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Business & Finance - 2021-05-06
Aluminium extends rally on growing supply fears
Commodities

Aluminium extends rally on growing supply fears

  • Prices have rocketed 25% this year as commodities and equities markets surged and investors anticipate that a crackdown on polluting smelters in China will constrain supply.
  • Adding impetus was China saying it would "indefinitely" suspend all activity under a China-Australia Strategic Economic Dialogue, deepening a crisis in relations.
Published 06 May, 2021 08:56pm
UniCredit's new boss opens door to M&A after strong quarter
Money & Banking

UniCredit's new boss opens door to M&A after strong quarter

  • Strong trading gains, fees drive Q1 profit beat.
  • New CEO says to consider M&A to accelerate strategy.
  • Moving on from phase of 'cautious retrenchment'.
  • Reviving lending business, boost to revenues a priority.
  • To hold investor day in H2.
  • Trims FY revenue forecast, improves loan-loss outlook.
Published 06 May, 2021 08:43pm
Nasdaq, S&P 500 slip as COVID-19 vaccine makers fall
Stocks

Nasdaq, S&P 500 slip as COVID-19 vaccine makers fall

  • Weekly jobless claims fall more than expected.
  • Pharma slides as Biden backs COVID-19 vaccine IP waiver.
  • ViacomCBS rises on beating quarterly revenue estimates.
  • Indexes: S&P off 0.09%, Nasdaq down 0.46%, Dow up 0.19%.
Published 06 May, 2021 08:33pm
Nigeria's BUA Cement eyes bond sale for expansion
Companies

Nigeria's BUA Cement eyes bond sale for expansion

  • Yusuf Binji said BUA issued a first tranche of 115 billion naira worth of bonds in 2020. He did not give a time for the future sale and said the amount of the issue would depend on its funding needs.
  • The bond plan comes after MTN Nigeria, local unit of South Africa's telecoms group MTN on Thursday said it has issued a 110 billion naira bond.
Published 06 May, 2021 08:18pm
US yields slide ahead of non-farm payrolls report
Financial

US yields slide ahead of non-farm payrolls report

  • "The growth story is leading to inflation, while the Federal Reserve is jawboning, trying to keep expectations down, which I think is the right thing to do."
  • In mid-morning trading, the US 10-year Treasury yield fell to 1.559% on Thursday, from 1.584% late on Wednesday.
Published 06 May, 2021 08:08pm
US natgas futures steady ahead of storage report
Energy

US natgas futures steady ahead of storage report

  • That lack of price movement came despite forecasts for cooler weather and higher heating demand over the next two weeks than previously expected.
  • Front-month gas futures remained unchanged at $2.941 per million British thermal units.
Published 06 May, 2021 07:01pm
Nikola may seal order for 100 EVs from port trucking firm
Companies

Nikola may seal order for 100 EVs from port trucking firm

  • Shares of the Phoenix, Arizona-based company surged 7.5% in premarket trading after the announcement.
  • Total Transportation is a large player at the ports of Los Angeles and Long Beach in southern California, which see up to 14,000 trucks on location in a month.
Published 06 May, 2021 06:48pm
Bombardier says US joins investigation into Indonesian jet deals
Companies

Bombardier says US joins investigation into Indonesian jet deals

  • Bombardier said the US Department of Justice had requested documents and information in February relating to the acquisition and lease of its CRJ1000 aircraft to the Indonesian airline between 2011 and 2012.
  • Britain's Serious Fraud Office (SFO) said in November it was investigating Bombardier over suspected bribery in the same deals.
Published 06 May, 2021 06:44pm
Turkey's C/A deficit seen $3.8bn in March
Money & Banking

Turkey's C/A deficit seen $3.8bn in March

  • Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
  • The median estimate in a Reuters poll of 10 economists showed a deficit of $3.8 billion in March, with estimates ranging between deficits of $3.5 billion and $4.3 billion.
Published 06 May, 2021 06:38pm
IBM unveils 2-nanometer chip technology for faster computing
Companies

