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Business & Finance - Companies - 2021-01-13

Companies

Indian automaker Mahindra cuts over half of North America workforce

The sources did not give a figure for the number of jobs lost at the business, which had over 500 employees in early 2020.
The cuts come as Mahindra reviews its businesses in a drive to conserve capital and retain only those that make money or have the potential to be profitable.

Updated 13 Jan, 2021 11:17pm

Companies

Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy

Branco said in the Wednesday edition of daily Valor Econômico that the claims amount to a personal "professional offense" against him and the government's economic policymakers.
As graduated economists ... we learned over 40 years ago that price controls are part of a museum of ineffective weapons to fight inflation.

Published 13 Jan, 2021 09:18pm

Companies

Volkswagen cuts production further over semiconductor shortage

Staff producing the Tiguan, Touran, and Seat's Tarraco models at its Wolfsburg site will work reduced hours.
Automakers and electronics makers are facing a global shortage of chips as consumer demand has bounced back.

Published 13 Jan, 2021 08:38pm

Companies

Unilever says global consumption will remain depressed in first half of year

We still hold that the first half of this year will be a continued period of suppressed consumption.
There may be some cleanup of small brands in beauty and personal care, but they will have minimal impact, he added.

Published 13 Jan, 2021 08:13pm

Companies

Dropbox to layoff 11pc of workforce, COO to step down

Shares fell nearly 6% to $22.26 after Dropbox said Chief Operating Officer Olivia Nottebohm, who joined last year from Alphabet Inc's Google, will step down on Feb. 5.
Our Virtual First policy means we require fewer resources to support our in-office environment.

Published 13 Jan, 2021 08:06pm

Companies

Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup

The deal marks a big push by Qualcomm to reestablish a leading position in chip performance after several years of high-profile patent licensing litigation with rival Apple and regulatory authorities.
It's exciting to see Nuvia join the Qualcomm team," Panos Panay, Microsoft's chief product officer.

Published 13 Jan, 2021 07:53pm

Companies

Amazon takes on Netflix in India with cheaper mobile-only Prime Video plan

The Amazon Prime Video plan, meant for single users and available in standard definition quality, will cost 89 rupees ($1.22) per month initially.
Amazon said it was partnering with India's telecom major Bharti Airtel to roll out the plan to millions of its prepaid subscribers.

Published 13 Jan, 2021 07:22pm

Companies

J.P. Morgan upgrades Exxon to overweight for first time in seven years

Morgan Stanley on Monday upgraded Exxon's rating to overweight from equal-weight, saying it preferred the company to Chevron Corp for 2021.
We think that improved transparency, cost-reduction actions and increased investor pressure could all serve to push XOM to put up more consistent results

Published 13 Jan, 2021 06:47pm

Companies

Baxter Germany to start production of BioNTech/Pfizer vaccine by early March

We are still in the process of converting the production facility for the demands of BioNTech's deep-frozen product.

Published 13 Jan, 2021 06:45pm

Companies

Fiat Chrysler to pay 2.9bn euro special dividend to shareholders on Jan 29

The special dividend, worth 1.84 euros per share, will be paid on Jan. 29, Fiat Chrysler (FCA) said in a statement.
FCA's largest shareholder is Exor, the holding company of Italy's Agnelli family, with a stake of just under 29%.

Published 13 Jan, 2021 06:32pm

Companies

AstraZeneca says to release 2mn vaccine doses a week to UK by mid-Feb

We've released just over 1.1 million doses, to date, and we are scaling up as we've said very rapidly. And this will happen imminently.
We're scaling up to 2 million a week imminently, and certainly we hope to be there on or before the middle of February.

Published 13 Jan, 2021 06:22pm

Companies

Indebted Zambia pays $400mn in VAT refunds to mining firms

Zambia, Africa's second-largest copper producer, is negotiating with creditors to try to get debt relief, after it defaulted on a $42.5 million coupon in November.
The VAT refunds to the mining sector represent 67% of the total such refunds made, Zambia Revenue Authority (ZRA) Commissioner-General Kingsley Chanda said at a media briefing.

Published 13 Jan, 2021 06:14pm

Companies

Petrobras Distribuidora eyes stake sale in Pecém and Energética Camaçari

CCETC Brasil Holding for the potential sale of a stake in Pecém Energia SA and Energética Camaçari Muricy II.
The price and other conditions for a potential transaction are still under discussion, the filing said.

Published 13 Jan, 2021 06:04pm

Companies

India's Infosys raises revenue forecast as demand rises

Larger rival Tata Consultancy Services reported higher third-quarter profit last week and forecast strong growth for the year ahead.
It expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms, higher than 2% to 3% forecast earlier.

