that’s set to boost crude imports and raise refinery run rates, adding further support to the market recovery. The levy will be slapped on inbound flows of three products from mid-June that are often used to make low quality fuels.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210520 17h24m UPDATE 2-Israel-Hamas truce takes hold after 11 days of fighting An Egyptian-mediated truce between Israel and Hamas began on Friday and U.S. President Joe Biden pledged to salve the devastated Gaza Strip with humanitarian aid after the worst fighting in years. Palestinians, many of whom had spent 11 days huddled in fear of Israeli shelling, poured into Gaza's streets. Mosque loud-speakers feted "the victory of the resistance achieved over the Occupation (Israel) during the 'Sword of Jerusalem' battle". Business Reuters 210520 17h24m McDonald's is sued for $10 billion for alleged bias against Black-owned media McDonald's Corp was sued on Thursday for at least $10 billion by two companies owned by media entrepreneur Byron Allen, who accused the fast-food chain of racial discrimination for not advertising enough with Black-owned media outlets. The complaint filed in Los Angeles County Superior Court said McDonald's violated federal and state civil rights laws through its "racial animus and racial stereotyping" in allocating ad dollars. World Business Howell date : 210520 17h22m14s World Bloomberg 210520 16h55m N.Y. Offers Lottery Tickets; EU Backs Certificates: Virus Update (Bloomberg) -- New York state will offer $20 scratch-off lottery tickets as a vaccine incentive, with a maximum payout of $5 million. Maryland residents who get vaccinated can compete for $2 million in prize money.The European Union moved forward with a plan for EU-wide vaccination certificates, boosting chances of a summer tourism rebound. The number of U.K. cases of a worrying virus variant from India more than doubled for a second week, adding fresh doubt to plans to fully unlock the economy.Unvaccinated people in the U.S. should keep wearing masks in public, said Anthony Fauci, President Joe Biden’s top health adviser. There’s “understandable confusion” after health authorities relaxed rules on masks for fully vaccinated people, he said.Key Developments:Global Tracker: Cases pass 165.1 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.57 billion doses have been givenHow long do vaccine protections last? Science can’t say for sureSocial networks are exporting disinformation about vaccinesDelayed second dose turns into a win for vaccine-starved placesCan I be required to get vaccinated against Covid-19?: QuickTakeU.K. Plans ‘Pandemic Radar’ (6:49 a.m. HK)U.K. Prime Minister Boris Johnson announced plans Friday to create a “global pandemic radar” to identify and track new coronavirus variants and other emerging diseases. The WHO will work with the U.K. and partners, including the Wellcome Trust, to develop an international pathogen surveillance network before the end of 2021, according to an emailed statement. The announcement was made ahead of the Global Health Summit convened by G20 President Italy and the European Union.Africa Death Risk Higher for Very Ill (6:34 a.m. HK) Critically ill Covid patients in Africa face an outsize risk of death, mainly because health systems lack key resources like hospital beds and oxygen machines, according to a study.The death rate in the month after admission to intensive care is about 48% on the continent, compared with about 32% globally, according to a report published Thursday in The Lancet.S.F. Hospital Free of Covid Patients (5:45 p.m. NY)The Zuckerberg San Francisco General Hospital and Trauma Center had no Covid-19 patients for the first time since March 2020, according to Vivek Jain, an infectious disease doctor, who called the day a “huge milestone.”Covid-19 hospitalizations in San Francisco hit a peak of 259 on Jan. 11, with 62 people in intensive care. The public hospital is the major trauma hospital for the San Francisco area and serves many poor and elderly residents.U.K. Cases of India Strain Double (5:23 p.m. NY)The number of U.K. cases of a worrying coronavirus variant from India more than doubled for a second week as authorities also monitor a new mutation of the virus, adding fresh doubt to U.K. plans to fully unlock the economy.Health officials have now detected 3,424 cases of the B1.617.2 variant, Public Health England said Thursday in a statement. That’s up from 1,313 last week, and 520 a week earlier. They’re also investigating a mutation called VUI-21MAY-01, with 49 cases logged so far.Taiwan Seeking U.S. Vaccine Help (5:15 p.m. NY)U.S. help in securing vaccines could protect Taiwan’s semiconductor industry, according to James Lee, the head of Taipei’s cultural and economic office in New York.While Taiwan’s increasing cases haven’t had an impact yet, “if it lasts too long there could be logistical problems,” he said in an interview. “We have talked to the Biden administration and we work closely together. We expect them to help.”The argument may resonate in the U.S. amid concern in government and the business community about a shortage of chips used in everything from mobile phones to automobiles.Minnesota Offers Shots at Sports Events (5:09 p.m. NY)Minnesota Governor Tim Walz announced Thursday that sports fan will be able to get vaccinated when they attend upcoming baseball, basketball or hockey games, in partnership with professional teams.The vaccinations are part of the governor’s push to take shots to state residents instead of waiting for them to show up for them. “We are always looking for creative ways to get vaccines directly to Minnesotans. This partnership is just another example of that work,” the Democratic governor said in a statement.Texas Passes 50,000 Deaths (4:20 p.m. NY)Texas joined California and New York in surpassing 50,000 deaths related to Covid-19, though fatalities and new infections have been dropping.Texas added 52 deaths on Thursday, state data showed. That compares with a daily peak of more than 600 in January, according to data compiled by Johns Hopkins University and Bloomberg.Morocco to Ease Nightly Curfew (3:30 p.m. NY)Morocco’s nightly curfew, which has been in force for much of the last 13 months, will be eased on Friday after new cases declined, the government said in a statement.Cafes, bars and restaurants will be allowed to say open an extra three hours until 11 p.m., according to a cabinet statement on the MAP newswire.EU Vaccine Certificate Plan Set for Summer (2:45 p.m. NY)With the summer tourism season at stake, European Union negotiators agreed to introduce mutually recognized vaccination certificates designed to let people travel within the EU without having to quarantine.European Parliament representatives and the 27 EU governments agreed on the plan, which requires a formal approval process before taking effect at the end of June. Proof of vaccination issued by non-European governments would be accepted.The EU will soon allow quarantine-free travel for vaccinated visitors from non-EU countries deemed safe, too.Maryland Offers $2 Million in Rewards (2:34 p.m.)Maryland, which previously offered residents free pizza as an incentive to get vaccinated, is now trying it with a $2 million lottery.Forty daily drawings with $40,000 in prize money and a grand prize of $400,000 on July 4 are planned, according to Kata Hall, Governor Larry Hogan’s deputy communications director.Brown Requires Staff Vaccinations (2:33 p.m. NY)Brown became the latest U.S. university to require faculty and staff to be vaccinated before classes resume this fall.Yale required last week that all faculty, staff and post-graduate students be vaccinated by Aug. 1. Providence, Rhode Island-based Brown on Thursday asked employees to receive their final vaccine dose by July 1. All Brown employees and students will have to verify their vaccination status by uploading their vaccination card.The Chronicle of Higher Education has tracked 387 U.S. colleges and universities that require vaccines of at least some students or employees.BioNTech to Begin Production in Turkey (1:39 p.m. NY)BioNTech SE Chief Executive Officer Ugur Sahin said Thursday that the company plans to both produce and engage in research and development of vaccines in Turkey.BioNTech plans to increase the number of vaccines to be dispatched to Turkey to 120 million, with new shipments planned from July to September, Sahin said during a televised press conference after attending a meeting of the Turkish pandemic board.Eiffel Tower to Reopen in July (1:20 p.m. NY)The Eiffel Tower, which has been shut to visitors since Nov. 30, will reopen on July 16, its operator said in a statement. Tickets go on sale on June 1.France will open vaccination to all adults from May 31 as it expects increased deliveries of vaccines next month, the government said in a statement.Astra Efficacy Reported High (12:27 p.m. NY)Two doses of AstraZeneca Plc’s Covid-19 vaccine provide about 85% to 90% protection against symptomatic disease, according to statistics released by Public Health England on Thursday.The health body estimated that 13,000 deaths have been prevented in England as of May 9 in people ages 60 and older. It also suggested that vaccinations have stopped almost 40,000 hospitalizations among the over 65s, a crucial metric in a country where the National Health Service has struggled to contain Europe’s highest death toll from the pandemic.N.Y. Offers Lottery Tickets for Shots (12:05 p.m. NY)If you get vaccinated next week you could win up to $5 million, New York Governor Andrew Cuomo said on Thursday.Vaccinations next week will come with free scratch-off lottery tickets worth $20, with the chance of both small prizes and a multimillion dollar payoff. “Vax and scratch,” Cuomo said at a press briefing in Buffalo. “The chances of winning something in this program are one in 9.”The tickets will be distributed at the 10 mass vaccination sites around the state, he said. The program will run May 24-28. Cuomo said the state will later decide whether to extend it.Fauci Cites Masking Confusion (11:36 a.m. NY)U.S. health leaders’ move to relax nationwide rules on masks for fully vaccinated people has spurred “understandable confusion” that must be cleared up, said Anthony Fauci, the government’s top infectious disease doctor.Fully vaccinated Americans can shed their masks in most places, including indoors and in large groups, the Centers for Disease Control and Prevention said May 13. The devil is in the details: Even fully vaccinated people are recommended to wear masks on forms of public transportation, in health-care and correctional facilities, and where required by state and local governments or businesses. And the unvaccinated should still mask up in public.“The problem is,” said Fauci, director of National Institute of Allergy and Infectious Diseases, “people interpreted that as a signal that you don’t need masks anymore, which absolutely is not the case.”NYC Passes Vaccine Milestone (10:40 a.m. NY)New York City has passed 4 million first doses, with a total of 7,753,184 shots administered.“We have proven vaccinations work,” Mayor Bill de Blasio said in a briefing Thursday. “Vaccinations are your ticket to freedom. We can have an extraordinary summer of joy, but we need to keep getting vaccinated.”New York is trying to entice more residents to get vaccinated, and is now targeting families. The mayor announced the city is opening a vaccination site at the Brooklyn Children’s Museum, with the extra lure of free same-day admission and a family pass for a future visit. A site is also set to open at the Bronx Zoo, and one is in the works at the New York Aquarium on Coney Island.These come on top of the vaccination site at the American Museum of Natural History, below the suspended model of a blue whale.Brazil Reports India Variant (10:35 a.m. NY)Brazil confirmed its first cases of a variant first found in India. The infected people are six crew members of the Shandong da Zhi vessel, which came from South Africa and was chartered by Vale to deliver iron ore in Sao Luis in Maranhao state, UOL reported.Moderna Exports Shots From U.S. (10:31 a.m. NY)Moderna Inc. has begun exporting U.S.-produced Covid-19 vaccines to other countries, a key step as U.S. vaccine supply begins to be shipped abroad.Moderna and Pfizer Inc. have been the backbone of the U.S. vaccination campaign, which is leveling off as domestic demand wanes. Their shipments of their coveted mRNA vaccines could be a turning point for nations that have sought to get any doses they can, including ones that have shown lower efficacy.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 16h53m Asia Stocks to Track U.S. Rise on Economic Outlook: Markets Wrap (Bloomberg) -- Asian stocks look set to climb Friday after technology companies led a Wall Street rebound on economic optimism and easing concern about the possibility of reduced U.S. stimulus. The dollar held a decline.Futures were in the green in Japan, Australia and Hong Kong. Nearly all major industry groups in the S&P 500 climbed and gains in stocks like Apple Inc. and Tesla Inc. helped the Nasdaq 100 rally past its 50-day moving average. A drop in U.S. initial jobless claims put the focus back on the economic recovery and away from fears that price pressures imperil loose financial conditions. Contracts on the tech-heavy gauge and the S&P 500 fluctuated.Treasury yields retreated, and weaker-than-expected demand for an auction of 10-year inflation-protected debt suggested confidence in the Federal Reserve’s narrative that the recent acceleration in inflation is unlikely to be sustained. Oil slid and the pause in this year’s commodity boom continued.Gold is around the highest price in more than four months. Its claimed virtual rival, Bitcoin, steadied after a volatile cryptocurrency slump this week.The global economic revival, the risk of a significant pick up in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. For now, growth optimism is overshadowing the latest Fed minutes, which flagged the possibility in upcoming policy meetings of a debate on scaling back the exceptional stimulus that’s bolstered a variety of assets.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Oil is trading around the lowest in nearly a month. Traders were assessing the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the country’s crude exports.Elsewhere, President Joe Biden’s tax agenda was in the spotlight.The Treasury Department detailed the administration’s proposed measures to raise $700 billion in additional revenue over a decade through Internal Revenue Service enforcement, including a requirement for cryptocurrency transfers worth $10,000 or more to be reported to tax authorities. Separately, the U.S. also called for a global minimum corporate tax of at least 15%.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksS&P 500 futures were little changed as of 7:44 a.m. in Tokyo. The index rose 1.1%.Nasdaq 100 contracts added 0.1%. The gauge rose 1.9%Nikkei 225 futures were up 0.2%S&P/ASX 200 contracts rose 0.4%Hang Seng futures advanced 0.4% earlierCurrenciesThe Bloomberg Dollar Spot Index was steady after falling 0.4%The euro was at $1.2228The British pound was at $1.4190The Japanese yen traded at 108.79 per dollarThe offshore yuan was at 6.4333 per dollarBondsThe yield on 10-year Treasuries declined five basis points to 1.63%CommoditiesWest Texas Intermediate crude trimmed a decline, rising 0.2% to $62.03 a barrelGold was at $1,876.73 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 16h46m UPDATE 1-Halliburton shareholders vote against executive compensation plan Halliburton Co's shareholders voted against the oilfield services provider's proposed executive compensation plan in an advisory motion, the company said on Thursday. Halliburton Chief Executive Officer Jeff Miller said the company was "disappointed by the shareholder advisory vote" and that it had led its peers in shareholder returns despite challenges stemming from the coronavirus pandemic and a supply and demand imbalance in oil markets. Halliburton did not provide vote tallies. Business Politics Business Business Howell date : 210520 16h21m37s Business Bloomberg 210520 15h57m Asia Stocks to Track U.S. Rise on Economic Outlook: Markets Wrap (Bloomberg) -- Asian stocks look set to climb Friday after technology companies led a Wall Street rebound on economic optimism and easing concern about a scale back of U.S. stimulus. The dollar fell.Futures were in the green in Japan, Australia and Hong Kong. Nearly all major industry groups in the S&P 500 climbed and gains in stocks like Apple Inc. and Tesla Inc. helped the Nasdaq 100 rally past its 50-day moving average. A drop in U.S. initial jobless claims put the focus back on the economic recovery and away from fears that price pressures imperil loose financial conditions.Treasury yields fell, and weaker-than-expected demand for an auction of 10-year inflation-protected debt suggested confidence in the Federal Reserve’s narrative that the recent acceleration in inflation is unlikely to be sustained. Oil slid and the pause in this year’s commodity boom continued.Gold is around the highest price in more than four months. Its claimed virtual rival, Bitcoin, steadied after a volatile cryptocurrency slump this week.The global economic revival, the risk of a significant pick up in inflation and Covid-19 flareups in some parts of the world continue to shape market moves. For now, growth optimism is overshadowing the latest Fed minutes, which flagged the possibility in upcoming policy meetings of a debate on scaling back the exceptional stimulus that’s bolstered a variety of assets.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”The drop in oil took prices to the lowest in nearly a month. Traders were assessing the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the country’s crude exports.Elsewhere, President Joe Biden’s tax agenda was in the spotlight. The Treasury Department detailed the administration’s proposed measures to raise $700 billion in additional revenue over a decade through Internal Revenue Service enforcement, including a requirement for cryptocurrency transfers worth $10,000 or more to be reported to tax authorities.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 1.1%.The Nasdaq 100 rose 1.9%Nikkei 225 futures were up 0.2%S&P/ASX 200 contracts rose 0.4%Hang Seng futures advanced 0.4% earlierCurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro was at $1.2228The British pound was at $1.4192The Japanese yen traded at 108.76 per dollarThe offshore yuan was at 6.4348 per dollarBondsThe yield on 10-year Treasuries declined five basis points to 1.63%CommoditiesWest Texas Intermediate crude fell 2.2% to $61.94 a barrelGold was at $1,877.09 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 15h51m Sinclair Sports Networks Start Formal Debt Talks with Creditors (Bloomberg) -- Creditors to Sinclair Broadcast Group Inc.’s troubled sports networks are signing non-disclosure agreements to prepare for negotiations on easing the unit’s $8 billion debt load, according to people with knowledge of the matter.The unit, Diamond Sports Group LLC, has invited creditors holding its secured and unsecured debt to begin formal talks, during which they would get private financial information and be restricted from trading securities, said the people, who asked not to be identified discussing confidential matters.The negotiations follow proposals submitted by both groups in recent months on how Diamond Sports could address its debt, such as through new financing provided by their existing lenders. Advisers to the creditor groups have been in private talks with the company, Bloomberg reported in March.A representative for Sinclair didn’t immediately respond to a request for comment, while its financial adviser Moelis & Co. declined to comment. Debtwire previously reported that secured creditors were planning to sign nondisclosure agreements.Sinclair remains “open for discussions with our stakeholders” and is in “active” talks with parties with respect to Diamond’s debt load “that will help us reach out goals,” Chief Executive Officer Chris Ripley said on the first-quarter earnings call earlier this month.The regional sports networks are trying to tame their debt load as part of a turnaround strategy following its acquisition by Sinclair that could see Diamond Sports expand into new betting deals. The $9.6 billion acquisition in 2019 was financed with costly high-yield debt that fell to distressed levels as the company struggled to sign and maintain deals with carriers and dealt with the pandemic’s disruptions to live sports.“Diamond has sufficient cash and revolver availability to fund its debt services” going forward, Sinclair Chief Financial Officer Lucy Rutishauser said on this month’s call. Sinclair’s total debt was $12.5 billion as of March 31, which includes $8.1 billion of debt at Diamond Sports.Financial and legal advisers for the creditor groups signed non-disclosure agreements in March, Bloomberg reported. The unsecured creditors are getting advice from PJT Partners Inc. and the law firm of Stroock & Stroock & Lavan, while its secured creditors are working with Evercore Inc. and the law firm of Gibson, Dunn & Crutcher.Representatives for the various advisers didn’t immediately respond to a request for comment or declined to comment.Unsecured creditors previously proposed putting at least $500 million of new money into the company and exchanging their bonds for new debt with tighter covenants and equal in priority for repayment to existing secured debt, Bloomberg previously reported.Certain secured lenders had proposed making a new term loan of more than $500 million that Sinclair would use to refinance existing unsecured notes, Bloomberg reported. The loan would have been placed in an outside subsidiary and get first priority on certain assets. Proposals also suggested adding protections to existing loan documents.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Politics Reuters 210520 15h30m Biden directs U.S. agencies to assess, mitigate risks of climate change President Joe Biden on Thursday directed federal agencies to assess and mitigate the increasing and significant risks that climate change poses to individual, businesses, the federal government and the U.S. financial system, the White House said. Biden issued an executive order that requires development of a comprehensive government-wide climate risk strategy within 120 days, as well as an annual assessment of climate-related fiscal risks, the White House said. Health Reuters 210520 15h23m UPDATE 1-FDA recommends not using syringes from Chinese firm after safety issues with vaccine injections The U.S. Food and Drug Administration on Thursday asked healthcare providers to stop using certain syringes and needles manufactured by Chinese medical device maker Guangdong Haiou Medical Apparatus Co (HAIOU). At least one pharmacist that Reuters spoke to said the syringes had been shipped for use with the Pfizer Inc /BioNTech SE COVID-19 vaccine. An FDA spokesperson said the devices stopped being shipped in COVID-19 vaccination kits as of March 22. World Howell date : 210520 15h21m00s Business Bloomberg 210520 15h01m Billionaire Founder of China Property Giant Dies of Illness (Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 14h57m US STOCKS-Wall Street ends to snap 3-day losing streak as technology stocks rise higher Wall Street's main indexes rebounded on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood. "There's a big risk, regulatory risk, to crypto that's not fully appreciated," said Jay Hatfield, founder and chief executive of Infrastructure Capital Management in New York. Wall Street's main indexes fell on Wednesday, extending losses since, after minutes from the Federal Reserve's meeting last month indicated some policymakers thought it would be appropriate to discuss easing of crisis-era support, such as tapering bond purchases, in upcoming meetings if the strong economic momentum is sustained. World Bloomberg 210520 14h53m N.Y. Offers Lottery Tickets; EU Backs Certificates: Virus Update (Bloomberg) -- New York state will offer $20 scratch-off lottery tickets as a vaccine incentive, with a maximum payout of $5 million. Maryland residents who get vaccinated can compete for $2 million in prize money. The European Union moved forward with a plan for EU-wide vaccination certificates, boosting chances of a summer tourism rebound. Moderna Inc. has begun exporting U.S.-produced Covid-19 vaccines to other countries as domestic demand wanes.Unvaccinated people in the U.S. should keep wearing masks in public, said Anthony Fauci, President Joe Biden’s top health adviser. There’s “understandable confusion” after health authorities relaxed rules on masks for fully vaccinated people, he said.Key Developments:Global Tracker: Cases pass 165 million; deaths exceed 3.4 millionVaccine Tracker: More than 1.54 billion doses have been givenHow long do vaccine protections last? Science can’t say for sureSocial networks are exporting disinformation about vaccinesVaccine holdouts in Africa reject world’s route to recoveryCascade of rare complications deepen India’s Covid miseryTexas Passes 50,000 Deaths (4:20 p.m. NY)Texas joined California and New York in surpassing 50,000 deaths related to Covid-19, though fatalities and new infections have been dropping. Texas added 52 deaths on Thursday, state data showed. That compares with a daily peak of more than 600 in January, according to data compiled by Johns Hopkins University and Bloomberg.Morocco to Ease Nightly Curfew (3:30 p.m. NY)Morocco’s nightly curfew, which has been in force for much of the last 13 months, will be eased on Friday after new cases declined, the government said in a statement.Cafes, bars and restaurants will be allowed to say open an extra three hours until 11 p.m., according to a cabinet statement on the MAP newswire.Africa Seeks Workaround for Shortages (3:20 p.m. NY)African countries should use more than one brand of Covid-19 shot to complete people’s vaccine cycles if needed, according to the African Union’s health agency. Several countries are facing shortages.“In the event that there is absolute clarity that people will not get their second doses, it’s better to opt for that, than not get their full immunization,” John Nkengasong, director of the Africa Centres for Disease Control and Prevention, said in an online briefing Thursday. EU Vaccine Certificate Plan Set for Summer (2:45 p.m. NY)With the summer tourism season at stake, European Union negotiators agreed to introduce mutually recognized vaccination certificates designed to let people travel within the EU without having to quarantine.European Parliament representatives and the 27 EU governments agreed on the plan, which requires a formal approval process before taking effect at the end of June. Proof of vaccination issued by non-European governments would be accepted.The EU will soon allow quarantine-free travel for vaccinated visitors from non-EU countries deemed safe, too.Maryland Offers $2 Million in Rewards (2:34 p.m.)Maryland, which previously offered residents free pizza as an incentive to get vaccinated, is now trying it with a $2 million lottery.Forty daily drawings with $40,000 in prize money and a grand prize of $400,000 on July 4 are planned, according to Kata Hall, Governor Larry Hogan’s deputy communications director.Brown University Requires Staff Vaccinations (2:33 p.m. NY)Brown became the latest U.S. university to require faculty and staff to be vaccinated before classes resume this fall.Yale required last week that all faculty, staff and post-graduate students be vaccinated by Aug. 1. Providence, Rhode Island-based Brown on Thursday asked employees to receive their final vaccine dose by July 1. All Brown employees and students will have toverify their vaccination status by uploading their vaccination card.The Chronicle of Higher Education has tracked 387 U.S. colleges and universities that require vaccines of at least some students or employees.BioNTech to Begin Production in Turkey (1:39 p.m. NY)BioNTech SE Chief Executive Officer Ugur Sahin said Thursday that the company plans to both produce and engage in research and development of vaccines in Turkey.BioNTech plans to increase the number of vaccines to be dispatched to Turkey to 120 million, with new shipments planned from July to September, Sahin said during a televised press conference after attending a meeting of the Turkish pandemic board.Eiffel Tower to Reopen in July (1:20 p.m. NY)The Eiffel Tower, which has been shut to visitors since Nov. 30, will reopen on July 16, its operator said in a statement. Tickets go on sale on June 1.France will open vaccination to all adults from May 31 as it expects increased deliveries of vaccines next month, the government said in a statement.Astra Efficacy Reported High (12:27 p.m. NY)Two doses of AstraZeneca Plc’s Covid-19 vaccine provide about 85% to 90% protection against symptomatic disease, according to statistics released by Public Health England on Thursday.The health body estimated that 13,000 deaths have been prevented in England as of May 9 in people ages 60 and older. It also suggested that vaccinations have stopped almost 40,000 hospitalizations among the over 65s, a crucial metric in a country where the National Health Service has struggled to contain Europe’s highest death toll from the pandemic.N.Y. Offers Lottery Tickets for Shots (12:05 p.m. NY)If you get vaccinated next week you could win up to $5 million, New York Governor Andrew Cuomo said on Thursday.Vaccinations next week will come with free scratch-off lottery tickets worth $20, with the chance of both small prizes and a multimillion dollar payoff. “Vax and scratch,” Cuomo said at a press briefing in Buffalo. “The chances of winning something in this program are one in 9.”The tickets will be distributed at the 10 mass vaccination sites around the state, he said. The program will run May 24-28. Cuomo said the state will later decide whether to extend it.New York will also start vaccine centers at airports, including John F. Kennedy International Airport and LaGuardia Airport.Fauci Cites Masking Confusion (11:36 a.m. NY)U.S. health leaders’ move to relax nationwide rules on masks for fully vaccinated people has spurred “understandable confusion” that must be cleared up, said Anthony Fauci, the government’s top infectious disease doctor.Fully vaccinated Americans can shed their masks in most places, including indoors and in large groups, the Centers for Disease Control and Prevention said May 13. The devil is in the details: Even fully vaccinated people are recommended to wear masks on forms of public transportation, in health-care and correctional facilities, and where required by state and local governments or businesses. And the unvaccinated should still mask up in public places as before.“The problem is,” said Fauci, director of National Institute of Allergy and Infectious Diseases, “people interpreted that as a signal that you don’t need masks anymore, which absolutely is not the case.”NYC Passes Vaccine Milestone (10:40 a.m. NY)New York City has passed 4 million first doses, with a total of 7,753,184 shots administered.“We have proven vaccinations work,” Mayor Bill de Blasio said in a briefing Thursday. “Vaccinations are your ticket to freedom. We can have an extraordinary summer of joy, but we need to keep getting vaccinated.”New York is trying to entice more residents to get vaccinated, and is now targeting families. The mayor announced the city is opening a vaccination site at the Brooklyn Children’s Museum, with the extra lure of free same-day admission and a family pass for a future visit. A site is also set to open at the Bronx Zoo, and one is in the works at the New York Aquarium on Coney Island.These come on top of the vaccination site at the American Museum of Natural History, below the suspended model of a blue whale.Brazil Reports India Variant (10:35 a.m. NY)Brazil confirmed its first cases of a variant first found in India. The infected people are six crew members of the Shandong da Zhi vessel, which came from South Africa and was chartered by Vale to deliver iron ore in Sao Luis in Maranhao state, UOL reported.Moderna Exports Shots From U.S. (10:31 a.m. NY)Moderna Inc. has begun exporting U.S.-produced Covid-19 vaccines to other countries, a key step as U.S. vaccine supply begins to be shipped abroad.Moderna and Pfizer Inc. have been the backbone of the U.S. vaccination campaign, which is leveling off as domestic demand wanes. Their shipments of their coveted mRNA vaccines could be a turning point for nations that have sought to get any doses they can, including ones that have shown lower efficacy.G-7 to Discuss Vaccine Certificates (5:38 p.m. HK)Group of Seven nations will discuss ways to recognize Covid-19 vaccination certifications internationally, according to a person familiar with the matter.The group of major economies aims to support the creation of a global framework for mutual recognition of documents showing proof of inoculation, said the person, who asked not to be identified. Such an endorsement, if it leads to the creation of concrete measures, would ease the revival of global travel as more people get the coronavirus jab. It would be especially welcomed by the airline and tourism industries, among the hardest hit by the pandemic.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210520 14h45m Fujimori Looks to Speed Up Projects to Tap Copper Riches in Peru (Bloomberg) -- Peruvian presidential candidate Keiko Fujimori would support energy and mining projects if elected, a campaign adviser said, drawing a stark contrast with her left-wing rival.Her government wouldn’t seek to renegotiate contracts at the Camisea gas deposit and would push for the go-ahead of the Tia Maria and Conga mining projects that have encountered community resistance, adviser Rafael Belaunde said in an interview. Fujimori would focus on resolving community issues to attract more investment, he said.The goal is to help “set new projects in motion, with a fundamental component being that the populations -- particularly the populations around the areas where these activities occur -- feel the benefits,” Belaunde said.Fujimori, who is out on bail for alleged corruption and is the daughter of a jailed former president, will face Pedro Castillo in a June 6 runoff vote that will pit two opposing visions for the way out of pandemic-induced economic stress. The election result, which a weekend poll showed is too close to call, will reverberate across metal markets given the world is relying on Peru to help meet growing copper demand in a clean-energy transition. The nation is the second-biggest supplier of the wiring metal and a major producer of zinc, silver and gold.Castillo, who defied polls to win the first-round vote, has vowed to nationalize Camisea and raise taxes on mines, as well as seek a referendum on drafting a new constitution. His plans have spooked investors, though he’s likely to face stiff opposition from a divided legislature and has distanced himself from his party’s most hard-line proposals.Direct PaymentsA Fujimori administration would channel 40% of the mining canon into payments to communities, Belaunde said. The money would be sent directly to people’s bank accounts and could amount to about 2,000 soles ($540) a year depending on the region.It would also seek to improve the time-line and communication surrounding the consultation process before mineral exploration and exploitation, Belaunde said. The nation’s current environmental regulations are already rigorous enough, the adviser said.“Peru is a country with a massive mining potential,” Belaunde said. “Taking care of the social conflict problem and improving the efficiency of how mining income is spent I think will solve the bulk of the issues.”Fujimori’s government would also support oil exploration projects in the Amazon to leverage the Talara refinery in the country’s north, Belaunde said. Indigenous communities oppose such initiatives on concerns of environmental harm.“The government should promote putting its oil potential to work,” as long as there’s community support and the environment is protected, he said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 14h36m Apple Accuses Microsoft of Using Epic in Legal Attack (Bloomberg) -- Apple Inc. injected a new level of intrigue in its bitter court fight with Epic Games Inc., suggesting the Fortnite maker was acting as a stalking horse for Microsoft Corp. and withholding evidence.The iPhone maker made the accusations Wednesday night in a filing asking a judge to make an adverse credibility finding against Lori Wright, an Xbox executive who testified in the trial on behalf of Epic. That would mean the judge could ignore her testimony.Apple asked for such a ruling earlier, but upped its accusations in the new filing. “A reasonable observer might wonder whether Epic is serving as a stalking horse for Microsoft,” Apple said. “Microsoft shielded itself from meaningful discovery in this litigation by not appearing as a party or sending a corporate representative to testify.”Read more: Apple, Microsoft Rivalry Heats Up Again Amid Trial FisticuffsEpic sued Apple claiming its cut of revenue from businesses selling wares at its App Store is too high and that its rules are unfair and anticompetitive.But Apple claims Epic used as many witnesses associated with Microsoft at trial as it did its own -- five each -- including Susan Athey from Stanford University.Athey, who testified for Epic May 11, was grilled by Apple’s attorneys on her consulting work for Microsoft. She said she refrained from reviewing confidential documents in the case submitted by Apple due to that work.“Apple is trying to distract from legitimate concerns from many companies across the industry about its App Store policies and practices, including its refusal to allow game streaming in the Apple App Store,” Microsoft said in a statement Thursday. “Epic speaks and acts for itself, and Microsoft and many other companies have raised concerns through our own voices, including directly with Apple itself.”In an an earlier filing Microsoft said it complied fully with its legal obligations.Wright testified involuntarily and she was forthright and thoughtful in her trial testimony, Microsoft said.“That Apple does not like Ms. Wright’s testimony is clear,” Microsoft said. “That Apple has no basis to challenge the substance of her testimony is equally clear.”In the Wednesday filing, Apple also complained that Microsoft withheld internal communications and held discussions with Epic about its decision to circumvent Apple’s payment rules. “Such internal communications are particularly relevant in light of Microsoft’s relationship with at least five Epic witnesses and the potential that Microsoft is using Epic as a proxy plaintiff in litigation that it refuses to prosecute in its own name,” Apple wrote.In responses to Apple’s motions about Wright, Epic said Apple was “not surprised” at the trial and Wright’s testimony was “predictable.” The company also said Apple had ample opportunity to gather discovery during a deposition of Wright and that Wright provided documents to Apple and Epic in the same “paltry” manner.The case is Epic Games Inc. v. Apple Inc., 20-cv-5640, U.S. District Court, Northern District of California (Oakland).(Updates with Microsoft statement)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 14h31m Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking' Analysts are piling on bitcoin as it plunges, noting headwinds and issues that might stunt its increased adoption. Howell date : 210520 14h20m23s Business Bloomberg 210520 14h12m Gold Rises Near Four-Month High as Bond Yields, Dollar Decline (Bloomberg) -- Gold advanced, holding near the highest price in more than four months as bond yields gave up early gains and the dollar extended its slump.The yield on 10-year Treasuries declined, and the dollar headed for its fifth loss in six sessions. Falling rates boosts demand for non-interest bearing bullion, while a soft dollar makes the precious metal for attractive for investors holding other currencies.Gold was on its way to a sixth straight gain, with buyers shrugging off concerns over Federal Reserve minutes Wednesday that showed some policy makers open to talking about tapering bond purchases. Rising inflation expectations and the Fed’s pledge to keep rates low for longer have revived interest in gold, highlighted by rebounding holdings in exchange-traded funds backed by the metal.“The inflation issue is top of mind for gold and silver, given both metals’ reputation as inflation hedges, with the debate being primarily about the question of whether rising prices are transitory or permanent,” Carsten Menke, an analyst at Julius Baer Group Ltd., wrote in a note. “We firmly believe they will be transitory.”Spot gold rose 0.3% to $1,874.70 an ounce by3:04 p.m. in New York. Prices reached $1,890.13 on Wednesday, the highest since early January, but pared gains after the release of the Fed minutes. Futures for June delivery on the Comex rose less than 0.1% to settle at $1,881.90.Silver was steady and platinum advanced on Thursday, while palladium fell. The Bloomberg Dollar Spot Index was down 0.4%.A U.S. report showed applications for state unemployment insurance in the U.S. fell last week to a fresh pandemic low, rekindling optimism in the economic recovery.”After the claims data, we saw gold pushing back above $1,880 behind rallying stocks, lower yields and a softer dollar,” said Tai Wong, head of metals derivatives at BMO Capital Markets.The extreme price swings in cryptocurrencies on Wednesday may also have helped support bullion. Bitcoin has been seen by some investors and analysts as a replacement for gold, particularly during the metal’s rocky start to the year.