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Archive - 2021-02-03
Daimler plans majority spin-off and listing of truck business
Companies

Daimler plans majority spin-off and listing of truck business

  • As a result of the spin-off, a significant majority stake in the Daimler Truck business would be distributed to Daimler AG's shareholders allowing for a deconsolidation.
  • A spin-off would require the approval of an extraordinary shareholders' meeting of Daimler AG.
Published 03 Feb, 2021 09:57pm
OPEC+ maintains oil policy amid price rally
Energy

OPEC+ maintains oil policy amid price rally

  • A Joint Ministerial Monitoring Committee of OPEC+ met virtually on Wednesday, pronouncing itself "optimistic for (a) year of recovery in 2021.
  • Oil has rallied from historic lows hit last year as the pandemic hit demand, thanks to record output cuts by the Organization of the Petroleum Exporting Countries and allies.
Published 03 Feb, 2021 09:54pm
Dollar rebound slows as FX markets hover near thresholds
Forex

Dollar rebound slows as FX markets hover near thresholds

  • The euro hung just above a two-month low of $1.20 as the yen spent a second day around 105.
  • The dollar is up 1.3% this year as investors look to a widening disparity between the strength of the US and European pandemic recoveries.
Published 03 Feb, 2021 09:44pm
Alphabet shares power S&P 500, Nasdaq; Amazon dips
Stocks

Alphabet shares power S&P 500, Nasdaq; Amazon dips

  • Alphabet set for best day in nine months.
  • Spotify drops as outlook disappoints.
  • Amgen slips as earnings forecast falls short of estimates.
  • Indexes: Dow down 0.08%, S&P up 0.35%, Nasdaq up 0.72%.
Published 03 Feb, 2021 09:41pm
US crude stockpiles fall, gasoline inventories surge: EIA
Energy

US crude stockpiles fall, gasoline inventories surge: EIA

  • Crude stocks at the Cushing, Oklahoma, delivery hub for US futures fell by 1.5 million barrels in the last week, the EIA said.
  • US gasoline stocks rose by 4.5 million barrels in the week to 252.2 million barrels, the EIA said,
Published 03 Feb, 2021 09:22pm
Santander Brasil beats profit estimates as lower provisions bet pays off
Money & Banking

Santander Brasil beats profit estimates as lower provisions bet pays off

  • Loan-loss provisions, net of recoveries, shrank 3.4% to 2.883 billion reais, while the 90-day loan default rate remained at a record low level of 2.1%.
  • Yes, Santander booked fewer extra provisions than Itau and Bradesco. But with each passing quarter, it is increasingly the consensus that once again they are the outperformers.
Published 03 Feb, 2021 09:19pm
Britain has given 10 million people a first COVID-19 vaccine dose
Europe

Britain has given 10 million people a first COVID-19 vaccine dose

  • "This is a hugely significant milestone in our national effort against this virus."
  • The country approved vaccines developed by Pfizer-BioNTech and Oxford University-AstraZeneca earlier than the United States and Europe, enabling it to make an early start on roll-out.
Published 03 Feb, 2021 09:15pm
South African rand firms as investors chase higher yields
Forex

South African rand firms as investors chase higher yields

  • South Africa has enjoyed slightly better bond investment inflows than other emerging markets, largely a function of the high yield on offer.
  • Sentiment has also been buoyed by South Africa receiving its first COVID-19 vaccines this week as it eases lockdown restrictions.
Published 03 Feb, 2021 09:12pm
US seeks to seize suspected Iranian oil aboard foreign tanker
USA

US seeks to seize suspected Iranian oil aboard foreign tanker

  • Washington said the scheme involved multiple entities affiliated with Iran's Islamic Revolutionary Guards Corps and its elite Qods Force.
  • Participants in the scheme attempted to disguise the origin of the oil using ship-to-ship transfers, falsified documents.
Published 03 Feb, 2021 09:04pm
Erdogan slams LGBT, students after protests
Europe

Erdogan slams LGBT, students after protests

  • Erdogan lashed out on Wednesday in one of his most heated attacks to date against a movement that threatens to grow into a serious challenge to his 18 years in power.
Published 03 Feb, 2021 08:46pm
Is MG 5 coming to Pakistan?
Automobile

Is MG 5 coming to Pakistan?

