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Archive - 2021-03-01
GREE unveils another masterpiece in its AC range: Pular AC
Technology

GREE unveils another masterpiece in its AC range: Pular AC

  • With an inclusion of GREE pular series AC into its outstanding range of inverter air conditioners, GREE has surely taken up a step further in living up to the expectations of the customers.
  • The new Pular AC is equipped with an excellent range of features and functions that will put you in an awe.
Updated 04 Mar, 2021 04:26pm
Former Barcelona president Bartomeu, CEO Grau arrested amid Camp Nou raid
Sports

Former Barcelona president Bartomeu, CEO Grau arrested amid Camp Nou raid

  • The arrests were made amid the on going investigation into ‘BarcaGate’, in which club officials were accused of launching a smear campaign against current and former players who were critical of the club and then-president Bartomeu.
  • The club also confirmed the development stating that Mossos d’Esquadra entered Barcelona's stadium in a search and seize operation.
Updated 01 Mar, 2021 10:05pm
COAS Bajwa visits logistics installations & workshop in Rawalpindi
Pakistan

COAS Bajwa visits logistics installations & workshop in Rawalpindi

  • The Army Chief visited various facilities and infrastructures of the workshop handling a vast range of specialised transport items for the Army, says ISPR.
  • General Bajwa appreciated the performance and commitment of the workshop in the provision of top-class maintenance facilities and services as per standard engineering practices in line with modern/latest standards.
Updated 01 Mar, 2021 09:29pm
Govt reportedly offers six Senate seats to opposition from Balochistan
Pakistan

Govt reportedly offers six Senate seats to opposition from Balochistan

  • The development came hours after the Supreme Court of Pakistan opined that the Senate election is held "under the Constitution" and thus cannot be conducted through an open ballot, as per the government's demand.
  • The proposal was tabled by Senate Chairman Sadiq Sanjrani to the opposition lawmaker Ghafoor Haideri.
Published 01 Mar, 2021 08:53pm
Facebook signs up partners for German news product, but Springer baulks
Technology

Facebook signs up partners for German news product, but Springer baulks

  • "Part of our user base wants to read more news," Jesper Doub, Facebook's director of news partnerships in Europe, told reporters.
  • Attempts by some platforms on the one hand to position themselves as news media, and on the other to fob off publishers with inadequate remuneration, are problematic.
Published 01 Mar, 2021 08:42pm
Exxon adds activist Jeff Ubben, ex-Comcast CFO to board
Companies

Exxon adds activist Jeff Ubben, ex-Comcast CFO to board

  • Exxon's shares, which have lagged closest rival Chevron Corp by a long margin in the last five years, rose 4% in premarket trading to $56.55.
  • After Ubben and Angelakis' appointment, Exxon said its board now has 13 directors, 12 of whom are independent.
Published 01 Mar, 2021 08:37pm
Mexico's Femsa reports quarterly loss, sees recovery on horizon
Companies

Mexico's Femsa reports quarterly loss, sees recovery on horizon

  • A new wave of COVID cases and virus variants brought more stringent operating restrictions and again hampered customer mobility.
  • Short-term uncertainty levels remain high, but we anticipate an eventual recovery to take hold on the back of broad vaccination efforts and a pandemic that gradually cedes ground to normalcy as the year advances.
Published 01 Mar, 2021 08:31pm
Latam currencies rise as bonds stabilize, commodity prices rise
Forex

Latam currencies rise as bonds stabilize, commodity prices rise

  • Brazil's real rose 0.5% against a stronger dollar. A survey on Monday showed the pace of expansion in the country's manufacturing sector picked up again in February after three months of deceleration.
  • MXN bonds were the most sensitive during the 2013 & 2016 yields spikes and will likely be hit relatively more as US yields rise.
Published 01 Mar, 2021 08:29pm
Indian regulator proposes stricter rules on independent directors
Companies

Indian regulator proposes stricter rules on independent directors

  • If either of the requirements are not met, a new person will not be appointed and existing independent directors can't be removed, SEBI said in its proposal, which is open for public consultation until April 1.
  • The proposal may be revised after SEBI receives public feedback, and there is no clear timeline on its implementation.
Published 01 Mar, 2021 08:21pm
IHC grants bail to woman lawyer
Pakistan

IHC grants bail to woman lawyer

  • A division bench comprising Justice Aamer Farooq and Justice Mohsin Akhter Kiyani heard the post arrest bail petition of two lawyers.
Published 01 Mar, 2021 08:24pm
Credit Suisse suspends supply chain finance funds
Money & Banking

