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Apr 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Business & Finance - 2021-04-06
Etihad commences first commercial flight from Abu Dhabi to Israel

Etihad commences first commercial flight from Abu Dhabi to Israel

  • It is pertinent to mention that Abu Dhabi added Israel to its ‘green list’ on Monday, under which passengers arriving from Israel will be exempt from mandatory quarantine measures after landing in Abu Dhabi and will only be required to undergo PCR testing.
Published 06 Apr, 2021 03:41pm
Rouble steadies after taking a hit from geopolitical concerns
Forex

Rouble steadies after taking a hit from geopolitical concerns

  • Rouble was little changed on the day at 76.37 against the dollar after falling to 76.74 on Monday, its weakest since March 24.
  • "We think the rouble will likely remain near current levels until some sort of clarity emerges on the geopolitical front," Sberbank CIB said in a note.
Updated 06 Apr, 2021 07:29pm
Abu Dhabi outperforms major Gulf markets
Stocks

Abu Dhabi outperforms major Gulf markets

  • In Abu Dhabi, the index rose 1.3%, on track to extend gains for an eight consecutive session, boosted by a 13.6% rise in International Holding.
  • Saudi Arabia's benchmark index edged up 0.3%, with Advanced Petrochemical jumping more than 5%, after it reported strong quarterly earnings.
Updated 06 Apr, 2021 07:29pm
Israel should not extend unpaid leave job benefits, central bank chief says
Money & Banking

Israel should not extend unpaid leave job benefits, central bank chief says

  • "Don't extend them," Yaron told Prime Minister Benjamin Netanyahu when he delivered the Bank of Israel's annual report. "Let people understand they need to return to the employment cycle."
  • Israel's economy shrank 2.5% in 2020 due to the virus, but Yaron said Israel's performance was decent versus other countries due to strong high-tech exports.
Updated 06 Apr, 2021 07:29pm
South Africa signs deal for 20mn Pfizer COVID-19 doses
Companies

South Africa signs deal for 20mn Pfizer COVID-19 doses

  • The deal is another fillip for the country worst hit by COVID-19 infections in Africa as it adds to the 31 million single-shot doses from Johnson & Johnson which the government approved on Thursday.
  • The country has also been allocated 12 million shots under the World Health Organization's COVAX scheme and is likely to get doses for 10 million people from the African Union's AVATT initiative.
Updated 06 Apr, 2021 07:29pm
Australia, NZ dollars aided by strong global data as RBA sounds upbeat
Forex

Australia, NZ dollars aided by strong global data as RBA sounds upbeat

  • The Aussie held at $0.7640 and well above last week's three-month low of $0.7533. Bulls need to crack resistance at $0.7664 to keep the rally going, while the major target for bears is the 200-day moving average down at $0.7396.
  • The kiwi dollar stood at $0.7050 and off its recent four-month trough at $0.6944. Resistance lies around $0.7095/7100 ahead of $0.7135/50, which is where the currency was trading before a sharp retreat in mid-March.
Updated 06 Apr, 2021 07:30pm
UK new car sales rise around 11pc in key selling month of March
Industry

UK new car sales rise around 11pc in key selling month of March

  • The Society of Motor Manufacturers and Traders (SMMT) said registrations rose 11% compared with the first month of last year's lockdown, but they were still down around 37% below the average for 2010-2019.
  • Many dealers have been using "click and collect" and delivery services to continue to operate as showrooms remain closed to the public.
Published 06 Apr, 2021 01:04pm
Cement sales post impressive 42pc growth in March

Cement sales post impressive 42pc growth in March

  • As per the data released by the All Pakistan Cement Manufacturer Association, local dispatches from the South posted a higher growth rate among the two regions of 62pc YoY. Meanwhile, North’s growth rate stood at 39pc YoY.
Published 06 Apr, 2021 01:00pm
Copper climbs to 2-week high as top producer Chile shuts borders
Commodities

