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Archive - 2021-02-05
US trade gap soars to $679 bn in 2020: govt
USA

US trade gap soars to $679 bn in 2020: govt

*The gap with China in goods trade narrowed by $34.4 billion to $310.8 billion last year, on a modest gain in exports and a small decline in imports, the Commerce Department reported.
Published 05 Feb, 2021 11:56pm
CDA removes encroachments from Lehtrar road
Pakistan

CDA removes encroachments from Lehtrar road

  • According to detail, the enforcement department of CDA under its anti-encroachment campaign conducted a mega operation at Lehtrar road and demolished the illegal buildings and retrieved the occupied land.
Updated 05 Feb, 2021 11:53pm
Nation united against Indian tyranny: Fawad
Pakistan

Nation united against Indian tyranny: Fawad

  • All the political parties had comprehensively devised a policy on Kashmir cause besides highlighting the gruesome human rights violation in Indian Illegally Occupied Jammu and Kashmir (IIOJK) at all forums, he said talking to a private news channel.
Updated 05 Feb, 2021 11:53pm
No compromise on Kashmir cause, says Sirajul Haq
Pakistan

No compromise on Kashmir cause, says Sirajul Haq

  • “The participation of millions of Pakistanis in Kashmir Solidarity Day rallies is the proof that the nation would never allow any compromise with India on the Kashmir cause,” he said while addressing a big rally at The Mall on Friday.
Updated 05 Feb, 2021 11:53pm
LCCI demands improvements in capital city's traffic system
Pakistan

LCCI demands improvements in capital city's traffic system

  • Tahir Manzoor Chaudhry suggested that traffic mess and jams on various intra-city roads and commercial areas of the capital city could be overcome through deployment of additional traffic wardens, while traffic could also be diverted to the alternative routes. He said that Electronic Traffic Violation system was a good development.
Published 05 Feb, 2021 11:43pm
JLI MANAGED TAKAFUL FUND
Rates.JLI

JLI MANAGED TAKAFUL FUND

KARACHI: JLI Managed Takaful Fund Rates on Thursday (February 4, 2021). ======================== Offer Price...
Updated 05 Feb, 2021 11:52pm
JLI MEESEQ Fund Rates
Rates.JLI

JLI MEESEQ Fund Rates

KARACHI: JLI Meeseq Fund Rates on Thursday (February 4, 2021). ======================== Offer Price 1,236.7805 ...
Updated 05 Feb, 2021 11:52pm
Currency notes: exchange rates
Forex

Currency notes: exchange rates

KARACHI: Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan...
Updated 05 Feb, 2021 11:52pm
‘Distrust in politics’
Letters

‘Distrust in politics’

This is apropos a Business Recorder op-ed “Distrust in politics” carried by the newspaper yesterday. According ...
Updated 05 Feb, 2021 11:48pm
‘Mission Economy’
Opinion

‘Mission Economy’

‘The bungled response of the government to the pandemic – from the failure to enforce lockdown early enough to...
Updated 05 Feb, 2021 11:48pm
Looming groundwater crisis
Editorials

Looming groundwater crisis

EDITORIAL: A World Bank report released late last week, pointing out that Pakistan faced a severe groundwater crisis...
Updated 05 Feb, 2021 11:48pm
Biden ends US support for Yemen war

Biden ends US support for Yemen war

WASHINGTON: President Joe Biden is ending US military support for the war by its Saudi allies in Yemen, the White...
Updated 05 Feb, 2021 11:47pm
Aussie, kiwi up
Money & Banking

Aussie, kiwi up

SYDNEY/WELLINGTON: The Australian and New Zealand dollars crept up on Thursday as rising stock markets spoke of...
Updated 05 Feb, 2021 11:47pm
Cotton Spot Rates
Cotton & Textile

Cotton Spot Rates

KARACHI: Official KCA spot rates for local dealings in Pakistan rupees on Thursday (February 4, 2021)....
Updated 05 Feb, 2021 11:47pm
100,000 sign petition calling for unfettered British-N.Irish trade
Europe