Credit Suisse suspends supply chain finance funds

  • In a note to investors, Credit Suisse Asset Management said that "a certain part of the subfunds' assets is currently subject to considerable uncertainties with respect to their accurate valuation".
  • Greensill, into which the SoftBank Vision Fund, part of Japan's Softbank Group, has invested around $1.5 billion in recent years, was not immediately available for comment.
Published 01 Mar, 2021 08:18pm
Wells Fargo expands in precious metals after Scotiabank exit
Money & Banking

Wells Fargo expands in precious metals after Scotiabank exit

  • Scotiabank was for years the biggest global lender to the physical precious metals industry. It decided in 2018 to downsize and last year to exit the sector.
  • Other banks to have taken on Scotia staff since it began to shrink include Canada's Bank of Montreal (BMO) and Royal Bank of Canada (RBC).
Published 01 Mar, 2021 08:15pm
Citgo Corpus Christi, Texas, coker shut after failed restart
Companies

Citgo Corpus Christi, Texas, coker shut after failed restart

  • The 44,000-bpd coker was shut along with the rest of the refinery as freezing temperatures caused a power outage on Feb. 15.
  • The sources said the three were working on the coker restart when they were injured. The coker is located in the West Plant.
Published 01 Mar, 2021 08:11pm
Italy set to offer its first green bond, betting on strong demand
Financial

Italy set to offer its first green bond, betting on strong demand

  • The Italian deal was expected by the end of 2020 but was derailed by a political crisis when the majority coalition led by former Prime Minister Giuseppe Conte collapsed.
  • Agénce France Trésor debuted in Europe with its first green sovereign bond in January 2017, and Germany stepped in last September, placing 6.5 billion euros that attracted demand over 33 billion euros.
Published 01 Mar, 2021 08:09pm
EU to propose vaccine certificates in time for summer holidays
Europe

EU to propose vaccine certificates in time for summer holidays

  • The EU executive aims to present its plans for a "digital green pass" on March 17 and to cooperate with international organisations to ensure that its system also works beyond the European Union.
  • The aim is to gradually enable them to move safely in the European Union or abroad - for work or tourism.
Published 01 Mar, 2021 08:05pm
SoftBank to write down $1.5bn Greensill investment
Companies

SoftBank to write down $1.5bn Greensill investment

  • The writedown occurred at the end of 2020 and SoftBank is considering dropping the valuation to close to zero, the report said.
  • Greensill, owned by billionaire Lex Greensill, has been looking to raise funds with the aim of going public, according to the report.
Published 01 Mar, 2021 08:02pm
Polish and Chinese presidents discuss buying Chinese COVID vaccine
South Asia

Polish and Chinese presidents discuss buying Chinese COVID vaccine

  • At the request of Prime Minister Mateusz Morawiecki, the president also raised the question of Polish-Chinese cooperation in the fight against the coronavirus pandemic, including the possibility of Poland purchasing vaccines produced in China.
  • Like other EU countries, Poland's vaccination programme has been hampered by delays in deliveries from producers like AstraZeneca and Pfizer.
Published 01 Mar, 2021 07:59pm
Rocket Lab set to launch publicly in $4.1bn SPAC merger
Companies

Rocket Lab set to launch publicly in $4.1bn SPAC merger

  • The move marks the latest in a series of special purpose acquisition companies (SPAC) buying space firms including Richard Branson's Virgin Galactic and rocket startup Astra.
  • Earlier on Monday, satellite data company Spire Global Inc agreed to go public through a merger with blank-check acquisition firm NavSight Holdings Inc at a $1.6 billion valuation.
Updated 01 Mar, 2021 07:59pm
Biden Administration to reportedly initiate dialogue with Taliban
South Asia

Biden Administration to reportedly initiate dialogue with Taliban

  • The Biden Administration's Afghanistan negotiator has begun a diplomatic trip, which will reportedly include the first meeting of the new administration with the Taliban.
  • The State Department did not immediately provide comment on the agenda Zalmay Khalilzad is bringing to the Taliban, which belatedly resumed peace talks with the U.S. client Afghan government last week.
Published 01 Mar, 2021 07:18pm
Ex-French President Sarkozy sentenced to jail in corruption trial
Europe

Ex-French President Sarkozy sentenced to jail in corruption trial

  • The 66-year-old was found guilty of trying to bribe a judge in Monaco in exchange for inside information on an inquiry into his campaign finances.
  • The same sentence was handed down to his co-defendants – lawyer Thierry Herzog and judge Gilbert Azibert.
Published 01 Mar, 2021 07:04pm
First UAE ambassador arrives in Israel, eyes Tel Aviv embassy
Middle East

First UAE ambassador arrives in Israel, eyes Tel Aviv embassy

  • Mohamed Al Khaja, former chief of staff to the UAE foreign minister, was due to present his credentials to Israeli President Reuven Rivlin at the start of a three-day visit.
  • "My mission here is to foster and develop this relationship...and we hope this will bring peace and prosperity to the people in the Middle East," he said.
Published 01 Mar, 2021 06:10pm
Armenians barge into govt building to demand PM's exit
South Asia

