Fed Chair Powell to speak on 'economic outlook' next week

Aug 19 (Reuters) – Federal Reserve Chair Jerome Powell will deliver a speech on “the economic outlook” next week in Jackson Hole, Wyoming at the Kansas City Fed’s annual central banking conference, the Fed said on Thursday.

Jet staff move NCLAT for a stay on resolution plan

‘Deal excludes salaries, benefits due’

Jet Airways’ cabin crew and ground staff have challenged the Jalan Kalrock consortium’s resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June, flagging concerns about pending salaries and retirement benefits.

In their petition filed before the National Company Law Appellate Tribunal (NCLAT), the Jet Airways Cabin Crew Association and Bhartiya Kamgar Sena have submitted that dues of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost.

In June, NCLT had approved the Jalan Kalrock Consortium’s resolution plan for the airline, which has remained grounded for more than two years now.

The carrier shuttered operations in April 2019 due to financial woes. The two groups of employees have requested the NCLAT to “quash and set aside” the NCLT order.

Ross Stores Raises FY21 Earnings Outlook

Discount store company Ross Stores Inc. (ROST) on Thursday provided outlook for the third quarter and fiscal 2021. In the third quarter, the company expects earnings per share between $0.61 and $0.69 and same store sales to be up 5-7 percent.

On average, 21 analysts expect the company to post earnings of $0.93 per share in the third quarter.

The company also raised its full year earnings per share guidance to be between $4.20 and $4.38 on a comparable store sales gain of 10-11 percent. Ross Stores earlier expected earnings per share between $3.93 and $4.20.

On average, 24 analysts expect the company to post earnings of $4.35 per share for the year.

In the second quarter, the company’s profit totaled $494.26 million, or $1.39 per share. This compares with $22.05 million, or $0.06 per share, in last year’s same quarter.

Analysts had expected the company to earn $0.94 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 79.1% to $4.80 billion from $2.68 billion last year while consensus revenue was $4.48 billion.

In after-market trading, the stock is down $5.80 or 4 percent to $120.78. ROST ended Thursday’s trade at $126.58, up $2.53 on the NYSE.

China sets yuan mid-point at 4-month low, but basket index advances further

SHANGHAI, Aug 20 (Reuters) – China’s central bank on Friday set its official yuan midpoint at the weakest level in four months to reflect falls in spot prices a day earlier.

The People’s Bank of China (PBOC) set the midpoint at 6.4984 yuan per dollar prior to the market open, 131 pips or 0.2% softer than the previous fix of 6.4853, and the weakest since April 21.

However, the weakened official guidance rate has pushed China’s trade-weighted yuan basket index higher again to 99, the highest since March 9, 2016, according to Reuters’ calculations based on official data.

Stockland FY FFO Down

Stockland Corp. Ltd. (SGP.AX,STKAF.PK), an Australian property company, reported that its funds from operations for the full year ended 30 June 2021 was A$788 million, down 4.6% from last year.

Statutory profit was A$1.1 billion, compared to a loss of A$21 million in the prior year. The statutory result included revaluation uplifts totalling $432 million, driven primarily by strong gains across the Logistics, Life Sciences & Technology portfolio. Importantly, valuations for Stockland’s Retail Town Centre assets stabilised over 2H21, reflecting a rebound in retail conditions and tenant demand.

Looking ahead for fiscal year 2022, the company expects FFO per security to be in the range of 34.6 to 35.6 cents.

The Best of Tiny Love Stories

These true stories, each no more than 100 words, pack a punch. We gathered 10 of the most powerful to give you a boost.

China's top legislature delays vote on anti-sanctions law -SCMP

HONG KONG, Aug 20 (Reuters) – China’s top legislature has postponed a vote on extending an anti-sanctions law to Hong Kong, the South China Morning Post said on Friday, citing sources.

Beijing was expected to formally approve the law for the Chinese-ruled city on Friday and then leave Hong Kong officials to decide if the measure should be amended for the global financial hub.

Turkish cenbank adds S.Korea's won to its currency list

ISTANBUL, Aug 20 (Reuters) – Turkey’s central bank added South Korea’s won to a list of currencies in which it can carry out buying and selling transactions, the official gazette showed on Friday.

The move came after both nations entered into a three-year swap deal last week.

Indonesia current account deficit widens in Q2 to 0.8% of GDP

JAKARTA, Aug 20 (Reuters) – Indonesia reported a current account deficit of $2.2 billion, or 0.8% of its gross domestic product in the second quarter, bigger than the 0.4% deficit in the previous three months, according to a central bank report released on Friday.

The country also reported a $1.9 billion surplus in its financial and capital accounts, taking the balance of payments to a deficit of $450 million in the April-June period. Indonesia had a $4.1 billion balance of payments surplus in the first quarter.

Temple Bar Investment Trust Swings To Profit In H1

Temple Bar Investment Trust plc (TMPL.L), on Friday, reported a turnaround to profit for the first half of fiscal 2021.

The company’s H1 profit was £126.1 million or 188.62p per share compared to a loss of £379.5 million or 576.70p per share last year.

Investment income for the period surged to £14.2 million from £8.1 million generated in the same period of last year.

For the six months to 30 June 2021, the NAV returned 19.3% versus a return of 11.1% for the benchmark, FTSE All-Share Index.

The company’s Board has declared two interim dividends of 9.75p each. “The company has also committed to paying a total dividend of at least 39p for the full year. We are well on track to meet this commitment,” the company said.