100,000 sign petition calling for unfettered British-N.Irish trade

  • A month after Britain left the EU's orbit, it is once again arguing with Brussels over the most contentious issue of its five year Brexit negotiations - rules for trade involving Northern Ireland.
  • To ensure no land border between the British-ruled region and the rest of Ireland.
Published 05 Feb, 2021 09:25pm
US Senators propose limiting liability shield for social media platforms
USA

US Senators propose limiting liability shield for social media platforms

  • Called the SAFE TECH Act, the bill would mark the latest effort to make social media companies like Alphabet Inc's Google, Twitter Inc and Facebook Inc more accountable for "enabling cyber-stalking.
  • The bill would make it clear that Section 230, which was enacted in 1996 as part of a law called the Communications Decency Act,
Published 05 Feb, 2021 09:15pm
Guardiola to confront Klopp over Man City 'COVID break' claim
Sports

Guardiola to confront Klopp over Man City 'COVID break' claim

  • City's Premier League trip to Everton was initially scheduled for Dec. 28 but was postponed after a number of positive COVID-19 cases identified within the squad.
  • As a result, Guardiola's side did not play for a week between their 2-0 Boxing Day win over Newcastle United and a 3-1 victory over Chelsea on Jan. 3 -- which they played without eight first-team players.
Published 05 Feb, 2021 09:12pm
Mourinho not worried about pressure at Spurs, still chasing silverware
Sports

Mourinho not worried about pressure at Spurs, still chasing silverware

  • Spurs suffered their third consecutive Premier League defeat for the first time since Nov. 2012 on Thursday as they were beaten 1-0 by Thomas Tuchel's Chelsea.
  • Having led the league at the start of December, Spurs now sit in eighth place, 14 points behind table-toppers Manchester City.
Published 05 Feb, 2021 09:11pm
Canada's Ivey PMI shows activity contracting in January
USA

Canada's Ivey PMI shows activity contracting in January

  • The seasonally adjusted index rose to 48.4 from 46.7 in December. A reading below 50 indicates decreasing activity.
  • The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada.
Published 05 Feb, 2021 09:09pm
Czechs may follow Hungary in using vaccines not registered in EU
Europe

Czechs may follow Hungary in using vaccines not registered in EU

  • He said he had also spoken about the issue with German officials, including Chancellor Angela Merkel, who he said wanted Russian or Chinese vaccines to be given European approval.
  • Hungary so far is the only EU member to have given emergency use approval to Chinese and Russian vaccines.
Published 05 Feb, 2021 09:05pm
Lockdown still needed in Denmark to combat new virus variant
Europe

Lockdown still needed in Denmark to combat new virus variant

  • Denmark instituted hard lockdown measures in December after seeing infections rise exponentially and in particular to curb the spread of the new B.1.1.7. variant, first identified in Britain.
  • We are down to some very low infection rates and if it were not for the darned B.1.1.7., we would be able to relax.
Published 05 Feb, 2021 09:01pm
US Senators ready bill to limit Section 230
USA

US Senators ready bill to limit Section 230

  • Called the SAFE TECH Act, the bill would mark the latest effort to make social media companies like Alphabet Inc's Google and Facebook Inc more accountable for "enabling cyber-stalking.
Published 05 Feb, 2021 08:59pm
Polish central bank head says rates most likely to remain stable
Money & Banking

Polish central bank head says rates most likely to remain stable

  • The most likely scenario is a complete lack of any change in rates in the coming months.
  • Poland's benchmark interest rate has been at a record low 0.1% since rate-setters cut it three times by a cumulative 140 basis points during the first wave of the COVID-19 pandemic in the spring of 2020.
Published 05 Feb, 2021 08:56pm
Russian pipeline oil exports via northern Druzhba down 20pc amid price row
Companies

Russian pipeline oil exports via northern Druzhba down 20pc amid price row

  • Rosneft and Surgutneftegaz decreased their oil supplies to Poland and Germany amid price disputes with European refiners following the fall in profitability of Druzhba pipeline supplies compared with seaborne Urals exports.
  • Oil exports via the route may decline further in February amid the ongoing price row.
Published 05 Feb, 2021 08:54pm
Asset manager BlackRock cuts stake in Occidental Petroleum
Companies

