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Archive - 2021-02-08
TSX rises on boost from pot producers, materials stocks
Stocks

TSX rises on boost from pot producers, materials stocks

  • The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.9% as gold futures rose 1.2% to $1,833.4 an ounce.
  • Toronto Stock Exchange's S&P/TSX composite index was up 126.16 points, or 0.7%, at 18,262.06.
Updated 09 Feb, 2021 04:00am
Russia's Rusal Q4 aluminium sales down 7.1pc y/y
Commodities

Russia's Rusal Q4 aluminium sales down 7.1pc y/y

  • Hong-Kong listed Rusal, the world's largest aluminium producer outside China, said its aluminium sales totalled 1.028 million tonnes in October to December 2020, up 2.0% quarter-on-quarter.
  • Sales to Europe as a proportion of the total fell 9 percentage points year-on-year to 45%, while Asia's share grew by 8 pp to 25%.
Updated 08 Feb, 2021 10:03pm
Nishikori's 'high-level' not enough to stop first-round exit
Sports

Nishikori's 'high-level' not enough to stop first-round exit

  • The former world number four, a four-time quarter-finalist at Melbourne Park, bowed out 7-5 7-6(4) 6-2 to Spanish 15th seed Pablo Carreno-Busta.
  • "Well, tough because I thought I was playing well but Carreno was playing better today," Nishikori told reporters.
Updated 08 Feb, 2021 10:01pm
Dollar steadies after US jobs-related losses
Forex

Dollar steadies after US jobs-related losses

  • Dollar index little changed after Friday payrolls fall.
  • Jobs data takes shine off dollar rebound.
  • Ethereum gains on futures debut.
  • Bitcoin hits record high after Tesla purchase.
Published 08 Feb, 2021 09:42pm
Intesa signs MOU to buy insurer Cargeas for 390mn euros
Money & Banking

Intesa signs MOU to buy insurer Cargeas for 390mn euros

  • Cargeas had an accord to distribute its products through UBI Banca, Italy's fifth-largest bank which was taken over last year by Intesa.
  • The final accord is expected to be signed by the end of the month while the closing of the deal is due in the first half.
Published 08 Feb, 2021 09:40pm
Germany expels Russian diplomat in tit-for-tat move
Europe

Germany expels Russian diplomat in tit-for-tat move

  • The Foreign Office today declared 'persona non grata' an employee of the Russian embassy in Berlin.
  • Russia said the diplomats had participated in a demonstration in support of jailed Kremlin critic Alexei Navalny, but Germany disputed this.
Published 08 Feb, 2021 09:15pm
France's Altrad in talks to buy German rival Bilfinger
Industry

France's Altrad in talks to buy German rival Bilfinger

  • Both Altrad and CD&R have offered more than 30 euros a share for Bilfinger, which has a market value of 1.3 billion euros ($1.57 billion).
  • Bilfinger appointed investment bank Perella Weinberg as an adviser after receiving calls from private equity funds following a deep sell-off during the first wave of the pandemic.
Published 08 Feb, 2021 09:13pm
Mexican inflation seen higher in January
USA

Mexican inflation seen higher in January

  • The median forecast of 13 analysts polled was for inflation to climb to 3.46% in January from 3.15% in December.
  • Core annual inflation was expected to register a rate of 3.82%, the survey showed.
Published 08 Feb, 2021 09:09pm
Qatar's QP signs deal for mega LNG expansion
Companies

Qatar's QP signs deal for mega LNG expansion

  • The contract - which covers major onshore engineering, procurement and construction - was signed with a joint venture between Chiyoda and Technip and is known as North Field East.
  • "The total cost of the project will be $28.7 billion, making it one of the industry's largest investments in the past few years and largest LNG capacity ever built," Kaabi said.
Published 08 Feb, 2021 09:04pm
US and Canadian natural gas prices soar during arctic freeze
Energy

US and Canadian natural gas prices soar during arctic freeze

  • "This blast of cold air will likely settle in for multiple days to come," meteorologists at AccuWeather said.
  • High temperatures in Chicago were expected to remain below freezing (32 degrees Fahrenheit or zero degrees Celsius) from Feb. 5-22, AccuWeather said.
Published 08 Feb, 2021 08:38pm
Twitter’s India public policy director, Mahima Kaul, resigns
Asia

