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EMEA Morning Briefing: Stocks to Waver as -2- -

The London-based company on Thursday raised its full-year forecast for like-for-like net revenue growth to a range of 9% to 10% from the mid-single-digits. Like-for-like net revenue growth strips out the effects of acquisitions, disposals and pass-through costs, such as expenses billed to clients.


BHP Group Approves $800 Million in Capital Expenditures for Oil Projects in U.S., Mexico

BHP Group PLC said Thursday that it has approved a capital expenditure of $544 million to execute an oil project in the U.S. Gulf of Mexico, and a second capital expenditure of $258 million to move an oil project in Mexico into the front end engineering design (FEED) phase.

The Anglo-Australian multinational miner said that production at the Shenzi North oil project, in the Gulf of Mexico, is expected to begin in 2024. BHP holds a 72% interest in Shenzi North. Repsol S.A. holds the remaining 28% working interest.


L'Oréal's New Digital Chief Takes Cosmetics Virtual

L'Oréal Group's newly appointed digital executive is exploring how online games, augmented reality and social media can help the French cosmetics company reach new demographics amid an expected increase in e-commerce sales.

"The pandemic has been a catalyst for digital adoption," and L'Oréal is "constantly reimagining" its digital strategies, said Asmita Dubey, the company's chief digital and marketing officer.


U.K. Retail Store Footfall at Standstill in July for Third Month

U.K. retail stores footfall plateaued in July with little change for the third consecutive month and remaining below pre-coronavirus pandemic levels, according to the latest report by the British Retail Consortium.

Footfall in U.K. stores fell 28% compared with 2019 in the four weeks ended July 31, a 0.4% decrease compared with June. The consortium said the mood of U.K. shoppers may have been dampened by turbulent weather, with initial heat waves followed by torrential rain.


U.S. Investor Michael Calvey Found Guilty of Embezzlement by Russian Court

MOSCOW-A Russian court found American private-equity investor Michael Calvey guilty of embezzlement more than two years after he was arrested in a case that shook the foreign business community and exacerbated U.S.-Russia tensions.

The court delayed sentencing the businessman, who is known as a prominent advocate for Western investment in Russia, and said that process would continue Friday. Six of his associates were also declared guilty.


Senate Bill to Repeal Iraq War Authorizations Draws Key Level of GOP Support

WASHINGTON-Ten Republican senators have signed on as co-sponsors of a bipartisan bill to repeal the 1991 and 2002 authorizations for use of military force in Iraq, a key threshold needed to overcome a Senate filibuster.

It is the latest sign that lawmakers of both parties are gaining traction in their efforts to reassert Congress's constitutional power to declare war, the culmination of years of debate over the commander in chief's latitude to send troops into combat abroad, and a reflection of waning public support for America's so-called forever wars.


Belarus Coaches Kicked Out of Olympic Village Over Athlete Removal

TOKYO-The International Olympic Committee stripped two Belarusian coaches of their accreditations and evicted them from the Olympic Village over their involvement in forcing an athlete to return home.

Belarusian sprinter Krystsina Tsimanouskaya said that members of the national team in Tokyo took her to the airport on Sunday in an attempt to send her home against her will after she publicly criticized the team's coaches. Ms. Tsimanouskaya didn't board the flight for fear for her life if she returned home and is now in Poland, where she received a humanitarian visa.


China Telecom Plans to Raise More Than $7 Billion in Shanghai Offering

China Telecom Corp. is seeking to raise more than $7 billion via a share offering in Shanghai, which if successful will be the biggest such fundraising in the country so far this year.

The state-run company, which is the world's largest mobile operator by number of subscribers, is aiming to sell 10.40 billion A-shares to raise 47.11 billion yuan (US$7.29 billion).


News Corp Posts 30% Revenue Jump, Narrower Loss

News Corp reported a 30% increase in revenue for the June quarter, fueled by gains in its digital real-estate, book-publishing and Dow Jones units.

The New York-based media company, whose holdings include The Wall Street Journal and the HarperCollins publishing division, narrowed its net loss to $14 million, or 2 cents a share, from the year-earlier $397 million, or 67 cents a share. Revenue grew to $2.49 billion from $1.92 billion.


Novavax Delays Seeking U.S. Regulatory Approval for Covid-19 Vaccine

Novavax Inc. said it would delay seeking U.S. emergency authorization for its Covid-19 vaccine until the fourth quarter as it works to complete the manufacturing portion of its application.

"The manufacturing part has been the most work that we have to do," Stanley Erck, Novavax chief executive, said in an interview Thursday. "Hopefully October for the FDA, but we don't have a date picked."


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Expected Major Events for Friday

00:01/UK: Jul KPMG and REC UK Report on Jobs

06:00/NOR: Jun Credit Indicator C2

06:00/GER: Jun Industrial Production Index

06:00/DEN: Jun Industrial production & new orders

06:00/FIN: Jun Foreign trade

06:00/UK: Jul Halifax House Price Index

06:45/FRA: Jun Foreign trade

06:45/FRA: Jun Balance of payments

06:45/FRA: 2Q Flash estimate of job creation

07:00/CZE: Jun Industry, Construction

07:00/CZE: Jun External trade

07:00/HUN: Jun Preliminary Industrial Production

07:00/SWI: Jul SNB foreign currency reserves

07:00/AUT: Jul Wholesale Price Index

07:00/SPN: Jun Industrial Production

07:00/HUN: Jun Preliminary External Trade

08:00/ICE: Jun Labour Force Survey

08:00/ITA: Jun Industrial Production

08:00/ICE: Jul External trade, preliminary figures

09:00/GRE: Jun External Trade (provisional data)

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

August 06, 2021 00:20 ET (04:20 GMT)

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