Asset manager BlackRock cuts stake in Occidental Petroleum

  • The firm beneficially owned 53.69 million Occidental shares at the end of December, down 5 million shares from a year earlier. The stake was valued at $1.22 billion on Friday.
  • BlackRock did not immediately reply to a request for comment. The firm has urged companies to prepare their businesses to live in a low-carbon environment by the middle of this century.
Published 05 Feb, 2021 08:50pm
Longer-term yields higher in volatile session after jobs report
Financial

Longer-term yields higher in volatile session after jobs report

  • The benchmark 10-year yield was up 1.4 basis points at 1.1532% in morning trading after it reached as high as 1.188%, its highest since March 20, 2020.
  • US employment growth rebounded less than expected in January and job losses the prior month were deeper than initially thought.
Published 05 Feb, 2021 08:47pm
AstraZeneca expects US trial results in next 4-6 weeks
Europe

AstraZeneca expects US trial results in next 4-6 weeks

  • "I think we're getting very close to getting data. I would say in the next four to six weeks we should have the results for that study reading out,"
  • Some experts had expected the data sooner than that, given the high infection rates in the United States during the period of testing.
Published 05 Feb, 2021 08:46pm
Czech central bank offers alternative with slower rate rise
Money & Banking

Czech central bank offers alternative with slower rate rise

  • The central bank left interest rates unchanged on Thursday, while the board saw substantial risks to staff forecasts from more prolonged anti-pandemic measures than the outlook assumes.
  • The "Longer-lasting pandemic-induced downturn scenario" predicts slower growth of the interbank rate (PRIBOR), a proxy for the central bank's main rate.
Published 05 Feb, 2021 08:35pm
Aggreko shares surge on possible 2.25bn pound buyout proposal
Stocks

Aggreko shares surge on possible 2.25bn pound buyout proposal

  • The company, which has a contract to supply power equipment for Tokyo 2020 Olympic and Paralympic Games.
  • Shares in the FTSE 250 firm hit 879 pence in response to the news, touching over a one-year high, but still below the possible offer price.
Published 05 Feb, 2021 08:22pm
US job growth rebound less than expected; more government aid needed
USA

US job growth rebound less than expected; more government aid needed

  • The Labor Department said on Friday nonfarm payrolls increased by 49,000 jobs last month. Data for December was revised to show 227,000 jobs lost instead of 140,000 as previously reported.
  • The unemployment rate was at 6.3% in January. The jobless rate has been understated by people misclassifying themselves as being "employed but absent from work."
Published 05 Feb, 2021 07:55pm
India cannot break Kashmiri people's resolve anywhere in the world: Yusuf
Pakistan

India cannot break Kashmiri people's resolve anywhere in the world: Yusuf

  • “I was honoured to witness the emotions and steadfastness of the legislative assembly of AJK and their bond with our brothers and sisters in IIOJK this morning,” says PM's aide.
  • "India cannot break the resolve of Kashmiris anywhere in the world, regardless of whatever illegal steps it may take," he wrote.
Updated 05 Feb, 2021 07:55pm
Seven million Italians seen fully vaccinated by end-March
Europe

Seven million Italians seen fully vaccinated by end-March

  • Pfizer and Moderna doses will be administered in parallel, to those over 80 and most exposed to risks, such as health workers.
  • "Meanwhile, the number of Italians that are fully vaccinated will top 1 million today," he said during a weekly press event.
Published 05 Feb, 2021 07:51pm
US trade deficit jumps to 12-year high in 2020
USA

US trade deficit jumps to 12-year high in 2020

  • The Commerce Department said on Friday that the trade deficit jumped 17.7% to $678.7 billion last year.
  • Trade flows have been gradually improving. For December, the trade deficit narrowed 3.5% to $66.6 billion.
Published 05 Feb, 2021 07:48pm
Taiwan punishes foreign banks in speculation case
Money & Banking

Taiwan punishes foreign banks in speculation case

  • The Taiwan dollar is at a more than 23-year-high against the greenback as the island's trade-dependent economy booms on the back of global demand for its tech products.
  • The suspension will be a year or more for the most serious cases, the sources said, without saying the length of time being applied to each bank.
Published 05 Feb, 2021 07:42pm
HSBC opts out of Britain's pandemic loan collection plan
Money & Banking

