Newsquawk Thu 03 Jun 2021 10:04
  • Victory for Tesco workers in equal pay dispute Link https://t.co/X3p0kke4It
    Reuters Thu 03 Jun 2021 10:04

    Thousands of current and former employees of UK supermarket Tesco (TSCO.L) won their fight for equal pay on Thursday in a judgment from Europe's top court that could affect other retailers.

    Tesco found itself in the spotlight after about 6,000 current or former employees took their grievance to an employment tribunal in Watford, near London.

    They argued the company's shop workers - mostly women - had not received equal pay for equal work compared with its distribution workers - mostly men - since February 2018, in breach of EU and UK laws.

    The shop staff argued the firm should be seen as a single entity in terms of employment conditions.

    Tesco had argued an EU law defining equal pay for equal work, or work of equal value, was not directly applicable in this case.

    The UK tribunal sought guidance from the Luxembourg-based Court of Justice (CJEU), Europe's highest, which rejected Tesco's arguments.

    "The principle, laid down by EU law, of equal...

  • Fintech, ESG and IFCs: Embedding Sustainable Business Models Get the new Finextra Impact Study w/ @jerseyfinance, to learn how international #finance centres are adapting to changes brought on by #digitaltransformation while maintaining #sustainability > Link https://t.co/xh2R1swlLe
    Finextra Thu 03 Jun 2021 10:04
    Newsquawk Thu 03 Jun 2021 10:04
  • Former presidential candidate Andrew Yang and Brooklyn Borough President Eric Adams, the leading Democratic contenders for New York City mayor, faced harsh attacks from each other and a half dozen rivals during a televised debate Link https://t.co/emoQGsZAk4
    Reuters Thu 03 Jun 2021 10:04

    The leading Democratic contenders for New York City mayor, former presidential candidate Andrew Yang and Brooklyn Borough President Eric Adams, faced harsh attacks from each other and a half dozen rivals during a televised debate on Wednesday.

    With less than three weeks until the June 22 primary election, the eight contenders traded barbs on education, experience and the economy, though the issue of public safety dominated much of the evening amid a spike in shootings and other crimes. The primary winner will be heavily favored to win November's general election.

    Yang, who has been at or near the top of most polls, was the target for much of the incoming fire. At one point, city Comptroller Scott Stringer, a liberal candidate, accused the more moderate Yang of being a "Republican," while Maya Wiley, a civil rights attorney and former MSNBC analyst, criticized Yang's record of job creation as a businessman.

    Yang – whose sunny disposition has been a hallmark of...

  • Standard Chartered is launching a platform for UK and European clients who want access to bitcoin and ether Link
    Financial News Thu 03 Jun 2021 10:04

    Standard Chartered is to launch a digital asset brokerage and exchange platform for UK and European institutional and corporate clients.

    The new platform will be spearheaded as a joint venture between StanChart’s innovation unit SC Ventures and BC Group, a digital asset firm which manages Hong Kong-licensed crypto exchange OSL.

    Based in the...

  • A father and son in Nevada were ordered to halt distribution of their branded bottled waters after five children were reportedly sickened after drinking the products, which federal prosecutors say consisted of tap water processed with other chemicals. Link
    DealBook Thu 03 Jun 2021 10:04

    According to prosecutors, the F.D.A. learned that at least five children had experienced acute non-viral hepatitis, which can lead to liver failure, after drinking the father and son’s Re²al Water products.

  • The World Bank has moved quickly to help countries respond to COVID-19. Visit our new portal to find project information, country-financing operations & vaccine-readiness assessments: Link
    World Bank Thu 03 Jun 2021 10:04

    As of June 2, 2021, the World Bank Board approved operations to support vaccine rollout in 25 countries amounting to $2.4 billion.  See the latest project financing, project documents and procurement information in the list below. More information will be shared here as it becomes available. We expect to reach 50 countries amounting to $4 billion by end June 2021. 

    Through this, the World Bank Group is working with partners on the largest vaccination effort in history to stop the COVID-19 pandemic. On April 2, 2020, at the initial COVID-19 response phase, the World Bank’s Board of Executive Directors approved a $6 billion Global COVID-19 Response Program (also called the COVID-19 Strategic Preparedness and Response Program, or SPRP). The program has reached over 100 countries with emergency operations to prevent, detect, and respond to COVID-19 and strengthen systems for public health preparedness. The timing of potential vaccine...