  • The MG 5 is a D-segment sedan that would rivals Toyota Corolla, Toyota Yaris and Honda City in the country.
  • In the international market, the MG 5 can be acquired with a choice of one of two 1.5-liter SAIC four-cylinder engines.
Updated 03 Feb, 2021 07:45pm
Robinhood to allow buying fractional shares of GameStop, AMC
Stocks

Robinhood to allow buying fractional shares of GameStop, AMC

  • The move allows buying parts of shares, often to encourage participation from smaller investors by reducing the size of the amount they have to bet.
  • Trading limit on GameStop shares was increased to 100 from 20 on Tuesday, while restrictions on Express Inc, Naked Brand Group Ltd and Nokia were also eased.
Published 03 Feb, 2021 07:32pm
WHO team probing COVID-19 visits Wuhan lab, meets 'Bat Woman'
China

WHO team probing COVID-19 visits Wuhan lab, meets 'Bat Woman'

  • A team of investigators led by the World Health Organization visited a virus research laboratory in China’s central city of Wuhan and met with a prominent virologist there in its search for clues to the origins of the COVID-19 pandemic.
  • The experts spent about 3-1/2 hours at the heavily-guarded Wuhan Institute of Virology, which has been at the centre of some conspiracy theories that claim a laboratory leak caused the city’s first coronavirus outbreak at the end of 2019.
Published 03 Feb, 2021 07:34pm
COVAX following EMA, Britain, on ages for Astrazeneca vaccine
Companies

COVAX following EMA, Britain, on ages for Astrazeneca vaccine

  • The COVID-19 vaccine developed by Oxford University and AstraZeneca gives good immune responses in older people.
  • The EMA has actually not restricted this vaccine in terms of age based upon the entire data packages, and of course that is a stringent regulatory authority.
Published 03 Feb, 2021 07:31pm
UK deepens defence and security ties with Japan
Europe

UK deepens defence and security ties with Japan

  • Japan and the UK have forged a close defence and security partnership that is being elevated to new heights this year when the UK Carrier Strike Group visits the Indo-Pacific.
  • The most significant Royal Navy deployment in a generation demonstrates the UK's commitment to working with our partners.
Published 03 Feb, 2021 07:25pm
Biden to meet Democratic lawmakers on COVID-19 aid: White House
USA

Biden to meet Democratic lawmakers on COVID-19 aid: White House

  • A Democrat himself, Biden will call into the weekly meeting of Democratic representatives and later meet Democratic senators in the Oval Office, the White House said in a statement.
  • Biden met a group of 10 moderate Republican senators on Monday and had said he wanted to garner bipartisan support for his plan.
Published 03 Feb, 2021 07:22pm
Fitch cuts outlook on Kuwait's debt rating to 'negative'
Financial

Fitch cuts outlook on Kuwait's debt rating to 'negative'

  • An OPEC member state, Kuwait has been hit hard by lower oil prices and the coronavirus pandemic.
  • "Without passage of a law permitting new debt issuance, the GRF could run out of liquidity in the coming months without further measures to replenish it" Fitch said.
Published 03 Feb, 2021 07:20pm
WHO team probing COVID-19 visits Wuhan lab, meets 'Bat Woman'
South Asia

WHO team probing COVID-19 visits Wuhan lab, meets 'Bat Woman'

  • Extremely important meeting today with staff at WIV including Dr Shi Zhengli. Frank, open discussion. Key questions asked & answered.
  • Very interesting. Many questions," Thea Fischer, a Danish member of the team, called from her car as it sped away from the lab following Wednesday's visit.
Published 03 Feb, 2021 07:14pm
India warns Twitter to comply with orders to block accounts
South Asia

India warns Twitter to comply with orders to block accounts

  • Twitter blocked dozens of accounts in India, including that of a leading news magazine, on Monday after the government said that users were posting content aimed at inciting violence.
  • Twitter unilaterally unblocked accounts, tweets despite the government's order.
Published 03 Feb, 2021 07:12pm
Irish COVID-19 unemployment rate climbs to 25pc in January
Europe

