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Archive - 2021-02-16
Serie A clubs set to block media stake sale: letter
Sports

Serie A clubs set to block media stake sale: letter

  • The deal needs the approval of at least 14 of the 20 top flight clubs to proceed so a rejection by seven of the teams, who include champions Juventus, would be enough to halt it.
  • The term sheet submitted to the clubs belonging to the league has not reached a qualified consensus needed for the approval ... as things stand, this development opportunity is not viable anymore.
Published 16 Feb, 2021 09:38pm
US natgas soars over 10pc as deep freeze strains output
Energy

US natgas soars over 10pc as deep freeze strains output

  • Data provider Refinitiv estimated 425 heating degree days (HDDs) over the next two weeks in the Lower 48 US states, slightly down from Monday's forecast of 449 HDDs.
  • Data provider Refinitiv projected output in the Lower 48 to average 82.5 billion cubic feet per day (bcfd) this week and increase to 84.2 bcfd next week.
Updated 16 Feb, 2021 09:56pm
Seychelles tourism revenues down 61pc in 2020 due to COVID
Africa

Seychelles tourism revenues down 61pc in 2020 due to COVID

  • Seychelles' economy relies heavily on tourism, which was hard hit in 2020 as COVID-19 led to travel restrictions worldwide to contain its spread.
  • Hassan said this in turn had led to tax revenue shortfalls in funding the 2021 budget of $519 million that he presented to parliament on Tuesday.
Updated 16 Feb, 2021 09:56pm
Man City's Guardiola backs 'exceptional' Klopp to bounce back
Sports

Man City's Guardiola backs 'exceptional' Klopp to bounce back

  • The German on Monday said that he was determined to turn around Liverpool's flagging fortunes and that he did not need a break from management.
  • I have a lot of sympathy, what he produces in football is exceptional. His philosophy makes football attractive for spectators.
Updated 16 Feb, 2021 09:56pm
Saudi Arabia eyes Dubai's crown with HQ ultimatum
Middle East

Saudi Arabia eyes Dubai's crown with HQ ultimatum

  • Saudi crown prince pushes social and economic change.
  • Dubai's glitzy reputation has long attracted investors.
  • From 2024, no new Saudi contracts without a local HQ.
  • UAE commercial hub takes Saudi business pitch seriously.
Updated 16 Feb, 2021 09:56pm
Auto supplier Bosch to evaluate Saudi business potential
Companies

Auto supplier Bosch to evaluate Saudi business potential

  • The company has an office in Saudi Arabia and is also present across the Middle East region, including Pakistan, Qatar, Lebanon and United Arab Emirates, the spokeswoman said.
  • Saudi Arabia's state news agency SPA this month reported that 24 international companies have signed agreements to establish main regional offices in Riyadh, the Saudi capital.
Updated 16 Feb, 2021 09:55pm
Shell Deer Park, Texas refinery production shut
Companies

Shell Deer Park, Texas refinery production shut

  • Shell shut the two primary fuel production units, the gasoline-producing fluidic catalytic cracker (FCC) and the diesel-producing hydrocracker, on Monday, one day after the refinery's crude distillation units (CDUs) were shut.
Updated 16 Feb, 2021 09:55pm
US 10-year yields top 1.26pc as reflation bets gather pace
Financial

US 10-year yields top 1.26pc as reflation bets gather pace

  • Thirty-year US yields rose too, touching a one-year high of 2.08% and are some 40 bps above where they closed 2020.
  • The market has fully embraced the prospects of Biden's $1.9 trillion stimulus, and the accelerated vaccine rollout is support of further bearish price action as well.
Updated 16 Feb, 2021 09:54pm
EU adds anti-variant clauses to new COVID vaccine supply deals
Europe

EU adds anti-variant clauses to new COVID vaccine supply deals

  • More contagious mutations are spreading fast in the EU and across the world, with the so-called British variant seen by experts as likely to become prevalent on the continent.
  • Vaccine makers are testing their shots against variants and are also working on tweaks that could make them more effective against virus mutations.
Updated 16 Feb, 2021 09:54pm
Djokovic edges out Zverev to reach semi-final
Sports

