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Business & Finance - 2021-04-15
US natgas futures rise to 5-week high on small storage build
Energy

US natgas futures rise to 5-week high on small storage build

  • The US Energy Information Administration (EIA) said US utilities added 61 billion cubic feet (bcf) of gas into storage during the week ended April 9.
  • That is lower than the 67-bcf build analysts forecast in a Reuters poll and compares with an increase of 68 bcf in the same week last year and a five-year (2016-2020) average increase of 26 bcf.
Published 15 Apr, 2021 08:27pm
Bullish sentiment propels copper to six-week high
Commodities

Bullish sentiment propels copper to six-week high

  • Benchmark three-month copper on the London Metal Exchange (LME) was up 1.2% at $9,180.5 a tonne in official trading, after touching a six-week high of $9,211.
  • Copper is used in electric cabling, construction and, increasingly, in electric vehicles and wind turbines. This has triggered a wave of bets for soaring demand and elevated prices.
Published 15 Apr, 2021 08:21pm
TSX rises as higher gold prices lift miners
Stocks

TSX rises as higher gold prices lift miners

  • The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.8% as gold futures rose 0.9% to $1,750.1 an ounce.
  • Toronto Stock Exchange's S&P/TSX composite index was up 113.82 points, or 0.59%, at 19,285.48.
Published 15 Apr, 2021 08:19pm
Shopify shares edge up after falling on executive departures
Stocks

Shopify shares edge up after falling on executive departures

  • Shopify, which provides infrastructure for online stores, has seen its valuation soar in the past year as many businesses went virtual during the COVID-19 lockdowns.
  • The Ottawa, Canada-based company, whose chief product officer Craig Miller left in September, said its chief talent officer, chief legal officer and chief technology officer will all transition out of their roles.
Published 15 Apr, 2021 08:15pm
Dollar edges higher on strong data, despite lower yields
Forex

Dollar edges higher on strong data, despite lower yields

  • Retail sales increased 9.8% last month, the Commerce Department said on Thursday, beating economists' expectations for a 5.9% increase.
  • The dollar index earlier on Thursday hit a one-month low of 91.487, before rebounding to 91.633, up 0.03% on the day.
Published 15 Apr, 2021 08:02pm
Canadian dollar notches a 3-week high as equities climb
Forex

Canadian dollar notches a 3-week high as equities climb

  • Canadian dollar strengthens 0.1% against the greenback.
  • Loonie touches its strongest level since March 22 at 1.2476.
  • Canadian home sales rise 5.2% in March from February.
  • Canadian bond yields ease across a flatter curve.
Published 15 Apr, 2021 07:59pm
Dell shares rise on plans to spin off top-performing VMware unit
Stocks

Dell shares rise on plans to spin off top-performing VMware unit

  • The spinoff of its 81% stake in VMware, first proposed in a filing last July, would also help Dell lower its long-term debt of $41.62 billion, much of which was taken on during its 2016 acquisition of data management firm EMC.
  • Wall street analysts saw benefits in the spinoff, but some also raised long-term concerns about company's core business.
Published 15 Apr, 2021 07:43pm
Citigroup profit triples, exits some overseas consumer units
Money & Banking

Citigroup profit triples, exits some overseas consumer units

  • Like JPMorgan Chase & Co, which reported earnings on Wednesday, Citi benefited from a boom in capital markets activity, but its consumer bank felt the impact of low interest rates that hurt earnings.
  • Revenue fell 7% on low interest rates and a 10% decline in loans, largely due to lower consumer credit card loan balances.
Published 15 Apr, 2021 07:38pm
Oil near one-month highs as demand outlook improves
Energy

Oil near one-month highs as demand outlook improves

  • US West Texas Intermediate futures fell 36 cents, or 0.6%, to $62.79. It had earlier reached $63.48, also the highest since March 18.
  • The IEA and Organization of the Petroleum Exporting Countries (OPEC) made upward revisions to their global oil demand growth forecasts for 2021 this week to 5.7 million barrels per day (bpd) and 5.95 million bpd respectively.
Published 15 Apr, 2021 07:35pm
Amazon commits $250mn for India's small businesses as traders question practices
Companies

