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Business & Finance - 2021-02-22
TSX falls weighed by inflation concerns
Stocks

TSX falls weighed by inflation concerns

  • Toronto Stock Exchange's S&P/TSX composite index was down 31.43 points, or 0.17%, at 18,352.84.
  • US crude and Brent crude prices rose around 2%, while Spot Gold gained 1.37%.
Published 22 Feb, 2021 09:36pm
ECB getting uncomfortable with rise in yields
Money & Banking

ECB getting uncomfortable with rise in yields

  • Risk-free overnight indexed swap rates and sovereign yields are particularly important, because they are good early indicators of what happens at downstream stages of monetary policy transmission.
  • "Accordingly, the ECB is closely monitoring the evolution of longer-term nominal bond yields," she said.
Published 22 Feb, 2021 09:30pm
Kuwait's Jazeera Airways considering 13 jet order, chairman
Companies

Kuwait's Jazeera Airways considering 13 jet order, chairman

  • The budget carrier has long mulled an aircraft order to expand and replace its fleet of leased Airbus, but decided against going head with such a deal as recently as 2019.
  • We have put in place a five-year plan in which the number of our fleet aircraft will increase from 17 to 30 aircraft within five years ending in 2025.
Published 22 Feb, 2021 09:22pm
Alphabet in talks with Spanish publishers to bring Google News back

Alphabet in talks with Spanish publishers to bring Google News back

  • Google News, which links to third party content, closed in Spain in late 2014 in response to legislation which meant it had to pay a mandatory collective licensing fee to re-publish headlines or snippets of news.
  • Spain's Culture Ministry said the government was working on a draft bill, but declined to give further details.
Published 22 Feb, 2021 09:09pm
Ivory Coast seeks to sell 100,000 tonnes of cocoa as buyers haggle
Commodities

Ivory Coast seeks to sell 100,000 tonnes of cocoa as buyers haggle

  • There are around 100,000 tonnes of cocoa held by small Ivorian exporters that the CCC is trying to sell, but the problem is that no-one is interested if the differential is not interesting.
  • Two CCC sources, asking not to be named, confirmed the volumes and the discounts requested by exporters.
Updated 22 Feb, 2021 10:05pm
Sri Lankan shares slip as industrials, financials drag
Stocks

Sri Lankan shares slip as industrials, financials drag

  • Lanka ORIX Leasing company slid 7.4% to be the biggest drag on the index, followed by a 2.8% fall in conglomerate John Keells Holdings.
  • Trading volume on the CSE All Share Index fell to 130.4 million, from 199.5 million in the previous session.
Updated 22 Feb, 2021 10:05pm
Indian shares drop as investors take profits, virus worries weigh
Stocks

Indian shares drop as investors take profits, virus worries weigh

*The NSE Nifty 50 index ended 2.04% lower at 14,675.70, clocking its biggest one-day drop since Dec. 21. The S&P BSE Sensex closed down 2.25% at 49,744.32. * There is a round of profit-booking that is still happening ... valuations remain high and we are seeing a consolidation.
Updated 22 Feb, 2021 10:05pm
Moderate inflation in India provides room to support growth: MPC minutes
Money & Banking

Moderate inflation in India provides room to support growth: MPC minutes

  • The Reserve Bank of India kept rates steady at record low levels this month and said it would maintain support for recovery from the coronavirus by ensuring ample liquidity.
  • The near-term outlook for inflation appears less risky than the near-term challenges for growth which warrant continuing policy support, at least until the elusive engine of investment fires and consumption, the mainstay of aggregate demand in India, stabilizes.
Updated 22 Feb, 2021 10:04pm
M&T Bank to buy People's United Financial in $7.6bn deal
Money & Banking

M&T Bank to buy People's United Financial in $7.6bn deal

  • The combined bank will have a network of more than 1,100 branches and over 2,000 ATMs across 12 US states, M&T Bank said in a statement on Monday.
  • "The merger extends our reach by providing customers access to a larger banking network and an expanded array of services," People's United Chief Executive Officer Jack Barnes said.
Updated 22 Feb, 2021 10:04pm
Vodafone's Czech business in talks on cooperation with CEZ
Companies