Djokovic edges out Zverev to reach semi-final

  • The Serbian world number one hit back strongly after losing a tight opening set on a tiebreak but trailed in both the third and fourth sets before turning them around.
  • Germany's Zverev will rue allowing Djokovic back from 4-1 down in the third set and he was also up 3-0 in the fourth.
Updated 16 Feb, 2021 09:54pm
MicroStrategy to borrow $600mn to buy more bitcoin
Forex

MicroStrategy to borrow $600mn to buy more bitcoin

  • Shares of MicroStrategy, the world's largest publicly traded business intelligence company, rose more than 4% on the news, adding to their meteoric 580% surge in the past year.
  • MicroStrategy owns close to 72,000 bitcoin, a regulatory filing showed on Feb. 2, valuing its bitcoin holdings at about $3.6 billion, according to a Reuters calculation.
Published 16 Feb, 2021 09:40pm
Pakistan's multinational naval exercise to combat terrorism, piracy concludes
Pakistan

Pakistan's multinational naval exercise to combat terrorism, piracy concludes

  • Around 45 navies, including those of the United States, Britain and China, took part in the Arabian Sea exercise with ships and observers.
  • The purpose of this exercise to bring regional and extra-regional navies on one platform and conduct exercises to enhance intra-operability in addition to counter terrorist threat and the crime which are happening in maritime domain.
Published 16 Feb, 2021 09:34pm
EU ambassador meets CM Buzdar
Pakistan

EU ambassador meets CM Buzdar

  • The EU was a major trade partner and the government wanted to further strengthen bilateral relations to benefit the people, he added.
Published 16 Feb, 2021 09:31pm
Germany plans to offer free rapid coronavirus tests from March 1
Europe

Germany plans to offer free rapid coronavirus tests from March 1

  • Jens Spahn said rapid antigen tests were now sufficiently available on the market to enable local test centres and pharmacies to offer the tests for free.
  • Spahn also wants to make tests that can be conducted at home available to everyone once they have been approved by regulators.
Published 16 Feb, 2021 08:07pm
Indian shares end flat as some banks fall, Reliance gains
Stocks

Indian shares end flat as some banks fall, Reliance gains

  • The NSE Nifty 50 index closed 0.01% lower at 15,313.45 on Tuesday, while the S&P BSE Sensex ended down 0.1% at 52,104.17.
  • Shares in the lenders - Indian Overseas Bank, Bank of Maharashtra, Bank of India and Central Bank of India - each ended 20% higher.
Published 16 Feb, 2021 08:03pm
Pakistan, IMF reach staff-level agreement on pending reviews under EFF
Business & Finance

Pakistan, IMF reach staff-level agreement on pending reviews under EFF

  • “This agreement is subject to the approval of the IMF’s Executive Board. The reviews’ completion would release around $500 million,” read the IMF statement.
  • Both parties reached the staff-level agreement on the second to fifth reviews of the authorities’ reform program supported by the IMF 39-month Extended Fund Facility (EFF) arrangement for the amount of SDR 4,268 million (about US$6 billion).
Published 16 Feb, 2021 07:58pm
Wasim Akram joins KPL
Sports

Wasim Akram joins KPL

  • Wasim said that talented cricketers would get a perfect chance to showcase their skills in KPL.
Published 16 Feb, 2021 07:59pm
Sugar group Tereos' earnings rise, faces headwinds in coming year
Companies

Sugar group Tereos' earnings rise, faces headwinds in coming year

  • Tereos did not include a third-quarter net profit figure, having reported a 6 million euro net loss for its first half.
  • The Group is expecting its 2021/2022 adjusted EBITDA to be in the lower end of the previously communicated outlook (between 600 and 700 million euros).
Published 16 Feb, 2021 07:57pm
Hungary central bank buys 25bn forints worth of bonds
Financial

Hungary central bank buys 25bn forints worth of bonds

*It bought 16 billion forints worth of 2033/A bonds at 2.32% average yield, 3 billion forints worth of 2034/A bonds at 2.48%, 4 billion forints worth of 2038/A bonds at 2.8% average yield and 2 billion forints worth of 2041/A bonds at 3.05%.
Published 16 Feb, 2021 07:53pm
China's ambassador to Myanmar says situation 'not what China wants to see'
South Asia