“It appears as though the recent weakness in Bitcoin is seeing some investors shifting to gold,” said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 14h06m Stock market news live updates: Wall Street rallies after jobless claims; Oatly jumps in debut Equities are struggling to catch a break as soaring prices remain at the center of the market's attention. Business Bloomberg 210520 14h03m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index jumped to a two-week high, with gains in megacaps including Apple Inc., Microsoft Corp. and Tesla Inc. powering the advance. Tech stocks rose the most in the S&P 500 as all of the major industry groups moved higher. Ford Motor Co. rose for the first time in three sessions on plans to create a joint venture to manufacture electric-vehicle batteries in the U.S.The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Thursday’s rally pushed the tech-heavy Nasdaq 100 above its average price for the past 50 days. That level is a key trend indicator for traders and has proven to be a buy signal in past rebounds.Cryptocurrencies pared gains after the U.S. Treasury Department called for stronger tax compliance. Bitcoin, which whipsawed investors with huge price swings on Wednesday, was up less than 5% at 4 p.m. in New York after climbing as much as 11%.Oil extended declines to a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 1.1% as of 4:01 p.m. New York timeThe Nasdaq 100 rose 1.9%The Dow Jones Industrial Average rose 0.5%The MSCI World index rose 1%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.4% to $1.2226The British pound rose 0.5% to $1.4189The Japanese yen rose 0.4% to 108.78 per dollarBondsThe yield on 10-year Treasuries declined four basis points to 1.63%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield declined one basis point to 0.84%CommoditiesWest Texas Intermediate crude fell 2.1% to $62 a barrelGold futures fell 0.2% to $1,877 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 14h03m CANADA FX DEBT-Canadian dollar rallies as market rethinks Fed taper risk The loonie , which has benefited from surging commodity prices in recent months, was trading 0.7% higher at 1.2052 to the greenback, or 82.97 U.S. cents, moving back in reach of Wednesday's three-year high at 1.2013. The U.S. dollar lost ground against a basket of major currencies, hovering just above a multi-month low. Business Yahoo Finance 210520 14h02m Oatly goes public at $22.12 per share, 31% above its listing price Oatly (OTLY) began trading on the Nasdaq on Thursday, May 20, at $22.12 after pricing at $17 per share. Business Reuters 210520 13h55m GLOBAL MARKETS-Wall St gains 1% as tech shares rally, Treasury yields fall Stock indexes around the globe rose on Thursday, with the S&P 500 climbing more than 1% led by sharp gains in technology shares, while U.S. Treasury yields fell after a weaker-than-expected U.S. business activity reading. The Philadelphia Federal Reserve Bank said its business activity index fell to 31.5 from 50.2 in April, its highest pace in nearly half a century. Howell date : 210520 13h49m46s Business Bloomberg 210520 13h40m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index jumped to a two-week high, with gains in megacaps including Apple Inc., Microsoft Corp. and Tesla Inc. powering the advance. Tech stocks rose the most in the S&P 500 as all of the major industry groups moved higher. Ford Motor Co. rose for the first time in three sessions on plans to create a joint venture to manufacture electric-vehicle batteries in the U.S. The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Thursday’s rally pushed the tech-heavy Nasdaq 100 above its average price for the past 50 days. That level is a key trend indicator for traders and has proven to be a buy signal in past rebounds.Cryptocurrencies pared gains after the U.S. Treasury Department called for stronger tax compliance. Bitcoin, which whipsawed investors with huge price swings on Wednesday, was up about 4% in afternoon trading after climbing as much as 11%.Oil extended declines to a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 1.3% as of 3:37 p.m. New York timeThe Nasdaq 100 rose 2.1%The Dow Jones Industrial Average rose 0.8%The MSCI World index rose 1.1%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.4% to $1.2225The British pound rose 0.5% to $1.4190The Japanese yen rose 0.4% to 108.79 per dollarBondsThe yield on 10-year Treasuries declined four basis points to 1.63%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield declined one basis point to 0.84%CommoditiesWest Texas Intermediate crude fell 2.1% to $62 a barrelGold futures fell 0.3% to $1,877 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210520 13h35m Federal Reserve to open digital currency debate this summer Yahoo Finance's Brian Cheung joined Yahoo Finance Live to break down how Federal Reserve plans to open a digital currency debate this summer and what this means for cryptocurrency. U.S. Reuters 210520 13h33m U.S. FERC pulls licenses for three Michigan dams after flood The U.S. Federal Energy Regulatory Commission (FERC) said on Thursday it terminated Boyce Hydro Power Llc’s licenses for the bankrupt company's Secord, Smallwood and Sanford hydroelectric projects on the Tittabawasee River in Michigan. Heavy rain in May 2020 caused high inflows in the Tittabawassee, resulting in the breaching and failure of the Edenville Dam, the license for which FERC had already revoked in 2018 for Boyce's failure to comply with safety directives and other license requirements. Business Bloomberg 210520 13h31m Huarong Bond Losses Spread Onshore, Risking Downward Spiral (Bloomberg) -- Concern over China Huarong Asset Management Co.’s financial health is deepening among domestic investors, threatening to worsen a selloff offshore.The firm’s thinly traded 19 billion yuan note due 2022 fell 12% to 70.2 yuan on Thursday, according to Bloomberg-compiled data, while its 3.54% domestic bond maturing in November dropped 24% to 75.3 yuan, both on pace for record lows. The company’s dollar bonds also declined, with a 3.75% bond due 2022 falling 5.5 cents on the dollar to 73.6 cents, its weakest level in more than a month. Its 4.5% perpetual dollar note was on track to close at a record low of around 53 cents in U.S. hours, Bloomberg-compiled prices show.Huarong’s domestic bonds had held up better than its dollar notes since the start of April as speculation grew over a possible debt restructuring at the company. The risk now is that a loss of confidence among mainland investors may reinforce nervousness offshore, creating a downward spiral. Several of China Huarong’s dollar notes are trading near their lows reached during the depths of the initial selloff last month.“Many factors could be involved in China Huarong’s debt resolution and it will take time for any proposal to be finalized,” said Li Gen, chief executive officer of Beijing BG Capital Management Ltd. “Although Huarong could get some liquidity support from banks, it’s still unclear whether bonds will be repaid at a discount in the long term.”There’s been little clarity from authorities over the distressed debt manager’s future in recent days, despite conflicting media reports about whether the central government will allow the company to default. Failure to repay its debts would upend the long-held expectation by investors that Beijing will support companies owned by the central government. That’s helping to fuel volatility in the bonds.Right now, the risk of a broader fallout in China’s credit market is low. Spreads on the nation’s domestic, lower-rated corporate bonds over comparable government notes are at about their lowest in two months, while yield premiums on offshore investment-grade bonds have improved since hitting a nine-month high at the height of the panic, Bloomberg-compiled data show.While this is positive for Beijing’s efforts to create better market discipline without triggering financial turmoil, some analysts have said the lack of market contagion could embolden authorities to limit support for the company.Caixin Media’s WeNews reported on May 12 that authorities had urged Huarong to solve its issues on its own. The New York Times said on Tuesday China’s government is “strongly committed” to making sure both foreign and domestic bondholders don’t receive full repayment of their principal.Huarong has been repaying its maturing bonds on time and said it had seen no change in government support. The company has the equivalent of about $2.83 billion in offshore and onshore bonds coming due through August, including a dollar note that matures Thursday, data compiled by Bloomberg show.A unit of the firm, China Huarong International Holdings Ltd., said it has wired funds for principal and interest payment on a $300 million bond due May 20, according to a company statement Thursday. The firm was profitable in the January-April period, it added.The financial giant owes domestic and international bondholders the equivalent of about $41 billion, following an ill-fated expansion under former Chairman Lai Xiaomin, who was executed for crimes including bribery in January. Huarong is majority owned by China’s Ministry of Finance and is deeply intertwined with the nation’s $54 trillion financial industry.(Updates with U.S. dollar bond trading in second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Bloomberg 210520 13h31m Illinois Bonds Gain as Court Rejects Case to Invalidate Debt (Bloomberg) -- The Illinois Supreme Court on Thursday upheld a decision that shot down a conservative think tank leader’s effort to invalidate more than $14 billion of bonds sold by the state, promising to end a nearly two year legal saga.John Tillman, the chief executive officer of the Illinois Policy Institute, a conservative think tank, filed a lawsuit in July 2019 claiming that pension bonds issued in 2003 and others sold in 2017 violated the state constitution because they weren’t issued for “specific purposes” but general expenses. The state argued that laws authorizing the 2003 and 2017 bonds satisfied that requirement.Illinois bonds rose in active trading after the ruling, driving the average yield on some sold in 2017 to 1.12% from 1.4% and the price jumped to more than $1.20 from about $1.19 a day earlier. The case has been closely watched by investors in the $3.9 trillion municipal bond-market, where it was seen as a potential harbinger of potential lawsuits elsewhere if it prevailed.“Even though the probability was low that the challenge was going to be successful, it wasn’t zero,” said Dan Solender, director of tax-free fixed income for Lord, Abbett & Co., which holds $34 billion in muni assets. “The expectation was this was not going to be a problem but still the bonds are moving up because there is now some definite resolution to the situation.”In August 2019, a Sangamon County circuit associate judge denied Tillman’s petition to file the suit. The Supreme Court upheld that court’s decision, reversing a ruling from an appeals court.“We hold that the circuit court did not abuse its discretion in denying the petition for leave to file a taxpayer action,” according to an opinion of the court delivered by Chief Justice Anne Burke that was posted on its website. “Accordingly, we reverse the judgment of the appellate court and affirm the judgment of the circuit court.”A successful effort to invalidate the debt would have saddled investors with losses and potentially left the state facing higher interest rates to compensate for the risk of such challenges. The state already has $141 billion of unfunded pension liabilities, almost no money in its rainy day fund and expects deficits through at least 2026.“I am of course disappointed in the Illinois Supreme Court’s ruling,” Tillman said in an emailed statement Thursday after the ruling. “We are evaluating our options as to how to proceed from here. In the interim, I continue to be profoundly concerned about Illinois’ reckless debt accumulation. All Illinoisans should care about this.”Tillman added that if the state doesn’t push for pension reform now a fiscal crisis could pose a threat to taxpayers, people who depend on government services and retirees.Illinois Governor J.B. Pritzker’s “administration is pleased that the Supreme Court sided with hardworking taxpayers over a frivolous lawsuit designed to grab headlines,” according to an emailed statement from spokesperson Emily Bittner. The court “rejected the plaintiff’s belated attempt to create unnecessary havoc in Illinois’ fiscal standing,” Illinois Attorney General Kwame Raoul’s office said in a statement.The state’s top court focused on how long Tillman waited to file his action rather than the constitutional question, and in the opinion said “we find that this delay is unreasonable.”With the outcome of the case now behind the state, it “can move forward in addressing the more pertinent fiscal issues,” said Dennis Derby, a portfolio manager for Wells Fargo Asset Management, which owns Illinois debt that was challenged as well as other bonds issued by the state as part of a $40 billion municipal-bond portfolio.(Updates with comment from plaintiff in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 13h30m Great Commodities Boom of 2021 Hits Pause Amid Wider Selloff (Bloomberg) -- One of the biggest commodities booms in decades isn’t likely done yet -- it’s just taking a breather.Crops, oil and metals such as nickel extended declines Thursday, a day after traders sold stocks to cryptocurrencies on concerns about inflation, speculation that the U.S. Federal Reserve will ease stimulus and China’s warning on measures to cool price spikes. Yet, many of the reasons behind the surging prices in the past year that fueled debate on whether commodities are entering a new supercycle remain intact.“The commodities bull run is definitely not done yet,” said Eric Liu, head of trading at Chinese copper trader ASK Resources Ltd. “Every country is grappling with rising inflation, but as long as they don’t actually tighten monetary and fiscal policies, commodity prices can hardly cool off.”A rebound in the world’s largest economies as the vaccination against Covid-19 rolls out is stoking demand for metals, food and energy when supplies are still constrained, creating short-term shortages in goods ranging from oil to lumber. That trend may intensify during the next few months in the U.S. and Europe, with more people going out, driving, booking flights and gathering for summer barbecue parties. And there’s China, which has increased soybean and corn imports to feed its rapidly expanding hog herd.Longer term prospects of aggressive infrastructure spending and a faster transition to electric vehicles and batteries have also helped boost commodity prices.The market tone was steadier on Thursday, with copper futures rebounding from the previous day’s slump on expectations that demand will remain resilient even in the face of possible tapering by the Federal Reserve and China’s stepped-up efforts to jawbone prices lower. Corn futures also rose in Chicago, supported by China’s continued buying spree. In contrast, crude futures extended losses on the prospect of a deal to end sanctions on Iran’s exports, while the coronavirus continues to hurt Indian demand.The Bloomberg Commodity Spot Index, which tracks 23 raw materials, slid 1.8% on Wednesday as minutes of the Fed’s April meeting showed some policymakers were open to a debate on tapering at future meetings. Also, China issued a fresh warning of measures to curb rising prices, saying more needs to be done to prevent rising costs from being passed through to consumers.The stronger rhetoric risks weighing on materials from copper to iron ore, which reached record highs this month on surging demand. China, the top commodities user, has also been buying huge amounts of crops, which helped push grains markets to multiyear highs before the rally stalled.Recent declines are “partly driven by a reversal of macroeconomic sentiment in the world, as some of the fundamental factors that helped push up asset prices eased,” said Zhang Chenfeng, a researcher at Chinese commodity hedge fund Shanghai Chaos Investment.Return to RecordThe Bloomberg commodities gauge may still top 2011’s record high in the next few months as the U.S. economy further opens up though inflationary pressures could limit the upside, according to Bob Yawger, head of the futures division at Mizuho Securities.“People wanna get out and live, and that will put a big bid in the market,” he said in an interview, adding a weaker dollar could also be a catalyst for higher commodities prices since most raw materials are priced in the greenback. Western Texas Intermediate crude oil could climb toward $70 a barrel in the next few months “as everybody drives as many miles as they can possibly can.”With markets looking for fresh drivers to resume the rally, energy bulls can point to the coming U.S. driving and flying seasons as lockdowns ease, as well as solid demand from Asia. Crops need almost perfect weather this summer in the U.S. and later in Brazil and Argentina for harvests to meet world demand, so any bad weather could cause price spikes.Metals have benefited from a rush to replenish manufacturing supply chains and the prospect of years of green spending, which helped send economic bellwether copper above $10,700 a metric ton earlier this month. Whether prices go higher partly depends on a clearer picture of infrastructure spending and how long loose monetary policies will last.Wall Street has issued bullish outlooks. Citigroup Inc. sees copper heading past $12,000 in the coming months and major traders Glencore Plc and Trafigura said prices could jump much higher to spur enough supply to meet future demand from renewables and electric cars.“I’m certainly in the camp of this being a healthy pause” for commodities, said Daniel Hynes, a strategist at Australia & New Zealand Banking Group. “Any disappointing data or headwinds were always going to see some profit-taking, and I think the whole sector still has some upside.”(Updates with commodity moves from sixth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 12h48m32s Business Yahoo Finance Video 210520 12h36m 'The underlying economy is in very good shape’: Portfolio Manager Ellen Hazen, Portfolio Manager at F.L.Putnam Investment Management Company, joins Yahoo Finance to discuss the outlook on the market and cryptocurrency. Business Bloomberg 210520 12h33m U.S. Proposes $242 Million in Penalties for Traders (Bloomberg) -- The top U.S. energy regulator has proposed forcing three power traders, all veterans of JPMorgan Chase & Co., to pay a total of $242 million for allegedly manipulating an obscure of corner of the country’s largest electricity market.The Federal Energy Regulatory Commission accused GreenHat Energy LLC and its owners of placing bets on potential grid bottlenecks, known as the financial transmission rights market, that sent false price signals, according to statement Thursday. The wagers cost utilities and other traders in the PJM Interconnection market more than $179 million in losses.“Today’s order offers another reminder that the Commission has a solemn responsibility to investigate and penalize participants that engage in market manipulation,” FERC Chairman Richard Glick said Thursday during a FERC meeting.Also Read: Ex-JPMorgan Traders Lost Millions on Bad Bets in Power MarketThe move comes after the number of FERC probes into wrongdoing in energy markets fell to a record low last year under the Trump Administration. Glick has made it a priority to step up investigation since he was appointed to lead the agency by the Biden Administration earlier this year.FERC proposed civil penalties totaling $179 million to GreenHat and fines of $25 million each to two of its owners: John Bartholomew and Kevin Ziegenhorn. The agency also proposed ordering them to surrender nearly $13.1 million in profits.A third GreenHat owner, Andrew Kittell, died in January. His estate is being asked to respond to the allegations. The parties have 30 days to respond.GreenHat started placing the bets in auctions held by PJM Interconnection LLC, which operates the country’s largest power market, in 2015 and kept building positions into 2018. The company kept placing the bets even as other market participants flagged PJM about the risk before it defaulted on a $1.2 million payment in June 2018 and those losses have ballooned 150 times. At the time of the default, GreenHat had less than $560,000 in collateral on deposit with the grid operator.“This alleged scheme is an example of a type of fraud in which perpetrators acquire assets with no intent to pay for them, and then try to turn the assets into immediate cash for themselves,” according to the FERC statement.This default by a small, new trader was the largest any U.S. grid had experienced of any kind, until the freeze that struck Texas in February left the state’s power market facing a nearly $3 billion shortfall. GreenHat’s default forced the previous PJM chief executive out. PJM also hired a new chief risk officer reporting to the board and sparked a review of credit policies across grids.Market participants have already been charged $180.5 million for GreenHat’s bad bets when factoring related costs and those losses will continue to widen until the last positions are liquidated this month, according to the market monitor’s most recent report.FERC’s enforcement team has been investigating GreenHat’s trading behavior since at least 2018, bringing fresh scrutiny on trading activity by Kittell and Bartholomew just a few years after they were part of a team investigated at JPMorgan, according to filings. In 2013, the bank settled a case alleging its traders manipulated the California power market for a record $410 million fine at the time.FERC Commissioner James Danly concurred with the GreenHat order, calling in light of the massive default, in the monthly meeting. “It’s necessary for the commission to make an official pronouncement on whether or not there was manipulation.”(Corrects to say that the penalties are proposed.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210520 12h30m UPDATE 1-BioNTech CEO says vaccine up to 75% effective against India variant BioNTech SE Chief Executive Ugur Sahin said on Thursday the COVID-19 vaccine it developed with Pfizer Inc is expected to be 70% to 75% effective in protecting against infections caused by the coronavirus variant first detected in India. Tests this week have focused on the India variant, he said. Business Bloomberg 210520 12h17m WeWork Lost $2.1 Billion on Closings, Neumann Deal (Bloomberg) -- WeWork lost $2.06 billion in the first quarter, overwhelmed by effects of the coronavirus pandemic and a settlement with the ousted co-founder Adam Neumann, according to a person familiar with the financials.The mounting loss was due largely to a variety of one-time costs, which also include office closings and other restructuring, said the person, who asked not to be identified because the details are private. The settlement with Neumann resulted in a non-cash writedown of nearly $500 million, the person said.The quarterly loss was almost four times larger than it was in the same period a year ago, according to the Financial Times, which reported the details earlier Thursday. A representative for WeWork didn’t immediately have a comment, and a spokesman for Neumann declined to comment.Neumann resigned in 2019 after a plan to take the company public imploded. SoftBank Group Corp. bailed out the business and clashed with Neumann in court over an unfulfilled stock transaction. They agreed to settle in February.Under a new chief executive officer, Sandeep Mathrani, WeWork is refocusing on its core business of renting office space and is seeking to shed costs. The adjusted loss before interest, tax and other expenses narrowed from the fourth quarter to $446 million, the person said.The pandemic was tough on WeWork’s business, but executives have said the company is well-positioned for a post-outbreak economy. Marcelo Claure, WeWork’s executive chairman, said at a Bloomberg conference this week that customer demand now exceeds pre-pandemic levels. Customers have committed $1.9 billion in future sales, the person familiar with the financial details said.After its failed attempt at an initial public offering, WeWork plans to try again this year by merging with a special purpose acquisition company, BowX Acquisition Corp. WeWork had liquid assets of $2.2 billion in the first quarter and is expected to have $3 billion when its merger closes sometime in the third quarter, the person said.(Updates with response from Neumann spokesman in the third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 12h15m Musk says he hasn't and won't sell any dogecoin Earlier this month, he called the cryptocurrency a "hustle" during his guest-host spot on the "Saturday Night Live" comedy sketch TV show, leading prices to tumble. "Yeah, I haven't & won't sell any Doge," Musk said on Twitter in response to a tweet on Thursday claiming he would never sell any of his doge holdings and that he was the "ultimate hodler". His tweets on dogecoin have turned the once-obscure digital currency into a speculator's dream. Business Yahoo Finance 210520 12h07m Stock market news live updates: Wall Street rallies after jobless claims; Oatly jumps in debut Equities are struggling to catch a break as soaring prices remain at the center of the market's attention. Howell date : 210520 12h17m55s U.S. Reuters 210520 12h05m U.S. gives Williams more time to build Pennsylvania-NY natgas line U.S. energy regulators on Thursday approved Williams Companies Inc's request for two more years until May 2023 to build the proposed Northeast Supply Enhancement (NESE) project to transport natural gas from Pennsylvania to New York. The U.S. Federal Energy Regulatory Commission (FERC) approved the roughly $1 billion project, which includes an offshore pipe between New Jersey and Long Island, New York, in May 2019. That approval required Williams' to put the project in service by May 2021. Business Bloomberg 210520 12h03m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index jumped to a two-week high, with gains in megacaps including Apple Inc., Microsoft Corp. and Tesla Corp. powering the advance. Tech stocks rose the most in the S&P 500 as nine of the main 11 industry groups moving higher. Ford Motor Co. rose for the first time in three sessions on plans to create a joint venture to manufacture electric-vehicle batteries in the U.S. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Thursday’s rally pushed the tech-heavy Nasdaq 100 above its average price for the past 50 days. That level is a key trend indicator for traders and has proven to be buy signal in past rebounds.Cryptocurrencies pared gains after the U.S. Treasury Department called for stronger tax compliance. Bitcoin, which whipsawed investors with huge price swings on Wednesday, was up about 4% in afternoon trading after climbing as much as 11%.Oil extended declines to a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 1% as of 1:59 p.m. New York timeThe Nasdaq 100 rose 1.8%The Dow Jones Industrial Average rose 0.6%The MSCI World index rose 0.9%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.3% to $1.2216The British pound rose 0.4% to $1.4177The Japanese yen rose 0.4% to 108.81 per dollarBondsThe yield on 10-year Treasuries declined four basis points to 1.63%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield declined one basis point to 0.84%CommoditiesWest Texas Intermediate crude fell 2.1% to $62 a barrelGold futures were little changedMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 12h02m Fed, citing crypto risk, to open digital currency debate this summer Federal Reserve Chair Jerome Powell flagged the risks of cryptocurrencies in an unusual video message on Thursday that also laid out a clearer timetable for the Fed to consider adopting a digital currency of its own. Highlighting the fast advances in financial technology and the potential benefits involved, Powell said that cryptocurrencies, stablecoins and other innovations "may also carry potential risks to those users and to the broader financial system." Powell said the Fed would release a discussion paper this summer "outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated" with establishing a central bank digital currency. Politics Yahoo Finance 210520 11h59m 'Exceptional circumstances': Judge orders Betsy DeVos to testify in student loan forgiveness lawsuit A federal judge ordered former Education Secretary Betsy DeVos to testify in a lawsuit related to her role in how the Education Department (ED) handled debt relief for students who felt they were defrauded. Business Reuters 210520 11h58m BMW to cut antitrust provisions by 1 billion eur as EU fine seen lower German luxury carmaker BMW said on Thursday it would have to set aside 1 billion euros ($1.2 billion) less than initially feared for expected European antitrust fines for alleged collusion with rivals. In 2019, BMW recognised a provision of around 1.4 billion euros for expected penalties from an EU investigation into collaboration between German automakers on emission-reduction technologies. "The significant limitation in the scope of the allegations has led to a revaluation of the provision," BMW said, adding this would lead to a positive effect on earnings of around 1 billion euros in the second quarter. Howell date : 210520 11h47m19s Business Bloomberg 210520 11h42m Oatly Jumps in Debut After Raising $1.4 Billion in IPO (Bloomberg) -- Oatly Group AB, the vegan food and drink maker, jumped in its debut after pricing its initial public offering at the top of a marketed range.Shares opened Thursday at $22.12 in New York, a 30% jump from their $17 IPO price. The company and its investors sold more than 84 million American depositary shares on Wednesday, raising more than $1.4 billion. The Swedish company had offered the shares for $15 to $17 each.Oatly’s shares, which rose as much as 34%, were up 29% to $21.95 at 1:39 p.m., giving the company a market value of about $13 billion, based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.In July, it secured $200 million in new capital from investors led by Blackstone Group Inc. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as Starbucks Corp. founder Howard Schultz. The company was valued at about $2 billion in that round.Both Jay-Z, through his company Roc Nation, and Schultz also participated in the IPO, according to people with knowledge of the matter who asked not to be identified discussing private information. A representative for Oatly declined to comment. Roc Nation and Schultz didn’t immediately respond to requests for comment.The IPO underscores plant-based products’ jump into the mainstream, as environmental and health concerns spur consumers to seek alternatives to traditional meat and dairy products. Investors have been looking for ways to replicate the public-market success of Beyond Meat Inc., whose shares have surged more than 300% since it went public in May 2019.Oatly’s biggest obstacle might be its own popularity. Since its entrance into the U.S. market in 2017, finding Oatly in coffee shops and supermarkets has become something of a treasure hunt for shoppers.The company opened a $15 million Millville, New Jersey, plant in 2019 to help meet the growing demand, but even now, shortages are frequent, as Covid-related delays have kept a planned second U.S. production from coming online.In March, supermarkets across the U.S. -- and even its big new customer Starbucks -- reported trouble procuring orders.While the current shortage won’t end overnight, Chief Executive Officer Toni Petersson sounded an optimistic note.Fulfilling Orders“This year, we will bring on board new capacity every single quarter,” he said in an interview ahead of the first trade. The company is expanding its Netherlands plant, putting out commercial products from its Utah plant, and is doing test runs in Singapore, where the factory will be “up and running” in the second quarter, he said.For now, Oatly is only filling 70% of orders in its key markets, so it is “not really” taking on new customers, Petersson said, adding that the gap is between supply and orders, not supply and demand. “First we will close the gaps, then expand with new retail partners,” he added.Oatly was started in 1994 by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.Oatly’s offering was led by Morgan Stanley, JPMorgan Chase & Co. and Credit Suisse Group AG. The shares are trading on the Nasdaq Global Select Market under the symbol OTLY.(Updates with IPO participants in fifth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 11h36m Copper Rebounds as Demand Optimism Overcomes Fed, China Concerns (Bloomberg) -- Copper rebounded from Wednesday’s slump, buoyed by expectations that demand will remain resilient in the face of possible tapering by the U.S. Federal Reserve and China’s stepped-up efforts to jawbone prices lower.Sentiment improved with equities climbing and U.S. a report showing applications for state unemployment insurance fell last week to a fresh pandemic low. A falling dollar also helped underpin gains in metals.Copper slid the most since October on Wednesday amid worries that inflation threatens the economic recovery. Despite the pullback, major metal producers remain optimistic. The Chilean government’s copper agency Cochilco lifted its 2021 average price projection, saying a tight market and investor flows could send the metal to new all-time highs in the short term.“For the time being, global commodity demand signals are still firing on all cylinders, with the recent weakening still consistent with noise,” TD Securities analysts led by Bart Melek said in a note. But “the context points to risks of normalizing growth.”Minutes of the Fed’s last meeting released Wednesday indicated some Fed officials may be open “at some point” to discussing adjustments to the pace of massive bond purchases if the U.S. economy keeps progressing rapidly.In China, the cabinet expressed concerns Wednesday about the rise in commodities prices for a second week in a row, calling for more effort to curb “unreasonable” gains and preventing any impact on consumer prices. The meeting, chaired by Premier Li Keqiang, also called for a crackdown on speculation and hoarding.Copper rose 0.5% to settle at $10,048 a ton at 5:53 p.m. on the London Metal Exchange, after climbing as much as 1.8%. The metals slumped 3.9% on Wednesday, the most since Oct. 1. Most other LME metals advanced on Wednesday, while aluminum slipped.Alcoa Co.’s Chief Executive Officer Roy Harvey said demand for aluminum is “firing on all engines” this year and continues to grow “really, really quickly” in China and the rest of the world.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Reuters 210520 11h26m UPDATE 1-U.S. government forecasts above-normal 2021 Atlantic hurricane season The U.S. government on Thursday forecast an above-normal 2021 Atlantic hurricane season, which is already off to an early start with a storm expected to form off Bermuda this week. The U.S. National Oceanic and Atmospheric Administration (NOAA) forecast between three and five major hurricanes, with sustained winds of at least 111 miles per hour (178 kph), will form in 2021. Between six and 10 hurricanes with winds of at least 74 mph (119 kph) were expected out of 13-20 tropical storms in 2021, NOAA forecasters said. World Bloomberg 210520 11h24m CP Rail Sticks With Bid for K.C. Southern, Urging It to Dump CN (Bloomberg) -- Canadian Pacific Railway Ltd. declined to boost its $25 billion bid for Kansas City Southern and urged the U.S. carrier to reject Canadian National Railway Co.’s higher offer anyway, saying it poses a greater risk of getting blocked by regulators.Canadian National’s $30 billion proposal is “illusory,” Canadian Pacific Chief Executive Officer Keith Creel said in a letter to Kansas City Southern’s board, citing opposition from the U.S. Justice Department and a large shareholder. Creel also pointed to a U.S. Surface Transportation Board decision to judge the Canadian National deal under tougher antitrust standards.“The best way for the KCS board to fulfill its fiduciary duties in light of recent developments would be to continue to pursue the CP-KCS combination,” he said.Canadian National, the bigger of the two suitors, responded in an emailed statement that it’s confident its proposal will get U.S. regulatory approval.The ultimate outcome will determine who gets to be the first railroad to operate from Canada through the U.S. and on to Mexico. Kansas City Southern gets about half its revenue from Mexico, which is poised to capture investment as manufacturers seek to use a renegotiated trilateral trade agreement to shorten supply lines across the Pacific.Canadian Pacific rose 2.5% to C$97.46 at 1:10 p.m. in Toronto, while Canadian National fell less than 1% to C$128.02. Kansas City Southern slipped almost 1% to $292.79 in New York. The U.S. railroad’s shares had advanced 45% this year through Wednesday.While Canadian Pacific’s proposal has an easier regulatory path, Kansas City Southern is likely to accept Canadian National’s higher bid, said Christian Wetherbee, an analyst at Citigroup Inc.“Canadian Pacific’s response to the KCS board was not what we had expected but is understandable,” he said in note to clients. Essentially, Canadian Pacific is betting it can take a $700 million breakup fee and wait for the regulatory process to unfold.Canadian Pacific and Kansas City Southern had reached a merger agreement in March that Canadian National topped in April. The U.S. carrier earlier this month said it would accept Canadian National’s offer, giving the smaller railroad until May 21 to improve its proposal.Creel on Thursday reiterated previous comments that Canadian Pacific wouldn’t engage in a bidding contest and “remained confident” that the Surface Transportation Board won’t approve Canadian National’s proposal for a voting trust to close the financial portion of the deal.Kansas City Southern has said a trust is a requirement for any proposal. The mechanism allows Kansas City Southern stockholders to get paid for their shares while government approval to merge operations is pending, a process that could take more than a year. The STB has approved Canadian Pacific’s trust but hasn’t made a final decision on Canadian National’s.Creel also noted that TCI Fund Management, a major shareholder in both Canadian railroads, urged Canadian National to drop its bid.Public InterestThe STB has said it would ultimately judge Canadian National’s proposal under stricter merger rules than Canadian Pacific’s, explaining that the smaller railroad’s plan would “result in the fewest overlapping routes.” Canadian National has to prove that its deal would be in the public interest, while Canadian Pacific merely has to establish that its tie-up wouldn’t hurt competition.Kansas City Southern is the smallest of the seven large U.S. and Canadian railroads and one of the industry’s few substantial merger targets remaining.(Updates with analyst’s comment in seventh paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. U.S. Reuters 210520 11h16m UPDATE 1-U.S. lawmakers to propose tax credit for sustainable aviation fuel U.S. lawmakers plan to introduce a bill on Thursday that would create a tax credit for lower-carbon sustainable aviation fuel, which they hope will slash emissions of greenhouse gases from the aviation industry. The legislation, seen by Reuters, would impose a tax incentive of up to $2.00 for every gallon produced of sustainable aviation fuel, which can be made from feedstocks such as grease, animal fats and plant oils. U.S. Representatives Brad Schneider, a Democrat from Illinois; Dan Kildee, a Democrat from Michigan; and Julia Brownley, a Democrat from California, are expected to introduce the bill. Business Bloomberg 210520 11h13m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index climbed to a two-week high, with gains in megacaps including Apple Inc., Microsoft Corp. and Tesla Corp. powering the advance. Tech stocks rose the most in the S&P 500 as eight of the main 11 industry groups climbed. Ford Motor Co. climbed for the first time in three sessions on plans to create a joint venture to manufacture electric-vehicle batteries in the U.S. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. Cryptocurrencies rose after wild swings in Bitcoin on Wednesday.The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Thursday’s rally pushed the tech-heavy Nasdaq 100 above its average price for the past 50 days. That level is a key trend indicator for traders and has proven to be buy signal in past rebounds.Oil extending declines to a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 1% as of 1:08 p.m. New York timeThe Nasdaq 100 rose 1.8%The Dow Jones Industrial Average rose 0.6%The MSCI World index rose 0.9%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.3% to $1.2216The British pound rose 0.5% to $1.4180The Japanese yen rose 0.4% to 108.79 per dollarBondsThe yield on 10-year Treasuries declined four basis points to 1.63%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield declined one basis point to 0.84%CommoditiesWest Texas Intermediate crude fell 1.2% to $63 a barrelGold futures rose 0.1% to $1,884 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 11h16m42s Business Yahoo Finance Video 210520 11h07m Kohl’s Q1 sales soars past estimates, lifts 2021 guidance Yahoo Finance Canada Reporter Alicja Siekierska joins the Yahoo Finance Live panel with the latest on Kohl’s Q1 earnings and LBrands news. Business Bloomberg 210520 11h07m Oil Resumes Fall With Potential Sanctions Relief on Iran Looming (Bloomberg) -- Oil clung to losses as traders focused on the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the Persian Gulf country’s crude exports.Futures were down 1.3% in New York after falling as much as 1.9% earlier on Thursday. Iran’s President Hassan Rouhani said world powers have accepted that major sanctions on his country will be lifted. But he said diplomats are still discussing “details and finer points” before there’s “a final agreement.”The prospect of a return of Iranian supply is also being reflected in Brent’s prompt timespread. The spread’s backwardation narrowed to just a few cents on Thursday, a sign that market tightness may be easing.Oil is “in a holding pattern until we get to June, because that’s when Europe’s going to start to reopen and the U.S. driving season will have officially kicked off,” said Jay Hatfield, CEO of Infrastructure Capital Management. “Between now and then, the main influences will be Iran headlines as a headwind” and signs of further improvement in the U.S. market as a supportive factor.Crude futures have declined for three straight sessions, the longest losing streak since March, on the prospect of a revival of an Iran nuclear deal. While a timeline for a deal remains unclear, Iran has already been boosting its exports and Indian refiners have signaled they would be willing buyers. “There continue to be positive statements out of Vienna from various participants, including Iran, that a deal is at hand,” said John Kilduff, a partner at Again Capital LLC. “Even though we know they have already been ramping up their exports, it is adding to negative market sentiment.”Enrique Mora, the EU official in charge of coordinating diplomacy in Vienna for the nuclear talks, said he expects all parties to return to the 2015 agreement before Iran’s presidential elections on June 18. Citigroup Inc. sees an initial 500,000-barrel-a-day increase in supply from around the middle of the third quarter.Meanwhile, volatility is creeping back into the market after a choppy week in which global benchmark futures swung in a roughly $5 range after topping $70 a barrel. A measure of market volatility is at the highest since early April.Commodity trading advisors “have likely been net ‘sellers’ in oil futures this week, lightening up their net ‘long’ oil exposure as both volatility increases and short-term momentum turns bearish,” said Ryan Fitzmaurice, commodities strategist at Rabobank. “On a weighted basis, CTAs remain a sizable net ‘long’ in oil futures, but this is the first time in months that we have seen a bullish signal turn bearish, which is notable, especially in light of the recent Iran nuclear developments.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 11h01m Retirement reform is on track for Biden's signature 'hopefully this year': Rep. Kevin Brady Before he retires himself at the end of 2022, Rep. Kevin Brady has prioritized getting another round of retirement reform through Congress. Business Yahoo Finance 210520 10h49m Oatly CEO won't reprise his Super Bowl ad appearance 'for everyone's sake' Remember that quirky Oatly Super Bowl ad? On his IPO day, the singing CEO says he's not likely to reprise that performance. U.S. Yahoo Finance 210520 10h48m Treasury calls for doubling IRS staff to target tax evasion, crypto transfers President Joe Biden's new tax enforcement plan would add nearly 87,000 employees to the IRS, make banks report more information to the agency and require stricter cryptocurrency compliance, according to a new Treasury report. Business Bloomberg 210520 10h46m Bitcoin Pares Gains as Treasury Seeks to Toughen Tax Compliance (Bloomberg) -- Crypto markets remained volatile and gave back some of their gains Thursday after the U.S. Treasury called for stronger tax compliance within the space.Bitcoin hovered near the $39,800 as investors tried to make sense of the crash Wednesday that wiped away billions and shattered the notion of crypto as a maturing asset class. The coin retreated from intra-day highs of around $42,500 after the U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.Volatility has dominated crypto markets, with Bitcoin plunging and surging more than 30% within a few hours on Wednesday. The carnage kicked off last week, when Tesla Inc. billionaire Elon Musk criticized Bitcoin for wasting energy and backtracked on a decision to allow crypto transactions. Losses accelerated after China warned that digital tokens can’t be used for payments.Still, many were heartened by its recovery from Wednesday’s lows.“You can’t keep a good dip buyer down for long in the financial markets these days, and cryptos are no different,” said Jeffrey Halley, a senior market analyst at Oanda. “The mass liquidation yesterday will have thinned out the ranks of believers.”“It is still our best-performing allocation so far this year even after, you know, a 30% to 40% dislocation,” Troy Gayeski, co-chief investment officer at Skybridge Capital, said on Bloomberg TV. “The key is whatever size at cost you’re comfortable with, let the bull market play out, tolerate the volatility and have confidence that ultimately by the end of this year you will be at a meaningfully higher price.”While all were proximate causes cited for the rout, the liquidation frenzy Wednesday morning was sentiment-driven and disorderly, with the coin dropping thousands of dollars in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. It all accelerated when Bitcoin fell below its average price for the past 200 days.On Thursday, the mood in the market was quieter, with traders looking for the next technical levels and speculating whether prices have become oversold. Bitcoin pared back some of its gains to trade up 4% around $39,909as of 12:29 p.m. in New York. Ether added 8% to $2,745.Halley at Oanda said Bitcoin’s round numbers will be important to watch. “$30,000.00 is the line in the sand now, and another capitulation wave will follow if it breaks,” he said, adding that if prices can hold above $40,000, then it’ll draw investors looking to get back into the action.“This market presents opportunities for people now, but I think you will see people wait and let it settle,” said Todd Morakis, co-founder of digital-finance product and service provider JST Capital.