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Business & Finance - 2021-04-05
Portugal's Novo Banco agrees to sell Spanish retail network to Abanca
Money & Banking

Portugal's Novo Banco agrees to sell Spanish retail network to Abanca

  • "With this agreement, Novo Banco divests its retail, private banking and small and medium-sized enterprises (SME) operations in Spain, including all 10 branches and employees," Novo Banco said in a statement, without disclosing the sale price.
  • "This transaction is an important milestone in Novo Banco's strategy to divest its non-core assets and operations," it said in a statement.
Published 05 Apr, 2021 09:48pm
US yields mostly up as positive momentum persists with recent strong data
Financial

US yields mostly up as positive momentum persists with recent strong data

  • The US yield curve, which has become a barometer of risk sentiment in the bond market, steepened after flattening in the previous session. The spread between US 2-year and 10-year yields rose to 155 basis points.
  • Trading was quiet to start the week, with most of Europe still on holiday for Easter Monday. China, Hong Kong and Australia were closed as well.
Published 05 Apr, 2021 09:45pm
Inter Pipeline to get $325mn cash grant to develop petrochemical complex
Companies

Inter Pipeline to get $325mn cash grant to develop petrochemical complex

  • The incentive comes as Inter is in the middle of a takeover battle with Investment firm Brookfield Infrastructure Partners , which launched a hostile C$7.1 billion bid for the pipeline operator in February.
  • The cash grant will be paid to Inter Pipeline in equal installments over three years once the Heartland Petrochemical Complex is operational, the company said.
Published 05 Apr, 2021 09:41pm
Pfizer says working on new COVID-19 vaccine supply deal to Israel
Companies

Pfizer says working on new COVID-19 vaccine supply deal to Israel

  • Pfizer and its partner BioNTech agreed in November to supply Israel with an undisclosed number of COVID-19 vaccines and Israel's Finance Ministry has said it paid some 2.6 billion shekels ($785 million).
  • Israel's government is seeking to secure 36 million more Pfizer/BioNTech doses for use as booster shots or for children once they are eligible, but that hit a snag last week over political infighting.
Published 05 Apr, 2021 09:23pm
Air France-KLM poised to announce refinancing steps
Companies

Air France-KLM poised to announce refinancing steps

  • Air France-KLM is expected to convert part of its 4 billion euros ($4.7 billion) in direct government loans into hybrid instruments and raise new equity capital under the plans to be announced by Tuesday morning, the sources told Reuters.
  • After drawn-out talks with Brussels over the number of take-off and landing slots at Paris-Orly airport to be given up by Air France in return for renewed aid, France's finance minister said on Sunday a compromise agreement had been reached.
Published 05 Apr, 2021 09:16pm
Barrick Gold nears agreement to reopen Porgera mine
Companies

Barrick Gold nears agreement to reopen Porgera mine

  • However, Marape said in October that Barrick Niugini Limited (BNL) was set to remain operator of the Porgera gold mine following talks with Barrick CEO Mark Bristow.
  • BNL is a joint venture company in which Barrick and Zijin Mining Group each own 50%.
Published 05 Apr, 2021 09:08pm
Soy up 12-15 cents, corn mixed, wheat steady-up 3 cents
Commodities

Soy up 12-15 cents, corn mixed, wheat steady-up 3 cents

  • Benchmark soft red winter wheat futures firming on some concerns about crop health in parts of Midwest after cold snap late last week.
  • Forecasts for rain in southern US Plains pressure hard red winter wheat while spring wheat supported by dry soils in northern US Plains.
Published 05 Apr, 2021 08:22pm
US natgas futures fall near 3pc on milder forecasts
Energy

US natgas futures fall near 3pc on milder forecasts

  • Front-month gas futures fell 7 cents, or 2.7%, to $2.569 per million British thermal units.
  • After utilities started injecting gas into storage in late March, which was earlier than usual, speculators cut their net long positions on the New York Mercantile (NYMEX) and Intercontinental Exchanges for a sixth time in a row last week to their lowest since July 2020.
Published 05 Apr, 2021 08:11pm
Ukraine inflation seen hitting 1.5-year high for March
Money & Banking

Ukraine inflation seen hitting 1.5-year high for March

  • Inflation last moved above 8% in August 2019 before slowing down to the central bank's mid-term goal of 5% as of the end of 2020.
  • The rate of price growth jumped to 7.5% in February and continued speeding up in March despite the central bank raising its benchmark interest rate to 6.5% from a historic low of 6.0% on March 4 to fight inflation.
Published 05 Apr, 2021 07:52pm
Dollar dips to one-week lows as stocks hit records
Forex

Dollar dips to one-week lows as stocks hit records

  • The greenback has generally risen at the same time as stocks gain. Investors are now watching to see if that relationship continues as it may indicate a shift in how the currency responds to improving risk appetite.
  • "The trickiest thing for markets right now is to figure out what the dollar's sensitivity is to good US economic news," said Erik Nelson, a macro strategist at Wells Fargo in New York.
Published 05 Apr, 2021 07:49pm
Exxon Baytown, Texas, refinery restarts hydrotreater
Companies

