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Archive - 2021-01-29
GameStop shares may be up 350pc, but investors love the 50-cent options
Stocks

GameStop shares may be up 350pc, but investors love the 50-cent options

  • For a stock that has rocketed about 350% in five sessions, why is the most hotly traded options contract at the 50-cent level?
  • Some traders may now be selling puts at these high prices, hoping to buy them back at a lower price if volatility falls, pocketing the difference, said Henry Schwartz, head of product intelligence at Cboe.
Published 29 Jan, 2021 09:04pm
After plunge, GameStop and AMC remain Reddit darlings
Companies

After plunge, GameStop and AMC remain Reddit darlings

  • GameStop and AMC Entertainment Holdings slumped on Thursday after Robinhood Markets Inc and Interactive Brokers restricted trading in several social-media darling stocks that had soared this week.
  • Wallstreetbets has ballooned in recent days to 4.8 million members. Many of those people have piled into stock heavily bet against by professional short sellers.
Published 29 Jan, 2021 09:02pm
Germany restricts travel from virus variant countries
Europe

Germany restricts travel from virus variant countries

  • "In addition to existing test and quarantine rules ... a temporary limitation shall be imposed on carriage of travellers from countries designated as regions with variants," reads the regulation.
  • Other European Union governments are considering similar measures, the government document added.
Published 29 Jan, 2021 08:42pm
Shanghai authorities order inspections on property loans
Financial

Shanghai authorities order inspections on property loans

  • Commercial banks in the city should inspect their consumer loans, business loans and mortgages issued since last June and submit reports on them to the regulator before Feb. 28.
  • Banks are also asked to step up checks on whether borrowers qualify to buy a home, and to improve the monitoring and interception mechanism for the use of such loans.
Published 29 Jan, 2021 08:39pm
China books biggest deal yet for US corn
Commodities

China books biggest deal yet for US corn

  • It also topped China's previous biggest purchase of 1.937 million tonnes of corn in July 2020.
  • Chinese buyers also picked up an additional 132,000 tonnes of corn - about two cargoes worth - for delivery in the 2021/22 marketing year.
Published 29 Jan, 2021 08:35pm
Almost 1 million Russian civilians have received COVID-19 shot
Europe

Almost 1 million Russian civilians have received COVID-19 shot

  • The country's mass inoculation drive with the domestically produced Sputnik V vaccine began in December for certain groups and was then opened up to the general population in early January.
  • Sputnik V is administered in two doses, with the booster shot given 21 days after the first. The tally covered the number of people who have received at least one dose.
Published 29 Jan, 2021 08:33pm
Portugal parliament approves law to legalise euthanasia
Europe

Portugal parliament approves law to legalise euthanasia

  • The process will only be open to national citizens and legal residents in order to prevent people from travelling to Portugal to get medical help to end their life.
  • The law is now in the hands of President Marcelo Rebelo de Sousa, a conservative, for a final stamp of approval.
Published 29 Jan, 2021 08:26pm
TSX slips on vaccines worries, set for worst week in 3 months
Stocks

TSX slips on vaccines worries, set for worst week in 3 months

  • Toronto Stock Exchange's S&P/TSX composite index was down 140.15 points, or 0.79%, at 17,517.05. On Wednesday it had jumped 1.3% to post its best day in over two months.
  • Canada said on Thursday it expects a further delay in Pfizer Inc's COVID-19 vaccine deliveries in the next few weeks.
Published 29 Jan, 2021 08:17pm
SC to hear presidential reference on Senate elections on Feb 2
Pakistan

SC to hear presidential reference on Senate elections on Feb 2

  • Notices to Advocate Generals, the Election Commission of Pakistan, Chairman Senate, Speaker National Assembly and the Speakers of provincial assemblies has been issued in this regard.
  • The registrar’s office of the apex court had earlier fixed the case for hearing on January 18.
Published 29 Jan, 2021 08:13pm
British Airways to trial mobile health passport on some flights
Companies