Copper climbs to 2-week high as top producer Chile shuts borders

  • Three-month copper on the London Metal Exchange climbed as much as 3.6% to $9,104 a tonne, its highest since March 23.
  • The most-traded May copper contract on the Shanghai Futures Exchange also hit its highest in two weeks, advancing as much as 2.3% to 67,670 yuan ($10,330.82) a tonne.
Published 06 Apr, 2021 12:53pm
BE Semiconductor's Q1 orders more than double amid surging demand
Industry

BE Semiconductor's Q1 orders more than double amid surging demand

  • The group, which makes equipment for chipmakers, said in a statement it had booked record orders of 327 million euros ($386.12 million) for the quarter, up 108% from the previous quarter and 176% from the same quarter of 2020.
  • The shortage comes as carmakers, which shut plants during the COVID-19 pandemic last year, compete against the sprawling consumer electronics industry for chip supplies.
Published 06 Apr, 2021 12:46pm
Business among German carmakers picks up speed in March
Companies

Business among German carmakers picks up speed in March

  • The survey's indicator for the current business situation rose to 7.9 points in March from -0.4 in February, as carmakers filled up their order books and ramped up production.
  • "Spring has arrived for carmakers," said Ifo's Klaus Wohlrabe.
Published 06 Apr, 2021 12:38pm
Taiwan's Acer sees global chip shortage gradually easing
Industry

Taiwan's Acer sees global chip shortage gradually easing

  • From delayed car deliveries to a supply shortfall in home appliances to costlier smartphones, businesses and consumers across the globe are facing the brunt of an unprecedented shortage in semiconductor microchips.
  • Originally concentrated in the auto industry, the shortage has now spread to a range of other consumer electronics, including smartphones, refrigerators and microwaves.
Published 06 Apr, 2021 12:22pm
Palm oil rises over 1pc tracking soyoil, improving exports
Commodities

Palm oil rises over 1pc tracking soyoil, improving exports

  • The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 51 ringgit, or 1.36%, to 3,790 ringgit ($917.23) a tonne by the midday break.
  • The recent rally in futures also supported the cash market prices to balloon and keep crude palm oil import margins in positive territory.
Published 06 Apr, 2021 12:18pm
Indonesian rupiah should strengthen on growth outlook, low inflation
Forex

Indonesian rupiah should strengthen on growth outlook, low inflation

  • "It is our duty at BI to try stabilising the rupiah and steer it toward its fundamental value," deputy governor Dody Budi Waluyo said, adding that the rupiah weakness was a spillover effect of US fiscal policies.
  • He said while BI keeps it policies loose to support growth, the central bank will prevent any sharp movements in inflation and rupiah exchange.
Published 06 Apr, 2021 12:16pm
France to become biggest Air France shareholder with capital hike
Companies

France to become biggest Air France shareholder with capital hike

  • The French government will convert a 3 billion euro loan extended to the group last year into a hybrid instrument and commit up to an additional 1 billion euros to a planned share issue, raising its stake in Air France-KLM to almost 30%.
  • "This will make the state Air France's biggest shareholder," French Finance Minister Bruno Le Maire said on France Inter radio, calling the move a "sign of commitment" to the airline and its French jobs.
Published 06 Apr, 2021 12:14pm
BP expects to hit $35 billion net debt target in first quarter
Companies

BP expects to hit $35 billion net debt target in first quarter

  • The company, which had a debt pile of $39 billion at the end of 2020, had earlier expected to reduce its debt to $35 billion around the fourth quarter of 2021 or first quarter of 2022.
  • The London-based company said on Tuesday it expects sale proceeds in 2021 to be at the top end of its existing $4 billion to $6 billion range.
Published 06 Apr, 2021 12:11pm
Tokyo stocks close lower on profit-taking
Stocks

Tokyo stocks close lower on profit-taking

  • The benchmark Nikkei 225 index fell 1.30 percent, or 392.62 points, to 29,696.63, while the broader Topix index was down 1.47 percent, or 29.20 points, at 1,954.34.
  • The Nikkei index, which on Monday closed above the 30,000 mark for the first time in about two weeks, extended its gain in early trade after Wall Street shares rallied to another record finish.
Published 06 Apr, 2021 12:08pm
Credit Suisse estimates Archegos fallout at $4.7bn, overhauls executive board
Money & Banking

