News Archives for Latest - 2021-02-25

Perspectives

Will Crypto shape the future of global economies?

Governments, Education Institutes, Banks and Celebrated Influencers are all jumping in, accepting and utilizing...

Updated 02 Mar, 2021 10:38pm

Energy

Oil holds close to 13-month high, supported by sharp drop in US output

Fed Chairman Jerome Powell nixes rate hike fears.
US dollar languishes near three-year lows.
Crude prices hit highest level since January 2020.
OPEC+ to meet on March 4, discuss modest output increase.

Published 25 Feb, 2021 09:37pm

Commodities

Gold falls 1pc as elevated US yields hit safe haven appeal

Fed Chair Powell reaffirms extended loose monetary policy.
SPDR Gold Trust holdings slip to lowest since May 2020.
Palladium scales more than one-month high.

Published 25 Feb, 2021 09:35pm

Commodities

Copper jumps to 9-1/2 year high on inflation fears

Copper is about 6% below its record high of $10,190 a tonne hit in February 2011.
Three-month copper on the London Metal Exchange had climbed 1.2% to $9,417 a tonne.

Published 25 Feb, 2021 09:32pm

Forex

Dollar dips, Aussie jumps on global growth optimism

US dollar at three-year lows vs Aussie dollar.
Euro-dollar crosses $1.22.

Published 25 Feb, 2021 09:28pm

Stocks

Global share rally, rising oil prices buoy Gulf bourses

Brent oil climbed to a 13-month high of $67.30, after US government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week.
Saudi Arabia's benchmark share index rose 0.9%, with Al Rajhi Bank rising 2% and Saudi Telecom Company climbing 3.3%.

Published 25 Feb, 2021 09:25pm

Stocks

Wall St edges lower as tech shares fall, bond yields rise

Jobless claims dip, but still remain elevated.
Best Buy slips on downbeat annual sales forecast.
Big tech stocks fall; banks, energy shares gain.
Indexes down: Dow 0.11%, S&P 0.20%, Nasdaq 0.26%.

Published 25 Feb, 2021 09:23pm

Stocks

TSX falls as energy, materials stocks drag

The energy sector dropped 0.1%, while the materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.3%.
Toronto Stock Exchange's S&P/TSX composite index was down 65.27 points, or 0.35%, at 18,419.26.

Published 25 Feb, 2021 09:21pm

Stocks

Micro-cap stock surge shows investor risk taking, GameStop effect

The Russell Microcap index, whose components have a median market value of about $350 million, has climbed 26% nearly two months into 2021.
The micro-cap gauge ceded some gains during volatility earlier this week while other indexes held up better.

Published 25 Feb, 2021 09:16pm

Technology

Facebook promotes value of personalized ads in new campaign

The campaign called "Good Ideas Deserve To Be Found" highlights several advertisers that have grown their business on Facebook and Instagram, such as Houston-based fashion brand House of Takura.
Facebook's ad spending behind the campaign is in the millions of dollars, according to a source familiar with the matter.

Published 25 Feb, 2021 09:14pm

Industry

US auto sales to rise in February despite weather woes

Retail sales of new vehicles are estimated to reach about 975,600 units in February, a 3.3% increase from a year ago, when adjusted for selling days, the consultancies said.
Despite challenges posed by inclement weather in most of the country, retail sales demand continues to be strong.

Published 25 Feb, 2021 09:12pm

Commodities

Container shortage slows Indian sugar exports, fuels price rally

Exports seen at 5 mln T vs 5.7 mln T yr ago -trade body head.
Contract signed for 3 mln T, only 1 mln T shipped so far.
Containers not available due to lower imports –dealers.

Published 25 Feb, 2021 09:08pm

Commodities

EU raises 2020/21 wheat export forecast, cuts maize imports

That remained well below the 36.9 million tonnes estimated for 2019/20, reflecting a sharp drop in harvest supply this season, the Commission's grain supply and demand data showed.
That would be below estimated common wheat stocks of 9.8 million tonnes at the end of last season.

Published 25 Feb, 2021 09:09pm

Commodities

IGC raises forecasts for 2020/21 global wheat crop

In its monthly update, the inter-governmental body increased its global wheat crop forecast by 5 million tonnes to 773 million tonnes.
The IGC raised its forecast for Australia's wheat crop to 33.3 million tonnes from a previous forecast of 31.2 million and more than double the prior season's 15.2 million.

Published 25 Feb, 2021 09:06pm

USA

Mexican economy ended 2020 stronger than first estimated

National statistics agency INEGI said the economy grew by 3.3% in the fourth quarter of 2020 compared with the previous three-month period, revising up its Jan. 29 preliminary estimate that gross domestic product (GDP) had expanded by 3.1%..
That is the biggest decline since 1932 during the Great Depression.

Published 25 Feb, 2021 09:03pm

Commodities

Corn down 5-10 cents, wheat down 7-9, soybeans down 3-5

The US Department of Agriculture reported export sales of US old-crop wheat at 167,800 tonnes, a marketing year low that fell below a range of trade expectations, while new-crop sales totaled 14,800 tonnes.
Corn futures slid to session lows after the USDA's weekly export sales data fell below trade expectations.

Published 25 Feb, 2021 09:00pm

Business & Finance

Inflation bets send yields up to new milestone

The 10-year yield was up 6.9 basis points at 1.4578% and reached as high as 1.468%, the highest in a year.
"It's starting to become a momentum trade and the sell-off is becoming a global phenomenon," said Subadra Rajappa, head of US rates strategy at Societe Generale.

