News Archives for Business & Finance - 2021-09-22

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Business & Finance - 2021-09-22

Commodities

Copper jumps 4pc as markets cheer Evergrande deal

LONDON: Copper prices shot up by nearly 4pc on Wednesday on relief that China's debt-burdened Evergrande would pay...

Updated 22 Sep, 2021 10:58pm

Forex

SBP mandates banks to share five-day schedule of import payments

Also directs banks to seek permission for imports that are valued at $500,000 per transaction, cutting in half the original payment ceiling of $1 million
Move comes as part of measures to better forecast imports

Published 22 Sep, 2021 09:50pm

Real Estate

Zameen.com organises property sales event in Lahore

Lahore: Pakistan’s leading real estate enterprise Zameen.com recently organised a 2-day-long Property Sales Event...

Published 22 Sep, 2021 09:12pm

Stocks

FTSE 100 gains as banks, commodity-linked stocks jump; Entain at record high

FTSE 100 up 1.5%, FTSE 250 adds 0.7%

Updated 22 Sep, 2021 09:20pm

South Asia

India, UAE plan to lift bilateral trade to $100 billion in 5 years

NEW DELHI: India and United Arab Emirates plan to conclude a Comprehensive Economic Partnership Agreement (CEPA) by...

Updated 22 Sep, 2021 08:38pm

Forex

Dollar edges lower ahead of Fed, Evergrande exhale lifts risk-sensitive currencies

NEW YORK: The US dollar slipped ahead of a policy announcement by the Federal Reserve on Wednesday, while...

Updated 22 Sep, 2021 08:18pm

Stocks

Wall Street rebounds from recent losses; Fed in focus

FedEx falls on profit drop, forecast cut
Energy stocks lead early gains
Indexes up: Dow 0.61%, S&P 0.45%, Nasdaq 0.22%

Updated 22 Sep, 2021 07:27pm

ADB says Pakistan's economy to grow at 4% in FY22

Forecast is lower than what the government is targeting

Updated 22 Sep, 2021 10:29pm

Commodities

Pakistan tenders to buy 640,000 tonnes wheat

HAMBURG: A government agency in Pakistan has issued an international tender to purchase and import 640,000 tonnes of...

Updated 22 Sep, 2021 06:56pm

Energy

Oil prices rise on expected US stocks draw

Market eyes EIA inventory data due later on Wednesday
OPEC+ struggles to pump more oil
Gas price rally adds to the upside pressure

Published 22 Sep, 2021 05:23pm

Stocks

Indian shares end flat as private banks drag; media stocks surge

BENGALURU: Indian shares ended flat on Wednesday as major private bank stocks slipped and offset sharp gains in Coal...

Updated 22 Sep, 2021 05:38pm

Commodities

Gold treads water in run-up to US Fed decision

Gold prices steadied on Wednesday as investors braced for the outcome of a US Federal Reserve meeting and chief...

Published 22 Sep, 2021 05:13pm

Commodities

Corn rebounds from 1-week low; soy, wheat also firm

CBOT corn ends 4-day fall as harvest, export prospects assessed
Expectation of tight stockpiles counters harvest supply pressure

Published 22 Sep, 2021 05:11pm

Commodities

Palm rallies 3% on estimates of falling output, soyoil rebound

Palm rise for second consecutive day
Malaysia's Sept. 1-20 production seen weaker

Published 22 Sep, 2021 05:11pm

Forex

Russian rouble, stocks recover on oil price rebound

MOSCOW: The Russian rouble firmed on Wednesday as the finance ministry held a treasury bond auction, helped by oil...

Published 22 Sep, 2021 04:49pm

Stocks

Stocks, dollar mostly higher before Fed

LONDON: Stock markets mostly rose Wednesday, recovering further from recent sharp losses on easing concerns over...

Published 22 Sep, 2021 04:31pm

Pakistan's fintech TAG gets $12mn funding at $100mn valuation

Pakistan’s fintech TAG Innovation Pvt. received $12 million from international investors, as it eyes to enhance ...

