News Archives for Business & Finance - 2021-05-03

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Business & Finance - 2021-05-03

Stocks

Stocks rally as investors begin May in bullish mood

Shares in Europe add to recent gains, Wall St set to open higher.
UK, Chinese, Japanese markets closed for holidays.
Busy week for economic data with US payrolls on Friday.
German yields hit highest since March 2020.

Published 03 May, 2021 08:50pm

Commodities

Gold rises as US dollar, Treasury yields retreat

Investors await raft of US economic data this week.
Dollar eases off highest level in nearly two weeks.
Gold may test a support at $1,752/oz – technicals.

Published 03 May, 2021 08:45pm

Money & Banking

Bank of Israel calls for more incentives to get people back to work

Five out of six MPC members had voted to keep Israel's benchmark interest rate at 0.1% on April 19, minutes of the discussions showed on Monday
"The opening of the economy and the return to normal life in Israel are expected to support continued rapid growth in the coming year," the minutes said.

Published 03 May, 2021 07:55pm

Energy

Oil holds near $67 as demand hopes balance India concern

Surge in coronavirus cases hits India's April fuel demand.
OPEC boosts output in April, OPEC+ increase takes effect in May.
Iran nuclear talks in focus.

Published 03 May, 2021 07:51pm

Money & Banking

Intesa's Eurizon buys BAPR's individual portfolio management business

Through its Milan-based brokerage arm, BAPR managed assets worth 430 million euros ($518 million) as of end-December, of which around 170 million euros were individual portfolios for the bank's customers, a joint statement said.
Eurizon said the transaction strengthened its position in the asset management sector, in line with targets set under Intesa's strategic plan through 2021.

Published 03 May, 2021 07:49pm

Companies

Ford cuts production at two German plants due to chip shortage

"The situation on the global semiconductor market remains tense and, according to all estimates, will continue to be so in the coming months, resulting in supply bottlenecks," a spokeswoman for Ford said in a statement.
The carmaker said it planned to make up for lost production "as best we can" and would prioritise vehicles already ordered by customers.

Published 03 May, 2021 07:43pm

Norwegian Air expects $840mn cash position post capital hike

The cash will come from a mix of perpetual bonds and equity, with the new shares sold at only 6.26 crowns each, a steep discount to the 55.25 crowns it trades at in Oslo.
The airline said it expects total liabilities to be around 16 billion to 18 billion Norwegian crowns, of which about a third is aircraft-related debt, after the process is completed.

Published 03 May, 2021 07:39pm

Is the 7th generation of Honda City in-bound to Pakistan?

2021 Honda City is a B-Segment sub-compact sedan that is acclaimed by auto-journalists around the world.
If it lands on Pakistani soil, it will contend against other sedans like the Toyota Yaris, the Changan Alsvin, and the Proton Saga.

Updated 03 May, 2021 08:31pm

Companies

Ford, BMW lead $130mn investing round in solid-state battery startup

The partnerships and the capital that comes along with it are really going to put us on a good footing to execute on our road map, which simply speaking is qualifying this technology for vehicle use and getting them into vehicles in the not-too-distant future.
Carmakers are racing to develop EVs amid tightening CO2 emission standards in Europe and China.

Published 03 May, 2021 06:51pm

Companies

Apple vs Epic court clash over app market to begin

Epic, maker of the popular "battle royal" game Fortnite, is aiming to break the grip of the iPhone maker on its App Store, in the latest assault on Apple's tightly controlled empire.
The case opening in federal court comes with Apple feeling pressure from a wide range of app makers over its control of the App Store, which critics say represents monopolistic behavior.

Published 03 May, 2021 06:44pm

Forex

Dollar retreats as traders brace for more US data

USD hits three-week peak on JPY, steady elsewhere.
KRW dips on N. Korea tension.
Ethereum hits record peak.

Published 03 May, 2021 06:17pm

Companies

COVAX gets boost from Moderna deal, Sweden's donation of COVID-19 vaccines

Gavi signs advance purchase contract with US drug maker.
Moderna to supply 34 mln doses this year, 466 mln next yr.
Swedish donation is second by EU member after France.

Published 03 May, 2021 06:08pm

Baidu launches China’s first self-driving taxi service

These taxis have been named Apollo ‘robotaxis’ and around 10 of them have been deployed in an area of 3 square kilometers around Shougang Park in western Beijing.
Each Apollo robotaxi ride costs about 30 yuan (Rs. 712). Passengers aged between 18 and 60 are allowed in these autonomous taxis.

Published 03 May, 2021 06:00pm

Companies

Failure of EDF reform would hit its share of the French power market

The holding company would control a separate entity housing the more lucrative parts of the business, such as renewable energy, and free of its liabilities. Investors would be invited to acquire up to 30% of that unit.
"To remain a major player in the French electricity sector, EDF must be able to invest in these new forms of electricity production", CEO Jean-Bernard Levy said in a letter sent on April 28 to unions.