British Airways to trial mobile health passport on some flights

  • BA, owned by IAG, said on Friday it would trial the use of a mobile travel health passport, VeriFLY, following American Airlines, which is already using it.
  • Flying is currently at minimal levels, with flight volumes in Britain down more than 80% due to lockdowns and restrictions which ban most people from travelling.
Published 29 Jan, 2021 08:11pm
US SEC will review actions inhibiting trading of some securities
USA

US SEC will review actions inhibiting trading of some securities

  • Securities and Exchange Commission (SEC) officials warned against illegal "manipulative trading activity" .
  • The Commission will closely review actions taken by regulated entities that may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities.
Published 29 Jan, 2021 08:08pm
Chile says manufacturing up 0.4%, copper output down in December
USA

Chile says manufacturing up 0.4%, copper output down in December

  • Meanwhile the South American country's copper output declined 8.7% to 506,891 tonnes in December, INE said on Friday.
  • Chile's major copper industry was one of the least affected by the COVID-19 pandemic, despite restrictions imposed to try to contain the spread of the virus.
Published 29 Jan, 2021 08:01pm
India's Haryana state blocks internet after clashes at farmers' protest
South Asia

India's Haryana state blocks internet after clashes at farmers' protest

  • Mobile internet in 15 of 22 districts in Haryana state bordering the capital New Delhi will be unavailable until 1700 local time on Saturday.
  • The protesting farmers want the government to withdraw three new farm laws that they say will hurt their livelihoods for the benefit of large private produce buyers.
Published 29 Jan, 2021 07:59pm
Brazil govt debt ends 2020 at record high 89.3pc of GDP
USA

Brazil govt debt ends 2020 at record high 89.3pc of GDP

  • The public sector deficit in December excluding interest payments was 51.8 billion reais ($9.5 billion), the central bank said, close to the 51.5 billion reais median estimate in a Reuters poll of economists.
  • The nominal deficit in December including interest payments widened to 75.8 billion reais, the central bank said, resulting in an annual deficit of 1.02 trillion reais, or 13.7% of GDP.
Published 29 Jan, 2021 07:43pm
Czech mortgages grow to record in 2020 despite pandemic
Money & Banking

Czech mortgages grow to record in 2020 despite pandemic

  • The central bank has been monitoring the mortgage and housing market in recent years as a potential source of inflationary pressures caused by soaring property prices.
  • House prices were 17% overpriced on average, the bank said in November as it warned against risks to both banks and the broader economy.
Published 29 Jan, 2021 07:37pm
Alarming increase in COVID-19 positivity rate witnessed in three Karachi districts
Pakistan

Alarming increase in COVID-19 positivity rate witnessed in three Karachi districts

  • The data of the department showed that District Korangi recorded a rate of 2% last week, which rose to 16% on January 28, while District Malir recorded a rate of 2%, which rose to 9%.
  • District Central recorded a rate of 4%, which has risen to 15%, while the lowest increase has been recorded in District West — which witnessed an increase from 3% to 4%.
Published 29 Jan, 2021 07:16pm
BlackBerry execs sold shares as Reddit-driven rally started
Companies

BlackBerry execs sold shares as Reddit-driven rally started

  • The executives sold their holdings on Jan. 20 at prices ranging from $12.63 to $13.01, nearly double what the stock had been trading at a week earlier.
  • BlackBerry shares climbed as high as $28.77 in New York on Wednesday and ended trading on Thursday at $14.65.
Published 29 Jan, 2021 07:31pm
Biden election to fan US wind industry, Siemens Gamesa predicts
USA

Biden election to fan US wind industry, Siemens Gamesa predicts

  • Prior to Biden's victory, the United States was expected to add about 10 gigawatt of onshore wind power every year.
  • That situation had "clearly changed", he added, forecasting opportunities despite a pledge by Biden to buy American-made goods.
Published 29 Jan, 2021 07:21pm
J&J's COVID-19 vaccine 66pc effective in large global trial
Companies

J&J's COVID-19 vaccine 66pc effective in large global trial

  • A high bar has been set by two authorized vaccines from Pfizer/BioNTech and Moderna, which were around 95% effective in preventing symptomatic illness in pivotal trials when given in two doses.
  • J&J's main goal was the prevention of moderate to severe COVID-19, and the vaccine was 85% effective in stopping severe disease.
Published 29 Jan, 2021 07:16pm
US FDA extends review period for Biogen's Alzheimer's drug
Companies