(Updates prices throughout, adds IRS compliance info)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 10h43m Ford CEO: It's time for America to be competitive in electric vehicles Ford President and CEO Jim Farley sends a message to those on Capitol Hill who are hesitant to fund the electric car industry. Howell date : 210520 10h46m06s Business Reuters 210520 10h28m EU to clarify rules for running cross-border investment funds The European Union will propose targeted changes later this year to clarify rules on when asset managers outside the bloc can choose assets for investment funds in the EU, a senior EU official said on Thursday. The EU's executive European Commission is reviewing the bloc's directive -- or rules -- for managers of alternative investment funds, which include hedge, private equity and real estate funds. "The directive is relatively new and has generally worked well," EU financial services chief Mairead McGuinness told an Irish Funds event. Business Bloomberg 210520 10h26m It’s Not Just Shoppers Riled by Pricey Beef. Ranchers Seethe Too (Bloomberg) -- It’s not just consumers getting riled up about rising beef prices. Cattle producers are, too.Ranchers and cattle feeders are seething over a pattern they now consider all-too-familiar: the cost of hamburgers and steaks soar at the grocery store, yet the prices producers get for the animals barely budges. The market’s dominated by four giant meatpacking companies that together control more than 80% of U.S. beef processing.“It’s a red-line level of frustration,” said Colin Woodall, chief executive officer of the National Cattlemen’s Beef Association, the largest trade association for cattle producers.That ire is driving political momentum for more oversight of cattle markets just as antitrust and competition issues gain new traction in Washington, where a backlash against Big Tech is fueling broader concerns about corporate behemoths abusing dominant positions.The Biden administration views the pricing patterns in beef processing as evidence that concentration is having damaging effects on the supply chain and rural America, a senior U.S. Department of Agriculture official said on condition of anonymity. USDA officials are looking at ways to use their regulatory authority to reduce the imbalance in market power, the official said.Six farm and cattle trade groups this week united behind demands for meatpackers to disclose more information on cattle purchases, and for the Justice Department to publicly report on an antitrust investigation it launched last May into the four major beef processors. Sixteen members of Congress wrote the Justice Department the same day pressing for a progress report on the probe.Lawmakers have introduced two legislative packages to require more transparency in pricing and terms of cattle purchases, in the hopes that it will give producers more leverage in transactions. Republican Senator Deb Fischer of Nebraska, who sponsored one, said she is “very optimistic” some version of an enhanced disclosure bill will pass Congress this year.Rural lawmakers are sensitive to cattle producers’ pain. Beef cattle operations account for more than a third of U.S. farms and ranches, making it the single largest segment in the nation’s agriculture. Ranchers are also hurting from an expanding drought. Feedlot operators, who typically fatten cattle before they go to packers for slaughter, face soaring corn prices.“At home, I hear about it all the time,” said Fischer, who described encounters with cattle feedlot operators losing hundreds of dollars per animal. “You can’t stay in business with those kind of losses.”Meanwhile, packers are prospering. Tyson Foods Inc., the largest U.S. meat company, earlier this month reported record margins of 11% for beef in its second quarter. The company’s stock is up 22% so far this year, compared to 9% for the benchmark S&P 500 index.The stunning beef profit margins will eventually decline but remain above historical levels, Tyson’s Chief Executive Officer Dean Banks said at a conference Wednesday.With pandemic restrictions easing, restaurants are reopening and buying meat. Flush with stimulus payments and improving incomes from a recovering economy, Americans have been willing to pay up for more expensive steaks and burgers.Since March 12, the wholesale price of beef has shot up 43%, according to USDA. Cattle prices have risen only 5%.Producers see a rerun of their plight during Covid-19 disruptions last year, when virus outbreaks slowed slaughterhouses, and the prior year, when a fire temporarily shut down a meat plant in Holcomb, Kansas, said Woodall. Each time, beef prices soared while cattle prices dropped.Renee Strickland, a fourth-generation cattle rancher based in Myakka City, Florida, said she sometimes has to pass up beef for chicken at the grocery store because it’s too expensive for her.“I’m just so angry that I can’t afford the product that I produce,” she said.The spread between the price packers pay for cattle and the price they receive for wholesale beef keeps hitting new records, first following the August 2019 fire, and then after the pandemic hit. A USDA report that examined beefpacker margins reached no conclusion on whether prices were manipulated.Greg Ibach, the undersecretary of agriculture in the Trump administration who oversaw livestock market regulation, said markets never really returned to normal levels after the Holcomb fire. In the year prior to the Aug. 9, 2019 fire, packers’ operating margins on cattle averaged $137 a head. Since then, it has averaged $331 a head, according to data maintained by HedgersEdge.com.“It never really has corrected itself,” Ibach said. “I don’t think the profits are being shared across the value chain in the same proportions that historically has happened.”Meatpacking companies say they’re constrained and struggling to attract workers, particularly after the Covid-19 outbreaks that made the industry an early epicenter of the pandemic. Tyson executives said this month they’ve raised wages but still face high employee turnover and absenteeism.“Despite the pandemic’s challenges the market is competitive and growing,” said Sarah Little, a spokeswoman for the North American Meat Institute, a trade group, in a statement.There are nascent efforts to boost U.S. beef processing capacity. Marfrig Global Foods SA in March said its subsidiary National Beef Packing Company is spending $100 million to more than double capacity at its plant in Tama, Iowa, to 2,500 cattle daily by adding a second production shift. The changes will be done by late 2022, and there are other smaller plants in the works.The Agriculture Department also is planning to use some funds from the Biden administration’s $1.9 trillion rescue plan to help small- and medium-sized meat processors expand operations, possibly using loan guarantees or grants.“There’s an opportunity for us to support additional processing capacity and hopefully a more competitive market,” Agriculture Secretary Tom Vilsack said.Tough times on the ranch also have an impact over time. Ironically, the cattle market is sending producers the exact opposite signal that economic textbooks would predict when consumer prices are rising for beef.That means the supply imbalance currently boosting packers will peak in 2021 and should eventually give more bargaining power to feedlots, according to Glynn Tonsor, agriculture economics professor at Kansas State University.“Both of those adjustments will improve the relationship in favor of the cattle seller,” Tonsor said of more capacity and a decline in herds. “We’ll see more second shifts, more new plants and fewer cattle.”(Updates with new tweet from Senator Grassley)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 10h22m Ford CEO told Biden to 'step on the throttle' when the president test drove the new all-electric F-150 Ford president and CEO Jim Farley talks with Yahoo Finance Live about the company's first electric F-150 dubbed the Lightning. Business Bloomberg 210520 10h16m Gold Rises Near Four-Month High as Bond Yields, Dollar Decline (Bloomberg) -- Gold advanced, holding near the highest price in more than four months as Treasury yields gave up early gains and the dollar extended its slump.The yield on 10-year Treasuries declined four basis points, and the dollar headed for its fifth decline in six sessions. Falling rates boosts demand for non-interest bearing bullion, while a soft dollar makes the precious metal for attractive for investors holding other currencies.The gold market, on its way to a sixth straight gain, shrugged off concerns over Federal Reserve minutes Wednesday that showed some policy makers open to talking about tapering bond purchases. Rising inflation expectations and the Fed’s pledge to keep rates low for longer have revived interest in gold, with a rebound seen in holdings in exchange-traded funds backed by the metal.“The inflation issue is top of mind for gold and silver, given both metals’ reputation as inflation hedges, with the debate being primarily about the question of whether rising prices are transitory or permanent,” Carsten Menke, an analyst at Julius Baer Group Ltd., wrote in a note. “We firmly believe they will be transitory.”Spot gold rose 0.5% to $1,878.08 an ounce by 11:33 a.m. in New York. Prices reached $1,890.13 on Wednesday, the highest since early January, but pared gains after the release of the Fed minutes.Silver and platinum advanced on Thursday, while palladium fell. The Bloomberg Dollar Spot Index was down 0.3%.A U.S. report showed applications for state unemployment insurance in the U.S. fell last week to a fresh pandemic low, rekindling optimism in the economic recovery.”After the claims data, we saw gold pushing back above $1,880 behind rallying stocks, lower yields and a softer dollar,” said Tai Wong, head of metals derivatives at BMO Capital Markets.The extreme price swings in cryptocurrencies on Wednesday may also have helped support bullion. Bitcoin has been seen by some investors and analysts as a replacement for gold, particularly during the metal’s rocky start to the year.“It appears as though the recent weakness in Bitcoin is seeing some investors shifting to gold,” said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 10h11m Swedish Brothers Ride Oat Milk Boom to $562 Million Fortune (Bloomberg) -- It began with a group of scientists and a wild idea: That the byproduct remaining after making oat bran could be turned into non-dairy milk.That idea became the foundation of Oatly Group AB, the Swedish oat milk company that debuted Thursday in New York after raising $1.4 billion in an initial public offering.The share sale cements the fortunes of one of the scientists, Rickard Oste, and his brother Bjorn Oste, who co-founded the Malmo-based company. The American depositary shares climbed to $21.30 at 11:55 a.m. from the IPO price of $17, giving them a combined stake worth $562 million, according to the Bloomberg Billionaires Index. Oatly is now valued at about $12.5 billion.“It’s a 20-year-old overnight success story,” Bjorn, who remains an Oatly board member, said last year in an interview with William Hood & Co., a boutique investment bank.‘A Lunatic’Rickard, a professor of food chemistry, had for years focused some of his research on lactose intolerance and toyed with the idea of developing an oat-based milk substitute. By the mid-90s, he and a team at Sweden’s Lund University had developed a prototype. Bjorn, an engineer by training, joined his older brother’s venture in 1997 after selling a computer security company he’d built with friends from his high school and college days.His friends were skeptical of his career change, he said in the interview: “They all wrote me off as a lunatic.”In 2001, after the product had been released through various partnerships, the brothers launched Oatly as a separate brand. The company developed a small but devout following of consumers and grew slowly. It had less than 100 employees in 2015, according to a Lund University case study of the firm.Chief Executive Officer Toni Petersson, who was hired in 2012, helped develop the company’s cheeky branding and focus on environmental consciousness. Its products were first available in the U.S. in 2017 and can now be found in more than 20 countries.Blackstone StakeOatly’s largest shareholder -- a joint venture between Belgium-based investment firm Verlinvest SA and China Resources, a state-owned conglomerate -- will control roughly 48% of the company’s shares after the offering is completed, the prospectus shows. Blackstone Group Inc. owns a stake of about 7%.The company’s success was anything but certain, but that didn’t deter them, Bjorn said in the interview.“It was a cool thing and we like challenges,” he said. “We have a saying, my brother and I: ‘If it’s hard and difficult, that’s good. Then we’re going to do it.’”(Updates net worth in headline and third paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 10h15m29s Business Reuters 210520 10h07m UPDATE 1-Sudan's central bank launches foreign currency auctions Sudan's central bank is launching a system of foreign currency auctions as part of its flexible but managed floatation of the Sudanese pound, it said on Thursday. The new system, which would apply only to importers, comes as the official and black market rates have begun to widen slightly over the past month after being brought in line by a devaluation in February. "It is still too early to judge the results of the macroeconomic policy, including the unification of the exchange rate," the bank said in a statement. Business Reuters 210520 10h06m U.S. Treasury says can shrink $7 trillion 'tax gap' by 10% over next decade The U.S. Treasury Department on Thursday said its plans to invest in new Internal Revenue Service tax compliance efforts will shrink by about 10% the "tax gap" now estimated at $584 billion in 2019. The tax gap -- the difference between taxes legally owed and those collected by the IRS -- is expected to grow to $7 trillion over the next decade, or about 3% of U.S. GDP, the Treasury said in a new policy paper. The Treasury said the Biden administration's proposal to invest $80 billion in IRS enforcement over that same period would raise $700 billion in new revenues over a decade, an estimate that it called "conservative." World Reuters 210520 10h04m UPDATE 1-U.S. land border restrictions extended with Canada, Mexico United States land borders with Canada and Mexico will remain closed to non-essential travel until at least June 21, the U.S. and Canadian governments said on Thursday. The restrictions were first imposed in March 2020 in response to the COVID-19 pandemic and have been extended in 30-day increments. "We're working closely with Canada & Mexico to safely ease restrictions as conditions improve," the U.S. Homeland Security Department said on Twitter. Business Bloomberg 210520 10h03m Oatly Jumps 30% in Debut After Raising $1.4 Billion in U.S. IPO (Bloomberg) -- Oatly Group AB, the vegan food and drink maker, jumped in its debut after pricing its initial public offering at the top of a marketed range.Shares opened at $22.12 in New York, a 30% jump from their $17 IPO price. The company and its investors sold more than 84 million American depositary shares on Wednesday, raising more than $1.4 billion. The Swedish company had offered the shares for $15 to $17 each.At $22.12, Oatly has a market value of about $13.1 billion, based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.In July, it secured $200 million in new capital from investors led by Blackstone Group Inc. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as former Starbucks Corp. founder Howard Schultz. The company was valued at about $2 billion in that round.The IPO underscores plant-based products’ jump into the mainstream, as environmental and health concerns spur consumers to seek alternatives to traditional meat and dairy products. Investors have been looking for ways to replicate the public-market success of Beyond Meat Inc., whose shares have surged more than 300% since it went public in May 2019.Oatly’s biggest obstacle might be its own popularity. Since its entrance into the U.S. market in 2017, finding Oatly in coffee shops and supermarkets has become something of a treasure hunt for shoppers.The company opened a $15 million Millville, New Jersey, plant in 2019 to help meet the growing demand, but even now, shortages are frequent, as Covid-related delays have kept a planned second U.S. production from coming online.In March, supermarkets across the U.S. -- and even its big new customer Starbucks -- reported trouble procuring orders.While the current shortage won’t end overnight, chief executive officer Toni Petersson sounded an optimistic note.Fulfilling Orders“This year, we will bring on board new capacity every single quarter,” he said in an interview ahead of the first trade. The company is expanding its Netherlands plant, putting out commercial products from its Utah plant, and is doing test runs in Singapore, where the factory will be “up and running” in the second quarter, he said.For now, Oatly is only filling 70% of orders in its key markets, so it is “not really” taking on new customers, Petersson said, adding that the gap is between supply and orders, not supply and demand. “First we will close the gaps, then expand with new retail partners,” he added.Oatly was started in 1994 by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.Oatly’s offering was led by Morgan Stanley, JPMorgan Chase & Co. and Credit Suisse Group AG. The shares are trading on the Nasdaq Global Select Market under the symbol OTLY.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 10h02m NFT enthusiasts hold firm despite crypto price plunge This week's cryptocurrency price plunge eroded the dollar-based value of NFTs and raised the cost of buying and selling them, in what could be a setback for the burgeoning digital asset market. The sudden boom is partly attributed to 2020's crypto price surge; NFTs are usually bought with the cryptocurrency ether or dollars. NFT prices are normally listed on marketplaces in ether, meaning sellers may adjust prices higher to keep them constant in dollars. Business Bloomberg 210520 09h59m FirstGroup’s No.2 Shareholder Schroders Opposes U.S. Sale (Bloomberg) -- Schroders Plc said it will vote against FirstGroup Plc’s $4.6 billion sale of two U.S. bus divisions to EQT Infrastructure, raising questions about the success of the deal with the London-listed transport firm’s two biggest investors now opposed to it.Schroders is FirstGroup’s second-largest investor with a holding of close to 12%, according to data compiled by Bloomberg. Its decision lends support to Coast Capital Management LP, which owns almost 14% and has said the sale should be voted down unless terms are substantively improved.“We appreciate this has been a very difficult period in which to carry out a sales process,” a Schroders spokesperson said in a statement Thursday in response to Bloomberg queries. “However, after careful consideration of the merits of the proposed sale of First Student and First Transit, we have the intention of voting against the deal as it stands, as we believe it undervalues these businesses.”FirstGroup agreed in April to sell the biggest operator of America’s iconic yellow school buses, retreating from a global expansion. If the deal is approved, Stockholm-based investment firm EQT would acquire First Student, which serves 1,000 school districts, and First Transit, an operator of bus services across more than 300 locations.Schroders, which normally engages with companies behind closed doors, is making a rare public stand against the deal in a move that could galvanize opposition from other investors. The fund manager said it continues to have “full confidence” in FirstGroup Chairman David Martin “to provide the necessary leadership and vision for the ongoing business.”Full ValueFirstGroup said Thursday the sale achieves “full value” that looks beyond the effects of the pandemic. The agreement with EQT followed a “comprehensive and competitive process” involving discussions with more than 40 potential buyers, it said in a statement. Shareholders are due to vote on the deal May 27.“We believe this board is in clear breach of fiduciary responsibilities in refusing to explore higher bids,” James Rasteh, partner and chief investment officer at Coast Capital, said in an email.The transaction would mark a breakup of FirstGroup, whose international strategy prompted a pressure campaign that lasted more than two years and cost its chairman his job. It decided before the pandemic to sell the U.S. businesses, after activists including Coast Capital said the assets would be worth more sold off. The bulk of proceeds will be used to fund its U.K. operations and pay down debt.“The raging war of words between FirstGroup and its largest shareholder shows no sign of abating,” Josh Rosen, a special situations analyst at United First Partners LLC, said by email Thursday. “Despite the insistence from proponents of the transaction as to the scarcity of alternative strategic options, we expect next Thursday’s vote to go the wire.”(Adds quote from Coast Capital partner in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 09h44m53s Business Reuters 210520 09h35m Dufry positive about summer travel as it waits for Europe to reopen Swiss duty free retailer Dufry said on Thursday it sees "encouraging signs" for a pick up in foreign travel this summer after pandemic restrictions drove a 67% plunge in first-quarter underlying turnover. "We expect sales capacity of 75% open by the end of June," Chief Executive Officer Julian Diaz said on a conference call, adding that he expects that to rise close to 80% by the summer. The Basel-based company said vaccination campaigns and an easing of restrictions were beginning to boost foreign travel, a trend it expected to continue. Business Yahoo Finance Video 210520 09h28m The economy is on an accelerating trend for recovery: Strategist
 Diane Jaffee, TCW Group Managing Director and Senior Portfolio Manager joins the Yahoo Finance Live panel with the latest on the markets. Business Bloomberg 210520 09h26m Apollo Co-Founder Harris Steps Back After Missing Out on CEO (Bloomberg) -- For Josh Harris, the end of his three decades as a dealmaker at Apollo Global Management Inc. came swiftly.Just four months after he was passed over for the top job at the private equity giant, Harris threw in the towel and relinquished his day-to-day role.Harris’s departure will be finalized when Apollo’s acquisition of Athene Holding Ltd. is completed early next year, the firm said in a statement Thursday. He’ll continue as an Apollo director and on the board’s executive committee.The firm tapped Marc Rowan earlier this year to succeed Leon Black as chief executive officer. Harris has since given up day-to-day handling of operations and been less involved in dealmaking, Bloomberg News reported last month.“It is time for me to start the next chapter of my career, where I will focus full-time on the platforms I’ve created outside of the firm,” Harris, 56, said in the statement. His outside interests include his stakes in the NBA’s Philadelphia 76ers and the New Jersey Devils hockey team and the family office that manages his estimated $6.6 billion fortune.The past year has been a tumultuous one for Apollo. Black’s financial ties with sex offender Jeffrey Epstein threatened fundraising as some investors put their commitments on hold. Harris’s shift could further complicate efforts to move on from the drama because he’s a “key man” on Apollo’s flagship buyout fund, which means investments would be put on pause without him.“You need some stability from management,” Jerry O’Hara, an analyst as Jefferies Financial Group Inc., said prior to the announcement. He noted that the initial shock of Black’s exit was blunted because the two other active co-founders -- Harris and Rowan -- were remaining.Giving up daily responsibilities was a stark change for Harris, who for three decades has been known for working marathon hours and making his presence known throughout the New York-based private equity firm, running operations and pressing employees on the details of their deals.Two months ago, Harris signed a new three-year employment agreement with Apollo which detailed his role at the time . Under the contract, Apollo didn’t have the right to terminate him except for cause or disability, while Harris could end it “at any time.”The pact, quietly disclosed in a regulatory filing earlier this month, diminished his role, largely turning him into an Apollo ambassador and strategist. Among the tasks Harris was given included bolstering relationships with clients, becoming an external liaison to the media and focusing on diversity at Apollo.The contract did call for Harris to participate in Apollo’s largest investment transactions and serve as the chairman of a new biweekly private equity transaction committee that would review transactions before they were brought to Apollo’s full investment committee, according to the agreement.Relationship With BlackFor years, Harris had positioned himself as Black’s most likely successor, frequently representing Apollo at conferences and in the media. He was seen as having a tighter relationship with Black, 69, and deemed the top contender for the role.But Black surprised insiders in January by handing the top job to Rowan, after Harris privately urged Black to give up his posts to avoid further damaging Apollo’s reputation, Bloomberg has reported.An outside review found that Black paid Epstein $158 million from 2012 to 2017 for tax and estate planning services. Those payments came after Epstein’s 2008 conviction for soliciting prostitution from a teenage girl. Black has never been accused of involvement in his criminal activities and Apollo has said it never did business with Epstein.Read more: Black’s Apollo Exit Follows ‘Deeply Trying’ Fallout Over EpsteinFor the last several months Harris, who publicly backed the decision to make Rowan CEO, his approval was sought only on the biggest deals. Now as he exits, he’s also considering making Florida his primary residence, which could reduce his tax burden if he opts to begin liquidating his stake in the firm.Black, Rowan and Harris had an enduring partnership, working alongside one another for more than three decades. Their careers first intersected at Michael Milken’s junk bond shop, Drexel Burnham Lambert. In 1990, the three helped found Apollo, with Black at the helm.Successful BetsThrough the years, Harris built a reputation as a successful dealmaker and investor. He played a hand in some of Apollo’s most successful bets, such as LyondellBasell Industries NV, a Dutch chemicals maker. Just before the company went bankrupt in 2009, Apollo bought up discounted debt, leading to a windfall for the firm.While Rowan was seen as the quiet strategist in the background, Harris had become the face of the firm. A competitive wrestler in college, he devoted his free time to investing in and managing professional sports teams. In addition to the Philadelphia 76ers and New Jersey Devils, Harris has ownership interests in Crystal Palace and the English Premier League soccer club.Fund PerformanceApollo is seeking to invest a $24.7 billion buyout fund it raised in 2017. If Harris leaves before the fund is finished investing, that would trigger a pause, unless two-thirds of investors agree to continue.That fund is about 62% committed, Rowan said in a memo to employees Thursday seen by Bloomberg.Rowan said the firm will update investors “on our progress and performance as we prepare for a likely launch of Fund X in 2022, as well as proactively address ‘key person’ matters.”Apollo’s private equity funds were up 22% at the end of the first quarter, Rowan said in the memo, adding that “between now and closing of the (Athene) merger, investment approvals and oversight will continue according to the existing process.”Apollo oversaw $461 billion of assets as of March 31.“Now is the right moment for this transition,” Harris said in a separate memo seen by Bloomberg. “As I move on, I will continue to be one of the company’s largest shareholders, supporters and advocates.”(Adds details from Harris’s employment agreement in ninth through 12th paragraphs.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210520 09h26m Israeli carrier El Al to slash jobs as deepens cost cuts El Al Israel Airlines said on Thursday it was cutting 1,900 jobs as part of a broader plan to recover from the impact of COVID-19, even as its net loss narrowed in the first quarter due to steep cost-cutting measures. Israel's flag carrier reported an $86 million loss in the January-March period, versus a net loss of $140 million a year earlier. El Al, which has new ownership and management, has reported losses for three years and racked up debt to renew its fleet. World Reuters 210520 09h25m Kenya seeks alternatives to AZ COVID vaccine after delays Kenya's health ministry said it is in talks with vaccine manufacturers such as Johnson and Johnson as it seeks alternatives to the AstraZeneca COVID-19 shot after shipment delays of the drug from India. Kenya received a batch of AstraZeneca shots through vaccine sharing platform COVAX, which supplies doses to low-income countries and depends on India's Serum Institute's exports of AstraZeneca drugs. Business Reuters 210520 09h17m India's Bharat Biotech to produce additional 200 mln COVID-19 vaccine doses per year India's Bharat Biotech on Thursday said it would ramp up the production of its COVID-19 vaccine by an additional 200 million doses per year. The additional doses of the vaccine, called Covaxin locally, would be manufactured at the company's plant in Gujarat and would be available by the fourth quarter of 2021, the drugmaker said. Business Reuters 210520 09h14m Google to open first physical store in New York this summer The Google store will be located in the city's Chelsea neighborhood near the its New York City campus, which houses over 11,000 employees. Google, which has set up pop-up stores in the past to promote its products, said it would sell Pixel smartphones, Pixelbooks and Fitbit fitness trackers along with Nest smart home devices at the retail outlet. Howell date : 210520 09h14m16s Business Reuters 210520 09h03m After verification freeze, here's how you can get Twitter's blue check mark Twitter users can once again apply to be verified after a years-long freeze on public submissions for the site's blue check marks, though the company said only "notable" users would be awarded the badge. The social media company paused public submissions for these badges in 2017 amid criticism that its verification program was arbitrary and confusing. It said at the time the check mark was being confused with "an endorsement or an indicator of importance". Business Bloomberg 210520 08h51m Soros Scores With Short Bet on Ticket Broker in U.K. Rail Revamp (Bloomberg) -- George Soros, whose wager against the British pound in 1992 netted him a $1 billion windfall, has found another profitable, albeit smaller, short bet in the U.K.The British arm of the 90-year-old investor’s Soros Fund Management held a 0.7% short interest in Trainline Plc as of March 25, according to U.K. regulatory filings.The online ticket broker lost more than 20% of its value on Thursday after the U.K. said it would roll out an app as part of its rail-system overhaul that would compete with Trainline’s. The London-based company’s shares sank as much as 33% before recovering some of their losses.The ticketing changes are part of a rail-network overhaul meant to simplify, digitize and centralize the world’s oldest rail system. Along with flexible pricing plans, a new public body called Great British Railways to better integrate the fragmented train network.Read: U.K. Rethinks Its Railway as Virus Transforms Commuter TravelSome investors “might see this as competitor to Trainline,” said Berenberg analyst Owen Shirley, referring to the government-backed app. While train companies already had their own websites, “it’s arguable that a one-stop shop makes it a slightly more credible competitor.”Shirley also said that there could be concerns over whether the new plans would mean changes to the commission that Trainline earns on tickets, which is “far and away the biggest factor” weighing on the stock.The rail overhaul has been in the works for some months prior to announcement of the details late Wednesday. At the time of its disclosure, SFM UK Management LLP’s short holding had a value of about $15.3 million.Read more: Soros’s Money Managers in U.K. Poised for $38 Million Payday A U.S.-based spokesman for Soros Fund Management declined to comment. The company manages $27 billion, almost all of it belonging to Soros’s Open Society Foundations.Citadel Europe LLP and Paloma Partners Management Co. are among the funds that also had declared short positions in Trainline.Growth OpportunitiesShares of Trainline sank the most since the company went public in June 2019. They were down 23% as of 3:44 p.m. in London, reflecting a 473 million-pound ($670 million) drop in market value.In a statement on Thursday, Trainline said it was supportive of the plan for Britain’s railways, and that the recommendations were “broadly in line” with the company’s expectations.Chief Executive Efficer Jody Ford said the introduction of flexi tickets and digital season tickets “will provide new growth opportunities,” adding that Trainline’s app was “a huge differentiator and difficult to replicate.”Speaking in Parliament, Transport Secretary Grant Shapps said the new plan will not expose commuters to new fare hikes.“The announcement today doesn’t change how fares have been capped up until now,” Shapps said. “All of those regimes will remain in place.”(Writes through to reflect Soros bet from first paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 08h50m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index led all of the main U.S. benchmarks higher, with gains in megacaps Apple Inc., Microsoft Corp. and Tesla Corp. driving the advance. Tech stocks rallied the most in the S&P 500, with nine of the main 11 industry groups climbing. Cisco Systems Inc. fell as its profit forecast missed estimates. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. Cryptocurrencies rose after wild swings in Bitcoin on Wednesday.The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is twofold, with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Oil reversed an earlier gain, extending a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened.Elsewhere, copper advanced after Wednesday’s slump, helped by expectations that demand would remain resilient. Iron ore futures slid. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:Data on existing U.S. home sales for April are due on May 21Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 0.8% as of 10:46 a.m. New York timeThe Nasdaq 100 rose 1.6%The Dow Jones Industrial Average rose 0.4%The Stoxx Europe 600 rose 1.1%The MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.2211The British pound rose 0.3% to $1.4153The Japanese yen rose 0.4% to 108.83 per dollarBondsThe yield on 10-year Treasuries declined three basis points to 1.64%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield was little changed at 0.85%CommoditiesWest Texas Intermediate crude fell 0.8% to $63 a barrelGold futures fell 0.2% to $1,878 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 08h50m UPDATE 1-Bank of Canada says cryptoassets' volatility is obstacle to payment acceptance Price volatility is keeping cryptoassets from being widely accepted as a means of payment, the Bank of Canada said on Thursday, though the markets' rapid evolution is an emerging vulnerability to Canada's financial system. Despite the broadening interest, cryptoassets like bitcoin and other cryptocurrencies remain high risk as their intrinsic value is hard to establish, the Bank said in its annual review of Canada's financial systems. "Price volatility stemming from speculative demand remains an important obstacle to the wide acceptance of cryptoassets as a means of payment," it said. Business Yahoo Finance Video 210520 08h46m Petco CEO: ‘We have the only full ecosystem for pet parents’ Petco CEO, Ron Coughlin, joins Yahoo Finance to breakdown Q1 earnings and how these earnings are only the beginning as Petco plans to use this momentum to add on to their growth for the future. Business Bloomberg 210520 08h33m Oil Pares Losses With Broader Market Rally Offsetting Iran Talks (Bloomberg) -- Oil pared declines as positive U.S. labor market data offset the potential that a renewed nuclear deal with Iran will bring more barrels to the market.Futures were down 1.3% in New York after falling as much as 1.9% earlier on Thursday. U.S. initial jobless claims fell last week to a fresh pandemic low, highlighting the labor market recovery underway in the world’s largest oil-consuming country. The S&P 500 Index gained, while the dollar weakened, boosting the appeal of commodities priced in the currency.“The recovery in U.S. equities following jobs data and a weaker dollar” is helping support crude prices, said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. Jobs data will “get a lot better, and with more people going back to work, it has a snowball effect of more driving.”Still, the oil market hasn’t shaken off concern the Iran nuclear pact will be revived, which could see U.S. sanctions removed on the Persian Gulf country’s exports. President Hassan Rouhani struck an optimistic tone in comments released by Iranian state television, saying the deal would see oil, shipping, insurance and central bank sanctions lifted. But he said there are still some issues to be discussed, and his remarks largely echoed those from European Union officials on Wednesday.The prospect of a return of supply from the OPEC member is being reflected in Brent’s prompt timespread, with its backwardation narrowing to just a few cents, a sign that market tightness may be easing.Brent has struggled to sustain a move higher after briefly topping $70 a barrel earlier in the week. The market has been rattled by the outlook for Iranian production, though a timeline for a deal remains unclear. The Persian Gulf nation has already been boosting its exports ahead of a potential agreement, and India’s largest refiner said it will definitely restart buying Iranian oil once U.S. sanctions are lifted.“There continue to be positive statements out of Vienna from various participants, including Iran, that a deal is at hand,” said John Kilduff, a partner at Again Capital LLC. “Even though we know they have already been ramping up their exports, it is adding to negative market sentiment.”Enrique Mora, the EU official in charge of coordinating diplomacy in Vienna for the nuclear talks, said he expects all parties to return to the 2015 agreement before Iran’s presidential elections on June 18. Citigroup Inc. sees an initial 500,000-barrel-a-day increase in supply from around the middle of the third quarter.Meanwhile, volatility is creeping back into the market after a choppy week in which global benchmark futures have swung in a roughly $5 range after topping the $70-a-barrel mark. A measure of market volatility is at the highest since early April.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 08h43m40s Business Bloomberg 210520 08h32m Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index led all of the main U.S. benchmarks higher in early trading, led by Apple Inc., Microsoft Corp. and Tesla Corp. Seven of the main 11 S&P 500 industry groups climbed, with tech stocks rallying the most. Cisco Systems Inc. fell as its profit forecast missed estimates. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. Cryptocurrencies rose after wild swings in Bitcoin on Wednesday. The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is two-fold—with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Oil reversed an earlier gain, extending a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened.Elsewhere, copper advanced after Wednesday’s slump, helped by expectations that demand would remain resilient. Iron ore futures slid. The Bloomberg Commodity Index fell for a third day.Here are some key events this week:IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 0.7% as of 10:29 a.m. New York timeThe Nasdaq 100 rose 1.4%The Dow Jones Industrial Average rose 0.3%The Stoxx Europe 600 rose 1%The MSCI World index rose 0.7%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.3% to $1.2214The British pound rose 0.3% to $1.4155The Japanese yen rose 0.4% to 108.82 per dollarBondsThe yield on 10-year Treasuries declined three basis points to 1.64%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield was little changed at 0.85%CommoditiesWest Texas Intermediate crude fell 0.9% to $63 a barrelGold futures fell 0.2% to $1,878 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 08h32m Morgan Stanley investors back bank directors, executive pay packages Morgan Stanley shareholders voted overwhelmingly to elect all bank directors and approve the bank's executive compensation packages, according to a preliminary tally of the shares cast at the firm's annual meeting on Thursday. Roughly 97% of shares were cast in support of the directors and 96% of shares were cast in support of the executive compensation plan. Morgan Stanley's Chief Executive James Gorman's 2020 annual pay rose by $6 million, or 22%, from 2019. Business Bloomberg 210520 08h28m UBS, Nomura Hit Hardest as EU Fines Crisis-Era Bond Cartel (Bloomberg) -- UBS Group AG and Nomura Holdings Inc. and UniCredit SpA were fined a total of 371 million euros ($452 million) by the European Union for colluding on euro government bond trading during the region’s sovereign debt crisis.UBS was fined 172 million euros and Nomura will have to pay 129.6 million euros for a traders’ cartel that swapped commercially sensitive information from 2007 to 2011 when euro region bond yields soared. UniCredit was fined 69 million euros.It was “unacceptable, that in the middle of the financial crisis, when many financial institutions had to be rescued by public funding these investment banks colluded in this market at the expense of EU member states,” Margrethe Vestager, the EU’s antitrust chief, said in an emailed statement.The EU has spent more than a decade probing how bank traders swapped information in chatrooms, leading to billions of euros in fines. At the same time it approved billions of euros in government support to keep many European lenders alive during the financial crisis.Vestager’s criticism seems to be aimed at two banks that weren’t fined. A Royal Bank of Scotland Group Plc unit escaped a fine because it was the first to tell regulators. It received a U.K. bailout in 2008. Portigon AG, the successor bank to bailed-out and failed German lender WestLB, avoided a levy because it had no revenue last year.Bank of America Corp. and Natixis SA participated in the cartel but weren’t fined because they had quit the cartel five years before the EU started its probe. The finding against them means they would be seen as repeat offenders and would face higher fines from any future EU cartel. Institutional investors could also sue all members of the cartel for damages.AppealsUBS said the fine could hurt second-quarter results by as much as $100 million. It’s considering an appeal and has “taken appropriate action years ago to mitigate and improve processes,” it said in a statement.Nomura said the fine “relates to historic behavior” by two former employees “for an approximate 10-month period in 2011.” The fine won’t have an impact on the current financial year and the bank has made provision for the levy. The bank “will consider all options, including an appeal” and “has introduced increased measures to ensure that we conduct our business with the highest levels of integrity,” it said in an emailed statement.UniCredit “vigorously contests” the fine and will appeal to the EU courts, it said in a statement. The bank “maintains that the findings do not demonstrate any wrongdoing.”The EU said traders on European government bond desks, and mostly in London, were in regular contact, mainly on chatrooms, where they “informed and updated each other on their prices and volumes offered in the run-up” to euro zone government bond auctions “and the prices shown to their customers or to the market in general.”The EU didn’t seek to show that traders’ actions affected bond yields, with their case focusing on the illegality of sharing commercially sensitive information.Citigroup Inc., RBS and JPMorgan Chase & Co. were among five banks that agreed in 2019 to pay EU fines of over 1 billion euros for colluding on foreign-exchange trading strategies. The EU is still investigating some banks for a related cartel.Bank of America, Credit Suisse Group AG and Credit Agricole were fined about 28.5 million euros last month over chatrooms where traders swapped information on trading of U.S. supra-sovereign, sovereign and agency bonds.