HSBC opts out of Britain's pandemic loan collection plan

  • HSBC told industry body UK Finance, which is setting up the central body, this week that it would not be joining.
  • The source said HSBC had decided to set up its own system as it wanted to closely manage any commercial and reputational risks in-house rather than fully outsource the work.
Published 05 Feb, 2021 07:22pm
Lazard 4th-quarter profit more than doubles as M&A activity surges
Money & Banking

Lazard 4th-quarter profit more than doubles as M&A activity surges

  • Lazard, whose business is split between asset management and financial advisory, reported adjusted net income of $192 million, or $1.66 per share.
  • Generally speaking it was a very strong M&A market both in the third and fourth quarter. I think the year is off to a pretty strong start across the board.
Published 05 Feb, 2021 07:19pm
Too delicate: Germany ducks Taiwan appeal for COVID-19 vaccine supply
Europe

Too delicate: Germany ducks Taiwan appeal for COVID-19 vaccine supply

  • While promising help on chips, Taiwan Economy Minister Wang Mei-hua appealed to Germany's de facto ambassador in Taipei for assistance in obtaining vaccines.
  • The first COVID-19 vaccine to win European approval was devised by German biotech startup BioNTech, which is marketing the shot in partnership with US drug company Pfizer Inc.
Updated 05 Feb, 2021 07:19pm
Vietnam allows stock exchanges to use circuit breakers
Stocks

Vietnam allows stock exchanges to use circuit breakers

  • Based on the real time conditions of the markets, the State Securities Commission will decide to apply the circuit breakers, or the combination of circuit breakers and the adjustment of the trading bands.
  • The government said separately on Friday that domestic investors opened 86,269 stock trading accounts in January, a record high and up 36.4% from December.
Published 05 Feb, 2021 06:40pm
Chevron offers to take pipeline operator Noble Midstream private
Companies

Chevron offers to take pipeline operator Noble Midstream private

  • Chevron, the second-largest US oil producer, in October closed a $4.1 billion all-stock purchase of oil and gas producer Noble Energy, gaining a majority stake in the pipeline business.
  • On Friday, the company said it has offered to buy the rest of Noble Midstream at $12.47 per common unit, the same price Noble's shares ended on Thursday.
Published 05 Feb, 2021 06:36pm
Ukraine grain exports down 20.5pc so far this season
Commodities

Ukraine grain exports down 20.5pc so far this season

  • Traders have sold 13.09 million tonnes of wheat, 11.8 million tonnes of corn and 3.95 million tonnes of barley.
  • Ukraine is among the leading global grain exporters and sold about 57 million tonnes of grain to foreign buyers in the 2019/20 season.
Published 05 Feb, 2021 06:28pm
Linde sees 2021 double-digit earnings growth after Q4 beat
Companies

Linde sees 2021 double-digit earnings growth after Q4 beat

  • I have confidence in our ability to grow EPS double-digit percent irrespective of the macro environment while also leveraging any economic recovery.
  • Linde's Frankfurt-listed shares were up 1.6%, and are up 53% since mid-March when the spread of the coronavirus triggered a sell-off in global stocks
Published 05 Feb, 2021 06:25pm
South Africa says term sheet signed for 9mn J&J vaccine doses
Africa

South Africa says term sheet signed for 9mn J&J vaccine doses

  • The ministry said in a presentation in parliament that one of the conditions for the J&J vaccine was the establishment of a no-fault compensation system for adverse events.
  • It added that Moderna had offered the country 200,000 doses of its COVID-19 vaccine priced at $30-$42 a dose in the second quarter.
Published 05 Feb, 2021 06:23pm
Vinci tops French blue-chip index on profits beat, flags bumpy 2021
Companies

Vinci tops French blue-chip index on profits beat, flags bumpy 2021

  • Vinci Airports remain badly affected, Chief Executive Xavier Huillard said, as the owner of London's Gatwick airport confirmed 2020 passenger numbers were down 70%.
  • Speaking on a call with journalists, Huillard flagged a 2.4 billion euros ($2.87 billion) pandemic impact on its net results.
Published 05 Feb, 2021 06:17pm
Two dead, three injured in Quetta blast
Pakistan

