ANL 30.68 Increased By ▲ 1.83 (6.34%)
ASC 14.94 Decreased By ▼ -0.21 (-1.39%)
ASL 23.90 Decreased By ▼ -0.25 (-1.04%)
AVN 92.00 Decreased By ▼ -5.95 (-6.07%)
BOP 9.14 Decreased By ▼ -0.16 (-1.72%)
BYCO 10.25 Decreased By ▼ -0.10 (-0.97%)
DGKC 135.60 Increased By ▲ 0.10 (0.07%)
EPCL 50.00 Increased By ▲ 0.02 (0.04%)
FCCL 24.62 Decreased By ▼ -0.54 (-2.15%)
FFBL 24.25 Decreased By ▼ -0.97 (-3.85%)
FFL 15.60 Decreased By ▼ -0.44 (-2.74%)
HASCOL 10.74 Decreased By ▼ -0.33 (-2.98%)
HUBC 85.20 Increased By ▲ 0.20 (0.24%)
HUMNL 7.35 Decreased By ▼ -0.35 (-4.55%)
JSCL 24.85 Decreased By ▼ -0.90 (-3.5%)
KAPCO 37.85 Increased By ▲ 0.40 (1.07%)
KEL 4.15 Decreased By ▼ -0.02 (-0.48%)
LOTCHEM 14.78 Decreased By ▼ -0.35 (-2.31%)
MLCF 46.60 Decreased By ▼ -0.58 (-1.23%)
PAEL 38.25 Decreased By ▼ -1.15 (-2.92%)
PIBTL 11.80 Decreased By ▼ -0.24 (-1.99%)
POWER 10.50 Decreased By ▼ -0.15 (-1.41%)
PPL 90.55 Decreased By ▼ -0.45 (-0.49%)
PRL 26.10 Decreased By ▼ -0.59 (-2.21%)
PTC 8.95 Decreased By ▼ -0.10 (-1.1%)
SILK 1.40 Decreased By ▼ -0.05 (-3.45%)
SNGP 38.10 Decreased By ▼ -0.65 (-1.68%)
TRG 141.10 Decreased By ▼ -4.60 (-3.16%)
UNITY 31.50 Decreased By ▼ -1.40 (-4.26%)
WTL 1.57 Decreased By ▼ -0.04 (-2.48%)
BR100 4,936 Decreased By ▼ -22.94 (-0.46%)
BR30 25,403 Decreased By ▼ -330.65 (-1.28%)
KSE100 45,883 Decreased By ▼ -82.92 (-0.18%)
KSE30 19,181 Decreased By ▼ -18.54 (-0.1%)
Business & Finance - 2021-02-23
Lucid Motors' $24 billion blank-check deal sparks bubble concerns
Companies

Lucid Motors' $24 billion blank-check deal sparks bubble concerns

  • "The EV sector feels like it's going through a correction. Lucid's SPAC-IPO probably (is) driving circular negative reinforcement."
  • We think Tesla has been valued for teleportation, so the correction is probably a very healthy thing. This allows investors to watch for potential entry points in names they feel they might have missed.
Published 23 Feb, 2021 09:15pm
South African rand gains sharply on Fed chair comments
Forex

South African rand gains sharply on Fed chair comments

  • The prospect of ongoing support by the central bank of the world's largest economy is positive for emerging markets like South Africa.
  • The rand traded at 14.5750 against the dollar, almost 0.8% firmer than its previous close.
Published 23 Feb, 2021 09:13pm
European government bond yields ignore Lagarde's verbal intervention; focus on Fed
Financial

European government bond yields ignore Lagarde's verbal intervention; focus on Fed

  • ECB President Christine Lagarde said on Monday the central bank was "closely monitoring" rising borrowing costs - a comment that knocked Germany's 10-year Bund yield off its eight-month high.
  • The ECB's strategy "is not to burn too much cash trying to lean against the wind - rather to intervene verbally", he said, citing lower levels of ECB bond-buying last week.
Published 23 Feb, 2021 09:11pm
S. Africa's Aspen forecasts 16-18pc sales growth for half year ended December
Companies

S. Africa's Aspen forecasts 16-18pc sales growth for half year ended December

  • The company, which could produce Johnson & Johnson's COVID-19 vaccine by end-March, said revenue from continuing operations is expected to grow between 16% and 18% for the six months ended Dec. 31.
  • Aspen, which also manufactures active ingredients used in medicines and helps in packaging and filling of final products, is due to report its financial results for half year ended Dec. 31 on March 11.
Published 23 Feb, 2021 09:09pm
Bitfinex, Tether owner pays $18.5mn fine to settle NYAG cryptocurrency cover-up charges
Forex

Bitfinex, Tether owner pays $18.5mn fine to settle NYAG cryptocurrency cover-up charges