Amazon commits $250mn for India's small businesses as traders question practices

  • "We are very passionate about trying to enable acceleration of small and medium-sized businesses, in fuelling innovation and the economy in India," the company's incoming CEO Andy Jassy said at Amazon India's event "Smbhav", which phonetically means "possible" in Hindi.
  • Jassy, who overseas Amazon's fast-growing cloud computing business, will take over as CEO from founder Jeff Bezos later this year.
Updated 15 Apr, 2021 07:27pm
CureVac says interest in its COVID-19 vaccine on the rise
Companies

CureVac says interest in its COVID-19 vaccine on the rise

  • The European Union in November secured up to 405 million doses of CureVac's two-shot vaccine, which has yet to win regulatory approval, the company's only large supply contract so far.
  • Europe's choppy vaccine rollout hit more trouble this week after J&J suspended shipments of its COVID-19 shot and Denmark said it would drop a similar vaccine from AstraZeneca over very rare cases of blood clotting.
Updated 15 Apr, 2021 07:25pm
Nigerian currency seen under pressure, Kenyan rally to pause
Forex

Nigerian currency seen under pressure, Kenyan rally to pause

  • The naira could ease on the spot market after the central bank, in its first hard currency sale to foreign investors this year, quoted it at a low of 435.81 for the five-month forward contract, traders said.
  • The unit slid to a record intra-day low of 436.81 against the dollar, following the central bank sale earlier in the week.
Published 15 Apr, 2021 06:42pm
Delta sees profit later this year as it posts another dismal quarter
Companies

Delta sees profit later this year as it posts another dismal quarter

  • Air travel, stifled by the COVID-19 pandemic, is widely expected to rebound in the second half of 2021 as wide vaccine rollouts encourage travel and drive summer bookings.
  • "A year after the onset of the pandemic, travelers are gaining confidence and beginning to reclaim their lives," Delta Chief Executive Officer Ed Bastian said in a statement.
Published 15 Apr, 2021 06:40pm
Nestle confirms full-year outlook at shareholder meeting
Companies

Nestle confirms full-year outlook at shareholder meeting

  • "Looking to 2021, we expect continued improvement in organic growth, profitability and capital efficiency in line with our value creation model," Mark Schneider said according to the text of a speech he was due to make at a virtual shareholder meeting.
Published 15 Apr, 2021 06:38pm
Nissan to slash production in Japan in May due to chip shortage
Companies

Nissan to slash production in Japan in May due to chip shortage

  • Japan's third-largest automaker will idle its factory in Kyushu, southern Japan, for eight days between May 10 and 19, the sources said, declining to be identified because the plan is not public.
  • The plant, which assembles the Serena minivan, X-Trail SUV and other models, will aim to make up for lost production once the supply of chips returns, the people said.
Published 15 Apr, 2021 06:33pm
Ireland to raise 3.5bn euros from 20-year bond
Financial

Ireland to raise 3.5bn euros from 20-year bond

  • That is slightly higher than the 2 to 3 billion euro target a source told Reuters about on Wednesday, with the deal receiving final investor demand of more than 35 billion euros.
  • The spread on the bond was set at 13 basis points over the mid-swap level, equating to a yield of around 0.60%, according to Reuters calculations.
Published 15 Apr, 2021 06:27pm
Turkish central bank holds rates, drops policy pledge under new chief
Money & Banking

Turkish central bank holds rates, drops policy pledge under new chief

  • In a statement, the bank also ditched last month's pledge to "decisively" maintain a tight monetary policy "for an extended period" to address inflation, which has risen above 16% and been in double-digits for most of the last four years.
  • The lira slipped as much as 0.7% to 8.125 versus the dollar after the bank under new governor Sahap Kavcioglu replaced the hawkish guidance with a softer assessment of risks to inflation that analysts said signalled interest rate cuts were on the way.
Published 15 Apr, 2021 06:02pm
BlackRock quarterly profit jumps as assets rise over $9 trillion
Companies

