WASHINGTON (Reuters) - U.S. economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course for what is expected will be the strongest performance this year in nearly four decades. Gross domestic product increased at a 6.4% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of GDP for the first three months of the year. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter. Economists polled by Reuters had forecast GDP growth increasing at a 6.1% pace in the January-March period. The United States' economy is rebounding more quickly compared to its global rivals, thanks to two additional rounds of COVID-19 relief money from Washington as well as easing anxiety over the pandemic, which has boosted domestic demand and allowed services businesses like restaurants and bars to reopen. Still, the economy remains at least a couple of years away from fully recovering from the pandemic recession, which started in February 2020. Former President Donald Trump's government provided nearly $3 trillion in relief money early in the pandemic, leading to record GDP growth in the third quarter of last year. That was followed by nearly $900 billion in additional stimulus in late December. President Joe Biden's administration offered another $1.9 trillion rescue package in March, which sent one-time $1,400 checks to qualified households and extended a $300 unemployment subsidy through early September. The Federal Reserve on Wednesday acknowledged the burgeoning domestic activity, but the U.S. central bank gave no sign it was ready to reduce its extraordinary support for the recovery. The rapidly accelerating economy could dampen enthusiasm among some moderate Democrats for Biden's ambitious economic agenda. Biden on Wednesday unveiled a sweeping $1.8 trillion package for families and education in his first joint speech to Congress. Republicans oppose more stimulus, now worried about swelling debt. The new package and an earlier infrastructure and jobs plan total around $4 trillion, rivaling the annual federal budget. [nL1N2ML15K} There are concerns among some economists that the massive government funding could ignite inflation. Many economists, including Fed Chair Jerome Powell expect higher inflation will be transitory, arguing that the labor market remains 8.4 million jobs below its peak in February 2020. A separate report from the Labor Department on Thursday showed 553,000 people filed for state unemployment benefits during the week ended April 24, compared to 566,000 in the prior period. Though initial jobless claims have dropped from a record 6.149 million in early April 2020, they remain well above the 200,000 to 250,000 range viewed as consistent with a healthy labor market. The economy continued to power ahead early in the second quarter, with consumer spending vaulting to a 14-month high in April, thanks to the fiscal stimulus and the expansion of the COVID-19 vaccination program to all American adults. Americans have accumulated at least $2 trillion in excess savings. Many economists expect the economy will fully recover from the recession in late 2023. They forecast growth this year could top 7%, which would be the fastest since 1984. The economy contracted 3.5% in 2020, the worst performance in 74 years. (Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

STORY: Tear gas filled the streets of Colombia's capital of Bogota on Wednesday (April 28), after thousands of protesters took to the streets to demonstrate against a controversial government tax reform. In downtown Bogota, riot police set off tear gas to control a large crowd. A number of protesters were detained and officers reported injured in the heated demonstration. Wednesday's protest is the most recent in a series of marches which began near the end of 2019 against the social and economic policies of President Ivan Duque, who leaves office next year. The proposed tax reform was originally meant to raise about $6 billion, equivalent to 2% of gross domestic product (GDP). However, earlier on Wednesday finance official Juan Alberto Londono said the government could lower the targeted sum to between 18 trillion and 20 trillion pesos ($4.8 billion to $5.4 billion) as it looks to build consensus among lawmakers. The government is proposing a suite of new or expanded taxes on individuals and businesses, as well as reducing or eliminating many tax exemptions, including on product sales. The reform is crucial for Colombia to keep its investment grade debt rating, according to the government. (Production: Herbert Villarraga, Camilo Cohecha, Paul Vieira)

Enthusiasm for tech shares ahead of busy week for tech earnings pushed the Nasdaq and the S&P 500 to record closing highs. Conway G. Gittens has the market action. Optimism ahead of a big week for tech earnings sent the S&P 500 and the Nasdaq to fresh record closing highs on Monday. The Dow was left out of the record-making - with a 61-point decline. The S&P 500 rose 7 points. The Nasdaq enjoyed a gain of 121 points. With the Federal Reserve likely to remain on the sidelines even if the economy gets a little hot, stocks remain the best investment game in town, says Hilary Kramer of Kramer Capital. "The Fed is going to talk this week and we're going to hear about inflation Friday. No one is really worried because inflation is about specific areas of inflation, but general inflation is still muted and under two percent, even though we all know what's happening. So this stock market, we are going to hear that earnings were great because we're coming out of the pandemic and we're going to hear guidance that is going to be very optimistic. And that guidance is why the market is so excited." Tesla was the first of the big tech names out of the gate this week. The electric car maker posted record deliveries, which helped it beat sales forecasts. It said it was able to navigate through the global chip supply shortage hurting the industry - in part by pivoting rather quickly to new microcontrollers. Apple is stepping up its push on privacy. The company started enforcing a rule introduced last year requiring developers to use a pop-up notification to get user permission to gather data that can be used to track users across third-party sites and apps. Facebook has railed against the rule, saying it could harm its ad customers. Shares of Apple were up slightly. Facebook was up as well. Spotify is raising prices for some of its subscription plans in the U.S. and the United Kingdom starting this week. Existing customers will have a grace period. Investors cheered the minimal price hike. Shares of the streaming music company jumped nearly five percent.

