Sept 15 (Reuters) - Microsoft Corp (MSFT.O) shares rose 1% in early trading on Wednesday after the company announced a $60 billion share repurchase plan, its biggest ever.

The announcement comes just days after two U.S. Senate Democrats unveiled a proposal to tax corporate stock buybacks to help fund President Joe Biden's $3.5 trillion investment plan.

The senators said the "Stock Buyback Accountability Act" would encourage large corporations to invest in their workers rather than enriching investors and executives by boosting stock prices. read more

Democrat lawmakers have also proposed a substantial roll-back of tax cuts implemented by Donald Trump's administration, including raising the top tax rate on corporations to 26.5% from the current 21%.

Microsoft shares have soared about 35% this year, making it the second most valuable company in the world with market capitalization of $2.25 trillion.

The buyback plan, which has no end date and can be...

NEW YORK, Sept 15 (Reuters) - DoorDash Inc (DASH.N) sued New York City on Wednesday over a new law requiring food delivery companies to share customer data with restaurants, saying it violates customer privacy and lets restaurants compete unfairly.

The lawsuit is the latest battle in a series of legal clashes between food delivery app companies and cities.

It was filed in federal court in Manhattan six days after DoorDash, Grubhub Inc and Uber Eats (UBER.N) sued the United States' most populous city over a separate law capping fees that delivery companies charge restaurants. read more

"The law puts consumers first," Nicholas Paolucci, a spokesman for the city's law department, said in an email. "It puts them in control of their information when they place orders through these apps."

New York City has tried since the coronavirus pandemic began to help restaurants that had complained about food delivery app fees as high as 30%, but which became more...

STRASBOURG, Sept 15 (Reuters) - The European Commission announced plans on Wednesday for a new chipmaking "ecosystem", to keep the EU competitive and self-sufficient after a global semiconductor shortage showed the hazards of relying on Asian and U.S. suppliers.

The United States last year announced its CHIPS for America Act aimed at boosting its ability to compete with Chinese technology.

"Digital is the make-or-break issue," Commission President Ursula von der Leyen said in a policy speech at the European Parliament in Strasbourg on Wednesday.

"We will present a new European Chips Act. The aim is to jointly create a state-of-the-art European chip ecosystem, including production. That ensures our security of supply and will develop new markets for ground-breaking European tech."

Industry Commissioner Thierry Breton said chips were more than just key components for automakers, smartphone makers and video gamers.

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ISTANBUL, Sept 15 (Reuters) - Turkey's central bank said on Wednesday that it has formed the Digital Turkish Lira Collaboration Platform to expand its research into the potential benefits of a digital currency.

The bank said it signed separate memorandums of understanding with Turkey's HAVELSAN, ASELSAN and TUBITAK-BILGEM for the platform, which will carry out the research, development and testing processes.

It said no final decision has been made about a digital Turkish lira currency and that the results of the first phase of the pilot study will be announced in 2022.

DUBLIN, Sept 15 (Reuters) - TikTok's lead data privacy regulator in the European Union has opened two inquiries into the Chinese-owned short-video platform related to the processing of children's personal data and transfers of personal data to China.

Ireland's Data Protection Commission, which is lead EU regulator for many of the world's top internet firms due to the location of their regional headquarters in Ireland, is allowed to impose fines of up to 4% of global revenue.

TikTok in August announced stricter privacy controls for teenagers, seeking to address criticism that it has failed to protect children from hidden advertising and inappropriate content. read more

Owned by China's ByteDance, TikTok has grown rapidly around the world, particularly among teenagers.

The first of the probes relates "to the processing of personal data in the context of platform settings for users under age 18 and age verification measures for persons under 13," the Data...

Sept 15 (Reuters) - Retail investors' appetite for U.S. stocks has fallen in the past week, data from Vanda Research showed on Wednesday, increasing the odds for a broader sell-off in the S&P 500 at a time when it is already about 2% off its record high.