China's ambassador to Myanmar says situation 'not what China wants to see'

  • China nonetheless agreed to a UN Security Council statement that called for the release of elected leader Aung San Suu Kyi and other detainees and voiced concern over the state of emergency.
  • Many countries in transition are overcoming difficulties and challenges through their own efforts, and exploring development paths suitable for their own circumstances.
Published 16 Feb, 2021 07:49pm
Back to the future as more mobile Serena rallies for victory
Sports

Back to the future as more mobile Serena rallies for victory

  • World number two Halep is no slouch around the court, and the pair shared 52 rallies of five shots or more during a heavyweight contest on Rod Laver Arena.
  • "I think 1926, the summer of 1926 I think was the last time I felt that," the 39-year-old smiled.
Published 16 Feb, 2021 07:46pm
Sberbank sees no need for fresh provisions on past loans, bets on stronger 2021 results
Money & Banking

Sberbank sees no need for fresh provisions on past loans, bets on stronger 2021 results

  • Sberbank set aside 541 billion roubles ($7.4 billion) in provisions for non-performing loans last year when the COVID-19 pandemic hit the Russian economy and some of its clients.
  • He added that Sberbank, which made a net profit of 781.6 billion roubles in 2020 under Russian accounting standards, will stick to its plan to channel at least 50% of net profit to dividend payments.
Published 16 Feb, 2021 07:41pm
Raw sugar climbs on improving economic outlook
Commodities

Raw sugar climbs on improving economic outlook

  • May arabica coffee rose by 1.45 cents, or 1.2%, to $1.2450 per lb.
  • May London cocoa fell by 8 pounds, or 0.5%, to 1,654 pounds a tonne with the strength of sterling against the dollar weighing on prices.
  • March raw sugar rose by 0.18 cents, or 1.1%, to 16.56 cents per lb.
Published 16 Feb, 2021 07:43pm
UK regulator to rule on Issa brothers' $9.5bn Asda deal by April 20
Industry

UK regulator to rule on Issa brothers' $9.5bn Asda deal by April 20

  • It initially set a Feb. 18 deadline for a "Phase 1" decision but then stopped the clock of its probe while it sought additional documentation.
  • Competition lawyers expect the deal to be cleared at Phase 1 but do anticipate the combined group having to dispose of some petrol forecourts.
Published 16 Feb, 2021 07:36pm
Goldman Sachs unveils Marcus Invest robo-adviser in consumer push
Money & Banking

Goldman Sachs unveils Marcus Invest robo-adviser in consumer push

*Goldman's robo-adviser will allocate and rebalance customers' wealth based on models developed by the bank's investment-strategy group, which has traditionally catered to institutions and the ultra-rich. * Marcus Invest offers individual and joint investment accounts, as well as three types of individual retirement accounts, the bank said.
Published 16 Feb, 2021 07:21pm
British 10- and 30-year gilt yields highest since March
Financial

British 10- and 30-year gilt yields highest since March

  • Ten-year gilt yields rose almost 5 basis points to 0.621% and 30-year gilt yields rose similarly to 1.23%, tracking a rise in the yields of US Treasuries.
  • British 10-year and shorter inflation expectations are below levels set last year.
Published 16 Feb, 2021 07:24pm
Italy sees record demand in first bond sale under Draghi
Financial

Italy sees record demand in first bond sale under Draghi

  • Italy's 10-year bond yields fell to a record-low last week after head of state Sergio Mattarella asked Draghi to form a new government.
  • The Treasury set the yield on a new 10-year BTP bond at 4 basis points above the rate of an existing April 2031 BTP note, halving the initial indication of an 8 basis point spread.
Published 16 Feb, 2021 07:18pm
Halep looking to be a little less negative after Melbourne exit
Sports

Halep looking to be a little less negative after Melbourne exit

  • My feeling after this match is that I was not that far (away) but she was stronger in the important moments.
  • I had 3-1 in the second set and my serve didn't help me much, so I have to be a little bit stronger on the serve, but it didn't work today.
Published 16 Feb, 2021 07:10pm
Citi takes profits in South Africa currency trade
Money & Banking