(Updates with detail on cartel from sixth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 08h26m U.S. chicken producer charged with price-fixing Claxton Poultry Farms Inc has been indicted in Colorado on charges of price-fixing broiler chickens produced for sale to restaurants and grocery stores, the U.S. Justice Department said on Thursday. The company's president, Mikell Fries, and vice president, Scott Brady, were previously indicted for their roles in a nationwide conspiracy to fix chicken prices from 2012 to 2019. If found guilty, Claxton could be fined $100 million or twice what it gained from participating in the price-fixing. Business Reuters 210520 08h24m EMERGING MARKETS-Colombian assets hit by junk status * Fitch predicted to downgrade Colombia this year- GS * Chilean stocks surge on SQM gains By Ambar Warrick May 20 (Reuters) - Colombia's peso and stocks tumbled on Thursday after the country lost one of its three investment-grade ratings, while most other Latin American currencies rose slightly in response to growing concerns over tighter U.S. monetary policy. The peso shed about 0.8%, touching a one-week low to the dollar after S&P Global Ratings lowered Colombia's rating to junk bond status. Analysts said the downgrade had come earlier than anticipated, while Wall Street banks JPMorgan, Morgan Stanley and Goldman Sachs predicted that Fitch would follow suit with a rating downgrade this year. Howell date : 210520 08h13m04s Business Reuters 210520 08h02m CANADA FX DEBT-Canadian dollar gains ground along with higher metal prices * Canadian dollar strengthens 0.5% against the greenback * Price of U.S. oil falls 0.6% * ADP data shows Canada adding jobs for third straight month * Canadian bond yields were mixed across a flatter curve TORONTO, May 20 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Thursday as the greenback broadly declined and metal prices rose, while investors awaited comments on the financial system by Bank of Canada Governor Tiff Macklem. Macklem is due to hold a news conference at 11 a.m. ET (1500 GMT) to discuss the Bank of Canada's Financial System Review. It follows data on Wednesday showing Canadian inflation climbing in April at the fastest pace in a decade and above the Bank of Canada's target range of 1% to 3%. Business Bloomberg 210520 07h59m Don’t Fear the Taper: Fed to Dominate Treasury Market for Years (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Treasury investors fretting about when the Federal Reserve will scale back its bond purchases may be missing the bigger picture: Its more than $5 trillion stockpile will make it a major force for years to come.The prospect of a pullback in buying edged a little nearer Wednesday when minutes of the Federal Open Market Committee’s April meeting showed that a number of officials were willing to discuss it if the economy keeps improving. Yields rose on the news.But bond bulls say the Fed’s virtually inextricable presence in the world’s largest bond market means it will provide crucial support long after any price blips come and go when it brings the buying spree to a close.The central bank’s Treasury holdings have doubled since March 2020, accounting for nearly one-quarter of the total outstanding, a bigger share than it held even after the 2008 credit crisis. It’s a result of aggressive moves to keep the market functioning and hold down rates on everything from mortgages and car loans to corporate and municipal bonds.“The Fed will have a big hand in fixed-income markets for as far as the eye can see,” said Matt Nest, portfolio manager and global head of active fixed income for State Street Global Advisors.The stake is so large that even once the Fed’s purchases wind down, it is expected to keep its holdings steady by buying new Treasuries whenever old ones mature, reducing the amount that would need to be sold to the public. That’s given some investors confidence that rates won’t rise too quickly -- or by too much -- even as yields head back toward the approximately 14-month high hit in March amid fears the economy is at risk of overheating.“The Fed is definitely not going anywhere anytime soon with regard to the Treasury market,” said Mike Pugliese, an economist at Wells Fargo Securities, which predicts the Fed will begin tapering its purchases in January 2022 and end them around November.But he expects the central bank to keep its stake steady through the next four years. “The Fed is going to comfortably hold between 20% to 25% of the Treasury market, remaining the largest holder of Treasuries, until about 2025,” he said.That backdrop, combined with the prospect the government’s debt managers will cut note and bond auctions later this year as the economy rebounds, is helping to keep yields low despite the sharp pickup in growth and rising consumer prices. The Treasury’s net private borrowing of notes and bonds will fall next year to $1.99 trillion, from $2.75 trillion this year, according to JPMorgan Chase & Co.The central bank’s holdings of Treasuries have been growing by $80 billion a month, and it’s also adding $40 billion in mortgage debt to its balance sheet. That’s left it on course to buy a total of $960 billion of Treasury notes and bonds in the secondary market this year after snapping up $2.18 trillion last year. Strategists at JPMorgan predict the Fed will buy $390 billion more in 2022 before wrapping up its purchases.The minutes of the FOMC meeting reported that “a number of participants suggested that if the economy continued to make rapid progress toward the Committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.”The prospect of a such a slowdown has sown some consternation. The 10-year Treasury yield rose to the day’s high after the minutes, reaching 1.69% as traders boosted bets on the outlook for Fed rate hikes. Those gains weren’t sustained and the yield has fallen about 2 basis points to 1.65% Thursday.The benchmark yield is just a little more than half the average of the past two decades, and some analysts are confident that Fed Chair Jerome Powell and his colleagues will take a cautious approach to winding down quantitative easing.“The Powell Fed is skittish about touching any aspect of its balance sheet, which is why it’ll be slow to slow asset purchases and will never sell securities outright on the back end of QE,” said former Fed official and Mellon chief economist Vincent Reinhart.Peter Yi, head of taxable credit research at Northern Trust Asset Management, thinks there’s limited upside to long-term Treasury yields. He expects the 10-year yield to swing between 1.25% and 1.75% through the rest of 2021 and has been buying when yields back up. Percolating inflation, with U.S. consumer prices climbing in April by the most since 2009, will prove temporary, he added.“The Fed has tools in their toolkit that they are going to use if they absolutely need to do it to prevent 10-year yields from jumping dramatically and in a disorderly way,” Yi said.The last time the Fed began to pull back from asset purchases was from January through October 2014, when it unwound the quantitative easing measures ushered in after the 2008 credit crisis. While Treasury yields rose in 2013 in anticipation of that, the effects were muted, with yields falling in 2014.The Fed was in no rush to unload its bond holdings, however, and kept rolling them into new securities when they matured. In October 2017, the bank began to whittle down its portfolio, only to stop abruptly in September 2019 when it caused mayhem in the overnight lending market.Dan Krieter, a strategist in BMO Capital Markets’ fixed-income strategy group, doesn’t see the Fed shrinking its balance sheet for years.“It’s becoming harder and harder for the Fed to ever extricate itself from the financial system,” Krieter said. “At least for the next five or so years, the Fed isn’t even going to hint at the idea of reducing its balance sheet.”(Updates prices throughout.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 07h58m Tencent Joins Alibaba in Spending Spree as Competition Grows (Bloomberg) -- Tencent Holdings Ltd. pledged to sharply increase investments this year after posting a 25% gain in quarterly revenue, joining its biggest rivals in a spending binge that will jack up competition in China’s post-pandemic internet arena.China’s three largest tech corporations are vying to entice users in the fast-growing arenas of online commerce and video. Tencent said Thursday it plans to invest a larger portion of its incremental profits this year in areas including cloud services, games and short-form video content, joining Alibaba Group Holding Ltd. and Meituan in telegraphing sharp hikes of investment in hot arenas. Tencent is trying to sustain growth in revenue, which climbed to 135.3 billion yuan ($21 billion) in the three months ended March, roughly in line with analyst estimates.The increased spending comes as Tencent faces competition from the likes of ByteDance Ltd. and growing scrutiny from Beijing. Pony Ma’s company has largely escaped the antitrust crackdown for now -- despite its ubiquitous WeChat app offering unrivaled insights into all aspects of Chinese life and a commanding lead in gaming, music and social media markets. But its fintech arm, alongside those of other giants such as Didi and Meituan, faces wide-ranging restrictions similar to the ones imposed upon Jack Ma’s Ant Group Co.Executives sought to assuage investor concerns, reiterating that Tencent remains very focused on risk management and has been “self-restrained” on the size of its non-payment financial products. “When we look into the internal review, and when we look into what other things that need to be done in order to make sure that we are compliant with the spirit of the regulators, it’s actually relatively manageable,” President Martin Lau told analysts on a conference call Thursday.The company also reiterated earlier-disclosed plans to invest 50 billion yuan in its so-called social values initiative, where it will fund philanthropic efforts in areas such as education, rural revitalization and carbon neutral -- areas that align firmly with Chinese President Xi Jinping’s priorities.For a live blog on Tencent’s earnings, click here.Shares of Naspers and its unit Prosus, Tencent’s largest shareholders, rose more than 2% after the earnings.The Chinese giant’s stock was little changed before reporting results, having shed roughly $200 billion in market value since its January peak, part of a broader tech selloff that had investors weighing the potential fallout for the online juggernaut. Apart from fintech, competitors have long argued WeChat -- now venturing into short videos and e-commerce -- is locking users inside its ecosystem by blocking links to external services. Portfolio startups like Yuanfudao and Shixianghui have been penalized for unfair price tactics and other anti-competitive behaviors. Its music spinoff faces heightened scrutiny over exclusive dealings with record labels.Net income came in at 47.8 billion yuan in the March quarter, buoyed by 19.5 billion yuan of gains from the value of investments and disposals. Excluding those gains, adjusted net income came in at 33.1 billion yuan, slightly behind estimates.For now, gaming and social content remain Tencent’s biggest and steadiest cash cows. Online gaming revenue rose 17% during the quarter, helped by mainstay titles like Honour of Kings, PUBG Mobile and Peacekeeper Elite as well as newer games including Moonlight Blade Mobile.The giant announced a pipeline of more than 40 new mobile and PC titles during its annual game showcase Sunday, including those adapted from familiar content like Japanese manga series One Piece and Digimon. Last month the Shenzhen-based company folded its mini-video app, video streaming platform and mobile store into a single business unit, in a bid to pull together resources to build a Marvel-like franchise.As part of its increased spending this year, the company will step up investments in game development and also provide production and monetization tools to content creators as part of efforts to grow its short-form video content.Its fintech and cloud division posted its strongest growth ever, with sales surging 47% as demand for financial services rebounded and as projects delayed by the pandemic resumed deployment. To support the growth of its cloud business, Tencent said Thursday it will boost spending in areas such as headcount and infrastructure.“Tencent’s plan to increase investments in 2021 could dampen margins, and is likely undertaken in part to address increasing competition in areas like cloud computing, online games and short videos, where industry peers have been spending aggressively,” said Bloomberg Intelligence senior analyst Vey-Sern Ling.Online advertising revenue climbed 23% -- the fastest in four quarters -- helped by the consolidation of new subsidiary Bitauto and higher demand from the e-commerce, education and the fast-moving consumer goods industries. But the division could take a hit from potential regulatory headwinds in K-12 education as well as delays to its video releases, according to Tencent.“One class of service providers -- online education platforms -- might pull in some of their advertising as they face tighter regulatory scrutiny,” said Michael Norris, a senior analyst with Shanghai-based market research firm AgencyChina.(Updates with comments on fintech scrutiny in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 07h57m Bitcoin Claws Back to $42,000 After Crypto Market Meltdown (Bloomberg) -- Crypto markets are showing signs of recovery after Wednesday’s dramatic selloff.Bitcoin hovered near the $42,000 mark and Ether rebounded as investors tried to make sense of the crash that wiped away billions and shattered the notion of crypto as a maturing asset class.“You can’t keep a good dip buyer down for long in the financial markets these days, and cryptos are no different,” said Jeffrey Halley, a senior market analyst at Oanda. “The mass liquidation yesterday will have thinned out the ranks of believers.”Volatility has dominated crypto markets, with Bitcoin plunging and surging more than 30% within a few hours on Wednesday. The carnage kicked off last week, when Tesla Inc. billionaire Elon Musk criticized Bitcoin for wasting energy and backtracked on a decision to allow crypto transactions. Losses accelerated after China warned that digital tokens can’t be used for payments.“It is still our best-performing allocation so far this year even after, you know, a 30% to 40% dislocation,”Troy Gayeski, co-chief investment officer at Skybridge Capital, said on Bloomberg TV. “The key is whatever size at cost you’re comfortable with, let the bull market play out, tolerate the volatility and have confidence that ultimately by the end of this year you will be at a meaningfully higher price.”While all were proximate causes cited for the rout, the liquidation frenzy Wednesday morning was sentiment-driven and disorderly, with the coin dropping thousands of dollars in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. It all accelerated when Bitcoin fell below its average price for the past 200 days.On Thursday, the mood in the market was quieter, with traders looking for the next technical levels and speculating whether prices have become oversold. Bitcoin gained 11% to $42,013 as of 9:54 a.m. in New York. Ether added 15% to $2,919.Halley at Oanda said Bitcoin’s round numbers will be important to watch. “$30,000.00 is the line in the sand now, and another capitulation wave will follow if it breaks,” he said, adding that if prices can hold above $40,000, then it’ll draw investors looking to get back into the action.“This market presents opportunities for people now, but I think you will see people wait and let it settle,” said Todd Morakis, co-founder of digital-finance product and service provider JST Capital.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 07h54m Techs Lead U.S. Equity Reboud After Jobs Report: Markets Wrap (Bloomberg) -- Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.The Nasdaq 100 Index led all of the main U.S. benchmarks higher in early trading, led by Apple Inc. and Microsoft Corp. Eight of the main 11 S&P 500 industry groups climbed, with tech stocks rallying the most. Cisco Systems Inc. fell after its profit forecast missed estimates. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. Asian shares were little changed.The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“While inflation has been the star of the show, keep in mind that the Fed’s mandate is two-fold—with employment as the other side,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The jobless claims read shows once again that that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.”Oil reversed an earlier gain, extending a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. Cryptocurrencies stabilized, with Bitcoin trading higher after Wednesday’s wild swings.Elsewhere, copper advanced after Wednesday’s slump, helped by expectations that demand would remain resilient. Iron ore futures slid.Here are some key events this week:IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 rose 0.6% as of 9:50 a.m. New York timeThe Nasdaq 100 rose 1.2%The Dow Jones Industrial Average rose 0.2%The Stoxx Europe 600 rose 0.9%The MSCI World index rose 0.6%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.2212The British pound rose 0.3% to $1.4151The Japanese yen rose 0.4% to 108.81 per dollarBondsThe yield on 10-year Treasuries declined three basis points to 1.65%Germany’s 10-year yield was little changed at -0.10%Britain’s 10-year yield was little changed at 0.85%CommoditiesWest Texas Intermediate crude fell 1% to $63 a barrelGold futures fell 0.4% to $1,874 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210520 07h45m UPDATE 1-South African cenbank holds rates, but ready to act on inflation South Africa's central bank left its repo rate unchanged at 3.5% in a unanimous decision on Thursday, saying it saw a risk of higher inflation but that the current lending rate was supportive of the economic recovery. The Reserve Bank (SARB) has now kept rates on hold in its last five meetings, resisting pressure to match rate hikes by fellow emerging market central banks. Howell date : 210520 07h42m27s Business Reuters 210520 07h36m EXCERPTS-South African central bank comments as rates kept on hold Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago on Thursday as he announced the central bank's decision to keep its benchmark repo rate at 3.5%. "Going forward, a stronger exchange rate, ongoing moderation in unit labour costs, and sustained economic slack are expected to offset higher electricity and food price inflation, keeping the headline inflation forecast relatively stable." Business Reuters 210520 07h35m China crypto players shrug off Beijing's latest crackdown China's latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin markets but retail traders, miners and even crypto finance firms reckon Beijing's bark is louder than its bite. China's announcement on Tuesday of a tougher ban on banks and payment companies offering crypto-related services furthered a selloff that briefly wiped $1 trillion off crypto market capitalisation. Cryptocurrencies could still be bought from China on Thursday and investment schemes promising juicy returns for mining them remained operational. Business Reuters 210520 07h25m GLOBAL MARKETS-Stocks digest taper talk; cryptos bounce after beating Europe's stock markets saw a tentative rebound on Thursday and bitcoin bounced more than 12% after one of its spectacular smashes, though tapering talk from the U.S. Federal Reserve kept bond markets under pressure. After Wednesday's drama had seen the main cryptocurrencies shed almost a third of their value at one point and the STOXX 600 suffer one of its worst sell-offs of the year, traders were now watching a recovery unfold. Business Reuters 210520 07h21m India asks WhatsApp to withdraw its new privacy policy - sources India's technology ministry has written to Facebook Inc-owned WhatsApp asking the messenger to withdraw its updated privacy policy, which came into effect on May 15, in its biggest market by users, two government sources said on Thursday. WhatsApp earlier this year said users will have to review its updated terms by Feb. 8 but delayed the rollout of new business features to mid-May following a global user backlash over the company's data-sharing practices. The technology ministry's May 18 letter to WhatsApp also said the government could take legal action against the firm if it did not comply with the provision of India's Information Technology Act, one of the sources said, adding that the company has been asked to respond by May 25. Business Reuters 210520 07h18m LSE, Reuters in talks following dispute over news website paywall London Stock Exchange Group Plc said on Thursday it was in talks with Thomson Reuters Corp over their agreement to distribute news content, following a dispute over whether Reuters News could put up a paywall on its website. Reuters News, a unit of Thomson Reuters, recently announced plans to start charging customers $34.99 per month for news on its website, Reuters.com. The LSE bought financial news and information business Refinitiv, formerly a division of Thomson Reuters. Business Bloomberg 210520 07h18m Colombia’s Dollar Bonds Drop After S&P Cuts Nation to Junk (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Colombia’s dollar bonds dropped and the peso led losses among emerging-market currencies after S&P Global Ratings cut the country’s credit rating to junk amid a political crisis and mass unrest.The nation’s dollar-denominated bonds due 2031 dropped 0.4% to 96.7 cents in early New York trading Thursday, sending their spread over U.S. Treasuries up to 1.84 percentage points. The peso weakened 2% to 3,760 per dollar.S&P cut Colombia’s sovereign rating one notch to BB+ on Wednesday, after the government’s plan to raise taxes to curb the deficit was blocked by congress and mass street protests in recent weeks.The cost of insuring the nation’s bonds against default with five-year credit default swaps rose to the most since October, as investors see the country as increasingly risky.A bill to increase taxes introduced last month triggered widespread civil disorder and the resignation of the finance minister, and was even opposed by President Ivan Duque’s own party. Even after the bill was withdrawn, highway blockades and street demonstrations have continued across the nation over a range of other grievances.Colombia is still rated at the lowest level of investment grade by Fitch Ratings and two levels above junk by Moody’s Investors Service.Read More: Fallen-Angel History Shows Colombia’s Fear of Junk Is MisguidedWorst PerformersColombian assets have weakened over the past month as investors priced in the increased likelihood of a downgrade. The nation’s dollar bonds are the worst performers in Latin America after El Salvador since the tax bill was introduced.S&P said that its stable outlook for Colombia “incorporates our expectation for an institutional solution to recent and significant social unrest.”The nation’s fiscal deficit will widen to 8.6% of gross domestic product this year according to the government’s forecast, from 2.5% in 2019.“Colombia’s rating fundamentals remain weaker than those of similarly rated peers,” S&P said. At the same time, the country’s flexible credit line with the International Monetary Fund, adequate access to international debt markets, and a credible monetary policy mitigate external risks and support Colombia’s creditworthiness, S&P said.Analyst Reactions“The timing was earlier than expected, and others are likely to follow,” wrote Citi Research analysts including Esteban Tamayo. “The performance of the Colombia credit spreads will depend crucially on the timing of the second downgrade below investment grade.”When that happens, the amount of forced selling will be around $1 billion to $1.5 billion, which is “not excessive”, Citi wrote. “We believe the best buying opportunity comes right after the second downgrade.”S&P’s decision wasn’t a big surprise, since it is increasingly difficult in Colombia to pass tax reforms, said Michel Janna, a former Director of Public Credit. The country needs to pass a less ambitious tax bill, which at least addresses some of the more pressing fiscal problems, to prevent Fitch and Moody’s from following S&P’s move in the near future, Janna said in an audio message.“The recent situation of political and social instability could have accelerated the decision because it makes it more difficult to reach a consensus that leads to an increase in tax revenue,” said Camilo Perez, chief economist at Banco de Bogota, in a phone interview.(Updates to add peso move from first paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210520 07h11m49s World Reuters 210520 07h08m Iran's Rouhani says U.S. will lift sanctions, as another official denies it Iran's president said on Thursday that the United States was ready to lift sanctions on his country's oil, banking and shipping sectors that were reimposed after former U.S. President Donald Trump exited a 2015 nuclear deal three years ago. Iran and world powers have been in talks since April on reviving the deal and the EU official leading the discussions said on Wednesday he was confident a deal would be reached. But European diplomats said success was not guaranteed and very difficult issues remained, while a senior Iranian official contradicted the president. Business Reuters 210520 07h04m JPMorgan Chase launches new healthcare-focused unit for U.S. employees The unit, Morgan Health, will initially invest up to $250 million and work with the JPMorgan Chase's benefits team to collaborate with other healthcare organisations to improve care for its staff in the United States. Dan Mendelson, founder and former CEO of health consultancy firm Avalere Health, will lead the unit and report to the bank's Vice Chairman Pete Scher. Haven, the joint venture between the three companies to lower healthcare costs for their U.S. employees, was disbanded in February. Business Bloomberg 210520 07h01m Brent Oil Drops With Iran Optimistic on Sanctions Relief (Bloomberg) -- Brent crude extended declines after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached.Futures in London lost 0.6%, paring earlier declines of as much as 2.2%. President Hassan Rouhani struck an optimistic tone in comments released by Iranian state television, saying the deal would see oil, shipping, insurance and central bank sanctions lifted. But he noted there are still some issues to be discussed, and his remarks largely echoed those from European Union officials on Wednesday.The prospect of a return of supply from the OPEC member is being reflected in Brent’s prompt timespread, with its backwardation narrowing to just a few cents, a sign that market tightness may be easing.While Brent briefly topped $70 a barrel earlier in the week, it has struggled to sustain that move. The market has been rattled by the outlook for Iranian production, though a timeline for a deal remains unclear. There’s also been a sell-off in global markets, while the coronavirus continues to impinge on Indian demand, trimming sales of gasoline and diesel by as much as 20% for top refiner Indian Oil Corp.A “revival of Iranian oil exports takes a lot of attention currently,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “The key question is when” a deal will be reached, he said.Enrique Mora, the EU official in charge of coordinating diplomacy in Vienna for the nuclear talks, said he expects all parties to return to the 2015 agreement before Iran’s presidential elections on June 18. Citigroup Inc. sees an initial 500,000-barrel-a-day increase in supply from around the middle of the third quarter.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 06h59m Ex-Merrill Banker’s Trading App Valued at Over $5 Billion (Bloomberg) -- Broker app Trade Republic Bank GmbH, founded by former Merrill Lynch banker Christian Hecker, has become one of Germany’s biggest fintech firms by valuation.The Berlin-based company finished a $900 million financing round with investors including Sequoia, TCV, Thrive Capital, and Peter Thiel’s Founders Fund, it said in a statement on Thursday. The round valued Trade Republic at more than $5 billion.Trade Republic lets customers trade stocks, ETFs, crypto currencies and other financial products on its app, mostly without order commissions or other fees. It was founded in Germany in 2015 and has recently expanded into Austria and France. Hecker told Bloomberg earlier this month the company is looking to offer its services all over Europe.Today’s funding round followed a 62-million-euro ($75.5 million) round last year that had already turned Trade Republic into one of the highest valued startups in Germany, next to smartphone bank N26.Late last year, N26 was considering a fresh fundraising at a valuation above $3.5 billion, while early this year Berlin-based banking platform provider Mambu raised 110 million euros at a 1.7 billion euros ($2.1 billion) valuation.The funding is also a glimmer of success for Germany’s fintech industry, after the high-profile collapse of payment firm Wirecard.“We expect the company to break even in 2022 and achieve strong margin growth thereafter,” said Marius Fuhrberg, analyst at German financial services firm M.M. Warburg.Brokerage houses from Germany, U.K., France and Denmark reported a surge in retail trading during the pandemic. However, startups such as U.S. rival platform Robinhood Markets Inc., which is planning to reveal filings for its initial public offering, have seen order volume’s surge thanks to their low-cost model.Traditional brokers finance themselves through fees and rebates from trading venues. New challengers, like Trade Republic and Robinhood, receive revenue from “payment for order flow,” a system where market makers like Citadel Securities pay retail brokers for routing orders to them.According to Hecker, who previously worked within the investment banking unit at Merrill Lynch, the rebates alone are enough for Trade Republic to be able to earn money. Trade Republic declined to comment on their revenue. Robinhood received about $331 million in the first quarter from payments for order flow, up from $91 million a year ago.”We are currently consciously accepting losses in order to be able to grow quickly,” Hecker said in an interview.(Updated with additional context.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210520 06h52m G7 playing a 'dangerous game' by scolding Moscow, Russian envoy says The Group of Seven is playing a "dangerous game" by making aggressive criticism of the Kremlin because it pushes Russia closer to China, Russia's ambassador to London Andrei Kelin told Reuters on Thursday. G7 foreign ministers this month scolded both China and Russia, casting the Kremlin as malicious and Beijing as a bully, but beyond words there were few concrete steps aside from expressing support for Taiwan and Ukraine. Kelin said the G7's list of criticism was biased, confrontational and was stoking anti-Western feelings among Russians while its aggressive attitude towards Russia and China was pushing the two powers together. Business Bloomberg 210520 06h52m U.S. Futures Mixed After Jobs Data; Oil Declines: Markets Wrap (Bloomberg) -- U.S. equity futures held steady after Labor Department data showed applications for state unemployment insurance fell last week to a fresh pandemic low.Contracts on the Nasdaq 100 turned higher after the release, while those on the S&P 500 were little changed. Cisco Systems Inc. fell after its profit forecast missed estimates. European equities rebounded from a two-week low as carmakers and financial-services firms led gains. Asian shares were little changed.The latest jobs report comes after mounting concern that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.“It was a surprise to hear the talk about Fed tapering,” Joyce Chang, JPMorgan’s chair of global research, said on Bloomberg TV. “The market had been thinking there might be a couple of months before you really saw this particular issue come into focus.” Still, Chang said it was not the time to bet against the broader fundamentals right now on the outlook for growth.Oil reversed an earlier gain, extending a three-week low after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. Cryptocurrencies stabilized, with Bitcoin trading higher after Wednesday’s wild swings.Elsewhere, copper advanced after Wednesday’s slump, helped by expectations that demand would remain resilient. Iron ore futures slid.Here are some key events this week:IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksFutures on the S&P 500 were little changed as of 8:49 a.m. New York timeFutures on the Nasdaq 100 rose 0.3%Futures on the Dow Jones Industrial Average fell 0.1%The Stoxx Europe 600 rose 0.7%The MSCI World index was little changedCurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.2% to $1.2202The British pound was little changed at $1.4123The Japanese yen rose 0.2% to 109.00 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.66%Germany’s 10-year yield advanced one basis point to -0.10%Britain’s 10-year yield was little changed at 0.86%CommoditiesWest Texas Intermediate crude fell 0.6% to $63 a barrelGold futures fell 0.6% to $1,870 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210520 06h51m Colombia’s Dollar Bonds Drop After S&P Downgrades Nation to Junk (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Colombia’s dollar bonds dropped after S&P Global Ratings cut the country’s credit rating to junk amid a political crisis and mass unrest.The nation’s dollar-denominated bonds due 2031 dropped 0.5% to 96.6 cents in early New York trading Thursday, sending their spread over U.S. Treasuries up to 1.85 percentage points.S&P cut Colombia’s sovereign rating one notch to BB+ on Wednesday, after the government’s plan to raise taxes to curb the deficit was blocked by congress and mass street protests in recent weeks.The cost of insuring the nation’s bonds against default with five-year credit default swaps rose to the most since October, as investors see the country as increasingly risky.A bill to increase taxes introduced last month triggered widespread civil disorder and the resignation of the finance minister, and was even opposed by President Ivan Duque’s own party. Even after the bill was withdrawn, highway blockades and street demonstrations have continued across the nation over a range of other grievances.Colombia is still rated at the lowest level of investment grade by Fitch Ratings and two levels above junk by Moody’s Investors Service.Read More: Fallen-Angel History Shows Colombia’s Fear of Junk Is MisguidedWorst PerformersColombian assets have weakened over the past month as investors priced in the increased likelihood of a downgrade. The nation’s dollar bonds are the worst performers in Latin America after El Salvador since the tax bill was introduced.S&P said that its stable outlook for Colombia “incorporates our expectation for an institutional solution to recent and significant social unrest.”The nation’s fiscal deficit will widen to 8.6% of gross domestic product this year according to the government’s forecast, from 2.5% in 2019.“Colombia’s rating fundamentals remain weaker than those of similarly rated peers,” S&P said. At the same time, the country’s flexible credit line with the International Monetary Fund, adequate access to international debt markets, and a credible monetary policy mitigate external risks and support Colombia’s creditworthiness, S&P said.Analyst Reactions“The timing was earlier than expected, and others are likely to follow,” wrote Citi Research analysts including Esteban Tamayo. “The performance of the Colombia credit spreads will depend crucially on the timing of the second downgrade below investment grade.”When that happens, the amount of forced selling will be around $1 to $1.5 billion, which is “not excessive”, Citi wrote. “We believe the best buying opportunity comes right after the second downgrade.”S&P’s decision wasn’t a big surprise, since it is increasingly difficult in Colombia to pass tax reforms, said Michel Janna, a former Director of Public Credit. The country needs to pass a less ambitious tax bill, which at least addresses some of the more pressing fiscal problems, to prevent Fitch and Moody’s from following S&P’s move in the near future, Janna said in an audio message.“The news is relatively surprising because of the timing,” said Camilo Perez, chief economist at Banco de Bogota, in a phone interview. “The recent situation of political and social instability could have accelerated the decision because it makes it more difficult to reach a consensus that leads to an increase in tax revenue.”Munir Jalil, Andean region chief economist at BTG Pactual, said the decision was “unsurprising in the light of recent developments in Colombia.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210520 06h44m Jobless claims fall by more than expected, hit fresh pandemic low at 444,000 The labor market continues to heal from the worst days of COVID-19, even as workers become harder to find. Howell date : 210519 19h22m02s World Reuters 210519 18h54m U.S. weighs changes to COVID-19 travel restrictions The Biden administration has been weighing changes to sweeping travel restrictions that bar much of the world's population from coming to the United States, but has reached no decisions, government and industry officials told Reuters. European Union countries agreed on Wednesday to ease COVID-19 travel restrictions on non-EU visitors ahead of the summer tourist season, a move that could open the bloc's door to all Britons and to vaccinated Americans. Ambassadors from the 27 EU countries approved a European Commission proposal from May 3 to loosen the criteria to determine "safe" countries and to let in fully vaccinated tourists from elsewhere, EU sources said. Business Reuters 210519 18h38m UPDATE 2-Japan's exports jump most in decade as trade-led recovery perks up * April exports, imports beat forecasts * Trade surplus wider than expected * Machinery orders rise, manufacturers' mood at 2-yr high * Batch of data point to export-led economic recovery (Adds analyst comment) By Tetsushi Kajimoto and Daniel Leussink TOKYO, May 20 (Reuters) - Japan's exports grew the most since 2010 in April, supported by a favourable comparison with the sharp plunge seen during the pandemic last year, while capital spending also rose, firming up expectations of a trade-led recovery. Also supporting the outlook, Japanese manufacturers' confidence hit a more than two-year high in May on the back of solid overseas demand, a Reuters survey showed on Thursday. Improving exports were bolstered by the comparison with a year ago when a slump in global trade due to global coronavirus lockdowns dealt a heavy blow to the world's third-largest economy. Business Bloomberg 210519 18h35m Qantas Turns Corner to Recovery With Forecast of Profit (Bloomberg) -- Qantas Airways Ltd. is on the path to recovery from the coronavirus crisis thanks to a domestic holiday boom, with the airline forecasting an underlying profit for the current financial year.Revenue from routes within Australia -- which has almost completely suppressed Covid-19 -- is expected to almost double in the half year ending June 30 from the previous six months as people holiday at home, Qantas said Thursday. Domestic air-travel demand is even greater than it was before the pandemic, the airline said.“We have a long way still to go in this recovery, but it does feel like we’re slowly starting to turn the corner,” Chief Executive Officer Alan Joyce said in the statement. “The business is now on a more sustainable footing.”With a global air-travel rebound still in its infancy, airlines with extensive domestic networks, from Qantas to American Airlines Group Inc. and Delta Air Lines Inc. in the U.S., are faring best. Qantas and low-cost unit Jetstar have together added 38 new routes since July last year.Shares of Qantas climbed 4.9% to A$4.74 at 10:30 a.m. in Sydney.Read more U.S. Vaccine Surge Lifts Region’s Air-Travel Comeback Past AsiaBy contrast, Singapore Airlines Ltd. on Wednesday reported a $3.2 billion full-year loss. Even by June this year, passenger capacity will be little more than one quarter of pre-Covid levels, the city-state’s airline said.The International Air Transport Association last month widened its estimate for losses this year to about $48 billion as new Covid flare-ups push back the timeline for a start of international air travel. A long-awaited travel bubble with Hong Kong was delayed again this week after an increase in unlinked cases.Yet Sydney-based Qantas now forecasts underlying earnings of between A$400 million ($309 million) and A$450 million for the 12 months ending June 30, and says net debt has peaked. The pretax loss for the period, including aircraft writedowns and staff layoff costs, will exceed A$2 billion, it said.For more details from the trading update, click hereThe airline said consumer confidence is “proving more resilient” compared with the early days of the crisis. Corporate travel has reached 75% of pre-Covid levels and overall domestic capacity will be almost completely back to normal in the current quarter, it said.Still, Qantas has pushed back the restart of international flights to late December because of delays to Australia’s vaccination program and indications from the government that it will keep borders mostly closed until mid-2022.CEO Joyce on Thursday warned Australia risks being “left behind” while the U.K. and the U.S., with more progressed inoculation programs, are already restarting overseas flights.“Australia has to put the same intensity into the vaccine rollout as we’ve put on lockdowns and restrictions,” Joyce said in the statement. “Only then will we have the confidence to open up.”(Updates with Singapore Airline’s loss in fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 18h34m Oil Steady Near Three-Week Low With Iranian Crude Flows in Focus (Bloomberg) -- Oil was steady near a three-week low in early Asia trading following a broader market slump as investors weighed the prospect of a boost in Iranian supply just as OPEC+ returns more barrels to the market.Futures in New York traded near $63 a barrel after slumping 3.3% on Wednesday as inflation fears rattled markets. A top European Union official said the U.S. and Iran are close to reviving a nuclear accord, which would allow more crude flows from the OPEC producer. That’s being reflected in the prompt timespread for benchmark Brent oil, with its backwardation structure narrowing even further in an indication market tightness may be easing.Oil is still up about 30% this year as the recovery from the Covid-19 pandemic accelerates in the U.S. and parts of Europe, while purchasing of crude cargoes from countries such as China remains robust. However, the flare-up across Asia is a constant reminder that the rebound is expected to be uneven and bumpy. The second wave in India has trimmed sales of gasoline and diesel by as much as 20% for top refiner Indian Oil Corp., prompting cuts to processing rates.Enrique Mora, the EU official in charge of coordinating diplomacy in Vienna for the nuclear talks, said he expects all parties to return to the 2015 agreement before Iran’s presidential elections on June 18. Iran has already been bringing back output, and said it will soon export oil from a new port, which would allow the country to bypass the Strait of HormuzThe prompt timespread for Brent was 14 cents a barrel in backwardation -- a bullish structure where near-dated contract are more expensive than later-dated ones. That compares with 42 cents at the start of May.Meanwhile, the Energy Information Administration on Wednesday provided the first look at the impact of Colonial Pipeline Co.’s outage. Nationwide gasoline inventories fell nearly 2 million barrels last week, though fuel supplies in the U.S. Gulf Coast jumped by the most on record with the pipeline down.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 18h31m Asia Stocks, U.S Futures Steady; Yields Up on Fed: Markets Wrap (Bloomberg) -- Asian stocks were steady early Thursday as investors weighed Federal Reserve minutes that flagged the possibility of a debate on scaling back asset purchases. Treasury yields and the dollar held an advance.Benchmarks fluctuated in Japan and Australia, and fell in South Korea. U.S. futures edged down after the S&P 500 fell a third day. The Nasdaq 100 notched a small advance, boosted by late-day gains in tech stocks including Facebook Inc.The minutes indicated some Fed officials may be open “at some point” to discussing adjustments to the pace of massive bond purchases if the U.S. economy keeps progressing rapidly. The benchmark 10-year Treasury yield was steady after climbing to 1.67%. Commodity prices slid amid mounting concern about inflation and potential curbs on monetary stimulus.A bout of volatility swept over cryptocurrencies, with Bitcoin posting a same-day plunge and rally of about 30%. The largest token and other virtual currencies like Ether are nursing losses from a recent selloff. Cryptocurrency-exposed shares including Coinbase Global Inc. slid.Stocks have lost steam in recent sessions on worries about inflation and a Covid-19 resurgence in some countries. Speculative ardor is also waning, underlined most recently by the gyrations in digital tokens. While U.S. policy makers have signaled they intend to maintain an accommodative stance for a prolonged period, any hints of a timeline for paring back exceptional stimulus could exacerbate such trends.