Two dead, three injured in Quetta blast

  • The explosion took place inside a truck, parked outside deputy commissioner’s office on Anscomb Road in the city.
  • The Bomb Disposal Squad reached the site to ascertain the nature of blast but the policemen said they believe it was a planted device that exploded.
Published 05 Feb, 2021 06:16pm
Brazil govt in talks with states to reduce tax on fuel: report
Energy

Brazil govt in talks with states to reduce tax on fuel: report

  • Citing sources, the paper said the federal government wants states to adopt a flat tax on fuel. Currently, states can change taxes on fuel frequently.
  • Brazilian President Jair Bolsonaro said he planned to meet on Friday with the CEO of state-controlled oil company Petroleo Brasileiro SA (Petrobras) to discuss diesel prices.
Published 05 Feb, 2021 06:14pm
Italy's LEU party says will not support a Draghi govt with the League
Europe

Italy's LEU party says will not support a Draghi govt with the League

  • There are issues that make us incompatible with the presence of parties like the League. We have been very clear and I think this has been appreciated.
  • Draghi, who received a mandate to form a new government with broad parliamentary support, is holding talks with parties to muster a majority in the highly fragmented parliament.
Published 05 Feb, 2021 06:08pm
S&P, Nasdaq futures at record highs before January jobs report
Stocks

S&P, Nasdaq futures at record highs before January jobs report

  • The report, however, would not lessen the need for additional relief money from the government as long-term unemployment was likely becoming entrenched.
  • Johnson & Johnson rose 2.2% after the drugmaker said it had asked US health regulators to authorize its single-dose COVID-19 vaccine for emergency use.
Published 05 Feb, 2021 06:03pm
World shares near record levels as vaccines inject hope
Stocks

World shares near record levels as vaccines inject hope

  • MSCI ACWI near record peak hit in late January.
  • Brisk earnings, US stimulus, strong data boost sentiment.
  • Bond yields higher on rising inflation expectations.
  • Dollar, pound, shekel favoured on progress in vaccination.
Published 05 Feb, 2021 05:56pm
Regeneron quarterly profit beats on strong drug sales
Companies

Regeneron quarterly profit beats on strong drug sales

  • Physician-administered macular degeneration drug Eylea sales were hurt during the height of the pandemic last year as patients were reluctant to visit doctors' offices.
  • Sales from eczema drug Dupixent, which are recorded by Regeneron partner Sanofi, were $1.17 billion, compared to $751.5 million a year earlier.
Published 05 Feb, 2021 05:53pm
Hungary may start Russia's Sputnik shots next week, says PM
Europe

Hungary may start Russia's Sputnik shots next week, says PM

  • It is scheduled to receive 600,000 doses of Sputnik and another half a million doses of China's Sinopharm vaccine this month.
  • Orban said so far 264,530 Hungarians - healthcare workers and the most vulnerable elderly - have received at least one shot from the Pfizer and Moderna vaccines.
Published 05 Feb, 2021 05:48pm
Virginia lawmakers to vote on abolishing death penalty
USA

Virginia lawmakers to vote on abolishing death penalty

  • The Senate passed the measure earlier this week, and Governor Ralph Northam, a Democrat, said he will sign a repeal into law.
  • "The ultimate punishment has to be available for the ultimate crime," Jason Miyares, a Republican, said, as he held up pictures of Virginia murder victims.
Published 05 Feb, 2021 05:42pm
PM Khan says he will continue to raise voice for Kashmiris, till they get freedom
Pakistan

PM Khan says he will continue to raise voice for Kashmiris, till they get freedom

  • Imran says even non-Muslim countries, that believe in justice, wish to see Kashmir get its due right which the United Nations had promised
  • India was behind Pulwama incident as PM Narendra Modi wanted to win the Balakot elections: PM
  • PM Khan articulated that if the people of Kashmir choose to be a part of Pakistan, or to remain independent, "this will be your right", and that they have the right to make their own independent decision.
Updated 05 Feb, 2021 05:46pm
Djokovic dynasty under threat at Australian Open
Sports

