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Business & Finance - 2021-05-05
Sterling steady as markets eye 'super Thursday' status quo
Forex

Sterling steady as markets eye 'super Thursday' status quo

  • The Scottish National Party (SNP) wants a majority in the devolved parliament to demand another referendum, although British Prime Minister Boris Johnson reiterated that he will not grant one.
  • Sterling ticked up during the session against both the euro and the dollar. At 1510 GMT it was up 0.17% at $1.3909 and rose 0.25% against the euro at 0.8629 pence.
Published 05 May, 2021 09:10pm
Copper hits 10-year high on hopes for demand
Commodities

Copper hits 10-year high on hopes for demand

  • Benchmark three-month copper on the London Metal Exchange (LME) touched $10,040 a tonne, its highest since Feb. 2011 when the contract hit a record of $10,190 a tonne.
  • "It makes sense for market to take stock after hitting the key technical level of $10,000 a tonne," said Saxo Bank analyst Ole Hansen.
Published 05 May, 2021 09:07pm
Sugar supply balance heading to surplus despite fall in Brazil, says Datagro
Commodities

Sugar supply balance heading to surplus despite fall in Brazil, says Datagro

  • The market will still have a surplus even though production in Brazil is expected to drop to 36.3 million tonnes from 38.5 million tonnes in 2020/21 as the country faces lack of rains.
  • Nastari said during a presentation on Wednesday that he expected India to produce about 30 million tonnes in 2021/22 following the previous season's excellent crop which is seen at 31.2 million tonnes.
Published 05 May, 2021 09:04pm
Dollar eases off of two-week high following soft US data
Forex

Dollar eases off of two-week high following soft US data

  • In the US services industry, activity eased in April from a record level in March, likely due to shortages of inputs amid a burst of demand, data from the Institute for Supply Management showed.
  • The dollar index, which measures the greenback against a basket of peer currencies, was last at 91.262 after rising as high as 91.436 earlier in the session, its highest since April 19.
Published 05 May, 2021 08:59pm
Sri Lankan shares end higher as financials, consumer stocks gain
Stocks

Sri Lankan shares end higher as financials, consumer stocks gain

  • The CSE All-Share Index rose 0.49% to 7,145.97. On Tuesday the index fell 1.4%, its worst one-day fall since April 27.
  • Diversified holding company Expolanka Holdings Plc and cigarette maker Ceylon Tobacco Company Plc were the top boosts, gaining 1.6% and 2.9%, respectively.
Published 05 May, 2021 08:52pm
TSX rises as energy stocks boost
Stocks

TSX rises as energy stocks boost

  • The rise in oil prices to near two-month highs has been supported by COVID-19 vaccine rollouts in Europe and the United States where more than 40% of US adults have received a vaccine.
  • Toronto Stock Exchange's S&P/TSX composite index was up 48.66 points, or 0.25%, at 19,236.69.
Published 05 May, 2021 08:49pm
US crude stocks slump more than expected: EIA
Energy

US crude stocks slump more than expected: EIA

  • Crude inventories fell by 8 million barrels in the week to April 30 to 485.1 million barrels, compared with analysts' expectations in a Reuters poll for a 2.3 million-barrel drop.
  • Refinery crude runs rose by 225,000 barrels per day in the last week, EIA said.
Published 05 May, 2021 08:47pm
Punjab to impose complete lockdown from May 8 to 16

Punjab to impose complete lockdown from May 8 to 16

  • All commercial, recreational activities, and public transport across the province will be suspended on the designated dates.
  • The checkpoints will be set up at all the entry and exit routes of each city, while police Rangers and Army personnel will be deployed to monitor the situation.
Updated 05 May, 2021 08:37pm
Adidas launches Reebok auction, China row may dent Asian interest
Companies

Adidas launches Reebok auction, China row may dent Asian interest

  • Adidas has asked for first round bids to be submitted next week and is expecting China's Anta Sports and Li Ning to hand in offers, with Korea's Fila and US-based Wolverine also seen as possible bidders, the sources, who are all familiar with the situation, said.
  • For Chinese buyers the appeal could be dented by consumer boycotts of Western fashion brands in the country over comments they did not use cotton sourced from Xinjiang.
Updated 05 May, 2021 08:16pm
Lilly hit by staff accusations, FDA scrutiny at COVID drug factories
Companies

Lilly hit by staff accusations, FDA scrutiny at COVID drug factories

  • The source, who spoke on condition of anonymity, said the findings involved the production of drugs including Lilly's COVID-19 therapy, whose use in the United States is funded by the federal government.
  • Separately, FDA inspectors in March identified numerous manufacturing lapses at a second Lilly facility in Indianapolis that bottles the COVID-19 therapy and other drugs.
Published 05 May, 2021 06:50pm
Brazil steelmaker Gerdau reports $460mn profit on higher metal prices
Companies

Brazil steelmaker Gerdau reports $460mn profit on higher metal prices

  • While profit grew more than 10 fold due and revenue grew 77%, steel production fell 1% and steel sales grew only 15% to 3 million tonnes.
  • Gerdau said there were positive trends at its Brazil unit, with revenue more than doubling compared to a year ago and displacing the North America unit, which in the first quarter of 2020 was the company's largest by revenue.
Published 05 May, 2021 06:41pm
Bentley announces high-riding, all-electric SUV by 2025