US FDA extends review period for Biogen's Alzheimer's drug

  • Our key takeaway is that if the FDA would have wanted to reject the drug, we would have heard the decision by now.
  • The road to getting a regulatory nod for the drug has been rocky, with the companies scrapping two studies of the therapy in March 2019, and reversing that decision a few months later.
Published 29 Jan, 2021 07:14pm
Pakistan extends travel curbs on passengers from UK
Pakistan

Pakistan extends travel curbs on passengers from UK

  • The authority also added six more countries to the C category list including South Africa, UK, Portugal, Ireland and Brazil.
  • The category C international passengers now have to show Covid-19 report upon arrival and they will undergo another assessment of the virus in Pakistan, says CAA.
Updated 29 Jan, 2021 07:16pm
Mexican economy in 2020 suffers worst slump since Great Depression
USA

Mexican economy in 2020 suffers worst slump since Great Depression

  • Gross domestic product (GDP) in Latin America's second-biggest economy shrank by 8.5% last year in seasonally-adjusted terms.
  • During the final three months of 2020, GDP advanced by 3.1% from the previous quarter in adjusted terms, beating the prediction for 2.8% growth.
Published 29 Jan, 2021 07:02pm
Poland's PKN, Canada's Northland to develop Baltic wind project
Companies

Poland's PKN, Canada's Northland to develop Baltic wind project

  • Poland is pushing development of offshore wind in its future energy mix, complemented by solar and nuclear energy, with the European Union pressing it to cut carbon emissions.
  • The combination of our local experience... and Northland Power's global know-how, will allow us to quickly and efficiently implement the next stages of the investment,
Published 29 Jan, 2021 06:55pm
Kenya aims to vaccinate 16 million people against COVID-19 by June 2022
Africa

Kenya aims to vaccinate 16 million people against COVID-19 by June 2022

  • The objective is to vaccinate 16 million against COVID-19 by June next year, she told a news conference. "If more vaccines become available...then this target may change," she said.
  • The third phase, to unfold concurrently with the second, will be aimed at 4.9 million people including those living in congested areas and seen as particularly vulnerable, she said.
Updated 29 Jan, 2021 06:55pm
Italy to get 20pc fewer Moderna vaccines in week starting Feb 7
Companies

Italy to get 20pc fewer Moderna vaccines in week starting Feb 7

  • Minutes ago, Moderna told us about the cut in the distribution of its vaccines. In the week beginning Feb. 7, only 132,000 doses will arrive, 20% less than agreed,
  • As of today, we are missing 300,000 vaccine doses. Every day there is worse news than the day before.
Published 29 Jan, 2021 06:26pm
European cocoa stocks fall 1.5pc in 2019/20
Commodities

European cocoa stocks fall 1.5pc in 2019/20

  • The inter-governmental body said the survey indicated stocks at the end of the 2019/20 season (October/September) stood at 774,651 tonnes, down 11,734 tonnes from a year earlier.
  • The ICCO has estimated there was a marginal global cocoa surplus of 19,000 tonnes in the 2019/20 season.
Published 29 Jan, 2021 06:18pm
Greek private sector bank deposits rise for 11th month in December
Money & Banking

Greek private sector bank deposits rise for 11th month in December

  • Business and household deposits increased to 163.02 billion euros ($197.82 billion) from 158.7 billion in November, Bank of Greece data showed.
  • Greek banks have seen deposit inflows over the space of more than two years after the country clinched a third bailout to stay in the euro zone in July 2015.
Published 29 Jan, 2021 06:06pm
Slovenia's 2020 budget gap narrower than forecast
Europe

Slovenia's 2020 budget gap narrower than forecast

  • "Revenues amounted to 9.08 billion euros, or 10.4% lower than in 2019, while expenditures rose 26.8% from 2019, reaching 12.57 billion euros," the ministry said.
  • In 2021, the government expects a budget gap of 2.75 billion euros, or 5.6% of GDP.
Published 29 Jan, 2021 06:02pm
Eli Lilly profit rises 41.5pc as COVID-19 drug lifts sales
Companies

