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Archive - 2021-01-11
World Bank to invest $5bn in 11 African countries
USA

World Bank to invest $5bn in 11 African countries

  • World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from the outbreak and dealt with the impact of biodiversity loss and climate change through 2025.
Published 11 Jan, 2021 09:54pm
South African rand hits two-month low, Naspers lifts stocks
Forex

South African rand hits two-month low, Naspers lifts stocks

  • The rand was at 15.5800 versus the dollar, 1.86% weaker than its previous close, and trading at its weakest since Nov. 13.
  • A stronger US Dollar and a worsening COVID-19 situation in South Africa could see a break above resistance toward the November swing high at 15.7357.
Published 11 Jan, 2021 09:52pm
Euro zone bond yields jump as risk-off mood grips markets
Financial

Euro zone bond yields jump as risk-off mood grips markets

  • The market trend shifted abruptly in Europe as Wall Street opened and expectations of a multi-trillion-dollar stimulus plan lifted US 10-year notes yields to 1.134%.
  • Germany's 10-year Bond yield reversed earlier falls and rose to -0.491%, its highest in two months.
Published 11 Jan, 2021 09:48pm
Italy reports 448 coronavirus deaths on Monday, 12,532 new cases
Europe

Italy reports 448 coronavirus deaths on Monday, 12,532 new cases

  • The number of swab tests also fell, as often happens over the weekend, amounting to just 91,656 against a previous 139,758.
  • Patients in hospital with COVID-19 - not including those in intensive care - stood at 23,603 on Monday, up 176 from a day earlier.
Published 11 Jan, 2021 09:45pm
Bangladesh to begin COVID-19 vaccinations next month
South Asia

Bangladesh to begin COVID-19 vaccinations next month

  • The South Asian country of more than 160 million in November signed a deal with the Serum Institute of India to buy 30 million doses of the vaccine developed by British drugmaker AstraZeneca.
  • The vaccine will be first applied on the health workers and it will be monitored for the next seven days. After that, we'll begin the vaccination across the country in the first week of February.
Published 11 Jan, 2021 09:43pm
TSX falls as energy stocks, virus concerns weigh
Stocks

TSX falls as energy stocks, virus concerns weigh

  • The energy sector dropped 1.4% as US crude prices were down 1.2% a barrel, while Brent crude lost 1.6%.
  • Toronto Stock Exchange's S&P/TSX composite index was down 63.94 points, or 0.35%, at 17,978.13.
Published 11 Jan, 2021 09:26pm
Yields highest since March ahead of stimulus, supply
Financial

Yields highest since March ahead of stimulus, supply

  • Biden also called for raising the minimum wage to $15, a campaign promise, and for sending out $2,000 in direct cash payments.
  • Benchmark 10-year notes rose as high as 1.134%, the highest since March 20. The yield curve between two-year and 10-year notes steepened to 99.7 basis points.
Published 11 Jan, 2021 09:23pm
Mexico industrial output rises more than forecast in November
USA

Mexico industrial output rises more than forecast in November

  • The seasonally adjusted monthly increase reported by national statistics agency INEGI compared with the Reuters consensus forecast for an advance of 0.7%.
  • Growth was driven by the construction sector, which rose 2.2%, INEGI said.
Published 11 Jan, 2021 09:11pm
Dollar extends rebound as US yields climb
Forex

Dollar extends rebound as US yields climb

  • US President-elect Joe Biden, who takes office on Jan. 20 with Democrats able to control both houses of Congress.
  • US government bond yields have logged big moves in recent sessions, with the Treasury yield curve experiencing a significant increase in yields in longer-dated bonds.
Published 11 Jan, 2021 08:57pm
Oman to get its first crown prince in constitutional overhaul
Middle East

Oman to get its first crown prince in constitutional overhaul

  • A new basic law issued by Sultan Haitham bin Tariq al-Said also emphasises the role of the state in guaranteeing more rights and freedoms for citizens - including equality between men and women.
  • It also sets the rule of law and the independence of the judiciary as the basis for governance in the Gulf Arab state.
Published 11 Jan, 2021 08:50pm
Turkey invites Greece to resume talks over sea claims
Europe