Published 13 Jan, 2021 05:48pm

Companies

Carrefour shares leap on Couche-Tard merger talks

Couche-Tard in exploratory talks with France's Carrefour.
Analysts question benefits of potential deal.
Carrefour shares up more than 13%.

Published 13 Jan, 2021 05:46pm

Companies

Siemens Gamesa, Siemens Energy tap hydrogen boom in wind alliance

Siemens Gamesa, Siemens Energy to invest 120 mln euro.
Turbines could be market-ready by mid-2020s.
Germany to contribute funds as part of hydrogen plan.

Published 13 Jan, 2021 05:43pm

Companies

China's Sinovac defends COVID-19 vaccine after disappointing Brazil data

CoronaVac 50.4% effective in trial including very mild cases.
Had reported 78% efficacy in mild-to-severe cases.
Chairman says results are good around the world.
Malaysia and Singapore seeking more data.

Published 13 Jan, 2021 05:41pm

Companies

J&J may not meet US COVID-19 vaccine supply target by spring

US federal officials have been told that J&J has fallen behind its original production schedule and will not catch up until the end of April.
Earlier this week, J&J's chief executive officer said the company was on track to have close to a billion COVID-19 vaccine doses by 2021-end.

Published 13 Jan, 2021 04:43pm

Companies

Geely and Foxconn team up to build cars for other automakers

Foxconn, whose official name is Hon Hai Precision Industry Co Ltd and is best known as a major supplier to Apple Inc , said in October it aimed to provide components or services to 10% of the world's EVs by 2025-2027.

Published 13 Jan, 2021 02:02pm

Companies

Egypt follows Gulf allies in reopening airspace to Qatar

Egypt and its Gulf allies imposed the embargo on Qatar over allegations it supports terrorism, allegations Doha denies.

Published 13 Jan, 2021 12:21pm

Companies

Singapore Airlines launches US dollar debt debut

The airline said on Monday its December passenger capacity was down 81.3% compared to the same time last year.

Published 13 Jan, 2021 11:24am

Companies

Wells Fargo PAC to pause political contributions for 'foreseeable future'

"We will take into consideration the actions of elected officials who objected to the Electoral College vote.

Published 13 Jan, 2021 11:22am

Companies

Ford sold 602,627 vehicles in China in 2020, up 6% y/y

After a peak of 1.08 million vehicles in 2016, Ford's sales began faltering in late 2017.

Published 13 Jan, 2021 10:31am

Companies

Walmart, Disney suspend contributions to US lawmakers who opposed Biden certification

Before the assault on the seat of Congress, Trump urged supporters to march to the Capitol to protest the Nov. 3 election results, which he has falsely claimed were "rigged."

Published 13 Jan, 2021 10:26am

Companies

Saudi Aramco cuts Feb crude supply to some Asian refiners, sources say

Most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.

Published 13 Jan, 2021 09:23am

Gainers
Losers
Leaders

Stock	Price
B.R.R. Mod. (R) / Jan 22 B.R.R. Guardian Modaraba (R)(BRRR)	3.79 ▲ 1.06 (35.84%)
Colony Textile / Jan 22 Colony Textile Mills Limited(CTM)	6.46 ▲ 1.18 (14.74%)
First AL-Noor Mod. / Jan 22 First Al-Noor Modaraba(FANM)	3.59 ▲ 0.34 (10.46%)
Hala Enterpries / Jan 22 Hala Enterprises Limited(HAEL)	10.60 ▲ 1.11 (10.42%)
Saritow Sp. / Jan 22 Saritow Spinning Mills Limited(SSML)	11.00 ▲ 1.20 (10.00%)
Summit Bank / Jan 22 Summit Bank Limited(SMBL)	1.89 ▲ 0.17 (9.25%)
Cyan Ltd / Jan 22 Cyan Limited(CYAN)	50.48 ▲ 3.52 (7.50%)
Fazal Cloth / Jan 22 Fazal Cloth Mills Limited(FZCM)	198.76 ▲ 13.86 (7.50%)
Kohat Tex. / Jan 22 Kohat Textile Mills Limited(KOHTM)	17.20 ▲ 1.80 (7.50%)
Bawany Air / Jan 22 Bawany Air Products Limited(BAPL)	20.96 ▲ 1.46 (7.49%)