In the five days to Tuesday, retail investors bought $657.7 million in U.S. equity exchange-traded funds, compared with $989.6 million and $1.39 billion in the preceding two weeks, partly due to a surge in demand for cryptocurrencies, analysts at Vanda wrote in a client note.

"Retail investors have bought every minor dip in equities this year, shielding the S&P against a double digit sell-off (but) this diminishing appetite to support the equity rally raises the odds of a larger sell-off if institutional investors continue to sell," said Ben Onatibia, senior strategist at Vanda.

The benchmark S&P 500 (.SPX) is down about 1.8% so far this month on worries about the economic hit from the Delta...

WASHINGTON, Sept 15 (Reuters) - U.S. Treasury Secretary Janet Yellen and Vice President Kamala Harris will urge Congress on Wednesday to back proposed spending on affordable childcare, armed with a new Treasury report that maps out big benefits such care offers the economy.

Congress is considering a $3.5 trillion package of measures that would include: free preschool for all 3- and 4-year olds; boost pay for childcare workers, 95% of whom are women; cut the costs of such care in half for most families; and make permanent a child and dependent care tax credit.

The Treasury said the measures would expand both childcare supply and demand, providing lifelong positive effects for children, their parents, and the economy as a whole.

“It’s past time that we treat childcare as what it is – an element whose contribution to economic growth is as essential as infrastructure or energy,” Yellen said in a statement.

Enacting President Joe Biden's proposals was "the...

Sept 15 (Reuters) - Canadian National Railway Co said on Wednesday it would not proceed with its $29.6 billion offer for Kansas City Southern, citing regulatory hurdles and paving the way for the U.S. railroad to be bought by rival Canadian Pacific Railway Ltd.

"There have been significant changes to the U.S. regulatory landscape since CN (Canadian National) launched its initial proposal which have made completing any Class I merger much less certain," Canadian National (CNR.TO) said.

Separately, Kansas City Southern (KSU.N) said it would enter into a merger agreement with Canadian Pacific (CP.TO) as it found the bid to be superior.

Canadian National had come under pressure from investors, including hedge fund TCI, to abandon its pursuit, as the proposed deal became fraught with risk after the U.S. Surface Transportation Board shot down a proposed voting trust structure.

Canadian National had informed Kansas City Southern it was unlikely to make a new...

MADRID, Sept 15 (Reuters) - Fashion brand Zara owner Inditex (ITX.MC) has outpaced Swedish rival H&M (HMb.ST) in its efforts to bounce back from the coronavirus crisis, with second-quarter sales rising above pre-pandemic levels.

The world's biggest fashion retailer's sales in the quarter edged above levels seen before the pandemic as most stores reopened and people rushed to renew their wardrobe after store closures imposed to curb the spread of the virus.

Rival H&M's (HMb.ST) sales grew less than expected from a year ago in the three months through August, and remained lodged below pre-pandemic levels. H&M said lockdowns and restrictions hampered its development, particularly in Asia. read more

Inditex Executive Chairman Pablo Isla said that sales in stores and online were progressively recovering across all brands and markets, despite some restrictions in Asia due to the pandemic.

"We have had a strong start in the autumn winter season,"...

NEW YORK, Sept 15 (Reuters) - POET, the largest biofuels producer in the United States, said on Wednesday it is committed to achieving net-zero carbon emissions at its bioprocessing facilities by 2050, making it the latest company to pledge to reduce its carbon footprint to fight climate change.

The Sioux Falls, South Dakota-based company also said it would ensure its ethanol reduces greenhouse gas emissions by at least 70% compared to gasoline by 2030, up from about 46% today, the company said. Refiners and biofuels producers are grappling with producing fuel in the United States, the world's biggest oil consumer, that will be less harmful to the environment.

Ethanol's effect on carbon dioxide emissions depends on how the fuel is made and whether its effect on land use is considered, according to the U.S. Energy Information Administration. The Department of Agriculture said in July that greenhouse gas emissions from corn-based ethanol are about 39% lower than...

