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Archive - 2021-02-11
Countries taking new G20 debt relief path face Ethiopia-style downgrades: Fitch
Africa

Countries taking new G20 debt relief path face Ethiopia-style downgrades: Fitch

  • Fitch chopped Ethiopia's credit score by two notches this week after Addis Ababa signalled it could be the first with an international government bond to use a new G20 'Common Framework' plan.
  • It would be likely that any other countries applying under the G20 Common Framework would be considered along the same lines as Ethiopia.
Updated 11 Feb, 2021 09:28pm
EU advisor backs compensation claims over Bankia's 2011 IPO
Money & Banking

EU advisor backs compensation claims over Bankia's 2011 IPO

  • Less than a year after Bankia's IPO raised 3.1 billion euros, of which 60% belonged to retail investors and 40% to institutional shareholders.
  • Spain's top court, which in previous rulings acknowledged that Bankia's initial public offering contained "serious inaccuracies as to the true financial condition of the issuing entity".
Updated 11 Feb, 2021 09:28pm
IKEA branches out into consumer banking
Industry

IKEA branches out into consumer banking

  • It provides financial services to IKEA shoppers in eight markets, as well as other consumer banking services.
  • Full financial terms of the deal were not disclosed. Ingka Group said it was acquiring the stake through the issue of new shares by Ikano Bank.
Updated 11 Feb, 2021 09:27pm
Britain to take much bigger GDP hit from Brexit than the EU
Europe

Britain to take much bigger GDP hit from Brexit than the EU

  • Britain left the EU at the end of January last year, but kept its full access to the 27-nation bloc's single market until the end of 2020, when it was replaced by a trade agreement.
  • For the EU on average, the exit of the UK from the European Union on Free Trade Agreement terms is estimated to generate an output loss of around 0.5% of GDP by the end of 2022, and some 2.25% point for the UK.
Updated 11 Feb, 2021 09:27pm
French autosector could face chips supply glitches for several more months
Industry

French autosector could face chips supply glitches for several more months

  • Carmakers around the world have been impacted by the shortage of chips used in engine management and driver-assistance systems.
  • Last week carmakers Renault and Stellantis said they had both suspended car production at several factories as they grappled with the worldwide shortage of crucial semiconductors.
Updated 11 Feb, 2021 09:26pm
Turks' FX holdings drop $2.1bn, easing further from record
Forex

Turks' FX holdings drop $2.1bn, easing further from record

  • The holdings stood at $235.06 billion a week earlier and reached a record above $236 billion earlier in January.
  • foreign investors bought $140.5 million worth of Turkish government bonds in the week to Feb. 5, and sold $183.2 million worth of stocks.
Updated 11 Feb, 2021 09:26pm
Turkish net FX reserves climb to $14.02bn
Forex

Turkish net FX reserves climb to $14.02bn

  • The exchange rate used by Reuters on Thursday was 7.1324 compared to 7.3723 the previous week.
  • The reserves fell last year as state banks sold off an estimated $130 billion to stabilise the ailing lira, which still lost 20% of its value in 2020.
Updated 11 Feb, 2021 09:26pm
Vaccinated people need not quarantine post COVID-19 exposure, CDC says
USA

Vaccinated people need not quarantine post COVID-19 exposure, CDC says

  • The US Centers for Disease Control and Prevention (CDC) said on Wednesday the vaccines have been shown to prevent symptomatic COVID-19.
  • Individual and societal benefits of avoiding unnecessary quarantine may outweigh the potential but unknown risk of transmission (among vaccinated individuals).
Updated 11 Feb, 2021 09:26pm
Bolivia signs deal with China’s Sinopharm for coronavirus vaccine
Companies

Bolivia signs deal with China’s Sinopharm for coronavirus vaccine

  • Bolivian President Luis Arce said China's President Xi Jinping had agreed to sell Bolivia 400,000 doses and had donated another 100,000 doses to the South American nation.
  • Bolivia has been rocked by political and social upheaval since contested elections in 2019 saw longtime president Evo Morales leave office.
Updated 11 Feb, 2021 09:26pm
Norway to supply power from shore to more oil and gas platforms
Energy

Norway to supply power from shore to more oil and gas platforms

  • Gas power turbines on offshore platforms account for more than 80% of the Norwegian oil and gas industry's emissions.
  • The new projects will deliver power from shore to Lundin Energy's Edvard Grieg field, as well as its two new subsea developments, Solveig and Rolvsnes, and Aker BP's Ivar Aasen platform.
Updated 11 Feb, 2021 09:26pm
Poland's Citi Handlowy CEO backs regulator proposal for FX loans
Forex