Armenians barge into govt building to demand PM's exit

  • The president, however, refused to sign off on the general's removal on Saturday, declaring it unconstitutional.
  • The country's Security Council on Monday urged President Armen Sarkissian to approve the sacking, the Interfax news agency reported. RIA reported that Pashinyan also met Sarkissian on Monday.
Published 01 Mar, 2021 06:00pm
Fourth executive jailed in Britain's Iraq oil bribery case
Europe

Fourth executive jailed in Britain's Iraq oil bribery case

  • Paul Bond, 68, was found guilty of two counts of bribery after a retrial at London's Southwark Crown Court on Wednesday.
  • Bond is the fourth executive convicted after a five-year Serious Fraud Office (SFO) investigation into Monaco-based consultancy Unaoil, which uncovered bribes of more than $17 million to secure contracts worth $1.7 billion for Unaoil and its Western, blue-chip clients.
Published 01 Mar, 2021 05:58pm
UK's Prince Philip, 99, moves hospital for heart tests
Europe

UK's Prince Philip, 99, moves hospital for heart tests

  • Philip, the Duke of Edinburgh, was admitted to London's private King Edward VII hospital two weeks ago for treatment for an unspecified, but not related to COVID-19, infection.
  • "The Duke remains comfortable and is responding to treatment but is expected to remain in hospital until at least the end of the week," the palace said.
Published 01 Mar, 2021 05:57pm
Flowserve supplying pumps, valves for Pfizer vaccine production
Companies

Flowserve supplying pumps, valves for Pfizer vaccine production

  • The company said it helped the drugmaker replace a mechanical mixer seal on its vaccine production line at a plant in Kalamazoo, Michigan.
  • The vaccine is one of the three authorized for emergency use in the United States along with Moderna and Johnson & Johnson.
Published 01 Mar, 2021 05:55pm
Oil jumps on vaccine optimism, US stimulus
Energy

Oil jumps on vaccine optimism, US stimulus

  • US House passes $1.9 trillion COVID-19 relief plan.
  • China Feb factory activity growth drops.
  • Euro zone factories buzzing in Feb as demand soars.
  • OPEC+ meets on Thursday to discuss output.
Published 01 Mar, 2021 05:51pm
Sri Lankan shares fall as consumer, financial stocks drag
Stocks

Sri Lankan shares fall as consumer, financial stocks drag

  • Data released after market hours on Thursday showed Sri Lanka's consumer prices rose 3.3% year-on-year in February compared with a 3% rise in January.
  • Cigarette maker Ceylon Tobacco Company Plc slid 4.8% to the Dec. 11 low of 1,000 Sri Lankan rupees, while Lanka ORIX Leasing Company PLC fell 1.5%.
Updated 01 Mar, 2021 05:49pm
Criticism drives me to work harder: Iftikhar Ahmed
Sports

Criticism drives me to work harder: Iftikhar Ahmed

  • “I have played before for Islamabad [United] and won a title with them in Karachi. The support staff and the team management is very helpful. It was my wish to play for Islamabad United again. I hope that Islamabad [United] will lift the trophy again.”
  • “My role as a middle-order batsman is to take the game deep and finish it. So, I try to build the innings by scoring run-a-ball early on and then increase my scoring rate.”
Updated 01 Mar, 2021 05:35pm
Eight foreign teams participating in PATS 2021 competition: ISPR
Pakistan

Eight foreign teams participating in PATS 2021 competition: ISPR

  • Teams from Jordan, Sri Lanka, Turkey and Uzbekistan will take part as participants whereas Morocco, Indonesia, Kazakhstan and Tajikistan are participating as observers in the three days long competition
  • The competition is designed to test tactical skills in physical and professional domains as well as agility of the participating teams to generate responses in challenging real-time field scenarios
Published 01 Mar, 2021 04:32pm
PM Imran Khan meets MNAs ahead of Senate election
Pakistan

PM Imran Khan meets MNAs ahead of Senate election

  • During the meeting the premier listened to grievances of the lawmakers and addressed their reservations.
  • The National Assembly is the electoral college for the Senate seat on which polling will be held on March 3.
Published 01 Mar, 2021 04:32pm
Piaggio, KTM, Honda and Yamaha to create swappable batteries consortium
Technology

Piaggio, KTM, Honda and Yamaha to create swappable batteries consortium

  • “The aim of the consortium will, therefore, be to define the standardised technical specifications of the swappable battery system for vehicles belonging to the L-category - mopeds, motorcycles, tricycles and quadricycles,” said Honda.
  • The consortium, which will start operating in May and is open to all investors interested in joining, aims to define standard technical specifications for swappable batteries for mopeds and motorcycles, Piaggio said.
Published 01 Mar, 2021 02:31pm
U.S. wasted billions of dollars on cars, buildings in Afghanistan: Report
South Asia

