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Wall St. claws back as Fed’s Powell calms rate-hike bets; Nasdaq hits record

On Tuesday, all three key indices of Wall St. had closed out the session modestly higher as the US Fed Chair Jerome Powell had allayed investors’ concerns over an earlier-than-anticipated rate hike. In point of fact, in the day’s Wall Street was almost entirely catalysed by the remarks of US Federal Reserve Chair Jerome Powell before the US Congress, who was quoted saying in the testimony that the US Central Bank would remain accommodative and await a “broad and inclusive” recovery in job market before major policy shifts.
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Bentonville's Walmart-owned Flipkart says it offers lower fee if sellers cut prices

Flipkart, the Walmart Inc.-owned Indian e-commerce giant headquartered in Bangalore, Karnataka, said on Monday to a two-judge bench in the Southern Indian state of Karnataka that it saw no wrongdoing in trimming prices for the sellers on its platform if they reduced product prices, drawing sharp rebuke from the retail group who had been challenging Walmart Inc.’s practice in India alongside the Confederation of All India Traders citing a violation of the country’s FDI (Foreign Direct Investment) law.
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Axiata, Telenor stamp $15bn merger to form the Malaysia’s biggest mobile operator

On Monday, Norwegian telecom tycoon Telenor ASA, one of the world’s largest mobile telecom companies focused on Scandinavia and Asia, alongside Malaysian telecom giant Axiata Group Bhd, had said in a joint statement that the multinational telecom megaliths’ would merge their Malaysian mobile operations in a $15 billion deal, adding a new divergence to monopolization given their extensive operations in Asian markets while forming the largest mobile operator in one of the largest financial HubSpots in Southeast Asia.
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London's Soho House files for New York IPO

The Soho House, a London, UK-based chain restaurant and group of private members’ clubs which are primarily focused on arts and media, had filed for a public market floatation with US SEC (Securities and Exchange Commission) under the brand name, Membership Collective Group Inc., however, the group had yet to witness a profit.
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West African regional bloc ECOWAS adopts new plan to launch single currency by 2027

The Economic Community of West African States (ECOWAS), a group of fifteen West African Countries led by the largest economy in Africa by size, Nigeria, alongside leading cocoa producers such as Ivory Coast, had fostered a new strategical policy to roll out a single currency for the region by 2027, as its prior plans to implement a swathe of measures including a free trade zone had been delayed by the pandemic outbreak.
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Major Mideast bourses end lower as Saudi underperforms; Qatar gains

On Sunday, a basket of major Mideast bourses had wrapped up the session in a downbeat tenure with Saudi leading the tally of losses, however, Qatari bourse closed out the seesaw session higher on financials’ gains. In factuality, despite more than 1.1 per cent increase in crude oil futures’ prices last week, a key catalyst for Gulf investors’ morale, major Gulf bourses opened up the day in red inks with Saudi falling as much as 0.3 per cent amid weakness in financial stocks, while as the day progressed, a bearish protuberance became more prominent as Saudi Arabia had reported a 3 per cent contraction in gross outputs over the first quarter of fiscal 2021.
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Spain’s Acciona seeks $11.6 billion valuation in renewable IPO

Acciona SA, the Alcobendas-headquartered Spanish multinational infrastructure and renewable energy conglomerate employing over 34,000 workers across the globe, said later this week that the renewable energy giant was looking to a roughly €9.8 billion valuation following a 25 per cent public market floatation of its energy business that produces 21 terawatt-hours of green electricity a year.
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US Dollar ends stellar week at two-month-high as Fed sends bears dashing

On Friday, the US Dollar Index (DXY) measured against a basket of six major currencies on an average had logged the strongest weekly gain in more than nine months following a flurry of hawkish remarks from Fed policymakers, while investors scrambling to grapple with an earlier-than-anticipated hawkish Fed projection seemingly had begun a meaningful re-thinking of the American currency’s bullish prospects.
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Miami cruise operator Carnival discloses personal data breach, cyberattack

Miami-based British-American cruise operator, Carnival Corp., the world’s largest travel and leisure company having had a fleet of more than 100 vessels across 10 cruise line brands, disclosed later this week that the cruise operator had become aware of an unauthorized access into its computer systems in March, while Carnival Corp had immediately alerted the regulators and hired a cybersecurity firm to find out the perpetrator of the cyberattack.
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UK’s PwC plans to hire 100,000 employees over five years in major ESG push

PwC or PricewaterhouseCoopers, the London, UK-headquartered second-largest professional services network across the globe, said this week that the accounting firm had been exploring an option to fork out as many as $12 billion over next five years aimed at creating 100,000 new jobs to help clients cope up with a soaring demand of climate and diversity reporting alongside artificial intelligence, laying off the groundworks of a global expansion strategy.
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European shares snap out four-week winning streak amid Fed jitters

On Friday, a basket of European bourses had extended sharp declines into a second straight day, as a US Fed policymaker James Bullard’s hawkish remarks had jolted regional pan-European STOXX 600, snapping a four-week long winning streak amid growing likelihoods of an earlier-than-anticipated policy easing measures from the US Central Bank.
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California’s eBay, Adevinta clear final obstacle in $13 billion advertising tie-up

EBay Inc., the San Jose, California-headquartered e-commerce company mostly focused on C2C and B2C consumer sales, alongside Norway’s Adevinta had received a final regulatory nod for their tie-up on global classified ads businesses, which in effect would create the world’s largest classified ads group as Austrian competition authority had sent a greenlight on the deal, Adevinta had said in a statement on Friday.
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San Jose’s PayPal overhauls US rates as payments competition heats up

Amid an unfathomable scale of competition from online payment processing giants likes of Visa and Mastercard, PayPal Holdings Inc had issued a statement on Friday saying that it would raise merchant costs for its branded products’ payments and would slash a slice of 'behind-the-screen' processing fees on debit and credit card transactions, pointing towards an audacious move in a highly clogged digital payment industry.
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Mountain View’s Google’s ad-tech business to face formal EU probe by year-end

Alphabet Inc.-owned Google LLC., the world’s largest online advertising behemoth, often contemplated as one of the big four internet stocks alongside Amazon, Apple and Facebook, has been on the brisk of facing off its biggest regulatory probe as EU antitrust regulators were reportedly detailing a plan to open up a formal investigation into the Mountain View, California-headquartered tech tycoon’s digital advertising business, people familiar with the subject-matter had unveiled on Friday on condition of anonymity.