Poland's Citi Handlowy CEO backs regulator proposal for FX loans

  • It seems that the proposal of the KNF, as well as the support of the National Bank of Poland, is the best solution on the table and allows for the elimination of systemic risk at some point.
  • Poland's central bank said on Tuesday it may consider getting involved in the process of converting foreign currency mortgages into zloty-denominated ones by banks, under certain conditions.
Updated 11 Feb, 2021 09:24pm
Svitolina sees off Coco challenge to reach third round
Sports

Svitolina sees off Coco challenge to reach third round

  • The 16-year-old Gauff, the youngest player in the main draw at Melbourne Park, took the tournament by storm last year.
  • The steely Svitolina converted two out of her three break point opportunities against the big-hitting world number 48 to seal the fate of the match in what was their first meeting.
Updated 11 Feb, 2021 09:24pm
German laboratories group Synlab targets post-Easter IPO
Stocks

German laboratories group Synlab targets post-Easter IPO

  • From next week the company, owned by private equity group Cinven, will hold presentations for analysts who will then work out valuation estimates in March.
  • On the back of strong demand for Synlab's COVID-19 testing capacities, the group said in December it expects 2020 earnings before interest.
Updated 11 Feb, 2021 09:24pm
Mortgage lender loanDepot cuts IPO size to less than a fifth
Stocks

Mortgage lender loanDepot cuts IPO size to less than a fifth

  • The company sold 3.85 million shares at $14 each, raising $53.9 million. It had previously aimed to sell 15 million shares between $19 and $21 each.
  • Mortgage firms have struggled to attract investors to share offerings despite bumper activity in 2020 as consumers took advantage of historically-low interest rates to refinance existing home loans.
Updated 11 Feb, 2021 09:24pm
Yields hold at lower levels as reflation trade loses steam
Business & Finance

Yields hold at lower levels as reflation trade loses steam

  • Yields dropped on Wednesday after data showed that the core consumer price index, which excludes the volatile food and energy components.
  • Lederer added that he does expect yields to rise later this year as COVID-19 vaccines are rolled out and the economy returns to more normal conditions.
Published 11 Feb, 2021 09:11pm
Russian rouble climbs to three-week high versus dollar
Forex

Russian rouble climbs to three-week high versus dollar

  • The rouble climbed 0.4% to 73.63 against the dollar , having briefly touched 73.5225, its strongest mark since Jan. 21.
  • Brent crude oil, a global benchmark for Russia's main export, was down 0.2% at $61.35 a barrel after hitting $61.69 on Wednesday.
Published 11 Feb, 2021 08:56pm
Biden to call for US infrastructure revamp in meeting with lawmakers
USA

Biden to call for US infrastructure revamp in meeting with lawmakers

  • Biden has pledged to ask Congress this month for what he has referred to as "historic investments in infrastructure and manufacturing, innovation, research and development, and clean energy.
  • While the need for US infrastructure investment is regarded as a point of bipartisan consensus.
Published 11 Feb, 2021 08:50pm
PM Imran forms three-member committee to probe horse-trading video scam
Pakistan

PM Imran forms three-member committee to probe horse-trading video scam

  • A video showing lawmakers allegedly receiving money for voting for the PPP candidates in the 2018 Senate polls whipped up a storm on Tuesday.
  • The three-member committee will feature Minister for Science and Technology Fawad Chaudhry, Minister for Human Rights Shireen Mazari and Adviser to the PM on Accountability Shahzad Akbar.
Updated 11 Feb, 2021 08:46pm
Key ingredient for 2 million Chinese vaccine doses reaches Mexico
USA

Key ingredient for 2 million Chinese vaccine doses reaches Mexico

  • Ebrard said the active ingredient of the CanSino vaccine that arrived would be packaged in Mexico, and acknowledged Beijing's support in a statement on Twitter.
  • Mexican President Andres Manuel Lopez Obrador has said Mexico is expecting 6 million doses of CanSino's vaccine this month, with more expected in March.
Published 11 Feb, 2021 08:40pm
Going digital will boost rouble's global role, Russia says
Forex

Going digital will boost rouble's global role, Russia says

  • Russia's central bank first floated the idea of the digital rouble last October, saying it could be issued on top of existing cash and non-cash roubles to facilitate payments.
  • China's example shows that they want to use their digital currency as a tool for international settlements.
Published 11 Feb, 2021 08:36pm
EU close to vaccine supply deal with Novavax
Companies

EU close to vaccine supply deal with Novavax

  • "Talks with Novavax have intensified and we aim to agree the contract this week or next," one EU official said.
  • Novavax said negotiations were ongoing. A spokesman for the EU Commission declined to comment on the talks.
Published 11 Feb, 2021 08:29pm
Italy's Nexi posts 2020 core earnings of 601mn euros, in line with target
Companies