Stock	Price
Premier Ins. / Jan 22 Premier Insurance Limited(PINL)	5.00 ▼ 0.74 (-8.93%)
Al-Mali / Jan 22 Modaraba Al-Mali(MODAM)	4.80 ▼ 0.37 (-8.22%)
Habib Metro Mod / Jan 22 Habib Metro Modaraba(HMM)	7.50 ▼ 0.65 (-7.98%)
PICIC Insurance / Jan 22 PICIC Insurance Limited(PIL)	1.35 ▼ 0.11 (-7.53%)
AL-Noor Sugar / Jan 22 Al-Noor Sugar Mills Limited(ALNRS)	55.50 ▼ 4.50 (-7.50%)
Altern Energy / Jan 22 Altern Energy Limited(ALTN)	27.71 ▼ 2.24 (-7.48%)
Aisha Steel(ConPS) / Jan 22 Aisha Steel(ConPS)(ASLPS)	27.80 ▼ 2.20 (-7.33%)
SILKBANK / Jan 22 Silkbank Limited(SILK)	1.20 ▼ 0.12 (-6.98%)
Ahmad Hassan / Jan 22 Ahmad Hassan Textile Mills Limited(AHTM)	45.54 ▼ 3.40 (-6.95%)
Shaheen Ins. / Jan 22 Shaheen Insurance Company Limited(SHNI)	4.84 ▼ 0.34 (-6.92%)

Stock	Volume
K-Electric Ltd / Jan 22 K-Electric Limited(KEL)	143,822,500 ▼ 0.34
Hum Network / Jan 22 Hum Network Limited(HUMNL)	43,378,000 ▼ 0.73
SILKBANK / Jan 22 Silkbank Limited(SILK)	42,706,000 ▼ 0.12
Unity Foods / Jan 22 Unity Foods Limited(UNITY)	41,064,248 ▼ 1.85
Pak Int.Bulk Ter / Jan 22 Pakistan International Bulk Terminal Limited(PIBTL)	31,430,000 ▼ 0.64
Power Cement / Jan 22 Power Cement Limited(POWER)	28,183,000 ▼ 0.53
Fauji Foods / Jan 22 Fauji Foods Limited(FFL)	23,037,500 ▼ 0.70
TRG Pak. / Jan 22 TRG Pakistan Limited(TRG)	21,702,000 ▼ 2.31
Lotte Chemical / Jan 22 Lotte Chemical Pakistan Limited(LOTCHEM)	21,122,000 ▼ 0.97
Jahangir Sid. Co. / Jan 22 Jahangir Siddiqui & Co. Ltd.(JSCL)	20,470,500 ▼ 2.08

Markets →

Forex
World
Econ

Currency	Rate
USD PKR Interbank Selling / Jan 21	160.55
USD PKR Interbank Buying / Jan 21	160.45
USD to Japanese Yen / Jan 21	103.54
USD to Swiss Franc / Jan 21	0.89
Pound Sterling to USD / Jan 21	1.37
Euro to USD / Jan 21	1.21

Stock	Volume
S&P 500 / Jan 21	3851.85
India Sensex / Jan 21	49792.12
Tokyo Nikkei / Jan 21	28523.26
Nasdaq / Jan 21	13457.25
Hang Seng / Jan 21	29962.47
FTSE 100 / Jan 21	6740.39
Dow Jones / Jan 21	31188.38
Germany DAX 30 / Jan 21	13921.37
France CAC40 / Jan 21	5628.44

Indicator	Value
UK LIBOR % / Jan 21	0.09

Indian automaker Mahindra cuts over half of North America workforce

Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy

Volkswagen cuts production further over semiconductor shortage

Unilever says global consumption will remain depressed in first half of year

Dropbox to layoff 11pc of workforce, COO to step down

Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup

Amazon takes on Netflix in India with cheaper mobile-only Prime Video plan

J.P. Morgan upgrades Exxon to overweight for first time in seven years

Baxter Germany to start production of BioNTech/Pfizer vaccine by early March

Fiat Chrysler to pay 2.9bn euro special dividend to shareholders on Jan 29

AstraZeneca says to release 2mn vaccine doses a week to UK by mid-Feb

Indebted Zambia pays $400mn in VAT refunds to mining firms

Petrobras Distribuidora eyes stake sale in Pecém and Energética Camaçari

India's Infosys raises revenue forecast as demand rises

Carrefour shares leap on Couche-Tard merger talks

Siemens Gamesa, Siemens Energy tap hydrogen boom in wind alliance

China's Sinovac defends COVID-19 vaccine after disappointing Brazil data

J&J may not meet US COVID-19 vaccine supply target by spring

Geely and Foxconn team up to build cars for other automakers

Egypt follows Gulf allies in reopening airspace to Qatar

Singapore Airlines launches US dollar debt debut

Wells Fargo PAC to pause political contributions for 'foreseeable future'

Ford sold 602,627 vehicles in China in 2020, up 6% y/y

Walmart, Disney suspend contributions to US lawmakers who opposed Biden certification

Saudi Aramco cuts Feb crude supply to some Asian refiners, sources say

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