Robinhood shares tumble after PayPal news, SEC scrutiny of key revenue stream
Shares of Robinhood Markets Inc (HOOD.O), a popular gateway for trading meme stocks, tumbled nearly 7% on Monday on news that PayPal Holdings Inc (PYPL.O) may start an online brokerage and a report saying regulators were looking at a possible ban on a practice that accounts for the bulk of the company’s revenue.
Hong Kong’s strict quarantine rules threaten to erode allure of financial hub
Hong Kong’s government is facing growing pressure from business lobby groups to open borders or risk losing executives and investment as it shows no sign of easing one of the world’s strictest quarantine programs.
French Q2 growth revised up to 1.1%
The French economy rebounded slightly more strongly than first thought in the second quarter as consumer spending recovered after a coronavirus lockdown, the INSEE official statistics agency said on Tuesday.
McDonald’s, others consider closing indoor seating amid Delta surge in U.S.
Some U.S. fast-food restaurants are closing indoor seating areas or limiting hours of operation because of the spread of the Delta variant of COVID-19, according to franchisees.
Japan’s July factory output slips as COVID-19 hits car production
Japan’s industrial output shrank in July as car production took a hit from a coronavirus resurgence in Asia that has cast doubt over the recovery in the world’s third-largest economy.
China’s economy under pressure as factory activity slows in Aug, services contract
China’s businesses and the broader economy came under increasing pressure in August as factory activity expanded at a slower pace while the services sector slumped into contraction, raising the likelihood of more near-term policy support to boost growth.
Norwegian Air sees travel rebound ending need to seek more cash
Norwegian Air (NORR.OL) said on Tuesday it would not need to raise more cash as easing COVID-19 travel restrictions lifted bookings, although the budget carrier which has emerged from bankruptcy proceedings did not provide a 2021 outlook.
S.Korea drafts aggressive spending plan for 2022, taking debt to 50% of GDP
South Korea’s government on Tuesday unveiled an aggressive spending increase in the final annual budget of President Moon Jae-in’s five-year term, pushing out any prospect of achieving balanced budgets amid a worsening fiscal deficit.
Zoom’s tepid growth forecast takes shine off billion-dollar quarter
Zoom Video Communications Inc (ZM.O) posted its first billion-dollar revenue quarter but signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom, sending its shares tumbling 11%.
Fed’s Mester not ready to accept recent inflation surge as meeting central bank’s goal
Cleveland Federal Reserve Bank President Loretta Mester said on Monday that the U.S. economy is recovering strongly but she is not yet convinced that recent inflation readings will be enough to satisfy the price stability goal the U.S. central bank revamped a year ago.