JOHANNESBURG, Sept 15 (Reuters) - South Africa's FirstRand (FSRJ.J) will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it said on Wednesday.

South Africa's banks are the biggest on the continent, with the likes of FirstRand major lenders to fossil fuel projects, especially in oil and gas, and are increasingly under pressure from environmental groups to turn off the taps.

FirstRand, which had previously said it would continue supporting coal due to its importance to the South African economy, said it would no longer fund new coal-fired power stations and would stop all funding for new coal mines from 2026.

"It is the long-term ambition of FirstRand to be net-zero by 2050 across operational and financed emissions," it said in a statement announcing its updated coal policy.

It added that the group will also reduce the cap on its coal financing...

HONG KONG, Sept 15 (Reuters) - Macau's government begins a 45-day public consultation on Wednesday to gauge public opinion on changes to its gaming law ahead of the rebidding process of its multi-billion dollar casinos next year.

WHAT IS HAPPENING?

Casino operators Sands China (1928.HK), Wynn Macau (1128.HK), Galaxy Entertainment (0027.HK), SJM Holdings (0880.HK), Melco Entertainment and MGM China (2282.HK) are all required to rebid for their licenses, known as concessions, when they expire in June 2022.

Macau stocks plummeted by as much as a third on Wednesday, losing around $14 billion in value, as investors fear the gaming review will lead to tighter regulations in the world's largest gambling hub. L1N2QH01D

GOVERNMENT PROPOSAL

Macau has not yet made the rebidding process clear.

A government proposal does not include how many concessions should be granted in future.

Lei Wai Nong, Macau's secretary for economy and finance, said...

HONG KONG, June 21 (Reuters) - The world's biggest casino hub of Macau will shake up its casino regulator by more than doubling the number of gaming inspectors and restructuring several departments in its latest move to ramp up supervision.

The executive council that advises Macau's chief executive announced proposals to boost the number of inspectors to 459 from 192 now, as well as creating a new director-level post at the regulator.

The regulations will take effect once published in the city's official gazette, the council said on Friday in a statement on the government's website, with local media saying it was likely to be within a few weeks.

The change comes just months before the expiry of multi-billion-dollar casino licenses that will require operators Sands China (1928.HK), Wynn Macau (1128.HK), MGM China (2282.HK), SJM Holdings (0880.HK), Melco Resorts and Galaxy Entertainment (0027.HK) to rebid for new gaming concessions.

A Chinese special...

NEW YORK/LONDON, Sept 15 (Reuters) - The dollar weakened against major currencies on Wednesday after softer-than-expected U.S. inflation data released on Tuesday eased short-term expectations about tapering of asset purchases from the Federal Reserve.

The dollar index last stood at 92.441, down about 0.3% on the day from Tuesday, when it dropped following the inflation data but then recovered on haven demand as stocks slid on Wall Street.

But the greenback trimmed losses after import prices fell unexpectedly in August and a higher-than-expected reading for the NY Fed's business survey. read more

The index, a measure of the dollar's value against six major currencies, has meandered between 92.3 and 92.9 over the past week as several Fed officials suggested the U.S. central bank could reduce its buying of debt securities by the end of the year, even after a much-weaker-than-expected payrolls report at the start of the month.

While elevated inflation has...

STRASBOURG, Sept 15 (Reuters) - The European Union on Wednesday pledged to increase financial support to help poorer countries fight climate change and adapt to its impacts, and called on the United States also to step up.

"We will now propose an additional 4 billion euros for climate finance until 2027," European Commission President Ursula von der Leyen said in a policy speech at the European Parliament in Strasbourg.

"But we expect the United States and our partners to step up too. This is vital, because closing the climate finance gap together, the U.S. and the European Union, would be such a strong signal for global climate leadership."

The additional 4 billion euros is a total amount for the period 2021-2027. It will come from the EU budget, a Commission spokesperson said.

The EU already contributes an annual $25 billion in climate funding, von der Leyen said.

Climate finance is expected to be a decisive issue at the United Nations' COP26...