Newsletter Feb 21, 2023

$3.7 billion UK mass action against Facebook over market dominance rejected - for now

Facebook on Monday temporarily fought off a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetise users' personal data.

Panic as Turkey, Syria rocked again by 6.3m earthquake

A magnitude 6.3 earthquake struck southern Turkey near the Syrian border late on Monday, setting off panic and further damaging buildings two weeks after the country's worst earthquake in modern history left tens of thousands dead.

UK court to decide fate of Russian securities 'trapped' in London

Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets.

Dollar rally loses steam as traders wait on Fed, data

The dollar was parked below recent peaks on Tuesday, as a three-week rally faded and traders waited on economic data to figure on whether it's warranted to push the dollar up any further.

European stocks steady, dollar up tracking rates outlook

Europe's main stock markets steadied Monday after record highs for London and Paris last week as investors bet on prospects for a brighter economy despite lingering recession risks caused by high inflation.

European shares flat as Telecom Italia drags eurozone stocks

European shares were flat on Monday, with the sustained gains in miners on bets of a demand recovery in China countering a fall in Telecom Italia that led the decliners in eurozone stocks.

EU calls for fast-track crypto capital rules for banks

Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc's executive has said.

Italy working on measures to boost Milan bourse's allure

Italy is readying measures to address the issues holding back the country's capital markets and reinforce the role of the 200-year-old Borsa Italiana, according to government officials and a draft bill seen by Reuters on Monday.

Paris transport to hire thousands to get in shape for Olympics

The Paris regional transit authority said Monday that it was seeking to hire thousands of employees to beef up services in time for the coming Rugby World Cup this year and the summer Olympics in 2024.

G20 watchdog says commodity market concentration poses threat to wider economy

The pandemic and war in Ukraine highlighted weaknesses in commodity markets where a 'significant' concentration of firms, banks, exchanges and clearing houses threatens to transmit losses to the wider economy, the G20's financial watchdog said on Monday.

Blinken pledges long-term aid for Turkey after devastating earthquakes

Secretary of State Antony Blinken told Turkey on Monday the United States will help "for as long as it takes" after deadly earthquakes two weeks ago, as Turkish authorities carried out wide-scale demolition of damaged buildings.

Japan PM pledges $5.5 billion in additional Ukraine aid

Japan will offer Ukraine fresh financial support worth $5.5 billion, Prime Minister Fumio Kishida said Monday, days before the first anniversary of Russia's invasion.

Biden makes surprise trip to Kyiv before invasion anniversary

US President Joe Biden on Monday made a trip to Kyiv organised in strict secrecy, promising $500 million in fresh arms deliveries and "unwavering" American support ahead of the first anniversary of Russia's invasion.

Jaguar Land Rover opens three European self-driving tech hubs

Luxury carmaker Jaguar Land Rover said on Tuesday it is opening three new engineering hubs in Europe to develop autonomous vehicle technologies as part of its partnership with Silicon Valley artificial intelligence company Nvidia.

Develop vaccines for all animal influenza strains, says incoming WHO chief scientist

Governments should invest in vaccines for all strains of influenza virus that exist in the animal kingdom as an insurance policy in case of an outbreak in humans, the incoming chief scientist at the World Health Organization said on Monday.

Analysis-To raise prices or not? Consumer goods makers weigh bets on buyer strength

Prices of everyday basics like Bounty paper towels and Cadbury chocolate may rise again this year while those of others like Clorox Co wipes and Diet Pepsi are likely to stay steady.