Published 25 Feb, 2021 08:58pm

Europe

Ireland targets return to full employment no later than 2023

Irish businesses have been shut cumulatively for a longer period than any other European Union country over the last 11 months and have been back in a strict lockdown since late December that is set to run at least into April.
They see the change in hours worked as a reasonable proxy for the impact of the pandemic on the labour market.

Published 25 Feb, 2021 08:57pm

Commodities

Indian export rates ease as supply picks up

Indian rice output to increase by 1.2% this year.
Supplies build in Vietnam, export prices unchanged.
Thai rates ease to $520-$560 a tonne.

Published 25 Feb, 2021 08:52pm

USA

Yellen supports new allocation of IMF's SDR currency to help poor nations

Reversing the opposition of the Trump administration, Yellen told G20 finance officials in a letter that a new SDR allocation could boost liquidity for poor countries, which have been particularly hard hit by the global coronavirus pandemic.
Without further international action to support low-income countries, we risk a dangerous and permanent divergence in the global economy.

Published 25 Feb, 2021 08:50pm

Technology

Twitter expects annual revenue to double in 2023, shares up 8pc

The company expects to reach at least 315 million monetizable daily active users (mDAU) by the fourth quarter of 2023.
Chief Executive Jack Dorsey said earlier this month that Twitter would explore launching content subscriptions and letting users receive tip payments from followers.

Published 25 Feb, 2021 08:49pm

Stocks

Wall St opens lower as tech shares fall

The S&P 500 opened lower by 9.63 points, or 0.25%, at 3,915.80, while the Nasdaq Composite dropped 85.33 points, or 0.63%, to 13,512.64 at the opening bell.

Published 25 Feb, 2021 08:48pm

Stocks

TSX opens lower as materials drag

Toronto Stock Exchange's S&P/TSX composite index was down 21.77 points, or 0.12%, at 18,462.76.

Published 25 Feb, 2021 08:45pm

Sports

Pandemic helped Swiatek deal with French Open success

I didn't see like a lot of people around, because at that time we had many restrictions and it was impossible to get like big gatherings.
Swiatek, who is ranked 18th, had earlier said she was finding it tough to deal with the weight of expectation at the Australian Open following her Roland Garros triumph.

Published 25 Feb, 2021 08:43pm

Europe

'I have only bad news' PM warns Hungary, as hospitals face worst weeks yet

"I have only bad news," Orban said in a Facebook video. "We are facing the hardest two weeks since the start of the pandemic. The number of infections is rising sharply and will continue to rise due to the new mutations."
Hungary's government has extended a partial lockdown until March 15, Orban's chief of staff said earlier in the day.

Published 25 Feb, 2021 08:41pm

Industry

Lufthansa adds more summer holiday destinations in bet on recovery

Germany's largest airline said it was planning to add around 20 new destinations from Frankfurt and 13 from Munich to locations such as the Caribbean, the Canary Islands and Greece.
COVID-19 vaccines and testing, along with strict hygiene rules at airports and on planes, will be prerequisites for travel this summer, it said.

Published 25 Feb, 2021 08:39pm

Europe

Czech Republic confirms first case of COVID-19 South African variant

The ministry had reported some new COVID-19 infections suspected to be from the South African variant this week.
The central European country has sought to rein in a fast-rising COVID-19 infection rate, which has also been accelerated by the spread of the British variant of the virus in past weeks.

Published 25 Feb, 2021 08:39pm

Money & Banking

Botswana cbank to keep policy accommodative, sees inflation rising into target range

Annual inflation - running at 2.3% last month - was last within the bank's 3%-6% target range in September 2019.
It dropped below 1% last year as the COVID-19 pandemic depressed economic activity.

Published 25 Feb, 2021 08:25pm

Sports

Nadal pulls out of Rotterdam Open with back issue

The 20-time Grand Slam winner has been struggling with a back issue since the build-up to the Australian Open and was forced to skip Spain's ATP Cup ties earlier this month.
"Once I got back to Spain I visited my doctor and together with my team they've advised not to play this upcoming week."

Published 25 Feb, 2021 08:26pm

Forex

Loonie notches a 3-year high as Canada's bond yields jump

Canadian dollar strengthens 0.2% against the greenback.
Loonie touches its strongest since February 2018 at 1.2468.
Price of US oil falls 0.9%.
Canada's 10-year yield touches a 13-month high at 1.481%.

Published 25 Feb, 2021 08:21pm

Money & Banking

Nigeria's Zenith Bank targets 5.5pc rise in pretax profit in 2021

Zenith said it was aiming for 10% loan growth this year, down from 18.6% in 2020 after a currency depreciation at the end of last year helped boost the value of loans priced in naira.
The lender identified small businesses, agriculture, healthcare and manufacturing as some of the growth sectors this year.

Published 25 Feb, 2021 08:21pm

Pakistan

Rs 378 to spend to provide low cost homes under NAPHDA: Shahbaz Gill

He said the government has approved the mortgage banking laws, besides changing tax regime for the housing sector.

Published 25 Feb, 2021 08:16pm

Pakistan

PM for return of stolen assets from haven countries, int'l anti-money laundering instruments

The event was also addressed by 75th President of the General Assembly Volkan Bozkir and 76th President of the Economic and Social Council Munir Akram.

Published 25 Feb, 2021 08:14pm

Stocks

GameStop shares rise in early trade before being halted

The stock hit $160 at the open before being halted after several minutes of trading. Shares were changing hands at around $129 before the second halt.
A short squeeze takes place when the price of a heavily shorted stock rises sharply, forcing short-sellers who had bet against the stock to buy it at those prices to avoid further losses.

Published 25 Feb, 2021 08:13pm

Pakistan

India bears responsibility to ensure regional peace: Dr Moeed

The SAPM noted that the Kashmir issue should be resolved in the manner prescribed by the United Nations as per its resolutions on the issue.