Turkey invites Greece to resume talks over sea claims

  • Ankara and Athens are at odds over the extent of their continental shelves in the Mediterranean, offshore energy rights, air space and the status of some islands.
  • They held 60 rounds of talks between 2002-2016.
Published 11 Jan, 2021 08:34pm
Creditors consider action against Air Seychelles in Etihad debt saga
Companies

Creditors consider action against Air Seychelles in Etihad debt saga

  • The action under consideration is the latest twist in broader creditor efforts to recover $1.2 billion in funds owed by Abu Dhabi's Etihad Airways and related airlines including Air Seychelles.
  • Air Seychelles latest proposal, disclosed last month in a regulatory filing by the special purpose vehicle, EA Partners, sought a writedown of more than 70% of the outstanding debt.
Published 11 Jan, 2021 07:58pm
Staples offers $2.1bn cash to buy Office Depot parent
IT and Computers

Staples offers $2.1bn cash to buy Office Depot parent

  • The US Federal Trade Commission blocked Staple's $6.3 billion offer in 2016, saying a merger between the two could reduce competition for nationwide contracts for office supplies.
  • Staples said it is prepared to take "all necessary measures" to divest ODP's B2B Business to a FTC approved and qualified buyer.
Published 11 Jan, 2021 07:55pm
Trial of COVID-19 blood plasma finds no benefit in severely ill patients
Europe

Trial of COVID-19 blood plasma finds no benefit in severely ill patients

  • "There was no evidence of harm associated with the administration of convalescent plasma" (and) the trial is continuing to recruit hospitalised COVID-19 patients.
  • It is biologically plausible that patients who are not producing antibodies at the time of convalescent plasma therapy and those patients with excess virus may benefit more than others.
Published 11 Jan, 2021 07:52pm
Jewellery maker Pandora shuts one in four stores worldwide
Companies

Jewellery maker Pandora shuts one in four stores worldwide

  • Pandora, the world's biggest jewellery maker, said consumers had shifted spending away from travelling and services to jewellery in the fourth quarter.
  • The EBIT (earnings before interest and tax) margin is expected at around 20%, compared to the 17.5%-19% guidance range in late-December, it said.
Published 11 Jan, 2021 07:48pm
End-game for Libor is now clear, say UK financial regulators
Forex

End-game for Libor is now clear, say UK financial regulators

  • Firms should have everything they need to shift new financial contracts to SONIA, the BoE overnight interest rate.
  • Regulators want the use of Libor ended after banks were fined for trying to rig what was once dubbed the world's most important number.
Published 11 Jan, 2021 06:42pm
UK pledges $4bn to nature and biodiversity protection
Europe

UK pledges $4bn to nature and biodiversity protection

  • The money will come from an existing commitment of 11.6 billion pounds for international climate finance.
  • We will not achieve our goals on climate change, sustainable development or preventing pandemics if we fail to take care of the natural world that provides us with the food we eat.
Published 11 Jan, 2021 06:40pm
Five-day polio campaign started
Pakistan

Five-day polio campaign started

  • He said that polio teams would administer anti-polio drops to kids through door to door, bus stands, railway stations and entry, exit points of the city.
Published 11 Jan, 2021 06:36pm
Pak-Qatar Family Takaful signs MoU with University of Lahore Teaching Hospital
Pakistan

Pak-Qatar Family Takaful signs MoU with University of Lahore Teaching Hospital

  • With the enlistment of this hospital on PQFTL’s panel, maximum health card holders will be able to utilise quality health services.
  • “It is indeed a matter of pride for Pak-Qatar Takaful to sign MoU with University of Lahore. Such initiatives will definitely provide health convenience to customers,” stated Dr. Izhar.
Published 11 Jan, 2021 06:37pm
Sri Lankan shares end higher for tenth straight session
Stocks

Sri Lankan shares end higher for tenth straight session

  • The benchmark stock index closed up 1.18% at 7,203.63, its highest closing level since September 2015.
  • Browns Investments Plc and conglomerate Expolanka Holdings Plc were the top boosts to the index, ending up 13.9% and 13.7%, respectively.
Published 11 Jan, 2021 06:35pm
India signs purchase order with Serum for AstraZeneca vaccine
Companies