Credit Suisse estimates Archegos fallout at $4.7bn, overhauls executive board

  • An individual case has ruined the otherwise successful work of the bank as a whole in the first quarter. At least - in our opinion - personnel consequences have now been taken.
  • "CEO Gottstein is quoted saying "serious lessons will be learned". In addition to the Executive Board changes, we look forward to hear about the "broader consequences" of the Board's investigations."
Published 06 Apr, 2021 12:01pm
South Africa's rand holds gains as dollar slips
Forex

South Africa's rand holds gains as dollar slips

  • Rand traded at 14.5600 against the US dollar, largely unchanged from its previous close. The currency hit a five-week high of 14.5250 on Monday.
  • In fixed income, the yield on the benchmark government bond due in 2030 was down 3 basis points at 9.535% in early deals.
Published 06 Apr, 2021 11:47am
Copper hits 2-week high as top producer Chile closes border
Commodities

Copper hits 2-week high as top producer Chile closes border

  • Three-month copper on the London Metal Exchange climbed as much as 3.6% to $9,104 a tonne, its highest since March 23.
  • The most-traded May copper contract on the Shanghai Futures Exchange also hit its highest in two weeks, advancing as much as 2.3% to 67,670 yuan ($10,308.32) a tonne.
Published 06 Apr, 2021 11:24am
US oil may rise into $59.95-$60.50 range
Energy

US oil may rise into $59.95-$60.50 range

  • A triple-bottom could be developing around $57.50. It will be confirmed when oil goes above $62.27. Even if this pattern turns out to be a flat consolidation within a range, oil is still likely to rise towards $62.27.
  • A break below $57.88 will be a very bearish signal that the downtrend from $67.98 could have resumed towards $51.64-$55.50 range.
Published 06 Apr, 2021 11:11am
China's services sector recovery accelerates in March
Industry

China's services sector recovery accelerates in March

  • The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 54.3, the highest since December, from 51.5 in February, well above the 50-mark that separates growth from contraction on a monthly basis.
  • A sub-index for employment rose back into positive territory as businesses hired more workers than they laid off, the survey showed.
Published 06 Apr, 2021 11:00am
Japanese shares fall on profit booking, checking US rates
Stocks

Japanese shares fall on profit booking, checking US rates

  • Nikkei share average lost 0.81% to 29,844.81 by 0208 GMT, after hitting the 30,000 mark for the first time in more than two weeks on Monday. The broader Topix fell 0.74% to 1,968.80
  • "The market fundamental is strong. But ultimately the stimulus packages in the US and the direction of the long term interest rates could determine the move of the Japanese market."
Published 06 Apr, 2021 10:54am
MLCF enhances grey clinker production

MLCF enhances grey clinker production

  • The capacity of the Line-3 has been increased from 7300 to 7800 tons per day of clinker, this was achieved due to a debottlenecking and Balancing Modernization and Replacement (BMR) program, informed the cement manufacturer.
Published 06 Apr, 2021 10:44am
Spot gold still targets $1,746
Commodities

Spot gold still targets $1,746

  • After breaking above $1,716 and a falling trendline, the metal pulled back towards this former resistance and the line.
  • A break below $1,716 could cause a fall to $1,691. On the daily chart, gold has broken a resistance at $1,724. It is poised to rise towards $1,769.
Published 06 Apr, 2021 10:43am
James Packer's private firm open to Blackstone's $6bn buyout proposal for Crown Resorts
Companies

James Packer's private firm open to Blackstone's $6bn buyout proposal for Crown Resorts

  • Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.
  • CPH on Tuesday also said it has hired Moelis Australia to advise it on its nearly 37% stake, adding that it will engage with relevant stakeholders including regulatory authorities for the proposal.
Published 06 Apr, 2021 10:40am
KKR raises $15bn in Asia's biggest fund as buyout-backed deals rise
Companies