“It was a surprise to hear the talk about Fed tapering,” Joyce Chang, J.P. Morgan Global Research Chair, said on Bloomberg TV. “The market had been thinking there might be a couple of months before you really saw this particular issue come into focus.” Still, Chang said it was not the time to bet against the broader fundamentals right now on the outlook for growth.Oil stabilized after slumping to the lowest in three weeks with traders also concerned about growing supply from the U.S. and Iran.Here are some key events this week:IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksS&P 500 futures fell 0.1% as of 9:23 a.m. in Tokyo. The index retreated 0.3%Nasdaq 100 contracts shed 0.2%. The gauge rose 0.2%Japan’s Topix index was little changedAustralia’s S&P/ASX 200 rose 0.2%South Korea’s Kospi index fell 0.2%Hang Seng futures retreated 0.1% earlierCurrenciesThe Japanese yen was at 109.23 per dollarThe offshore yuan traded at 6.4409 per dollarThe Bloomberg Dollar Spot Index was steady after gaining 0.5%The euro was at $1.2174BondsThe yield on 10-year Treasuries advanced about three basis points to 1.67%Australia’s 10-year bond yield rose two basis points to 1.79%CommoditiesWest Texas Intermediate was steady at $63.37 a barrel after falling 3.3%Gold was at $1,867.70 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Business Howell date : 210519 18h21m26s Business Reuters 210519 18h07m U.S. flying taxi startup steps up legal pressure on rival over trade secrets Wisk Aero, a flying taxi startup backed by Boeing and Google co-founder Larry Page's Kitty Hawk Corp, asked a California court on Wednesday to stop the alleged use of its trade secrets by rival Archer Aviation and said it was cooperating with a criminal U.S. probe. Wisk and Archer, a special purpose acquisition company (SPAC) whose investors include United Airlines, compete in the increasingly crowded market for electric vertical takeoff and landing aircraft, or eVTOLs. Wisk's motion for a preliminary injunction and hearing on July 7 is part of its ongoing litigation against Archer, which it accuses of stealing trade secrets and infringing on its patents as the new Palo Alto-based SPAC seeks to certify its eVOTL aircraft by 2024. Business Bloomberg 210519 17h46m Bitcoin Whipsaws Investors With Same-Day Plunge, Rally of 30% (Bloomberg) -- A 31% plunge in the morning. A 33% surge in the afternoon.Such was the wild ride Bitcoin took investors on Wednesday, lopping off billions in value before comments from some prominent proponents helped propel it on a torrid rebound.The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and dominated chatter on Wall Street. The tumult elicited a tweet from Elon Musk that implied Tesla Inc. wasn’t among the sellers, while Cathie Wood said her monitors flashed a “capitulation” that put the digital token “on sale.” Justin Sun, a tech entrepreneur who founded the cryptocurrency platform Tron, tweeted that he bought $152 million in Bitcoin for around $37,000 a coin.Read More: World’s Top Crypto Platforms Disrupted as Bitcoin, Ether TumbleDown to within a whisker of $30,000 just after 9 a.m. in New York, the coin pared its loss to 7% and periodically topped $40,000 again in the afternoon. It was trading around $38,000 as of 7:15 a.m. in Hong Kong on Thursday. Ether, the second-biggest coin, sank more than 40% Wednesday before cutting that nearly in half, and ended down 26%.“The history of these assets has been littered with aggressive rallies and sickening selloffs,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial.Rarely do they happen in a single session. The volatility dominated Wall Street on a day when stocks and commodities were also under pressure and the Federal Reserve was set to release minutes from its latest meeting. Frantic selling sparked outages on some of the biggest exchanges, from Coinbase Global Inc. to Binance. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout.Tesla CEO Musk touched off the wild moves last week. Bitcoin plunged when he announced the carmaker wouldn’t take it as a payment, but then reversed when he said the company had no plans to sell its corporate crypto holdings. He seemed to imply in a tweet Wednesday that Tesla is not selling into the rout.Volatility erupted in crypto-land last week when Musk retracted plans to accept Bitcoin for his company’s cars. Selling resumed over the weekend when the mercurial CEO seemed to suggest Tesla might want to sell its corporate holdings, but reversed after he tweeted that the carmaker had no plans to do so. A statement on the People’s Bank of China’s WeChat on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.While all were proximate causes for the rout, nothing could explain the frantic rout Wednesday morning, when the coin dropped thousands of dollars in price in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. The selling accelerated when Bitcoin fell below its average price for the past 200 days.Chart-watchers pointed to key technical indicators as the coin sold off. Bitcoin bounced off the $30,000 level and many are waiting to see if it can break back above its 200-day moving average line. If it doesn’t, it could potentially retest Wednesday’s lows.Cryptocurrency-linked stocks also dropped, with shares of Coinbase falling near 13% at one point and Marathon Digital Holdings Inc. slumping as much as 16%.Bitcoin had embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.All that’s been wiped out following Musk’s head-spinning tweets.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Business Business World Business Business Business Reuters 210519 16h21m UPDATE 1-U.S. senators back $46 billion in financial relief for Postal Service A bipartisan group of 20 U.S. senators on Wednesday released legislation to provide the cash-strapped U.S. Postal Service (USPS) with $46 billion in financial relief over 10 years. The U.S. House of Representatives Oversight and Reform Committee voted unanimously to approve companion legislation last week. The legislation would eliminate a requirement USPS pre-fund retiree health benefits for 75 years and would require postal employees to enroll in the Medicare government-retiree health plan. Business Bloomberg 210519 16h21m Cisco Shares Slip on Profit Forecast Hurt by Component Costs (Bloomberg) -- Cisco Systems Inc. shares fell after the company said its profitability is being squeezed by the cost of securing components needed to meet a surge in orders driven by a rebound in spending on computer networks.The biggest maker of gear that’s the backbone of the internet gave an optimistic revenue forecast helped by what it called the strongest demand in a decade. But its profit projection was below Wall Street estimates after the company chose to “endure short-term pain” to make sure it has enough chips to meet its order obligations, Chief Executive Officer Chuck Robbins said.Like many other companies, Cisco is feeling the pinch of a shortage of semiconductors available to meet rising demand as chunks of the world economy rebound from the worst of the pandemic-driven recession. Cisco is paying more per component and having to fork out fees to expedite shipments.“We had a couple of choices, we could say ‘no’ and our customers would suffer and we suffer over the next few years because we lose share to those who say ‘yes,’” Robbins said in an interview. “We’re feeling more momentum than we have in a long time and I didn’t feel like that was the right decision for the company. We decided to take it on the chin.”Chief Financial Officer Scott Herren said he expects those shortages will last until the end of 2020. Absent the constraints, Cisco’s revenue projections would have been higher.Cisco shares fell more than 5% in extended trading, after closing at $52.47. The stock had rallied more than 17% this year.Sales in the fiscal fourth quarter will rise 6% to 8% from a year earlier, the company said Wednesday in a statement. That indicates revenue of $12.9 billion to $13.1 billion, compared with an average analyst projection of $12.8 billion. Profit excluding certain items in the period will be 81 to 83 cents a share, shy of the average analyst estimate of 85 cents, according to data compiled by Bloomberg.The profitability squeeze overshadowed commentary and an earnings report from the company that provided strong evidence the economy is rebounding from the low point of 2020.Sales in the fiscal third quarter totaled $12.8 billion, an increase of 7% from a year earlier. Profit, minus certain items, was 83 cents a share, beating the average estimate by a penny.Under Robbins, Cisco is trying to recast itself as a provider of networking services and software. While revenue is increasing from those newer offerings, Cisco still gets the majority of sales from hardware. Software revenue grew 5%, security was up 13%, and infrastructure platforms - gear such as switches and routers - expanded 6% from a year earlier.Lead times, or the amount of time between placing an order and getting it filled, are on the rise for the semiconductor industry. Many companies are more willing to give chipmakers longer-term commitments and pay upfront.(Updates with comments from CEO in the fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210519 16h21m U.S. senators back $46 billion in financial relief for Postal Service WASHINGTON (Reuters) -A bipartisan group of 20 U.S. senators on Wednesday released legislation to provide the cash-strapped U.S. Postal Service (USPS) with $46 billion in financial relief over 10 years. The U.S. House of Representatives Oversight and Reform Committee voted unanimously to approve companion legislation last week. The legislation would eliminate a requirement USPS pre-fund retiree health benefits for 75 years and would require postal employees to enroll in the Medicare government-retiree health plan. U.S. Bloomberg 210519 16h21m Griffin, Loeb Donations Blasted by NYC Mayor Candidate Stringer (Bloomberg) -- Scott Stringer, the New York City Comptroller who is running for mayor, criticized hedge fund managers Ken Griffin and Dan Loeb for contributing to political committees that support his opponents in the race, accusing the billionaire money managers of trying to privatize public education.Griffin, the founder of Citadel, and Loeb, founder of Third Point LLC, each gave $500,000 to independent political action committees known as super PACs that support Eric Adams and Andrew Yang, two of Stringer’s opponents in the upcoming June 22 Democratic primary for mayor. Griffin and Loeb have donated millions in campaign contributions to expand charter schools and to the schools themselves, while Stringer is backed by New York City’s main teachers’ union.“They’re not satisfied with just owning one candidate — they want two,” Stringer said. “And the one candidate that they don’t own is me. And I’m going to have the resources and the support to take them on.”Loeb has clashed for years with Randi Weingarten, former head of the city union, the United Federation of Teachers, who’s now the president of the national American Federation of Teachers. Loeb supports charter schools, which are privately run but publicly funded. Charter supporters say the schools offer a better alternative to struggling public schools, especially for poor students.But charter schools are also usually not unionized. Unions say the schools don’t enroll students from the poorest families or those with special needs, cherry picking students who are likely to be easier to teach while draining funds from public coffers.Yang spokesperson Eric Soufer said Stringer’s attack of the campaign for receiving the help of billionaires with a pro-charter school agenda is a sign of desperation. “He’s made a career of taking money from anyone and everyone, including Wilbur Ross and other Republicans,” Soufer said.Adams spokesperson Evan Theis said, “The campaign has nothing to do with those committees and it would be inappropriate for us to comment on them.” Super PACs are permitted to operate as long as they do not act in coordination with official political campaigns.Loeb is a primary backer of the Success Academy Charter Schools in New York, and Griffin, whose charity donated $10 million to Success Academy in 2018, has long been an opponent of the teachers union in Chicago, where Citadel is headquartered.For this election, Loeb, Griffin, and fellow hedge fund titans Stanley Druckenmiller and Paul Tudor Jones each gave $500,000 to an Adams-supporting Super PAC, Strong Leadership NYC Inc., set up by Jenny Sedlis, executive director of StudentsFirstNY, a charter school backer. Loeb and Griffin each also gave $500,000 to Yang via another private fundraising group, Comeback PAC.Read More: Four Hedge Fund Titans Each Give $500,000 to PAC for AdamsMeanwhile, the AFT and UFT have set up their own Super PAC for Stringer, called NY4Kids Inc., seeding it with $1.5 million.Representatives for Loeb and Griffin didn’t immediately respond to a request for comment.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210519 16h21m Stock market news live updates: Stock futures open lower after indexes post third straight day of selling Stock futures traded lower as the overnight session began Wednesday evening, with equities struggling to catch a break as inflation concerns remained at the center of investors' attention. Business Reuters 210519 16h21m Dutch court to rule on Ghosn versus Nissan-Mitsubishi claims A Dutch court on Thursday is set to rule in a case brought by fugitive former car executive Carlos Ghosn against Nissan and Mitsubishi, following his tumultuous fall from grace at the Japanese car makers in 2018. The Dutch case, one of many between the former star of the global car industry and the Japanese companies he once led, centres around the Dutch-registered joint venture Nissan-Mitsubishi BV, where Ghosn was ousted as chairman in 2019. But Nissan and Mitsubishi claim Ghosn only used the Amsterdam-based joint venture to inflate his own pay and to cover a personal tax debt, and are demanding he repays around 8 million euros in wages they say he granted himself without the knowledge of the boards of the holding companies. Howell date : 210519 17h20m49s World Reuters 210519 17h06m For some of Japan's lonely workers, COVID-19 brings a homecoming After four years spent working and living alone, far from his family and friends, Tsuyoshi Tatebayashi packed his bags at the end of March and returned, at last, to his wife and two daughters. Like hundreds of thousands of other white-collar workers, the 44-year-old IT engineer had been on a solo assignment, known as "tanshin funin", and wasn't expecting to return to his family so soon. But as the COVID-19 pandemic dragged on, his employer, Fujitsu, decided to bring its far-flung workers home, becoming one of Japan's first big firms to make a start in ending the long-established practice. Business Reuters 210519 16h54m Amazon.com faces five new racial, gender bias lawsuits Amazon.com Inc was hit on Wednesday with five new lawsuits by women who worked in corporate or warehouse management roles, and accused the online retailer of gender bias, racial bias or both. The women, ages 23 to 64, accused Amazon of favoring men over women in career growth, allowing supervisors to denigrate them, and retaliating after they complained. Two plaintiffs are Black, one is Latina, one is Asian-American and one is white. Business Bloomberg 210519 16h40m Cisco Shares Slip on Profit Forecast Hurt by Component Costs (Bloomberg) -- Cisco Systems Inc. shares fell after the company said its profitability is being squeezed by the cost of securing components needed to meet a surge in orders driven by a rebound in spending on computer networks.The biggest maker of gear that’s the backbone of the internet gave an optimistic revenue forecast helped by what it called the strongest demand in a decade. But its profit projection was below Wall Street estimates after the company chose to “endure short-term pain” to make sure it has enough chips to meet its order obligations, Chief Executive Officer Chuck Robbins said.Like many other companies, Cisco is feeling the pinch of a shortage of semiconductors available to meet rising demand as chunks of the world economy rebound from the worst of the pandemic-driven recession. Cisco is paying more per component and having to fork out fees to expedite shipments.“We had a couple of choices, we could say ‘no’ and our customers would suffer and we suffer over the next few years because we lose share to those who say ‘yes,’” Robbins said in an interview. “We’re feeling more momentum than we have in a long time and I didn’t feel like that was the right decision for the company. We decided to take it on the chin.”Chief Financial Officer Scott Herren said he expects those shortages will last until the end of 2020. Absent the constraints, Cisco’s revenue projections would have been higher.Cisco shares fell more than 5% in extended trading, after closing at $52.47. The stock had rallied more than 17% this year.Sales in the fiscal fourth quarter will rise 6% to 8% from a year earlier, the company said Wednesday in a statement. That indicates revenue of $12.9 billion to $13.1 billion, compared with an average analyst projection of $12.8 billion. Profit excluding certain items in the period will be 81 to 83 cents a share, shy of the average analyst estimate of 85 cents, according to data compiled by Bloomberg.The profitability squeeze overshadowed commentary and an earnings report from the company that provided strong evidence the economy is rebounding from the low point of 2020.Sales in the fiscal third quarter totaled $12.8 billion, an increase of 7% from a year earlier. Profit, minus certain items, was 83 cents a share, beating the average estimate by a penny.Under Robbins, Cisco is trying to recast itself as a provider of networking services and software. While revenue is increasing from those newer offerings, Cisco still gets the majority of sales from hardware. Software revenue grew 5%, security was up 13%, and infrastructure platforms - gear such as switches and routers - expanded 6% from a year earlier.Lead times, or the amount of time between placing an order and getting it filled, are on the rise for the semiconductor industry. Many companies are more willing to give chipmakers longer-term commitments and pay upfront.(Updates with comments from CEO in the fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 16h24m Oatly Is Said to Price IPO at Top of Range With Markets Slumping (Bloomberg) -- Oatly Group AB, the vegan food and drink maker, priced its initial public offering at the top of a marketed range to raise more than $1.4 billion with its investors, according to a person familiar with the matter.The company sold its American depositary shares for $17 each on Wednesday, said the person, who asked not to be identified because the information wasn’t public yet. The Swedish company and its investors were planning to sell more than 84 million shares for $15 to $17 each.U.S. markets fell for the third day in a row, with the S&P 500 falling 0.3% Wednesday. The IPO price was reported earlier by the Wall Street Journal.A representative for Oatly didn’t immediately respond to a request for comment.The IPO underscores plant-based products’ jump into the mainstream, as environmental and health concerns spur consumers to seek alternatives to traditional meat and dairy products. Investors have been looking for ways to replicate the public-market success of Beyond Meat Inc., whose shares have surged more than 300% since it went public in May 2019.Oatly was started in 1994 by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.In July, Oatly secured $200 million in new capital from investors led by Blackstone Group Inc. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as former Starbucks Corp. founder Howard Schultz. The company was valued at about $2 billion in the round.Oatly’s offering is being led by Morgan Stanley, JPMorgan Chase & Co. and Credit Suisse Group AG. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol OTLY.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business U.S. Howell date : 210519 16h20m13s Business Reuters 210519 16h07m UPDATE 1-Brazilian sponsor of Eletrobras privatization bill removes key clause from text The sponsor of a bill to privatize Brazilian state power utility Eletrobras on Wednesday dropped a provision tying the sale to government contracts for natural gas-powered generation after uproar from industry groups. Lawmaker Elmar Nascimento made the decision shortly after a Brazilian forum of power sector associations, known as FASE, called on Congress to reconsider the bill due to the risk of "market distortion." FASE said in a letter reviewed by Reuters that the bill was "unbalanced" and could "increase the cost of electricity in Brazil." Business Reuters 210519 16h04m Dutch court to rule on Ghosn versus Nissan-Mitsubishi claims A Dutch court on Thursday is set to rule in a case brought by fugitive former car executive Carlos Ghosn against Nissan and Mitsubishi, following his tumultuous fall from grace at the Japanese car makers in 2018. The Dutch case, one of many between the former star of the global car industry and the Japanese companies he once led, centres around the Dutch-registered joint venture Nissan-Mitsubishi BV, where Ghosn was ousted as chairman in 2019. But Nissan and Mitsubishi claim Ghosn only used the Amsterdam-based joint venture to inflate his own pay and to cover a personal tax debt, and are demanding he repays around 8 million euros in wages they say he granted himself without the knowledge of the boards of the holding companies. Business Bloomberg 210519 15h56m Cisco Shares Slip on Profit Forecast Hurt By Component Costs (Bloomberg) -- Cisco Systems Inc. shares fell after the company said its profitability is being squeezed by the cost of securing components needed to meet a surge in orders driven by a rebound in spending on computer networks.The biggest maker of gear that’s the backbone of the internet gave an optimistic revenue forecast helped by what it called the strongest demand in a decade. But its profit projection was below Wall Street estimates after the company chose to “endure short-term pain” to make sure it has enough chips to meet its order obligations, Chief Executive Officer Chuck Robbins said.Like many other companies, Cisco is feeling the pinch of a shortage of semiconductors available to meet rising demand as chunks of the world economy rebound from the worst of the pandemic-driven recession. Cisco is paying more per component and having to fork out fees to expedite shipments, company executives said Wednesday.Chief Financial Officer Scott Herren said he expects those shortages will last until the end of 2020. Absent the constraints, Cisco’s revenue projections would have been higher.Cisco shares fell more than 6% in extended trading, after closing at $52.47. The stock had rallied more than 17% this year.Sales in the fiscal fourth quarter will rise 6% to 8% from a year earlier, the company said Wednesday in a statement. That indicates revenue of $12.9 billion to $13.1 billion, compared with an average analyst projection of $12.8 billion. Profit excluding certain items in the period will be 81 to 83 cents a share, shy of the average analyst estimate of 85 cents, according to data compiled by Bloomberg.The profitability squeeze overshadowed commentary and an earnings report from the company that provided strong evidence the economy is rebounding from the low point of 2020.Sales in the fiscal third quarter totaled $12.8 billion, an increase of 7% from a year earlier. Profit, minus certain items, was 83 cents a share, beating the average estimate by a penny. Under Robbins, Cisco is trying to recast itself as a provider of networking services and software. While revenue is increasing from those newer offerings, Cisco still gets the majority of sales from hardware. Software revenue grew 5%, security was up 13%, and infrastructure platforms - gear such as switches and routers - expanded 6% from a year earlier.Lead times, or the amount of time between placing an order and getting it filled, are on the rise for the semiconductor industry. Many companies are more willing to give chipmakers longer-term commitments and pay upfront.(Updates with comments from executives throughout)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 15h52m Asia Stocks Set for Mixed Open; Yields Up on Fed: Markets Wrap (Bloomberg) -- Asian stocks looked set for a mixed open Thursday after U.S. shares dipped and Treasury yields rose in the wake of Federal Reserve minutes that flagged the possibility of a debate on scaling back asset purchases.Futures were steady in Japan and Australia but lower in Hong Kong. The S&P 500 fell a third day, while the Nasdaq 100 notched a small advance, boosted by late-day gains in tech stocks including Facebook Inc. The minutes showed Fed officials were cautiously optimistic about the U.S. recovery at their April meeting, with some signaling they’d be open “at some point” to discussing adjustments to the pace of massive bond purchases.The benchmark 10-year Treasury yield climbed to 1.67% in U.S. hours and a gauge of the dollar rose. Commodity prices tumbled amid mounting concern about inflation and potential curbs on monetary stimulus.Investors were transfixed by volatility in cryptocurrencies, with Bitcoin posting a same-day plunge and rally of about 30%. The largest token and other virtual currencies like Ether are nursing losses from a recent selloff. Cryptocurrency-exposed shares including Coinbase Global Inc. slid.Stocks have lost steam in recent sessions on worries about inflation and a Covid-19 resurgence in some countries. While U.S. policymakers have signaled they intend to maintain an accommodative stance for a prolonged period and view price pressures as transitory, traders are alert to any hints of a timeline for withdrawing exceptional stimulus.“We saw 10-year yields rise pretty sharply, clearly an upward move after the minutes were released -- it looks like it all comes down to minor changes in wording on tapering,” said Collin Martin, fixed-income strategist at Schwab Center for Financial Research. “There might be a few participants who are getting a little eager to start the discussion, which might be more than the markets were expecting. For anyone waiting for the taper, this could be a hint it’s coming sooner rather than later.”Oil slumped to the lowest in three weeks with traders also concerned about growing supply from the U.S. and Iran.Here are some key events this week:IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 fell 0.3%.The Nasdaq 100 rose 0.2%Nikkei 225 futures rose 0.1%S&P/ASX 200 futures climbed 0.1%Hang Seng futures retreated 0.1% earlierCurrenciesThe Bloomberg Dollar Spot Index rose 0.5%The euro was at $1.2176The British pound was at $1.4116The Japanese yen was at 109.19 per dollarThe offshore yuan traded at 6.4398 per dollarBondsThe yield on 10-year Treasuries advanced three basis points to 1.67%CommoditiesWest Texas Intermediate crude fell 3.3% to $63.36 a barrelGold was at $1,869.62 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210519 15h52m UPDATE 1-Intel shareholders reject executive compensation plan -filing Chipmaker Intel Corp's shareholders did not approve an executive compensation plan of its listed officers, according to a regulatory filing on Wednesday. The decision, on a nonbinding advisory basis, was taken at the company's annual stockholder meeting on May 13. In a statement, Intel said it "has a long-standing commitment to pay-for-performance, which holds executive officers accountable for business results and rewards them for consistently strong corporate performance and the creation of stockholder value ... The board also finds it incredibly important to ensure that it has a meaningful dialogue with our investors throughout the year so it can get their feedback on important matters affecting Intel." World Reuters 210519 15h42m UPDATE 1-Brazil's former health minister shields Bolsonaro in COVID-19 inquiry Former Health Minister Eduardo Pazuello denied on Wednesday that Brazil's far-right President Jair Bolsonaro had overturned his efforts to buy the COVID-19 vaccine made by China's Sinovac Biotech Ltd. The vaccine has become the backbone of immunization efforts in Brazil as it fights the world's second-deadliest coronavirus outbreak, accounting for five out of every six shots given through April. Last year, Bolsonaro disparaged the shot due to its "origins" and publicly clashed with Sao Paulo Governor Joao Doria, a political rival responsible for the partnership making finished doses of the Chinese vaccine at the Butantan medical center. Howell date : 210519 15h19m36s Business Reuters 210519 15h11m U.S. regulator awards $28 million to tipster on Panasonic probe The U.S. securities regulator on Wednesday doled out a $28-million award to a whistleblower for information that led U.S. authorities to bring bribery charges against a subsidiary of Panasonic Corp , according to the tipster's lawyers. The Securities and Exchange Commission (SEC), which did not disclose the name of the company or the whistleblower, said the information led the SEC and another other agency to open investigations resulting in "significant enforcement actions". Attorneys Christopher Connors and Andy Rickman said they represented the whistleblower and confirmed the award related to Panasonic foreign bribery probe. Health Reuters 210519 15h00m Roche aims Tecentriq at early lung cancer after data shows benefit An immunotherapy showed for the first time it can help early-stage lung cancer patients survive longer without their disease returning, according to data released on Wednesday, a potential turning point for such drugs to be used before tumours spread. The drug, Tecentriq from Switzerland's Roche, works like other immunotherapies including Merck's Keytruda and Opdivo from Bristol Myers Squibb, helping take the brakes off the immune system so it can attack tumours. While regarded as an important treatment breakthrough, this class of drugs has so far been largely deployed against advanced lung cancer that has metastasized, attacking other organs including the brain. World Reuters 210519 14h58m Spain to lift suspension of AstraZeneca vaccine for second dose in people under 60 Spain will allow people under age 60 who have received a first dose of AstraZeneca Plc's COVID-19 vaccine to receive their second inoculation either with the AstraZeneca drug or with Pfizer Inc's vaccine, Health Minister Carolina Darias said on Wednesday. Until now, those who had received their first dose of the AstraZeneca vaccine were in limbo because the government suspended that vaccine in March, for people under 60, due to blood-clot concerns. The new policy will affect about 1.5 million Spaniards who have already received their first AstraZeneca dose. Business Bloomberg 210519 14h56m Goldman Sachs Is Said to Invest in Josh Kushner’s Thrive Capital (Bloomberg) -- Goldman Sachs Group Inc. is backing the venture capital firm Thrive Capital, started by Joshua Kushner, according to people familiar with the matter.Goldman Sachs’ Petershill unit, which often takes positions in private equity firms, will receive an ownership percentage of Thrive’s business as part of an investment, said the people, who asked not to be identified because the information was private.Thrive Capital as a firm is valued at about $3.6 billion, the people added.Petershill has previously made investments in venture capital firm General Catalyst and private equity firm Francisco Partners, Bloomberg News has reported.Representatives for Thrive Capital and Goldman Sachs’ Petershill declined to comment.Thrive Capital was founded by Kushner more than a decade ago, after he had worked for a short time at Goldman Sachs’ merchant bank. Kushner’s brother Jared is the son-in-law of and former adviser to ex-President Donald Trump.Kushner’s firm has backed several companies that have gone public in the past year, including Oscar Health Inc., Compass Inc., Affirm Holdings Inc., Opendoor Technologies Inc., Unity Software Inc., Lemonade Inc. and Hims & Hers Health Inc.Thrive Capital announced in March a $2 billion venture fund and says it now has $9 billion under management.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210519 14h50m L Brands down after reporting earnings Yahoo Finance's Emily McCormick joined Yahoo Finance Live to break down L Brands quarterly earnings repor. Howell date : 210519 10h49m40s World Bloomberg 210519 10h43m U.K.’s Post-Brexit Economy Collides With Key Climate Tool (Bloomberg) -- Sign up for our Beyond Brexit weekly newsletter, follow us @Brexit and subscribe to our podcast.The U.K.’s industry is facing even higher carbon costs after the nation debuted its post-Brexit emissions trading system on Wednesday.Putting a price on pollution raises the challenge for the British government of how to be a world leader on climate issues while at the same time making sure its businesses can compete globally. The market’s first day of trading showed that British emissions will be at least as expensive as those in Europe, ratcheting up tension between the climate ambitions of politicians and the need to increase industrial output to boost the economy.”Today’s first U.K. emissions trading system auction is a major milestone in delivering our goal to clean up our energy system, support businesses to decarbonize at the least cost and drive forward the green industrial revolution,” said U.K. Energy Minister Anne-Marie Trevelyan. “At every step of the way, we will protect the competitiveness of British industry and minimize risk of carbon leakage as we transition to a green economy.”The U.K. sold permits for about 6 million metric tons of carbon emissions for just under 44 pounds ($62.30), about the same price as European permits. Still, on the first day of trading benchmark futures contracts for U.K. emissions closed at a 6.5% premium to the EU equivalent. If the price maintains around the current level, it could trigger government intervention as soon as this summer.That differential could be part of the growing pains of a new market, but it’s also be a sign that at least some market participants expect the contracts to be more expensive than those in the EU.The U.K. system is also much smaller than the one in Europe and set to shrink even more. Prime Minister Boris Johnson has vowed to cut emissions by 78% by 2035 on the way to zeroing out emissions by the middle of the century.While the EU has a similar goal for 2050, its path to get there is much different. Coal plants are already nearly extinct in the U.K. and will be completely shutdown by 2024. Germany may take until 2038 to hit that milestone and EU countries like Poland beyond that.That means the U.K. will need to cut emissions from more difficult sectors like industry and use more expensive technologies to meet its goals. Incentivizing that shift will require a consistently higher carbon price.“The U.K. has a more ambitious climate target than the European Union, and that’s ultimately going be reflected in the price,” said Ariel Perez, partner and head of environmental products at Hartree Partners LP. “The U.K. has already achieved more emission reductions than Europe. So the remaining abatement options in the U.K. are fewer and more expensive than those in Europe.”This is just the beginning and prices in the two systems may align in future. If they don’t, that could shift the balance against U.K. business.“If U.K. allowances would actually trade significantly higher than EU allowances, then this would be a competitive disadvantage for U.K. participants,” said Sebastian Rilling, EU power and carbon market analyst at ICIS.While the U.K. modeled its market on the EU one, which it participated in for over 15 years, there are some crucial differences. One obvious difference is that it’s new. That means companies like power generators haven’t built up a surplus of permits like they have over the years in Europe.That led to a surge in demand for the first auction on Wednesday afternoon. Bidders offered to buy permits to cover more than 29 million tons of emissions, though only 6 million were for sale.“There’s pent up demand,” said Louis Redshaw, chief executive officer of Redshaw Advisors Ltd. and a former Barclays Plc trader. “Electric utilities will buy everything they possibly can.”Under the EU system, carbon auctions usually begin in January, so that businesses can buy up permits gradually through the year. But British installations have been polluting for nearly five months without being able to buy any permits.The EU carbon price has surged dramatically in recent months as the market expects a tougher climate agenda to drive up the cost of emissions. Prices have surged more than 50% this year, beating most analyst estimates. Many traders are using the options market to bet that carbon will sail through 100 euros by the end of the year.In the rules set out for the U.K. system, the government has signaled it will be on the look out for any sign that rising costs could lead to a competitive disadvantage for businesses.The government has given itself greater ability than the EU to meddle in the market during its first years. Three months of elevated prices would trigger intervention, compared to 6 months for Brussels. The U.K. could also take action to alter the supply of permits. The current threshold for government intervention is 44.74 pounds in the futures market, 51 pence below Wednesday’s closing price.While a high carbon price is needed to ensure decarbonization, “further work is needed to ensure a level playing field that supports companies in hard to decarbonize sectors and protects competitiveness,” said Tom Thackray, director of infrastructure and energy at the Confederation of British Industry.(Updates with analyst comment from fourth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 10h41m Bitcoin Whipsaws Investors in Wild Ride That Crippled Exchanges (Bloomberg) -- Bitcoin took investors on a wild ride Wednesday, plunging as much as 31% before cutting the drop by two-thirds in a bout of volatility that drew attention across Wall Street and social media.The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and at one point brought Bitcoin’s market value down $500 billion from its peak last month. The tumult elicited a tweet from Elon Musk and signaled a “capitulation” on Cathie Wood’s crypto monitors.The coin pared its loss to 10% as of 12:40 p.m. in New York, up $8,000 from its lows. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ether, the second-biggest coin, sank more than 40%, while joke-token Dogecoin lost 45%.Read More: World’s Top Crypto Platforms Disrupted as Bitcoin, Ether Tumble“This is going to be the first ‘welcome to crypto’ day for a lot of new entrants,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The history of these assets has been littered with aggressive rallies and sickening selloffs.”The selloff dominated market chatter on a day when stocks and commodities were also under pressure and the Federal Reserve was set to release minutes from its latest meeting. Frantic selling sparked outages on some of the biggest exchanges, from Coinbase Global Inc. to Binance. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout.Tesla CEO Musk touched off the wild moves last week. Bitcoin plunged when he announced the carmaker wouldn’t take it as a payment, but then reversed when he said the company had no plans to sell its corporate crypto holdings. He seemed to imply in a tweet Wednesday that Tesla is not selling into the rout.At its worst moment Wednesday, Bitcoin plunged to within a whisker of $30,000, leaving it down more than 50% from its April 14 record of almost $65,000.Volatility erupted in crypto-land last week when Musk retracted plans to accept Bitcoin for his company’s cars. Selling resumed over the weekend when the mercurial CEO seemed to suggest Tesla might want to sell its corporate holdings, but reversed after he tweeted that the carmaker had no plans to do so. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.While all were proximate causes for the rout, nothing could explain the frantic rout Wednesday morning, when the coin dropped thousands of dollars in price in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. The selling accelerated when Bitcoin fell below its average price for the past 200 days.Chart-watchers pointed to key technical indicators as the coin sold off. Bitcoin bounced off the $30,000 level and many are waiting to see if it can break back above its 200-day moving average line. If it doesn’t, it could potentially retest Wednesday’s lows.Cryptocurrency-linked stocks also dropped, with shares of Coinbase falling near 13% at one point and Marathon Digital Holdings Inc. slumping as much as 16%.Bitcoin had embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.All that’s been wiped out following Musk’s head-spinning tweets.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices throughout, adds new technicals details)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210519 10h34m Stock market news live updates: Stocks point to third straight day of losses as technology stocks slide Stocks paced toward a third straight day of declines, with technology shares leading the way lower as concerns over inflation persisted. World Reuters 210519 10h27m REFILE-Scientists should know transmissibility of Indian variant next week – UK medical officer England’s deputy chief medical officer Jonathan Van-Tam said on Wednesday that scientists should know by next week how much more transmissible the COVID-19 variant first found in India is compared to other strains. "The best estimate I can give you really is the data will begin to firm up next week, and next week will be the first time when we have a ranging shot at what the transmissibility increase is," Van-Tam told a press conference. Business Yahoo Finance 210519 10h20m Target CFO: We are ready to fight off inflation Target's CFO Michael Fiddelke says his company is ready to take on the inflation currently gripping Corporate America. Howell date : 210519 10h19m04s Business Reuters 210519 10h10m US STOCKS-Wall Street falls for third day on inflation jitters, crypto plunge Wall Street's main indexes fell for the third straight session on Wednesday, as a steep fall in cryptocurrencies and fears over inflation pushed investors away from riskier assets. "Today is going to be all about the fall of cryptocurrencies and the crash has definitely had a spill over effect into equity markets, which are already burdened with inflation worries," said Dennis Dick, head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas. "We have seen a flight into commodities and other asset classes from equities as investors look to hide from inflationary effects, but now most assets are crowded and the Fed is handcuffed as a tighter policy would mean most of the cash might disappear from markets." Business Reuters 210519 10h09m Mortgage forbearance provided vital relief to small businesses, low-income households -NY Fed study Mortgage forbearance was a lifeline for U.S. low-income homeowners and business owners who faced hardship during the pandemic, giving them the leeway to stay in their homes and keep up with other debt payments, according to research released by the Federal Reserve Bank of New York on Wednesday. The end of that support could lead to a rise in mortgage delinquencies for many of the households still in forbearance, including low-income households and people who were behind on payments before the pandemic, researchers said. "Whether these forbearances are simply forestalling future trouble for strained business owners, or if the post-pandemic economy will support the owners to catch up the lost months remains to be seen," researchers wrote in a series of blog posts released Wednesday. Business Reuters 210519 10h04m BlackRock's climate views put it center stage in Exxon boardroom fight Top asset manager BlackRock could determine the outcome of a proxy fight between Exxon Mobil and a hedge fund seeking to reshape the oil giant's board and future direction. Exxon's 12 directors are up for election on May 26, in a vote that offers a high profile test of BlackRock's approach to getting companies set a course to limit global warming to below 2 degrees Celsius by 2050. Exxon stresses it is on a path to meet the Paris accord with a market-based approach. Politics Yahoo Finance 210519 10h03m Why New York is raising the heat on Trump Probes into Trump's finances are intensifying as Trump loses one legal battle after another to keep his records secret. Business Bloomberg 210519 10h03m U.S. Equities Extend Slide Amid Crypto Plunge: Markets Wrap (Bloomberg) -- U.S. stocks extended their slide on Wednesday as Bitcoin’s plunge sent cryptocurrency-linked shares tumbling and commodity prices fell amid mounting concern about inflation.The S&P 500 fell for a third day, with all 11 major industry groups declining. Energy and raw-material stocks dropped the most as investors awaited the release of the minutes from the Federal Reserve’s last meeting. Crypto-exposed shares including Coinbase Global Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. each fell more than 5% after Bitcoin sank to the lowest since January. Tesla Inc. slipped after data showed a slowdown in China sales. Target Corp. touched a record high after predicting a more profitable year as quarterly sales soared.Bitcoin dropped about 30% before cutting that loss in half in late-morning trading. It has erased all the gains that followed Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for vehicles. Other cryptocurrencies also dropped, pressured in part by a Tuesday statement from the People’s Bank of China reiterating that digital tokens can’t be used as a form of payment.