  • Company announcement: Ally Bank eliminates overdraft fees Link #fintech
    Finextra Thu 03 Jun 2021 10:04
  • Investors are using FTSE Russell’s next gen sustainability & climate capabilities to act on investment objectives, stewardship strategies and benchmark performance. Find exposure to match your investment view on climate risk. Get climate insights >>> Link https://t.co/xizxmfRWhd
    FTSE Russell, An LSEG Business Thu 03 Jun 2021 10:04

    As this issue is very quickly becoming front and center in the public dialogue, we work closely with the investment community to provide data and analytics that zero-in on sustainable investment hotspots and climate-informed indexes that can cool down investment strategies.

  • Cinema-quality new movies without leaving home. More sitcoms. No more cable. These are the ways the pandemic has changed Hollywood. Link
    Businessweek Thu 03 Jun 2021 10:04

    In the early days of the coronavirus pandemic, things seemed to be going from bad to worse for Hollywood. Studios, already suffering from declining ticket sales, now faced theater and theme park closures, release delays, and production freezes. Television networks, battered by cord cutting, saw sporting events canceled or delayed, depriving them of their most valuable programming.

  • Britain is struggling to persuade the US to lift the ban on non-Americans travelling directly from the UK to the US. ‘We need them more than they need us, basically,’ one UK airline industry executive said Link
    Financial Times Thu 03 Jun 2021 10:04
  • Avon, but not as you know it: how CEO Angela Cretu is giving the historic cosmetics brand a digital facelift Link https://t.co/iY0LQaCEtZ
    City A.M. Thu 03 Jun 2021 10:04

    Think of Avon and the image that emerges is probably a pretty wholesome one – an Avon lady, or perhaps an Avon man, presenting their make-up wares in a pleasantly spruced-up living room.

    In your mind, it’s probably set in black and white too. But times are changing.

    The cosmetics firm made its mark across the world as a direct seller – millions of entrepreneurs under one big Avon-branded umbrella.

  • EU's carbon border tariff to target steel, cement, power, Bloomberg News says Link https://t.co/rSl04tTT1B
    Reuters Business Thu 03 Jun 2021 10:04

    The European Union plans to impose carbon emission costs on imports of goods including steel, cement and electricity, Bloomberg News reported late on Wednesday.

    The European Commission is due to propose its carbon border tariff policy on July 14, a move designed to put EU firms on an equal footing with competitors in countries with weaker carbon policies than those of the bloc.

    Citing a draft of the proposal, Bloomberg reported that the border levy would be applied in full from 2026, after a phase-in from 2023.

    It would apply to steel, cement, fertilisers, aluminium and power, the report said. Importers would be required to buy digital certificates, with each one representing a tonne of carbon dioxide emissions embedded in their imported goods.

    The price of the certificates will be linked to the cost of permits in the EU carbon market, and based on the average price of auctions of EU carbon permits each week.

    The Commission declined to...

  • Are eco-friendly credit cards really good for the environment? Link
    MarketWatch Thu 03 Jun 2021 09:59

    This article is reprinted by permission from NerdWallet. 

    Being environmentally conscious involves a series of choices that add up over time: the reusable water bottle, the public transit commute, the trip to the consignment store instead of the department store. But how we pay for everything we buy has an impact, too. In recent years, eco-friendly credit cards have emerged as a way to make one more thoughtful choice.

  • Read part one of FN's series of profiles highlighting LGBTQ+ people in the City: 'Previously, I’d kind of feel like a rat in a lab… and now it feels like I’m a bit of an outcast' Link #pride
    Financial News Thu 03 Jun 2021 09:59

    Just as the fintech industry has continued to grow up and out of the shadow of its older financial services siblings, the LGBTQ+ community has grown with it.

    Known for being young and diverse, the fintech sector has a reputation for embracing those who may have struggled in feeling entirely at home elsewhere in the City’s more traditional haunts. But little has been said about the role these people have played in elevating the industry to new heights, and their experiences of navigating life differently than their peers.

  • China is allowing Jack Ma’s Ant Group to start operations at its consumer finance company Link
    Bloomberg Markets Thu 03 Jun 2021 09:59

    The new entity is essential for Ant’s most lucrative business. Regulators have demanded that the fintech group transfer its online lending operations and outstanding loans to the unit, which will be under more scrutiny. It’s an important step in the process of Ant’s overhaul as it transitions to become a

  • Tesco staff win legal argument in equal pay fight Link
    BBC Business Thu 03 Jun 2021 09:59

    According to Leigh Day, the latest decision reinforces the Supreme Court's ruling and makes it extremely difficult for other supermarkets to argue the roles of shop workers cannot be compared with those of their colleagues in distribution centres.

