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Business & Finance - 2021-04-30
On top of zero-emission vehicles, GM looks to clean up its own operations
Companies

On top of zero-emission vehicles, GM looks to clean up its own operations

  • The Detroit automaker released a series of new goals in its 2020 sustainability report, including reducing how much energy it takes to build vehicles and using returnable packaging.
  • The company said it wants to make packaging 100 percent returnable or made from mostly sustainable content by 2030. It did not have comparable numbers from 2020.
Published 30 Apr, 2021 09:01pm
Yields dip as investors buy bonds for month-end
Financial

Yields dip as investors buy bonds for month-end

  • "Right now it's month-end rebalancing," said Ian Lyngen, head of US rates strategy at BMO Capital Markets in New York, noting the next major market catalyst will be next Friday's jobs report for April.
  • The yields fell back down in the afternoon, however, and are now trading in the middle of their recent range.
Published 30 Apr, 2021 08:46pm
Brazil readies another sharp rate hike, with inflation at 4-year high
Money & Banking

Brazil readies another sharp rate hike, with inflation at 4-year high

  • Inflation in Latin America's largest economy, driven by food and fuel prices, is already well above the central bank's year-end target of 3.75% and risks breaching the 5.25% upper end of policymakers' range at the end of 2021.
  • Even though the economy is losing steam due to a deadly second wave of the COVID-19 pandemic and could even slip into recession, more inflation-busting rate hikes are coming.
Published 30 Apr, 2021 08:41pm
TSX slips as oil prices retreat from six-week highs
Stocks

TSX slips as oil prices retreat from six-week highs

  • The Canadian economy grew by 0.4% in February as retail trade rebounded after lockdown measures were eased across parts of the country, Statistics Canada said. A flash estimate showed GDP jumping 0.9% in March.
  • Toronto Stock Exchange's S&P/TSX composite index was down 40.62 points, or 0.21%, at 19,215.3.
Published 30 Apr, 2021 08:39pm
World top copper producer Chile sees output slide for 10th consecutive month
Companies

World top copper producer Chile sees output slide for 10th consecutive month

  • Copper output fell 1.3% in March, to 491,720 tonnes, the agency said, coinciding with a raft of new restrictions on movement and commerce following the Southern Hemisphere's summer holidays.
  • Chile's copper production fell 2.2% year on year, to 1.4 million tonnes, in the first quarter of 2021, according to INE's statistics.
Published 30 Apr, 2021 08:37pm
Brazil's Petrobras lowers fuel prices even as oil rises internationally
Companies

Brazil's Petrobras lowers fuel prices even as oil rises internationally

  • The move would be the first under the management of General Joaquim Silva e Luna, who replaced Roberto Castello Branco as the company's top executive after the government apparently disagreed with the state-run company's fuel pricing policy.
  • In a note on Friday, brokerage Ativa Investimentos said its model indicated a potential 13% rise in gasoline prices, driven by the increasing international oil prices.
Published 30 Apr, 2021 08:32pm
India's Reliance doubles profit on petchem rebound but misses estimates
Companies

India's Reliance doubles profit on petchem rebound but misses estimates

  • The oil-to-telecoms conglomerate, led by billionaire Mukesh Ambani, said on Friday consolidated profit climbed to 132.27 billion rupees ($1.79 billion) in the fourth quarter, from 63.48 billion rupees a year earlier. Analysts on average had expected a profit of 134.91 billion rupees, according to Refinitiv data.
  • Overall, revenue edged up 11% to 1.55 trillion rupees.
Published 30 Apr, 2021 08:23pm
Chevron profit drops on weaker refining margins, storm hit
Companies

Chevron profit drops on weaker refining margins, storm hit

  • Chevron, the second-largest US oil producer, reported a profit of $1.72 billion, or 90 cents per share, compared with $2.45 billion, or $1.31 per share, a year earlier. Year-ago results included about $680 million in asset sales and favorable tax items.
  • Net profit was $1.4 billion, or 72 cents a share, down from $3.6 billion, or $1.93 cents a share, a year earlier.
Published 30 Apr, 2021 06:48pm
Volkswagen to design chips for autonomous vehicles, says CEO
Companies