Djokovic dynasty under threat at Australian Open

  • Yet, for once, Djokovic may hear the rumbling of hooves as the likes of Austrian Dominic Thiem and Germany's Alexander Zverev look to storm the fortress.
  • Djokovic won his eighth Australian Open title last year and finished the COVID-19 pandemic-blighted 2020 season with the top ranking for a sixth year.
Published 05 Feb, 2021 05:40pm
Serena looks to hold back tide of youth in history quest
Sports

Serena looks to hold back tide of youth in history quest

  • Simona Halep is the only woman over the age of 24 to have won a Grand Slam singles title in the last two years.
  • While Osaka played only four tournaments last season, Barty holds the top ranking despite playing her first competitive matches in almost a year in the Australian Open warm-ups this week.
Published 05 Feb, 2021 05:30pm
MONETA's Q4 profit beats estimates ahead of PPF's bid launch
Money & Banking

MONETA's Q4 profit beats estimates ahead of PPF's bid launch

  • Kellner's PPF group is aiming to take control of the country's sixth-largest bank through a voluntary offer for up to 29% of shares and proposes to merge MONETA with PPF's smaller Air Bank unit.
  • MONETA, focused on the retail and SME sectors, reported a 35% fall in net profit in 2020 to 2.6 billion crowns ($120.64 million).
Published 05 Feb, 2021 05:24pm
Ajax goalkeeper Onana suspended one year for doping
Sports

Ajax goalkeeper Onana suspended one year for doping

  • Ajax said they had hoped Onana would receive a shorter ban because the substance was "arguably" not a performance booster.
  • "He wanted to take a pill to ease the discomfort. Unknowingly, however, he took Lasimac, a drug that his wife had previously been prescribed.
Published 05 Feb, 2021 05:00pm
Pakistan’s Sadpara, son expedite K2 winter summit
Pakistan

Pakistan’s Sadpara, son expedite K2 winter summit

  • Sadpara and his son have reached Hotel Nek and they can summit the second highest mountain of the world today (Friday) at any time.
  • A climber hailing from Balgharia slipped and fell while returning to the Camp-3 along with other climbers.
Updated 05 Feb, 2021 03:52pm
U.N. Security Council demands Myanmar coup leaders free Suu Kyi as U.S. weighs sanctions
Asia

U.N. Security Council demands Myanmar coup leaders free Suu Kyi as U.S. weighs sanctions

  • The United Nations Security Council called for the release of Myanmar leader Aung San Suu Kyi and others detained by the military as diplomatic and financial pressure grew on the generals who seized power this week to restore democracy.
  • U.S. President Joe Biden said the military should step down as the administration considered slapping sanctions on the generals responsible for Monday’s coup in the Southeast Asian country.
Published 05 Feb, 2021 02:20pm
Palm oil may rise to 3,422 ringgit
Commodities

Palm oil may rise to 3,422 ringgit

  • A break below 3,322 ringgit may cause a fall into 3,208-3,260 ringgit range. On the daily chart, the contract is trying to stabilize around a rising trendline.
Published 05 Feb, 2021 11:58am
US oil may rise into the $57.24-$57.55 range
Energy

US oil may rise into the $57.24-$57.55 range

  • The next resistance will be at $57.72, a break above which could lead to a gain to $58.55. A pennant suggests a target of $58.30 which falls within the range of $57.72-$58.55.
Published 05 Feb, 2021 11:57am
Brent oil may rise into $59.63-$60.13 range
Energy

Brent oil may rise into $59.63-$60.13 range

  • However, this wave count has to be modified, as oil has surpassed $59.04. The strong move indicates the progress of a powerful wave (3)-3, which could drive the market wild.
Published 05 Feb, 2021 11:55am
Iron ore futures rise on post-Lunar New Year demand optimism
Commodities

Iron ore futures rise on post-Lunar New Year demand optimism

  • After the holiday, Widnell said "leading indicators will be the pace at which warehouses restock steel, rebounding blast furnace capacity utilization rates, and slower arrivals of Australian and Brazilian iron ore - all of which should be price supportive".
Published 05 Feb, 2021 11:38am
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