IBM unveils 2-nanometer chip technology for faster computing

  • The pace of those improvements has slowed, but International Business Machines Corp on Thursday said that silicon has at least one more generational advance in store.
  • The technology IBM showed Thursday is the most basic building block of a chip: a transistor, which acts like an electrical on-off switch to form the 1s and 0s of binary digits at that foundation of all modern computing.
Published 06 May, 2021 06:35pm
German bond yields edge lower, selling pressure on Italy
Financial

German bond yields edge lower, selling pressure on Italy

  • The Bank of England said on Thursday it would slow the pace of its bond-buying as it sharply increased its forecast for Britain's economic growth, without triggering much price action on the bloc's borrowing costs.
  • Strong domestic demand for consumer goods propelled a bigger than expected jump in German industrial orders in March , while eurozone retail sales rose by more than expected in March.
Published 06 May, 2021 06:28pm
Moderna lifts COVID-19 vaccine sales forecast to $19.2 billion
Companies

Moderna lifts COVID-19 vaccine sales forecast to $19.2 billion

  • Moderna said an initial analysis of a study in adolescents aged 12-17 years showed an efficacy rate of 96% for its vaccine.
  • The company has also been working on a new version that could extend the time the vaccine can be stored in refrigerator temperatures, making it easier to distribute, especially in lower-income countries.
Published 06 May, 2021 05:56pm
Commerzbank job cut deal expected to be signed on Friday
Money & Banking

Commerzbank job cut deal expected to be signed on Friday

  • The agreement includes early retirement and reduced hours for older employees, with a focus on those born in 1968 and earlier, the people said. It also includes details on severance packages and retraining programs for employees.
  • The agreement is central to Chief Executive Manfred Knof's plans to streamline the nation's second-biggest listed lender and return it to profitability.
Published 06 May, 2021 05:48pm
Oculii, radar software maker for autonomous vehicles, raises $55 million
Companies

Oculii, radar software maker for autonomous vehicles, raises $55 million

  • The artificial intelligence software Oculii has developed can boost the radar resolution by 100 times, Hong said. The picture created by the software and shown to Reuters looked similar to images and maps created using lidars, a laser sensor used in self-driving cars.
  • Our particular approach is building on existing market-proven hardware that's been deployed very low-cost.
Published 06 May, 2021 05:43pm
ECB to inspect loans to shadow banks after Greensill, Archegos fiascos
Money & Banking

ECB to inspect loans to shadow banks after Greensill, Archegos fiascos

  • The area has come under sharper scrutiny following the demise this year of supply-chain lender Greensill and Archegos, a family office run by former Tiger Asia manager Bill Hwang.
  • "What concerns me the most is that sometimes banks themselves don't have visibility on the portfolio of these entities," he said in an interview.
Published 06 May, 2021 05:41pm
Renault hoping to make more money from its Arkana model
Companies

Renault hoping to make more money from its Arkana model

  • Renault said it was aiming to raise the average turnover per unit of its Arkana model to 30,000 euros ($36,153), from 15,000 euros at present.
  • Renault is looking to produce fewer cars and focus on those with higher margins, and this strategy is starting to bear some fruit despite weak overall results.
Published 06 May, 2021 05:33pm
Indian shares end at one-week high as IT, metal stocks climb
Stocks

Indian shares end at one-week high as IT, metal stocks climb

  • The NSE Nifty 50 index closed 0.73% higher at 14,724.8 and the S&P BSE Sensex rose 0.56% to 48,949.76, their highest close since April 29, after struggling to make headway earlier in the session.
  • India reported more than 400,000 coronavirus infections over the last 24 hours, taking the total tally past 21 million, while deaths rose by a record 3,980, health ministry data showed.
Published 06 May, 2021 05:28pm
HAVAL by Sazgar tests H6 SUV in Pakistan