Published 25 Feb, 2021 08:13pm

Pakistan

PML-N becomes expert in manipulating election results: Shibli

The minister said the PML-N failed to provide any concrete proofs and evidences of rigging in NA-75 Daska bye-elections.

Published 25 Feb, 2021 08:12pm

Commodities

Argentina says strikes deal to restart beef exports to Mexico

Argentina last year exported a total 900,699 tonnes of beef, of which 51% went to China.
The US Department of Agriculture (USDA) forecasts that Mexico will import 130,000 tonnes of beef in 2021.

Published 25 Feb, 2021 08:08pm

Pakistan

PML-N orchestrates propaganda to make Daska by-polls controversial

He said the PML-N did not claim rigging in those constituencies where they won the by-elections such as Nowshera and Wazirabad.

Published 25 Feb, 2021 08:10pm

Pakistan

Pak-Saudi bilateral ties strengthening with each passing day: Ashrafi

Saudi envoy said the relationships between Saudi Arabia and Pakistan were very strong.

Published 25 Feb, 2021 08:08pm

USA

US pending home sales decline in January

The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on contracts signed last month, dropped 2.8% last month to 122.8.
Monthly contracts declined in the Midwest, Northeast and West. They inched up in the South.

Published 25 Feb, 2021 08:07pm

Pakistan

PSX gains 603 points to close at 45,965 points

As many as 416 companies transacted shares in the stock market, 286 of them recorded gain and 111 sustained losses.

Published 25 Feb, 2021 08:08pm

Money & Banking

US bank regulators say pandemic drove up risk in leveraged lending

A new regulatory report found that the level of "non-pass" loans nearly doubled in 2020, rising from 6.9% to 12.4%, with most of those riskier loans held by nonbanks.

Updated 25 Feb, 2021 08:08pm

Pakistan

Gold prices decrease Rs350 to 110,300

The price of per tola and ten gram silver remained constant.

Published 25 Feb, 2021 08:05pm

Financial

Canadian pension fund OMERS reports first annual loss since financial crisis

Many Canadian pension funds struggled to navigate the coronavirus pandemic last year, leading to widespread shutdowns of the economy and historic market falls.
"We've woken up this year already in pretty good shape but it didn't happen to coincide with year-end," he said.

Updated 25 Feb, 2021 08:06pm

Pakistan

ECP orders fresh poll in NA-75 Sialkot constituency on March 18

The CEC in its order said that the arguments were heard and record was perused.

Published 25 Feb, 2021 08:04pm

Pakistan

Pakistan, SL sign MoU to share best tourism practices: Zulfi Bukhari

The MoU on tourism was among the other agreements signed by Sri Lanka and Pakistan during the two-day official visit of Prime Minister Imran Khan to Colombo.

Published 25 Feb, 2021 08:02pm

Pakistan

NAB’s effective Anti Corruption Strategy starts yielding results: Chairman NAB

The Chairman NAB said that NAB was a role model for SAARC Countries.

Published 25 Feb, 2021 08:01pm

Pakistan

Govt committed to make Railways a profitable entity: Azam Swati

Azam Swati said that Pakistan Railways would be plied on a business model and safety of the passengers was the top most priority of the government.

Published 25 Feb, 2021 08:00pm

Pakistan

COVID-19 claims 7 more patients, infects 319 others

The chief minister urged people of the province to follow SOPs.

Updated 25 Feb, 2021 08:00pm

Pakistan

Senate Election: All candidates from Punjab elected unopposed

Five Senators each from the PML-N and the PTI have been elected while one, Kamil Ali Agha, has been elected unopposed from the PML-Q's platform.
They were elected after all challengers withdrew their nomination papers today (Thursday).

Published 25 Feb, 2021 07:53pm

Financial

Benchmark US Treasury yields hit 1-year high of 1.45pc

Benchmark 10-year Treasury yields were last up 7 basis points on the day. That rise was echoed across the yield curve with, 30-year Treasury yields up 7 bps at 2.32%.

Published 25 Feb, 2021 07:09pm

Pakistan

Bilawal meets Maryam, discusses Senate polls

Maryam Nawaz said that Parliament was the right forum if any amendment was needed to the Senate elections process.

Published 25 Feb, 2021 07:21pm

Pakistan

IHC gives one more opportunity to lawyers fir submitting reply

The court noted that only two lawyers had submitted their comments out of 21 and decided to give another chance to the respondents to file replies till March 2.

Published 25 Feb, 2021 07:19pm

Pakistan

Sheheryar calls UN experts for immediate intervention in IIOJK

Afridi said the Indian occupational forces are “committing worst war crimes” in Indian Illegally Occupied Jammu and Kashmir.

Published 25 Feb, 2021 07:17pm

Pakistan

PTI approached SC to end sale & purchase of votes in Senate elections: Shibli

Shibli Faraz said breaking the status quo was the cornerstone of the decades-long struggle of Prime Minister Imran Khan.

Published 25 Feb, 2021 07:16pm

Pakistan

Senate elections: All candidates from Punjab elected unopposed

The sources said that the notification of the elected candidates would be issued, along with other elected Senate candidates across country after March 3.

Published 25 Feb, 2021 07:11pm

Pakistan

WHO donates vehicles to strength response against COVID-19

He said that the Government of Pakistan working with trusted Partners like WHO, has been fortunate to mitigate the severe impact of the COVID-19 pandemic in both the first and second wave.