“Tactically, it seems a bit overdone as fundamentals have changed modestly,” Mike Bailey, director of research at FBB Capital Partners, said of the crypto rout. “However, this type of volatility is a reminder that the asset class is pure. This type of move could flush out some of the casual crypto investors, since we haven’t seen this type of downward volatility in some time.”Read More: Crypto Exchanges Creak Under Swift Pace of Transactions: TopLiveStocks have lost steam in recent sessions, with pricier sectors such as technology tumbling on worries about inflation and a Covid-19 resurgence in some countries. While policymakers have signaled they intend to maintain an accommodative stance for some time to come, traders will parse the Fed’s minutes for clues about the outlook. The Bloomberg Commodity Index fell for a second day, trading about 3% below this year’s peak on May 12.“Debate on whether inflation rebound is transitory or persistent might not end soon and could keep markets unnerved during summer,” Barclays Plc strategists led by Emmanuel Cau said in a note. “The risk of another taper tantrum is low at this stage,” while economic and earnings growth should favor equities over bonds, they added.Elsewhere, oil dropped on rising U.S. stockpiles and the possibility of more supply from Iran.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 fell 1.1% as of 11:54 a.m. New York timeThe Nasdaq 100 fell 0.8%The Dow Jones Industrial Average fell 1.2%The Stoxx Europe 600 fell 1.5%The MSCI World index fell 1.1%CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%The euro was little changed at $1.2215The British pound fell 0.2% to $1.4164The Japanese yen rose 0.1% to 108.76 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.63%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield declined two basis points to 0.85%CommoditiesWest Texas Intermediate crude fell 3.8% to $63 a barrelGold futures rose 0.9% to $1,885 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 10h00m Oil Sinks Most in Six Weeks Amid Broader Market Meltdown (Bloomberg) -- Oil plunged by the most in six weeks alongside a broader market decline with traders also concerned with growing supply from the U.S. and Iran.Futures in New York tumbled as much as 5.4% on Wednesday amid increasing inflation fears. Equities declined and the dollar strengthened, making raw materials priced in the currency less attractive.Meanwhile, in the oil market, a U.S. government report showed domestic crude stockpiles surged by the most since mid-March last week. Traders are also following talks between world powers in Vienna around reviving an agreement that could remove U.S. sanctions on Iran’s crude exports. The Persian Gulf country said texts are mostly drafted for a return to the deal.Oil and other commodities are declining with “signals from the broader markets about inflation and the impact that could have on slowing this pace of economic growth,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “The market is concerned about uncertainties around global supply and potentially lower global demand in the short-term.”Crude benchmarks have swung with those of wider risky assets in recent days with the Covid-19 crisis in India also pointing to weaker demand. The second wave of the pandemic has lowered Indian Oil Corp.’s sales of gasoline and diesel by 15%-20%. The nation’s biggest refiner also sliced operating rates at plants by more than 80%. However, consumption has shown marked improvement in the U.S. and Europe.Meanwhile, Iran has signaled that documents outlining how to return to the 2015 nuclear deal are “mostly drafted,” though Iran’s lead negotiator said on Wednesday that some complicated differences remain. Iran has already been bringing back output, and said it will soon export oil from a new port, which would allow the country to bypass the Strait of Hormuz.“We could see the administration ratchet up talks to get a deal with Iran and sanctions to be eased,” said Tariq Zahir, managing member of the global macro program at Tyche Capital Advisors LLC. “With OPEC members already increasing supplies and the demand destruction from India, we feel the risk is to the downside in the near-term of crude oil.”This week’s Energy Information Administration report provides the first look at the impact of Colonial Pipeline’s system outage, which had spurred panic-buying and supply disruptions across much of the U.S. Southeast and East Coast last week. Nationwide gasoline inventories fell nearly 2 million barrels last week, though fuel supplies in the U.S. Gulf Coast jumped by the most on record with the pipeline down.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 09h48m27s Politics Reuters 210519 09h44m UPDATE 1-Emergent plans to fix issues that ruined COVID-19 shots early as July -U.S. House memo Emergent BioSolutions Inc told U.S. regulators it aims as soon as July to correct the problems at its manufacturing facility that ruined millions of COVID-19 vaccine doses, according to a private correspondence published by the U.S. House Oversight Committee. The House memo also noted that one of the top Trump administration officials responsible for awarding the U.S. government vaccine contract to Emergent had previously received hundreds of thousands of dollars in consulting fees from the company. The U.S. Food and Drug Administration paused production of Johnson & Johnson vaccines at Emergent's Baltimore plant in April after an inspection flagged numerous serious quality control and sanitary issues. Business Bloomberg 210519 09h42m Bitcoin Whipsaws Investors in Wild Ride That Crippled Exchanges (Bloomberg) -- Bitcoin took investors on a wild ride Wednesday, plunging as much as 29% before cutting the drop in half in a bout of selling that drew attention across Wall Street and social media.The extreme volatility in an asset known for its swings caused outages on major crypto exchanges and at one point brought Bitcoin’s market value down $500 billion from its peak last month. The tumult elicited a tweet from Elon Musk and signaled a “capitulation” on Cathie Wood’s crypto monitors.Bitcoin plunged as much as 29%, wiping out more than $500 billion in value from the coin’s peak market value. It was down 15% to $36,700 as of 10:53 a.m. in New York. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.Read More: World’s Top Crypto Platforms Disrupted as Bitcoin, Ether TumbleThe selloff dominated market chatter on a day when stocks and commodities were also under pressure and the Federal Reserve was set to release minutes from its latest meeting. Frantic selling sparked outages on some of the biggest exchanges, from Coinbase Global Inc. to Binance. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout.Tesla CEO Elon Musk sparked the wild moves last week. Bitcoin plunged when he announced the carmaker wouldn’t take it as a payment, but then reversed when he said the company had no plans to sell its corporate crypto holdings. He seemed to imply in a tweet Wednesday that Tesla is not selling into the rout.“This is going to be the first ‘welcome to crypto’ day for a lot of new entrants,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The history of these assets has been littered with aggressive rallies and sickening selloffs.”Bitcoin plunged to within a whisker of $30,000, leaving it down more than 50% from its April 14 record of almost $65,000. It was down 14% to $37,000 as of 11:30 a.m. in New York. Ethereum sank 36%, Binance Coin dropped 44% and Dogecoin lost 21%.Volatility erupted in crypto-land last week when Tesla Inc.’s Musk retracted plans to accept Bitcoin for his company’s cars. Selling resumed on the weekend when Musk seemed to suggest Tesla might want to sell its corporate holdings, but reversed after he tweeted that the carmaker had no plans to do so. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.While all were proximate causes for the rout, nothing could explain the frantic rout Wednesday morning, when the coin dropped thousands of dollars in price in a matter of minutes. Selling gave way to more selling as investors lured into crypto in search of a quick buck bolted for the exits. The selling accelerated when Bitcoin fell below its average price for the past 200 days.Chart-watchers pointed to key technical levels that have failed.Cryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.Bitcoin embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution. All that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices throughout)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance 210519 09h40m Chili's owner sees people return in droves for sizzling fajitas, ribs and $5 margaritas Yahoo Finance Live chats with Brinker International CEO Wyman Roberts about what he is seeing at Chili's with more people having been vaccinated for COVID-19. Business Bloomberg 210519 09h39m Russian Metals Giant Plans Split to Focus on Green Aluminum (Bloomberg) -- Russian metals giant United Co. Rusal International PJSC plans to split off its higher-carbon assets, leaving a business focused on the fast-growing green aluminum market.Rusal, along with other producers such as Alcoa Inc. and Rio Tinto Group, is driving the development of so-called “green aluminum,” with automakers and other consumers charged a premium for metal with a smaller carbon footprint. Under Rusal’s plan, its management has proposed changing the name of the company to AL+ as it seeks to become a key player in that potentially lucrative market.“Rusal would focus on reinforcing its position as a leading producer of low-carbon aluminum and the new company would concentrate on the development of the domestic market and its growth potential,” the company said Wednesday in a statement.READ: Russian Metals Giant Ups Ante in Race for Greenest AluminumThe plan comes as Europe, Rusal’s main export market, prepares to implement a carbon border tax that’s expected to affect Russian companies. Last month, Rusal’s parent En+ Group International PJSC said the company had produced aluminum with the lowest carbon footprint as the race for cleaner sources of the metal intensifies.AL+ will include Rusal’s newest smelters -- Khakas and Boguchansky -- as well the Taishet project, international alumina and mining facilities and some other assets. The Russian plants work on hydro-power. AL+ will produce about 2.8 million tons of aluminum a year and its management will focus on net-zero carbon projects and the promotion of low-carbon aluminum brand Allow, En+ Chairman Gregory Barker said by email.Producers who use lower carbon-emitting power generation are starting to brand their output as green aluminum, even though it’s the same metal that’s been marketed for years. At the same time, Rusal and other companies are exploring ways of further reducing emissions or finding technologies that don’t emit any carbon dioxide. Aluminum accounts for an estimated 1% of greenhouse gas emissions by the industrial sector.Nornickel StakeRusal’s almost 28% stake in MMC Norilsk Nickel PJSC will remain in AL+ as it is party to the Russian miner’s shareholder accord and Nornickel dividends are important for the company’s investment program, Rusal said.The new company will house assets including the Bratsk and Irkutsk aluminum smelters, as well the Achinsk alumina refinery and Russian mining assets. It will produce 1.8 million tons per year and overhaul existing facilities to make them less polluting, Barker said. Both businesses will be self-sufficient and able to service their respective debt, according to En+.En+’s board of directors suggested that in the interests of Rusal shareholders it would be better for the higher-carbon business to be listed on the Moscow Exchange. Its shares should be allocated to current Rusal owners on a pro-rata basis, it said. Still, no final decision has been taken and Rusal will study all potential options for the deal. The split would also require regulatory approval.The U.S. Office of Foreign Assets Control has been informed of the proposed asset split and will be kept updated, En+ said. Rusal and En+ emerged from the U.S. sanctions in early 2019 following an accord with the OFAC, which curbed the influence of controlling shareholder Oleg Deripaska.Rusal shares declined 4.4% as of 5:10 p.m. in Moscow trading.(Updates with En+ Chairman comments in sixth paragraph, OFAC being informed in penultimate)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Yahoo Finance Video 210519 09h37m Retailers to watch post-Covid Target reported first quarter earnings that blew past expectations. BMO Managing Director Simeon Siegel joins Yahoo Finance Live to discuss. Business Bloomberg 210519 09h36m Deutsche Telekom Said in Talks for SoftBank’s T-Mobile Stake (Bloomberg) -- Deutsche Telekom AG is in talks about a potential offer for SoftBank Group Corp.’s 8.5% stake in T-Mobile US Inc., a deal that would give the German telecom giant greater control over its U.S. affiliate.The terms of a potential deal, including whether Deutsche Telekom might bid for the entire stake to get majority control, haven’t been finalized and no firm decision has been made about an offer, according to people familiar with the matter, who asked not to be identified because the talks are private. Deutsche Telekom Chief Executive Officer Tim Hoettges may reveal plans to expand the company’s U.S. presence at a capital markets day this week, one of the people said.Representatives for Deutsche Telekom and SoftBank declined to comment.Hoettges has a unique opportunity to increase the carrier’s exposure to the U.S., which generates healthier returns than the rest of its footprint, for a below-market rate. In 2020, SoftBank raised $14.8 billion from selling T-Mobile US shares to institutional investors. The terms of the deal gave Deutsche Telekom the right to buy some of SoftBank’s remaining stake at a price based on T-Mobile US’s share price at the time, more than 20% cheaper than they are now.Read More: SoftBank Stake Sale Could Change T-Mobile’s Prospects: Alex WebbUnder the options’ terms, Deutsche Telekom can buy as many as 44.9 million shares at a price that’s roughly equivalent to where the shares were trading in June 2020, or just over $100, according to regulatory filings and statements from the companies at the time. Another 56.6 million shares are available at the 20-day volume-weighted average price leading up to the purchase. If Deutsche Telekom were to buy all 101.5 million shares at Wednesday’s prices, the deal would cost approximately $12 billion.Deutsche Telekom has until June 2024 to act on the options.The Japanese group became co-owner of T-Mobile US last year after the carrier completed a merger with Sprint Corp., which was controlled by SoftBank. SoftBank’s 8.5% holding in the merged company is valued at about $14.3 billion as of the shares’ last closing price. Deutsche Telekom currently owns 43% of T-Mobile US.“We endorse the Board of Management’s objective of continuing on a consistent growth course in the United States and Europe,” said Ulrich Lehner, chairman of Deutsche Telekom’s supervisory board, in a separate statement ahead of the company’s capital markets day on Thursday. “The Supervisory Board also explicitly supports the expanded U.S. strategy - following the successful turnaround and the merger with Sprint.”SoftBank has been raising capital over the past two years as part of a push to unload assets to finance stock buybacks and pay down debt. Masayoshi Son’s technology investment giant has enjoyed an upturn in fortunes over the past twelve months, with SoftBank’s Vision Fund investment arm driving recent profits after being the source of its biggest loss a year ago.(Updates with details on option pricing, comment from Deutsche Telekom’s board from fifth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 09h17m50s Business Reuters 210519 09h03m UPDATE 1-Airbus to end production at one Spanish plant Airbus is discussing plans to combine the operations of its two aerospace factories in Cadiz, southern Spain, into one plant spanning civil and defence activities, a spokesman said. The proposal, which is subject to final union negotiations on matters such investment, would avoid compulsory redundancies in Airbus's wider workforce in Spain: one of its core nations alongside France, Germany and Britain. It follows months of speculation and occasional worker protests over the future of one of the Cadiz plants, Puerto Real, which built part of the colossal A380's tail section. Business Reuters 210519 09h02m UPDATE 1-Sterling shrugs at rising inflation, hovers below $1.42 Sterling turned slightly lower against a recovering dollar and hit its lowest in more than a week against the euro on Wednesday, after data showed a doubling of consumer price inflation in Britain in April. British consumer prices rose by 1.5% in April, the Office for National Statistics said, following a 0.7% rise in March. The Bank of England says inflation in Britain is heading above its 2% target and will hit 2.5% at the end of 2021 thanks to a rise in global oil prices and the expiry in September of COVID-19 emergency cuts to value-added tax in the hospitality sector, as well as comparisons with the pandemic slump of 2020. Business Reuters 210519 09h00m Fed's Bullard: Expectations of 1 mln jobs a month "hyped up," half a million more realistic Expectations of a surge of job growth topping one million per month is "hyped up," with a half million jobs a month more realistic amid a potentially slow recovery of labor force participation, St. Louis Federal Reserve president James Bullard said on Wednesday. "I do think the labor market is tighter than is being represented" in part because some of the workers who left jobs at the onset of the pandemic are likely gone from the labor force for good, Bullard said, noting a rise in retirements. Business Bloomberg 210519 09h00m Bitcoin Plunge Wipes $500 Billion From Value in Crypto Rout (Bloomberg) -- The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.Bitcoin plunged as much as 29%, wiping out more than $500 billion in value from the coin’s peak market value. It was down 15% to $36,700 as of 10:53 a.m. in New York. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.Read More: World’s Top Crypto Platforms Disrupted as Bitcoin, Ether TumbleThe selloff dominated market chatter on a day when stocks and commodities were also under pressure and the Federal Reserve was set to release minutes from its latest meeting. Frantic selling sparked outages on some of the biggest exchanges, from Coinbase Global Inc. to Binance. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout. Tesla CEO Elon Musk sparked the wild moves last week. Bitcoin plunged when he announced the carmaker wouldn’t take it as a payment, but then reversed when he said the company had no plans to sell its corporate crypto holdings. Bitcoin is now down more than 50% from its record of almost $65,000 set in April. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.“This is going to be the first ‘welcome to crypto’ day for a lot of new entrants,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The history of these assets has been littered with aggressive rallies and sickening selloffs.”Chart-watchers pointed to key technical levels that have failed.“From a technical standpoint, the indicators are flashing red,” said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run.”Cryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.Then there’s Musk.With his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.All that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.Tesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane.” Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets clarifying that it hadn’t. All of which had traders scrambling.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices throughout)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 08h47m14s Business Reuters 210519 08h40m Readout of Fed meeting may highlight potential policy dilemma The Federal Reserve on Wednesday will release a readout of its April policy meeting, an event already overrun by data showing disappointing jobs growth and a spike in inflation that has kicked a debate about whether the U.S. central bank is off course into high gear. Fed officials have pledged to keep their ultra-loose, crisis-fighting policies in place, betting that the unexpected surge in consumer prices last month stems from temporary forces that will ease on their own, and that the U.S. jobs market needs far more time to get people back to work. Comments from Fed officials since the April 27-28 meeting have indicated that if anything the employment data from April cemented the view that it was still too early to discuss changes to the Fed's $120 billion in monthly bond purchases. Business Bloomberg 210519 08h39m Dream Industrial Wins Auction for $1.1 Billion Warehouse Fund in Europe (Bloomberg) -- Dream Industrial Real Estate Investment Trust has won an auction to buy the assets in a European warehouse fund, the company said in a statement Wednesday, confirming an earlier report by Bloomberg News.The Canadian REIT will pay 880 million euros ($1.1 billion) for the portfolio of 31 European warehouses, according to the statement. The offer was selected by seller Clarion Partners Europe ahead of rival bids ranging from 850 million euros to 900 million euros, people with knowledge of the process said.The company’s ability to execute the deal quickly was a factor in beating out higher offers, said the people, asking not to be identified as the process is private.“All the assets are well located in their respective geographies, with easy access to transportation networks and are well poised for growth in income and value,” according to the statement from Dream.A spokesman for Clarion Partners, which is owned by Franklin Resources Inc., declined to comment.Europe’s warehouse market is red hot as retailers rush for space to service the boom in ecommerce that’s accelerated during lockdowns designed to stop the spread of the deadly coronavirus. Across Europe, companies rented a record 345 million square feet of warehouse space last year, 14% higher than 2019, data compiled by broker Cushman & Wakefield Plc show.Read more: London Tops Hong Kong For World’s Priciest Warehouse SpaceThat’s causing bidding wars for properties as investors bet rents will continue to rise. Clarion’s portfolio had been expected to sell for more than 800 million euros when it was first put on sale in January, according to a report by Property EU.Dream Industrial Real Estate Investment Trust fell as much as 1.6% in early trading Wednesday.The portfolio, which includes properties in six countries including France, Germany and the Netherlands, includes plots of land that offer the chance for further development, Dream’s statement said. The deal is expected to close in the next 60 days, it said.Vacancy rates across European warehouses reached a record low 5.3% at the end of 2020, according to research published by Savills Plc. That will support average rental growth for the best big warehouses in Europe of 1.9% per year through 2024, according to a report published by broker CBRE Group Inc.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Health Yahoo Finance 210519 08h35m 'Vaccinated people are exceedingly safe,' doctor stresses amid reports of breakthrough cases Recent reports of breakthrough cases of COVID-19 sparked worry among many Americans, who feared that the coronavirus vaccines are not effective after all. Business Reuters 210519 08h31m Wells Fargo to onboard active cryptocurrency strategy for rich clients In a report titled "The investment rationale for cryptocurrencies", the Wells Fargo Investment Institute (WFII) said it views digital assets as an alternative investment for qualified investors through a professionally managed fund. "WFII believes that cryptocurrencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then through professionally managed funds," it said. Business Bloomberg 210519 08h30m Cathie Wood Buys Tesla Amid Musk Bitcoin Spat, Burry Shorts (Bloomberg) -- Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin.Ark exchange-traded funds added more than 47,000 shares in the electric carmaker in the last trading session, according to data released late Tuesday. While that’s worth a modest $27 million, it’s the first time the firm has purchased Tesla since April.Tesla has dropped 38% from its January peak as inflationary fears spur investors to sell expensive assets -- prompting Wood to demonstrate her propensity to enlarge Ark’s positions in favorite tech bets at market lows.The firm also recently bought Twitter Inc. amid its worst week since October. And Wood has been consistently adding cryptocurrency exchange Coinbase Global Inc., whose shares have been declining for much of the past month after rallying in its April IPO.Read more: Musk Splits From Cathie Wood’s Ark on Bitcoin Environmental CostSome of that retreat is likely down to Musk, who fueled a slump in the largest cryptocurrency after hitting out at the token’s high energy demands and reversing a decision to accept it as a form of payment.With Ark a big proponent of Bitcoin and a believer in its green credentials, it’s all adding to recent drama in the world of speculative tech. While Wood appears committed to her Tesla bet, famed investor Michael Burry has been revealed to be betting heavily against the carmaker via put options.Bitcoin has erased all the gains since Tesla’s Feb. 8 announcement that it would use corporate cash to buy the digital currency, and was trading at around $35,700 as of 10:28 a.m. in New York. Tesla was down 4.4%.Read more: Coinbase Plunges With Other Crypto Stocks Amid Bitcoin Rout“Wood is making her move once again when everyone else is looking elsewhere,” said James Pillow, managing director at Moors & Cabot Inc.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 08h29m Canadian Consumer Prices Climb at Fastest Pace in a Decade (Bloomberg) -- Consumer prices in Canada climbed at the fastest rate in a decade, outpacing estimates and potentially fueling concerns that the country -- much of which is still in lockdown -- is entering a period of persistent inflation.Annual inflation accelerated to 3.4% in April, compared with 2.2% in March, Statistics Canada reported Wednesday in Ottawa. That exceeded economist predictions of a 3.2% annual pace. On a monthly basis, inflation rose 0.5% versus the 0.2% economists were expecting.The annual reading -- the highest since May 2011 -- may raise worries that price pressures could be stronger than predicted by the Bank of Canada, which has been cautioning against over-reacting to an inflation spike it expects will be only transitory. If inflation proves more durable, however, that could force the central bank to bring forward interest rate increases that investors aren’t anticipating until later next year.Core inflation -- often seen as a better measure of underlying price pressures -- rose to 2.1% from 1.9% in March. That’s the highest since 2012.Higher gasoline prices were the biggest upward contributer to annual inflation. They were up 62.5% in April compared with the same time last year, when prices plunged to an 11-year low in the early weeks of the pandemic, the report said. On a monthly basis, shelter prices were the biggest upward contributer due to higher building costs and strong demand for single family homes.The annual consumer price index reading is distorted because the year-ago period used as comparison coincided with broad demand and price declines at the beginning of the Covid-19 pandemic, a phenomenon known as the base effect.What Bloomberg Economics Says...“Until the Bank of Canada sees labor market slack largely closed, and consumer wage and inflation expectations show signs of breaking out of a lengthy drift lower, we think policy makers will move very carefully in the direction of a rate hike.”--Andrew Husby, economistFor the full report, click hereA similar phenomenon also drove inflation higher in the U.S. last month to an annual 4.2% pace. Unlike in the U.S., inflation in Canada may be rising at a slower pace because much of the country was still in some form of a Covid-related shutdown last month, stunting demand for goods and services. Recent gains in the Canadian dollar also may have dampened inflation pressures.“Base effects and higher commodity prices have done most of the damage, similar to what was seen in the U.S. CPI release last week, although that also had a boost from the US economic reopening,” Simon Harvey, a senior foreign exchange analyst at Monex Canada, said by email.Canada’s dollar fell after the report, trading 0.3% lower at C$1.2101 per U.S. dollar at 9:01 a.m. in Toronto trading. Yields on Canadian government five-year bonds were little changed at 0.95%.Bank of Canada Governor Tiff Macklem had predicted that inflation would rise to about 3% because of these base effects, but he also said he believes that underlying price pressures remain depressed because of continued slack in the economy. In its latest forecasts released last month, the central bank forecast inflation to average 2.9% in the second quarter before returning near its 2% target by the end of the year.“BoC members have already stated that they’d look through the short-term overshoot in inflation, meaning there is a high bar for CPI to clear before markets start to speculate on changing expectations of normalization,” Harvey said.(Updates with Bloomberg Economics box.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 08h29m Intesa, UniCredit Head for Reckoning as Loan Holidays End (Bloomberg) -- Banks in Europe’s vulnerable south are about to find out the true scale of the damage to their loan books from the pandemic’s economic turmoil.Hundreds of thousands of companies and households in nations including Italy and Portugal are resuming loan interest payments that were frozen when lock-downs threatened their livelihoods. Many borrowers from hard-hit sectors like tourism are consequently at greater risk of default, according to Fitch Ratings Inc.Italian lenders Intesa Sanpaolo SpA and UniCredit SpA have some of the biggest piles of loans with suspended payments. Regulators have repeatedly warned that banks are not taking the oncoming rise in bankruptcies seriously enough amid broadening optimism over the vaccine-driven recovery.Credit quality is particularly uncertain in countries including Cyprus, Italy and Portugal, Bernhard Held, a senior credit officer at Moody’s Investors Service said in a May 11 report. “The remaining loans benefiting from moratoria will be the main pockets of potential credit deterioration.”Lenders across the continent posted an almost clean-sweep of above-expectation earnings last quarter, with executives striking a much more optimistic tone than regulators about the need to put cash aside for future troubled credit. Those lower provisions boosted profit figures, and the outlook for dividend payments to investors.Read More: Europe’s Banks Are No Longer as Afraid of Economic Meltdown Borrowers from Germany and the Nordics took less recourse to loan suspensions and most of them have already expired. That means that whereas northern European countries have mostly dealt with the hidden risks from loan moratoria, the reckoning is still to come further south.“I expect a deterioration across the whole credit portfolio, even if loans don’t necessarily become non-performing,” Marco Giorgino, a professor of finance and risk management at MIP Politecnico di Milano, said in an interview.Second quarter results will bring evidence of how well southern European banks have provisioned, with a large portion of their remaining moratoria set to expire. UniCredit said that it will see 16.2 billion euros ($19.8 billion) out of a total 18.9 billion euros of frozen loans restart payments in that period. For Santander, it’s about 7 billion euros of a remaining 16 billion euros of deferred loans.Borrowers from sectors most impacted by the pandemic, such as hospitality, education and entertainment, have made greater use of payment holidays, according to the European Banking Authority.Several banks are overly reliant on ineffective indicators, outdated ratings and backward-looking information when assessing the likelihood that borrowers in the food and accommodation sectors can make payments on loans, according to the European Central Bank. In some cases, banks modified loans that don’t meet the criteria for moratoria without flagging them as forborne. “This could potentially conceal the true risks in banks’ books,” the ECB said on Wednesday.A renewed increase of bad loans may undo years of post-financial crisis clean-up, when regulators pushed lenders to restructure and dispose of non-performing credit.Still, most banks are signaling that they’re relaxed about the potential impact on asset quality of a progressive removal of credit protection. Many say that borrowers who exited moratoria have generally kept up with payments.The situation “is totally under control” both for Intesa and other Italian banks, Intesa Chief Executive Officer Carlo Messina, whose bank has about 30 billion euros of loans still under moratoria, said in a Bloomberg TV interview on May 11. “We made an analysis client by client on all clients under moratoria,“ and they have a lot of liquidity in their accounts, he said.The Italian lender saw a 1.5% average default rate across its expired moratoria, according to its first quarter results.Additional relief for banks has been given by European governments in the form of guarantees. States stood behind almost 350 billion euros of loans as of the end of last year, according to a survey by the EBA, shifting some or all of the default risk from banks to taxpayers. The benefits of these guarantees will also last longer than for moratoria. Nearly a quarter of Italian guarantees expire between two and five years away, EBA data show. For Spain, the proportion is 90%.“Countries with high impaired loans, such as Greece, Ireland, Italy and Portugal, that made greater use of moratoria schemes will face higher inflows of new impaired loans,” Fitch analysts including Francois-Xavier Deucher wrote in a report.(Updates with ECB comments on banks underestimating risk in 10th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 08h16m37s Business Bloomberg 210519 08h01m Dream Industrial Wins Auction for $1.1 Billion Warehouse Fund in Europe (Bloomberg) -- Dream Industrial Real Estate Investment Trust has won an auction to buy the assets in a European warehouse fund for 880 million euros ($1.1 billion), according to people with knowledge of the matter.The Canadian REIT’s offer was selected by seller Clarion Partners Europe ahead of rival bids ranging from 850 million euros to 900 million euros, said the people, who asked not to be identified because the process is private. The company’s ability to execute the deal quickly was a factor in beating out higher offers, the people said. The deal has not yet completed and there’s still a chance that it could collapse, they added.A spokesman for Clarion Partners, which is owned by Franklin Resources Inc., declined to comment. A representative for Dream Industrial did not immediately respond to a request for comment outside of normal office hours.Europe’s warehouse market is red hot as retailers rush for space to service the boom in ecommerce that’s accelerated during lockdowns designed to stop the spread of the deadly coronavirus. Across Europe, companies rented a record 345 million square feet of warehouse space last year, 14% higher than 2019, data compiled by broker Cushman & Wakefield Plc show.Read more: London Tops Hong Kong For World’s Priciest Warehouse SpaceThat’s causing bidding wars for properties as investors bet rents will continue to rise. Clarion’s portfolio had been expected to sell for more than 800 million euros when it was first put on sale in January, according to a report by Property EU.Dream Industrial Real Estate Investment Trust fell as much as 1.6% in early trading Wednesday.The deal includes 31 properties in six countries including France, Germany, the Netherlands and Spain, the people said. Vacancy rates across European warehouses reached a record low 5.3% at the end of 2020, according to research published by Savills Plc.That will support average rental growth for the best big warehouses in Europe of 1.9% per year through 2024, according to a report published by broker CBRE Group Inc.(Updates with Dream REIT’s shares in the sixth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210519 07h59m UPDATE 1-Germany confirms U.S. waiver on some Nord Stream 2 sanctions The United States is waiving sanctions on the company behind Russia's Nord Stream 2 pipeline to Europe and its chief executive, Germany said on Wednesday, giving Berlin and Washington three more months to resolve a long-standing row. The stand-off over the completion of the $11 billion venture, led by Russian state energy firm Gazprom, has strained ties at a time when Berlin and Washington are eager to rebuild relations which were severely damaged under former U.S. President Donald Trump. Business Reuters 210519 07h59m U.S. businessman Rozenberg gets nod to control Israel's El Al Israel's government on Wednesday gave permission for businessman Kenny Rozenberg to join his son in controlling flag carrier El Al Israel Airlines. Rozenberg, the chief executive of New York-based nursing home chain Centers Health Care who recently became an Israeli citizen, will be eligible to join the airline's board. Last October, Israel's privatisation body granted control of cash strapped El Al to his son, 28-year-old religious student Eli Rozenberg. Business Bloomberg 210519 07h39m Crypto Lender Mistakenly Deposits Bitcoin Into User Accounts (Bloomberg) -- BlockFi Inc., a crypto-lending startup, mistakenly sent some users Bitcoin as part of a promotion and is working on reversing it.The company made what it called incorrect promo payouts in Bitcoin instead of U.S. dollars to certain customers. Though BlockFi worked on reversing them, fewer than 100 recipients withdrew the coins before the company could backpedal. The firm’s exposure is around $10 million, though that amount is decreasing as more users return the coins, said Zac Prince, co-founder and chief executive officer of BlockFi.“BlockFi carries loss reserves as part of its accounting policies and this is a fraction of existing loss reserves -- so no negative impact to equity or ongoing platform operations,” Prince wrote by email. “The issue that caused the withdrawals was fixed and incremental safeguards have been developed to prevent any similar issue in the future.”The erroneous deposits have not affected BlockFi’s ongoing operations and the company is notching record levels of trading volume without interruption, he added.Meanwhile, screenshots of the deposits made their rounds on social media, with at least one Tweet showing a deposit of 700 Bitcoin. Though it’s down significantly this week, each coin is trading around $34,000 Wednesday.Last week, BlockFi tweeted that some promotion participants “may see an inaccurate bonus payment displayed in their transaction history.”Meanwhile, the company’s emailed affected users asking for the money to be returned.BlockFi, perhaps the most visible nonbank ­cryptocurrency firm, offers a number of crypto products, including borrowing and lending and it runs platforms for trading cryptocurrency. It’s been in the limelight as it’s grown in recent months amid a crypto-market rally that’s being unwound this week.Read more: Lending Bitcoin to Earn 6% Comes With Risk You Won’t Get at BankThe crypto firm’s snafu is reminiscent of Citigroup Inc.’s $500 million blunder last summer when it accidentally sent payments to a group of lenders.“As a stand-alone, it was just a glitch,” Mike Loukas, chief executive officer at TrueMark Investments, said of BlockFi. “We see it with banks all the time in dollars. But because it’s such a volatile asset, the mistake gets magnified.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 07h38m Bitcoin Plunge Wipes $500 Billion From Value in Crypto Rout (Bloomberg) -- The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.Bitcoin plunged almost 22% to $35,000, wiping out more than $500 billion in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more tha 40%, while joke token Dogecoin lost 45%.Bitcoin is now down more than 50% from its record of almost $65,000 set in April. Fueling the volatility is Tesla CEO Elon Musk, whose social-media utterances have whipsawed the crypto community. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.The selloff dominated market chatter on a day when equities also were tumbling and the Federal Reserve was set to release minutes from its latest meeting. #Cryptotrading was trending on Twitter, where critics and fans alike were in a tither over the rout. Critics had warned for weeks that the moves in crypto assets were unsustainable and that any sign of a selloff would lead to a rout.“This is going to be the first ‘welcome to crypto’ day for a lot of new entrants,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The history of these assets has been littered with aggressive rallies and sickening selloffs.”Chart-watchers pointed to key technical levels that have failed.“From a technical standpoint, the indicators are flashing red,” said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run.”Cryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.Then there’s Musk.With his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.Wiped OutAt the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.All that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.Tesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane.” Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets clarifying that it hadn’t. All of which had traders scrambling.“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”(Updates prices throughout)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 07h36m Target Expects a More Profitable 2021 After Its Sales Soar (Bloomberg) -- Target Corp. said it expects wider 2021 margins than it had foreseen earlier this year, boosted by a shift in demand toward more profitable items like apparel and home decor. The shares rose.The retailer said its full-year operating profit margin will be “well above” last year’s 7% level, and possibly reach 8% or more. It also expects comparable-store sales to remain positive in the last two quarters of the year -- even though it will be facing very difficult comparisons with last year’s pandemic-fueled boom. First-quarter sales growth, bolstered by a surge in in-store purchases, came in at more than double the estimate compiled by Bloomberg.Chief Executive Officer Brian Cornell said in a statement Wednesday that the first quarter was “outstanding on every measure,” and included more than $1 billion in market-share gains. “We’re confident in continued comp growth in the second quarter and through the remainder of the year, as well as a healthy full-year operating margin rate.”Target wasn’t as confident in March, when it said 2021 operating margins would be at the low end of a range between 6% and 7%. The rollout of vaccinations, along with federal stimulus checks, made the outlook rosier, Target executives said on a call with reporters.