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Archive - 2021-01-25
US 10-year yield skids to three-week low on nagging virus woes
Financial

US 10-year yield skids to three-week low on nagging virus woes

  • Yields on other long-dated Treasury maturities were also lower, with those on 30-year and 20-year bonds falling to two-week troughs.
  • Tom di Galoma, managing director at Seaport Global in New York, said the rally in Treasuries extended after Merck pulled out of its COVID vaccine plan.
Published 25 Jan, 2021 09:41pm
Russia cuts oil exports from western ports by 19pc in Feb/Jan
Energy

Russia cuts oil exports from western ports by 19pc in Feb/Jan

  • Urals loadings from Primorsk are set at 2.2 million tonnes for February and exports from Ust-Luga are set at 1.2 million tonnes, according to the schedule.
  • Oil exports are set to decline amid a sharp cut in major oil company Rosneft's export plans for next month.
Published 25 Jan, 2021 09:37pm
New German CDU leader sticks to support for Nord Stream 2
Companies

New German CDU leader sticks to support for Nord Stream 2

  • The pipeline, which would double the capacity of the existing Nord Stream link from Russia to Germany and bypass Ukraine.
  • EU lawmakers passed a resolution on Thursday calling for the bloc to stop the completion of the Nord Stream 2 in response to Navalny's arrest.
Published 25 Jan, 2021 09:35pm
OPEC oil supply to drop by 400,000 bpd in Jan
Energy

OPEC oil supply to drop by 400,000 bpd in Jan

  • OPEC's compliance with pledged supply curbs is close to 100%, the company said.
  • "The biggest reductions in January supply are expected from Libya, Iraq and Nigeria," Petro-Logistics said.
Published 25 Jan, 2021 09:33pm
South Africa's rand slips in risk-off trade, stocks hit all-time high
Forex

South Africa's rand slips in risk-off trade, stocks hit all-time high

  • Rand was 0.46% weaker at 15.2400 per dollar, marking a third consecutive session of losses as investors took a more circumspect view of the pace of the global economic rebound.
  • The United States $1.9 trillion fiscal stimulus plans and the likelihood of developed market central banks keeping liquidity taps open.
Published 25 Jan, 2021 09:31pm
TSX rises as tech shares jump ahead of earnings
Stocks

TSX rises as tech shares jump ahead of earnings

  • Toronto Stock Exchange's S&P/TSX composite index was up 57.55 points, or 0.32%, at 17,903.46.
  • BlackBerry Ltd jumped 37.7% to the top of the index and Aurinia Pharmaceuticals Inc rose 32.2% after FDA approved its kidney disease drug.
Published 25 Jan, 2021 09:27pm
Yellen set for Senate confirmation vote as first woman Treasury secretary
USA

Yellen set for Senate confirmation vote as first woman Treasury secretary

  • Yellen on Friday sailed through with a unanimous approval vote in the Senate Finance Committee, indicating that she has enough votes to easily win confirmation.
  • A confirmation for former Federal Reserve Chair Yellen less than a week after Biden took office is quick by recent standards.
Published 25 Jan, 2021 09:25pm
ECB should think green when picking assets: policymakers
Money & Banking

ECB should think green when picking assets: policymakers

  • ECB Board member Fabio Panetta and Weidmann called for taking climate-related risk into account when conducting monetary policy.
  • By performing its own analysis of these risks on the basis of rigorous methodologies, the ECB can contribute to the accurate valuation of ... climate-related risks.
Published 25 Jan, 2021 09:19pm
Tech industry group urges Biden admin to review export controls on China
Companies

Tech industry group urges Biden admin to review export controls on China

  • The group, SEMI, which represents semiconductor equipment manufacturers, among others globally.
  • Multi-lateral controls - where items of concern are controlled by all major producing nations - create a level playing field, maximize effectiveness, and minimize harm to US national security and economic competitiveness.
Published 25 Jan, 2021 09:13pm
Time to pause? Wall St grows wary of some stock bubbles
Stocks

Time to pause? Wall St grows wary of some stock bubbles

  • Pockets of the market have recently demonstrated investor behavior consistent with bubble-like sentiment.
  • Elevated retail participation has contributed to soaring prices. Retail broker eToro told Reuters it registered more than 380,000 new users in the first 11 days of 2021.
Published 25 Jan, 2021 08:55pm
Video of women confronting Ishaq Dar in London goes viral
Pakistan

