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Apr 23, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Business & Finance - 2021-04-07
TSX gains on strong hopes of economic recovery
Stocks

TSX gains on strong hopes of economic recovery

  • Canada's trade surplus with the world narrowed in February to C$1.04 billion ($824 million) from C$1.21 billion surplus in January as a global shortage of semiconductor chips hit both imports and exports, Statistics Canada said.
  • Toronto Stock Exchange's S&P/TSX composite index was up 24.53 points, or 0.13%, at 19,128.67.
Published 07 Apr, 2021 09:53pm
Swiss luxury watchmakers learn to love the pre-owned market
Companies

Swiss luxury watchmakers learn to love the pre-owned market

  • Richemont, which owns Cartier, has so far been the only big luxury goods company to embrace the pre-owned market with its acquisition of online store Watchfinder in 2018.
  • Watchfinder has just launched a home collection service to make transactions easier during the pandemic.
Published 07 Apr, 2021 08:39pm
Sterling sinks to 5-week low vs. euro, one-week low vs dollar
Forex

Sterling sinks to 5-week low vs. euro, one-week low vs dollar

  • The pound fell on Tuesday, losing 0.6% against the dollar and over 1% against the euro - its worst day against the single currency in five weeks as investors took cash off the table.
  • Against the euro, it traded 0.7% lower to the euro at 86.50 pence, having hit a five-week low of 86.62 pence.
Published 07 Apr, 2021 08:36pm
Russia's TCS Group sees net profit at 75bn roubles in 2023
Money & Banking

Russia's TCS Group sees net profit at 75bn roubles in 2023

  • TCS posted a 22% increase in net profit last year to 44.2 billion roubles, a record high, as the Russian bank said the number of customers for its non-credit products exceeded those seeking credit for the first time.
  • The group, which runs Russia's largest online bank Tinkoff with more than 13 million customers, forecast a return-on-equity of more than 30% every year.
Published 07 Apr, 2021 08:34pm
US crude stocks drop, fuel inventories rise: EIA
Energy

US crude stocks drop, fuel inventories rise: EIA

  • Crude inventories fell by 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
  • Crude stocks at the Cushing, Oklahoma, delivery hub fell by 735,000 barrels in the last week, EIA said.
Published 07 Apr, 2021 08:24pm
Dollar near two-week lows as investors await Fed minutes
Forex

Dollar near two-week lows as investors await Fed minutes

  • The US Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.101% lower at 92.213.
  • Upbeat European data on Wednesday showing euro zone business activity bounced back to growth last month, also supported the common currency against the greenback.
Published 07 Apr, 2021 08:22pm
Polish central bank says zloty FX rate key for recovery
Money & Banking

Polish central bank says zloty FX rate key for recovery

  • "The economic policy measures, including the easing of NBP's monetary policy introduced last year and the expected recovery in the global economy, will have a positive impact on the domestic economic situation," the bank said in a statement.
  • "The pace of the economic recovery in Poland will also depend on further developments of the zloty exchange rate."
Published 07 Apr, 2021 08:18pm
Teck signs zinc benchmark deals at $159/t with Glencore, Korea Zinc
Companies

Teck signs zinc benchmark deals at $159/t with Glencore, Korea Zinc

  • Treatment charges (TCs) fall when mine output decreases and smelters compete to get concentrate to process.
  • Fastmarkets reported that the deals, which are 46% lower than the near $300 a tonne set last year, were concluded last week and will be for supply from Teck's Red Dog mine in Arizona.
Published 07 Apr, 2021 08:13pm
US yields mostly down with market in consolidation phase
Financial

US yields mostly down with market in consolidation phase

  • Yields on the front end to the so-called belly of the curve were down, while those on the very long end were firmer. US 10-year yields, however, dropped to a two-week low.
  • In mid-morning trading, the US 10-year Treasury yield was little changed at 1.656%, from 1.657% on Tuesday.
Published 07 Apr, 2021 08:11pm
German car sales plunge on virus woes

German car sales plunge on virus woes

  • "The first quarter of 2021 was down 16 percent" on the 10-year average, the VDIK car importers' federation said in a statement.
Published 07 Apr, 2021 07:14pm
Malaysia says South Korean and Japanese firms to invest $3.9bn in coming years
Financial

Malaysia says South Korean and Japanese firms to invest $3.9bn in coming years

  • The deals with South Korea and Japan came as Malaysia's International Trade and Industry Minister Mohamed Azmin Ali wrapped up a week-long trade mission to both countries on Tuesday.
  • "The mission, also the first for this year, was paramount to the rigorous efforts by the ministry... to bring in foreign direct investments into Malaysia," the ministry said in a statement.
Published 07 Apr, 2021 07:08pm
Bulgaria allows 10-year concession fee deferral for Sofia Airport
Industry

Bulgaria allows 10-year concession fee deferral for Sofia Airport

  • Paris-based asset manager Meridiam, which has teamed up with Germany's Munich Airport as operator, will pay 660 million levs ($401.26 million) up front later this month, before it can take over the airport, Transport Minister Rosen Zheliazkov said.
  • "There is no reason to think that the amendments favour someone or deprives the state," he told a government meeting. "We are delaying the payments, not giving them up".
Published 07 Apr, 2021 06:58pm
Rio Tinto starts producing lithium from waste rock at California mine
Companies