Eli Lilly profit rises 41.5pc as COVID-19 drug lifts sales

  • The company reported worldwide revenue of $871.2 million in the fourth quarter from the therapy, bamlanivimab.
  • Net earnings rose to $2.12 billion, or $2.32 per share, in the fourth quarter ended Dec. 31 from $1.50 billion, or $1.64 per share, a year earlier.
Published 29 Jan, 2021 06:00pm
Retail buyers flood China's Kuaishou HK IPO with $162bn offered
Stocks

Retail buyers flood China's Kuaishou HK IPO with $162bn offered

  • The huge demand comes amid growing fears about an asset bubble, with amateur investors boosting the price of assets ranging from cryptocurrencies to new stock market listings.
  • As per Hong Kong's clawback rules, the retail portion of the IPO will now be enlarged to 6% due to the demand.
Published 29 Jan, 2021 05:57pm
China executes ex-banker Lai Xiaomin in corruption, bigamy case
Asia

China executes ex-banker Lai Xiaomin in corruption, bigamy case

  • Lai Xiaomin was convicted of receiving or seeking bribes totalling 1.788 billion yuan ($276.72 million) from 2008 to 2018.
  • The report did not specify how Lai was executed, but said he was allowed to meet with close relatives before his death.
Published 29 Jan, 2021 05:48pm
EU agrees 'dark red' COVID-19 zones with stricter travel limits
Europe

EU agrees 'dark red' COVID-19 zones with stricter travel limits

  • The EU has already set up a "traffic light" system to designate the seriousness of the spread of the novel coronavirus in each of its 27 states and to try to limit travel.
  • At the same time, Germany and other countries announced they intended to take additional travel measures to curb the spread of the virus.
Published 29 Jan, 2021 05:55pm
Global funds raise equity allocations to 11-month high
Stocks

Global funds raise equity allocations to 11-month high

*Those recommendations came as the S&P 500 index slumped into negative territory for the year on Wednesday as US stocks suffered their biggest one-day percentage drop in three months. * We see some upside for the year. Markets are now pricing in the best possible world: earnings re-acceleration and economic rebound.
Published 29 Jan, 2021 05:50pm
Personal data stolen from Dutch coronavirus track-and-trace programme
Europe

Personal data stolen from Dutch coronavirus track-and-trace programme

  • Confirmation of the leaks follows violent protests over a government decision to impose a night-time curfew in addition to a months-long lockdown to try to control the pandemic.
  • "If people who mean ill intentionally take data out of a system, that's almost impossible to stop," the GGD said.
Published 29 Jan, 2021 05:46pm
Ukraine president approves sanctions against China's Skyrizon
Europe

Ukraine president approves sanctions against China's Skyrizon

  • The United States has opposed Chinese investors acquiring Motor Sich and in the final days of the administration of President Donald Trump.
  • The sanctions block the company's assets, restrict their trading operations and prevent it from moving capital outside of Ukraine.
Published 29 Jan, 2021 05:44pm
Norway plans Norwegian Air loan in extra pandemic spending plan
Industry

Norway plans Norwegian Air loan in extra pandemic spending plan

  • Norways's government said last week it would back Norwegian , which aims to emerge from court-ordered bankruptcy protection as a slimmed-down carrier focused primarily on the Nordic region.
  • The government said on Friday the amount earmarked for the airline was in line with what Norwegian had asked for.
Published 29 Jan, 2021 05:25pm
India projects annual economic growth of 11pc for 2021/22
South Asia

India projects annual economic growth of 11pc for 2021/22

  • The survey's projections form the basis for key figures in the budget, due to be delivered on Monday by Finance Minister Nirmala Sitharaman.
  • India has started inoculating millions of people with two vaccines - Serum Institute from India's COVISHIELD.
Published 29 Jan, 2021 05:11pm
US COVID vaccine hopeful using Gates Foundation cash to prepare for human trial
USA

US COVID vaccine hopeful using Gates Foundation cash to prepare for human trial

  • "We believe there is real potential," Vandenberghe said in an interview. "That being said, we're not naive. There's 300 vaccines racing towards the door and biology is complex."
  • AAVs are already used in gene therapies sold by Novartis , including its $2.1 million-per-patient Zolgensma for spinal muscular atrophy.
Published 29 Jan, 2021 05:06pm
US Treasury borrowing levels not expected to change for first quarter
Financial

