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Business & Finance - 2021-05-07
Surprisingly weak April jobs report pushes yields lower
Financial

Surprisingly weak April jobs report pushes yields lower

  • The benchmark 10-year yield, which dropped to 1.469%, the lowest since March 4, was last down 1.6 basis points at 1.5452%, holding below a 14-month high of 1.776% reached on March 30.
  • The 30-year yield tumbled to its lowest level since March 1 at 2.158%. It was last up less than a basis point at 2.2449%.
Published 07 May, 2021 08:35pm
US lawmakers should prioritize automotive chip needs – industry
Industry

US lawmakers should prioritize automotive chip needs – industry

  • The Bureau of Labor Statistics said the US motor vehicle and parts sector lost 27,000 jobs in April as automakers have cut production and laid off workers due to chip shortages.
  • Carmakers across the world have had to curb output, hampering their attempts to recover from the COVID-19 pandemic, due to a shortage of vital chips used in everything from computer management of engines to driver assistance systems.
Published 07 May, 2021 08:27pm
TSX gains on strength in material shares
Stocks

TSX gains on strength in material shares

  • Gold prices extended gains after breaching the key $1,800 level in the previous session, boosted by a weaker dollar and lower Treasury yields.
  • Toronto Stock Exchange's S&P/TSX composite index was up 74.85 points, or 0.39%, at 19,365.83.
Published 07 May, 2021 08:24pm
Is Hyundai Elantra better than Honda Civic?

Is Hyundai Elantra better than Honda Civic?

  • Aside from the obvious price difference, there are several reasons that make the Elantra a better option than the Honda Civic.
  • For one, Hyundai Elantra has the biggest engine size out of all the premium sedans available in Pakistan.
Updated 11 May, 2021 05:11pm
Change in Polish rates possible from mid-2022, says central bank governor
Money & Banking

Change in Polish rates possible from mid-2022, says central bank governor

  • "If there are reasons to change monetary policy, not a single month will be wasted and we will start it right away," Glapinski told a news conference. "In the light of today's knowledge we will probably start it in the middle of next year."
  • Inflation in Poland shot up to 4.3% in April, a flash estimate showed, coming in well above the central bank's target range of 2.5% plus or minus one percentage point.
Published 07 May, 2021 08:15pm
Air Canada reports a wider loss as COVID-19 restrictions limit travel
Companies

Air Canada reports a wider loss as COVID-19 restrictions limit travel

  • Once that happens, they said travel patterns should be similar to those in the United States, where a fast vaccine rollout and falling numbers of COVID-19 cases have driven a surge in travel demand.
  • Canada's largest carrier reported a loss of C$1.30 billion, compared with C$1.05 billion. Its shares rose 1.3% in early trading.
Published 07 May, 2021 08:08pm
Sterling shoots up after big US jobs miss, UK election in focus
Forex

Sterling shoots up after big US jobs miss, UK election in focus

  • The pound rose 0.5% in minutes, to a one-week high of $1.3972 versus the dollar after data from the Labor Department showed US employers hired fewer workers than expected in April.
  • Pound was 0.6% higher at $1.3976 versus the weakening dollar. It was up 0.1% against the euro at 86.90 pence.
Published 07 May, 2021 08:06pm
JPMorgan names two new CIOs for tech units
Money & Banking

JPMorgan names two new CIOs for tech units

  • Reid, who was most recently head of corporate technology's engineering and architecture team, becomes the bank's first Black CIO and the first Black member of its technology leadership team.
  • In her role, Goldman will continue to lead a team developing technology for risk, compliance, finance, liquidity, controls and data functions.
Updated 07 May, 2021 08:08pm
Chile's copper export revenue jumps in April as price soars
Money & Banking

Chile's copper export revenue jumps in April as price soars

  • Chile, the world's top copper producer, said it had exported $4.541 billion worth of copper in April alone, a boon for its ailing economy following months of coronavirus-induced economic stagnation.
  • Swelling revenues from copper exports led to a trade surplus of $2.040 billion in April, the central bank said.
Published 07 May, 2021 06:53pm
Brazil auto production falls 4.7pc in April from March
Companies

Brazil auto production falls 4.7pc in April from March

  • The result was also over 10,000% higher than a year ago, when auto production came almost to a complete halt due to the pandemic. Auto sales in April fell by 7.5% to 175,100 units compared to a month ago, said Anfavea, as the association is known.
Published 07 May, 2021 06:49pm
AIG says will use IPO to sell life and retirement unit
Companies