Published 22 Sep, 2021 03:42pm

KSE-100 recovers after intra-day fall of over 1,200 points

Benchmark index reacts to triggers emanating from regional markets as well as interest-rate hike in Pakistan

Updated 22 Sep, 2021 06:18pm

Stocks

FTSE 100 gains as commodity-linked stocks jump; Entain at record high

The FTSE 100 jumped 0.7% after recording its best session in two months on Tuesday. Industrial metal miners led the gains as copper prices surged after default fears around property giant China Evergrande eased

Published 22 Sep, 2021 01:28pm

Stocks

Tokyo shares close lower ahead of Fed decision

The benchmark Nikkei 225 index lost 0.67 percent or 200.31 points to end at 29,639.40, while the broader Topix index fell 1.02 percent or 21.00 points to 2,043.55

Published 22 Sep, 2021 01:25pm

Salesforce rival Freshworks raises $1.03bn in US IPO, valued at $10.13bn

Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday

Published 22 Sep, 2021 12:43pm

Companies

German auto giants place their bets on hydrogen cars

That's the view of some major automakers, including BMW and Audi, which are developing hydrogen fuel-cell passenger vehicle prototypes alongside their fleets of battery cars as part of preparations to abandon fossil fuels

Published 22 Sep, 2021 12:21pm

Forex

Dollar near one-month high as Evergrande risks, Fed loom

The dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455

Published 22 Sep, 2021 11:56am

Stocks

Australia shares set to open lower, NZ flat

The local share price index futures fell 0.2%, a 48.8-point discount to the underlying S&P/ASX 200 index close

Published 22 Sep, 2021 11:52am

Samsung Electronics setting up TV line-up plant in Karachi

In another major development for Pakistan's manufacturing sector, South Korean electronics giant Samsung is in the...

Published 22 Sep, 2021 11:51am

Stocks

Australia shares fall as subdued copper prices weigh on metal stocks

The S&P/ASX 200 index fell 0.23% to 7,256.8 by 0023 GMT, after ending 0.4% higher in the previous session

Published 22 Sep, 2021 11:51am

Commodities

CBOT wheat may fall into $6.73-$6.81 range

The current fall is presumed to be riding on a wave c, the third wave of a three-wave cycle from $7.33-1/4

Published 22 Sep, 2021 11:50am

Commodities

CBOT corn may test support at $5.11-1/4

Bounces against the fall from $5.37-1/2 have been too weak to reverse the downtrend

Published 22 Sep, 2021 11:49am

Commodities

CBOT soybeans may retest resistance at $12.77-1/2

Based on the sideways move over the past two weeks, the bounce may extend further

Published 22 Sep, 2021 11:48am

Energy

Brent oil may test resistance at $75.36

Immediate support is at $74.12, a break below could cause a fall into the range of $72.89 to $73.51

Published 22 Sep, 2021 11:45am

Commodities

Palm oil may bounce into 4,227-4,275 ringgit range before falling

A wedge has been more or less confirmed as a top pattern, suggesting a target of 3,913 ringgit

Published 22 Sep, 2021 11:43am

Commodities

NY cocoa may revisit Tuesday high of $2,641

A break below $2,595 could open the way towards $2,567-$2,583 range

Published 22 Sep, 2021 11:42am

Forex

Aussie perks up as Evergrande relief lifts investor sentiment

Some of the excitement fizzled, however, after traders realised it was still not known whether the developer would be able to pay the coupon on its offshore dollar bonds due on Thursday

Published 22 Sep, 2021 11:39am

Stocks

Japanese shares fall ahead of Fed outcome

The Nikkei share average was down 0.63% to 29,650.78 by 0209 GMT, while the broader Topix fell 0.67% to 2,050.67

Published 22 Sep, 2021 11:36am

Commodities

Corn rebounds from 1-week low, but harvest progress weighs

Wheat gained ground after three days of decline while soybeans were largely unchanged

Published 22 Sep, 2021 11:33am

Taiwan Aug export orders seen rising for 18th consecutive month

The median forecast from a poll of 18 economists expects export orders to jump 20.7% from the year-ago period. Forecasts for growth ranged from 18% to 24.5%

Published 22 Sep, 2021 11:32am

Forex

Australia, NZ dollars try to find a floor as Fed risk looms

The Aussie was a shade firmer at $0.7241, having found support at $0.7220, though it needs to get above $0.7283 resistance to be out of immediate danger

Published 22 Sep, 2021 11:31am

Financial

BOJ rolls out climate scheme, to disburse first loans late December

The central bank will begin accepting applications on Wednesday from financial institutions seeking to tap the new scheme

Published 22 Sep, 2021 11:28am

Bullion Rate

Gold inches higher ahead of Fed policy decision

Spot gold rose 0.2% to $1,777.68 per ounce by 0356 GMT, while US gold futures were flat at $1,778.00