US Treasury borrowing levels not expected to change for first quarter

  • While the Treasury has been boosting the amounts of its debt sales across the maturity curve to pay for previously enacted spending measures to aid the coronavirus-battered economy.
  • Net cash raised through Treasury securities issuance totaled $4.28 trillion in 2020, according to Securities Industry and Financial Markets Association (SIFMA) data.
Published 29 Jan, 2021 05:05pm
Hungary's drug regulator approves China’s Sinopharm vaccine
Europe

Hungary's drug regulator approves China’s Sinopharm vaccine

  • The government opened the door to the Chinese vaccine on Thursday when it announced that it would grant emergency use approval to any shot already administered to at least a million people anywhere in the world.
  • “We have practically made an agreement with Sinopharm,” Gulyas said. “The first shipment could include up to one million doses.”
Published 29 Jan, 2021 04:33pm
Ban on Tiktok other apps: LHC seeks reply from federal govt
Pakistan

Ban on Tiktok other apps: LHC seeks reply from federal govt

  • TikTok has claimed the lives of many youngsters, who while trying to shoot short videos for the app, had lost their lives, stated the petitioner.
  • These applications have become a source of promoting vulgar content and no action had been taken despite bringing the matter to the notice of the authorities concerned including the PTA.
Updated 29 Jan, 2021 03:45pm
FIA nabs five CAA officials, pilot over dubious licences
Pakistan

FIA nabs five CAA officials, pilot over dubious licences

  • Accused are allegedly involved in the issuance of Commercial Pilot Licence and Airline Transport Pilot Licence on the basis of fake pilot licence exams
  • The licencing exams were deliberately conducted on public holidays, weekends and post office hours
Published 29 Jan, 2021 03:22pm
Dollar gains as retail trading frenzy rattles investors
Forex

Dollar gains as retail trading frenzy rattles investors

  • Despite the dollar's move higher this week, most analysts are sticking to their calls it will weaken in 2021 as the new US government implements massive fiscal spending while the Federal Reserve maintains its ultra-easy monetary policy.
Published 29 Jan, 2021 03:00pm
London Stock Exchange completes Refinitiv deal
Stocks

London Stock Exchange completes Refinitiv deal

  • Brussels is reviewing whether to grant long-term clearing access, but in the meantime is piling pressure on euro zone banks to shift their derivatives clearing business from the LSE to rivals like Eurex on the continent.
Published 29 Jan, 2021 02:44pm
Tokyo stocks close lower
Stocks

Tokyo stocks close lower

  • Japan's biggest airline said it would maintain its forecast of a record $4.9 billion net loss for the fiscal year ending March 2021.
Published 29 Jan, 2021 02:30pm
Europe markets sink in opening deals
Stocks

Europe markets sink in opening deals

  • "The last few turbulent trading sessions have all but wiped out what had been a strong start to the year," said Richard Hunter, head of markets at Interactive Investor.
Published 29 Jan, 2021 02:17pm
Australia shares jump over 1% as miners, banks rebound
Stocks

Australia shares jump over 1% as miners, banks rebound

  • The S&P/ASX 200 index was up 1.1% at 6,725.70 by 2350 GMT, its best session since Jan. 19, after ending about 2% lower on Thursday. But it was on track to rise 1.7% in January, its fourth straight monthly gain.
Published 29 Jan, 2021 12:05pm
UK bans direct flights from UAE, shutting world's busiest international route
Middle East

UK bans direct flights from UAE, shutting world's busiest international route

  • Britain is banning direct passenger flights to and from the United Arab Emirates from Friday, shutting down the world’s busiest international airline route from Dubai to London.
  • Britain said it was adding the United Arab Emirates, Burundi and Rwanda to its coronavirus travel ban list because of worries over the spread of a more contagious and potentially vaccine-resistant COVID-19 variant first identified in South Africa.
Published 29 Jan, 2021 11:10am
Injured Djokovic pulls out of Adelaide exhibition
Sports