U.S. wasted billions of dollars on cars, buildings in Afghanistan: Report

  • A report by a U.S government watchdog has revealed that the United States wasted billions of dollars in reconstruction aid in Afghanistan on buildings and vehicles, that were either abandoned or destroyed.
  • Out of the $7.8 billion spent on buildings and vehicles since 2008, only $343.2 million worth were "maintained in good condition", according to the Special Inspector General for Afghanistan Reconstruction (SIGAR).
Updated 01 Mar, 2021 02:32pm
European equities rally at open
Stocks

European equities rally at open

  • "Those fears of inflation have certainly not gone away but attention has shifted back, perhaps temporarily, to the immediate positive drivers which could propel a strong economic rebound.
Published 01 Mar, 2021 01:43pm
Cabinet likely to undergo reshuffle after Senate polls
Pakistan

Cabinet likely to undergo reshuffle after Senate polls

  • The PM is reportedly not happy with the performance of ministers and on excuses over their inability to deliver
  • Minister says cabinet reshuffle aims to maintain a strong hold on the party, keeping the allies pleased and uplifting the morale of the party
Published 01 Mar, 2021 12:58pm
South Africa's rand gains as global bond market calms
Forex

South Africa's rand gains as global bond market calms

  • South Africa government bonds also recovered. The yield on the benchmark 2030 government bond, which touched its weakest level in four months on Friday, was down 4 basis points at 9.105% in early deals.
Published 01 Mar, 2021 12:18pm
Liverpool beat Sheffield Utd 2-0 to snap losing streak
Sports

Liverpool beat Sheffield Utd 2-0 to snap losing streak

  • Liverpool's first league win since beating West Ham United 3-1 on the last day of January leaves them in sixth position in the table on 43 points, one behind their next opponents Chelsea. Sheffield United remain bottom on 11 points.
Published 01 Mar, 2021 12:16pm
Supreme Court says Senate elections to be held through secret ballot
Pakistan

Supreme Court says Senate elections to be held through secret ballot

  • A five-member larger bench headed by Chief Justice of Pakistan Gulzar Ahmed opined that Senate elections would be held under Article 226 of the Constitution through secret balloting.
  • The SC also said that the Election Commission of Pakistan should use the latest technology to ensure fair and transparent elections.
Updated 01 Mar, 2021 10:54am
Hopes for WTO momentum as new boss takes charge
Business & Finance

Hopes for WTO momentum as new boss takes charge

  • The Ottawa Group, which brings together the EU and 12 countries including Brazil, Canada and Switzerland, will meanwhile demand that countries commit not to hinder the flow of medical goods during the pandemic, and remove customs duties on those considered essential.
Published 01 Mar, 2021 10:44am
Biden backs Amazon workers' right to unionize
World

Biden backs Amazon workers' right to unionize

  • "As President Biden points out, the best way for working people to protect themselves and their families is by organizing into unions," RWDSU head Stuart Appelbaum said in a statement.
Published 01 Mar, 2021 10:31am
Myanmar protesters march again after bloodiest post-coup unrest
Asia

Myanmar protesters march again after bloodiest post-coup unrest

  • Protesters marched in Myanmar on Monday in defiance of a crackdown by security forces that killed at least 18 people a day earlier, as calls grew for a more united international response after the worst violence since a coup one month ago.
  • Clashes took place in various parts of the country on Sunday and police opened fire on crowds in the biggest city of Yangon, after tear gas and warning shots failed to clear protesters demanding the restoration of Aung San Suu Kyi’s government.
Published 01 Mar, 2021 10:21am
Brent oil may retest support at $64.58
Energy

Brent oil may retest support at $64.58

  • This wave could either end around $66.29 or extend a lot to $85.17. Regardless of the ending point of this wave, a consolidation around $66.29 is ongoing.
Published 01 Mar, 2021 10:09am
The Weather
Pakistan

The Weather

KARACHI: The weather report on Sunday (February 28, 2021) and the forecast for Monday (March 1, 2021)....
Updated 01 Mar, 2021 09:45am
Radio Show Project launched
Pakistan

Radio Show Project launched

PESHAWAR: The Local Government Elections and Rural Development Department (LGE&RDD) and the Right To Information...
Updated 01 Mar, 2021 09:44am
PSL bookies arrested
Pakistan

PSL bookies arrested

KARACHI: Senior Superintendent of Police (SSP) Special Investigation Unit (SIU) Capt Haider Raza (retd) Sunday said...
Updated 01 Mar, 2021 09:44am
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