Published 25 Feb, 2021 07:09pm

South Asia

Japan govt to end state of emergency in 5 prefectures at end of month

Osaka, Kyoto, Hyogo, Aichi and Gifu prefectures will all have their emergency coronavirus pandemic measures lifted, Kyodo cited government sources as saying.
The five other prefectures under emergency are Tokyo and neighbouring Kanagawa, Saitama and Chiba in the Kanto area as well as the southwestern prefecture of Fukuoka.

Published 25 Feb, 2021 07:07pm

Pakistan

Chief Secretary, IGP Punjab directed to appear before ECP on Mar 4

The commission also issued direction to transfer Commissioner Gujranwala Division and RPO Gujranwala Region from their existing positions.

Published 25 Feb, 2021 07:08pm

Pakistan

SBP reserves rise to $12.9bn

On February 19, overall liquid foreign currency reserves held by the country stood at $20.041 billion.

Published 25 Feb, 2021 07:08pm

Companies

GSK narrows focus on elderly in trial to treat pneumonia from COVID-19

A trial started in May last year has shown that the drug known as otilimab helps patients over 70 with severe COVID-19 get off mechanical ventilation or high-flow oxygen support faster.
The benefit for younger trial participants was not clear enough to merit further investigation, prompting the re-focus on the elderly in a follow-up trial with a targeted 350 participants.

Published 25 Feb, 2021 07:08pm

Financial

UK regulator censures Premier FX for 'seriously misleading' customers

The Financial Conduct Authority (FCA) said it would have imposed a substantial fine on the company if it had not already been in liquidation or owed its 136 creditors - most of which are consumers - roughly 9.2 million pounds ($13 million).
We may never understand Peter Rexstrew's motivation for operating Premier FX in this way, using new customers' funds to pay existing customers or business expenses.

Published 25 Feb, 2021 07:03pm

Stocks

Nasdaq futures slide 1pc on tech sell-off; jobless claims in focus

Futures: Dow flat, S&P down 0.30%, Nasdaq down 1.00%
Apple Inc, Amazon.com Inc, Microsoft Corp , Facebook Inc and Netflix Inc were down between 0.9% and 1.3% before the bell, as traders were cautious about heightened valuations.

Published 25 Feb, 2021 07:00pm

Companies

Abu Dhabi's TAQA plans international bond sale

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage.
In July, TAQA closed a deal for Abu Dhabi Power Corporation (ADPower) to transfer the majority of its power and water generation, transmission and distribution assets to TAQA.

Published 25 Feb, 2021 06:58pm

Companies

Merck to buy drug developer Pandion Therapeutics for $1.85bn

The $60-per-share deal represents about 134% premium to Pandion's closing price on Wednesday.
Pandion's lead drug candidate, PT101, last month met its main goals of safety and tolerability in an early-stage trial in patients with autoimmune diseases.

Published 25 Feb, 2021 06:59pm

Financial

Looking to curb yield rise, ECB reaffirms easy money pledge

We will ensure that there is no unwarranted tightening of financing conditions
A too-abrupt increase in real interest rates on the back of improving global growth prospects could jeopardise the economic recovery.

Published 25 Feb, 2021 06:55pm

Commodities

Ukraine grain exports down 20pc so far in 2020/21 season

Traders sold 13.6 million tonnes of wheat, 13.6 million tonnes of corn and 3.96 million tonnes of barley, the data showed.
Ukraine is among the largest global grain exporters, selling about 57 million tonnes to foreign buyers in the 2019/20 season.

Published 25 Feb, 2021 06:53pm

Companies

Moderna sees $18.4bn in sales from COVID-19 vaccine in 2021

Moderna also said Chief Medical Officer Tal Zaks would leave the company in late September.
Moderna on Wednesday said it was expecting to produce 700 million doses in 2021, while attempting to scale up production to as much as 1 billion doses.

Published 25 Feb, 2021 06:52pm

Stocks

India's top brokerage Zerodha faces investor fury after stock exchange glitch

Outage at top India exchange led to losses for traders.
Market experts: Stock exchange didn't communicate properly.
Traders demand action against brokerage in online petition.

Published 25 Feb, 2021 06:49pm

Commodities

Copper jumps to new 2011 highs on inflation fears

Three-month copper on the London Metal Exchange was up 2.2% at $9,513.50 a tonne.
Copper is about 6% below its record high of $10,190 a tonne hit in February 2011.

Published 25 Feb, 2021 06:47pm

Stocks

Short squeeze boosts Air France KLM as travel stocks fly

Air France-KLM and Lufthansa outperforming the rest of the sector today may reflect some short positions unwinding given they are some of the most heavily shorted names in the sector.
They are among the most sensitive to changing sentiment on traffic recovery prospects given high financial leverage and traditionally high operating leverage to revenue fluctuations.

Published 25 Feb, 2021 06:45pm

Stocks

Best Buy sales slow as pandemic-driven demand wanes, shares fall

The retailer's shares fell 7% in premarket trading.
Best Buy forecast full-year comparable sales between a fall of 2% and a rise of about 1%, compared with analysts' estimates of a 1.6% increase, according to IBES data from Refinitiv.

Published 25 Feb, 2021 06:44pm

Financial

Books for Croatian foreign bonds rise to over 5.5bn EURO: IFR

Croatia wants to refinance an international bond worth $1.5 billion that matures on March 24, but also needs funds for covering this year's budgetary needs as the deficit is set at almost 3% of gross domestic product.

Published 25 Feb, 2021 06:42pm

Energy

Europe's wind power capacity not growing fast enough to meet climate targets-industry

Europe installed 14.7 gigawatts (GW) of new wind energy last year, 19% less than what was expected before the coronavirus pandemic hit. Europe now has a total of 220 GW wind energy capacity.
WindEurope expects Europe to build 105 GW of new wind farms over the next five years but this will be below the pace needed to deliver the European Union's energy and climate targets.