Twitter’s India public policy director, Mahima Kaul, resigns

  • Twitter’s public policy director Mahima Kaul recently resigned from her role, two sources said. A LinkedIn ad showed the company is seeking candidates for the key government relations position.
  • Twitter confirmed Ms. Kaul’s resignation, saying she would stay on through March and was helping with the transition, but otherwise declined to comment. It said this week that it withholds access to content on receiving a “properly scoped request from an authorized entity”.
Updated 08 Feb, 2021 08:26pm
UAE's top bank to debut in euro market amid Gulf bonds deluge
Financial

UAE's top bank to debut in euro market amid Gulf bonds deluge

  • Borrowers in the oil-dependent region have been tapping global debt markets at cheap rates this year as abundant global liquidity pushes investors to hunt for higher-yielding assets.
  • Regional borrowers are also helped by an upbeat market view of economic recovery from the pandemic, bankers say.
Published 08 Feb, 2021 08:22pm
Egypt expects to sell around $3 billion in three-tranche bonds
Financial

Egypt expects to sell around $3 billion in three-tranche bonds

  • It tightened price guidance to 4.125% to 4.25% for a five-year tranche, around 6.125% for 10-year bonds and around 7.75% for 40-year notes, the document showed. Demand skewed to the longer tranches.
  • It had given initial price guidance of 4.25% to 4.375% for the five-year tranche, around 6.25% for the 10-year bonds and around 7.875% for the 40-year notes.
Published 08 Feb, 2021 08:12pm
Rough road ahead for Latam and Caribbean economies, says IMF
USA

Rough road ahead for Latam and Caribbean economies, says IMF

  • "The pandemic's resurgence towards the end of the year threatens to thwart an uneven recovery and add to the steep social and human costs," the IMF's economists said in a blog post.
  • "What we're urging in Latin America is, please concentrate on the reforms that would bring more vibrancy to growth," she said.
Published 08 Feb, 2021 08:08pm
Facebook, Twitter among platforms failing to prevent harmful content
Technology

Facebook, Twitter among platforms failing to prevent harmful content

  • The three social media giants all performed worse in stopping hate speech on their platforms in the second half of 2020 compared with the first, IPG Mediabrands said in a report on its updated audit.
  • Of them, smaller platforms made notable advances throughout 2020, including Chinese-owned app TikTok, which faced the threat of a US ban last year over concerns about user data privacy.
Published 08 Feb, 2021 08:06pm
Nigeria needs to raise VAT to boost revenues post-recession: IMF
Africa

Nigeria needs to raise VAT to boost revenues post-recession: IMF

  • "The Nigerian economy is at a critical juncture. Policy adjustment and reforms are urgently needed to navigate this crisis and change the long-running lackluster course," it said.
  • Nigeria collects the equivalent of 5.7% of gross domestic product in tax and the government mostly relies for revenue on crude sales.
Published 08 Feb, 2021 08:03pm
CanSinoBIO's COVID-19 dose 65.7pc effective in large trial: Pakistan
Companies

CanSinoBIO's COVID-19 dose 65.7pc effective in large trial: Pakistan

  • The vaccine, jointly developed by a research institute affiliated with the Chinese military, follows two competing shots from Chinese companies Sinovac and state-backed Sinopharm that showed efficacy of between 50% and 91%.
  • Although vaccines from Chinese developers have shown lower protection rates than some Western products.
Published 08 Feb, 2021 07:57pm
Zidane still believes in himself but unsure of future
Sports

Zidane still believes in himself but unsure of future

  • He was more composed in Monday's news conference ahead of Real's home match against Getafe but did not want to discuss whether he would remain until his contract ends in June 2022.
  • "We'll see about that, the most important thing is how we work each day, that's what I'm concerned with," Zidane said.
Published 08 Feb, 2021 07:55pm
Tesla electrifies bitcoin with $1.5bn bet, car payments pledge
Companies

Tesla electrifies bitcoin with $1.5bn bet, car payments pledge

  • A well-known supporter of bitcoin, Chief Executive Officer Elon Musk has been weighing in regularly over the past week to a frenzy in retail investment.
  • I think we will see an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move.
Published 08 Feb, 2021 07:50pm
Paire slams Australian Open for 'shameful' quarantine treatment
Sports