Irish COVID-19 unemployment rate climbs to 25pc in January

  • Restrictions, including the closure of shops and restaurants and a ban on travel and home visits, were dropped for most of December but reimposed late in that month following a surge in infections.
  • Excluding those on the emergency Pandemic Unemployment Payment, 5.8% of the workforce were registered as unemployed in January.
Published 03 Feb, 2021 07:09pm
India's Bharti Airtel swings to quarterly profit on subscriber gains
Companies

India's Bharti Airtel swings to quarterly profit on subscriber gains

  • Airtel's subscriber base in India grew to 336.2 million, with the company adding 12.9 million 4G subscribers during the last three months of 2020 to reach 165.6 million.
  • The telco has been gaining subscribers over the past few months, with analysts pointing out that the firm has also seen gains in some of the key markets of loss-making rival Vodafone Idea.
Published 03 Feb, 2021 07:03pm
Freeport, Tsingshan finalising $2.8bn copper smelter deal
Commodities

Freeport, Tsingshan finalising $2.8bn copper smelter deal

  • The smelters will produce copper pipes and wires of which output can be worth $10 billion or more.
  • If this goes according to plan, because the nickel plant would already have been running, by 2023 we would be able to produce lithium batteries.
Published 03 Feb, 2021 06:46pm
COVAX poised to issue vaccine distribution plan
Companies

COVAX poised to issue vaccine distribution plan

  • In all 190 countries have joined COVAX, launched last April with the goal of ensuring equitable access to vaccines during the pandemic.
  • GAVI CEO Seth Berkley said last week that COVAX aimed to deliver 2.3 billion doses by year-end.
Published 03 Feb, 2021 06:42pm
Tobacco exports grew by 42.85pc
Pakistan

Tobacco exports grew by 42.85pc

  • During the period from July-Dec 20, worth US $ 20,159 were exported this year as compared to the exports of US $ 14,112 same period during last year.
Published 03 Feb, 2021 06:40pm
Stocks rise as Reddit 'tumult' comes under US scrutiny
Stocks

Stocks rise as Reddit 'tumult' comes under US scrutiny

  • World shares inch closer to record peak, up 0.3%.
  • Yellen calls regulator meeting on GameStop volatility.
  • Italian assets shine on prospect Draghi becoming PM.
  • Silver rebounds, Brent crude prices at 11-month high.
Published 03 Feb, 2021 06:25pm
Atletico Madrid forward Joao Felix tests positive for Covid-19
Sports

Atletico Madrid forward Joao Felix tests positive for Covid-19

  • "Joao Felix has tested positive for Covid-19. The striker is isolating at home, in compliance with the health authorities' guidelines and La Liga protocols."
  • The 21-year-old Portuguese player joins teammates Yannick Carrasco and Mario Hermoso, who tested positive for coronavirus last week, on the sidelines.
Updated 03 Feb, 2021 06:09pm
Cross-border violence between India and Pakistan expected to intensify in 2021: Report
South Asia

Cross-border violence between India and Pakistan expected to intensify in 2021: Report

  • 2020 marked one of the most violent years for conflict between India and Pakistan, as relations between the two historically adversarial countries plummeted and military skirmishes across the disputed Jammu and Kashmir border intensified.
  • Cross-border violence between India and Pakistan in the Kashmir region is expected to manifest with greater intensity in 2021.
Updated 03 Feb, 2021 05:46pm
Benchmark EU carbon price hits record high 37.56 euros/tonne
Commodities

Benchmark EU carbon price hits record high 37.56 euros/tonne

  • The EU emissions trading system (ETS) is part of the 27-country bloc's efforts to reduce the greenhouse gas emissions that cause climate change.
  • Prices have been rising since the EU agreed last year to toughen its climate targets, a move which will increase demand for permits.
Published 03 Feb, 2021 05:40pm
Vaccination delay could cost EU economy 90bn euros: Allianz study
Companies