Published 25 Feb, 2021 06:40pm

Energy

Saipem gives no guidance as pandemic takes toll

"2021 is certainly not a back to normal year," Chief Executive Stefano Cao said in a conference call on results.
"We don't expect any improvement in the outlook before the second half of the year," he said.

Published 25 Feb, 2021 06:37pm

Pakistan

Lahore court issues release orders of Hamza Shehbaz

On February 24, the court had approved bail of Hamza Shahbaz after hearing arguments of his lawyers and the NAB prosecutor.
The court in Lahore issued the order after submission of Rs10 million surety bond against his bail.

Updated 25 Feb, 2021 06:39pm

Commodities

China's gold imports via Hong Kong fall in January on COVID-19 travel curbs

Gold prices in the top consumer of the metal, flipped back into a discount - a situation that prevailed for most of 2020 as the pandemic curbed demand - in the week to Jan. 29.
Net gold imports via Hong Kong to China stood at 4.2 tonnes in January compared with 5.6 tonnes in December, while they were down 55% on an annual basis.

Published 25 Feb, 2021 06:35pm

Companies

Global LNG demand expected to almost double by 2040: Shell

Demand was 360 million tonnes last year, up slightly from 2019's 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic.
While COVID-19 derailed expected forecasts...the industry reacted swiftly to changing market conditions, diverting cargoes to shifting demand centres and through adjusting supply.

Published 25 Feb, 2021 06:33pm

Companies

Tesla short-sellers sitting on $3.5bn weekly profits-Ortex

The electric carmaker's shares slumped 17% the week through Wednesday off record high levels, as Bitcoin, in which Tesla invested $1.5 billion, pulled back sharply.

Published 25 Feb, 2021 06:30pm

Money & Banking

TD Bank, CIBC beat profit expectations on lower loan loss provisions

Canadian banks have largely avoided an increase in soured loans as several government assistance measures, expected to end this summer, helped profits surpass pre-pandemic levels.
TD reported a 14% rise in net income at its Canadian retail banking arm to C$2.04 billion ($1.63 billion), while its US retail business recorded a drop of 13%.

Published 25 Feb, 2021 06:28pm

Commodities

Cocoa gains, with New York hitting two-month high

May New York cocoa rose 0.9% to $2,577 a tonne.
May arabica coffee rose 1.1% at $1.3880 per lb, after peaking at a more than one year high of $1.3960 on Wednesday.
May raw sugar was little changed at 18.13 cents per lb, having hit a near four-year peak of 17.52 cents set on Tuesday.

Published 25 Feb, 2021 06:26pm

Middle East

Syria receives COVID-19 vaccinations from 'friendly country'

Hassan Ghabash's comments, carried by state news agency SANA, did not make clear which country provided the vaccine.
Health officials had said Syria was engaged with Russia and China over vaccines but no bilateral deals have been announced yet.

Published 25 Feb, 2021 06:25pm

Commodities

Hit by Brazil shipment delays, Chinese soybean crushers forced to shrink output

Shortages of beans expected to last until at least mid-April.
China's soybean, soymeal prices rally as cargoes get delayed.
Higher meal inventories to cushion impact of delayed cargoes.

Published 25 Feb, 2021 06:20pm

Industry

Sports retailer Fanatics enters China via JV with Hillhouse Capital

The move by Jacksonville, Florida-based Fanatics, whose annual revenue tops $3 billion, is a bet on what the company sees as untapped demand in China for sports equipment and apparel.
China has been a market we followed for a while, and we've been meeting with multiple partners in China trying to figure out how we approach it in the best way.

Published 25 Feb, 2021 06:18pm

Commodities

South Africa's 2021 maize harvest seen up 4pc on favourable weather

The CEC, giving its first production estimate for the season, pegged the 2021 harvest at 15.849 million tonnes, up from the 15.300 million tonnes harvested last season.
The government's estimate is lower than a Reuters poll of five traders and analysts that pegged maize output at 16.872 million tonnes.

Published 25 Feb, 2021 06:16pm

Energy

Uganda expects to begin work on oil pipeline with Total 'shortly' after March FID

We expect construction of the pipeline to start shortly after we have finalised FIDs, and we expect to conclude the FIDs by the end of March.
We are in the final stages of negotiating a shareholders agreement" for the pipeline.

Published 25 Feb, 2021 06:14pm

Europe

France's Safran sees gradual recovery after crisis-hit 2020

The world's third largest aerospace contractor said 2020 recurring operating income fell 56% to 1.686 billion euros ($2.1 billion) as revenue fell 33% to 16.498 billion.
For 2021, Safran expected the key profitability gauge to recover by more than 100 basis points, with the recovery kicking in starting from the third quarter.

Published 25 Feb, 2021 06:11pm

Middle East

Health minister fuels Lebanese anger over vaccine line-jumping

Hassan's comments and pushback by other politicians added to anger in Lebanon, where decades of state waste and corruption have triggered a financial meltdown.
"You're a liar and a hypocrite, and you shouldn't stay in Lebanon," Ferzli shouted on live TV. Screenshots went viral among Lebanese on social media with captions such as "What I look like when I stub my toe" or "Vaccine side effect."

Published 25 Feb, 2021 06:09pm

Industry

Domino's misses quarterly revenue estimates

Total revenue rose to $1.36 billion from $1.15 billion in the fourth quarter ended Jan. 3, compared with estimates of $1.39 billion, according to IBES data from Refinitiv.