Video of women confronting Ishaq Dar in London goes viral

  • The video, who is making rounds on social media, it can be seen that the women accusing former finance minister and Prime Minister of looting the nation’s wealth.
  • “Be ashamed, be afraid of Allah,” the woman can be heard saying to Dar.
Updated 25 Jan, 2021 09:08pm
New Saudi central bank chief may face monetary strains in investment push
Financial

New Saudi central bank chief may face monetary strains in investment push

  • Saudi Arabia, which posted a fiscal deficit of 12% of GDP last year, plans to nearly balance its budget by 2023.
  • I think there will be more pressure on the monetary side to help revive economic activity and a greater focus on supporting the Public Investment Fund's growth objectives, including on the funding side.
Published 25 Jan, 2021 08:46pm
Google workers to form global union alliance
Companies

Google workers to form global union alliance

  • The problems at Alphabet ... are not limited to any one country, and must be addressed on a global level.
  • Under US labor law, Alphabet can ignore the union's demands until a majority of employees support it.
Published 25 Jan, 2021 08:40pm
ECB focuses on bank credit, bonds in gauging financing conditions
Money & Banking

ECB focuses on bank credit, bonds in gauging financing conditions

  • Naturally, the focus on credit conditions in the banking system on the one side and the bond markets on the other is consistent with the main methods used by central banks in steering financing conditions.
  • If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full.
Published 25 Jan, 2021 08:36pm
China's Xi calls for greater role for G20 in economic governance
South Asia

China's Xi calls for greater role for G20 in economic governance

  • Xi, making his first appearance at the forum since his vigorous defence of free trade and globalisation in an address in Davos in 2017.
  • We should build an open world economy ... discard discriminatory and exclusionary standards, rules and systems, and take down barriers to trade, investment and technological exchanges.
Published 25 Jan, 2021 08:29pm
Canada December unemployment rate revised to 8.8pc
USA

Canada December unemployment rate revised to 8.8pc

  • The revision, undertaken to ensure the data was aligned with recent population and geographical boundary estimates, had "virtually no effect" on employment estimates for the pandemic period of March to December 2020.
Published 25 Jan, 2021 08:22pm
Oil Producer Hess expects dip in 2021 output
Energy

Oil Producer Hess expects dip in 2021 output

  • Hess has allotted $780 million, or 41% of its budget, to development activities in offshore Guyana.
  • We also will continue to invest in an active exploration and appraisal program, with 12-15 wells planned on the Stabroek Block (offshore Guyana).
Published 25 Jan, 2021 08:18pm
US ‘proud to be back’ in climate fight, Kerry tells leaders
USA

US ‘proud to be back’ in climate fight, Kerry tells leaders

  • We're proud to be back. We come back with humility for the absence over the last four years and we will do everything in our power to make up for it.
  • Since I'm the first to take the floor after John Kerry, a warm welcome to the US back in the Paris Agreement," said IMF MD Kristalina Georgieva.
Published 25 Jan, 2021 08:14pm
US blocks Hong Kong's escalation of WTO trade dispute
USA

US blocks Hong Kong's escalation of WTO trade dispute

  • Washington can only block it once and Hong Kong, a member in its own right at the 164-member body, can raise it again at the WTO next month.
  • The closed-door meeting of the WTO's dispute settlement body on Monday was Washington's first chance to weigh in on long-standing active trade disputes.
Published 25 Jan, 2021 08:12pm
Massive reshuffle in Punjab police hierarchy
Pakistan

Massive reshuffle in Punjab police hierarchy

  • Muhammad Afzal was appointed SSP Operations Faisalabad while Imran Ahmed Malik named as SP Security Lahore.
  • SSP Arshad Zahid was posted as Regional Officer (RO) CTD Faisalabad while Gulfam Nasir was appointed as SSP Regional Investigation Branch (RIB) Faisalabad region.
Updated 25 Jan, 2021 07:43pm
Pakistan 5th most vulnerable country to climate change: Report
Pakistan

