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Archive - 2021-01-14
LHC suspends detention orders for Mansha Bomb
Pakistan

LHC suspends detention orders for Mansha Bomb

  • It is pertinent to mention here that a few years back, the Supreme Court had also taken notice of the complaints of land grabbing by Mansha Bomb and ordered for an inquiry into the matter.
Updated 14 Jan, 2021 11:26pm
Govt to complete its constitutional tenure
Pakistan

Govt to complete its constitutional tenure

  • The minister said holding protest against the government was the constitutional right of opposition and they could enjoy their right, adding the government would not create hurdles against their protest.
Published 14 Jan, 2021 10:58pm
Treasury yields edge up on expectations of Biden stimulus plan
Financial

Treasury yields edge up on expectations of Biden stimulus plan

  • The market was primed for higher rates today for continued increase in yields today in anticipation of what Biden is going to say tonight, until we hit jobless claims.
  • Initial claims for state unemployment benefits increased 181,000 to a seasonally adjusted 965,000 for the week ended Jan. 9, the highest since late August.
Published 14 Jan, 2021 09:48pm
Oman back to debt markets with $3.25bn multi-tranche bond
Financial

Oman back to debt markets with $3.25bn multi-tranche bond

  • Oman, rated below investment grade by all major credit ratings agencies, has piled up debt at breakneck speed over the past few years to offset a decline in oil prices and cover widening deficits.
  • The 10-year paper was sold at 6.25% and the 30-year at 7.25%, while the 2025 bond tap offered a 4.45% rate.
Published 14 Jan, 2021 09:46pm
IGC cuts forecast for 2020/21 global grains production
Commodities

IGC cuts forecast for 2020/21 global grains production

  • Global consumption of grains in 2020/21 was lowered by 5 million tonnes to 2.216 billion tonnes but remained above the prior season's 2.192 billion.
  • Global consumption of grains in 2020/21 was lowered by 5 million tonnes to 2.216 billion tonnes.
Published 14 Jan, 2021 09:36pm
Bank ABC acquires Blom Bank Egypt for $480mn
Money & Banking

Bank ABC acquires Blom Bank Egypt for $480mn

  • The transaction included all Blom Bank Egypt's physical and non-physical assets as well as customer accounts.
  • Lebanon has been in the throes of a financial crisis that has paralysed its banks, sunk the currency and fuelled poverty and unemployment.
Published 14 Jan, 2021 09:28pm
American Airlines tells pilots: take vaccine on your own time
USA

American Airlines tells pilots: take vaccine on your own time

  • Your decision to take the vaccines is a personal decision and is currently not required by the Company.
  • The Federal Aviation Administration has said pilots and controllers must not fly or conduct safety-related duties for 48 hours after receiving a COVID-19 vaccine.
Published 14 Jan, 2021 09:10pm
Ireland could lose 2bn euros a year under global tax deal
Europe

Ireland could lose 2bn euros a year under global tax deal

  • Ireland, which took in 11.8 billion euros in corporate tax last year, has been accused by rivals of unfairly using tax policy to attract multinationals, which employ around 10% of the Irish workforce.
  • A deal could reduce Ireland's corporate tax take by between 800 million and 2 billion euros.
Published 14 Jan, 2021 09:06pm
Acacia agrees to Cisco's increased offer of $4.5bn
Technology

Acacia agrees to Cisco's increased offer of $4.5bn

  • The revised deal for $115 per share in cash represents a premium of about 33% to Acacia's last closing price on Wednesday.
  • Acacia had earlier agreed to a $2.84 billion offer from Cisco, but it terminated the agreement, citing failure to obtain China's approval within the originally agreed time frame.
Published 14 Jan, 2021 09:01pm
TSX rises on materials boost, upbeat Aphria earnings
Stocks

TSX rises on materials boost, upbeat Aphria earnings

  • The largest percentage gainers on the TSX were pot producers Aphria Inc, and Aurora Cannabis, which jumped 13.3% and 7.2%, respectively.
  • Toronto Stock Exchange's S&P/TSX composite index was up 44.65 points, or 0.25%, at 17,979.39.
Published 14 Jan, 2021 08:51pm
ThoughtWorks raises $720mn from Siemens, GIC, other investors
Companies

ThoughtWorks raises $720mn from Siemens, GIC, other investors

  • ThoughtWorks, which helps firms digitize their operations, said it would use the proceeds to buy back equity from its current investors to expand its international footprint.
  • Fidelity Management and Research LLC and Mubadala Investment Co also invested in ThoughtWorks.
Published 14 Jan, 2021 08:46pm
Mexico's posts rules governing controversial new foreign agents law
USA