Updated 03 May, 2021 06:08pm

Financial

Fidelity halves valuation of Ant Group after Chinese crackdown: WSJ

That figure compares to an appraised value of $295 billion as at the end of August. Fidelity was among a small group of global investors that bought into Ant three years ago.
Ant's initial public offering was canceled in spectacular fashion last November and Chinese regulators later ordered the enterprise to convert into a financial holding company, denting Ant's appeal in the eyes of investors.

Published 03 May, 2021 05:34pm

Stocks

Sri Lankan shares edge up as financials rise

The CSE All-Share Index rose 0.10% to 7,215.60. The index has climbed 6.5% this year.
Foreign investors were net sellers in the equity market, offloading shares worth 277.4 million Sri Lankan rupees ($1.4 million), according to exchange data.

Published 03 May, 2021 05:24pm

Companies

Norwegian Air sees $840mn in cash after planned capital raise

The carrier aims to raise 6 billion crowns in fresh capital as part of a scheme to emerge on May 26 from court-ordered bankruptcy protection in Ireland and Norway.

Published 03 May, 2021 05:20pm

Companies

Indian refiner Reliance's March oil imports down 10.3pc y/y

The March imports, at about 1.12 million barrels per day, were 10.8% above the previous month, the data showed.
Reliance shipped in about 11% of its imports from Latin America, compared with 43% a year ago, as the private refiner has stopped buying Venezuelan oil under pressure from US sanctions, the data showed.

Published 03 May, 2021 05:18pm

Financial

Trading platform INX estimates $125mn raised in equity, token offerings

INX, a Gibraltar-based company with most of its operations in the United States, in August launched the first security token IPO for both retail and institutional investors approved by the US Securities and Exchange Commission.
Security tokens are digital currencies backed by a tradable asset such as real estate or equity and are subject to federal regulations. The tokens represent a right to the underlying asset.

Published 03 May, 2021 05:01pm

Money & Banking

Digital Dollar Project to launch five US central bank digital currency pilots

A partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a US central bank digital currency (CBDC).
CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments.

Published 03 May, 2021 04:58pm

Companies

Cox Automotive signs service deal with US commercial EV maker

The opportunity to collaborate with industry leader Cox Automotive helps put us on track to offer customers one of the most comprehensive service solutions that addresses their fleet needs in the most time and cost-efficient manner.
ELMS' vehicles will be based on Sokon's commercial van made in China, and the batteries will be supplied by Chinese battery company CATL.

Published 03 May, 2021 04:56pm

Commodities

Corn hits 8-year high as dry weather in Brazil raises supply concern

Corn rises to highest since 2013 on global supply woes.
Wheat up in spillover from expensive corn.
Firm vegetable oil supports soybeans.

Published 03 May, 2021 04:54pm

Commodities

Palm posts best day in 11 months on stronger exports, soyoil rally

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange ended up 187 ringgit, or 4.83%, at 4,055 ringgit ($981.22) a tonne.
Refinitiv pegged the benchmark July delivery contract to rise towards a resistance of 4,080 ringgit to 4,100 ringgit a tonne this week.

Published 03 May, 2021 04:47pm

Stocks

Indian shares recover losses; Airtel sees best day since early-Feb

The NSE Nifty 50 index was up 0.02% at 14,634.1, while the S&P BSE Sensex slipped 0.13% to 48,718.5.
In Mumbai trading, Bharti Airtel was the top boost to the indexes, ending up 4.1% in its best session since February 1. The S&P BSE telecom index was up 3.5%.

Published 03 May, 2021 04:47pm

Bearish sentiments prevail at PSX on first trading day of the month

As per analysts the concerns regarding the rising number of coronavirus case, stricter lockdown and government decision reduce business timings all dented investors’ confidence.

Published 03 May, 2021 02:45pm

Commodities

CBOT wheat may revisit April 27 high of $7.69-1/2

A study on the first month continuous chart suggests a 14% gain from the current level. When applied to the July contract, this percentage indicates a target of $8.50.

Published 03 May, 2021 01:49pm

Mutual Funds

Global Islamic finance forecast to grow as main markets recover: S&P

S&P also highlighted that the full impact of the coronavirus crisis has yet to materialise and more requests for sukuk restructurings and maturity extensions, as well as higher default rates, are expected this year.

Published 03 May, 2021 01:44pm

Stocks

European shares rally as investors begin May in bullish mood

The euro rose 0.2% to $1.2040, having backtracked from a nine-week peak of $1.2149 on Friday.

Published 03 May, 2021 01:39pm

Energy

Oil drops towards $66 as India demand concerns weigh

In another development that could allow a further boost in Iranian supply, Tehran and world powers are holding talks to revive the 2015 nuclear deal.