Pakistan 5th most vulnerable country to climate change: Report

  • Pakistan has been ranked as the fifth-most vulnerable country to climate change, according to the Global Climate Risk Index.
  • The Global Climate Risk Index, published by Germanwatch, elaborated that Pakistan lost 9,989 lives, suffered economic losses worth $3.8 billion and witnessed 152 extreme weather events from 1999 to 2018, which indicates an increase in climate-related vulnerabilities.
Updated 25 Jan, 2021 07:09pm
Moderna says COVID-19 vaccine effective against UK, South Africa variants
World

Moderna says COVID-19 vaccine effective against UK, South Africa variants

  • The company reported findings from a study that used blood samples from eight people, who had two shots of the vaccine, and two monkey and two monkeys that had also been immunised.
  • The results have not been published or peer-reviewed yet, but have been submitted to bioRxiv, which posts preliminary studies online.
Updated 25 Jan, 2021 07:06pm
Fragile recovery seen in global labour market after huge 2020 losses: ILO
Europe

Fragile recovery seen in global labour market after huge 2020 losses: ILO

  • The losses compared with the previous year were equivalent to 255 million full-time jobs and included an "unprecedented" 114 million workers joining the ranks of the unemployed.
  • I am pleased to say that there is some relatively good news in all of this, that we do see tentative signs of recovery - these signs are fragile, they are uncertain and the prospects are notably uneven.
Published 25 Jan, 2021 06:59pm
‘Lockdown fatigue’ cited as UK shopper numbers rose 9pc last week
Europe

‘Lockdown fatigue’ cited as UK shopper numbers rose 9pc last week

  • Footfall across all retail destinations was 65% lower than in the same week last year, Springboard said.
  • Springboard said that in the week to Jan. 23 footfall was up 10.9% in UK high streets, 9.2% in shopping centres and 4.5% in retail parks compared to the previous week.
Published 25 Jan, 2021 06:57pm
China approves local banks' convertible bonds for boosting capital
Financial

China approves local banks' convertible bonds for boosting capital

  • The two bonds were issued by Zhejiang Chouzhou Commercial Bank and Ninbo Commerce Bank, according to a statement of the People's Bank of China.
  • Investors will be able to convert debt into stocks if specific risk events arise, a tool created to help the country's undercapitalized smaller banks.
Published 25 Jan, 2021 06:53pm
Tight supply pushes tin prices to highest since 2014
Commodities

Tight supply pushes tin prices to highest since 2014

  • The premium on the London Metal Exchange (LME) for tin that can be quickly delivered has ballooned as stockpiles in the exchange's warehouse system near record lows.
  • "There's a mismatch of supply and demand, a shortfall that will continue," said independent analyst Robin Bhar.
Published 25 Jan, 2021 06:50pm
Stocks rise on recovery hopes
Stocks

Stocks rise on recovery hopes

  • MSCI's All Country World index, which tracks stocks across 49 countries, was up 0.2% on the day.
  • E-mini futures for the S&P 500 gained 0.3%, indicating gains on Wall Street.
Published 25 Jan, 2021 06:48pm
Dutch PM condemns lockdown riots as ‘criminal violence’
Europe

Dutch PM condemns lockdown riots as ‘criminal violence’

  • The police said hundreds of people had been detained after incidents that began on Saturday evening and lasted until the early hours of Monday.
  • This has nothing to do with protest, this is criminal violence and we will treat it as such.
Published 25 Jan, 2021 06:44pm
Hong Kong's Cathay Pacific warns of capacity cuts, higher cash burn
Companies

Hong Kong's Cathay Pacific warns of capacity cuts, higher cash burn

  • Hong Kong's flagship carrier said the expected move will increase cash burn by about HK$300 million ($38.70 million) to HK$400 million per month, on top of current HK$1 billion to HK$1.5 billion levels.
  • The new measure will have a significant impact on our ability to service our passenger and cargo markets.
Published 25 Jan, 2021 06:34pm
No word from pirates who seized sailors off Nigeria, Turkey says
Europe

No word from pirates who seized sailors off Nigeria, Turkey says

  • "We have not yet received word from the pirates," foreign minister Mevlut Cavusoglu told reporters in Ankara.
  • Echoing comments by President Tayyip Erdogan, Turkey's transport minister said the government was working to ensure the swift release of the sailors.
Published 25 Jan, 2021 06:27pm
Babar Azam eyes winning start against South Africa
Sports