Published 25 Feb, 2021 06:07pm

South Asia

India unveils tougher rules for social media such as Facebook, Twitter

The new measures will require big social media companies to set up a grievance redressal mechanism and appoint executives to coordinate with law enforcement.
Social media firms should be "more responsible and accountable," Ravi Shankar Prasad, the minister for information technology, told reporters in outlining the rules.

Published 25 Feb, 2021 06:05pm

Stocks

Indian shares end higher as Reliance, energy stocks gain

The NSE Nifty 50 index ended 0.77% higher at 15,097.35 and the S&P BSE Sensex closed up 0.51% at 51,039.31, ahead of December-quarter gross domestic product data due on Friday.
Reliance, which fell 3.5% on Monday, has since recovered and is up more than 4% so far this week.

Published 25 Feb, 2021 06:03pm

Pakistan

SHC allows PTI’s Saifullah to contest Senate polls

Makhdoom Ali Khan Advocate pleaded Saifullah Abro’s challenge to the rejection of his nomination papers in high court.

Published 25 Feb, 2021 06:04pm

Pakistan

SHC angers over collection of tool tax despite restrain order

The court adjourned further hearing on the petition till March 18.

Published 25 Feb, 2021 06:03pm

Stocks

Sri Lankan shares extend gains as financials, industrials rise

Conglomerate Expolanka holdings jumped 15.1% as the top boost on the index, while Browns Investments gained 7.4%.
Tess Agro added 40% to end the day as the top percentage gainer on the index.

Published 25 Feb, 2021 06:00pm

Pakistan

SHC seeks report from Rangers on missing persons

The court summoned the secretary of the interior ministry of the federal government and it also sought a report from Sindh Rangers pertaining to the matter.

Published 25 Feb, 2021 06:02pm

Pakistan

PM's visit to Sri Lanka aims at further fortifying longstanding bilateral relations: FM

He said Sri Lanka also acknowledges Pakistan's assistance to deal with the scourge of terrorism.

Published 25 Feb, 2021 06:01pm

Forex

Nigerian, Zambian, Kenyan currencies seen under pressure

The naira is seen easing on the spot market after it fell 0.21% to 410.29 per dollar on Thursday.
The kwacha is likely to face continued pressure against the dollar going into next week due to heightened demand for hard currency amid limited inflows.

Published 25 Feb, 2021 05:51pm

Pakistan

Transparent elections imperative for strengthening democracy: Shibli

The Minister said transparent elections are imperative for prosperity of the masses and the country as well.

Published 25 Feb, 2021 05:58pm

Europe

Swedes vaccinated with two COVID doses can start seeing relatives again

"When they have, they can start hugging their grand children again," Lena Hallengren, minister for health and social affairs, told a news conference.
She said it was too early to say when broader restrictions could be lifted.

Published 25 Feb, 2021 05:49pm

Pakistan

Govt committed to provide best education facilities to students: KP CM

He said KP government has approved admission quota for students hailing from merged tribal districts in medical and dental colleges across the province.

Published 25 Feb, 2021 05:51pm

Pakistan

ECP performing duties without any political interference: Shibli

He said the government is going to introduce electronic voting system in the country to ensure transparency.

Published 25 Feb, 2021 05:49pm

Stocks

Coinbase makes direct listing application with SEC public

Coinbase said in December that it had confidentially applied with the US Securities and Exchange Commission to go public.

Published 25 Feb, 2021 05:45pm

Pakistan

Succession law summary sent to governor, CM aide tells NADRA

The NADRA delegation assured the advisor law that the succession law would be implemented within 30 days.

Updated 25 Feb, 2021 05:50pm

Forex

Turks' FX holdings dip to $235bn, still near record

When adjusted with the parity effect, the data showed the hard currency holdings fell by only $27 million in the period.
The central bank is watching keenly for a reversal in this dollarization trend before it starts rebuilding its depleted FX reserves.

Published 25 Feb, 2021 05:44pm

Money & Banking

Brazil bank lending spreads widen to 23.4pc points in January: central bank

The amount of outstanding loans in Brazil remained steady in the month at 4 trillion reais ($736 billion) and over the last 12 months loan growth accelerated 16%, the central bank said.

Updated 25 Feb, 2021 05:45pm

Europe

EU states report offers for 900 million vaccine by ‘alleged intermediaries’ - anti-fraud body

OLAF has opened an inquiry earlier this month into scam vaccine offers as the bloc faces increasing risk of fraud in that area.
Pharmaceutical companies have said they only sell directly to governments.

Updated 25 Feb, 2021 05:43pm

Sports

PCB to invite 50 per cent crowds for Karachi-leg matches

Decision on Lahore-leg matches to be made in due course and will depend on how spectators follow the SOPs
PCB advises ticket-holders to come to the venue with original CNICs, reminds them of No Mask No Entry policy

Updated 25 Feb, 2021 05:42pm

Business & Finance

Brazil's Petrobras returns to profit in Q4

The result was strong enough for Brazil's biggest company to end the Covid-shaken year with a surprise annual profit of 7.1 billion reais.

Published 25 Feb, 2021 05:16pm

World

UN chief to host Cyprus meeting in April

The three countries act as guarantors of the island's sovereignty under the treaty that gave Cyprus independence from British rule in 1960.

Published 25 Feb, 2021 05:13pm

Business & Finance

Qantas posts huge loss, says no international flights until October

Qantas had posted a US$1.9-billion loss for the year ending June 30 as the coronavirus pandemic gripped the global economy.

Published 25 Feb, 2021 05:11pm

Middle East

Nuclear issue key as Iran readies for Rouhani replacement

A prominent conservative, Raisi took more than 38 percent of votes in the 2017 presidential election won by Rouhani.

