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Amazon chief executive Jeff Bezos will step aside later this year to become executive chairman, making way for Andy Jassy, who currently heads up its cloud computing division, AWS, to replace him in the role. The ecommerce group’s founder, 57, on Tuesday said it was an “optimal time” to make the move, which will happen
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Retail traders have targeted the silver market following their successful attack against short-sellers of games retailer GameStop. The world’s largest silver-backed exchange-traded fund, the iShares Silver Trust, recorded almost $1bn in inflows on Friday, according to data from BlackRock, the fund’s sponsor. The jolt of investments came after a user in Reddit’s r/WallStreetBets forum urged
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Brussels faces an international backlash over its new controls on vaccine exports as European Commission president Ursula von der Leyen struggles to quell a firestorm over the EU’s handling of vaccine shortages. Canada and Japan raised concerns over export rules requiring manufacturers to obtain permission before shipping Covid-19 jabs outside the EU. South Korea also warned
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Ursula von der Leyen has promised Boris Johnson that future EU controls on vaccines will not disrupt contracted supplies of the Belgian-made BioNTech/Pfizer vaccine to Britain. The European Commission president, made the commitment to the prime minister in a tense Friday night call, which followed the Commission’s controversial plan — hastily abandoned — to impose
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Michael Frawley had already been dabbling in financial derivatives for a few months when he joined a raucous, profane trade-tipping internet forum last year. Reddit’s WallStreetBets would prove the gateway into the 25-year-old Ohio engineer’s wildest ever bet. GameStop is a struggling bricks-and-mortar video game retailer in a world that is rapidly moving online. The
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Johnson & Johnson’s coronavirus vaccine has shown 66 per cent efficacy at preventing moderate and severe Covid-19, according to interim data published from a phase-3 trial of the first single-dose vaccine. The efficacy rate reported on Friday by the world’s largest healthcare company is lower than that of jabs that are already authorised from BioNTech/Pfizer,
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A “short squeeze” that started on Wall Street swept across the globe on Wednesday, triggering another day of frenetic moves in the share prices of companies with large bets levied against them. The White House press secretary Jen Psaki said the Biden administration was “monitoring the situation” as shares of companies including GameStop, the hard-hit
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The IMF has warned that emerging markets’ limited access to Covid-19 vaccines poses a risk to global financial stability, saying shortages could exert a drag on economic recoveries in low-income countries.  “Inequitable distribution of vaccines risks exacerbating financial vulnerabilities, especially for frontier market economies,” the IMF wrote in its latest global financial stability update. Emerging market assets have
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Joe Biden will sign a barrage of executive orders on Wednesday as he aims to use his first afternoon as US president to reverse some of Donald Trump’s most controversial policies in areas ranging from climate change to immigration. Mr Biden will use his inaugural address from the US Capitol, which is under heavy military
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Donald Trump has granted clemency to Steve Bannon, his former White House strategist, as part of a sweeping set of pardons in one of his final acts ahead of Wednesday’s inauguration of Joe Biden as president. Mr Bannon was charged last year with defrauding hundreds of thousands of Trump supporters who donated to a crowdfunding
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