Paire slams Australian Open for 'shameful' quarantine treatment

  • A few top-ranked players, including world number one Novak Djokovic and US Open champion Dominic Thiem.
  • "I think it's shit, and what happened is shameful," Paire told French media on Monday. "I'm very happy with my level... but this tournament, I think it's really crap.
Published 08 Feb, 2021 07:47pm
US loan funds see fifth consecutive weekly inflow: Lipper
Financial

US loan funds see fifth consecutive weekly inflow: Lipper

  • Loan participation funds invest primarily in corporate leveraged loans that have floating interest rates, and hence higher rate expectations have boosted inflows into these funds.
  • Loan participation funds are seeing higher inflows in 2021 since they offer better returns/dividends than high-yield bonds and provide global investors with a good diversification and hedging option.
Published 08 Feb, 2021 07:44pm
Mubadala plans international bond sale
Business & Finance

Mubadala plans international bond sale

  • Mubadala, which manages around $230 billion in assets and is the second-biggest state investor in Abu Dhabi after the Abu Dhabi Investment Authority, is a regular issuer in debt capital markets.
  • Mubadala has 1.25 billion euros in bonds maturing next month, as well as more than $350 million due in April and $700 million due in December, according to Refinitiv data.
Published 08 Feb, 2021 07:43pm
Luxembourg fund industry is a $5.4 trillion 'black box', investigation says
Industry

Luxembourg fund industry is a $5.4 trillion 'black box', investigation says

  • The OpenLux investigation by journalists from a group of media organisations, including Le Monde, Le Soir, the Miami Herald and Sueddeutsche Zeitung, sifted through four million documents.
  • Over 80% of private investment funds examined did not declare who their end investors were, said the investigation.
Published 08 Feb, 2021 07:40pm
Tesla electrifies bitcoin with $1.5 billion bet, car payments pledge
Markets

Tesla electrifies bitcoin with $1.5 billion bet, car payments pledge

  • Analysts said the move by one of the world’s best-known companies was liable to prove a game changer for bitcoin.
  • Musk said a week ago that bitcoin was “on the verge” of being more widely accepted among investors and in December asked if it was possible to do large transactions in the currency.
Updated 08 Feb, 2021 07:33pm
WTO delays ruling on US metal tariffs to second half of 2021
Commodities

WTO delays ruling on US metal tariffs to second half of 2021

  • The WTO panel handling challenges brought by China, the European Union, India, Norway, Russia, Switzerland and Turkey had previously said its final report would not be before autumn 2020.
  • The US administration of former President Donald Trump set duties in 2018 of 25% on incoming steel.
Published 08 Feb, 2021 07:20pm
Brazil's Raizen to buy Louis Dreyfus sugar unit Biosev
Companies

Brazil's Raizen to buy Louis Dreyfus sugar unit Biosev

  • Raizen said in a securities filling it will pay 3.6 billion reais ($670.34 million) to Biosev shareholders, which will also receive 3.5% of Raizen preferred shares, plus 1.49% of redeemable shares.
  • The deal boosts Raizen's credential as the world's largest sugar maker, and one of the largest ethanol producers.
Published 08 Feb, 2021 07:15pm
Cubic to be taken private for $2.2 billion by Veritas, Elliott
Companies

Cubic to be taken private for $2.2 billion by Veritas, Elliott

  • The company had adopted a poison pill last year, allowing existing shareholders to buy more shares at a discount, after Elliott took a 15% stake in the firm with an aim to acquire the company.
  • Cubic makes technology that helps major subway systems collect fares and has also developed a game-based learning technology for the defense industry.
Published 08 Feb, 2021 07:09pm
Chinese regulators call in Tesla over customer complaints
Companies

Chinese regulators call in Tesla over customer complaints

  • The regulators urged Tesla to operate according to China laws and protect customer rights.
  • Tesla is building Model 3 electric sedans and Model Y sport-utility vehicles in its Shanghai factory. It sold 15,484 China-made vehicles in January.
Published 08 Feb, 2021 07:07pm
Indonesia's medical seniors get vaccines after regulator's green light
South Asia

