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Business Recorder Logo

Jul 16, 2020 PRINT EDITION
US ups battle against Huawei as China tensions soar

US ups battle against Huawei as China tensions soar

  • China shows no sign of backing down on Hong Kong, but the Trump administration has rejoiced in growing success at isolating Huawei, with Britain announcing a ban on the leading Chinese company.
Published 15 Jul, 2020 11:33pm
Rouble slips despite positive trend in emerging markets
Markets

Rouble slips despite positive trend in emerging markets

  • Markets were optimistic after Moderna Inc said on Tuesday that its experimental vaccine for COVID-19 was safe and provoked immune responses.
  • Oil prices rose on Wednesday after EIA data showed a bigger-than-expected draw in US crude inventories.
Published 15 Jul, 2020 08:59pm
Pompeo says US to impose visa curbs on Huawei over rights
World

Pompeo says US to impose visa curbs on Huawei over rights

  • Pompeo also said telecommunications companies around the world "should consider themselves on notice" that if they do business with Huawei, "they are doing business with human rights abusers."
  • "Certain Huawei employees provide material support to the CCP regime that commits human rights abuses."
Published 15 Jul, 2020 08:57pm
Vaccine alliance says 75 countries keen to join ‘COVAX’ access facility
Business

Vaccine alliance says 75 countries keen to join ‘COVAX’ access facility

  • The 75 countries, which would finance the vaccines from public budgets, will partner with up to 90 poorer countries supported through voluntary donations to GAVI's COVAX Advance Market Commitment (AMC).
  • "COVAX is the only truly global solution to the COVID-19 pandemic," Seth Berkley, GAVI's chief executive.
Published 15 Jul, 2020 08:53pm
Pompeo says US to have decisions soon on Chinese technology firms, apps
Technology

Pompeo says US to have decisions soon on Chinese technology firms, apps

  • When asked about his recent remarks on the United States looking at banning Chinese social media app Tiktok, Pompeo said: "Whether it is Tiktok or any of the other Chinese communications platforms,
  • this administration is taking seriously the requirement to protect the American people from having their information end up in the hands of the Chinese Communist Party.
Published 15 Jul, 2020 08:51pm
Reliance's $15bn stake sale deal with Aramco delayed
Business

Reliance's $15bn stake sale deal with Aramco delayed

  • Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal (with Saudi Aramco) has not progressed as per the original timeline.
  • Reliance shares fell more than 6% after Ambani's comment on the Aramco deal. The shares closed down 3.8% at 1,844 rupees each.
Published 15 Jul, 2020 08:40pm
Yield rise as COVID vaccine hopes boost risk appetite
Markets

Yield rise as COVID vaccine hopes boost risk appetite

  • The market is trading fairly 'risk on' on vaccine hopes," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. "It's largely COVID news driving the price action recently.
  • Benchmark 10-year notes rose three basis points to 0.648%. They have held in a tight range from 0.569% to 0.784% since mid-June.
Published 15 Jul, 2020 08:33pm
EU regulators seek feedback on Google's Fitbit data pledge
Business

EU regulators seek feedback on Google's Fitbit data pledge

  • Alphabet's Google made the pledge to the European Commission late on Monday to try address concerns that its $2.1 billion takeover of Fitbit might boost its clout in online advertising and search.
  • This data will not be transferred to a Google account nor be available to Google ads, while Fitbit will be the sole legal data controller.
Published 15 Jul, 2020 08:23pm
China buys US corn and soybeans for second day in a row
Markets

China buys US corn and soybeans for second day in a row

  • The deals follow a USDA announcement on Tuesday that China bought 1.762 million tonnes of corn, its biggest single-day US corn purchase, and 129,000 tonnes of soybeans.
  • Trump on Tuesday ordered an end to Hong Kong's special status under US law to punish China for what he called "oppressive actions" against the former British colony.
Published 15 Jul, 2020 08:21pm
Shares in America Movil rise more than 4pc after profits jump
Markets

Shares in America Movil rise more than 4pc after profits jump

  • America Movil reported that net profit rose to 20.1 billion pesos ($873.8 million) in the second quarter from 14.9 billion pesos in the same period last year.
  • Even though costs were lower in the quarter, the coronavirus pandemic took a toll on some aspects of its business.
Published 15 Jul, 2020 08:18pm
Latam stocks hit one-month high as vaccine hopes fuel risky bets
Markets