  • James said the civil settlement with Hong Kong-based iFinex Inc and related entities will also require them to halt trading activity with New Yorkers.
  • Tether is the world's third-largest cryptocurrency, after Bitcoin and Ethereum, according to CoinMarketCap. Its market value was about $34.8 billion on Tuesday, up from $2.8 billion when James announced her charges in April 2019.
Published 23 Feb, 2021 08:29pm
Easyjet to hold investor calls for euro bond as travel hopes rise
Industry

Easyjet to hold investor calls for euro bond as travel hopes rise

  • No details were provided on how much the airline is looking to raise from the sale, but a "benchmark" euro bond issue typically has a deal size of about 500 million euros or more.
  • EasyJet said that bookings for flights for this summer had soared over 300% since Britain's announcement, and holidays by more than 600%, compared to their levels last week.
Published 23 Feb, 2021 08:21pm
Spirit posts quarterly loss on pandemic, 737 MAX pain
Companies

Spirit posts quarterly loss on pandemic, 737 MAX pain

  • "2020 was one of the most challenging years in aviation history. For Spirit, the 737 MAX grounding and the COVID-19 pandemic created a dual-crisis," Spirit Chief Executive Officer Tom Gentile said.
  • Spirit's total deliveries of shipsets, or complete sets of parts, fell 48.9% to 231 units in the fourth quarter. Boeing 737 MAX deliveries fell to 19 shipsets from 153 a year ago.
Published 23 Feb, 2021 08:02pm
Indian shares end flat; Reliance gains, financials weigh
Stocks

Indian shares end flat; Reliance gains, financials weigh

  • There is no positive news in the near term to propel markets higher and we may continue to see such sedate moves until there are fresh triggers that will decide which way market will move going-ahead.
  • Reliance Industries was the top boost to the Nifty 50, closing up 0.8% after the conglomerate said it expected to hive off its oil-to-chemicals (O2C) business in the September quarter.
Published 23 Feb, 2021 07:53pm
Jetmakers to lose orders in Norwegian restructuring
Industry

Jetmakers to lose orders in Norwegian restructuring

  • There is a hearing ongoing and we can't comment until that is over
  • Planemakers have not so far faced sizeable cancellations directly related to the coronavirus crisis as deliveries were cushioned by deposits held on account, industry sources say.
Published 23 Feb, 2021 07:48pm
Brazil approves Pfizer's COVID-19 shot, but has none to use
Companies

Brazil approves Pfizer's COVID-19 shot, but has none to use

  • The Pfizer/BioNTech shot is the first vaccine against the novel coronavirus to receive full approval in Brazil, Anvisa said. Other vaccines developed by AstraZeneca and China's Sinovac Biotech Ltd, have only been approved for emergency use so far.
  • The approval is good news for a country whose immunization campaign has been plagued by delays and political squabbling.
Published 23 Feb, 2021 07:44pm
Nikola announces hydrogen fuel cell-powered vehicle lineup

Nikola announces hydrogen fuel cell-powered vehicle lineup

  • The lineup includes a hydrogen fuel-cell electric vehicle (FCEV) variant of Nikola's truck series Tre Cabover and Nikola Two FCEV Sleeper, a long-haul freight automobile, for the North American market.
  • Nikola said its Tre FCEV Cabover is targeted for distances up to 500 miles, while the Sleeper would allow for a non-stop range of up to 900 miles.
Published 23 Feb, 2021 07:20pm
Top banks asked to justify why they still clear euro swaps in London
Money & Banking

Top banks asked to justify why they still clear euro swaps in London

  • Clearers in Britain have EU permission to continue clearing for EU customers until mid-2022 to give banks time to shift their euro positions to the continent, but switching has been slow.
  • "The objective of this discussion is to ensure that the Commission is aware of all possible impediments, obstacles and opportunities," the document prepared for the meeting said.
Published 23 Feb, 2021 07:14pm
BofA hikes 2021 Brent price view by $10/bbl on strong oil balances
Money & Banking

BofA hikes 2021 Brent price view by $10/bbl on strong oil balances

  • The bank now expects Brent crude oil to average $60 per barrel in 2021, up from a previous estimate of $50. BofA also forecasts West Texas Intermediate (WTI) crude prices to average $57 a barrel this year.
  • Brent prices could temporarily spike to $70 a barrel in the second quarter of the year, the bank's analysts said in a note.
Published 23 Feb, 2021 07:01pm
UAE armed forces announce $1.6bn in defence deals
Companies

UAE armed forces announce $1.6bn in defence deals

  • The single largest contract was a 2.96 billion dirham deal with UAE's Yas Holding to supply the armed forces with missiles.
  • Boeing was awarded a 112 million dirham contract for a C-17 transport aircraft simulator. A 66.4 million dirham contract was signed with France's Thales and a 40.7 million dirham deal with Germany's Rheinmettal was also announced.
Published 23 Feb, 2021 06:14pm
Indian pharma firms go local seeking to end reliance on China
Companies