Babar Azam eyes winning start against South Africa

  • The first Test of the two-match series will begin from Tuesday at the National Stadium in Karachi.
  • "I am sure the players will do all they can to produce a positive result,” says Pakistan captain.
Updated 25 Jan, 2021 06:28pm
GameStop shares set to jump 50pc in short-squeeze
Stocks

GameStop shares set to jump 50pc in short-squeeze

  • Traders believe that the reasons for the jump in the shares are short-sellers quickly buying back into the stock to cover potential losses, defined as a short-squeeze.
  • The trading strategy is high risk in that losses are theoretically unlimited when the stock rises instead of falling.
Published 25 Jan, 2021 06:25pm
Ivory Coast weather lifts mid-crop cocoa outlook
Commodities

Ivory Coast weather lifts mid-crop cocoa outlook

  • There is discouragement. If we carry out the harvest, how are we going to pay the workers.
  • Ivory Coast is in the middle of its dry season, which runs from mid-November to March, when rainfall is poor or scarce.
Published 25 Jan, 2021 06:23pm
Need to hire problem-solvers boosts recruiter SThree
Companies

Need to hire problem-solvers boosts recruiter SThree

  • FY adj. profit 30.1 mln stg vs est. of 28.2 mln stg.
  • Co proposes final dividend of 5 pence/share.
  • Shares up 4% in morning trade.
  • STEM sector hires set to lead, flexible working to continue.
  • CFO Alex Smith to step down.
Published 25 Jan, 2021 06:12pm
EU to require advance registration of COVID-19 vaccine exports
Europe

EU to require advance registration of COVID-19 vaccine exports

  • The move comes after AstraZeneca on Friday unexpectedly announced a large cut in supplies of vaccines to the bloc for the first quarter of the year.
  • The executive European Commission would create a transparency register for vaccine exports outside the bloc.
Published 25 Jan, 2021 06:09pm
Taboola to go public through $2.6bn blank-check deal
Companies

Taboola to go public through $2.6bn blank-check deal

  • Taboola said it had secured about $285 million in investment from institutional investors, including funds affiliated with ION and Phoenix Insurance.
  • A blank-check firm, also known as a special purpose acquisition company, is one that uses proceeds from an initial public offering to buy another company.
Published 25 Jan, 2021 06:02pm
Rwanda's Kagame backs proposed global social protection fund
Africa

Rwanda's Kagame backs proposed global social protection fund

  • The COVID-19 pandemic has exposed glaring inequalities among the world's workers.
  • "This is a bold idea that merits serious consideration by policymakers," the president said.
  • "It will go to the G20 this year," she said of the proposal, which also aims to help the world's poorest nations start to bridge an $80 billion funding gap for social protections.
Published 25 Jan, 2021 05:43pm
Rear Admiral Abid Hameed takes over Logistic Command of Pak-Navy
Pakistan

Rear Admiral Abid Hameed takes over Logistic Command of Pak-Navy

  • Rear Admiral Abid Hameed would now be incharge of Logistic support to all Pakistan Navy Units, Ships, Establishments and repair & maintenance facilities.
  • His major staff appointments include Assistant Chief of Naval Staff (Projects), Assistant Chief of Naval Staff (Works) and Assistant Chief of Naval Staff (Maintenance) at Naval Headquarters Islamabad. The admiral has been awarded Sitara-e-Imtiaz (Military) in recognition of his services to Pakistan Navy.
Updated 25 Jan, 2021 05:47pm
Frank Lampard sacked as Chelsea manager
Sports

Frank Lampard sacked as Chelsea manager

  • His final game as Chelsea manager was Sunday's 3-1 FA Cup fourth round win against Championship side Luton.
  • "This has been a very difficult decision, and not one that the owner and the board have taken lightly," says the club.
Published 25 Jan, 2021 05:10pm
Chelsea sack manager Frank Lampard, after 18 months in charge
Football

Chelsea sack manager Frank Lampard, after 18 months in charge

  • Chelsea Football Club have sacked manager Frank Lampard after 18 months in charge.
  • The former Chelsea midfielder, Lampard leaves the club with the ninth place in the Premier League, following a poor run in form - securing only one win in their last five league matches.
  • Former PSG manager, Thomas Tuchel, is reportedly slated as Lampard's replacement.
Updated 25 Jan, 2021 05:05pm
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