Vodafone's Czech business in talks on cooperation with CEZ

  • Financial daily Hospodarske Noviny reported on Monday that CEZ, central Europe's largest listed energy group, was interested in buying Vodafone's Czech business.
  • Shares in CEZ, 70% owned by the state, were down 0.4% to 518 crowns by midday on Monday, outperforming the market.
Updated 22 Feb, 2021 10:04pm
US clearinghouse Apex to go public via $4.7bn deal with Ledecky's SPAC
Companies

US clearinghouse Apex to go public via $4.7bn deal with Ledecky's SPAC

  • The deal comes in the backdrop of a boom in business for clearinghouses, driven by a recent social media-fueled trading frenzy for heavily-shorted stocks such as GameStop and others.
  • Northern Star, led by Ledecky and former Cosmopolitan magazine editor-in-chief Joanna Coles, last month raised $400 million in an initial public offering.
Updated 22 Feb, 2021 10:04pm
Bank of Israel holds benchmark interest rate at 0.1pc
Money & Banking

Bank of Israel holds benchmark interest rate at 0.1pc

  • All 15 economists polled by Reuters had said they expected the monetary policy committee to keep rates steady after doing so ever since cutting them from 0.25% early last April.
  • Central bank officials have expressed reluctance to lower the key rate from an all-time low to zero or into negative territory despite a strong shekel and three lockdowns.
Updated 22 Feb, 2021 10:06pm
Bank of Israel's statement after monetary policy meeting
Money & Banking

Bank of Israel's statement after monetary policy meeting

  • The broad unemployment rate increased during the third lockdown, to about 20 percent in the second half of January, after having declined to about 13 percent during the period between the lockdowns.
  • From the previous interest rate decision until January 14, the shekel strengthened by 3.2 percent in terms of the nominal effective exchange rate.
Updated 22 Feb, 2021 10:06pm
Singapore freezes two firms' bank accounts after alleged nickel fraud
South Asia

Singapore freezes two firms' bank accounts after alleged nickel fraud

  • Investors were promised varying returns, depending on the scheme they joined. Investigations arose due to the suspicion that investor monies were misused.
  • While investigations are being conducted, the local bank accounts of Envy Global Trading and Envy Asset Management have been frozen by authorities and customer funds are fully protected.
Published 22 Feb, 2021 07:03pm
Data center firm Cyxtera to go public via $3.4bn deal with Starboard SPAC
Companies

Data center firm Cyxtera to go public via $3.4bn deal with Starboard SPAC

  • As part of the deal with Starboard Value Acquisition Corp , Cyxtera will receive $654 million, including $250 million from private investors such as Fidelity Management & Research Company LLC and clients of Starboard.
  • Cyxtera operates around 61 data centers across the globe and counts nearly 2,300 organizations among its customers.
Published 22 Feb, 2021 06:46pm
Sterling rises above $1.40; long positions at one-year high
Forex

Sterling rises above $1.40; long positions at one-year high

  • Sterling reached its highest levels since April 2018 when it crossed $1.40 on Friday. It has risen 2.6% against the dollar in 2021 and its rapid gains have led to talk of a possible correction.
  • Some 17.6 million people, over a quarter of the 67 million population, have now received a first dose of a COVID-19 vaccine.
Published 22 Feb, 2021 05:47pm
Saudi Arabia plans to set up $10 billion oil refinery in Gwadar by year-end

Saudi Arabia plans to set up $10 billion oil refinery in Gwadar by year-end

  • The proposed mega oil city will be developed on 88,000 acres of land to refine and process petroleum products mainly imported from the Gulf region, for local and regional consumption
  • Petroleum minister says with setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC
Published 22 Feb, 2021 03:30pm
Pakistan's FDI decline over 27pc in Jul-Jan FY21

Pakistan's FDI decline over 27pc in Jul-Jan FY21

  • The SBP's statistics revealed that FDI fell significantly by 12.27 percent or $27 million to $192.7 million in Jan 2021 compared to net inflow of $ 219.6 million investment in Jan 2020.
Published 22 Feb, 2021 01:33pm
Recovery bets drive dollar to fresh lows
Forex

Recovery bets drive dollar to fresh lows

  • "There's a tide of higher rates across the board, and whether the US does an extra five basis points than Germany is neither here nor there," said Jason Wong, senior market strategist at BNZ in Wellington.
Published 22 Feb, 2021 12:25pm