Indonesia's medical seniors get vaccines after regulator's green light

  • Indonesia's food and drug agency recently approved use of the Sinovac Biotech vaccine for the elderly, potentially changing the country's strategy to focus on the working population.
  • I hope that once I am vaccinated I will be safe in my daily life, especially as the rate of the pandemic is going up, not down.
Published 08 Feb, 2021 07:02pm
GameStop shares jump 11pc as Reddit trading mania calms
Stocks

GameStop shares jump 11pc as Reddit trading mania calms

  • The rally, which catapulted GameStop shares to as high as $483 from around $20 before they fell back to about $64.
  • In pre-market trading on Monday, GameStop shares were up 10.8% following a 20% jump on Friday. AMC shares.
Published 08 Feb, 2021 06:58pm
Indian court lifts hold on Future's $3.4bn retail deal in setback for Amazon
South Asia

Indian court lifts hold on Future's $3.4bn retail deal in setback for Amazon

  • A two-judge bench hearing Future's appeal on Monday put on hold the previous ruling, which had effectively stalled the mega retail deal, two sources familiar with the proceedings said.
  • Future is India's second-largest retailer with over 1,700 stores and agreed to sell its retail businesses to market leader Reliance last year.
Published 08 Feb, 2021 06:57pm
Bitcoin jumps 10pc to record high on Tesla investment news
Forex

Bitcoin jumps 10pc to record high on Tesla investment news

  • The news sent Bitcoin soaring as high as $43,625 as of 1300 GMT. The electric carmaker unveiled the investment ten days after its chief executive Elon Musk added a "#bitcoin" tag on his Twitter profile page, which drove bitcoin higher on the day.
Updated 08 Feb, 2021 06:40pm
Shares reach record high, oil tops $60 a barrel
Stocks

Shares reach record high, oil tops $60 a barrel

  • MSCI all-country world share index at record high
  • European indexes climb early on, US futures gain
  • Oil crosses $60 a barrel
  • Hopes of $1.9 trln US stimulus, vaccines boosting sentiment
  • US dollar retreats from recent highs
Published 08 Feb, 2021 06:09pm
US 10-yr yield rises to 1.2pc, inflation expectations build
Financial

US 10-yr yield rises to 1.2pc, inflation expectations build

  • The $1.9 trillion stimulus package looks likely to be approved by Congress, bypassing Republican roadblocks.
  • Ten-year borrowing costs extended their rise to the highest since last March at 1.2%, while 30-year yields touched 2% for the first time since mid-February 2020 .
Published 08 Feb, 2021 05:54pm
EU tells Hungary to change procurement, cites ‘systemic’ fraud
Europe

EU tells Hungary to change procurement, cites ‘systemic’ fraud

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • Competition in public procurement is insufficient in practice," said the document, adding that that was linked to "systemic irregularities".
Published 08 Feb, 2021 05:38pm
Hong Kong proposes new rules for share and bond issuance
Stocks

Hong Kong proposes new rules for share and bond issuance

  • The proposals from the Securities and Futures Commission (SFC) are intended to clarify the roles played by investment banks handling capital market deals to improve transparency.
  • There have been numerous examples ... where there were sharp declines in post-IPO share prices amidst thin liquidity, which some market participants attribute to these types of behaviour.
Published 08 Feb, 2021 05:34pm
Singapore Exchange to launch new Asian bond trading platform
Stocks

Singapore Exchange to launch new Asian bond trading platform

  • Trumid XT will connect the commercial footprint and liquidity from SGX's Bond Pro and Trumid's Market Center in the United States to provide a robust network for trading of Asian fixed income.
  • Singapore Exchange unit, Asian Gateway Investments, will take about one-third stake in the combined company.
Published 08 Feb, 2021 05:26pm
Greece, Israel to sign agreement on tourism during PM's visit
Europe

Greece, Israel to sign agreement on tourism during PM's visit

  • Tourism, which accounts for about a fifth of the Greek economy and employs one in five workers.
  • If 70 percent of the population has been vaccinated by end March it will be easier to open up gradually to the Israelis who are interested in travelling to our country.
Published 08 Feb, 2021 05:22pm
Morgan Stanley analysts initiate a long rouble position
Money & Banking