Indian pharma firms go local seeking to end reliance on China

  • Executives at India's Cadila Healthcare, Cipla , Sun Pharmaceutical and Biocon said on Tuesday they were aggressively working on reducing the dependence on the richer rival for raw materials.
  • For the critical API molecules, the idea is to go for a backward integration where you are in control of that pie which is going to make the most impact on your business, and also to make sure that the entire value chain is secure.
Published 23 Feb, 2021 06:09pm
Munich Re stops insuring Nord Stream 2 amid sanctions threat
Money & Banking

Munich Re stops insuring Nord Stream 2 amid sanctions threat

  • The US has been threatening sanctions against European companies that support construction of the $11 billion gas pipeline, and Zurich Insurance Group dropped out last month.
  • Munich Re Syndicate has issued the notice of termination to Nord Stream 2," a spokesman said in an emailed statement on Tuesday, referring to the company's subsidiary.
Published 23 Feb, 2021 06:07pm
Stocks struggle as tech slide erases commodities surge
Stocks

Stocks struggle as tech slide erases commodities surge

  • World stocks down 0.1% at fresh 2-week low.
  • Nasdaq futures down 1.5%, S&P 500 futures down 0.5%.
  • Crude oil, metal prices rise on growth outlook.
  • Expectations of faster growth spur inflation fears.
  • Eyes on Fed's Powell testimony at 1500 GMT.
Published 23 Feb, 2021 06:03pm
Estee Lauder to pay $1 billion for controlling stake in Ordinary skincare owner
Industry

Estee Lauder to pay $1 billion for controlling stake in Ordinary skincare owner

  • The M.A.C brand owner, which is raising its stake to about 76% from about 29%, said it had agreed to purchase the remaining interest in the company after a three-year period.
  • DECIEM recorded net sales of about $460 million for the 12 months ended Jan. 31, with the United States, the UK and Canada accounting for a major portion of its business.
Published 23 Feb, 2021 05:42pm
UK-Japan trade deal settled nerves for Japanese firms
Companies

UK-Japan trade deal settled nerves for Japanese firms

  • We welcome very much the Japanese trade agreement which as a Japanese businesses was very welcomed.
  • On the point around confidence, that certainly amongst my peers in Japanese companies was very much welcomed, and probably settled a lot of nerves in terms of their trading prospects in the UK going forward.
Published 23 Feb, 2021 05:33pm
Brazil's BNDES closes out its stake in miner Vale
Companies

Brazil's BNDES closes out its stake in miner Vale

  • The sources said that BNDES was still eager to reduce its holdings in state-run oil company Petroleo Brasileiro SA.
  • Petrobras shares plunged 22% on Monday, wiping out 71 billion reais ($13 billion) in market value.
Published 23 Feb, 2021 05:30pm
Macy's forecasts upbeat 2021 sales
Companies

Macy's forecasts upbeat 2021 sales

  • The company expects sales between $19.75 billion and $20.75 billion for the full year, compared with analysts' estimates of $20.13 billion.
  • Same-store sales on an owned basis fell 17% in the fourth quarter ended Jan. 30, compared with Wall Street estimates of a 16.60% fall.
Published 23 Feb, 2021 05:20pm
Oprah-backed Oatly plants IPO seed with private regulatory filing
Stocks

Oprah-backed Oatly plants IPO seed with private regulatory filing

  • Oatly, known for its oat milk products, has tie-ups with several cafes in the United States, including Starbucks and also sells its products online and in retail stores.
  • Oatly raised a $200 million equity investment in July last year from a group led by Blackstone Group Inc that includes Oprah Winfrey, Natalie Portman and former Starbucks Corp chief Howard Schultz.
Published 23 Feb, 2021 05:11pm
Spotify to launch its services in Pakistan soon

Spotify to launch its services in Pakistan soon

  • Spotify has announced that it will be launching its services in Pakistan, Nigeria, Bangladesh, and more than 80 new markets in the next few days, in a recent tweet.
Published 23 Feb, 2021 04:22pm
China's Jan new home prices quicken as mega cities heat up
Real Estate

China's Jan new home prices quicken as mega cities heat up

  • China's property market recovered quickly from the COVID-19 crisis last year, mostly in bigger cities. But the rebound has raised concerns about financial risks and policymakers have since then tightened screws on the funnelling of funds into the sector.
Published 23 Feb, 2021 12:18pm
Palm oil gains 2% as crude, soyoil rise
Commodities

Palm oil gains 2% as crude, soyoil rise

  • The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 74 ringgit, or 2.1%, to 3,618 ringgit ($895.32) a tonne during early trade.
Published 23 Feb, 2021 12:09pm