“The guidance we gave last quarter was a wide range,” Chief Financial Officer Michael Fiddelke said on the call. “We learned a lot as the quarter progressed and we saw the strength of the sales environment.”Target shares climbed 2.1% to $210.69 at 9:31 a.m. in New York on Wednesday. The stock had already gained 17% this year through Tuesday.Repeat VisitsThe results and raised guidance trumped Tuesday’s report from rival Walmart Inc. and showed that Target remains in the upper echelon of the retail industry’s pandemic-era winners. Cornell’s acquisitions of e-commerce logistics providers and the use of stores as online fulfillment hubs has boosted digital sales -- which rose 50% on a comparable basis in the quarter -- while partnerships with brands like Ulta Beauty, Apple and Levi successfully lured shoppers back for repeat visits.Target’s own brands, which include Cat & Jack kids’ clothes and All in Motion women’s activewear, also did well, growing a record 36% in the period. Private labels carry wider profit margins, and also help offset price hikes by vendors due to input cost inflation.Target’s Chief Financial Officer Michael Fiddelke said he saw “pockets of pressure” from inflation, and analysts might learn more on a call to discuss results this morning.As shoppers shift spending from food and essentials to dresses, travel gear and items for home entertaining, Target is poised to grab even more sales and market share. In the first quarter, apparel sales rose more than 60%, home goods were up about 35% and items like appliances and sporting goods increased more than 30%. By comparison, Walmart’s sales of general merchandise items rose more than 20%.Related: Americans Are Finally Shopping Like They Have Somewhere to GoChief Growth Officer Christina Hennington said customers are focusing on “style and mobility” as they venture out of their homes for work, school and social occasions. That’s led to a pickup in sales of dresses, cosmetics, luggage, sporting goods and activewear. She also said Target is planning for one of its biggest back-to-school shopping seasons ever, but declined to provide details on any specific initiatives around that.“On the back of this strong quarterly result, the next challenge for Target is retaining its market share gains,” said Hilding Anderson, head of retail strategy for North America at digital consultant Publicis Sapient. “It remains to be seen whether the consumers who relied so heavily on Target throughout the pandemic will stick around for the long-term.”Target expects that they will, adding that second-quarter comparable sales should increase at a mid-to-high single digit pace, while operating margins in the period will also be “well above” the year-ago figure of 7.2%.E-CommerceThe company also reported more growth in the use of services like curbside and in-store pickup for online orders, with “same-day services” surging more than 90%. This is proof the habits that Americans picked up during the long pandemic -- more e-commerce and new services like curbside pickup -- are getting more deeply rooted in shoppers’ preferences.While e-commerce has trimmed profitability for many retailers, Target has managed to shave the costs associated with fulfilling online orders by using its stores as mini-warehouses and focusing on store pickup. More efficient same-day delivery routes using software from Deliv, which Target acquired last year, have also helped. On the company’s call with analysts, Cornell said Target hasn’t had issues finding staff -- a departure from many retailers that have reported trouble keeping workers on board. He attributed that to the company’s $15 per hour starting wage, while Chief Operating Officer John Mulligan said Target has invested in training and employee turnover is “down significantly” from last year. (Updates to include share trading and details from conference call.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 07h46m00s Business Bloomberg 210519 07h36m Target Expects a More Profitable 2021 After Its Sales Soar (Bloomberg) -- Target Corp. said it expects wider 2021 margins than it had foreseen earlier this year, boosted by a shift in demand toward more profitable items like apparel and home decor. The shares rose.The retailer said its full-year operating profit margin will be “well above” last year’s 7% level, and possibly reach 8% or more. It also expects comparable-store sales to remain positive in the last two quarters of the year -- even though it will be facing very difficult comparisons with last year’s pandemic-fueled boom. First-quarter sales growth, bolstered by a surge in in-store purchases, came in at more than double the estimate compiled by Bloomberg.Chief Executive Officer Brian Cornell said in a statement Wednesday that the first quarter was “outstanding on every measure,” and included more than $1 billion in market-share gains. “We’re confident in continued comp growth in the second quarter and through the remainder of the year, as well as a healthy full-year operating margin rate.”Target wasn’t as confident in March, when it said 2021 operating margins would be at the low end of a range between 6% and 7%. The rollout of vaccinations, along with federal stimulus checks, made the outlook rosier, Target executives said on a call with reporters.“The guidance we gave last quarter was a wide range,” Chief Financial Officer Michael Fiddelke said on the call. “We learned a lot as the quarter progressed and we saw the strength of the sales environment.”Target shares climbed 2.1% to $210.69 at 9:31 a.m. in New York on Wednesday. The stock had already gained 17% this year through Tuesday.Repeat VisitsThe results and raised guidance trumped Tuesday’s report from rival Walmart Inc. and showed that Target remains in the upper echelon of the retail industry’s pandemic-era winners. Cornell’s acquisitions of e-commerce logistics providers and the use of stores as online fulfillment hubs has boosted digital sales -- which rose 50% on a comparable basis in the quarter -- while partnerships with brands like Ulta Beauty, Apple and Levi successfully lured shoppers back for repeat visits.Target’s own brands, which include Cat & Jack kids’ clothes and All in Motion women’s activewear, also did well, growing a record 36% in the period. Private labels carry wider profit margins, and also help offset price hikes by vendors due to input cost inflation.Target’s Chief Financial Officer Michael Fiddelke said he saw “pockets of pressure” from inflation, and analysts might learn more on a call to discuss results this morning.As shoppers shift spending from food and essentials to dresses, travel gear and items for home entertaining, Target is poised to grab even more sales and market share. In the first quarter, apparel sales rose more than 60%, home goods were up about 35% and items like appliances and sporting goods increased more than 30%. By comparison, Walmart’s sales of general merchandise items rose more than 20%.Related: Americans Are Finally Shopping Like They Have Somewhere to GoChief Growth Officer Christina Hennington said customers are focusing on “style and mobility” as they venture out of their homes for work, school and social occasions. That’s led to a pickup in sales of dresses, cosmetics, luggage, sporting goods and activewear. She also said Target is planning for one of its biggest back-to-school shopping seasons ever, but declined to provide details on any specific initiatives around that.“On the back of this strong quarterly result, the next challenge for Target is retaining its market share gains,” said Hilding Anderson, head of retail strategy for North America at digital consultant Publicis Sapient. “It remains to be seen whether the consumers who relied so heavily on Target throughout the pandemic will stick around for the long-term.”Target expects that they will, adding that second-quarter comparable sales should increase at a mid-to-high single digit pace, while operating margins in the period will also be “well above” the year-ago figure of 7.2%.E-CommerceThe company also reported more growth in the use of services like curbside and in-store pickup for online orders, with “same-day services” surging more than 90%. This is proof the habits that Americans picked up during the long pandemic -- more e-commerce and new services like curbside pickup -- are getting more deeply rooted in shoppers’ preferences.While e-commerce has trimmed profitability for many retailers, Target has managed to shave the costs associated with fulfilling online orders by using its stores as mini-warehouses and focusing on store pickup. More efficient same-day delivery routes using software from Deliv, which Target acquired last year, have also helped. On the company’s call with analysts, Cornell said Target hasn’t had issues finding staff -- a departure from many retailers that have reported trouble keeping workers on board. He attributed that to the company’s $15 per hour starting wage, while Chief Operating Officer John Mulligan said Target has invested in training and employee turnover is “down significantly” from last year. (Updates to include share trading and details from conference call.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 07h36m U.S. Tech Stocks Extend Slide Amid Crypto Rout: Markets Wrap (Bloomberg) -- U.S. technology stocks extended their slide on Wednesday as Bitcoin’s plunge sent cryptocurrency-linked shares tumbling and concern mounted about faster inflation and Covid-19 flareups in some nations.The Nasdaq 100 Index fell for a third day, leading the major benchmarks lower. Crypto-exposed shares including Coinbase Global Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. each tumbled more than 10% after Bitcoin sank to the lowest since January. Tesla Inc. slipped after data showing a slowdown in China sales. Target Corp. climbed after predicting a more profitable year as quarterly sales soared. The Stoxx Europe 600 Index slumped the most in a week, with miners and travel shares down the most. Asian shares also slid.Bitcoin plunged to about $30,000, erasing all the gains it had notched after Tesla said Feb. 8 that it would use corporate cash to buy the digital asset and accept it as payment. Other cryptocurrencies followed, in part after the People’s Bank of China reiterated that digital tokens can’t be used as a form of payment.“Tactically, it seems a bit overdone as fundamentals have changed modestly,” Mike Bailey, director of research at FBB Capital Partners, said of the crypto rout. “However, this type of volatility is a reminder that the asset class is pure. This type of move could flush out some of the casual crypto investors, since we haven’t seen this type of downward volatility in some time.”Stocks have lost steam in recent sessions, with pricier sectors such as technology tumbling on worries about inflation and a Covid-19 resurgence in some countries. While policymakers have signaled they intend to maintain an accommodative stance for some time to come, traders will parse minutes from the Federal Reserve’s last meeting due later Wednesday for clues about the outlook.“Debate on whether inflation rebound is transitory or persistent might not end soon and could keep markets unnerved during summer,” Barclays Plc strategists led by Emmanuel Cau said in a note. “The risk of another taper tantrum is low at this stage,” while economic and earnings growth should favor equities over bonds, they added.Elsewhere, oil dropped on rising U.S. stockpiles and the possibility of more supply from Iran.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 fell 1.2% as of 9:34 a.m. New York timeThe Nasdaq 100 fell 1.4%The Dow Jones Industrial Average fell 1%The Stoxx Europe 600 fell 1.8%The MSCI World index fell 1.2%CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%The euro was little changed at $1.2217The British pound fell 0.2% to $1.4154The Japanese yen was little changed at 108.91 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.65%Germany’s 10-year yield was little changed at -0.11%Britain’s 10-year yield was little changed at 0.86%CommoditiesWest Texas Intermediate crude fell 3% to $64 a barrelGold futures rose 0.1% to $1,870 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210519 07h35m Airbus considers scrapping sale of small-parts business Airbus on Wednesday softened plans to sell off the production of mass-produced small parts and said it would consider a union-backed proposal to keep the activity in-house. Airbus last month cancelled plans to sell two larger aerostructures subsidiaries, and announced a new proposal to hive off the production of small mass-produced parts into a new company with a view to selling that instead. But after meeting unions on Wednesday, the European planemaker said it would "analyse a scenario in which this separated scope would remain stand-alone within Airbus" while adding it preferred its original option. Business Yahoo Finance 210519 07h33m Stock market news live updates: Stocks point to third straight day of losses as technology stocks slide Stocks paced toward a third straight day of declines, with technology shares leading the way lower as concerns over inflation persisted. Politics Yahoo Finance 210519 07h31m Kevin Brady calls Biden tax hikes 'a major economic blunder,' blames labor shortage on benefits Republican Congressman Kevin Brady, the ranking member on the House Ways and Means Committee, says the Biden administration will threaten the US economic recovery if it raises taxes. Business Yahoo Finance 210519 07h23m Gundlach: If we go to another level of free money, I think the wealth inequality will get worse '[The] stimulus hasn't helped our productive base, it's helped China, and it's helped certain very rich people in Silicon Valley,' says billionaire bond king Jeffery Gundlach. World Bloomberg 210519 07h18m Europe to Reopen for Travel, Easing Rules for American Tourists (Bloomberg) -- European Union governments agreed to allow quarantine-free travel for vaccinated tourists and visitors from countries deemed safe, paving the way for the resumption of hassle-free trans-Atlantic flights.Ambassadors from the EU’s 27 member states backed a proposal to waive quarantine for those with coronavirus inoculations approved by its drug regulator, including shots from Pfizer Inc., Moderna Inc. and Johnson & Johnson. The approval could be finalized this week and implemented soon after.Unvaccinated travelers can also avoid quarantine if they come from countries that have controlled the Covid-19 outbreak, meaning a 14-day new-case rate of less than 75 per 100,000, according to two officials familiar with the decision.This would likely land the U.S. on a “white list” which is due to be adopted later this week. But with so many Americans already vaccinated, the designation may be less important to the travel industry than whether American officials reciprocate and loosen rules for European visitors.The EU move highlights the importance of trans-Atlantic travel to getting its economies restarted after the decimation of the global coronavirus crisis -- especially in tourist dependent nations such as Greece, Spain and Italy. Opening their doors will give EU countries access to a powerful U.S. travel rebound, while validating a gamble on vaccination that the American and European officials have emphasized over the reliance on strict lockdowns prevalent in Asia.Read: U.S. Vaccine Surge Lifts Region’s Air-Travel Comeback Past AsiaFor airlines, it partially unlocks the most lucrative niche in the global industry, catering to well-heeled travelers who often pay premium fares.Gaining MomentumWhile Europe’s vaccine effort has lagged behind the U.S. and the U.K., it’s starting to hit its stride, giving officials confidence even as they wrestle with how to prevent a highly transmissible Indian variant from derailing their recoveries.The new rules will replace a blanket ban on non-essential travel from most countries outside the EU. Some member states, such as Greece, already permit tourists to visit without quarantine requirements if they have been inoculated.The new rules include a so-called emergency brake, which would allow member states to restore travel bans on countries where risky new variants emerge or contagion rates spike. The European Commission -- the EU’s executive arm -- has already demanded that such brake is applied for all travel from India.Travel Within EUMeanwhile, negotiations between EU governments and the European Parliament continue on the introduction of mutually recognizable certificates that will allow quarantine-free travel within the bloc as of next month.Travelers will must be vaccinated, recovered or have a recent negative test for Covid-19.The aim is to reach an agreement between negotiators on Thursday.(Updates with drug companies, airlines, adds inter-EU travel plan from second paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210519 07h15m23s Business Bloomberg 210519 07h02m Oil Slides Toward $64 as Inflation, Iran Talks Weigh on Market (Bloomberg) -- Oil fell for a second day amid a spate of weakness in wider markets and as traders tracked talks between world powers on a revival of the Iran nuclear deal.West Texas Intermediate for June delivery tumbled almost 2%, while global benchmark Brent -- which topped $70 a barrel briefly on Tuesday -- also declined. Stock markets fell on inflation fears, while the dollar climbed, crimping prices. U.S. crude stockpiles expanded last week, according to the American Petroleum Institute.Attention is steadily shifting back to the Iran nuclear deal, with the nation’s deputy foreign minister telling state TV that good progress had been made in the talks. Some key issues still have to be addressed though, he said, as traders eye the potential for a recovery in the nation’s exports. It comes as the OPEC+ alliance loosens output curbs.While crude’s fortunes have swung with those of wider risky assets in recent days, there are reasons for optimism. Demand is edging up in Europe, brightening the prospects for the region’s refiners. At the same time, Asian buying has picked up in the physical market -- where real barrels are bought and sold -- even as the pandemic rages in parts of the continent such as key importer India.Crude is pressured by “increased risk aversion in view of the weakness on the stock markets,” said Eugen Weinberg, head of commodities research at Commerzbank AG. Brent has also found “strong technical resistance” at $70 a barrel, he said.The global market should be able to absorb both the additional supplies from Iran and from the Organization of Petroleum Exporting Countries and its allies, ING Group said Wednesday in a note, assuming supply from the Persian Gulf nation hits about 3 million barrels a day by the fourth quarter.Chinese refiner Rongsheng Petrochemical Co. purchased 12 million barrels of Middle Eastern oil in recent days, the biggest volume in about seven months. That’s boosted spot premiums for grades favored by Chinese and Japanese refiners to multimonth highs.Some traders in options markets are also more bullish. The equivalent of 10 million barrels of Brent June 2022 $125 calls traded on Tuesday. Those contracts would profit a buyer from a strong rally in headline prices in the next year.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 06h55m Gold Retreats From Three-Month High Ahead of Fed Minutes (Bloomberg) -- Gold slipped from its highest level in more than three months as the dollar strengthened ahead of the Federal Reserve releasing minutes from its April meeting.European stocks and U.S. equity futures dropped Wednesday amid a broad deterioration in risk appetite. That pushed the dollar higher after four straight days of declines, weighing on bullion. Gold also came under pressure from rising Treasury yields amid growing concerns about inflation.Fed minutes due later Wednesday may offer more insight into how policy makers view growing price pressures, and any hints of a timeline for tapering stimulus. In Bank of America Corp.’s latest fund manager survey, inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles, while Covid-19 was in fourth place.Gold was recently buoyed by falling real bond yields and a weakening dollar, with inflation expectations in the U.S. close to the highest in seven years. That’s revived investor interest in gold, with inflows into bullion-backed exchange-traded funds resuming and hedge funds on the Comex boosting their exposure.“Gold prices are steadying as Treasury yields may have found a short-term bottom,” said Edward Moya, senior market analyst at Oanda Corp. The outlook for bullion was still bullish, given the monetary policy stances across the world’s two largest economies, he said.Spot gold declined 0.3% to $1,864.83 an ounce by 1:45 p.m. in London. Prices climbed to as much as $1,875.10 on Tuesday, the highest since January. Silver, platinum and palladium fell. The Bloomberg Dollar Spot Index rose 0.3% after declining 0.3% on Tuesday.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210519 06h52m Russian Metals Giant Plans Split to Focus on Green Aluminum (Bloomberg) -- Russian metals giant United Co. Rusal International PJSC plans to split off its higher-carbon assets, leaving a business focused on the fast-growing green aluminum market.Rusal, along with other producers such as Alcoa Inc. and Rio Tinto Group, is driving the development of so-called “green aluminum,” with automakers and other consumers charged a premium for metal with a smaller carbon footprint. Under Rusal’s plan, its management has proposed changing the name of the company to AL+ as it seeks to become a key player in that potentially lucrative market.“Rusal would focus on reinforcing its position as a leading producer of low-carbon aluminum and the new company would concentrate on the development of the domestic market and its growth potential,” the company said Wednesday in a statement.READ: Russian Metals Giant Ups Ante in Race for Greenest AluminumAL+ will include the newest Khakas and Boguchansky smelters as well the Taishet project and international alumina and mining facilities. The Russian plants work on hydro-power. The new company will house assets, including the Bratsk and Irkutsk aluminum smelters, as well the Achinsk alumina refinery and Russian mining assets.Last month, Rusal’s parent En+ Group International PJSC said the company has produced aluminum with the lowest carbon footprint as the race for cleaner sources of the metal intensifies.En+’s board of directors suggested that in the interests of Rusal’s shareholders it would be better for the higher-carbon business to be listed on the Moscow Exchange. Its shares should be allocated to current Rusal owners on a pro-rata basis, it said. Still, no final decision has been taken and Rusal will study all potential options for the deal. The split would also require regulatory approval.Rusal’s almost 28% stake in MMC Norilsk Nickel PJSC will remain in AL+ as it is party to the Russian miner’s shareholder accord. Nornickel dividends are important for the company’s investment program, Rusal said.Rusal shares declined 4.4% as of 3:47 p.m. in Moscow trading.(Updates with asset split in fourth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210519 06h46m Merkel bemoans lack of EU expertise in chips, batteries German Chancellor Angela Merkel expressed concern on Wednesday that Europe cannot make the semiconductor chips and batteries it needs to compete for the production of cars as well as the development of smart appliances. Merkel told a summit on the future of innovation in Germany that Europe risked falling behind in areas like quantum computing, chips and batteries, essential for the future of the car industry as it shifts to make more electric vehicles. If Europe loses the ability to make chips that are used in internet-connected devices then it makes itself very dependent, particularly on Asia, Merkel noted. Business Reuters 210519 06h44m Europe regulator sees first flying taxis in 2024 or 2025 Europe could see the first flying taxis enter service as early as 2024, the region's top aviation regulator said on Wednesday. More than half a dozen European firms have announced developments of Urban Air Mobility vehicles for passenger use or for unmanned cargo sorties such as delivering medical supplies. "I believe that commercial use of (air) taxis can start to take place in 2024 or 2025," Patrick Ky, executive director of the European Union Aviation Safety Agency (EASA) said. Business Bloomberg 210519 07h10m Canadian Consumer Prices Climb at Fastest Pace in a Decade (Bloomberg) -- Consumer prices in Canada climbed in April at the fastest rate in a decade, outpacing estimates and potentially fueling concerns that the country, much of which is still in lockdown, is entering a period of persistent inflation.Annual inflation accelerated to 3.4% in April, compared with 2.2% in March, Statistics Canada reported Wednesday in Ottawa. That exceeded economist predictions of a 3.2% annual pace. On a monthly basis, inflation rose 0.5% versus the 0.2% economists were expecting.The annual reading -- the highest since May 2011 -- may raise worries that price pressures could be stronger than predicted by the Bank of Canada, which has been cautioning against over-reacting to an inflation spike it expects will be only transitory. If inflation proves more durable, however, that could force the central bank to bring forward interest rate increases that investors aren’t anticipating until later next year.Core inflation -- often seen as a better measure of underlying price pressures -- rose to 2.1% from 1.9% in March. That’s the highest reading since 2012.Higher gasoline prices were the biggest upward contributer to annual inflation. They were up 62.5% in April compared with the same time last year, when prices plunged to an 11-year low in the early weeks of the pandemic, the report said. On a monthly basis, shelter prices were the biggest upward contributer due to higher building costs and strong demand for single family homes.The annual consumer price index reading is distorted because the year-ago period used as comparison coincided with broad demand and price declines at the beginning of the pandemic, a phenomenon known as the base effect.A similar phenomenon also drove inflation higher in the U.S. last month to an annual 4.2% pace. Unlike in the U.S., inflation in Canada may be rising at a slower pace because much of the country was still in some form of a Covid-related shutdown last month, stunting demand for goods and services. Recent gains in the Canadian dollar also may have dampened inflation pressures.“Base effects and higher commodity prices have done most of the damage, similar to what was seen in the U.S. CPI release last week, although that also had a boost from the US economic reopening,” Simon Harvey, a senior foreign exchange analyst at Monex Canada, said by email.Canada’s dollar fell after the report, trading 0.3% lower at C$1.2101 per U.S. dollar at 9:01 a.m. in Toronto trading. Yields on Canadian government five-year bonds were little changed at 0.95%.Bank of Canada Governor Tiff Macklem had predicted that inflation would rise to about 3% because of these base effects, but he also said he believes that underlying price pressures remain depressed because of continued slack in the economy. In its latest forecasts released last month, the central bank forecast inflation to average 2.9% in the second quarter before returning near its 2% target by the end of the year.“BoC members have already stated that they’d look through the short-term overshoot in inflation, meaning there is a high bar for CPI to clear before markets start to speculate on changing expectations of normalization,” Harvey said.(Updates with economist quotes, details throughout)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210518 19h19m02s Business Bloomberg 210518 19h00m Bitcoin’s Obstacles Mount Amid China Cryptocurrency Warning (Bloomberg) -- Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that digital tokens can’t be used as a form of payment.The largest token fell as much as 2.3% to $42,309 in early Asian trading Wednesday, continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Ether, Dogecoin and last week’s sensation, Internet Computer, also retreated.“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender.Virtual currencies should not and cannot be used in the market because they’re not real currencies, according to a notice posted on the PBOC’s official WeChat account. Financial and payments institutions are not allowed to price products or services with virtual currency, the notice said.“They just want caution,” said Bobby Lee, founder and chief executive officer of crypto storage provider Ballet. “They feel the market is over-hyped, there’s speculative trading, they’re looking out for the best interests of the people.”Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90% of trades but the lion’s share of mining and major players have since fled abroad.Read more: Bitcoin Chartists See Rout Worsening With $40,000 in FocusChina has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.“It’s no surprise to me, as Chinese capital controls can be challenged by cryptocurrency purchases in the country and transfers out of the country,” said Adam Reynolds, CEO for APAC at Saxo Markets. “So avoiding use of them in the country is essential to maintaining capital controls. The only tolerable digital currency to a government with strong capital controls is their own CBDC.”Many chartists and technical analysts are looking at Bitcoin’s 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday. In addition, an acceleration in its selloff could mean the coin approaches its next support around $40,000. A fall to that level would mark the first time since September that Bitcoin would test its average price over the past 200 days. And breaching it could mean it drops to $30,000, where it’s previously found support.For Stephane Ouellette, chief executive and co-founder of FRNT Financial, the moves have more to do with Musk’s recent tweets about Bitcoin.“It’s just a bit of a mess. TSLA’s entrance into the space saw some of the most aggressive BTC buying I’ve personally ever seen -- and it has to unwind,” he said. The EV-maker’s retraction that it will accept Bitcoin as payment “was the catalyst that accelerated the spread consolidation. Then over the weekend, little comments here and there have continued to confuse.”Meanwhile, the latest Bank of America fund manager survey showed that “Long Bitcoin” is the most crowded trade in the world right now. The poll captures 194 fund managers with $592 billion worth of AUM overall.“The fact that the BofA manager survey shows that the ‘long Bitcoin’ trade is the most crowded one on the Street right now isn’t helping either,” said Matt Maley, chief market strategist for Miller Tabak + Co. “When an asset becomes the most crowded trade in the BofA survey, it has frequently signaled a near-term pullback in the past. When you combine this with the news out of China, it’s not a surprise that Bitcoin is seeing some more weakness.”(Updates prices from the second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210518 18h52m Thailand Said to Plan $22 Billion Borrowing for Covid Relief (Bloomberg) -- Thailand plans to borrow an additional 700 billion baht ($22.3 billion) to fund measures to counter the worst wave of Covid-19 outbreak to hit Southeast Asia’s second-largest economy, people familiar with the matter said.A meeting of the cabinet chaired by Prime Minister Prayuth Chan-Ocha on Tuesday approved the new borrowing plan from the finance ministry, the people said, declining to be identified before a public announcement.The government proposes to spend 400 billion baht of the new borrowing to help various sections of the society affected by the new outbreak, while 270 billion baht will be used to revive the economy, the people said. About 30 billion baht will be set aside to finance medical supplies and vaccines to contain the latest outbreak, they said.The fresh borrowing can be completed before Sept. 30 next year, and is on top of an ongoing 1-trillion baht debt plan authorized by the cabinet last year to fund pandemic relief measures, they said.Thailand’s public debt-to-gross domestic product ratio may rise to 58.6% by September with the additional borrowing, but would still be below the nation’s 60% debt ceiling, the people said. The government will need to issue an emergency law that needs to be endorsed by the king before the public debt management office can begin raising fresh debt, they said.Kulaya Tantitemit, a spokesperson for the Finance Ministry and head of its Fiscal Policy Office, declined to comment. Anucha Burapachaisri, a government spokesman also declined to comment.Weak OutlookThailand, which is grappling with the deadliest Covid wave to hit the nation so far, slashed its growth outlook for this year earlier this week, citing the delay in reopening borders to foreign tourists and slow vaccination. The economy may expand between 1.5% and 2.5% this year, less than the 2.5%-3.5% forecast in February, the National Economic and Social Development Council said Monday. The country’s budget deficit soared almost 17% in the first half of the fiscal year that began in October as revenue tumbled, prompting the government to almost triple borrowing to meet the shortfall. The cabinet this month gave in-principle approval for a $7.2 billion assistance package that included short-term financial relief for those affected by the virus, as well as measures to stimulate consumption once infections abate.Thailand has imposed curbs on businesses and travel to contain the resurgence in the pandemic that seen the nation’s total caseload almost quadruple since the start of April. The country has vaccinated only about 2% of its population, trailing the pace of countries like Indonesia, Malaysia and Singapore. (Updates with latest GDP forecast in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Reuters 210518 18h42m Canada says reiterated to U.S. that it plans a digital services tax - minister Canada reiterated to the United States that it plans to go ahead with a digital services tax if need be, a move that would hit giants like Alphabet Inc's Google and Facebook Inc, Trade Minister Mary Ng said on Tuesday. Ng told reporters she made the remarks in bilateral talks with U.S. Trade Representative Katherine Tai, who on Monday had expressed concern about the plan. Canada said last November it intended to impose a tax on corporations providing digital services from 2022. Business Bloomberg 210518 18h38m Chip Crisis Gets Even Worse as Wait Times Reach Record 17 Weeks (Bloomberg) -- Shortages in the semiconductor industry, which have already slammed automakers and consumer electronics companies, are getting even worse, complicating the global economy’s recovery from the coronavirus pandemic.Chip lead times, the gap between ordering a chip and taking delivery, increased to 17 weeks in April, indicating users are getting more desperate to secure supply, according to research by Susquehanna Financial Group. That is the longest wait since the firm began tracking the data in 2017.“All major product categories up considerably,” Susquehanna analyst Chris Rolland wrote in a note Tuesday, citing power management and analog chip lead times among others. “These were some of the largest increases since we started tracking the data.”Chip shortages are rippling through industry after industry, preventing companies from shipping products from cars to game consoles and refrigerators. Automakers are now expected to lose out on $110 billion in sales this year, as Ford Motor Co., General Motors Co. and others have to idle factories for lack of essential components.The industry and its customers watch lead times as an indicator of the balance between supply and demand. A lengthening of the gap indicates that buyers of semiconductors are more willing to commit to future supply to avoid a recurrence of shortfalls. Analysts track these numbers as a harbinger of hoarding that can lead to the accumulation of too much inventory and sudden declines in orders.“Elevated lead times often compel ‘bad behavior’ at customers, including inventory accumulation, safety stock building and double ordering,” Rolland wrote. “These trends may have spurred a semiconductor industry in the early stages of over-shipment above true customer demand.”The situation has been complicated by a resurgence of coronavirus cases in Taiwan, a key location for chip manufacturing. The country has closed schools, curbed social gatherings, and shut many adult entertainment venues, museums and public facilities. While businesses and factories are operating, the government may have to consider broader restrictions.The country is home to Taiwan Semiconductor Manufacturing Co., which is the world’s most advanced chipmaker and counts Apple Inc. and Qualcomm Inc. among its many customers. Local manufacturers also produce less glamorous -- but equally critical -- chips, such as display driver ICs that have been a particularly painful bottleneck for global production.The current level of 17 weeks climbed from the 16-week level Rolland had previously said was the top of the “danger zone” and marks a fourth consecutive month of “sizable” expansion, he wrote.Lead times for some products, such as power management chips, expanded by as much as four weeks in April from the prior month. Industrial microcontrollers order lead times extended by three weeks, some of the steepest increases Rolland has seen since he began tracking the numbers in 2017, he wrote.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210518 18h34m U.K.’s Johnson Pushes to Get Australia Trade Deal Completed (Bloomberg) -- U.K. Prime Minister Boris Johnson is pushing to get a trade deal with Australia over the line, amid warnings from farmers that cheaper imports could put them out of business.Johnson is preparing to offer Australia tariff-free access to U.K. food markets as talks continue within the government over the deal, The Times newspaper reported Wednesday.That is despite concerns from Britain’s National Farmers’ Union that many farms would face ruin if they have to compete with zero-tariff imports of beef and lamb. Johnson’s office declined to comment on the report, saying negotiations were ongoing.Britain and Australia agreed the bulk of a free-trade agreement in April and have signaled they want to conclude the pact by the G-7 summit in June.Any agreement will “include protection for the agriculture industry and won’t undercut U.K. farmers,” Johnson’s spokesman Max Blain told reporters Tuesday.Read More: U.K., Australia Seal Most of Trade Deal in Boost for Johnson (1)National Farmers’ Union President Minette Batters said in a statement that the government “must recognize that opening up zero tariff trade on all imports of products such as beef and lamb means British farming, working to its current high standards, will struggle to compete.”“Will it watch family farms go out of business when they are unable to compete?” she added.Environment Secretary George Eustice told Sky News there was a “balance to be struck between your commercial interests and your desire to open up new markets.”Post-Brexit TargetA trade deal with Australia is one of the government’s key post-Brexit targets, alongside ongoing negotiations with the U.S. and New Zealand. A deal between the U.K. and Australia is expected to boost Britain’s GDP by 0.02% over 15 years, according to a British government assessment.Australian Trade Minister Dan Tehan on Wednesday said the nations were making “good progress” in their FTA negotiations.“We are now meeting every week in a sprint to have an in-principle agreement by the end of June,” Tehan said in an emailed statement sent in response to a request for comment. He declined to comment on the details of the negotiations.Eustice said his department is considering ways to protect sensitive sectors during the negotiations, such as having tariff-rate quotas on certain goods. International Trade Secretary Liz Truss is said to favor a zero-tariff, zero-quota deal similar to Britain’s accord with the EU, according to a report in the Financial Times.The Department for International Trade said in a statement that a deal would be a step toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, an 11-country pact including Singapore, Malaysia and Japan, which would “allow U.K. farmers even greater access to growing consumer markets in Asia.”Separately, the U.K. government said it will soon start talks to improve upon the roll-over post-Brexit trade deals it signed with Canada and Mexico.(Updates with Australian trade minister’s comments in 10th, 11th paragraphs)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210518 18h31m Asia Stocks Track U.S. Lower on Inflation Concerns: Markets Wrap (Bloomberg) -- Asian stocks tracked U.S. declines Wednesday as concern about faster inflation shadows the economic recovery from the pandemic. A dollar gauge was near the lowest level this year.Japanese and Australian shares slid after key U.S. equity benchmarks closed lower and large technology stocks like Amazon.com Inc. and Microsoft Corp. erased gains. AT&T Inc. plunged after the company said it plans to spin off its media operations. Contracts on the S&P 500 and Nasdaq 100 were in the red. A slide in crude on the possibility of more supply from Iran hurt energy stocks overnight. Treasury yields were steady. Bitcoin and other cryptocurrencies held a retreat after China warned digital tokens can’t be used as a form of payment. Markets are closed Wednesday in Hong Kong and South Korea for holidays.Stocks have been volatile after touching a record in early May, whipsawed by concerns about accelerating inflation amid elevated commodity prices, as well as a Covid-19 resurgence in some countries. Federal Reserve officials have repeatedly indicated that they see recent price pressures as transitory and intend to keep policy accommodative for some time to come. Traders are awaiting the latest Fed minutes for the clues about the outlook.“The market has been trying to process a very unusual economic environment and a confluence of factors that it has not faced for a long time,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “I personally would say that the stock market has absorbed it all extremely well because there’s still a high conviction view on earnings being strong.”In Bank of America Corp.’s latest fund manager survey, inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles. Covid-19 was in fourth place.