Bentley announces high-riding, all-electric SUV by 2025

  • Audi is helping fellow luxury car brand, while Porsche will also be involved in the development of the high-riding saloon.
  • Bently CEO says 2025 is a realistic period for the company to develop a first-of-its-kind ultra-luxurious and high-performing SUV.
Published 05 May, 2021 06:24pm
GM profit shrugs off chip shortage with high-priced pickups, SUVs
Companies

GM profit shrugs off chip shortage with high-priced pickups, SUVs

  • Barra added that the No. 1 US automaker's "supply chain and manufacturing teams are maximizing production of high-demand and capacity-constrained vehicles."
  • In a conference call with reporters, Barra said that the chip shortage will worsen in the second quarter before starting to improve in the second half of the year.
Published 05 May, 2021 06:18pm
US Treasury keeps auction sizes steady, bill decline to slow
Financial

US Treasury keeps auction sizes steady, bill decline to slow

  • The Treasury also said it expects Congress to raise or suspend the US debt limit in a timely manner, and that it may take certain extraordinary measures if Congress does not.
  • The government expects its cash balance to be around $450 billion at the expiration of the debt limit suspension on July 31.
Updated 05 May, 2021 06:15pm
Copper hits 10-year high, eyes record levels on demand hopes
Commodities

Copper hits 10-year high, eyes record levels on demand hopes

  • Benchmark three-month copper on the London Metal Exchange (LME) was up 0.4% at $10,007 a tonne after touching $10,040 in early trade.
  • "There's a lot of macro forces aligned that (are) together pushing (up) the whole commodities sector," said ING analyst Wenyu Yao.
Published 05 May, 2021 05:49pm
Global copper smelting recovers in April as prices rally
Commodities

Global copper smelting recovers in April as prices rally

  • The first half of April was still weak, but smelting activity increased throughout the rest of the month, satellite service SAVANT and broker Marex said in a joint statement on Wednesday.
  • "The platform now suggests we are seeing the effect of that price rally with a strong increase in smelter activity in the latter part of April."
Published 05 May, 2021 05:45pm
Barrick Gold profit beats expectations as copper, gold prices surge
Companies

Barrick Gold profit beats expectations as copper, gold prices surge

  • Barrick's first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
  • Adjusted profit rose 78% to $507 million in the quarter ended March 31, from $285 million a year earlier, and Barrick announced a 9 cent per share quarterly dividend.
Published 05 May, 2021 05:42pm
Dollar hits two-week high in wake of rates talk
Forex

Dollar hits two-week high in wake of rates talk

  • The dollar's bounce on Tuesday put pressure on the euro, which dropped once again below the $1.20 mark on Wednesday, hitting its lowest against the buck in over two weeks.
  • The dollar index, which measures the greenback against a basket of peer currencies, rose as high as 91.436, its highest since April 19.
Published 05 May, 2021 05:38pm
Banks, pharma lift Indian shares after cenbank unveils relief measures
Stocks

Banks, pharma lift Indian shares after cenbank unveils relief measures

  • "Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections," Das said, as he announced a slew of other measures to enhance liquidity.
  • On Wednesday, the blue-chip NSE Nifty 50 index closed 0.84% higher at 14,617.85, while the benchmark S&P BSE Sensex advanced 0.88% to 48,677.55.
Updated 05 May, 2021 05:39pm
The new 2022 Honda Civic has striking similarities with these old models

The new 2022 Honda Civic has striking similarities with these old models

  • On the outside, the front bonnet and infused slim grille of the Civic 2022 are quite similar to its third-generation cars. These models roamed the streets of Pakistan back in 1984-95.
  • The second striking similarity is the front lights. Both the 5th and 11th generation Civics have slim and chic headlamps with side indicators.
Updated 05 May, 2021 05:09pm
Uber is developing an exclusive EV for ride hailing services

Uber is developing an exclusive EV for ride hailing services

  • Uber has teamed up with Arrival, a small startup based in Britain, to develop a dedicated Electric Vehicle (EV) for ride-hailing services.
  • The companies are hopeful that the concept car will go into production by 2023.
Updated 05 May, 2021 02:39pm
Sustainable economic growth needed to maintain Corporate Earnings growth: Analyst

Sustainable economic growth needed to maintain Corporate Earnings growth: Analyst

  • “After COVID the remittances have increased, due to decrease in Pakistanis travelling we are moving towards consumption-driven growth. Furthermore, the reduction in the interest rate and strengthening of Pakistani rupee has played a role in KSE-1000 companies showing record profit,” he said.
Published 05 May, 2021 11:00am
Brazilian inflation bubbles

Brazilian inflation bubbles

BRASILIA: Inflation pressures in Brazil remained strong in March, figures showed on Tuesday, with producer prices...
Published 05 May, 2021 04:01am
Sterling dips
Money & Banking

Sterling dips

LONDON: Sterling dipped against the dollar on Tuesday with potential volatility expected by analysts ahead of...
Published 05 May, 2021 04:01am