Volkswagen to design chips for autonomous vehicles, says CEO

  • "To achieve optimal performance in light of the high demands that exist for cars, software and hardware have to come out of one hand," Diess told Handelsblatt.
  • "Apple and Tesla have higher competence in terms of how semiconductors are defined," Diess said.
Published 30 Apr, 2021 06:40pm
Iran again boosts OPEC oil output in April
Energy

Iran again boosts OPEC oil output in April

  • OPEC April output rises 100,000 bpd from March.
  • Compliance with OPEC+ cut pledges slips to 123%.
  • Iran posts OPEC's biggest output gain despite sanctions.
  • Biggest declines seen in Venezuela and Libya.
Published 30 Apr, 2021 06:38pm
Imperial Oil swings to quarterly profit helped by oil price recovery
Companies

Imperial Oil swings to quarterly profit helped by oil price recovery

  • Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, is benefitting from higher global oil prices as fuel usage picks up from last year, when coronavirus pandemic-related lockdowns decimated demand.
  • The recovery, however, remains spotty with second and third waves of COVID-19 surging in various parts of the world, including Canada, and an uneven rollout of vaccines.
Published 30 Apr, 2021 06:35pm
Dollar ticks up on month-end profit taking
Forex

Dollar ticks up on month-end profit taking

  • The dollar index was set to end the week flat, although still down 2.56% for the month as a whole.
  • Higher 0.2% on the day by midday in London, it had been on track for a four-week losing streak during Asian trading, which would have been the longest fall since a six-week slide to the end of last July.
Published 30 Apr, 2021 06:33pm
LME to announce open outcry ring decision in early June
Commodities

LME to announce open outcry ring decision in early June

  • The exchange, the world's oldest and largest market for industrial metals, announced a proposal in January to move to full electronic trading and held a consultation.
  • "The LME received an unprecedented volume of feedback ... with 192 individual responses," it said.
Published 30 Apr, 2021 06:23pm
Italy's CDP to offer Enel deal for extra 10pc of Open Fiber
Companies

Italy's CDP to offer Enel deal for extra 10pc of Open Fiber

  • The move comes as Enel, Italy's biggest utility, prepares to sell its remaining 50% stake in Open Fiber. Australian fund Macquarie has offered up to 2.65 billion euros ($3.20 billion) for part or all of the holding.
  • Enel is expected to hold a board meeting on Saturday to discuss the Macquarie sale, three sources with knowledge of the matter said.
Published 30 Apr, 2021 06:15pm
Russia's Rosneft plans oil exploration well in Myanmar in 2021
Companies

Russia's Rosneft plans oil exploration well in Myanmar in 2021

  • Rosneft's report said it would drill an exploration well in Myanmar, which has been rocked by protests since a military coup in February, at block EP-4, which the Russian oil firm inherited after it bought Bashneft in 2014.
  • Bashneft was one of several foreign companies awarded Production Sharing Contracts by Myanmar's government for 16 onshore energy blocks.
Published 30 Apr, 2021 06:11pm
Exxon rejects contract offer from Texas refinery union
Companies

Exxon rejects contract offer from Texas refinery union

  • Workers could be locked out of the plant Saturday morning and replacement crews put in their place if USW members have not voted on the company's latest offer, the people familiar with the talks have said.
  • Staff representatives of the USW met with Beaumont refinery officials earlier in the day Thursday but did not pass along an offer, according to the people.
Published 30 Apr, 2021 06:08pm
Goodyear Tire results top estimates as auto demand rebounds
Companies

Goodyear Tire results top estimates as auto demand rebounds

  • US auto demand, however, has risen since then, as consumers focus on personal safety and opt for private vehicles during the COVID-19 pandemic. Low interest rates and stimulus checks are also aiding the rebound.
  • The company, whose brands include Kelly and Dunlop, said tire volumes rose 12% to 35 million units in the quarter, while replacement tire volumes jumped 14%.
Updated 30 Apr, 2021 06:02pm
Copper edges towards $10,000 ahead of holiday in China
Commodities