India signs purchase order with Serum for AstraZeneca vaccine

  • Local television channel CNBC-TV 18 said the order was for 11 million doses and the government would buy the shots at 200 rupees ($2.72) per dose.
  • The government has also signed a purchase agreement with Indian firm Bharat Biotech for its COVID-19 vaccine.
Published 11 Jan, 2021 06:32pm
Brazil to announce more efficacy data of Sinovac's vaccine
USA

Brazil to announce more efficacy data of Sinovac's vaccine

  • The vaccine, by China's Sinovac Biotech, was 78% effective in a late-stage Brazilian trial with no severe COVID-19 cases.
  • researchers said on Jan. 7. But they did not disclose full trial details including the average efficacy.
Published 11 Jan, 2021 06:30pm
Business as usual for EU banks in 'open' London, says Bank of England
Money & Banking

Business as usual for EU banks in 'open' London, says Bank of England

  • Britain is keen to maintain the City of London's attractiveness as a global financial centre after full access to the EU, hitherto its biggest customer, ended last month.
  • Overall, the Prudential Regulation Authority's (PRA) approach to the supervision of international banks remains stable and consistent following the UK's withdrawal from the EU.
Published 11 Jan, 2021 06:26pm
China's Xi congratulates North Korea's Kim on new title
South Asia

China's Xi congratulates North Korea's Kim on new title

  • Kim was elected on Sunday, taking over the title from his late father. China is North Korea's largest trade partner and closest ally.
  • Kim told a party congress last week that his five-year economic plan had failed to meet its goals.
Published 11 Jan, 2021 06:24pm
UK police need to enforce mask wearing in stores
Europe

UK police need to enforce mask wearing in stores

  • The British government is concerned about the spread of the pandemic in supermarkets with people breaching rules by not wearing face coverings.
  • While enforcement of face coverings is the responsibility of the police, retailers continue to do what they can to encourage their use throughout stores.
Published 11 Jan, 2021 06:22pm
PM launches Pakistan's first instant Digital Payment System 'Raast'
Business & Finance

PM launches Pakistan's first instant Digital Payment System 'Raast'

  • Use of cash promotes informal economy and helps illegal activities, on the other hand by using the Raast one is doing the right thing by transacting using formal digital Financial Service and contributing to Pakistan's economy.
  • SBP along with Karandaaz Pakistan has developed this new system for processing instant payments.
  • The Prime Minister in his address said a cash-based economy is the biggest hurdle in tapping the true potential of Pakistan.
Updated 11 Jan, 2021 06:17pm
Turkish FM to visit Pakistan on January 12: FO
Pakistan

Turkish FM to visit Pakistan on January 12: FO

  • Cavusoglu will hold bilateral talks with Foreign Minister Shah Mahmood Qureshi and call on the Prime Minister Imran Khan and President Arif Alvi during the visit.
  • The visit is part of regular high-level exchanges between the two countries, read the FO statement.
Updated 11 Jan, 2021 06:07pm
Copper prices slide, demand worry dominates mood
Commodities

Copper prices slide, demand worry dominates mood

  • Benchmark copper on the London Metal Exchange was down 1.9% at $7,975 a tonne.
  • There has been a fair amount of profit-taking on long positions," a copper trader said. "The dollar and China's coronavirus cases triggered the sell-off, but copper has come a long way since (early) last year.
Published 11 Jan, 2021 06:02pm
NCR throws hat in the ring for Cardtronics with $1.73bn offer
Companies

NCR throws hat in the ring for Cardtronics with $1.73bn offer

  • Atlanta-based NCR, which makes ATMs and self-service kiosks for the retail and hospitality industries, proposed to buy all outstanding shares of Cardtronics for $39 apiece.
  • Apollo and Hudson Executive's offer indicated a value of $2.3 billion, including net debt.
Published 11 Jan, 2021 05:55pm
Israel announces the construction of additional housing in West Bank, days prior to Biden assuming office
Middle East

Israel announces the construction of additional housing in West Bank, days prior to Biden assuming office

  • Israeli Prime Minister Benjamin Netanyahu and Defense Minister Benny Gantz are advancing the construction of 850 Jewish housing units in the West Bank, days before President-elect Biden takes office.
  • The Israeli Supreme Planning Council is expected to advance construction of the housing units, which are currently in varying stages of approval - but a date for the approval has yet to be confirmed.
Published 11 Jan, 2021 05:37pm
Global natural gas production down 3.6pc in 2020
Energy