Injured Djokovic pulls out of Adelaide exhibition

  • Djokovic earlier told reporters he had taken a walk in a park to celebrate his release from the 14 days of quarantine players coming from overseas were obliged to undergo to play in Australia.
Published 29 Jan, 2021 11:08am
IPRI hosts a webinar on Social Media in the Times of War and Peace
USA

IPRI hosts a webinar on Social Media in the Times of War and Peace

  • The Islamabad Policy Research Institute held a webinar on "Social Media in the Times of War and Peace" on the 27th of January, featuring a prestigious panel comprising of cyber-security, defense and diplomatic experts.
  • The panel featured James P. Farwell, expert in information warfare and former advisor to the U.S. Department of Defense, and Emerson T. Brookings, Resident Senior Fellow of Digital Forensic Research Lab at the Atlantic Council.
Updated 29 Jan, 2021 11:09am
COAS, Qatari leadership discuss defence, security issues
Pakistan

COAS, Qatari leadership discuss defence, security issues

  • The COAS expressed his desire for friendship and good relations among Muslim countries and solidarity to confront common challenges
  • Sheikh Tamim Bin Hamad Al-Thani reiterated that Pakistan and Qatar share brotherly relations of strategic value
Published 29 Jan, 2021 10:51am
India plans false flag operation against Pakistan: Munir Akram tells UN
Pakistan

India plans false flag operation against Pakistan: Munir Akram tells UN

  • Pakistan's Permanent Representative to UN Munir Akram said that the extremist BJP-RSS fanatics face mounting opposition from within India, and in order to retain control on power, they may engineer conflict with Pakistan.
  • While it continues its atrocities again the Kashmiris, India threats Pakistan through aggression by continuously violating the ceasefire along the Line of Control, Akram said.
Updated 29 Jan, 2021 10:48am
US oil may retest support at $52.03
Energy

US oil may retest support at $52.03

  • The consolidation from $53.93 has lasted so long that it raises some concern on whether the uptrend could remain steady. A break below $51.35 could signal a reversal of the trend.
Published 29 Jan, 2021 10:45am
Tottenham lose Kane to injury
Sports

Tottenham lose Kane to injury

  • Twice the England captain received treatment during the first-half and his movement was clearly restricted as he played on until the break.
Published 29 Jan, 2021 10:11am
Former Obama aide Malley named Biden's top envoy on Iran: official
Middle East

Former Obama aide Malley named Biden's top envoy on Iran: official

  • President Joe Biden has named Robert Malley as special U.S. envoy for Iran, a senior official said on Thursday, giving the veteran diplomat a leading role in one of most daunting and politically divisive foreign policy challenges facing the new administration.
  • Malley was a key member of former President Barack Obama’s team that negotiated the 2015 nuclear accord with Iran and world powers.
Published 29 Jan, 2021 10:00am
Tokyo stocks open higher on US rallies
Stocks

Tokyo stocks open higher on US rallies

  • Toshiba, which returned to the prestigious first section of the Tokyo Stock Exchange on Friday more than three years after it was demoted to the second section, was trading down 0.87 percent at 3,400 yen.
Published 29 Jan, 2021 09:55am
The Weather
Pakistan

The Weather

KARACHI: The weather report on Thursday (January 28, 2021) and the forecast for Friday (January 29, 2021)....
Updated 29 Jan, 2021 09:48am
DS inspects KCR track
Pakistan

DS inspects KCR track

KARACHI: The newly appointed divisional superintendent (DS) Karachi, Muhammad Hanif Gul visited the 14-kilometer ...
Updated 29 Jan, 2021 09:48am
FWCCI, FIEDMC to ink MoU
Pakistan

FWCCI, FIEDMC to ink MoU

FAISALABAD: FWCCI and FIEDMC will ink a Memorandum of Understanding (MOU) to collaborate in order to bring female...
Updated 29 Jan, 2021 09:46am
Aussie, kiwi retreat
Money & Banking

Aussie, kiwi retreat

SYDNEY/WELLINGTON: The Australian and New Zealand dollars were in retreat on Thursday as a sharp reversal in global...
Updated 29 Jan, 2021 09:40am
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