Copper edges towards $10,000 ahead of holiday in China

  • Benchmark copper on the London Metal Exchange was up 0.1% at $9,895 a tonne.
  • Copper prices dipped initially on Friday, but then joined gains in other risky assets such as world stocks, which held near record highs, lifted by strong US data and the Federal Reserve's vow to support the economy.
Published 30 Apr, 2021 05:32pm
Lazard first-quarter profit misses estimate as expenses weigh
Money & Banking

Lazard first-quarter profit misses estimate as expenses weigh

  • The bank reported an adjusted net income of $101 million, or 87 cents per share, missing Street estimates of 89 cents per share, according to IBES data from Refinitiv.
    • Global M&A activity posted a year-to-date record in the first quarter this year, helped by a boom in the stock markets and the Federal Reserve's commitment to keep monetary policy loose.
Published 30 Apr, 2021 05:15pm
Credit Suisse crisis worst yet for banking veteran Horta-Osorio
Money & Banking

Credit Suisse crisis worst yet for banking veteran Horta-Osorio

  • "Over three and a half decades, I have personally worked at and led several banks in different countries and have lived through many crises," the former Lloyds chief executive said during Credit Suisse's webcast annual general meeting.
  • "What has happened with Credit Suisse over the last eight weeks, with the US-based hedge fund and the supply chain finance funds matters, certainly goes beyond that."
Published 30 Apr, 2021 05:12pm
Rouble weakens past 75 vs dollar, stocks fall ahead of May holidays
Forex

Rouble weakens past 75 vs dollar, stocks fall ahead of May holidays

  • The rouble was 0.5% weaker against the dollar at 75.02, having slid away from its strongest level since March 22 of 74.19 it touched on Thursday.
  • Brent crude oil, a global benchmark for Russia's main export, was down 1.5% at $67.53 a barrel, paving the way for a decline in Russian stock indexes.
Published 30 Apr, 2021 04:57pm
Pfizer, BioNTech seek to extend COVID-19 vaccine use to adolescents in EU
Companies

Pfizer, BioNTech seek to extend COVID-19 vaccine use to adolescents in EU

  • The companies filed a similar request in the United States earlier this month for the vaccine, which is already authorized for use in people from 16 years of age in both the United States and the European Union.
  • The submissions are based on positive data from a late-stage clinical trial that enrolled 2,260 participants aged 12 to 15, the companies said.
Published 30 Apr, 2021 04:51pm
Virgin Atlantic eyes UK-US reopening after 2020 loss
Companies

Virgin Atlantic eyes UK-US reopening after 2020 loss

  • Virgin said that passenger numbers dropped 80% last year compared to 2019 after COVID-19 brought many planes to a standstill.
  • Virgin is 51% owned by Richard Branson's Virgin Group and 49% by the US's Delta Air Lines Inc.
Published 30 Apr, 2021 04:40pm
17% sales tax on government auctioned used cars

17% sales tax on government auctioned used cars

  • The FBR's clarification on the issue will end the controversy of collecting 17% sales tax from bidders from auction/sale of old and used cars by the government departments/autonomous bodies.
Updated 30 Apr, 2021 05:17pm
OGRA slashes LPG rates for May

OGRA slashes LPG rates for May

  • The notification said that the new price of a domestic LPG cylinder was fixed at Rs 1,572.40, while in April, the price of a domestic LPG cylinder was Rs 1,718.59.
Published 30 Apr, 2021 02:59pm
French economy returns to growth in first quarter

French economy returns to growth in first quarter

  • "The unexpected increase in French GDP in Q1 suggests that the economy has proved more resilient to the poor health situation and associated restrictions than we had thought," said Jessica Hinds, Europe economist at Capital Economics.
Published 30 Apr, 2021 11:52am
Eni Q1 profits jump on stronger oil prices
Energy

Eni Q1 profits jump on stronger oil prices

  • Adjusted net profits in the period came in at 0.27 billion euros ($327 million), below an analyst consensus provided by the company of 0.44 billion euros. In the fourth quarter they were 0.5 billion euros.
Published 30 Apr, 2021 11:24am
China factory activity edges down in April

China factory activity edges down in April

  • The report added that recovery would likely be seen in the service sector as well, after it was derailed earlier this year by domestic travel restrictions imposed during the Lunar New Year break to prevent further outbreaks.
Published 30 Apr, 2021 10:56am
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