That is the year when parent company Stellantis expects to make a sustainable double-digit operating margin, it said at a highly choreographed "EV day" on Thursday. Amid the torrent of numbers announced by its competitors at similar events in recent months, this one stands out. Mainstream car makers have historically struggled to make double-digit margins, and electric vehicles won't be cheaper than traditional ones for a number of years. Yet as the new technology gradually takes over, Stellantis thinks its margins can climb.
Europe Proposes New Agency to Tackle Money Laundering Problems
The European Union is set to propose the creation of a new anti-money-laundering agency with direct powers to supervise financial companies, according to a document seen by The Wall Street Journal.
The agency would be part of a broader plan to address failures that have made the region a haven for financial crime. The European Commission-the EU's legislative arm-is set to make the proposal later this month, according to a person familiar with the matter.
Lloyds Fined GBP90.7 Million by U.K. Regulator Over Misleading Insurance Renewals
The Financial Conduct Authority said Thursday that it has issued a GBP90.7 million ($125.2 million) fine to Lloyds Banking Group PLC relating to the way it handled home insurance renewals between 2009 and 2017.
The U.K. regulator said the lender failed to communicate renewals in a clear, fair and not misleading way, adding that the bank also didn't apply a promised discount based on customer loyalty.
Cryptocurrency Operator Circle to Go Public in $4.5 Billion SPAC Merger
Circle Internet Financial Inc., one of the biggest companies in the cryptocurrency sector, is merging with a special-purpose acquisition company to go public in a deal that values the company at $4.5 billion.
On Thursday, Circle said it is merging with Concord Acquisition Corp., a SPAC sponsored by investment firm Atlas Merchant Capital that raised $276 million in its December initial public offering.
Write to paul.larkins@dowjones.com
Expected Major Events for Friday
04:30/NED: May Manufacturing output
05:00/FIN: May Industrial Production
06:00/DEN: May Balance of payments (provisional figures)
06:00/DEN: May External trade (provisional figures)
06:00/NOR: Jun CPI
06:00/NOR: Jun PPI
06:00/UK: May Index of production
06:00/UK: May UK trade
06:00/UK: May Index of services
06:00/UK: May Monthly GDP estimates
06:00/NOR: Jun External trade in goods
07:00/CZE: Jun Unemployment data
07:00/SVK: May Foreign trade
07:00/HUN: May Preliminary External Trade
07:00/SVK: May Industrial production
07:00/SVK: May Construction production
07:00/TUR: May Balance of Payments
07:00/AUT: May Production Index
08:00/BUL: May Industrial Production
08:00/ITA: May Industrial Production
09:00/CRO: May Foreign Trade
09:00/GRE: Jun CPI
09:00/GRE: May Industrial Production Index
09:00/LUX: May Industrial Production
10:00/POR: May International trade statistics
11:30/UK: Jun NIESR Monthly GDP Tracker
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
07-09-21 0030ET