Citi takes profits in South Africa currency trade

  • Citi said it was taking profit on its three-month USD/ZAR put spread of 14.00 to 14.50, giving a total profit of 1.26% of the notional value. It purchased the put spread on Jan. 20.
  • Citi said the potential for a lowering in issuance of South Africa government bonds had already been partially absorbed by the market.
Published 16 Feb, 2021 06:56pm
Iran, Russia navies start exercises in Indian Ocean
South Asia

Iran, Russia navies start exercises in Indian Ocean

  • Iran has recently conducted several military exercises as it tries to push the United States to return to the 2015 nuclear agreement.
  • The drills also included "a variety of defensive formations towards the key part of the exercises which will be to free a merchant vessel attacked by pirates.
Published 16 Feb, 2021 06:53pm
Bitcoin vaults above $50,000 for first time ever
Forex

Bitcoin vaults above $50,000 for first time ever

  • Bitcoin hit a new high of $50,602, and was last up 5% at $50,300. It has risen around 72% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
  • It also said it would accept the currency as payment.
Published 16 Feb, 2021 06:49pm
AutoNation quarterly profit surges on resilient demand
Industry

AutoNation quarterly profit surges on resilient demand

  • Global auto sales have rebounded from the pandemic lows hit early last year as consumers increasingly prefer buying vehicles that provide more safety than public transportation during the health crisis.
  • Jackson said he's optimistic about US car and truck demand given the combination of low interest rates, stable fuel prices and the prospect of a significant new federal stimulus package.
Published 16 Feb, 2021 06:41pm
Japan's Eneos says Negishi CDUs running, no date for Sendai restart
Energy

Japan's Eneos says Negishi CDUs running, no date for Sendai restart

  • There was also no start date for the company's Sendai refinery, which shut down automatically as the quake struck nearby, the spokesman said, without providing more detail.
  • The 7.3-magnitude quake caused the shutdown of about a fifth of Japan's refining capacity, as well as injuries and some damage across a wide area of Japan.
Published 16 Feb, 2021 06:31pm
PM Imran has declined requests to allow Maryam’s UK visit: Fawad Chaudhry
Pakistan

PM Imran has declined requests to allow Maryam’s UK visit: Fawad Chaudhry

  • The development was disclosed by the federal minister on a micro blogging site twitter, stating that her request has already been turned down by Prime Minister Imran Khan.
  • “Maryam Nawaz seeks to go to London, and some backdoor negotiations have already taken place in this regard. However, PM Imran has turned down the request,” said Chaudhary in a tweet.
Updated 16 Feb, 2021 06:42pm
Germany dashes hopes of businesses for quick reopening of economy
Europe

Germany dashes hopes of businesses for quick reopening of economy

  • The minister said he recognised that lots of businesses were desperate for a prospect of an end to the current lockdown.
  • The number of new daily infections in Germany has been falling in recent weeks, down to 3,856 on Tuesday, or a national incidence of 59 cases per 100,000.
Published 16 Feb, 2021 06:27pm
Greenwood signs new Man United deal until 2025
Sports

Greenwood signs new Man United deal until 2025

  • When you join the club at seven years old, you just dream of playing for the first-team one day.
  • I've worked so hard to reach this level and the last two years have been amazing. There is so much that I want to achieve in the game and I know that this is the perfect environment to play my football.
Published 16 Feb, 2021 06:23pm
Israel blocks shipment of Sputnik V vaccine to the Gaza Strip
Middle East

Israel blocks shipment of Sputnik V vaccine to the Gaza Strip

  • Israel has blocked 1000 doses of the Russian-made Sputnik V coronavirus vaccine, intended for frontline medical workers and key personnel in the tumultuous Gaza Strip.
  • The Gaza Strip has yet to any vaccines, with over 53,000 cases and 537 deaths since the start of the pandemic, and limited support in the management of this public health crisis.
Updated 16 Feb, 2021 06:25pm
Copper touches fresh 2012 peak in thin trade on recovery hopes
Commodities

