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Archive - 2021-01-28
GameStop stock retreats as retail investors accuse brokers of blatant rigging
Markets

GameStop stock retreats as retail investors accuse brokers of blatant rigging

  • GameStop stock was going through an unprecedented rally as social media forum users started buying the stock.
  • GME rally exposed short positions of Wall street hedge funds, notably Melvin Capital, who lost $14 billion in a matter of days.
  • In a bizarre turn of events, brokers halted trade on GME, AMC, NOK stocks.
  • Retail social media investors are calling the move 'blatant market manipulation'.
Updated 28 Jan, 2021 11:05pm
US natgas falls over 3pc on small storage draw, lower demand forecasts
Energy

US natgas falls over 3pc on small storage draw, lower demand forecasts

  • The US Energy Information Administration (EIA) said utilities pulled just 128 billion cubic feet (bcf) of gas from storage in the week ended Jan. 22.
  • Last week's decrease cut stockpiles to 2.881 trillion cubic feet (tcf), which was still 9.3% above the five-year average of 2.637 tcf for this time of year.
Published 28 Jan, 2021 09:55pm
Russia's unemployment rate at 5.9pc in 2020, says labour minister
Europe

Russia's unemployment rate at 5.9pc in 2020, says labour minister

  • Unemployment peaked in August, Kotyakov said, when Russia's economy was still reeling from an oil price crash and COVID-19 lockdown measures.
  • President Vladimir Putin has long promised to raise real disposable incomes, one of Russia's most socially sensitive issues.
Published 28 Jan, 2021 09:46pm
US stocks bounce back from rout
Stocks

US stocks bounce back from rout

  • The broad-based S&P 500 gained 1.2 percent to 3,796.56, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 13,373.83.
Published 28 Jan, 2021 09:43pm
Rare Botticelli portrait sells for $92 million at NY auction
USA

Rare Botticelli portrait sells for $92 million at NY auction

  • The $92.18 million price at the auction, conducted by bidders on the phone and online, included a buyer's premium.
  • There are a number of artists that ... are Olympian really in their genius. And Botticelli is one of those,
Published 28 Jan, 2021 09:37pm
Dollar drops in choppy trading, investors rebalance for month-end
Forex

Dollar drops in choppy trading, investors rebalance for month-end

  • There's such a tug of war right now between the longer-term momentum_and the shorter-term term phenomenon of maybe a dollar short squeeze.
  • The dollar index against a basket of currencies is up 0.50% this month after falling more than 6% last year. It was last down 0.22% on the day at 90.46.
Published 28 Jan, 2021 09:28pm
SBP's forex reserves fall
Pakistan

SBP's forex reserves fall

  • Foreign reserves held by the SBP stood at $12,998.4 million and by commercial banks at $ 7,108.1 million.
Published 28 Jan, 2021 09:24pm
EU set to require authorisation for vaccine exports
Companies

EU set to require authorisation for vaccine exports

  • The Commission, which has coordinated the orders, said on Tuesday it would propose that pharmaceutical firms be required to register their vaccine exports.
  • The decision will be taken tomorrow to start implementing this mechanism.
Published 28 Jan, 2021 09:17pm
American Airlines posts record annual loss on pandemic pain
Companies

American Airlines posts record annual loss on pandemic pain

  • The company posted a net loss of $2.18 billion, or $3.81 per share, for the fourth quarter ended Dec. 31, compared with a profit of $414 million, or 95 cents per share, a year earlier.
  • As we look to the year ahead, 2021 will be a year of recovery.
Published 28 Jan, 2021 09:13pm
US farmers expected to expand soy and corn acreage
Commodities

US farmers expected to expand soy and corn acreage

  • Since the price of both soy and corn are higher, the price signals are really to plant more of both, and that's what we expect to see - expansion of both into 2021.
  • US growers can declare prevented plantings, usually due to weather conditions, as part of crop subsidy programmes.
Published 28 Jan, 2021 09:11pm
EBRD issues $213mn green transition bond
Money & Banking

EBRD issues $213mn green transition bond

  • Green transition bonds raise capital for industries with high greenhouse gas emissions to help them move to lower carbon intensive activities.
  • Proceeds of the 10-year bond will finance the EBRD's portfolio of green transition projects towards decarbonising industry and improving efficiency in manufacturing and food production.
Published 28 Jan, 2021 09:08pm
Sterling eases off recent highs as vaccine optimism fades
Forex