Vaccination delay could cost EU economy 90bn euros: Allianz study

  • To reach a goal of 70% immunity in adults by the summer, the EU would need a sixfold increase in the rate of vaccinations.
  • "One euro that is spent on speeding up vaccinations (though infrastructure, increased vaccine production) could avert four times as many euros in losses," it said.
Published 03 Feb, 2021 05:37pm
Copper rebounds on short covering, hopes on China liquidity
Commodities

Copper rebounds on short covering, hopes on China liquidity

  • Investors are expecting China to cool credit growth and scale back fiscal stimulus this year to help stabilise debt.
  • The market has been trying to come to terms with that cash squeeze we saw in China last week but there are some signs now that the squeeze has eased.
Published 03 Feb, 2021 05:34pm
India's Hero sets up separate unit to sell Harley motorcycles
Companies

India's Hero sets up separate unit to sell Harley motorcycles

  • Hero has added 11 Harley-Davidson dealers in India and begun wholesale dispatches of Harley products to dealers from Jan. 18, the company said in a statement to Indian stock exchanges.
  • A month later it entered a distribution deal with Hero, the world's largest producer of motorcycles and scooters.
Published 03 Feb, 2021 05:30pm
Brazil court weighs claims holding up Bunge soy acquisitions
USA

Brazil court weighs claims holding up Bunge soy acquisitions

  • The three-judge panel is expected to rule on whether the Panamanian firms Minefer Development SA and Triana Business SA are legitimate participants in the process.
  • Bunge and Imcopa declined to comment. Lawyers for Minefer and Triana did not respond to requests for comment.
Published 03 Feb, 2021 05:29pm
US lawmakers to question Biden's EPA pick over climate agenda
USA

US lawmakers to question Biden's EPA pick over climate agenda

  • Taking the helm of EPA would be a monumental task under the best of circumstances, but it's hard to imagine a more difficult moment than right now.
  • West Virginia Senator Shelley Moore Capito, who is expected to be the top Republican on the committee, said she will grill Regan about the administration's climate change agenda.
Published 03 Feb, 2021 05:25pm
Germany does not rule out more Russia sanctions over Navalny
Europe

Germany does not rule out more Russia sanctions over Navalny

  • Berlin will discuss further steps with its European partners, Chancellor Angela Merkel's spokesman Steffen Seibert said at a regular news conference.
  • The United States, Britain, Germany and the EU have urged Moscow to immediately free Navalny.
Published 03 Feb, 2021 05:22pm
Dutch to roll out rapid breath tests for COVID-19
Europe

Dutch to roll out rapid breath tests for COVID-19

  • Testing facilities in Amsterdam were this week the first to start using the SpiroNose, a machine which requires a person to breathe into it to indicate a possible coronavirus infection within a minute.
  • "If you are negatively tested, then it's a very reliable outcome and you can go," Van der Lubben said.
Published 03 Feb, 2021 05:20pm
Futures rise on strong results from Alphabet, Amazon; private payrolls data on deck
Stocks

Futures rise on strong results from Alphabet, Amazon; private payrolls data on deck

  • Amazon.com Inc edged 0.4% higher as its founder Jeff Bezos would step down as CEO and become executive chairman. The retail giant also reported quarterly sales above $100 billion for the first time.
  • More than 80% of reports from S&P 500 companies so far have surpassed analysts' earnings expectations, with 97% of reports from technology companies beating.
Published 03 Feb, 2021 05:17pm
Enterprise Products misses profit estimates as costs surge
Companies

Enterprise Products misses profit estimates as costs surge

  • Enterprise Products, which operates natural gas and crude oil pipelines, among other energy infrastructure, said total expenses in the fourth quarter jumped 14% on-quarter.
  • The Houston, Texas-based firm said it currently expects sustaining capital expenditures for 2021 to be about $440 million.
Published 03 Feb, 2021 05:16pm
Myanmar police file charges against Aung San Suu Kyi after coup
Asia