  • Ahead of Tiananmen anniversary, Taiwan calls on China to return power to the people Link https://t.co/pxPydZqqwW
    Reuters Thu 03 Jun 2021 09:59

    Taiwan called on China on Thursday to return power to the people and embark upon real political reform rather than avoid facing up to the bloody 1989 Tiananmen Square crackdown on pro-democracy demonstrators in Beijing.

    Friday marks 32 years since Chinese troops opened fire to end the student-led unrest in and around the square. Chinese authorities ban any public commemoration of the event on the mainland.

    The government has never released a full death toll, but estimates from human rights groups and witnesses range from several hundred to several thousand.

    The government of democratically-ruled and Chinese-claimed Taiwan, in a statement on the anniversary's eve, said Beijing was avoiding saying sorry for what had happened or reflecting on its mistakes.

    "We express regret, and call on the other side to implement people-centred political reforms, stop suppressing people's democratic demands, and return power to the people as soon as possible," it...

  • Company announcement: Even Financial to add blockchain-based personal loan... Link #fintech
    Finextra Thu 03 Jun 2021 09:59
  • City sees highest monthly take-up of office space in more than a year Link https://t.co/anR2rTmxJ6
    City A.M. Thu 03 Jun 2021 09:54

    Take-up of office space in the City of London has reached its highest monthly total since April of last year, according to new figures, while demand for space across Central London, including the City, has risen by 6 per cent to 10.1m sq ft.

    In April, City take-up reached 337,631 sq ft, according to real estate giant Savills, the second highest level since March 2020 when it hit 449,136 sq ft.

    Year to date take-up has now reached 1.11million sq ft in total, with 92 per cent of the space taken being of Grade A quality, the firm said. Supply has also decreased to 12 million sq ft, equivalent to a vacancy rate of 8.7 per cent.

  • Wettest May on record dampens footfall hopes for high streets Link https://t.co/NktydNptbi
    City A.M. Thu 03 Jun 2021 09:54

    The reopening of indoor dining and socialising did not serve up the hoped for rise in footfall in May, as shoppers were put off by rain and ‘rule of six’ limitations.

    The wettest May on record saw footfall on high streets, in shopping centres and in retail parks fall versus the same period in 2019.

  • At a combined $2.4trn for the first five months of 2021, merger and acquisition values are now the highest ever recorded Link
    Financial News Thu 03 Jun 2021 09:54

    Global deals have passed the $500bn mark for a third successive month, in the latest sign that appetite for takeovers is booming despite the pandemic.

    Data from Refinitiv indicates that $533bn worth of deals were announced in May. At a combined $2.4trn for the first five months of the year, merger and acquisition values are now the highest Refinitiv has recorded in its time collecting the data.


  • Turkey’s consumer inflation rate snapped seven months of increases in May, making it harder for the central bank governor to keep resisting President Recep Tayyip Erdogan’s pressure to begin cutting interest rates Link
    Bloomberg Markets Thu 03 Jun 2021 09:54

    Turkey’s consumer inflation rate snapped seven months of increases in May, making it harder for the central bank governor to keep resisting President Recep Tayyip Erdogan’s pressure to begin cutting interest rates.

  • UK to see 'eye-popping' growth after services PMI hits 24-year high Link https://t.co/RzdtpL4HVr
    Reuters Thu 03 Jun 2021 09:54

    Britain's services sector recorded the biggest jump in activity in 24 years last month, after pubs and restaurants were allowed to resume serving customers indoors following months of lockdown, according to a closely watched business survey.

    Thursday's data adds to signs that Britain is enjoying a very rapid initial rebound as lockdown rules relax.

    The IHS Markit/CIPS Purchasing Managers' Index rose to 62.9 in May from 61.0 in April, taking it to its highest since May 1997 and above an initial estimate of 61.8.

    "The latest survey results set the scene for an eye-popping rate of UK GDP growth in the second quarter of 2021, led by the reopening of customer-facing parts of the economy after winter lockdowns," IHS Markit's economics director, Tim Moore, said.

    The composite PMI, which includes previously released manufacturing data, rose to its highest since the series began in January 1998 at 62.9, up from April's reading of 60.7.

    Earlier this week the...

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