HAVAL by Sazgar tests H6 SUV in Pakistan

  • The variant coming to Pakistan will have a 1.5-liter turbocharged 4-cylinder engine that makes 169 hp and 285 Nm of torque, sent to the front wheels via a 7-speed DCT automotive gearbox.
  • Its hybrid variant in the international market is accompanied by a single electric motor and a 45 kWh lithium-ion battery pack.
Updated 06 May, 2021 06:05pm
Nigeria extends naira incentive offer to boost Diaspora inflow
Forex

Nigeria extends naira incentive offer to boost Diaspora inflow

  • Rising dollar demand has been putting pressure on the naira. Nigeria is hoping it can attract remittances from its Diaspora as providers of foreign exchange, such as offshore investors, have exited after COVID-19 triggered a fall in oil prices.
  • The bank said the scheme, which was meant to end on May 8, would continue until further notice.
Published 06 May, 2021 05:26pm
Zambia denies report it shuttered Konkola Copper Mines
Companies

Zambia denies report it shuttered Konkola Copper Mines

  • "There is no point at which production has been halted or even stopped; there has been continuous production throughout."
  • Zambia handed control of KCM to a provisional liquidator in May 2019, triggering an ongoing legal dispute with Vedanta.
Published 06 May, 2021 05:12pm
Palm oil closes at 13-year high as concerns over supply support
Commodities

Palm oil closes at 13-year high as concerns over supply support

  • The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange finished up 166 ringgit, or 4.1%, to 4,210 ringgit ($1,021.84) a tonne.
  • "Demand is better, with palm being the cheapest vis-a-vis other competing oils. Thus, we anticipate prices to remain both defensive and firmer," he added.
Updated 06 May, 2021 05:08pm
Currencies mixed as focus turns to Czech central bank
Forex

Currencies mixed as focus turns to Czech central bank

  • Central European rate-setters are facing rising inflation, but look set to keep rates low for the time being to help their economies recover from the effects of the coronavirus.
  • "This picture, however, cracked somewhat with the GDP result for the first quarter released last week, which showed the economy did better than thought."
Updated 06 May, 2021 05:11pm
MMBL secures ‘Positive Outlook’ credit rating from PACRA

MMBL secures ‘Positive Outlook’ credit rating from PACRA

  • Commenting on the achievement, Chief Finance & Digital Officer Mobilink Bank, Sardar Mohammad Abubakr said: “We are committed to focusing on untapped market & customer opportunities that map well with our strategic ambitions for SME and Digital Businesses.
Published 06 May, 2021 02:24pm
Banks disburse Rs 12bn under Prime Minister's Housing Program

Banks disburse Rs 12bn under Prime Minister's Housing Program

  • Minister for Information and Broadcasting Chaudhary Fawad Hussain has said that under the Prime Minister's Housing Program, banks have received applications for loans worth Rs 52 billion.
  • The Information Minister said the journey that was started towards making Naya Pakistan is now picking up momentum.
Updated 06 May, 2021 02:56pm
US oil target of $67.98 aborted
Energy

US oil target of $67.98 aborted

  • Unless oil could quickly reverse the fall on Wednesday and break $66.52, it will be more likely to drop towards $62.62-$63.88 range.
Published 06 May, 2021 12:00pm
Palm oil targets 4,130-4,169 ringgit range
Commodities

Palm oil targets 4,130-4,169 ringgit range

  • On the daily chart, the contract managed to close above a resistance at 4,026 ringgit for three days. It has escaped from a consolidation range of 3,856-4,026 ringgit, which suggests a target of 4,400 ringgit.
Published 06 May, 2021 11:59am
Brent oil may fall more to $67.14
Energy

Brent oil may fall more to $67.14

  • In either case, oil is expected to retrace further over the next few days. Only a rise above $69.87 could confirm the continuation of the uptrend towards $71.38.
Published 06 May, 2021 11:58am
GM affirms 2021 outlook
Companies

GM affirms 2021 outlook

NEW YORK: General Motors reported higher first-quarter profits and reaffirmed its full-year outlook Wednesday,...
Updated 06 May, 2021 10:15am
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