Sterling eases off recent highs as vaccine optimism fades

  • In this environment, everything is pointing towards refuge in the dollar, even if the moves are marginal in today's trading session.
  • The pound is not sheltered from this strong USD environment, despite the UK's aggressive rate of vaccine distribution, although it remains relatively robust against other G10 peers.
Published 28 Jan, 2021 08:58pm
Brazil unemployment rate falls further to 14.1pc as job growth jumps
USA

Brazil unemployment rate falls further to 14.1pc as job growth jumps

  • The unemployment rate was down from 14.3% in the three months to October, statistics agency IBGE said, slipping further back from the record 14.6% in the three months to September.
  • The median forecast in a Reuters poll of economists was for an unemployment rate of 14.0%. It ended 2019 at 11.0%.
Published 28 Jan, 2021 08:52pm
Senegal confirms presence of UK coronavirus variant
Africa

Senegal confirms presence of UK coronavirus variant

  • British scientists say the UK variant, known as B.1.1.7, may be up to 70% more transmissible and also more lethal - with a mortality risk around 30% higher.
  • Due to the fact that these variants are transmitted more rapidly, which could explain the speed of spread of the disease in some countries.
Published 28 Jan, 2021 08:48pm
Nubank jumps into Latam financials top five with $400mn fundraising
Money & Banking

Nubank jumps into Latam financials top five with $400mn fundraising

  • The latest funding round valued Nubank at roughly $25 billion, according to a source familiar with the matter, more than doubling its valuation since the last funding round in July 2019.
  • Its loan book is less than 1.5% of Brazil's biggest lender Itau, yet the $25 billion valuation would put it at roughly half of Itau's market value.
Published 28 Jan, 2021 08:44pm
Indian shares close at over 1-mth low as IT, consumer stocks weigh
Stocks

Indian shares close at over 1-mth low as IT, consumer stocks weigh

  • The blue-chip NSE Nifty 50 index fell 1.07% to 13,817.55 and the benchmark S&P BSE Sensex closed 1.13% weaker at 46,874.36.
  • Shares of automaker Maruti Suzuki India Ltd fell 3.5% after the company's margins for the December-quarter fell on rising costs, despite an uptick in demand.
Published 28 Jan, 2021 08:42pm
TSX futures recover slightly after worst day in 3 months
Stocks

TSX futures recover slightly after worst day in 3 months

  • Brent crude futures and US West Texas Intermediate crude futures fell 0.23% and 0.09%, respectively, while spot gold shed 0.25%.
  • The Toronto Stock Exchange's S&P/TSX composite index ended 1.97% lower at 17,429.05 on Wednesday.
Published 28 Jan, 2021 08:35pm
Past govts destroyed all state institutions: PM Imran
Pakistan

Past govts destroyed all state institutions: PM Imran

  • Khan said that the government will provide all possible assistance to promote the film and drama industry in the country.
  • “Pakistani nation has huge potential and we will have to repose confidence in ourselves to tap this hidden talent,” said PM Imran.
Updated 28 Jan, 2021 08:21pm
Gold imports reduced by 52.17pc
Pakistan

Gold imports reduced by 52.17pc

  • Gold imports came down from $9,168 in FY 2019-20 of last financial year to $4,385 of the same period of current financial year.
Published 28 Jan, 2021 08:09pm
PML-N MPA meets CM
Pakistan

PML-N MPA meets CM

  • The CM stated that his doors were always open, adding that he will continue to wholeheartedly serve the masses.
Published 28 Jan, 2021 08:08pm
Allianz gets approval to set up insurance asset management firm in China
Financial

Allianz gets approval to set up insurance asset management firm in China

  • It also comes as China has fully opened up its giant financial sector, and is stepping up efforts to attract foreign investment amid tensions with the United States.
  • Allianz will set up the new entity through its China unit, Allianz (China) Insurance Holdings Co, which also owns a 51% stake in Allianz' Chinese life insurance venture.
Published 28 Jan, 2021 07:47pm
Firmer dollar, equities sell-off push Shanghai copper to 1-month low
Commodities

Firmer dollar, equities sell-off push Shanghai copper to 1-month low

  • The most-traded March copper contract on the Shanghai Futures Exchange dropped as much as 2% to 57,620 yuan ($8,895.82) a tonne, a level unseen since Dec. 23, 2020.
  • Three-month copper on the London Metal Exchange edged 0.1% lower to $7,818 a tonne, and nickel fell 1.4% to $17,660 a tonne and tin shed 1% to $22,575 a tonne.
Published 28 Jan, 2021 07:43pm
STMicro sees higher Q1 sales, 2021 investments
Industry

