Jalen Brunson (Dallas Mavericks) with a 3-pointer vs the Brooklyn Nets, 02/27/2021
Jalen Brunson (Dallas Mavericks) with a 3-pointer vs the Brooklyn Nets, 02/27/2021
The euro zone's recovery from the pandemic-induced economic downturn was much stronger than expected in April as the bloc's dominant service industry shrugged off renewed lockdowns and made a surprise return to growth, a survey showed. With the continent facing a fresh wave of coronavirus infections governments have reimposed strict lockdown measures to contain the spread, forcing some businesses to close and encouraging citizens to stay home. But IHS Markit's flash Composite Purchasing Managers' Index, seen as a good guide to economic health, rose to a nine month high of 53.7 from March's 53.2, confounding expectations in a Reuters poll for a dip to 52.8.
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(Bloomberg) -- Tod’s SpA shares surged after luxury French fashion house LVMH boosted its stake to 10%, fueling speculation that the troubled Italian shoemaker may become a takeover target.The stock rose as much as 16% to the highest in more than a year Friday, bringing the company’s market value to about 1.3 billion euros ($1.6 billion). Tod’s Chief Executive Officer Diego Della Valle sold a 6.8% stake to LVMH for 74 million euros, the company said Thursday. The Paris-based owner of Louis Vuitton already held a 3.2% stake.Jefferies analyst Flavio Cereda said this move may prompt speculation LVMH could take a further stake in the company. “This may represent an excellent reason to consider further opportunities to be taken in the future ahead,” Della Valle said in the statement.While LVMH and Hermes have shown resilience weathering the pandemic, Tod’s has struggled. Shoppers have turned away from the Italian shoemaker’s suede gommino loafers and Roger Vivier city pumps, switching to more casual footwear.Any takeover would require the assent of Della Valle, who still owns about 64% of Tod’s after this transaction. LVMH now is stronger partner for Tod’s, which is still in need of a serious turnaround, Citigroup analyst Thomas Chauvet wrote in a note.“The friendship with Diego Della Valle and his family goes back over 20 years,” LVMH CEO Bernard Arnault said in the statement.Tod’s revenue last year slid by 30% compared to LVMH’s 16% drop. Tod’s has also suffered from its over reliance on European markets which with Italy represented almost half of its revenue last year. Europe has been the most negatively impacted region with many luxury stores still closed, over a year after the start of the pandemic.Tod’s shares soared earlier this month after it appointed Italian fashion influencer and entrepreneur Chiara Ferragni as a director, a development welcomed by some analysts as Tod’s seeks to revamp its brand and attract younger customers.LVMH was little changed in Paris trading on Friday. The company, which completed the acquisition of the U.S. jeweler Tiffany this year, has been gaining market share in the wake of the crisis sparked by the pandemic.(Updates with context on Tod’s)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Israeli police say 44 people were arrested and 20 officers were wounded in a night of chaos in Jerusalem, where security forces separately clashed with Palestinians angry about Ramadan restrictions and Jewish extremists who held an anti-Arab march nearby. Tensions have spiked in recent days in Jerusalem, which has long been a flashpoint in the Israeli-Palestinian conflict, and is home to holy sites sacred to Jews, Christians and Muslims. Palestinians have clashed with Israeli police on a nightly basis since the start of the Muslim holy month of Ramadan.
This is being done in order to expand the number of vaccines available for inoculation in the country.
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Bloomberg reported on Thursday afternoon that Biden is considering nearly doubling tax to as high as 39.6%, an increase from the current 20%.
ISTANBUL — Turkish police have detained 62 people as part of an investigation into a cryptocurrency exchange that is being accused of defrauding investors, according to the country’s state-run news agency. Anadolu news agency said Friday prosecutors issued detention warrants for 16 more people linked to the Thodex cryptocurrency exchange and said the detentions took place in eight provinces. On Thursday, Istanbul’s chief prosecutor’s office announced it was probing Thodex following complaints from users who could not access their assets. It is thought to have affected some 391,000 investors and an estimated $2 billion in investments. Thodex owner Faruk Fatih Ozer denied the allegations in a statement on Twitter and said the company was being targeted by a smear campaign. He said the company temporarily shut down trading after accounts showed unusual activity due to a cyberattack. Ozer also said the claims that the money had disappeared were untrue. Turkish media reports said Ozer had left the country for Albania earlier this week. Ozer confirmed this but claimed the trip was to meet foreign investors. Last week, Turkey’s central bank announced that it was banning the use of cryptocurrencies for the payment for goods, arguing that they presented “irrevocable” risks. The decision came as many in Turkey have turned to cryptocurrencies to shield their savings from rising inflation and the Turkish currency’s slump. The Associated Press
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Honda Motor Co's new chief executive said on Friday the company was aiming to increase its ratio of electric vehicles (EVs) and fuel cell vehicles (FCVs) to 100% of all sales by 2040. Speaking at his first news conference since taking the chief executive position at the beginning of April, Toshihiro Mibe said the company expects EVs and FCVs to account for 40% of sales by 2030 and 80% by 2035 in all major markets. Mibe began his leadership amid a growing shift in automobile technology to electric vehicles and autonomous driving.
We were not ready for this 😭
Japan is set to declare a new state of emergency over growing Covid cases just 91 days from the start of the revised Olympic Games. Its latest series of Covid measures are aimed at Tokyo, Osaka and three other prefectures after a spike in cases in the capital. The measures are expected to be announced by Prime Minister Yoshihide Suga later on Friday and begin on Sunday lasting until at least May 11.
Are you planning a clear out?