By Svea Herbst-Bayliss and Jennifer Hiller BOSTON (Reuters) -The California Public Employees' Retirement System (CalPERS) said on Monday it plans to vote for Engine No. 1's four director nominees to Exxon Mobil Corp's board, throwing additional support to the activist hedge fund in its proxy fight with the company. "CalPERS is supporting additional board refreshment due to the long-term financial underperformance at ExxonMobil and the need for a greater depth of skill sets and experience on the board to address the significant challenges the company faces," the pension fund said on Monday. The fund is weighing in on what promises to be this year's most closely watched board room challenge where Engine No. 1, a newly launched hedge fund, is taking on one of corporate America's most iconic companies and pushing for improved financial performance and a greater focus on clean energy. CalPERS said it would back all of Engine No. 1's four nominees because it feels the board would "benefit from additional expertise in both its core business and in renewable energy technologies." Engine No. 1's slate includes Gregory Goff and Anders Runevad, former chief executives of oil refiner Andeavor and wind-turbine manufacturer Vestas Wind Systems, respectively; Kaisa Hietala, former head of renewable fuels at Finnish refiner Neste; and Alexander Karsner, the former U.S. assistant secretary of energy for efficiency and renewable energy. (Reporting by Svea Herbst-Bayliss and Jennifer Hiller; Editing by Chris Reese and Peter Cooney)

A copy of the statement by U.S. President Joe Biden declaring Turkey's killings of ethnic Armenians in the early 20th century a 'genocide' is seen in Washington, U.S., April 24, 2021. REUTERS/Don Pessin

U.S. President Joe Biden called on nations to work together on the transition to clean energy on Friday, the second and final day of a climate summit he is hosting that seeks to rally world ambition to reduce global warming. Biden called the meeting with dozens of heads of state to declare the United States back at the climate leadership table after his predecessor, former President Donald Trump, withdrew from the Paris Agreement to cut greenhouse gas emissions. Biden also said he was "heartened" by a call by Russian President Vladimir Putin on Thursday for the world to collaborate on advanced carbon dioxide removal and that the United States looked forward to working with Russia and other countries on the technology.

LONDON (Reuters) - The Bank of England published details of communications between former prime minister David Cameron and officials at the central bank relating to failed finance firm Greensill Capital which Cameron served as an adviser. Cameron had contacts with the BoE in March and April of last year and secured calls with Greensill founder Lex Greensill and the central bank, but the BoE said the firm was ineligible for the Covid Corporate Financing Facility. The BoE and the Treasury also later spoke to Greensill about possible changes to the CCFF. "No changes were made to the CCFF scheme as a consequence of this exercise," the BoE said. (Writing by William Schomberg, editing by Andy Bruce)

LONDON (Reuters) - Britain's financial watchdog said on Thursday it was examining how it could use its powers to boost the number of Black employees in financial firms, particularly at senior levels. The racism that many Black people face in the workplace is not overt, but subtle and insidious, and it adds obstacles for Black people to succeed, said Sheldon Mills, the Financial Conduct Authority's executive director for consumers and competition. Only 10 of 297 chairs, chief executives or finance chiefs of large-capitalized British companies listed on the FTSE 100 stock index come from ethnic minority backgrounds, and none of them is Black, for the first time in six years, he said. Fewer than 1% of investment managers are Black and, between 2009 and 2019, only 38 Black entrepreneurs received venture capital funding, he said, with just 0.24% of the total sum invested going towards them. Black women entrepreneurs received just 0.02% of the total venture capital invested, he said. "We want to see improvements within firms, and we are considering how to best use our powers," Mills said in a speech on Thursday. "That includes looking to our supervisory toolbox, and whether the diversity of management teams could be part of considerations for senior manager applications." The FCA has already said it is exploring how listings rules could help improve diversity and inclusion. Mills said the watchdog was also considering whether the firms it regulates should comply or explain a lack of diversity at senior levels. "As a Black man, I have experienced racism and been impacted by the lack of availability of opportunity and resulting outcomes that many Black people face in the UK," Mills said. "It’s clear that there are benefits to greater diversity, and Black inclusion is very much an important part of that." (Reporting by Huw Jones; Editing by Bernadette Baum)

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National Guard troops pay their respects to the late U.S. Capitol Police officer William "Billy" Evans during a memorial service as Evans lies in honor in the Rotunda at the U.S. Capitol in Washington, DC, U.S. April 13, 2021. Drew Angerer/Pool via REUTERS