AIG says will use IPO to sell life and retirement unit

  • "An IPO allows AIG to retain maximum flexibility regarding the operations of the business as well as the separation process."
  • The life and retirement unit, which sells insurance and annuities, reported $941 million in adjusted pretax income in the first quarter, up 57% from a year ago, AIG said on Thursday. But premiums fell by 53% to $600 million.
Published 07 May, 2021 06:46pm
Novavax expects COVID-19 vaccine supply in Japan well into 2022
Companies

Novavax expects COVID-19 vaccine supply in Japan well into 2022

  • Takeda Pharmaceutical Co, Japan's biggest drugmaker, is helping bring the vaccine to the domestic market.
  • The Japanese drugmaker plans to make about 250 million doses of the Novavax vaccine in Japan every year and is receiving funding from Japan's Health, Labour and Welfare ministry to ramp up production.
Published 07 May, 2021 06:41pm
Asian Development Bank to end coal, oil and gas financing
Money & Banking

Asian Development Bank to end coal, oil and gas financing

  • "The draft coal ban policy is a decade late, but it still helps build the economic case for the energy transition to governments and investors, and will help avoid more stranded coal assets," said Pedro H. Maniego Jr., senior policy adviser at the Institute for Climate and Sustainable Cities.
  • Set up in the early 1960s and headquartered in Manila, the ADB has since channelled $42.5 billion into the energy sector across the region, it said on its website.
Published 07 May, 2021 06:39pm
Bank of England does not see COVID bankruptcy wave
Money & Banking

Bank of England does not see COVID bankruptcy wave

  • Many debts racked up recently by companies are spread over long durations "which increases the chances of them being able to be paid back and therefore bankruptcy is not picking up very much from current relatively subdued levels," Haldane said.
Published 07 May, 2021 05:36pm
Pipeline operator Enbridge reports higher profit on oil demand recovery
Companies

Pipeline operator Enbridge reports higher profit on oil demand recovery

  • Oil prices and fuel consumption have risen in recent months after the coronavirus-driven slump last year, as people get vaccinated and as restrictions are eased, particularly in the United States.
  • Enbridge's biggest business, liquids pipeline, earned a core profit of C$1.88 billion ($1.54 billion), on an adjusted basis, up from C$1.79 billion in the previous three-month period.
Published 07 May, 2021 05:33pm
Asia Gold-Demand plunges in pandemic-battered India
Commodities

Asia Gold-Demand plunges in pandemic-battered India

  • Indian jewellers have also stopped making purchases- dealer.
  • India discounts widen to $3/oz versus $2/oz last week.
  • China, Japan return from holidays, but demand muted.
  • Hong Kong premiums at $0.8-$1.8/oz, Singapore at $1.5-$2.0.
Published 07 May, 2021 05:29pm
Copper hits record high on industry and speculative buying
Commodities

Copper hits record high on industry and speculative buying

  • Benchmark copper on the London Metal Exchange (LME) broke above the previous record high of $10,190 set in 2011 and had gained 2.3% to $10,325.
  • The most-traded June copper contract on the Shanghai Futures Exchange climbed as much as 2.7% to 74,950 yuan ($11,603) a tonne, its highest since May 2006 and only 1.6% below its record peak of 76,160 yuan.
Published 07 May, 2021 05:24pm
Pakistan eyes KSA investment in power sector

Pakistan eyes KSA investment in power sector

  • During the visit, the Prime Minister’s consultations with the Saudi leadership will cover all areas of bilateral cooperation including economic, trade, investment, energy, job opportunities for Pakistani workforce, and welfare of Pakistani Diaspora in the Kingdom.
Published 07 May, 2021 12:05pm
Pakistan, UK launch initiative to promote SMEs in country

Pakistan, UK launch initiative to promote SMEs in country

  • The International Trade Centre (ITC) will implement the Revenue mobilization, Investment and Trade Programme (REMIT) programme.
  • These efforts are part of a larger UK-supported REMIT programme aimed at contributing to sustainable and inclusive economic development in the country.
Published 07 May, 2021 11:27am
National Saving Schemes; rates reduced

National Saving Schemes; rates reduced

  • The rate of return on Defense Savings Certificates, Behbood, Shuhada family and Pensioners Certificates and Savings Accounts and Short Term Certificates for one year will remain the same.
Published 07 May, 2021 10:48am
World food price index climbs

World food price index climbs

ROME: World food prices increased for a 11th consecutive month in April, hitting their highest level since May 2014,...
Updated 07 May, 2021 10:01am
Turkey holds key rate at 19pc

Turkey holds key rate at 19pc

ANKARA: Turkey’s central bank on Thursday held its main interest rate at 19 percent while hinting that it may be...
Updated 07 May, 2021 10:01am
Sterling sags
Money & Banking

Sterling sags

LONDON: Sterling gave up earlier gains on Thursday, as the Bank of England predicted a sharper rebound in the ...
Updated 07 May, 2021 10:01am