Copper touches fresh 2012 peak in thin trade on recovery hopes

  • Tuesday is the third successive session that LME copper has hit fresh multi-year peaks, having rallied by 93% since March last year.
  • Some investors see current high prices as the start of a new bull market, but analyst Carsten Menke at Julius Baer in Zurich is wary.
Published 16 Feb, 2021 06:10pm
UK GAS-Prices mixed amid lower demand, outages, cooler March outlook
Energy

UK GAS-Prices mixed amid lower demand, outages, cooler March outlook

  • The British system was slightly oversupplied with demand at 268.4 million cubic metres (mcm) per day and supply at 274.6 mcm/day, according to National Grid data.
  • Capacity at the Troll gas field was reduced by 27 mcm/day until Wednesday morning due to compressor failure, Norway's Gassco said.
Published 16 Feb, 2021 06:12pm
Russia's Yandex says full-year adj. net income up 2pc y/y in 2020
Technology

Russia's Yandex says full-year adj. net income up 2pc y/y in 2020

  • Yandex's adjusted net income stood at 28.5 billion roubles last year, excluding its Yandex.Market e-commerce venture.
  • The company's taxi segment, which includes its ride-hailing arm Yandex.Taxi, grew 49% in 2020 and its revenues of 68 billion roubles accounted for 31% of the company's total.
Published 16 Feb, 2021 06:05pm
Turkey could discuss easing COVID-19 curbs by region
Europe

Turkey could discuss easing COVID-19 curbs by region

  • It was unclear when restrictions adopted in December could be eased or whether final decisions on the plan would be taken this week.
  • Easing of some restrictions in some provinces will be discussed, for example steps such as shortening the curfews and opening of restaurants and cafes under guidelines, especially in big cities, could be taken.
Published 16 Feb, 2021 06:04pm
Albania gets 7,020 more Pfizer shots, expects AstraZeneca in April
Europe

Albania gets 7,020 more Pfizer shots, expects AstraZeneca in April

  • Albania launched its inoculation programme in early January with only 975 Pfizer/BionTech shots that were donated from an unspecified EU country.
  • Today we have got a written confirmation from a friendly country for 360,000 vaccines of AstraZeneca that will roll out in April.
Published 16 Feb, 2021 05:54pm
First 550,000 doses of Chinese Sinopharm's vaccine arrive in Hungary
Europe

First 550,000 doses of Chinese Sinopharm's vaccine arrive in Hungary

  • The shots will be offered for use as soon as the authorities have inspected the shipment, the head of the epidemiology department at the National Public Health Centre.
  • In a bid to boost public trust in the Chinese vaccines, government officials point out that neighbouring Serbia, which has a large ethnic Hungarian minority, has been using the Sinopharm shots for weeks.
Published 16 Feb, 2021 05:49pm
Amazon to make TV streaming device in India
Companies

Amazon to make TV streaming device in India

  • Amazon said hundreds of thousands of Fire TV Sticks would be produced annually, helping it to meet demand from Indian customers.
  • "Amazon will continuously evaluate scaling capacity to additional marketplaces/cities depending on the domestic demand," the company said.
Published 16 Feb, 2021 05:45pm
Ryanair's fight against airline state aid faces court rulings
Companies

Ryanair's fight against airline state aid faces court rulings

  • In its first judgments on those rules, the Luxembourg-based General Court will assess a French scheme allowing airlines to defer certain aeronautical taxes.
  • Ryanair in its filings to the court faulted EU competition enforcers by allowing EU countries to grant aid only to airlines with EU operating licences issued by their countries.
Published 16 Feb, 2021 05:30pm
Ex-Goldman Sachs analyst, brother charged in UK with insider trading
Financial

Ex-Goldman Sachs analyst, brother charged in UK with insider trading

  • Mohammed Zina was employed by Goldman Sachs International as an analyst in the Conflicts Resolution Group in their London office. Suhail Zina was a solicitor at Clifford Chance, also in London.
  • Goldman Sachs said the protection of confidential client information is of paramount importance for the bank, and it has worked very closely with the FCA.
Published 16 Feb, 2021 05:25pm
Morocco receives second batch of 500,000 Sinopharm doses
Africa