Italy's Nexi posts 2020 core earnings of 601mn euros, in line with target

  • For 2021, Nexi said its ambition was for revenues to rise at a mid-high single digit rate, assuming a gradual recovery from the pandemic in the first half of the year.
  • Nexi expects to conclude the Nets deal in the second quarter and the SIA deal in the third one, Chief Executive Paolo Bertoluzzo said during a call with analysts.
Published 11 Feb, 2021 08:20pm
Russia's Gazprom expects Nord Stream 2 launch in 2021
Companies

Russia's Gazprom expects Nord Stream 2 launch in 2021

  • Around 120 km is left to be laid in Danish waters as well as almost 30 km in German waters, before it makes landfall at the northern German coastal town of Lubmin, near Greifswald.
  • The project has become more politicised after Kremlin critic Alexei Navalny, who was poisoned in August in Siberia and flown to Germany for treatment.
Published 11 Feb, 2021 08:17pm
US and Canadian natural gas prices soar during Arctic blast
Energy

US and Canadian natural gas prices soar during Arctic blast

  • The weather pattern is beginning to sound like a broken record for many residents of the eastern half of the US as snowy and cold weather shows no signs of letting up anytime soon.
  • That cold air will move to the East Coast over the next day or two where it could drop up to six inches (15.2 centimeters) of snow on parts of Pennsylvania.
Published 11 Feb, 2021 08:11pm
Mediolanum FY net profit down 23pc, proposes dividend of 0.78 euro/share
Money & Banking

Mediolanum FY net profit down 23pc, proposes dividend of 0.78 euro/share

  • The bank, which offers its products and services in Italy, Germany and Spain, posted a net profit of 434.5 million euros ($528 million) last year, mainly due to lower performance fees.
  • Milan-based Mediolanum added its 2020 assets under management and administration increased 10% to 93.3 billion euros compared with the previous year.
Published 11 Feb, 2021 08:04pm
AFRICA FX Zambian Kwacha seen under pressure, Kenyan shilling firm
Forex

AFRICA FX Zambian Kwacha seen under pressure, Kenyan shilling firm

  • The kwacha is expected remain under pressure against the dollar next week as demand for hard currency continues to surpass supply.
  • Kenya's shilling is expected to remain bullish as it strengthened against the dollar amid reduced demand from the energy sector and improving inflows from exports and remittances.
Published 11 Feb, 2021 08:02pm
Insurer Mapfre's profit falls as pandemic hits business
Money & Banking

Insurer Mapfre's profit falls as pandemic hits business

  • The company also projected that the snow storm Filomena that hit central Spain last month would result in after-tax losses of between 20 and 25 million euros.
  • Mapfre shares fell around 3.5% and were the worst performers in the 35 blue-chip stocks included in the IBEX index, which was down 0.3%.
Published 11 Feb, 2021 07:49pm
OPEC again cuts 2021 oil demand view, sees H2 pickup
Energy

OPEC again cuts 2021 oil demand view, sees H2 pickup

  • Cuts 2021 oil demand growth forecast to 5.79 mln bpd.
  • OPEC January output rises by 180,000 bpd.
  • Lifts 2021 economic growth view, but sees oil demand lag.
  • Sees higher demand for OPEC crude and cuts shale forecast.
Published 11 Feb, 2021 07:51pm
Rising waters in Indian Himalayas disrupt rescue bid in tunnel after avalanche
South Asia

Rising waters in Indian Himalayas disrupt rescue bid in tunnel after avalanche

  • Rescue workers have found the bodies of 36 people since Sunday's avalanche that tore through dams and swept away bridges in the Dhauliganga river valley of Uttarakhand state.
  • Some 171 people remain unaccounted for, most of them workers at the state-run Tapovan Vishnugad hydroelectric project and at the smaller Rishiganga dam.
Published 11 Feb, 2021 05:19pm
Microsoft tried to buy Pinterest
Telecommunication

Microsoft tried to buy Pinterest

  • Microsoft approached Pinterest in recent months in an attempt to acquire the $51 billion social media company.
  • Although, the talks are currently not active, if successful, this could have been Microsoft's biggest deal to date.
Published 11 Feb, 2021 05:15pm
Trump's Twitter ban to remain permanent, even if he is re-elected: Twitter CFO
USA

Trump's Twitter ban to remain permanent, even if he is re-elected: Twitter CFO

  • Former President Donald Trump's Twitter ban will remain permanent, even if he is re-elected to office - according a senior executive from the social media company.
  • This news came as Trump's impeachment trial was taking place in the Senate, on charges that he incited an insurrection with his inflammatory exhortations at a rally in Washington, immediately prior to the breach of the Capitol Building by an aggravated mob on the 6th of January.
Updated 11 Feb, 2021 05:04pm
Bayern's Mueller tests positive for COVID-19
Sports