Mexico's posts rules governing controversial new foreign agents law

  • Lawmakers last month amended Mexico's security law to restrict the work of foreign agents on Mexican soil despite fierce opposition from Washington.
  • The new rules published on Thursday detail the mechanisms that will govern how foreign agents would have to work with local Mexican government counterparts.
Published 14 Jan, 2021 08:38pm
ECB debated smaller stimulus package: accounts
Money & Banking

ECB debated smaller stimulus package: accounts

  • The ECB approved fresh stimulus measures at the meeting, hoping to keep borrowing costs depressed until the bloc is ready to reopen.
  • It was argued that the focus on preserving favourable financing conditions implied a move away from a constant monthly pace of purchases towards adjusting the pace according to market conditions.
Published 14 Jan, 2021 08:04pm
Nokia signs up Google for building cloud-based 5G network
Companies

Nokia signs up Google for building cloud-based 5G network

  • Nokia will bring its 5G expertise, Google Cloud will serve as the platform for launching applications and assist customers in building an ecosystem of services.
  • We will start to see some of these things to get in the live environment by end of this year.
Published 14 Jan, 2021 08:01pm
Ivory Coast tax receipts rise 4.4pc in 2020
Africa

Ivory Coast tax receipts rise 4.4pc in 2020

  • Sie told reporters that tax revenues would have been even higher had it not been for the COVID-19 pandemic, which has dampened business activity.
  • It has been one of the zone's fastest-growing economies, expanding by an average of around 8% annually over the past decade.
Published 14 Jan, 2021 07:47pm
Trump ban could set 'dangerous' precedent, according to Twitter chief
USA

Trump ban could set 'dangerous' precedent, according to Twitter chief

  • Twitter Chief Jack Dorsey stated that banning President Donald Trump from its social media platform, after last week's violence at the Capitol, was the "right decision", but that it sets a dangerous precedent.
  • Last week, Twitter removed the outgoing President's account, which had over 88 million followers, citing the risk of further violence being incited - in the aftermath of the storming of the Capitol by a mob of Trump supporters.
Updated 14 Jan, 2021 07:44pm
US natural gas edges up despite mild forecasts ahead of storage report
Energy

US natural gas edges up despite mild forecasts ahead of storage report

  • last week's decrease would cut stockpiles to 3.202 trillion cubic feet (tcf), which would still be about 7.5% above the five-year average of around 2.978 tcf for this time of year.
  • Front-month gas futures rose 1.5 cents, or 0.6%, to $2.742 per million British thermal units.
Published 14 Jan, 2021 07:38pm
Health workers first in line as Turkey launches Sinovac vaccine rollout
Europe

Health workers first in line as Turkey launches Sinovac vaccine rollout

  • Turkey has reported more than 2.3 million infections since March and still reports around 10,000 new cases and 170 deaths each day after a month of weekend lockdowns and nightly curfews.
  • We spent around 10 months in white overalls, supporting people as they struggle for life. Health workers know very well that this situation cannot be taken lightly and that the vaccine is needed.
Published 14 Jan, 2021 07:26pm
ASML CEO sees US-China trade antagonism outlasting Trump
Companies

ASML CEO sees US-China trade antagonism outlasting Trump

  • Some industry watchers had hoped that the transition from US President Donald Trump's administration to President-elect Joe Biden would ease tensions.
  • I don't think that's going to change. To be honest this goes to the heart of, I would say the very core of, industrial policy in both countries.
Published 14 Jan, 2021 07:22pm
Stimulus helps stocks shrug off impeachment chaos
Stocks

Stimulus helps stocks shrug off impeachment chaos

  • US yields bounce after report of $2 trillion stimulus plan.
  • Japan's Nikkei hits fresh three-decade peak.
  • European shares, US futures edge higher.
  • China tech giants jump after spared from US blacklist.
Published 14 Jan, 2021 07:18pm
London must be 'clear eyed' about prospects for EU access
Europe

London must be 'clear eyed' about prospects for EU access

  • Britain's new post-Brexit trade deal with the EU does not cover financial services, leaving the City largely isolated from its biggest customer.
  • We have to be clear eyed, the MoU has negligible legal effect and depends on goodwill.
Published 14 Jan, 2021 07:16pm
Pakistan Army soldier martyred in Indian firing from across LoC
Pakistan

Pakistan Army soldier martyred in Indian firing from across LoC

  • During the exchange of fire, sepoy Nabeel Liaqat, 28, while fighting valiantly embraced martyrdom, said ISPR.
  • Indian troops committed unprovoked ceasefire violation in Dewa Sector along the LoC which was responded promptly by Pakistani troops in a befitting manner, says ISPR.
Published 14 Jan, 2021 06:59pm
IGC cuts forecast for 2020/21 global corn production
Commodities