KKR raises $15bn in Asia's biggest fund as buyout-backed deals rise

  • US-based KKR started marketing the new Asia fund towards the end of 2019, initially targeting $12.5 billion, sources familiar with the situation have said previously.
  • Companies across Asia Pacific are recognising their potential to become not only national and regional champions but also global leaders in their industries.
Published 06 Apr, 2021 10:35am
Palm oil edges up tracking soyoil, on signs of improving exports
Commodities

Palm oil edges up tracking soyoil, on signs of improving exports

  • The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 38 ringgit, or 1.02%, to 3,777 ringgit ($914.09) a tonne during early trade.
  • Sri Lanka on Monday banned imports of palm oil and new palm plantations, and told producers to uproot existing plantations in a phased manner, in a surprise move that baffled the edible oil industry.
Published 06 Apr, 2021 10:25am
Silicon Valley self-driving startup Gatik works with Isuzu to build delivery trucks
Companies

Silicon Valley self-driving startup Gatik works with Isuzu to build delivery trucks

  • Gatik, which has raised nearly $30 million so far, said its trucks are owned by a major fleet operator which it isn't yet disclosing. So far it has been using the Ford Transit chassis for its existing fleet of autonomous delivery trucks.
  • Ford Motor Co Executive Chairman Bill Ford's venture capital fund Fontinalis Partners is an early investor in Gatik, according to Narang.
Published 06 Apr, 2021 10:14am
Indian shares rebound from virus-induced sell-off; metals gain
Stocks

Indian shares rebound from virus-induced sell-off; metals gain

  • The NSE Nifty 50 index was up 0.62% at 14,726.10 by 0400 GMT, while the S&P BSE Sensex was 0.52% higher at 49,419.18.
  • Stocks across most sectors were higher on Tuesday. Metals led the gains with a 1.62% advance. JSW Steel , up 3.7%, was the top gainer on the Nifty 50.
Published 06 Apr, 2021 10:09am
China stocks fall as healthcare, consumer companies weigh
Stocks

China stocks fall as healthcare, consumer companies weigh

  • The CSI300 index fell 0.7% to 5,128.01 points at the end of the morning session, while the Shanghai Composite Index dipped 0.3% to 3,473.32.
  • Falling the most on Tuesday, the CSI300 healthcare index and CSI300 consumer discretionary index dropped 1.8% and 1.9%, respectively.
Published 06 Apr, 2021 10:06am
Australia's Panoramic Resources to restart operations at Savannah, shares jump
Companies

Australia's Panoramic Resources to restart operations at Savannah, shares jump

  • The base metal miner and explorer said it had secured a five-year nickel and copper concentrate offtake contract for the project from Singapore-based commodities trading firm Trafigura Group, sending its shares up 14.8% in their biggest intraday percentage gain in three months.
  • Underground mining is scheduled to restart in August with strategies in place to improve and de-risk the project, and the first concentrate shipment is targeted for December this year.
Published 06 Apr, 2021 10:00am
Yuan edges up as investors catch up with dollar weakness after holiday
Forex

Yuan edges up as investors catch up with dollar weakness after holiday

  • The dollar sank to an almost two-week low against its major trading partners, moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust US economic recovery.
  • In the spot market, the onshore yuan trading unchanged fron the open at 6.5550 per dollar, 125 pips firmer than the previous late session close on Friday.
Published 06 Apr, 2021 09:54am
Uzbekistan names consultants for 18 privatisation deals
Companies

Uzbekistan names consultants for 18 privatisation deals

  • The three consultancies "will support UzAssets by providing financial, tax and legal due diligence, valuation services and identifying and negotiating with potential buyers", it said in a statement.
  • Among the assets to be sold off are majority stakes in Kafolat, one of the Central Asian nation's largest insurance companies, Quartz, the country's largest glass producer, and Trest-12, a leading construction company.
Published 06 Apr, 2021 09:52am
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