Morgan Stanley analysts initiate a long rouble position

  • "We think it's time to get back into Russian assets," the US investment bank's analysts said in a note titled "Enough Waiting, Time To Buy".
  • "We target a 6% appreciation, which is roughly a 75% reduction in risk premia on our measure," Morgan Stanley said.
Published 08 Feb, 2021 05:17pm
EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus
Europe

EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • The document called specifically for improved data transparency and accessibility, arguing that that would lead to a fairer and more open procurement process.
Published 08 Feb, 2021 05:14pm
Djokovic serves up masterclass on favourite court
Sports

Djokovic serves up masterclass on favourite court

  • Having come through two weeks of quarantine in Adelaide, and a brief but damaging spat with his hosts over the terms of the isolation.
  • Djokovic has won eight of his 17 major titles on Melbourne Park's main showcourt and, even with a smaller crowd than usual.
Published 08 Feb, 2021 05:12pm
Hasbro beats quarterly revenue estimates
Companies

Hasbro beats quarterly revenue estimates

  • The Play-Doh maker's net revenue rose to $1.72 billion in the fourth quarter ended Dec. 27, from $1.43 billion a year earlier.
  • Analysts on average had expected revenue of $1.69 billion, according to a Refinitiv IBES estimate.
Published 08 Feb, 2021 05:10pm
Final WTO talks under way on selecting new leader, delegates say
Europe

Final WTO talks under way on selecting new leader, delegates say

  • Washington backed Nigerian former finance minister Ngozi Okonjo-Iweala on Friday, reversing its previous opposition and prompting her to express optimism about her appointment.
  • "Ngozi will be announced at the next General Council," said a delegate. It was not clear when that council would be.
Published 08 Feb, 2021 05:00pm
Karachi’s unsolvable water problems; private sector steps up
Pakistan

Karachi’s unsolvable water problems; private sector steps up

  • Delivery of a 1,000-gallon water tanker costs anywhere from PKR 1,500 to PKR 2,500.
  • The plants which are set up to be self-sustainable based on daily water sales cater to an average of 10,000 households each and help save time and money since women and children either had to travel long distances or stand in queues to buy unsafe water from unreliable sources.
Published 08 Feb, 2021 04:56pm
Kyrgios brings the noise to subdued 'People's Court'
Sports

Kyrgios brings the noise to subdued 'People's Court'

  • The Australian can usually expect a febrile atmosphere when he plays on his favourite court, but a local coronavirus outbreak and unseasonably cold weather kept many punters away.
  • Those who did turn up were treated to some vintage Kyrgios moments - a racket thrown across the court.
Published 08 Feb, 2021 04:57pm
Netanyahu pleads not guilty to corruption as trial resumes
Middle East

Netanyahu pleads not guilty to corruption as trial resumes

  • Israeli Prime Minister Benjamin Netanyahu pleaded not guilty on Monday to corruption charges at the resumption of his trial, six weeks before voters again head to the polls to pass judgment on his leadership.
  • Netanyahu was indicted in 2019 in long-running cases involving gifts from millionaire friends and for allegedly seeking regulatory favours for media tycoons in return for favourable coverage.
Published 08 Feb, 2021 04:12pm
New York Assembly resolution marks February 5th as "Kashmir American Day"
USA

New York Assembly resolution marks February 5th as "Kashmir American Day"

  • The New York State Assembly has passed a resolution, calling on Governor Andrew Cuomo to declare the 5th of February as the Kashmir American Day.
  • The Assembly's move has been met with the ire of Indian officials, citing their "concern" with regards to the attempts being made by "vested interests" to misrepresent Jammu and Kashmir's rich socio-cultural heritage.
Updated 08 Feb, 2021 04:11pm
Lawyers protest as CDA demolishes their chambers in Islamabad
Pakistan

Lawyers protest as CDA demolishes their chambers in Islamabad

  • A mob of lawyers smashed windows in the Chief Justice block, chanted slogan outside the Islamabad High (IHC) Chief Justice’s office.
  • The CDA had on Sunday night demolished illegal chambers set up by lawyers in the premises of the district and sessions court in Islamabad.
Updated 08 Feb, 2021 03:33pm
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