Exxon Baytown, Texas, refinery restarts hydrotreater

  • The 55,000-bpd gas oil hydrotreater was shut on Jan. 11 as part of an overhaul of the large gasoline-producing fludic catalytic cracker (FCC) at the Baytown refinery, the sources said. The FCC restarted on Thursday after being shut for 11 weeks.
Published 05 Apr, 2021 07:45pm
Ukraine turns to sea-borne diesel imports as tensions rise with Russia
Energy

Ukraine turns to sea-borne diesel imports as tensions rise with Russia

  • Tensions between Russia and Ukraine have flared in recent weeks after years of strain began in 2014 when street protests in Kyiv resulted in the flight of the pro-Moscow president and annexation of Crimea by Russian forces.
  • The data also showed that the Serena M tanker shipped 30,000 tonnes of diesel to the port of Yuzhny from Turkey in the second half of March.
Published 05 Apr, 2021 07:43pm
Capital Energy bows out of Spanish green IPO race
Stocks

Capital Energy bows out of Spanish green IPO race

  • Spain's lofty targets to install wind farms and solar parks have caught the eyes of investors keen to deploy funds in a sector boosted by an international drive to cut planet-warming emissions.
  • Given the current volatility in the market around listed renewable energy companies and the foreseeable over-supply of stock market listings by other companies in the sector, now is not the right moment to list.
Updated 05 Apr, 2021 07:33pm
Japan's Mizuho to revise IT contingency plans after glitches
Money & Banking

Japan's Mizuho to revise IT contingency plans after glitches

  • Mizuho, Japan's third largest lender by assets, has a history of technical problems. The bank started operating its current system in July 2019 after spending more than 400 billion yen ($3.6 billion) to develop it.
  • I don't see a problem at the core banking system itself for now, but some repair may be needed if necessary.
Published 05 Apr, 2021 06:35pm
Sempra Energy to sell 20pc stake in unit to KKR for $3.37bn
Companies

Sempra Energy to sell 20pc stake in unit to KKR for $3.37bn

  • The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.
  • Sempra last year late last year agreed to buy the remaining stake in its Mexican unit Infraestructura Energética Nova SAB de CV (IEnova).
Published 05 Apr, 2021 06:24pm
Israeli telecoms firm Partner CEO Benbenisti to step down
Industry

Israeli telecoms firm Partner CEO Benbenisti to step down

  • Partner, Israel's second-largest mobile phone operator, said a final date for Benbenisti's departure has not yet been set. It gave no reason for his departure.
  • In the meantime, the company's board will appoint a nominating committee for a new CEO, Partner said.
Published 05 Apr, 2021 06:19pm
SoftBank to lead nearly $1.2bn investment in diagnostics firm Invitae
Companies

SoftBank to lead nearly $1.2bn investment in diagnostics firm Invitae

  • It said the investment, to be used for its growth initiatives, will be in convertible senior notes, which will bear 1.5% interest per year.
  • The company said the notes will have an initial conversion price of $43.18 per share of its common stock, representing a premium of 10.2% to Invitae's closing price on Friday.
Published 05 Apr, 2021 06:06pm
Canada's Whitecap Resources to buy Kicking Horse Oil & Gas for C$300mn
Companies

Canada's Whitecap Resources to buy Kicking Horse Oil & Gas for C$300mn

  • Whitecap's indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and C$56 million in cash, along with the assumption of net debt estimated at C$54 million as of Feb. 28.
  • The Kicking Horse assets are positioned in the liquids-rich portion of the Alberta Montney. Whitecap says the deal complements its existing Montney position at Karr and has significant offsetting activity.
Published 05 Apr, 2021 05:39pm
GameStop plans $1bn stock sale, shares slide
Stocks

GameStop plans $1bn stock sale, shares slide

  • The company said it would sell up to 3.5 million shares and use the proceeds to speed up the shift in its business model to e-commerce in an overhaul being led by top shareholder and board member Ryan Cohen.
  • GameStop's stock has gained more than 900% so far this year, giving the company a valuation of as much as $34 billion at one point as retail traders bet against Wall Street hedge funds that had shorted its shares.
Published 05 Apr, 2021 05:26pm
Withdrawal of tax exemptions to take toll on trade & industry, say experts

Withdrawal of tax exemptions to take toll on trade & industry, say experts

  • The government has withdrawn a wide range of income tax exemptions to the emerging sectors and industries including IT sector; exemption on profit and gains derived by LNG terminal operators and terminal owners and exemption available to the Pakistan Mortgage Refinance Company under the Tax Laws (Second Amendment) Ordinance, 2021.
Published 05 Apr, 2021 01:38pm