Morocco receives second batch of 500,000 Sinopharm doses

  • The 1 million Sinopharm doses add to 6 million doses of the AstraZeneca vaccine manufactured by India's Serum Institute which Morocco has received so far.
  • Morocco has ordered 66 million doses of the vaccines, which require two doses per person, under plans to inoculate 80% of its 36 million-strong population for free.
Published 16 Feb, 2021 05:25pm
Dented by COVID-19, Israeli economy dips 2.4pc in 2020
Middle East

Dented by COVID-19, Israeli economy dips 2.4pc in 2020

  • It was the first time the economy had shrunk since a marginal decline in 2002, but Israel in 2020 outperformed a 5.5% average contraction in OECD countries.
  • The economy, which grew 3.4% in 2019, had been expected to shrink 3.3% to 3.7% in 2020 based on government and central bank estimates because of COVID-19.
Published 16 Feb, 2021 05:16pm
India detects South African, Brazilian COVID variants
South Asia

India detects South African, Brazilian COVID variants

  • There are no direct flights from South Africa or Brazil, so the health ministry and the civil aviation ministry are in touch on the steps to be taken on the matter.
  • India's COVID-19 cases rose by 9,121 in the past 24 hours, taking the total to 10.93 million, second only to the tally of the United States. Deaths rose by 81 to 155,813.
Updated 16 Feb, 2021 05:15pm
Government cuts passport fee by 50 percent
Pakistan

Government cuts passport fee by 50 percent

  • He asked people to apply for passports that are valid for up to ten years in order to reduce the burden on passport office.
  • The network of NADRA offices will be expanded at tehsil headquarters level, said Rasheed.
Updated 16 Feb, 2021 04:54pm
Myanmar military guarantees new election; protesters block train services
Asia

Myanmar military guarantees new election; protesters block train services

  • Myanmar’s military on Tuesday guaranteed that it would hold an election and hand power to the winner, denying that its ouster of an elected government was a coup and denouncing protesters for inciting violence and intimidating civil servants.
  • The military has not given a date for a new election but it has imposed a state of emergency for one year. Zaw Min Tun said the military would not hold power for long.
Updated 16 Feb, 2021 03:36pm
European stocks ahead at open
Stocks

European stocks ahead at open

  • In the eurozone, the Paris CAC 40 added 0.1 percent at 5,791.60 and Frankfurt's DAX 30 index was marginally higher at 14,113.11 points.
Published 16 Feb, 2021 02:40pm
NATO says will not withdraw forces from Afghanistan ‘before time is right’
South Asia

NATO says will not withdraw forces from Afghanistan ‘before time is right’

  • According to Jens Stoltenberg, Secretary General of NATO, the multilateral military alliance will not withdraw its forces from Afghanistan "before the time is right", after nearly two decades of involvement in the country's fight against terrorism.
  • The NATO Chief made these comments ahead of a virtual conference this week, which will signify the alliance's highest-level talks with the Biden Administration, after four years of tense relations under President Trump.
Updated 16 Feb, 2021 02:34pm
Islamabad United keen to make a fresh start in 2021
Sports

Islamabad United keen to make a fresh start in 2021

  • United are the only side the of the PSL, who have won the tournament twice.
    • Hasan’s inclusion has meant Islamabad now has United the group of friends who are thick, namely captain Shadab Khan, all-rounder Faheem Ashraf and Hasan. Hasan and Faheem are currently in the form of their lives, and the leader in Shadab will, therefore, love to regain his touch and play a huge part in the fresh start.
Published 16 Feb, 2021 02:12pm
Russia's Sputnik V vaccine to be provided only to large hospitals: Firm
Pakistan

Russia's Sputnik V vaccine to be provided only to large hospitals: Firm

  • Pharmaceutical company says it is in contact with leading private health facilities in Karachi, Lahore, and Islamabad for the supply of the Sputnik V vaccine
  • Official says company has not entered into a supply agreement with any hospital or diagnostic center for the supply of vaccine either directly or indirectly in Pakistan
Published 16 Feb, 2021 01:15pm
Coal India is in the pits of climate activism
Commodities

Coal India is in the pits of climate activism

  • The effort, though, may be the start of something larger. And if Coal India can minimise its financial outlay as it taps into the hyper-hot fields of green investment that could help it scrape out of the investor pits.
Published 16 Feb, 2021 01:05pm