Global natural gas production down 3.6pc in 2020

  • Output fell to 3,918 billion cubic metres (bcm) with North American production hardest hit, Rystad Energy estimates showed, lower than a previous estimate.
  • Reflecting the impact of lockdowns to curb the spread of the coronavirus, demand in Europe fell by 7%, or 40 bcm
Published 11 Jan, 2021 05:37pm
Euro falls to three-week lows as US yields climb
Forex

Euro falls to three-week lows as US yields climb

  • President-elect Joe Biden, who takes office on Jan. 20 with Democrats able to control both houses of Congress, has promised "trillions" in extra pandemic-relief spending.
  • As a result, the euro fell 0.5% to $1.2155, its lowest since Dec. 21, down nearly 2% from a high of $1.2349 last week.
Published 11 Jan, 2021 05:35pm
Coronavirus can damage the brain without infecting it: Study
World

Coronavirus can damage the brain without infecting it: Study

  • Researchers examined the brains of 19 patients who died from COVID-19, focusing on tissues from regions thought to be highly susceptible to the virus
  • Study finds that in 14 patients, one or both of these regions contained damaged blood vessels – some clotted, and some leaking
Published 11 Jan, 2021 05:12pm
Senate Election reference: Sindh seeks time to submit reply
Pakistan

Senate Election reference: Sindh seeks time to submit reply

  • The government has sought opinion of the court in the reference if the issue can be decided without amending the constitution and introducing an amendment in section 122 (vi) of the Election Act 2017.
  • The Jamiat Ulema-e-Pakistan’s legal representative opposed open ballot voting, whereas Kamran Murtaza, the lawyer, asked for time to submit a written reply.
Published 11 Jan, 2021 05:06pm
President-elect Biden nominates William Burns as CIA Director
USA

President-elect Biden nominates William Burns as CIA Director

  • President-elect Joe Biden announced former Deputy Secretary of State William Burns as his nominee for Director of the CIA.
  • Burns, a career diplomat who served in the United States Foreign Service for over three decades, has served in numerous national security positions across five Democratic and Republican administrations.
Published 11 Jan, 2021 04:26pm
Turkey probes Facebook's move to collect WhatsApp data
World

Turkey probes Facebook's move to collect WhatsApp data

  • The Competition Board said it ruled the data-collection requirement should be suspended until the probe is complete
  • WhatsApp updated its terms of service last Wednesday, allowing Facebook and its subsidiaries to collect user data
Published 11 Jan, 2021 04:32pm
After Capitol siege, majority of Americans believe Trump should be removed from office before term: Poll
USA

After Capitol siege, majority of Americans believe Trump should be removed from office before term: Poll

  • Over half of surveyed Americans in a new poll have indicated that they believe that President Trump should be removed from office, following the attack on the Capitol by his supporters.
  • 56 percent polled in favour of the removal of President Trump from office, while 67 percent polled that the outgoing President deserves a significant degree of the blame for the rioting that took place in the Capitol.
Published 11 Jan, 2021 04:02pm
U.S. plans to designate Yemen's Houthi movement as foreign terror group
Middle East

U.S. plans to designate Yemen's Houthi movement as foreign terror group

  • The United States plans to designate Yemen’s Houthi movement as a foreign terrorist organization,.
  • The Trump administration has been piling on sanctions related to Iran in recent weeks, prompting some Biden allies and outside analysts to conclude that Trump aides are seeking to make it harder for the incoming administration to re-engage with Iran.
Updated 11 Jan, 2021 02:24pm
COVID-19: Govt's plan to procure vaccine is insufficient to protect country's 220 million population
Pakistan

COVID-19: Govt's plan to procure vaccine is insufficient to protect country's 220 million population

  • Pakistan is still waiting for the United Nation’s Covax mechanism to receive around 45 million free vaccine doses that will cover country’s 20 percent population
  • Many states including Turkey, Columbia, Bangladesh, Malaysia and India have already struck deals with different COVID-19 vaccine manufacturing firms
  • The Pakistan government has allowed the private sector players to procure vaccine from anywhere in the world and get registered with DRAP
Published 11 Jan, 2021 01:24pm
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