IGC cuts forecast for 2020/21 global corn production

  • In its monthly update, the inter-governmental body cut its global corn crop forecast by 13 million tonnes to 1.133 billion tonnes.
  • The IGC raised its forecast for 2020/21 world wheat production by 3 million tonnes to 768 million tonnes.
Published 14 Jan, 2021 07:08pm
Spain to start reducing debt-to-GDP ratio in 2021
Europe

Spain to start reducing debt-to-GDP ratio in 2021

  • Already in 2021 we expect that, thanks to the strong growth, we will be able to start reducing our deficit and our debt-to-GDP ratio.
  • The budget deficit is likely to have reached the equivalent of 11.3% of GDP in 2020, a government forecast.
Published 14 Jan, 2021 07:00pm
Progress stalls in Afghan peace talks as sides await Biden
USA

Progress stalls in Afghan peace talks as sides await Biden

  • After a month-long break, some negotiators from both sides have yet to return to Doha, the Qatari capital that has served as venue for negotiations between the Afghan government and the insurgents to end decades of war.
  • In an agreement reached last year, Trump, who had long promised to end America’s longest war, signed the United States up to a full withdrawal in coming months.
Published 14 Jan, 2021 06:54pm
US weekly jobless claims increase more than expected
USA

US weekly jobless claims increase more than expected

  • $300 unemployment supplement until March 14 as part of nearly $900 billion in additional relief approved at the end of December.
  • The central bank also noted that the resurgence in the coronavirus was causing staff shortages in the manufacturing.
Published 14 Jan, 2021 06:55pm
Brazil to start COVID-19 vaccinations on Jan. 21, says senator
USA

Brazil to start COVID-19 vaccinations on Jan. 21, says senator

  • President Jair Bolsonaro, who has been lambasted for overseeing the world's second deadliest coronavirus outbreak after the United States.
  • Two vaccines - one made by AstraZeneca and another developed by China's Sinovac Biotech - will form the bedrock of the government's vaccination plan.
Published 14 Jan, 2021 06:53pm
China denies entry to two WHO team members after tests, WSJ says
World

China denies entry to two WHO team members after tests, WSJ says

  • Chinese officials blocked the duo from boarding their plane to the central Chinese city of Wuhan after they tested positive for the antibodies in blood-based serology tests during transit in Singapore.
  • “Relevant epidemic prevention control requirements will be strictly enforced,” says Chinese FM spokesperson.
Published 14 Jan, 2021 06:45pm
India's Tata puts post-pandemic bet on digital, electronics and health
Companies

India's Tata puts post-pandemic bet on digital, electronics and health

  • When you look at trends for the future, definitely there are clear signs you can pick up. Anything that is digital, we're making a big bet on.
  • "We are very serious about electric vehicles," Chandra said, adding that Tata is investing in developing clean technology cars at home through Tata Motors and at JLR.
Published 14 Jan, 2021 06:48pm
Norway expects slower oil output growth in 2021-2023
Energy

Norway expects slower oil output growth in 2021-2023

  • The Norwegian Petroleum Directorate (NPD) expects oil production to grow by 3.6% this year to 1.76 million barrels per day (bpd).
  • The forecast for 2024 was meanwhile raised by 2.6% to an expected 16-year high of 2.1 million bpd.
Published 14 Jan, 2021 06:12pm
Wells Fargo CEO to unveil cost-cutting plan
Companies

Wells Fargo CEO to unveil cost-cutting plan

  • Wells Fargo management has promised transformation since its 2016 fraudulent account scandal with little to show for the effort.
  • In a sign of progress repairing Wells Fargo's relationship with regulators.
Published 14 Jan, 2021 06:07pm
German public health official sees pandemic under control by year's end
Europe

German public health official sees pandemic under control by year's end

  • Wieler urged people who were offered a COVID-19 vaccination to accept it to relieve the strain on hospitals and said people should stick to social distance and hygiene rules.
  • Hospitals in 10 out of Germany's 16 states are facing bottlenecks as 85% of the beds in its intensive care units were used by coronavirus patients, he added.
Published 14 Jan, 2021 06:01pm
Palm oil slumps 5pc on fears of plunge in January exports
Commodities

Palm oil slumps 5pc on fears of plunge in January exports

  • Palm oil's biggest daily drop in eight months was mainly due to apprehensions of Malaysia's exports falling 40% during Jan. 1 to 15 on-month.
  • Both India and China are in resting mode after buying heavily in November and December prior to higher export duties and levies coming in place.
Published 14 Jan, 2021 05:57pm
Energean approves Israel gas field development
Energy

Energean approves Israel gas field development

  • The Karish North field, which was discovered less than two years ago, is expected to start production in the second half of 2023.
  • The first well at Karish North is expected to produce up to 300 million standard cubic feet per day (3 billion cubic metres per year).
Published 14 Jan, 2021 05:52pm
Wary of Biden tack on Iran, Israel revisits military
Asia

