1.PAYPAL: -PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday.
The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.
With over 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.
PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.
The company hoped its foray into the new asset class would encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.
“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role
digital currencies will play in the future of global finance and commerce,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
2.LG :LG Chem Ltd shares slid nearly 10% on Monday after General Motors Co said it would recall an extra 73,000 Chevrolet Bolt cars that use the South Korean firm’s batteries, months after a similar recall by Hyundai Motor Co.
GM on Friday expanded its recall of Bolt electric vehicles (EVs) due to fire risk from what it called battery manufacturing defects, saying the recall would cost $1 billion and that it would seek reimbursement from LG.
The U.S. automaker said the recall covers vehicles beginning model year 2019 and that it would indefinitely halt Bolt sales. LG Chem said it was working to ensure a smooth recall.
LG Chem, which is preparing an initial public offering (IPO) for battery unit LG Energy Solution (LGES), lost $5 billion in market value with its stock on track for its biggest intraday percentage loss since March 2020.
“The market expected that LGES would launch its IPO in September, but with GM’s expanded recall, LGES IPO is likely to be delayed for a month or two, because the company needs to reflect the recall cost before finalising the IPO paperwork,” said Samsung Securities analyst Cho Hyun-ryul.
GM initially recalled 69,000 Bolt cars in July. Its expanded recall comes about a week after a fire involving a Volkswagen AG ID.3 EV carrying an LGES battery.
Six months earlier, Hyundai recalled 82,000 EVs over LGES battery fire risk at an estimated cost of about 1 trillion won ($851.90 million).
Both GM’s and Hyundai’s recalls involve pouch-type batteries, rather than cylindrical batteries supplied to LGES customers including Tesla Inc.
In February, South Korea’s transport ministry said a joint investigation with LGES and Hyundai found defects in battery cells at an LGES factory in China. The investigation is ongoing.
3. General Motors- General Motors Co said it would take a hit of $1 billion to expand the recall of its Chevrolet Bolt electric vehicles due to the risk of fires from the high-voltage battery pack – a blow for the largest U.S. automaker as it seeks to ramp up EV sales.
The Detroit company also said it would indefinitely halt sales of the EVs due to the issue and will seek reimbursement from battery supplier LG. The latest recall covers 73,000 vehicles from model years 2019 through 2022.
“The reserves and ratio of cost to the recall will be decided depending on the result of the joint investigation looking into the root cause, currently being held by GM, LG Electronics and LG Energy Solution,” LG said in a statement, referring to its subsidiaries.
LG added that it is actively working with its client and partners to ensure that the recall measures are carried out smoothly.
GM shares were down 2.2% in after-hours trade after dipping 0.6% during Friday’s regular session.
Earlier this month, South Korea’s LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls.
4.EASY JET:-Britain’s easyJet on Monday named former RBS Chief Executive Stephen Hester as its chair designate to succeed John Barton, as the budget airline navigates a recovery in a travel industry hammered by the COVID-19 pandemic.
The London-listed company said last month it planned to fly 60% of its pre-pandemic capacity in the July to September quarter compared to just 17% of 2019 levels in March-June, after it shed staff, cut its fleet and took on new debt to survive the crisis.
Hester will take over in December from Barton, who will step down following nine years in the role.
Hester has more than three decades of experience in various industries, most recently serving as the CEO of RSA Insurance , and was praised https://www.reuters.com/article/us-rbs-hester/rbs-boss-hester-to-step-down-this-year-idUSBRE95B0UY20130612 for restructuring RBS in the aftermath of its state bailout during the 2008 financial crisis.
“I am very much looking forward to working with Stephen at this important time in our history,” easyJet CEO Johan Lundgren said in a statement.
.5.MC DONALDS – McDonald’s Corp said it has nearly achieved its goal of sourcing all of its paper food packaging in restaurants from recycled or sustainable fiber.
The Chicago-based global burger chain said in its annual sustainability report that in 2020 99.6% of the paper bags, food wrappers, napkins, cup carriers and other fiber-based materials it used to package meals for customers came from recycled or certified sustainable fiber sources, up from 92% in 2019.
Many restaurant chains are working to reduce environmental harm from packaging, including using more recyclable or compostable materials and letting customers reuse cups or bowls.
An Adweek-Harris Poll survey of U.S. adults in April about single-use fast-food packaging found that 62% of respondents said they would think more highly of a brand that switched to recyclable packaging, and 81% were concerned about litter and pollution from fast-food restaurants.