Bayern's Mueller tests positive for COVID-19

  • A positive test would rule the veteran striker out of Thursday's clash with Mexican CONCACAF champions Tigres in the Qatari capital.
  • Neither Bayern nor tournament organisers FIFA have yet confirmed the positive test.
Published 11 Feb, 2021 04:48pm
Twitter will explore letting users receive payments from followers
Technology

Twitter will explore letting users receive payments from followers

  • Dorsey said the feature would help the social media platform earn more money and engagement from its base of 192 million daily users.
  • “I think the first thing we want to focus on is that economic incentive to people who are contributing to Twitter,” he said at the virtual Goldman Sachs Technology and Internet Conference.
Updated 11 Feb, 2021 04:38pm
Pakistani startup Safepay bags funding from Stripe
Pakistan

Pakistani startup Safepay bags funding from Stripe

  • Ziyad Parekh and Raza Naqvi founded the startup in 2019, which became the first fintech company to have graduated from the Y Combinator in the 2020 batch.
  • “We feel well-positioned with the right partners backing us to help build on the increasing volume of digital payments as well as work with other Pakistani fintechs to further our vision," says Parekh.
Updated 11 Feb, 2021 03:54pm
Sindh to recruit 37000 new teachers: Saeed Ghani
Pakistan

Sindh to recruit 37000 new teachers: Saeed Ghani

  • “Sindh Cabinet has approved the recruitment policy to hire around 37000 teachers through IBA Sukkur,” says Saeed Ghani.
  • 37,000 teachers will be recruited over a period of three years in three phases.
Updated 11 Feb, 2021 03:24pm
PM Khan's 'number one' goal in the region is peace with everybody: SAPM Dr. Moeed Yusuf
South Asia

PM Khan's 'number one' goal in the region is peace with everybody: SAPM Dr. Moeed Yusuf

  • In a recent interview, Dr. Moeed Yusuf, Special Assistant to the Prime Minister on National Security and Strategic Policy Planning, stated that the government's primary goal is to ensure that there is peace in the region.
  • Yusuf articulated that "Prime Minister's number one goal for the region is peace with everybody", adding that Pakistan's goal of attaining economic security is not possible without peace in the region.
Updated 11 Feb, 2021 02:48pm
FM hopes new US administration will stop ignoring ground realities in IIOJK
Pakistan

FM hopes new US administration will stop ignoring ground realities in IIOJK

  • Qureshi says Pakistan expects Organisation of Islamic Cooperation (OIC) and the European Union (EU) to play their roles on the issue
  • Pakistan could have cooperated within the region on tackling the Covid-19 pandemic but there are difficulties on regional trade and development because of the Kashmir issue: FM
Published 11 Feb, 2021 02:32pm
PTCL conducts successful 5G Trials
Technology

PTCL conducts successful 5G Trials

  • “PTCL Group is redefining reality with the successful 5G trial in a limited environment, aimed towards transforming the way we live, work and play,” stated the telecom.
Published 11 Feb, 2021 02:01pm
PM approves increase in salaries of govt employees
Pakistan

PM approves increase in salaries of govt employees

  • The notification in increase in salary will be issued after approval by cabinet
  • On February 10, violent protests erupted in the federal capital as the government employees, protesting for a pay rise, clashed with police while attempting to enter the restricted Red Zone
Published 11 Feb, 2021 01:45pm
FTSE 100 gains on upbeat AstraZeneca results
Stocks

FTSE 100 gains on upbeat AstraZeneca results

  • European information business provider Relx gained 1.2% after it said it planned to raise its dividend by 3% after predicting a return to pre-COVID-19 profit trends in 2021.
Published 11 Feb, 2021 01:41pm
Why do you have to pay Rs 2.50 for an ATM receipt?
Business & Finance

Why do you have to pay Rs 2.50 for an ATM receipt?

  • “This initiative is part of a ‘Go-Green’ exercise to reduce litter and lower the cost of printed proceeds which are usually discarded immediately. In addition, sensitive customer information is left for others to peruse,” stated 1Link.
Published 11 Feb, 2021 01:02pm
Senate Elections to be held on March 3, announces ECP
Pakistan

Senate Elections to be held on March 3, announces ECP

  • ECP states that nomination forms of candidates will be submitted on February 12 and 13 while the preliminary list of candidates will be released on February 14
  • The Senate elections will be held on two Islamabad seats, 11 Punjab seats, 11 Sindh seats and12 Khyber-Pakhtunkhwa seats: Election Commission
Published 11 Feb, 2021 12:49pm
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