Published 03 May, 2021 01:38pm

Telecard likely to get its subsidiary listed at the bourse

The Board of Directors, in its meeting, has authorized the Company to explore the option for listing of its subsidiary Supernet Limited.

Published 03 May, 2021 01:32pm

Stocks

Most major Gulf stocks gain in early trade, earnings support

The Dubai index was up 0.7% as Emaar Properties rose 1.8%.

Published 03 May, 2021 01:27pm

Stocks

Hong Kong shares close sharply lower

The Hang Seng Index sank 1.28 percent, or 367.34 points, to 28,357.54.

Published 03 May, 2021 01:26pm

Commodities

Corn hits 8-year high as dry weather in Brazil raises supply concerns

Large speculators cut their net long position in CBOT corn futures in the week to April 27, regulatory data released on Friday showed.

Published 03 May, 2021 12:22pm

Commodities

Palm oil rises 5% on stronger soyoil, higher April exports

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 194 ringgit.

Published 03 May, 2021 12:21pm

Commodities

US oil may fall to $62.33

A retracement analysis reveals that oil has pierced below a support at $63.53. Chances are it may drop to $62.33.

Published 03 May, 2021 12:19pm

Commodities

Palm oil may rise into 3,967-4,010 ringgit range

A break below 3,855 ringgit could open the way towards the zone of 3,743-3,805 ringgit.

Published 03 May, 2021 12:18pm

Energy

Brent oil may test support at $66.01

Oil seems to be dropping towards the lower trendline of a rising wedge, which establishes a support around $66.01.

Published 03 May, 2021 12:16pm

Commodities

CBOT corn may rise to $7.19-1/4

Support is at $6.81-1/2, a break below which could cause a fall to $6.70.

Published 03 May, 2021 12:15pm

Commodities

CBOT soybeans may retest resistance at $15.61-1/4

On the daily chart, the uptrend remains firm within a rising channel.

Published 03 May, 2021 12:13pm

Bullion Rate

Spot gold may test support $1,752

A break above $1,780 may lead to a gain into $1,789-$1,798 range.

Published 03 May, 2021 12:12pm

Bullion Rate

Gold inches higher on subdued dollar ahead of US data

China's gold consumption soared 93.9% in the first three months from the same quarter a year earlier, the China Gold Association said on Friday.

Published 03 May, 2021 12:08pm

Forex

Australia, NZ dollar steady in cautious trade before central bank meetings

The Aussie was unchanged at $0.7713, after gaining 1.5% last month thanks to strength in iron ore and other commodity prices.

Published 03 May, 2021 12:06pm

Forex

Dollar stays firm as traders look to US data for policy cues

It held at $1.2020 per euro and crept to a three-week high of 109.58 yen.

Published 03 May, 2021 12:04pm

Stocks

Westpac lifts Australian shares higher, miners and oil firms cap gains

In New Zealand, the benchmark S&P/NZX 50 index rose as much as 0.4% to 12,776.60, hitting its highest level since Feb. 18 and rising for a fourth straight session.

Published 03 May, 2021 12:02pm

Stocks

Australia shares set for a weak start, NZ edges up

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index gained marginally in early trade on Monday.

Published 03 May, 2021 12:01pm

Ethereum breaks past $3,000 to quadruple in value in 2021

Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,051.99 by lunchtime in Asia.
It is up more than 300% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.

Published 03 May, 2021 12:00pm

German retail sales jump in March as lockdown measures ease

The March reading overshot a Reuters forecast for a decline of 0.3%.

Published 03 May, 2021 11:59am

Swedish manufacturing PMI 69.1 points in April

It was the second-highest reading in the 26-year history of the index, compilers Silf and Swedbank said in a statement, and follows strong GDP figures for the first quarter.

Published 03 May, 2021 11:57am

Pandemic boosted e-commerce in 2020: UNCTAD

"These statistics show the growing importance of online activities," the report's author, Torbjorn Fredriksson, told AFP.

Published 03 May, 2021 11:46am

Stocks

Hong Kong stocks end morning well down

The Hang Seng Index shed 1.48 percent, or 424.36 points, to 28,300.52

Published 03 May, 2021 11:43am

Stocks

Asian markets mostly down as inflation concerns persist

In early Asian trade, Hong Kong, Singapore and Taipei were all down more than one percent, while there were also losses in Seoul, Jakarta and Wellington, though Sydney and Manila edged up.

Published 03 May, 2021 11:40am

Stocks

Hong Kong shares start with losses

The Hang Seng Index dipped 0.23 percent, or 64.97 points, to 28,659.91.

Published 03 May, 2021 11:34am

Pakistan to launch soft loan scheme for Overseas Workers

Under the initiative, soft loans will be provided to the labourers and the overseas Pakistanis returning from foreign countries so that they could set up their own businesses.

Published 03 May, 2021 11:16am

Taxes

Frivolous representations before President: FTO urges FBR to avoid unnecessary filing

ISLAMABAD: The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to avoid unnecessary...