Rio Tinto starts producing lithium from waste rock at California mine

  • That demonstration plant will run for the rest of the year as Rio decides whether to spend $50 million to build a full-scale production plant with annual capacity of 5,000 tonnes.
  • Rio has produced borates - a group of minerals used to make soaps, cosmetics and other consumer goods - for nearly a century in the Mojave Desert, about 120 miles (195 km) north of Los Angeles.
Published 07 Apr, 2021 06:57pm
Mexican used-car startup Kavak hits $4 billion valuation
Companies

Mexican used-car startup Kavak hits $4 billion valuation

  • Kavak, which was founded in 2016 and is backed by Japan's SoftBank Group Corp, became Mexico's first tech "unicorn" last October when it reported a valuation of more than $1 billion.
  • The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch in Brazil in the next couple of months, Chief Executive Carlos Garcia said.
Published 07 Apr, 2021 06:52pm
BlackRock's Fink wants more sustainability data from private cos
Companies

BlackRock's Fink wants more sustainability data from private cos

  • "If large private companies are not held to the same level of scrutiny as public companies, we will create an unintended incentive to shift carbon-intensive assets to markets with less transparency and, often, less regulation," Fink wrote.
  • Fink's language was more specific than in a January memo in which he said climate disclosures "should be embraced" by large private companies.
Published 07 Apr, 2021 06:49pm
Israeli carrier El Al plans $105mn share issue to meet bailout condition
Companies

Israeli carrier El Al plans $105mn share issue to meet bailout condition

  • Israel's flag carrier said in a regulatory filing in Tel Aviv that the offering would be held by the end of July, though it added that not all conditions in the bailout arrangement had been met, including a final government approval.
  • Under the aid plan, the government will buy $210 million-worth of flight tickets in advance at El Al and its low fare subsidiary Sun Dor.
Published 07 Apr, 2021 06:38pm
Brazilian medical lab firm Dasa raises $590mn in discounted share sale
Companies

Brazilian medical lab firm Dasa raises $590mn in discounted share sale

  • The company raised 3.3 billion reais ($590 million) in the offering of 57 million new shares, it said in a securities filing.
  • The price was below the original range of 64.90 to 84.50 reais per share. Dasa shareholders did not sell any of their shares and did not increase the number of shares sold as allowed by overallotment provisions, due to low demand.
Published 07 Apr, 2021 06:00pm
Copper slips as inventories climb and China premiums dip
Commodities

Copper slips as inventories climb and China premiums dip

  • Benchmark copper on the London Metal Exchange (LME) shed 0.8% to $8,974.50 a tonne in official trading. The metal touched its highest since March 23 at $9,104 in the previous session.
  • Copper inventories in LME-registered warehouses have since surged to 150,325 tonnes compared to 74,200 tonnes at the end of February.
Published 07 Apr, 2021 05:56pm
Sri Lankan shares rise on financial, consumer boost
Stocks

Sri Lankan shares rise on financial, consumer boost

  • The CSE All-Share Index notched its fourth straight session of gains, closing 0.41% higher at 7,310.26.
  • Foreign investors were net sellers, offloading 187.5 million rupees ($937,500.00) worth of shares, according to exchange data.
Updated 07 Apr, 2021 05:32pm
Indian shares rise 1pc after central bank keeps rates steady
Stocks

Indian shares rise 1pc after central bank keeps rates steady

  • The NSE Nifty 50 index closed 0.92% higher at 14,819.05 and the S&P BSE Sensex rose 0.94% to 49,661.76.
  • The benchmark 10-year bond yield briefly rose to 6.19% after the policy decision, but fell to a low of 6.05% after the central bank announced a secondary market government securities (G-sec) acquisition programme.
Updated 07 Apr, 2021 05:34pm
NEPRA raises electricity tariff by Rs0.64 per unit

NEPRA raises electricity tariff by Rs0.64 per unit

  • According to the notification issued by NEPRA, the price of electricity has been increased by 64 paise per unit, which has been made in the matter of fuel charges adjustments for the month of February 2021.
Published 07 Apr, 2021 03:51pm
PSX proposes an Indemnity Clause to protect its staff

PSX proposes an Indemnity Clause to protect its staff

  • The bourse has proposed to have power under PSX Regulations whereby it could relax consequential actions of placement of a Listed Company on the Defaulters Segment and/or suspension of trading of its shares in any case of noncompliance of any provision of PSX Regulations by such listed company.
Published 07 Apr, 2021 03:23pm
European stocks climb at open
Stocks

European stocks climb at open

  • In the eurozone, Frankfurt's DAX 30 index added 0.2 percent to 15,237.17 points and the Paris CAC 40 advanced 0.2 percent to 6,142.84.
Published 07 Apr, 2021 02:25pm
Euro zone business activity returns to growth in March

Euro zone business activity returns to growth in March

  • Despite a slow vaccine roll-out and a surge in reported coronavirus infections, optimism about the year ahead improved. The composite future output index rose to 67.9 from 67.0, its highest since February 2018.
Published 07 Apr, 2021 01:53pm
Hilton announces to reenter into Pakistan

Hilton announces to reenter into Pakistan

  • “This is a landmark agreement for Hilton that signals our re-entry to the Pakistan market,” said Carlos Khneisser, vice president of development in the Middle East and Africa for Hilton.
Published 07 Apr, 2021 11:25am
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