Published 25 Feb, 2021 05:08pm

USA

US trade nominee says Mexico-Canada pact is priority

Tai, who is expected to be confirmed for the influential post, will appear before a hearing of the Senate Finance Committee on Thursday.

Published 25 Feb, 2021 05:06pm

Africa

Fourteen killed at religious site in C. Africa: Amnesty

Video evidence showed as many as 14 bodies, some not wearing military clothes, and including a woman and a child, the group said.

Published 25 Feb, 2021 05:04pm

Middle East

Saudi crown prince has surgery for appendicitis

SPA tweeted footage of the prince walking out of the hospital with an entourage and getting into the front passenger seat of a car.

Published 25 Feb, 2021 05:02pm

South Asia

Xi boasts of Chinese 'miracle' in tackling poverty

China is now "providing help to developing countries" still struggling with poverty, Xi said.

Published 25 Feb, 2021 05:00pm

Pakistan

Court orders govt to de-freeze Sanaullah's salary account

The verdict was announced by Judge Shakir Hassan on an application of the PML-N MNA seeking to de-freeze his bank accounts
The court ordered that the account Sanaullah uses to receive his National Assembly salary be de-frozen with immediate effect

Published 25 Feb, 2021 05:02pm

Pakistan

LHC directs Pakistani auto manufacturers to install airbags in all vehicles

"Almost all locally manufactured vehicles have airbags but those priced less than Rs1.5 million do not have this facility,” says PAMA cheif.
Airbags are not manufactured in the country but imported from abroad, he said, adding they need time to implement the court order.

Updated 25 Feb, 2021 05:02pm

Stocks

Asia markets track Wall St record after Powell's soothing words

While agreeing that prices would rise as the economy returns to normal, he said that did not mean inflation would run away.

Published 25 Feb, 2021 04:57pm

South Asia

Clashes in Yangon as tensions rise over Myanmar coup

By noon, clashes were breaking out near Yangon Central station's railway compound.

Published 25 Feb, 2021 04:54pm

Europe

Moscow to expand metro facial recognition network

On Wednesday, Russian President Vladimir Putin signed off on a raft of bills ramping up fines for protesters and social media platforms.

Published 25 Feb, 2021 04:52pm

South Asia

China denies using Covid-19 anal swabs on US diplomats

"China has never requested US diplomatic personnel in China to undergo anal swabs," foreign ministry spokesman Zhao Lijian said.

Published 25 Feb, 2021 04:51pm

Europe

German consumer mood brightens as shutdowns ease

The GfK survey of some 2,000 Germans found that respondents were more likely to make large purchases than in the previous month.

Published 25 Feb, 2021 04:48pm

World

Armenian prime minister denounces 'attempted military coup'

The statement said the firing was made "exclusively on the basis of the personal feelings and ambitions" of Pashinyan.

Published 25 Feb, 2021 04:48pm

Pakistan

ECP orders re-election in entire Daska constituency on March 18

The ECP has declared the by-poll held in the constituency on February 19 as null and void.
The ECP has ordered that fresh elections be held in Daska on March 18.

Updated 25 Feb, 2021 04:25pm

Business & Finance

How much FATF grey-listing cost Pakistan’s economy?

The study results suggest that FATF grey-listing, starting in 2008 and till 2019, may have resulted in cumulative real GDP losses of approximately $38bn.

Published 25 Feb, 2021 04:16pm

Pakistan

FM Qureshi welcomes Pak-India ceasefire agreement

Foreign minister says the pact is a positive omen and urged India to strictly follow the ceasefire agreement
Pakistan has been highlighting the ceasefire violations at all international forums from the Indian side: FM

Published 25 Feb, 2021 03:04pm

Sports

Mohammad Wasim wants to make most out of HBL PSL 6

The 19-year-old wants to represent Pakistan at the highest level as an all-rounder.
“I want to be an all-rounder for Pakistan and make my name at international level,” says Wasim.

Published 25 Feb, 2021 02:52pm

Business & Finance

SBP amends clauses to facilitate Housing Finance & Capital Market

The SBP has also allowed banks/DFIs to use their names with their own SPVs in compliance with applicable laws, however, banks/DFIs’ names shall not be used in the RMBS/CMBS issued by such SPVs.

Published 25 Feb, 2021 02:22pm

Pakistan

Bilawal, Maryam discuss strategy for upcoming Senate election

The meeting took place at Maryam Nawaz’s Jati Umra residence, where both leaders discussed strategies for upcoming Senate elections and anti-government drive.
Former prime minister Yousuf Raza Gilani, Makhdoom Ahmed Mahmood, Qamar Zaman Kaira, Chaudhry Manzoor and Hassan Murtaza were also present.

Updated 25 Feb, 2021 02:24pm

Pakistan

SHC allows PTI's Saifullah Abro to contest Senate polls

Nomination papers of Abro were rejected by an appellate tribunal for a technocrat seat for Senate from Sindh
The PTI leader's nomination papers were rejected for concealing assets

Published 25 Feb, 2021 02:00pm

Pakistan

PM Imran expected to visit Lahore tomorrow: report

He is also expected to meet Chief Minister Punjab Usman Buzdar and Governor Chaudhry Sarwar.
Khan is also expected to inaugurate Mega Business Center at Lahore’s Walton Road.

Published 25 Feb, 2021 01:51pm

Asia

Opponents, supporters of Myanmar coup scuffle as more protests planned

Supporters and opponents of Myanmar’s military clashed on the streets of Yangon on Thursday as authorities blocked students from leaving their campus to march, a day after a first flurry of diplomacy aimed at resolving the crisis.

