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Business & Finance - 2021-01-13
Indian automaker Mahindra cuts over half of North America workforce
Companies

Indian automaker Mahindra cuts over half of North America workforce

  • The sources did not give a figure for the number of jobs lost at the business, which had over 500 employees in early 2020.
  • The cuts come as Mahindra reviews its businesses in a drive to conserve capital and retain only those that make money or have the potential to be profitable.
Updated 13 Jan, 2021 11:17pm
Wall St flat as stimulus rally cools; Intel shines
Stocks

Wall St flat as stimulus rally cools; Intel shines

  • Intel jumps on replacing CEO Bob Swan.
  • Exxon rises on J.P. Morgan upgrade to "overweight".
  • Regeneron up as US govt orders more COVID-19 therapy doses.
  • Indexes: Dow and S&P down 0.13%, Nasdaq flat.
Published 13 Jan, 2021 09:23pm
Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy
Companies

Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy

  • Branco said in the Wednesday edition of daily Valor Econômico that the claims amount to a personal "professional offense" against him and the government's economic policymakers.
  • As graduated economists ... we learned over 40 years ago that price controls are part of a museum of ineffective weapons to fight inflation.
Published 13 Jan, 2021 09:18pm
Yields slip as investors await 30-year auction
Financial

Yields slip as investors await 30-year auction

  • Investors awaiting an auction of 30-year government debt shrugged off a report showing an increase in US consumer prices in December amid rising gasoline costs.
  • In the 12 months through December the CPI advanced 1.4% after increasing 1.2% in November.
Published 13 Jan, 2021 09:10pm
US crude stockpiles drop, fuel inventories build: EIA
Energy

US crude stockpiles drop, fuel inventories build: EIA

  • Crude inventories fell by 3.2 million barrels in the week to Jan. 8 to 482.2 million barrels, compared with expectations in a Reuters poll for a 2.3 million-barrel drop.
  • I think what we're seeing here is the drawdown in supply and a big uptick in refinery runs is giving the market an idea that refiners are starting to ramp up production of products.
Published 13 Jan, 2021 09:08pm
Corn extends rally to highest since 2013; soy falls on profit taking
Commodities

Corn extends rally to highest since 2013; soy falls on profit taking

  • Soybean futures eased on profit taking after hitting their highest in 6-1/2 years, while wheat steadied as the market digested potential changes to Russian export policy.
  • The USDA's seemingly unending cuts to US G&O (grain and oilseed) supplies continued this month, and with soybean and corn stores particularly bare.
Published 13 Jan, 2021 09:06pm
Signal to ramp up hiring after WhatsApp controversy drives download surge

Signal to ramp up hiring after WhatsApp controversy drives download surge

  • Along with another encrypted app, Telegram, Signal has been the main beneficiary of online outrage around the changes announced last week.
  • Signal was downloaded by 17.8 million users over the past seven days, a 62-fold rise from the prior week, according to data from Sensor Tower.
Published 13 Jan, 2021 08:54pm
Chilean central bank to buy $12bn to replenish FX reserves
Forex

Chilean central bank to buy $12bn to replenish FX reserves

  • The bank said it would take the step ahead of the closing off in mid-2022 of a flexible, $24 billion credit line extended by the IMF.
  • The board considers it prudent to initiate a process that allows it to replace the role of the FCL (flexible credit line) by gradually accumulating international reserves.
Published 13 Jan, 2021 08:52pm
China needs to innovate monetary policy tools
Money & Banking

China needs to innovate monetary policy tools

  • A prudent monetary policy must be flexible, reasonable and appropriate, adhere to the primary goal of currency stability.
  • China's M2, a broad-based measure of money supply, in December grew 10.1% from a year earlier, below estimates of 10.5% forecast.
Published 13 Jan, 2021 08:18pm
Dropbox to layoff 11pc of workforce, COO to step down
Companies

Dropbox to layoff 11pc of workforce, COO to step down

  • Shares fell nearly 6% to $22.26 after Dropbox said Chief Operating Officer Olivia Nottebohm, who joined last year from Alphabet Inc's Google, will step down on Feb. 5.
  • Our Virtual First policy means we require fewer resources to support our in-office environment.
Published 13 Jan, 2021 08:06pm
Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup
Companies

Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup

  • The deal marks a big push by Qualcomm to reestablish a leading position in chip performance after several years of high-profile patent licensing litigation with rival Apple and regulatory authorities.
  • It's exciting to see Nuvia join the Qualcomm team," Panos Panay, Microsoft's chief product officer.
Published 13 Jan, 2021 07:53pm
Target holiday sales jump 17pc on strong online demand
Industry

Target holiday sales jump 17pc on strong online demand

  • Target's sales through Shipt same-day delivery service jumped more than 300% in the November-December period.
  • The retailer's store traffic also rose 4.3% during the holiday season as people combined their shopping trips and limited it to large retailers amid a surge in pandemic.
Published 13 Jan, 2021 07:32pm
London Stock Exchange gets EU nod for $27bn takeover of Refinitiv
Stocks

London Stock Exchange gets EU nod for $27bn takeover of Refinitiv

  • The European Commission, which oversees competition policy in the 27-nation European Union.
  • Infrastructure competition in trading services and access to financial data products on fair and equal terms is essential for the European economy and in particular for consumers and businesses.
Published 13 Jan, 2021 07:24pm
J.P. Morgan upgrades Exxon to overweight for first time in seven years
Companies

J.P. Morgan upgrades Exxon to overweight for first time in seven years

  • Morgan Stanley on Monday upgraded Exxon's rating to overweight from equal-weight, saying it preferred the company to Chevron Corp for 2021.
  • We think that improved transparency, cost-reduction actions and increased investor pressure could all serve to push XOM to put up more consistent results
Published 13 Jan, 2021 06:47pm
Euro zone November industrial production better than expected
Industry

Euro zone November industrial production better than expected

  • The European Union's statistics office, Eurostat, said industrial output in the 19 countries sharing the euro rose 2.5% in November against October for a 0.6% year-on-year decline.
  • Industry continues to recover from the first wave, despite all of the second-wave problems that the economy is currently facing.
Published 13 Jan, 2021 06:24pm
Indebted Zambia pays $400mn in VAT refunds to mining firms
Companies

Indebted Zambia pays $400mn in VAT refunds to mining firms

  • Zambia, Africa's second-largest copper producer, is negotiating with creditors to try to get debt relief, after it defaulted on a $42.5 million coupon in November.
  • The VAT refunds to the mining sector represent 67% of the total such refunds made, Zambia Revenue Authority (ZRA) Commissioner-General Kingsley Chanda said at a media briefing.
Published 13 Jan, 2021 06:14pm
ECB's Lagarde calls for regulating Bitcoin's ‘funny business’
Forex

ECB's Lagarde calls for regulating Bitcoin's ‘funny business’

  • Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds and even large corporations.
  • (Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,
Published 13 Jan, 2021 06:11pm
India's Infosys raises revenue forecast as demand rises
Companies

India's Infosys raises revenue forecast as demand rises

  • Larger rival Tata Consultancy Services reported higher third-quarter profit last week and forecast strong growth for the year ahead.
  • It expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms, higher than 2% to 3% forecast earlier.
Published 13 Jan, 2021 05:48pm
J&J may not meet US COVID-19 vaccine supply target by spring
Companies

J&J may not meet US COVID-19 vaccine supply target by spring

  • US federal officials have been told that J&J has fallen behind its original production schedule and will not catch up until the end of April.
  • Earlier this week, J&J's chief executive officer said the company was on track to have close to a billion COVID-19 vaccine doses by 2021-end.
Published 13 Jan, 2021 04:43pm
PTA renews Integrated License of PTCL for next 25 years

PTA renews Integrated License of PTCL for next 25 years

  • It is pertinent to inform that PTCL integrated license was issued for 25 years effective from 1st January 1996 and valid until 31st December 2020; therefore-subsequent renewal was required effective from 1st January 2021.
Published 13 Jan, 2021 02:28pm