Oil Futures Settle Higher As Crude Stockpiles Drop

WHO nod for Covaxin likely in July-September: Bharat Biotech

Emergency use authorisations were obtained in 13 countries with more set to follow.

Bharat Biotech expects to receive regulatory approvals from the World Health Organization (WHO) for Covaxin in the July-September quarter.

It had already submitted an application to the WHO seeking Emergency Use Listing for the vaccine, the company said on Tuesday.

Regulatory approvals for the vaccine are in process in more than 60 countries, the firm said. Emergency use authorisations were obtained in 13 countries with more set to follow.

Meanwhile, Bharat Biotech’s partner in the U.S. Ocugen Inc. said it had submitted Master File as part of the process to get emergency use authorisation for the COVID-19 vaccine from the U.S. FDA.

Amazon CEO Jeff Bezos Says MGM Acquisition Thesis “Simple” – Studio’s “Vast, Deep Catalogue Of Much Beloved Intellectual Property”

Amazon CEO Jeff Bezos said the reason the tech giant acquired MGM is simple – it’s trove of beloved content.

“If you saw this morning’s announcement, we are looking forward to welcoming MGM to the Amazon fold,” Bezos told shareholders at the company’s previously scheduled annual meeting.

“We are really excited about MGM,” the founder and outgoing CEO said, touting the library of over 4,000 films and 7,000 television shows.

“The acquisition thesis here is really very simple. MGM has a vast, deep catalogue of much beloved intellectual property. And with the talent at Amazon and the talent at MGM Studio, we  can reimagine and develop that IP for the 21st century. It will be a lot of fun work and people who love stories will be the big beneficiaries.”

Bezos also announced Andy Jassy, head of Amazon Web Services, will take the CEO reins on July 5. He will segue to the role of executive chairman.

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Daily Mail & General Trust HY Pre-tax Profit Down

Daily Mail & General Trust Plc. (DMGT.L) reported that its profit before tax for the six months ended 31 March 2021 decreased to 42.4 million pounds from 77.0 million pounds last year.

Profit attributable to owners of the company was 253.5 million pounds or 108.3 pence per share up from 205.0 million pounds or 88.5 pence per share in the prior year.

Revenue for the period declined to 546.8 million pounds from 641.5 million pounds in the prior year.

The financial performance during the second half of the financial year is expected to reflect varying levels of impact on businesses from the covid-19 pandemic.

BGC Partners To Sell Insurance Brokerage Business To Ardonagh Group For $500 Mln – Quick Facts

Insurance Brokerage BGC Partners, Inc. (BGCP) announced Wednesday that it has entered into an agreement to sell its Insurance Brokerage business for $500 million of cash consideration to The Ardonagh Group Ltd.

The transaction is expected to close in the second half of 2021, subject to customary closing conditions, including the receipt of required regulatory approvals.

BGC intends to use the proceeds from the sale to invest in its Fenics business, to repurchase BGC shares and/or units, and for general corporate purposes.

BGC said this sale further demonstrates its commitment to driving shareholder value like its previous sales of eSpeed and Trayport, as well as its IPO and tax-free spin-off of Newmark. This sale will help focus its resources on Insurance Brokerage business Fenics.

Ford Increases Investment In EV To $30 Bln

Michigan-based auto giant Ford Motor Co. (F) is targeting to generate 40% of its sales through electric vehicles by 2030. For that, the company has decided to increase its investment in the project to $30 billion.

Jim Farley, who took over the reins of the company in October 2020, said on Ford’s investor day, “This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands.”

Talking about the rejuvenated Ford+ plan under his reign, Farley added, “I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time. We will deliver lower costs, stronger loyalty, and greater returns across all our customers.”

The company has already invested $7 billion in electronic vehicles since 2016 and in February the company decided to ramp up its investment to $22 billion. Looking forward, Farley thinks that the company will be able to earn a revenue of $45 billion by 2025. Ford Pro, a vehicle servicing and distribution business, is set to form an autonomous entity while being a part of the company. Earlier this year, GM said it hoped to go all-electric by 2035.

In the event, the company claimed to top Tesla (TSLA) by July 2022 in vehicles with remote updates and build a connected fleet of 33 million Ford and Lincoln automobiles with Over-the-air technology.

Oil Futures Settle Higher As Crude Stockpiles Drop

Crude oil futures settled higher on Wednesday, rising for a fourth straight session, after data showed a drop in U.S. crude inventories in the week ended May 21st.

Expectations that fuel demand in the U.S. will see a surge ahead of the summer driving season also contributed to oil’s uptick.

Worries about a likely excess of supply in the market in the event of a return of Iranian supply limited oil’s gains. According to reports, talks between Iran and world powers to resolve outstanding issues on a nuclear accord will continue in Vienna this week.

West Texas Intermediate Crude oil futures for July ended up by $0.14 or about 0.2% at $66.21 a barrel.

Data released by Energy Information Administration (EIA) showed crude oil inventories in the U.S. dropped by 1.662 million barrels last week, bigger than an expected draw of about 1.05 million barrels.

Gasoline inventories were down by 1.745 million barrels, and distillate stockpiles declined by 3.013 million barrels in the week, data from EIA showed.

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ended May 21, compared with a build of 620,000 million barrels reported for the previous week. Analysts had predicted a draw of 1.050 million barrels for the week.