Published 25 Feb, 2021 01:37pm

World

EU mulls vaccination passports to resurrect tourism after COVID-19

Officials said the EU was working with the International Air Transport Association, which is keen to revive air travel, and with the Organisation for Economic Cooperation and Development and the World Health Organization.

Published 25 Feb, 2021 01:23pm

World

US report on Khashoggi death expected to single out Saudi crown prince: sources

The report’s release is part of Biden’s policy to realign ties with Riyadh after years of giving the Arab ally and major oil producer a pass on its human rights record and its intervention in Yemen’s civil war.

Published 25 Feb, 2021 01:18pm

Technology

Facebook to invest $1 billion in news industry after Australia row

Facebook on Tuesday restored Australian news pages, ending an unprecedented week-long blackout.

Published 25 Feb, 2021 01:15pm

Technology

India plans new social media controls after Twitter face-off

In India, Twitter ignored orders to remove content over farmers’ protests, fuelling the zeal of Prime Minister Narendra Modi’s government since 2018 to tighten regulation for content it deems disinformation or unlawful.

Published 25 Feb, 2021 12:53pm

Technology

Pakistan’s IoT to power Mr. Mahir‘s Handyman Marketplace

Following the partnership, TPL Trakker’s Location Based Service (LBS) APIs will power Mr. Mahir’s handyman services platform.

Published 25 Feb, 2021 01:01pm

Pakistan

Terror financing: FATF to decide Pakistan's fate today

The overall performance shows that Pakistan has improved compliance on two out of 40 recommendations of the FATF on effectiveness of anti-money laundering and combating financing terror (AML/CFT) systems
The FATF finds Pakistan’s progress non-compliant on four counts, partially compliant on 25 counts and largely compliant on nine recommendations

Published 25 Feb, 2021 12:41pm

Business & Finance

Pakistan faces an unexpected dilemma: too much electricity?

But even as supply surges, electric power is still not reaching up to 50 million people in Pakistan who need it, according to a 2018 World Bank report, though expansion of transmission lines is planned.

Published 25 Feb, 2021 12:32pm

Business & Finance

Oil prices hit 13-month highs on tighter supplies, Fed assurance on low rates

Brent crude futures for April gained 19 cents, 0.3%, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1%.

Published 25 Feb, 2021 12:04pm

Pakistan

Pakistani, Indian DGMOs agree for strict observance of all agreements, cease firing along LoC, other sectors immediately

In the interest of achieving mutually beneficial peace, the two DGMOs agreed to address each other's core issues and concerns 'which have propensity to disturb the peace and lead to violence'.
The two sides also reiterated that existing mechanisms of hotline contact and border flag meetings will be utilised to resolve any unforeseen situation or misunderstanding.

Published 25 Feb, 2021 12:04pm

Business & Finance

Asian shares jump after Powell nixes rate hike fears

Powell’s reassurance gave a fresh impetus to reflation trades and boosted risk asset prices while also driving U.S. bond yields back up to one-year highs.

Published 25 Feb, 2021 12:00pm

Business & Finance

Moody’s term Pakistani banks strong growth despite pandemic ‘a credit positive’

For 2021 Moody's expects profitability to remain at 2020 levels mainly because of a squeeze in net interest margins after the interest rate cuts.

Published 25 Feb, 2021 11:42am

Pakistan

All schools will go back to regular five-day classes from Monday: Shafqat Mahmood

"This announcement applies to every educational institutions in the designated cities where restrictions had been imposed," he tweeted.
Restrictions imposed in some major cities on schools to conduct staggered classes was only till February 28, Mahmood said.

Published 25 Feb, 2021 11:21am

Pakistan

Pakistan is victim of attacks by terrorists harbored by neighboring state: Akram

Envoy says the objective of the United Nations is to prevent war and use of force against the independent state
Struggle to get internationally acknowledged right to self-determination cannot be dubbed as terrorism: Akram

Published 25 Feb, 2021 11:26am

Business & Finance

Govt to release Rs 5.5bn under DLTL payments for exporters

The advisor informed that the DLTL scheme includes Rs. 1,738 million for non-textiles sector and Rs. 3,762 million for textiles sector.

Published 25 Feb, 2021 11:02am

Pakistan

NCOC eases restrictions on commercial activities as COVID-19 cases decline

Indoor wedding ceremonies will be allowed from March 21, with Standard Operating Procedures (SOPS).
The Election Commission of Pakistan has also been allowed by the NCOC to hold local bodies and cantonment board elections by the end of May or early June.

Published 25 Feb, 2021 10:29am

Business & Finance

SBP grants Exchange Companies Five days forward sale facility

As per the SBP, forward sale facility may be availed up to maximum five working days (including both transaction and settlement days).

Published 25 Feb, 2021 10:12am

BR Research

Sazgar Engineering Works Limited

Sazgar Engineering Works Limited (PSX: SAZEW) was set up as a private limited company in 1991. Three years later in...

Published 25 Feb, 2021 07:45am

BR Research

Commercial Vehicles: Growth (ish)

Over 95 percent of Pakistan’s freight transportation uses the country’s road network—which means, the country...

Published 25 Feb, 2021 07:40am

BR Research

Cotton imports: highest ever, and still counting

As ginning factories turn off their machines for the season, the marketing year 2020-21 will probably be remembered...

Published 25 Feb, 2021 07:35am

BR Research

Dismal telecom FDI

Foreign investment into the country’s telecom sector has flipped back to a disappointing trend in FY21 so far. The...

Published 25 Feb, 2021 07:30am

BR Research

Power blackout: System needs overhaul

The inquiry report on the power system collapse in January 2021 is out. Do not expect media frenzy and mafia-calling...

Published 25 Feb, 2021 07:25am