STMicro sees higher Q1 sales, 2021 investments

  • Chip makers have seen demand bounce back as auto production restarted faster than expected after lockdowns last year.
  • It planned to invest about $1.8 billion to $2.0 billion in capital expenditures in 2021.
Published 28 Jan, 2021 07:41pm
Elisa Q4 operating profit just beats forecasts
Industry

Elisa Q4 operating profit just beats forecasts

  • Elisa's October-December earnings before taxes, depreciation and amortisations (EBITDA) came in at 171 million euros ($207 million) versus analysts' average forecast of 169 million euros.
Published 28 Jan, 2021 07:37pm
PM wants effective plan to address universities’ issues
Pakistan

PM wants effective plan to address universities’ issues

  • The meeting was chaired by the PM to review issues faced by universities in Punjab and Khyber Pakhtunkhwa (KP) provinces.
  • The proposals on the appointment of experienced heads of the universities were also presented before the meeting.
Updated 28 Jan, 2021 07:34pm
Kenya's economy shrinks in Q3 2020 as COVID hits tourism
Africa

Kenya's economy shrinks in Q3 2020 as COVID hits tourism

  • The sector includes tourism, which has been greatly affected by a drop in visitor arrivals due to COVID-19 restrictions.
  • In early December, the tourism ministry said the sector had lost 110 billion Kenyan shillings ($999.55 million) in revenue between January and October.
Published 28 Jan, 2021 07:21pm
British government COVID loan guarantees exceed 70bn pounds
Europe

British government COVID loan guarantees exceed 70bn pounds

  • Lending under the Bounce Back Loan Scheme for small businesses rose to 44.74 billion pounds as of Jan. 24 from 43.54 billion pounds in mid December.
  • Including a third scheme for large companies, total lending rose to 70.72 billion pounds from 68.15 billion pounds.
Published 28 Jan, 2021 07:09pm
Novartis in talks on helping make COVID-19 vaccines, tests
Companies

Novartis in talks on helping make COVID-19 vaccines, tests

  • Novartis Technical Operations is currently exploring ways in which we can collaborate with our partners in the industry.
  • We are currently in discussions with several companies with a view to supporting the manufacturing of vaccines and components for tests for COVID-19, and we will share details as soon as possible.
Published 28 Jan, 2021 07:07pm
British banks told to pause branch closures
Money & Banking

British banks told to pause branch closures

  • Some banks and building societies have informed us that they are either going ahead with branch closures already announced, or announcing new branch closures during the current lockdown.
  • We are concerned that these activities could have significant consequences for customers.
Published 28 Jan, 2021 07:04pm
UK sees sharp fall in spending, more furlough under new lockdown
Europe

UK sees sharp fall in spending, more furlough under new lockdown

  • For a second week running a new official data series showed spending on credit and debit cards was 35% below its level in February 2020, at the start of the pandemic.
  • Most economists think Britain's economy will shrink in the first quarter of this year due to the lockdown and disruption from new post-Brexit trading arrangements.
Published 28 Jan, 2021 06:58pm
German cartel office extends probe of ties between Facebook and Oculus
Europe

German cartel office extends probe of ties between Facebook and Oculus

  • An ecosystem which extends across various markets - an almost unchallengeable position of economic power - is particularly characteristic in this respect.
  • In view of Facebook's strong market presence with the eponymous social network, WhatsApp and Instagram such a position may be deemed to exist.
Published 28 Jan, 2021 06:56pm
ECB tells banks to properly staff Brexit hubs in EU
Money & Banking

ECB tells banks to properly staff Brexit hubs in EU

  • Bankers have said that the travel restrictions due to the pandemic have made it harder to shift staff to new locations, but EU regulators are running out of patience.
  • "One key issue for our attention is that we have sufficient strategic and risk-management capacity onshore here. We are not there yet, for some banks we are but not for all the banks," Enria said.
Published 28 Jan, 2021 06:53pm
EU snubs UK envoy amid spat over diplomatic status
Europe

EU snubs UK envoy amid spat over diplomatic status

  • The official, who declined to be named, said the postponement was due to a lack of clarity about the diplomatic status of EU representatives in Britain.
  • A British government source declined to comment on the postponement of Croisdale-Appleby's meeting and said the diplomatic status issue remained subject to negotiation.
Published 28 Jan, 2021 06:49pm
Philippines GDP shrinks 8.3pc y/y in Q4
South Asia