BlackRock quarterly profit jumps as assets rise over $9 trillion

  • The company's net income rose to $1.2 billion, or $7.77 per share, in the three months ended March 31, from $1.03 billion, or $6.60 per share, a year earlier.
  • BlackRock's assets under management grew to a record $9 trillion in the quarter, compared with $6.47 trillion a year earlier.
Published 15 Apr, 2021 05:02pm
Indonesian companies ask China to up stake in high-speed rail project
Companies

Indonesian companies ask China to up stake in high-speed rail project

  • Construction company Wijaya Karya has the biggest share in a 60% stake it co-owns with other Indonesian firms in the consortium, named PT KCIC. The China Railway Engineering Corporation and other Chinese companies control the rest.
  • "We hope Indonesia has a smaller portion than what it is now so the cost overrun can be borne by the (Chinese) government," Agung told an online seminar on Wednesday.
Published 15 Apr, 2021 04:35pm
Indian shares end choppy session higher after positive vaccine news
Stocks

Indian shares end choppy session higher after positive vaccine news

  • The NSE Nifty 50 index ended 0.5% higher at 14,581.45, while the S&P BSE Sensex gained 0.5% to 48,803.68.
  • The move came as fresh coronavirus cases in the country hit a record of more than 200,000, prompting the national capital of Delhi to announce movement restrictions for weekends.
Published 15 Apr, 2021 04:28pm
Merck plans large outpatient trial of COVID-19 pill, stops study in hospitalized patients
Companies

Merck plans large outpatient trial of COVID-19 pill, stops study in hospitalized patients

  • The company said it would study the drug molnupiravir in a Phase 3 trial among COVID-19 patients out of hospitals who have at least one risk factor for poor outcomes, such as advanced age, obesity or diabetes.
  • Merck also said it discontinued development of an experimental immune modulator, known as MK-7110, for treating COVID-19 after concluding that clinical trial and manufacturing preparations would take too long.
Published 15 Apr, 2021 04:25pm
PepsiCo bets on higher soda sales as restaurants reopen
Industry

PepsiCo bets on higher soda sales as restaurants reopen

  • "We are assuming that vaccination efforts will accelerate and population mobility will improve," Chief Executive Officer Ramon Laguarta said.
  • "This should benefit the foodservice channel as and when travel, lodging, dining, education, and entertainment trends accelerate."
Published 15 Apr, 2021 04:21pm
Bank of America profit more than doubles on reserve release boost
Money & Banking

Bank of America profit more than doubles on reserve release boost

  • The second-largest US bank by assets unlocked $2.7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations.
  • Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure of how much the bank can make from lending, fell 16% to $10.2 billion in the quarter.
Published 15 Apr, 2021 04:13pm
Insurer UnitedHealth raises 2021 profit view after upbeat quarter
Industry

Insurer UnitedHealth raises 2021 profit view after upbeat quarter

  • Revenue from the company's main growth driver, Optum unit, which manages drug benefits and offers healthcare data analytics services, rose 10% to $36.4 billion.
  • The company reported adjusted earnings of $5.31 per share, beating estimates of $4.38 per share, according to IBES data from Refinitiv.
Published 15 Apr, 2021 04:11pm
Govt expects Remittances to exceed $27bn this fiscal

Govt expects Remittances to exceed $27bn this fiscal

  • Workers’ remittance sent by overseas Pakistanis rose by 26 percent during the first nine months of this fiscal year.
  • The share of remittances in the GDP has gone up to 10 percent.
Published 15 Apr, 2021 02:27pm
Canadian dollar strengthens as oil surges nearly 5%
Forex

Canadian dollar strengthens as oil surges nearly 5%

  • Fed officials have said that brighter economic forecasts and a brief period of higher inflation will not affect monetary policy, and the central bank will keep its support in place until the crisis is over.
Published 15 Apr, 2021 11:23am
Car sales up 27pc in March

Car sales up 27pc in March

KARACHI: The passenger car sales have witnessed 27 percent growth in March 2021, taking the sales growth during...
Updated 15 Apr, 2021 10:07am
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