Wary of Biden tack on Iran, Israel revisits military

  • President-elect Joe Biden wants to rejoin the deal if Tehran - which denies seeking the bomb - returns to strict compliance.
  • Israel has long had plans in place to counter Iran. The article appeared designed to signal that these were now being updated.
Published 14 Jan, 2021 05:40pm
Africa cannot relax now COVID-19 vaccines are coming, health boss says
Africa

Africa cannot relax now COVID-19 vaccines are coming, health boss says

  • Africa has not started vaccinations and there is concern that more prosperous regions will get an unfair head start in the global fight against COVID-19.
  • We should not see vaccines as a magic bullet for now, it will take time for vaccines to be rolled out in a way that we have herd immunity.
Published 14 Jan, 2021 05:43pm
Solar company Starsight secures $10mn in financing
Companies

Solar company Starsight secures $10mn in financing

  • Daystar Power announced $38 million in funding, mostly from development finance institutions, to expand West Africa operations.
  • The company installs solar generation for clients, maintains it and monitors power usage.
Published 14 Jan, 2021 05:39pm
Greece seeks to send 1,450 migrants back to Turkey
Europe

Greece seeks to send 1,450 migrants back to Turkey

  • Migrant returns to Turkey, under a 2016 EU-Turkey agreement, largely dried up last year due to the coronavirus crisis.
  • We expect Turkey to step up its efforts ... First, to prevent the passage of boats departing from its shores bound for our country and European Union. And second to accept the return of migrants.
Published 14 Jan, 2021 05:38pm
Biden to unveil plan to pump $1.5 trillion into pandemic-hit economy
USA

Biden to unveil plan to pump $1.5 trillion into pandemic-hit economy

  • The incoming administration will work with Congress on the quick stimulus package after Biden takes office on Jan. 20.
  • Biden plans to introduce his package during a prime-time address on Thursday evening, underscoring the seriousness of the topic, but he will have to compete for attention with the political drama in Washington.
Published 14 Jan, 2021 05:36pm
Indonesia may allow private sector to buy and distribute vaccines
South Asia

Indonesia may allow private sector to buy and distribute vaccines

  • The Southeast Asian country launched a mass immunisation campaign targeting more than 180 million people this week to help tackle one of the worst coronavirus outbreaks in Asia.
  • It shouldn't start now, but later after the government has provided mandatory vaccines for health and public workers.
Published 14 Jan, 2021 05:31pm
Morocco's economy to grow 4.6pc in 2021 -planning agency
Middle East

Morocco's economy to grow 4.6pc in 2021 -planning agency

  • The forecast is based on assumptions of an improvement in foreign and domestic demand in addition to an average cereal yield of 7.5 million tonnes.
  • Lower tax revenues and higher subsidies to ease the impact of COVID-19 pushed Morocco's fiscal deficit to 7.4% in 2020.
Published 14 Jan, 2021 05:26pm
One-dose Sputnik V vaccine to have 73-85pc efficacy
Companies

One-dose Sputnik V vaccine to have 73-85pc efficacy

  • Authorities said on Monday that Russia would conduct a clinical trial of a one-dose version of its coronavirus vaccine.
  • It as a possible "temporary" solution to help countries with high infection rates make the drug go further.
Published 14 Jan, 2021 05:15pm
Google backs Biden's immigration reform plan for 'dreamers'
USA

Google backs Biden's immigration reform plan for 'dreamers'

  • Google has announced that it would support President-elect Joe Biden's efforts to pass a new United States immigration law, helping to cover application fees for immigrants seeking lawful work.
  • Google announced its philanthropic aim to pay for the application fees of nearly 500 young immigrants, seeking employment under the Deferred Action for Childhood Arrivals (DACA) programme.
Updated 14 Jan, 2021 05:16pm
US turmoil an 'alarm' for Western democracies, says France's Le Maire
Europe

US turmoil an 'alarm' for Western democracies, says France's Le Maire

  • When Trump leaves office, he will leave behind a nation deeply divided over his brash brand of populist politics and economic nationalism that he promised would 'Make America Great Again'.
  • "Having this kind of event should be a kind of alarm for all European and all Western democracies."
Published 14 Jan, 2021 05:11pm
Wizz Air's Abu Dhabi venture expects to add Gulf routes soon
Companies

Wizz Air's Abu Dhabi venture expects to add Gulf routes soon

  • Wizz Air Abu Dhabi', a joint venture between Wizz Air and Abu Dhabi state holding company ADQ, starts operations on Friday with an inaugural flight to Athens.
  • It has announced 12 other routes, mostly in Central and Eastern Europe but also to Israel's Tel Aviv and Egypt's Alexandria.
Published 14 Jan, 2021 05:05pm
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