New England Patriots owner Robert Kraft gifted brand new Bentley for 80th birthday

Euro zone economic dip milder than expected in first quarter

  • Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.3% quarter-on-quarter for a 1.3% year-on-year decline.

The euro zone economy contracted by much less than expected in the first quarter of the year, revised data from the EU's statistics office showed, with a buildup of inventories and investment offset by reduced consumer spending.

Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.3% quarter-on-quarter for a 1.3% year-on-year decline. These compared with estimates three weeks ago of respectively -0.6% and -1.8%.

Italy grew marginally, against a previous estimate of a dip, and France dipped, against an earlier estimate of growth. Germany was very slightly weaker, while a number of smaller countries were more positive.

Eurostat said rising inventories added 0.7 percentage points to the overall quarterly figure in the January-March period and investment and trade each added another 0.1 points.

Falling household consumption, hit by pandemic lockdowns including of shops across Europe, subtracted 1.2 points and government spending was neutral.

The 0.3% GDP contraction comes after a 0.6% GDP quarterly fall in the previous three months, meaning the euro zone economy was in its second technical recession since the start of the COVID-19 pandemic.

Eurostat said also employment fell 0.3% quarter-on-quarter in January-March
and was down 1.8% year-on-year.

Warren Buffett's Berkshire Hathaway makes $500 million investment in Brazilian digital bank

Warren Buffett's Berkshire Hathaway made a $500 million investment in the parent company of Nubank, a privately held digital bank based in Brazil, the South American company announced on Tuesday.

Nubank, which was founded in 2013, made its first appearance on CNBC's Disruptor 50 list earlier this year. The company said it has roughly 40 million customers.

The company's CEO told the Wall Street Journal that an initial public offering is not currently planned but is likely in the future.

Buffett is no stranger to investing in financial firms, as traditional banks and insurance companies make up a large portion of Berkshire's investment portfolio. However, Buffett had sold nearly all of his stake in Wells Fargo by the end of the first quarter, according to securities filings.

Berkshire's class B shares were little changed on Tuesday morning following the announcement. The stock has risen nearly 25% year to date.

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Incyte Says FDA Extends Review Period For Ruxolitinib SNDA – Quick Facts

Biopharmaceutical company Incyte Corp. (INCY) announced Tuesday that the U.S. Food and Drug Administration (FDA) has extended the review period for the supplemental New Drug Application (sNDA) for ruxolitinib (Jakafi) for the treatment of adult and pediatric patients 12 years and older with steroid-refractory chronic graft-versus-host disease (GVHD).

The Prescription Drug User Fee Act (PDUFA) target action date is now extended by three months to September 22, 2021 to allow time to review additional data submitted by Incyte in response to the FDA’s information request.

The sNDA was based on data from REACH3, a Phase 3 randomized, open-label, multicenter study comparing ruxolitinib with best available therapy (BAT) in adult and pediatric patients 12 years and older with steroid-refractory chronic GVHD.

Jakafi is marketed by Incyte in the U.S. and by Novartis as Jakavi (ruxolitinib) outside the U.S. Jakafi is a first-in-class JAK1/JAK2 inhibitor approved by the U.S. FDA for the treatment of polycythemia vera (PV) in adults.

Websites, Apps And Social Media Platforms Briefly Go Offline Globally

A number of popular websites, government and major news websites, apps and social media platforms around the world went offline briefly on Tuesday apparently due to technical failure of a network run by Fastly, a U.S.-based cloud computing service provider serving many major websites.

Internet users logging into high-traffic websites of Reddit, Spotify, Twitch, Stack Overflow, GitHub, Target, gov.uk, Hulu, HBO Max, Quora, PayPal, Vimeo, Shopify, Stripe, eBay, Amazon.com Inc, BBC, The Guardian, The Financial Times, The Independent, The New York Times, CNN, Bloomberg News and the Evening Standard received the message, “Error 503 Service Unavailable.”

“Fastly, the CDN provider, is having a massive outage, resulting in Twitch, Pinterest, Reddit, The Guardian, and the FT returning 503 errors,” wrote Matt Taylor, a product manager at Financial Times, on Twitter.

“The issue has been identified and a fix has been applied. Customers may experience increased origin load as global services return,” Fastly said on its status website.

“We’re currently investigating potential impact to performance with our CDN services,” the global online content delivery network added.

Many of the sites are back up, while loading remains slow.

New England Patriots owner Robert Kraft gifted brand new Bentley for 80th birthday

New England Patriots owner Robert Kraft received a brand new Bentley for his 80th birthday.

The car was a gift from Kraft's celebrity friends that included Jay-Z and Philadelphia 76ers co-owner Michael Rubin, the chairman of Fanatics. Rapper Meek Mill posted a video over Instagram of Kraft looking stunned when he takes in his expensive gift.  

In the Instagram video, Kraft has his hands over his head and can be heard saying, "Oh my God!" Kraft, a billionaire, had been hoping to buy a Bentley but was unable to find the exact car he was looking for. That prompted the surprise.