Myanmar police file charges against Aung San Suu Kyi after coup

  • Myanmar police have filed charges against ousted leader Aung San Suu Kyi for illegally importing communications equipment, detaining her till February 15 for further investigation.
  • The takeover cut short Myanmar’s long transition to democracy and drew condemnation from the United States and other Western countries.
Published 03 Feb, 2021 04:50pm
South Africa’s T20I squad arrives in Pakistan
Sports

South Africa’s T20I squad arrives in Pakistan

  • The Proteas will be allowed to train after clearing their COVID-19 tests, which will be carried out at the hotel.
  • The squad will be captained for the first time by Heinrich Klaasen, with uncapped seamer Okuhle Cele, wicketkeeper Ryan Rickleton and batsman Jacques Snyman all included.
Published 03 Feb, 2021 04:47pm
Fawad Chaudhry announces Pakistan’s ‘biggest scholarship’
Pakistan

Fawad Chaudhry announces Pakistan’s ‘biggest scholarship’

  • The development was made during the meeting of the Standing Committee on Science and Technology chaired by Senator Mushtaq Ahmed.
  • It was decided that Rs10,000 per month will be awarded to 10 matric toppers of each district, while the FA planned to give Rs12,000 per month to the first 10 toppers of each district.
Updated 03 Feb, 2021 03:48pm
Virus pushes Santander into massive annual loss
Financial

Virus pushes Santander into massive annual loss

  • "Although the crisis is global, our geographic and business diversification have once again served us well and underscored the strength of our team and mode," executive chairman Ana Botin said in a statement.
Published 03 Feb, 2021 01:23pm
Farmers' protest: India says temptation of sensationalist social media comments by celebrities is neither accurate nor responsible
World

Farmers' protest: India says temptation of sensationalist social media comments by celebrities is neither accurate nor responsible

  • "Before rushing to comment on such matters, we would urge that the facts be ascertained, and a proper understanding of the issues at hand be undertaken, a statement by Indian ministry said.
  • “Why aren’t we talking about this?!” Rihanna said in a Twitter post, sharing an article of the protest using the hashtag #FarmersProtest.
Published 03 Feb, 2021 01:00pm
TIP chairman passes away

TIP chairman passes away

KARACHI: Sohail Muzzafar, Advocate Supreme Court and Chairman Transparency International-Pakistan, passed away here...
Updated 03 Feb, 2021 12:52pm
Pakistan will continue to extend support to Kashmir cause: Qureshi
Pakistan

Pakistan will continue to extend support to Kashmir cause: Qureshi

  • Qureshi reaffirmed Pakistan's commitment to continue to extend full support to the Kashmiri people in their just struggle for right to self-determination
  • India has already issued over 1.8 million bogus domicile certificates to non-Kashmiris to settle them in the IIOJ&K to undermine the plebiscite: FM
Published 03 Feb, 2021 12:14pm
COVID-19 vaccination drive begins across Pakistan
Pakistan

COVID-19 vaccination drive begins across Pakistan

  • Dr Rana Imran Sikander head of the coronavirus ward at PIMS became the first person to receive coronavirus vaccination in the presence of Prime Minister Imran Khan.
  • China has provided 500,000 doses of the Sinopharm to Pakistan.
Published 03 Feb, 2021 12:25pm
Double digit growth in OMCs volume sales continue
Business & Finance

Double digit growth in OMCs volume sales continue

  • “We attribute continues uptick in HSD to government efforts in curbing HSD smuggling along with resumption of economic activities. Up till now, FBR has sealed 1556 retail outlets across the country from 2094 illegal retail outlets,” stated the report.
Published 03 Feb, 2021 12:21pm
Russia can make the internet autonomous, but wants to avoid the "double-edged sword"
World

Russia can make the internet autonomous, but wants to avoid the "double-edged sword"

  • Russia has the technological capabilities to ensure that the autonomous operation of the Russian segment of the Internet, but would remain hesitant to expand their reach to such extremes.
  • Medvedev conceded that the Russian equivalent to the isolated segment of the internet is only a backup plan, in the extreme case if Russia is disconnected from the globally interconnected system as a whole.
Updated 03 Feb, 2021 12:11pm
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