Philippines GDP shrinks 8.3pc y/y in Q4

  • The gross domestic product shrank 8.3% in the December quarter from a year earlier, the statistics agency said.
  • The economy to shrink 8.5% after a revised 11.4% fall year-on-year in the third quarter.
Published 28 Jan, 2021 06:39pm
Russia's Polyus Q4 gold sales up 18pc y/y
Commodities

Russia's Polyus Q4 gold sales up 18pc y/y

  • Gold sales in the fourth quarter of 2020 were at $1.5 billion, up 18% year-on-year;
  • Polyus plans to produce 2.7 million ounces of gold in 2021 compared with 2.8 million ounces in 2020.
Published 28 Jan, 2021 06:35pm
Ukraine parliament votes to speed up vaccine registrations
Europe

Ukraine parliament votes to speed up vaccine registrations

  • The government has said it expects to receive 100,000 to 200,000 doses of vaccines from Pfizer.
  • Thursday's vote was on a first reading of the legislative amendments and a second reading will be required for them to take effect.
Published 28 Jan, 2021 06:23pm
Hungary extends lockdown measures until March 1
Europe

Hungary extends lockdown measures until March 1

  • Current lockdown measures, including a night-time curfew and the closure of shops and restaurants, had been due to expire on Feb. 1.
  • Gergely Gulyas also told a briefing that the government would ask parliament to extend emergency government powers by 90 days.
Published 28 Jan, 2021 06:21pm
UK credit and debit card spending 35pc below pre-COVID level
Europe

UK credit and debit card spending 35pc below pre-COVID level

  • The ONS released the data for the first time last week. The numbers are based on payment figures from the Bank of England and are not seasonally adjusted.
  • Separate ONS survey data showed that 17% of British workers were furloughed in the period Dec. 28 to Jan. 10, up from 14% in the previous two-week period.
Published 28 Jan, 2021 06:17pm
Britain wants the vaccines it has ordered, minister says
Europe

Britain wants the vaccines it has ordered, minister says

  • "I think we need to make sure that the vaccine supply that has been bought and paid for, procured for those in the UK, is delivered," Gove told LBC Radio.
  • "But of course, we're always going to work with our friends and neighbours, we have to make sure that we can do everything we can to help them."
Published 28 Jan, 2021 06:13pm
Turkish economy slowing after strong Q4
Europe

Turkish economy slowing after strong Q4

  • In the bank's quarterly inflation update, broadcast online, Agbal said the overall recovery in the second half of last year improved employment in the wake of the first coronavirus wave earlier in 2020.
  • Since November, the bank under new chief Agbal has hiked its key interest rate to 17% from 10.25%.
Published 28 Jan, 2021 06:11pm
Turkey to keep policy tight until 5pc inflation target hit
Europe

Turkey to keep policy tight until 5pc inflation target hit

  • Speaking at an online presentation of the bank's quarterly inflation report, Agbal also said it was too early to ease policy.
  • Annual inflation rose in December to 14.6%, but Agbal stood by the bank's forecast that it would fall to 9.4% this year.
Published 28 Jan, 2021 06:08pm
Turkish net FX reserves at lowest in years near $11bn
Forex

Turkish net FX reserves at lowest in years near $11bn

  • The exchange rate used by Reuters on Thursday was 7.3836 compared to 7.3885 the previous week.
  • The reserves eroded last year as state banks sold off an estimated $130 billion to stabilise the ailing lira.
Published 28 Jan, 2021 06:06pm
Spain's unemployment falls to 16.13pc in Q4
Europe

Spain's unemployment falls to 16.13pc in Q4

  • As the country's economic activity remained hindered by restrictions seeking to curb the coronavirus pandemic.
  • Economists polled by Reuters had forecast Spain's unemployment rate would reach 16.6%.
Published 28 Jan, 2021 06:04pm
AstraZeneca to produce 90mn COVID-19 vaccine shots in Japan
Companies

AstraZeneca to produce 90mn COVID-19 vaccine shots in Japan

  • Chief Cabinet Secretary Katsunobu Kato told reporters it is very important for COVID-19 vaccines to be produced domestically.
  • AstraZeneca is working with Daiichi Sankyo Co Ltd and other Japanese partners to deliver a total of 120 million doses to the nation.
Published 28 Jan, 2021 05:57pm
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