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(Bloomberg) -- Even as traders in India fret over how much more pain the nation’s uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market.Concerns that a fresh round of lockdown-like rules triggered by the new virus wave will derail India’s nascent economic recovery have made the benchmark S&P BSE Sensex Asia’s worst performer in April, bringing it on the verge of technical correction this week. Weakening sentiment has also seen foreign funds turn net sellers of local shares after a six-month buying spree.While there’s no denying that the outbreak and its financial and humanitarian implications remain the key focus for market watchers, some long-term investors from Fidelity International and Invesco are already seeking opportunities to add stocks. Progress in India’s vaccination campaign and relatively less-disruptive lockdown measures are seen offering some support to Asia’s third-largest economy and its equity market.“We think that the resurgence of Covid-19 is short-term concern. We do not expect large-scale lockdowns as policymakers take a more localized approach to controlling the resurgence,” said Sukumar Rajah, director of portfolio management at Franklin Templeton Emerging Markets Equity. “We continue to be positive in the Indian equity markets and continue to identify bottom-up opportunities based on our criteria of quality, sustainability and growth,”A few other money managers are echoing similar views as the market’s recent pullback has brought valuations down from the record highs seen earlier in the year. The Sensex is down about 8% from an all-time high in February -- a 10% slide would mark a technical correction.“A couple of months ago, we did have a view that market is pricing in too many positives, since then we have seen earnings upgrades and valuation has corrected,” said Jitendra Gohil, head of India equity research at Credit Suisse Wealth Management. “We are positive on the market and are recommending investors to buy on this weakness. Our house view is that the recovery will be very sharp in the second half.”This new wave of virus cases may delay India’s recovery, but it is unlikely to derail it, according to Fitch Ratings, which affirmed India’s sovereign debt rating at BBB-, the lowest investment grade score.The Sensex is little changed so far in 2021 after having climbed in each of the previous five years. The gauge has surged 85% from its low in March 2020 -- when global equity markets took the biggest hit from the pandemic -- beating a 71% jump in the MSCI Asia Pacific Index of regional equities.“We will be selective and cautious in the short term, but any correction in the market will provide a buying opportunity,” said Amit Goel, a portfolio manager at Fidelity International.” “We continue to be optimistic on the economy and equities over the medium to long term, driven by structural drivers of growth such as strong demographics, under-penetration of consumer goods and services, increasing urbanisation, and growth in the educated workforce.”Taking ProfitSome are more cautious than others as India reported 314,835 new infections on Thursday, the world’s biggest one-day jump in coronavirus cases ever. The country’s health system has been pushed to breaking point, with hospitals reporting shortages of everything from intensive care beds to medical oxygen.Bodies piling up at crematoriums and burial grounds across the nation are sparking concerns that the death toll from a ferocious new Covid-19 wave may be much higher than official records.Concerns about the virus are also showing in India’s currency and debt markets. The rupee is Asia’s worst-performing currency in April and its slide is worsening a slump in Indian corporate dollar bonds that are now among the region’s worst performers.Aberdeen Standard Investments says that while the surge in infections could trigger stricter lockdowns if the situation worsens, which will have a knock-on impact on the re-opening of the economy and recovery prospects.“We have been nimble in terms of taking some profit off the table or topping up our positions where we see opportunity to do so,” said Kristy Fong, senior investment director for Asian equities at Aberdeen Standard.She also added however that in the longer term, several trends favor India: the presence of many of Asia’s most successful companies that have been tried and tested by prior crises and a growing middle class that is increasingly affluent.For many funds, their optimism is also stemming from expectations of a strong recovery in corporate earnings. Analysts have boosted their 12-month forward profit estimates for Sensex members by around 14% so far this year, about double the rise seen for MSCI Asia Pacific constituents, according to data compiled by Bloomberg.“We continue to see good earnings growth potential from both near and longer-term perspectives that will be supportive of a strong Indian equity market,” said Rajah of Franklin Templeton.READ: BofA Expects Near-Term Nifty Correction, Gains By Year EndShekhar Shekhar Sambhshivan, an investment director at Invesco, takes comfort from the fact that factories have been running at “decent” capacity during the current wave of infections.His team, meanwhile, has turned to defensive stocks to wade through near-term volatility. It reduced exposure to consumer discretionary stocks in the past month as it sees family spending getting affected, but raised holdings of pharmaceutical and information technology shares.(Updates prices throughout. Adds mention of rupee and corporate bonds in the 12th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It wasn't his fellow Republican, Donald Trump.
The Philippines has sent two new diplomatic protests to China over its failure to withdraw what it called on Friday "threatening" vessels that were massing in contested areas of the South China Sea. The Philippines has ramped up its rhetoric in recent weeks over the lingering presence of hundreds of Chinese boats in its 200-mile Exclusive Economic Zone (EEZ), testing relations between two countries that have sought to heal their historic rifts. The Philippine foreign ministry said maritime officials had observed the "continued unauthorised presence and activities" of 160 Chinese fishing and militia vessels around the disputed Spratly islands and Scarborough shoal, as of April 20.
The Women’s Six Nations reaches its Super Saturday conclusion this weekend and we’re in for an exciting finale. It’s the final we were probably expecting between England and France. The Red Roses will go in as favourites, but they’ll know how hard the game at the Twickenham Stoop will be.
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Turkish police have detained 62 people in an investigation of a cryptocurrency trading platform provider, state-owned Anadolu news agency said on Friday, after thousands of Turks filed criminal complaints saying they had been scammed. The Thodex cryptocurrency trading platform, which had been handling daily cryptocurrency trade worth hundreds of millions of dollars, said on its website on Thursday it would be closed for four to five days due to a sale process. Prosecutors issued arrest warrants for 78 people and 62 had so far been detained in an operation centred on Istanbul but stretching across eight provinces, Anadolu said.