Published 22 Sep, 2021 11:26am

Australia says trade pact would benefit EU in Indo-Pacific amid submarine deal fallout

The cancellation has angered France, which accused both Australia and the United States of stabbing it in the back, and it recalled its ambassadors from both Canberra and Washington

Published 22 Sep, 2021 11:14am

Forex

China's yuan near 1-month low, losses stemmed by Evergrande relief

In the spot market, onshore yuan opened at 6.4725 per dollar and fell to a low of 6.4737, the weakest level since Aug. 27

Published 22 Sep, 2021 11:12am

Stocks

China stocks fall, Evergrande's assurance lifts property stocks

The CSI300 index fell 1.1% to 4,801.94 by the end of the morning session, while the Shanghai Composite Index lost 0.3% to 3,603.41

Published 22 Sep, 2021 11:10am

Commodities

Palm jumps nearly 3% on slowing output forecast, soyoil rebound

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 114 ringgit, or 2.72%, to 4,306 ringgit

Published 22 Sep, 2021 11:09am

Energy

Shell to launch Singapore's first fully-electric ferry service

SINGAPORE: Royal Dutch Shell has ordered at least three electric ferries in Singapore to replace the diesel boats it...

Published 22 Sep, 2021 11:08am

Commodities

LME aluminium may rise into $3,041-$3,228 range in Q4

The metal is riding on a powerful wave C from $1,455, which is the third wave of a three-wave cycle from the November 2015 low of $1,432.50

Published 22 Sep, 2021 11:06am

Companies

SoftBank backs Steven Mnuchin's $2.5 bln private equity fund

In a statement to the FT, SoftBank confirmed it had invested in Mnuchin's private equity firm, but it was unclear how much the Japanese company had contributed to the fund

Published 22 Sep, 2021 11:04am

Stocks

Tech, auto help Indian shares eke out gains; Zee soars

The blue-chip NSE Nifty 50 index was up 0.14% at 17,586.15 by 0455 GMT and the benchmark S&P BSE Sensex rose 0.18% to 59,109.28

Published 22 Sep, 2021 11:03am

Energy

ADNOC boosts size of drilling unit IPO to $1.1 billion

ADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share

Published 22 Sep, 2021 11:02am

Energy

Oil rises over 1% after report of big draw in US crude stocks

US West Texas Intermediate (WTI) crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, adding to a 35 cent gain from Tuesday

Published 22 Sep, 2021 10:59am

Companies

Saudi Telecom's tech business locks in $966 million from IPO

The proceeds are before deducting fees, expenses and related costs, STC said in an exchange filing

Published 22 Sep, 2021 10:49am

Companies

US sues to block American Airlines-JetBlue alliance

Attorneys general in six states and the District of Columbia joined the lawsuit over the Northeast Alliance

Published 22 Sep, 2021 10:43am

Biden non-committal on US-UK free trade deal

Biden said the deal was continuing to be discussed

Published 22 Sep, 2021 10:35am

Stocks

Tokyo shares open lower

The benchmark Nikkei 225 index dropped 0.31 percent or 93.92 points to 29,745.79 in early trade, while the broader Topix index fell 0.35 percent or 7.27 points to 2,057.28

Published 22 Sep, 2021 10:27am

Stocks

Mainland Chinese markets open 1.4% down

The Shanghai Composite fell 1.40 percent, or 50.76 points, to 3,563.21

Published 22 Sep, 2021 10:24am

Financial

ADB cuts Asia growth forecast on slow Covid vaccine rollout

A shortage of doses, which has hampered efforts to inoculate the vast region stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia

Published 22 Sep, 2021 10:19am

Financial

IMF execs meets over charges boss changed data to favor China

The board did not announce any immediate decision and said it would meet again soon

Published 22 Sep, 2021 10:17am

Financial

Fed may hint at ending stimulus, but no big moves expected

The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December

Published 22 Sep, 2021 10:14am

Real Estate

Evergrande agrees deal to avoid default on key bond: company

BEIJING: Embattled Chinese housing giant Evergrande said Wednesday it had agreed a deal with domestic bondholders...

Published 22 Sep, 2021 10:11am

Stocks

Asian investors soothed by Evergrande bond plan

Where it could announce a timetable to start tapering its vast monetary easing programme

Published 22 Sep, 2021 10:05am

Taxes

AOPs/companies asked to pay advance income tax by 25th

LAHORE: The Federal Board of Revenue (FBR) has sought all the Association of Persons (AOPs) or a company to pay ...