Latam stocks hit one-month high as vaccine hopes fuel risky bets

  • MSCI's index for Latin American stocks jumped as much as 3.3%, on track for its best day since early June, while its index for currencies gained 1.7%.
  • Hopes that a COVID-19 vaccine may be inching closer to reality have fueled a solid rebound in risk appetite today.
Published 15 Jul, 2020 08:16pm
TSX rises on jump in May factory sales
Markets

TSX rises on jump in May factory sales

  • The Canadian dollar strengthened against its US counterpart as investors grew more optimistic about a coronavirus vaccine and domestic data showed a rebound in factory sales.
  • The energy sector climbed 2.7% as US crude prices were up 0.6% a barrel, while Brent crude added 0.5%.
Published 15 Jul, 2020 08:10pm
Moderna shares jump on data from early coronavirus vaccine trial
Business

Moderna shares jump on data from early coronavirus vaccine trial

  • Wall Street analysts said data from 45 healthy trial volunteers suggested the vaccine could protect against infection by the virus.
  • We have already started to make material at risk in preparation for commercial (vaccine) doses. We are moving as quickly and as safely as possible.
Published 15 Jul, 2020 08:01pm
Delta Air to take up to $3bn charge on voluntary retirement plans
Business

Delta Air to take up to $3bn charge on voluntary retirement plans

  • Delta, like other large US airlines, has been encouraging workers to leave voluntarily before a government ban on forced job cuts expires on Sept. 30.
  • The company, which had more than 91,000 employees in 2019, said on Tuesday that about 17,000 of them opted for buyouts.
Published 15 Jul, 2020 06:39pm
India's Infosys beats profit estimates on large deal wins
Business

India's Infosys beats profit estimates on large deal wins

  • Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the $1.65 billion in the preceding quarter.
  • Bengaluru-based Infosys' larger rival, Tata Consultancy Services, missed quarterly profit estimates, while Wipro Ltd reported stronger-than-expected earnings.
Published 15 Jul, 2020 06:12pm
Tata Steel's sale of building systems unit stalls
Business

Tata Steel's sale of building systems unit stalls

  • Tata Steel late last year hired French investment bank Credit Agricole to help find a buyer for the business operating in Britain.
  • Like any company, we continue to review our portfolio of businesses to ensure they are sustainable over the longer term.
Published 15 Jul, 2020 06:10pm
PNC Financial profit more than doubles on BlackRock stake sale gain
Business

PNC Financial profit more than doubles on BlackRock stake sale gain

  • The lender sold its stake in BlackRock in May that put an end to longstanding questions about when it would sell the lucrative position.
  • Banks have been building up their reserves to cover defaults from consumers and companies as the COVID-19 pandemic ravaged the US economy.
Published 15 Jul, 2020 06:06pm
Total seeks buyers for stake in North Sea gas pipeline
Markets

Total seeks buyers for stake in North Sea gas pipeline

  • The sale could raise about $200 million, one of the sources said.
  • The SEAL pipeline, operated by Royal Dutch Shell, transports natural as from the Shearwater and Elgin Franklin platforms to the Bacton Gas Terminal on the Norfolk coast.
Published 15 Jul, 2020 05:53pm
Goldman profit blows past estimates on trading surge
Business

Goldman profit blows past estimates on trading surge

  • The bank's shares jumped nearly 4% in premarket trading as it posted a 93% surge in revenue in its global markets unit.
  • Investment banking revenue, which includes underwriting, jumped 36% to $2.66 billion. Overall revenue jumped 41% to $13.30 billion.
Published 15 Jul, 2020 05:48pm
SBP issues mandatory Targets for Housing and Construction Finance
Business

SBP issues mandatory Targets for Housing and Construction Finance

  • The central bank pointed out that in Pakistan, bank financing for mortgages and housing construction is less than one percent of GDP which is one of the lowest in the region.

  • SBP said that banks have remained reluctant over the years to extend mortgage financing for various reasons.

Published 15 Jul, 2020 05:27pm