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksS&P 500 futures dipped 0.2% as of 9:23 a.m. in Tokyo. The S&P 500 fell 0.9%Nasdaq 100 futures shed 0.2%. The Nasdaq 100 fell 0.7%Japan’s Topix index retreated 0.9%Australia’s S&P/ASX 200 index fell 1.6%CurrenciesThe yen was at 108.95 per dollarThe offshore yuan traded at 6.4249 per dollarThe Bloomberg Dollar Spot Index was steady after falling 0.3%The euro was at $1.2225BondsThe yield on 10-year Treasuries was steady at 1.64%Australia’s 10-year bond yield held at 1.78%CommoditiesWest Texas Intermediate crude fell 0.7% to $65.01 a barrelGold was at $1,868.60 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210518 18h30m China Huarong’s Journey From Safe Bet to Bad News: A Timeline (Bloomberg) -- It was a turbulent April for China Huarong Asset Management Co.’s dollar-bond holders.At the end of March, its 4% perpetual dollar bond was trading at 102 cents on the dollar as investors figured the January execution of former chairman Lai Xiaomin for bribery put a line under past wayward behavior. But the failure of the company to release 2020 results by a March 31 deadline, and a subsequent report by mainland media Caixin that the firm will restructure, sparked weeks of turmoil. The same bond now trades at 57 cents.The heart of the matter is whether the central government will rescue a state-owned company that’s integral to the smooth running of the financial system. While there are signs Beijing wants to ensure China Huarong can repay its debts on time, uncertainty prevails.Here’s a look at the key events for China Huarong:May 18China Huarong has transferred funds to repay a $300 million note maturing May 20, Bloomberg News reports, the first dollar bond to come due since the delayed 2020 results. Prices for the firm’s dollar bonds slump earlier in the day after the New York Times reports China is planning an overhaul that would inflict “significant losses” on both domestic and foreign China Huarong bondholders.May 17The company has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time China Huarong aims to have completed its 2020 financial statements, according to a Bloomberg News report. That as at least two of its onshore bonds see big price declines in recent days, worrying some investors.May 13The firm says it’s prepared to make future bond payments and has seen no change in the level of government support, seeking to ease investor concerns after a local media report that regulators balked at China Hurarong’s restructuring plan.May 6The company says it transferred funds to pay five offshore bond coupons due the following day, its latest move to meet debt obligations amid persistent doubts about its financial health.April 30China Huarong breaks its silence, with an executive telling media it is prepared to make its bond payments and state backing remains intact. The official also says the week’s rating downgrades “have no factual basis” and are “too pessimistic.”April 29Moody’s Investor Service downgrades China Huarong by one notch to Baa1, adding the firm remains on watch for further downgrade. The cut reflects the company’s weakened funding ability due to market volatility and increased uncertainty over its future, according to the statement.April 27China Huarong units repay bonds maturing that day. The S$600 million ($450 million) bond was repaid with funds provided by China’s biggest state-owned bank, according to a Bloomberg News report.April 26Fitch Ratings downgrades China Huarong by three notches to BBB while dropping the company’s perpetual bonds into junk territory. The lack of transparency over government support for the firm may hamper its ability to refinance debt in offshore markets, Fitch said.April 25China Huarong says it won’t meet an April 30 deadline to file its 2020 report with Hong Kong’s stock exchange because auditors needed more time to finalize a transaction the company first flagged on April 1. Securities and asset-management units said in the days before that they wouldn’t release 2020 results by month’s end.April 22The China Banking and Insurance Regulatory Commission asks lenders to extend China Huarong’s upcoming loans by at least six months, according to REDD, citing two bankers from large Chinese commercial lenders.April 21China is considering a plan that would see its central bank assume more than 100 billion yuan ($15 billion) of China Huarong assets to help clean up the firm’s balance sheet, according to a Bloomberg News report. Peer China Cinda Asset Management Co. was said to be planning the sale of perpetual bonds in the second quarter.April 20China Huarong’s key offshore financing unit says it returned to profitability in the first quarter and laid a “solid” foundation for transformation. Reorg Research reports that regulators are considering options including a debt restructuring of the unit, China Huarong International Holdings Ltd.April 19Huarong Securities Co. says it wired funds to repay a 2.5 billion yuan local note.April 16The CBIRC says China Huarong’s operations are normal and that the firm has ample liquidity. These are the first official comments about the company’s troubles. Reuters reports Chinese banks have been asked not to withhold loans to Huarong.April 13Fitch and Moody’s both put the company on watch for downgrade. The finance ministry, which owns a majority of Huarong, is considering the transfer of its stake to a unit of the country’s sovereign wealth fund, Bloomberg News reports. Chinese officials signal they want failing local government financing vehicles to restructure or go bust if debts can’t be repaid.April 9China Huarong says it has been making debt payments “on time” and its operations are “normal.” Bloomberg reports the company intends to keep Huarong International as part of a potential overhaul that would avoid the need of a debt restructuring or government recapitalization. S&P Global Ratings puts China Huarong’s credit ratings on watch for possible downgrade.April 8China Huarong is preparing to offload non-core and loss-making units as part of a broad plan to revive profitability that would avoid the need for a debt restructuring or government recapitalization, Bloomberg News reports.April 6Selling gains steam in China Huarong’s dollar bonds, following a holiday in China. Huarong Securities says there has been no major change to its operations, in response to a price plunge for its 3 billion yuan local bond.April 1China Huarong announces a delay in releasing 2020 results, saying its auditor is unable to finalize a transaction. Stock trading is suspended and spreads jump on the firm’s dollar bonds while China Huarong tells investors its business is running as usual. Caixin reports the company submitted restructuring and other major reform plans to government officials and shareholders.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210518 18h18m26s Business Bloomberg 210518 17h28m Asia Stocks to Track U.S. Lower on Inflation Fears: Markets Wrap (Bloomberg) -- Asian stocks on Wednesday are set to track U.S. declines as concern about faster inflation shadows the economic recovery from the pandemic. A dollar gauge was near the lowest level this year.Futures slipped in Japan and Australia after key U.S. equity benchmarks closed lower and large technology stocks like Amazon.com Inc. and Microsoft Corp. erased gains. U.S. futures dipped. A slide in crude on the possibility of more supply from Iran hurt energy stocks. Treasury yields dipped. Markets are closed Wednesday in Hong Kong and South Korea for holidays.Stocks have been volatile after touching a record in early May. Investors have been whipsawed by concerns about accelerating inflation amid elevated commodity prices, as well as a Covid-19 resurgence in countries including India. Traders are awaiting the latest Federal Reserve minutes for clues on how policy makers view price pressures, and any hints of a timeline for tapering stimulus.In Bank of America Corp.’s latest fund manager survey, inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles. Covid-19 was in fourth place.“The market has been trying to process a very unusual economic environment and a confluence of factors that it has not faced for a long time,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “I personally would say that the stock market has absorbed it all extremely well because there’s still a high conviction view on earnings being strong.”Bitcoin fell to the lowest since February after the People’s Bank of China reiterated that digital tokens cannot be used as a form of payment. AT&T Inc. plunged the most in the S&P 500 after the company said it plans to spin off its media operations.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksS&P 500 futures dipped 0.1% as of 8:02 a.m. in Tokyo. The S&P 500 fell 0.9%Nasdaq 100 futures were little changed. The Nasdaq 100 fell 0.7%Nikkei 225 futures fell 1.2%Australia’s S&P/ASX 200 Index futures fell 1.1%CurrenciesThe yen was at 108.92 per dollarThe offshore yuan traded at 6.4217 per dollarThe Bloomberg Dollar Spot Index was steady after falling 0.3%The euro was at $1.2222BondsThe yield on 10-year Treasuries fell one basis point to 1.64%Australia’s 10-year bond yield held at 1.79%CommoditiesWest Texas Intermediate crude fell 1.2% to $65.49 a barrelGold future were at $1,869.21 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Business Politics Business Business Politics World Howell date : 210518 17h17m49s Politics Bloomberg 210518 17h00m Four Hedge Fund Titans Each Give $500,000 to PAC for Adams (Bloomberg) -- Four big hedge fund managers contributed a total of $2 million to a political action committee supporting Brooklyn Borough President Eric Adams, who is leading in some polls for the Democratic primary for New York City mayor.Billionaires Ken Griffin, Dan Loeb, Stanley Druckenmiller and Paul Tudor Jones donated to Strong Leadership NYC Inc., which spent about $1.2 million on a television ad for Adams, who is running on a tough-on-crime platform. The committee, which can spend unlimited amounts on the race as long as it’s not coordinating with the Adams campaign, was set up by Jenny Sedlis, the executive director of StudentsFirstNY, a group that backs charter schools.Adams, who retired at the rank of captain from the New York Police Department after a 22-year career, initially made his mark as a police reformer. He is campaigning ahead of the June 22 Democratic primary on a violence crackdown, saying he wants to create a controversial plainclothes anti-gun unit similar to an anti-crime unit that was disbanded after it generated a disproportionate share of complaints and instances of excessive force.Read More: NYC Mayoral Hopeful Adams to Restore Controversial Anti-Gun UnitRead More: NYC’s Crime Spike Puts Policing in the Spotlight of Mayor’s RaceGriffin, Loeb, Druckenmiller and Tudor Jones declined to comment through representatives.With about a month left before the June 22 Democratic primary, Super-PACs backed by wealthy individuals, corporations and labor unions are pouring cash into a race that has been described as the city’s most consequential in a generation. New York for Ray, which backs former Citigroup Inc. banker Ray McGuire has raised $6 million for his mayoral bid, according to state Board of Elections records. A group backing former city housing commissioner Shaun Donovan has raised about $7 million, most of it coming from Donovan’s father.Griffin, the founder and chief executive of Citadel and Loeb, founder of Third Point LLC, also gave $500,000 each to an Andrew Yang Super-PAC. Citadel Securities LLC chief executive Peng Zhao also gave $250,000 to the Yang committee and Jeff Yass, co-founder of quant trading firm Susquehanna International Group gave $500,000.Separately, Loeb, his wife Margaret, Griffin and Zhao sent $1.5 million to a campaign seeking to boost voter turnout among Black, Latino and Asian voters. The non-partisan initiative won’t endorse specific candidates.“As the city rebounds from the pandemic, we are proud to support the organizations implementing these important voter empowerment efforts,” Dan Loeb said in a May 11 news release. “For healing to occur and to restore our great city, the voices of those most affected by the inequality in our schools and criminal justice system and hurt by increasing incidents of violence and deficiencies in our health system must be heard.”Griffin, a long-time Republican backer, gave more than $66 million to conservative outside spending groups in the 2020 presidential cycle and Yass gave about $30 million, according to the Center for Responsive Politics.A poll released Monday by Emerson College and Pix11 had Adams leading the race with 18%, ranking him first among 631 people polled from May 13-15. Yang and city comptroller Scott Stringer were tied at 15%.(Adds voter participation initiative in seventh paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210518 16h51m CORRECTED-OFFICIAL-Libya sovereign fund makes financial statements push The Libyan Investment Authority will this month begin preparations to start reporting consolidated financial statements, it told Reuters, after announcing it had $68 billion in largely frozen assets following its first internal evaluation process in years. Africa's largest sovereign wealth fund is working to regain the trust of the international community after the United Nations froze most of its assets during the 2011 rising that toppled Muammar Gaddafi. It said this month its first asset valuation since 2012 had revealed assets of $68.35 billion at end-2019 compared to $67 billion in 2012. Business Reuters 210518 16h42m Senate Democrat proposes $52 billion for U.S. chips production, R&D U.S. Senate Democratic Leader Chuck Schumer unveiled revised bipartisan legislation late Tuesday to approve $52 billion to significantly boost U.S. semiconductor chip production and research over five years. The emergency funding proposal will be included in a more than 1,400-page revised bill the Senate is taking up this week, as first reported by Reuters on Friday, to spend $120 billion on basic U.S. and advanced technology research to compete with China. Schumer said the bill includes a "historic $52 billion investment to make sure the United States stays on the cutting edge of chip production." Business Bloomberg 210518 16h30m AT&T Spinoff Starts Marketing $41.5 Billion of Merger Loans (Bloomberg) -- The new entity that will house the merged AT&T Inc. spun-off WarnerMedia division with Discovery Inc.’s reality-TV empire is starting to market a series of loans to help fund the transaction, according to people with knowledge of the matter.The facilities include a $31.5 billion 364-day bridge loan, which is expected to be refinanced with longer-term bonds prior to maturity, and a $10 billion term loan in two tranches, the people said. The debt will replace the $41.5 billion in financing commitments already received from Goldman Sachs Group Inc. and JPMorgan Chase & Co., the largest bridge this year. The loans are being marketed to other banks that will join the transaction.The new company, whose name will be announced this week, has split the term loan into a $3 billion 18-month tranche and a $7 billion three-year portion, said the people, who asked not to be identified discussing a private transaction. The company is also syndicating a $6 billion five-year revolving credit facility, they added.Representatives for JPMorgan, which is leading the bridge loan and term loan portion, and Goldman Sachs declined to comment. Representatives for AT&T didn’t immediately respond to requests for comment.AT&T’s decision to spin off its media business marks a major shift in its strategy after years of working to assemble telecommunications and media assets under one roof. The company will reduce net debt by $43 billion through the transaction, putting it on track to drop behind rival Verizon Communications Inc. in the rankings of the most indebted non-financial companies globally, according to data compiled by Bloomberg.Pricing on the bridge loan consists of a 17.5 basis point ticking fee, a fee of 137.5 basis points over the London interbank offered rate if drawn, and a duration fee of 50, 75, and then 100 basis points every 90 days the loan is outstanding, the people said.The 18-month term loan has an upfront fee of 5.25 basis points and a drawn margin of 125 basis points over Libor, while the three-year tranche has an upfront fee of 10.5 basis points and a drawn margin of 137.5 basis points over Libor.The revolver has a 17.5 basis point commitment fee and a 137.5 basis points over Libor drawn margin.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business World Business World Howell date : 210518 15h27m06s Howell date : 210518 14h26m29s Howell date : 210518 13h55m51s Howell date : 210518 13h25m15s Business Bloomberg 210518 13h16m CNN Dodges Risk of MSNBC Tie-Up as AT&T Opts for Discovery (Bloomberg) -- For months, Wall Street has called on AT&T Inc. to shed its media assets, including CNN, arguing that investors prefer companies with a singular focus.On Monday, AT&T finally relented, announcing that CNN and its corporate siblings will be joining forces with Discovery Inc., home of networks like HGTV, Food Network and TLC.For CNN, the deal could provide a number of strategic advantages -- and avoids the headaches of a potential combination with Comcast Corp.’s MSNBC. David Zaslav, the current head of Discovery who will lead the new combined company, said Discovery’s global business will help “supercharge” CNN’s business outside the U.S.While AT&T has focused largely on wireless service in the U.S. market, Discovery has expanded aggressively overseas. It has a presence in key European markets, which could benefit CNN’s international bureaus. Discovery owns TVN, a broadcast channel in Poland, and has a stake in GB News, a new news channel in Britain run by Andrew Neil, a former executive in Rupert Murdoch’s media empire.“Not only does David offer a hands-on media expertise that AT&T couldn’t offer, but he’s got a global outlook that perfectly matches CNN,” said Jon Klein, the former president of CNN’s U.S. operations.AT&T shares were down 5.8% to $29.55 at 3:09 p.m. Tuesday in New York, with Discovery shares off 0.3% to $33.76.Awkward SituationsThe deal will also free CNN of a corporate parent whose political contributions at times thrust the newsroom into awkward situations. In 2018, for instance, CNN had to cover how AT&T paid President Donald Trump’s personal lawyer Michael Cohen while seeking government approval to buy CNN’s parent company, Time Warner.The deal may also put to rest speculation that CNN is for sale. Before Monday’s announcement, CNN had received interest from potential buyers, according to the Wall Street Journal. But Zaslav shot down the idea Monday, telling CNN “we’re not interested in selling it, and we’re going to invest in it.”In an interview with Bloomberg News, Zaslav cited his experience at NBCUniversal, where he launched the cable news channels CNBC and MSNBC.“I’ve seen the value of those assets,” Zaslav said. “It’s extremely powerful. And in a world where there is so much content, live news and live sports becomes a real palpable currency.”For CNN’s 3,000 employees, the surprising development may provide a measure of relief. Prior to the announcement, some observers believed that Comcast’s NBCUniversal was the most likely merger partner for AT&T’s media assets. Such a pairing would have put CNN under the same roof as its cable-news rivals at Comcast’s MSNBC, the type of forced union that often results in ugly power struggles and painful layoffs.Facing ChallengesRegardless of its owner, CNN still faces challenges. The news network needs to find a way to keep ratings from further eroding during the Biden years. CNN’s audience in the key demographic of 25-to-54-year-olds declined 52% in April from a year earlier, a steeper loss than at MSNBC or Fox Corp.’s Fox News. It doesn’t yet have a streaming destination for cable cord-cutters. And in February, CNN’s leader, Jeff Zucker, who is well-liked internally, said he planned to step down when his contract expires at the end of the year, having successfully led the network through the four tumultuous years of Trump’s presidency.Zaslav, 61, is friends with Zucker, 56. The two play golf together.Zaslav will be sticking around awhile. On Tuesday, Discovery extended his employment contract through 2027. Asked on Monday whether he’d try to persuade Zucker, who has been president of CNN since 2013, to extend his time at the network, Zaslav was vague.“Jeff is super-talented,” he said. “He has to figure out what he wants to do.” Zaslav told CNN he’s “hoping there will be an opportunity for Jeff to stay with us.”Zucker didn’t respond to a request for comment.Zaslav said CNN and Discovery could work together on documentaries and share some of that type of content. CNN has long made docuseries like the travel and food show “Anthony Bourdain: Parts Unknown.” Recently, CNN has generated plenty of buzz with “Stanley Tucci: Searching for Italy,” a travel series in which the actor roams around the country, exploring regional cuisines.Such evergreen, nonfiction programming, at which Discovery excels, can help retain viewers during the inevitable lulls in the news cycle.“There’s a real opportunity with their documentary library,” Zaslav said. “That’s our sweet spot.”(Updates with Zaslav contract renewal in 14th paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210518 13h10m UPDATE 1-JPMorgan tells vaccinated employees no mask required at work JPMorgan Chase & Co told employees on Tuesday that fully vaccinated staff do not have to wear masks at its U.S.-based offices, according to an internal memo seen by Reuters. Employees are asked to enter their vaccination status into an online database organized by the bank. Employees who have not been vaccinated must continue to wear a face covering in all public and common spaces, private offices and meeting rooms, according to the memo. Business Bloomberg 210518 13h04m Tesla Starts to Recover After Breaching Key Technical Level (Bloomberg) -- Tesla Inc. staged a tentative rebound Tuesday after a 14% slump over the past six sessions sent it into oversold territory.Last week’s 12% drop was the worst since February and, together with Monday’s 2.2% decline, brought shares down more than one-third from their Jan. 26 record high.Tesla rose as much as 3.4% Tuesday in New York, erasing its losses from earlier in the session. The stock had fallen below its long-term average price, or the 200-day moving average, on Thursday last week and also Monday.According to the 14-day relative strength index, which tracks the persistence and magnitude of price swings, Tesla’s shares briefly touched the oversold level and bounced back sharply. The stock currently has a score of 36.5 on the index, and a number below 30 is considered oversold.“The overall market has started to rotate back into growth names, which has helped Tesla find at least a short-term bottom for now,” said Jake Wujastyk, chief market analyst at technical analysis firm TrendSpider. The firm’s monthly seasonality tool shows that 80% of the time, Tesla shares close higher in June compared to May, possibly suggesting some bullishness into the beginning of summer, the analyst added.Earlier on Tuesday, news of two crashes in China and Washington State initially sent shares down by as much as 2.3%. And electric vehicle news site Electrek said Tesla has over 10,000 cars in its Fremont factory that have come off the assembly line with a “containment hold,” which means they cannot be delivered to customers.Tesla has languished despite strong first-quarter results as investors turned their focus to increased competition in the EV market from global automakers, as well as semiconductor shortages.The stock was trading up 0.7% at 3:03 p.m. in New York.(Adds analyst comment in fifth paragraph, current stock move in eighth.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Bloomberg 210518 12h55m Bitcoin Dips to Lowest Since February Amid China Crypto Warning (Bloomberg) -- Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment.The largest cryptocurrency fell as much as 5.3% to $42,430 in New York, continuing a week-long slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Bitcoin is now at its lowest level since early February. Ether lost more than 7%, while last week’s sensation, Internet Computer, continued its plunge. Dogecoin also slid.“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender.Virtual currencies should not and cannot be used in the market because they’re not real currencies, according to a notice posted on PBOC’s official WeChat account. Financial and payments institutions are not allowed to price products or services with virtual currency, the note said.Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90% of trades but the lion’s share of mining and major players have since fled abroad.Read more: Bitcoin Chartists See Rout Worsening With $40,000 in FocusChina has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.“It’s no surprise to me, as Chinese capital controls can be challenged by cryptocurrency purchases in the country and transfers out of the country,” said Adam Reynolds, CEO for APAC at Saxo Markets. “So avoiding use of them in the country is essential to maintaining capital controls. The only tolerable digital currency to a government with strong capital controls is their own CBDC.”Many chartists and technical analysts are looking at Bitcoin’s 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday. In addition, an acceleration in its selloff could mean the coin approaches its next support around $40,000. A fall to that level would mark the first time since September that Bitcoin would test its average price over the past 200 days. And breaching it could mean it drops to $30,000, where it’s previously found support.For Stephane Ouellette, chief executive and co-founder of FRNT Financial, the moves have more to do with Musk’s recent tweets about Bitcoin.“It’s just a bit of a mess. TSLA’s entrance into the space saw some of the most aggressive BTC buying I’ve personally ever seen -- and it has to unwind,” he said. The EV-maker’s retraction that it will accept Bitcoin as payment “was the catalyst that accelerated the spread consolidation. Then over the weekend, little comments here and there have continued to confuse.”Meanwhile, the latest Bank of America fund manager survey showed that “Long Bitcoin” is the most crowded trade in the world right now. The poll captures 194 fund managers with $592 billion worth of AUM overall.“The fact that the BofA manager survey shows that the ‘long Bitcoin’ trade is the most crowded one on the Street right now isn’t helping either,” said Matt Maley, chief market strategist for Miller Tabak + Co. “When an asset becomes the most crowded trade in the BofA survey, it has frequently signaled a near-term pullback in the past. When you combine this with the news out of China, it’s not a surprise that Bitcoin is seeing some more weakness.”(Updates throughout, adds technical analysis, adds Ouellette comments)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210518 12h54m38s Business Reuters 210518 12h41m US STOCKS-S&P 500 down slightly as telecom weakness offsets strong retail earnings The S&P 500 declined slightly on Tuesday after major retailers including Walmart and Home Depot posted better-than-expected earnings alongside a sharp decline in telecom stocks and weak housing starts data. AT&T Inc shed 5.76%, the top drag on the benchmark S&P 500, as it extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc. Business Reuters 210518 12h41m Deutsche Bank appoints U.S. general counsel to head anti-financial crime unit Deutsche Bank has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation. Business Bloomberg 210518 12h41m Colonial Pipeline’s Computer Network Temporarily Goes Dark (Bloomberg) -- Colonial Pipeline, the crucial U.S. pipeline that’s been trying to recover from a debilitating criminal hack, restored a vital communications system that failed and temporarily left customers in the dark about fuel shipments.The computer system that allows oil refiners and other clients to reserve space and monitor the status of fuel traveling through the pipeline was back online after an outage earlier Tuesday, Colonial said in an email.Fuel shipments weren’t interrupted but the company sought to calm any concerns the outage might presage another disaster like the shutdown earlier this month that crippled gasoline and diesel deliveries across the U.S. Southeast.Fuel shortages continue to plague some cities and towns as Colonial works to fully restore the pipeline that supplies almost half the East Coast’s fuel and was halted for the better part of a week. More than 40% of filling stations in North Carolina are still dry, while in Virginia the figure was around 25%, according to retail-fuel tracker GasBuddy. The latest server disruptions stemmed from efforts to harden its systems and “were not related to the ransomware or any type of reinfection,” Colonial said.The communications outage meant fuel distributors found it more difficult to funnel shipments to supply-choked locations, said Andy Milton, senior vice president of supply at Mansfield Energy Corp., a closely held firm that handles more than 3 billion gallons of fuel a year.“Without that system, it’s very difficult to divert barrels manually,” Milton said. “Let’s say Charlotte becomes very tight and maybe we can divert barrels from Greensboro to Charlotte to help fill up in the market... If it’s not done quickly, those barrels may go right on past Charlotte and continue on towards Greensboro.”Gasoline futures traded in New York jumped as much as 1% after Bloomberg News reported Colonial’s communication glitch. Those gains later faded as it became clear there’s been no impact on deliveries.Deja VuFor some Colonial customers, Tuesday’s interruptions were uncannily similar to the early hours of what turned into the worst-ever cyberattack for a North American motor-fuel pipeline. On May 7, shippers began receiving notices of Colonial outages and within hours the company announced a total shutdown to combat the hack.The company paid almost $5 million in ransom to hackers but managed to keep it under wraps for five days. In the meantime, gas stations from Tennessee to Florida ran out of gasoline and diesel, stranding motorists and sending retail prices skyward. Major airlines took extraordinary steps like flying fuel cargoes to other cities to forestall shortages at airports.Colonial Hacker Group’s Dark Web SiteWeb SiteWeb SiteWeb Site No Longer Accessible The Colonial system, which transports roughly 2.5 million barrels of fuel daily from the Gulf Coast to the eastern seaboard, resumed service on May 12. The restoration of gasoline and diesel supplies has been hindered by a dearth of trucks and drivers to haul deliveries from distribution hubs to retail outlets.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Business Reuters 210518 12h36m Canadian National Railway shareholder urges board to amend Kansas City deal Hohn's TCI Fund Management, which has a 2.93% stake in Canadian National (CN), said the company should not go ahead with its plan to create a voting trust structure for the takeover. CN and Canadian Pacific Railway are seeking to buy U.S. railroad Kansas City Southern to create a North American railway spanning the United States, Mexico and Canada. U.S. Reuters 210518 12h35m UPDATE 1-U.S. lawmakers seeking records on 737 MAX, 787 production issues Two key U.S. lawmakers said on Tuesday they are seeking records from Boeing and the Federal Aviation Administration (FAA) on production issues involving the 737 MAX and 787 Dreamliner. House Transportation Committee Chairman Peter DeFazio and Rick Larsen, who chairs a subcommittee, said they were seeking records after multiple issues recently emerged "regarding the 737 MAX as well as the 787, including electrical problems, the presence of foreign object debris in newly manufactured aircraft, and other issues." The panel conducted an extensive investigation into the 737 MAX after two fatal crashes led to a 20-month grounding that was lifted in November. Business Bloomberg 210518 12h35m U.S. Stocks Erase Gains With Reopenings in Focus: Markets Wrap (Bloomberg) -- U.S. stocks turned lower as technology shares erased earlier gains with investors weighing the prospects of economic reopenings against concern about a pickup in virus cases in parts of Asia. Oil prices dropped amid a report that significant progress has been made to revive the U.S.-Iran nuclear deal.The Nasdaq 100 Index was little changed after megacaps including Amazon.com Inc. and Microsoft Corp. erased earlier gains. The S&P 500 fell for a second day. AT&T Inc. plunged the most in the benchmark gauge after the company said it plans to spin off its media operations. Walmart Inc. rallied the most in six weeks after boosting its profit outlook.Stocks have been volatile after touching a record in early May as investors assessed economic growth prospects against a Covid-19 resurgence in countries including India. Minutes from the latest Federal Reserve meeting, due Wednesday, may offer clues on inflation pressure and hints of a timeline for tapering stimulus. Fed Vice Chair Richard Clarida said Monday that the weak U.S. jobs report showed the economy had not yet reached the threshold to warrant scaling back asset purchases.“What appeals to me is that investors are acting like investors again,” Abby Joseph Cohen, senior investment strategist at Goldman Sachs Group Inc., said in an interview on Bloomberg TV. “There is less emphasis on momentum and there’s more emphasis on relative valuation and which of the companies that have the strongest cash flow growth and are investing that cash flow growth.”Global investor sentiment is “unambiguously bullish,” Bank of America Corp. strategists led by Michael Hartnett said, citing the firm’s latest fund manager survey. Inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles, while Covid-19 was only in fourth place.West Texas Intermediate crude declined after the BBC Persian news channel, citing Russian diplomat Mikhail Ulyanov, reported that a major announcement may be made on Wednesday regarding talks to broker an agreement between Iran and the U.S. and revive the 2015 nuclear deal. Ulyanov said on Twitter that “unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration” of the accord.Elsewhere, Bitcoin fell to the lowest since February after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment. Coinbase Global Inc. fell after Monday’s drop below the reference price used in its April direct listing.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayAustralia unemployment rate ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksThe S&P 500 fell 0.3% as of 2:33 p.m. New York timeThe Nasdaq 100 was little changedThe Dow Jones Industrial Average fell 0.3%The MSCI World index rose 0.4%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.6% to $1.2228The British pound rose 0.4% to $1.4194The Japanese yen rose 0.3% to 108.88 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.65%Germany’s 10-year yield advanced one basis point to -0.10%Britain’s 10-year yield was little changed at 0.87%CommoditiesWest Texas Intermediate crude fell 1.2% to $66 a barrelGold futures were little changedMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. World Bloomberg 210518 12h30m How Mumbai’s City Officials Made It More Covid Ready Than Delhi (Bloomberg) -- At midnight on April 17, as a deadly new wave of the coronavirus overwhelmed India, Mumbai’s Municipal Commissioner Iqbal Singh Chahal learned that six hospitals in his city would run out of oxygen within hours -- putting the lives of 168 patients at risk.Amid the ensuing scramble, the patients were rushed to the temporary hospitals Chahal’s team had set up during the city’s first wave in 2020. He hadn’t dismantled the facilities even when cases dipped. Unlike most Indian hospitals that relied on cylinders, they had been equipped with pipes that supplied oxygen directly to patients’ beds. All 168 survived.That night -- which Chahal describes as the scariest he’s ever had -- offers a look at tactics India’s financial capital used to quell its outbreak faster, and with fewer casualties, than other parts of the country. Mumbai has reported 2,784 deaths since the second wave began on March 1, around a fourth of the 10,595 in capital New Delhi. Even India’s Supreme Court has suggested that aspects of Mumbai’s model could be adopted in other parts of the nation like New Delhi.By contrast, the record number of daily deaths India continues to report, along with the collapse of the health system in parts of the country, have highlighted broad shortfalls in governance and public planning nationally.Chahal attributes the city’s successes partly to a decentralized system his team set up during the first wave, which included neighborhood war rooms to manage cases by locality. He’s also made vast changes to the way the city sourced and used its medical oxygen, creating emergency stocks and tracking systems for tankers. So, even as families around India desperately pleaded for supplies on social media, Mumbai’s patients reported fewer problems.With a population of 16 million spread across glistening skyscrapers, apartment complexes and sprawling slums, Mumbai is the world’s second-most densely packed city, according to data from the United Nations. About 32,000 people are crammed in per square kilometer. That makes lessons from India’s financial capital particularly valuable as fears grow about outbreaks in other crowded places from Bangkok to Kathmandu.“I knew it was a long drawn war; and I knew only systems can win the wars -- individuals can’t,” Chahal said in an interview via Zoom. “Devising systems and making them run on auto pilot is key to the Mumbai model.”As of May 11, Mumbai had almost half the number of active virus cases as capital New Delhi. Delhi Health Minister Satyendar Jain and Principal Secretary of Health Ashish Chandra Verma didn’t reply to calls seeking comment.Still, the risks to Mumbai are far from over. The city has recorded 688,696 cases since the pandemic began, adding 1,544 on May 16. Chahal is preparing for a third wave by setting up jumbo pediatric hospitals because public health experts have warned his team that more children might be infected in the next surge.Managing the trajectory of the virus in Mumbai is crucial given the potential human toll of a runaway epidemic. And as India’s financial capital, the city is also central to the nation’s already battered economy.Mumbai houses the nation’s main stock exchange. It’s where large multinationals like Unilever Plc and global financial giants from Citigroup Inc. to KKR & Co. have their Indian headquarters. It’s home to the nation’s central bank and India’s mammoth film industry -- Bollywood.Chahal, 55, says he built up administrative skills growing up in a military family: His father was an officer in the Indian army. Over the past decades, he’s held a string of bureaucratic positions, including working on a proposal to remodel Dharavi and helming an overhaul of Maharashtra state’s irrigation systems.He had to hit the ground running last May, when Maharashtra’s Chief Minister Uddhav Thackeray asked him to head the municipal corporation at the height of Mumbai’s first wave. Bodies were piling up in mortuaries and the city’s densest slum, Dharavi, was battling a fast growing coronavirus crisis.Lessons from last year taught him the importance of a local approach and getting patients quickly isolated, a model he calls “Chase the Virus.” His team went door to door in Dharavi looking for people with symptoms and eventually isolating 150,000 people from the slum, a move that stopped the chain of infection. At the time, Chahal also abolished the central hub handling the city’s crisis and created local war rooms in each of the 24 administrative divisions -- wards or neighborhoods -- of the city.That localized approach helped as affluent neighborhoods were worse hit during the second wave. The local war rooms got test reports and reduced the spread the of infection by pointing patients to the nearest available hospital beds. The city administration negotiated with private hospitals to allocate beds for Covid patients at government decided rates.“We set up an excellent public private partnership between hospitals which is still today not visible in rest of the country,” Chahal said.When oxygen was running out during the second wave, Chahal started to source oxygen from nearby states. Mumbai’s civic authorities also banned hospitals from adding beds beyond their oxygen storage capacity, dodging the shortages that rocked other cities.Vaccinations“Wiser after our experience of last year, when the second wave hit with its dangerous mutations, the Brihanmumbai Municipal Corporation quickly scaled up its infrastructure including beds, equipments and doctors,” said Dr. Hetal Marfatia, professor and head of the ear, nose and throat department at Mumbai’s KEM Hospital. This time round most hospital beds had readily available oxygen lines, she said.At times, Chahal said he’s had to simply find innovative ways to use limited resources. When ambulances were in short supply, he called the city’s election commission and converted the 800 cars they sent over into ambulances by putting up partitions between the driver and passenger.Still, Mumbai has been the epicenter of the virus twice, and local doctors warn of the continued risks. Chahal’s team has also drawn criticism for what some have described as a chaotic approach to vaccinations.“Though our cases graph has come down now, I would say this is not the end,” said Dr. Vikas Oswal, a pulmonologist practicing in clinics in Dharavi and other parts of Mumbai. “We are expecting a rise in cases within two weeks now, as vaccination centers are over flooded. They are not being managed properly.”Chahal acknowledges some of the risks, saying he’s preparing more jumbo hospitals with 6,500 added beds, and he’s attempting to directly import vaccines from international companies.“More we vaccinate, the greater are chances that we reduce the threat of the next wave,” Chahal said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Howell date : 210518 12h24m02s Business Reuters 210518 12h16m UPDATE 1-Canada's Teck sees little risk of higher taxes in No. 1 copper producer Chile -CEO Canada’s Teck Resources sees little risk of higher taxes in copper powerhouse Chile due to a stability agreement that shields the company's massive Quebrada Blanca Phase 2 copper project from higher levies for 15 years, Chief Executive Don Lindsay said on Tuesday. Chile's lower house this month approved a bill that would sharply hike taxes on copper mining to pay for social programs. Separately, Vancouver-based Teck has yet to decide whether to restart a sales process for its 80% stake in the Zafranal copper mine in Peru and could look for a partner to build it, Lindsay said. Business Yahoo Finance 210518 12h09m Discovery stock could be worth 35% more after AT&T deal: analyst One closely followed Wall Street analyst weighs in on the potential value for Discovery after it gobbles up WarnerMedia assets from AT&T. Business Reuters 210518 12h00m Italy's Valentino bans fur and focuses on its main brand Italian luxury group Valentino said on Tuesday it would stop using fur from next year and would focus on its main, eponymous brand, ditching its second, younger line from 2024. The fashion company controlled by Qatari investment vehicle Mayhoola follows many other brands in banning fur in recent years including Prada, Versace, Gucci and Armani, due to growing customer sensitivity to animal rights and environmental issues. The latest Valentino collection to include fur will be the Fall/Winter 2021-22 season, the company said. Politics Bloomberg 210518 11h46m Biden Delays Revamp of Trump’s Blacklist for China Investments (Bloomberg) -- President Joe Biden’s administration plans to delay by two weeks a ban on new U.S. investments in certain Chinese companies, as officials draft guidance to clarify a Trump-era policy that confused Wall Street, according to three officials familiar with the matter.Investors face a June 11 deadline to buy shares in the companies or sell shares to Americans, while the White House works to clarify how the investment ban applies to subsidiaries of blacklisted companies, said the people, who discussed the plan on condition of anonymity.Treasury Department officials had previously set a May 27 deadline to clarify the scope of the investment restrictions. One of the people said the review of the investment ban may be completed by June 11, though the Biden administration’s policy won’t necessarily be published by then.Biden’s team has been examining former President Donald Trump’s executive order that was issued in November, banning U.S. investments in Chinese companies owned or controlled by the military. Biden’s decision on the ban has been closely watched on Capitol Hill, where lawmakers are eager for a tougher stance on Beijing.The administration’s position has been just as scrutinized on Wall Street, where Trump’s order caused confusion over whether the investment ban applied to an array of companies that may be connected -- either as a subsidiary or by carrying a similar name -- to those on the blacklist.The Biden review includes an evaluation of companies on the list, including three of China’s biggest telecommunications firms that the New York Stock Exchange delisted in January-- China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. It’s unclear whether the administration will change the list, but Biden intends to keep up financial pressure on Chinese military companies, according to people familiar with the matter.As part of the review, national security aides, Treasury officials and the White House Counsel’s Office staff have also sought to bolster the legal case for restricting U.S. investment to prevent future litigation.Investors have one year to fully divest from any company once it is added to the list. For the original set of companies, the deadline is Nov. 11.(Updates with more detail on June 11 deadline beginning in second paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Health Yahoo Finance Video 210518 11h42m Why Nike and its CEO are focusing on mental health Recently Nike CEO John Donahoe spoke to Yahoo Finance about his own struggles with mental health and seeking therapy. Yahoo Finance’s Alexis Christoforous and Sibile Marcellus discuss John Donahoe’s experience and what it means for breaking mental health stigma in corporate America. Business Bloomberg 210518 11h38m U.S. Tech Stocks Rise With Reopenings in Focus: Markets Wrap (Bloomberg) -- U.S. technology stocks rose on Tuesday as optimism that economic reopenings will boost growth outweighed concern about a pickup in virus cases in parts of Asia. Oil prices dropped amid a report that significant progress has been made to revive the U.S.-Iran nuclear deal.The Nasdaq 100 Index climbed for the third time in four sessions, boosted by gains in Tesla Inc., Amazon.com Inc. and Microsoft Corp. The S&P 500 fluctuated between gains and losses. AT&T Inc. plunged the most in the benchmark gauge after the company said it plans to spin off its media operation