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Archive - 2021-03-03
In upset for PTI, PPP's Yousuf Raza Gilani wins Senate seat from Islamabad
Pakistan

In upset for PTI, PPP's Yousuf Raza Gilani wins Senate seat from Islamabad

  • Gilani received 169 votes while Sheikh was able to muster 164 votes.
  • Independent candidate Abdul Qadir, JUI-F's Maulana Abdul Ghafoor Haideri and BNP's Muhammad Qasim have each been elected to a general seat
  • MQM's candidate for a women's seat Khalida Ateeb won with 57 votes, while PPP's Palwasha Khan also won with 60 votes
Updated 03 Mar, 2021 09:28pm
Mexico's peso dips, markets on edge after Senate approves divisive power bill
Forex

Mexico's peso dips, markets on edge after Senate approves divisive power bill

  • The peso weakened 1.08% to 20.8 per US dollar on Wednesday after the Senate approved the bill on Tuesday evening.
  • The legislation, aimed at strengthening state utility CFE, has frayed market nerves amid criticism it is essentially an "indirect expropriation" that could elbow out private sector renewable energy providers.
Published 03 Mar, 2021 09:12pm
TSX falls as weaker bullion prices, materials drag
Stocks

TSX falls as weaker bullion prices, materials drag

  • Toronto Stock Exchange's S&P/TSX composite index was down 79.22 points, or 0.43%, at 18,342.38.
  • Osisko Mining Inc fell 5.4%, the most on the TSX. The second biggest decliner was Torex Gold Resources Inc , down 4.7%.
Published 03 Mar, 2021 09:08pm
Upbeat brokers lift Volkswagen's market value above 100bn euros
Companies

Upbeat brokers lift Volkswagen's market value above 100bn euros

  • Preferred shares, which are listed in Germany's benchmark DAX index, advanced as much as 6.2% to their highest since January 2018, taking Volkswagen's market value to 100.4 billion euros ($121 billion).
  • "The market has been waiting for our #BEV-ramp-up and wanted to see some proof points, so here we are," Volkswagen Chief Executive Herbert Diess said.
Published 03 Mar, 2021 09:06pm
Tencent boss to call for tighter governance on China's internet economy
Technology

Tencent boss to call for tighter governance on China's internet economy

  • Pony Ma will make the proposal at the National People's Congress (NPC), which starts on Friday, the report said.
  • China's market regulator on Wednesday fined five community group-buying platforms, including one company backed by Tencent, for what the watchdog said was "improper pricing behaviour".
Published 03 Mar, 2021 09:00pm
Alisson and Fabinho set for Liverpool return against Chelsea
Sports

Alisson and Fabinho set for Liverpool return against Chelsea

  • Goalkeeper Alisson was granted compassionate leave following the sudden death of his father last week and subsequently missed the 2-0 win over Sheffield United on Sunday.
  • "So Ali trained now for the full week and yes we should expect that he is able to return," Klopp told a news conference on Wednesday.
Published 03 Mar, 2021 08:58pm
US energy secretary ready to loan $40bn to boost clean energy
Companies

US energy secretary ready to loan $40bn to boost clean energy

  • I am ready to rev those engines back up so that we can spur the next generation of innovation and deployment.
  • He's going to help us put together an indomitable portfolio of investments for American taxpayers, that will help us tackle climate change and create jobs.
Published 03 Mar, 2021 08:54pm
Hungary to extend AstraZeneca jabs to people over 60
Europe

Hungary to extend AstraZeneca jabs to people over 60

  • A week ago, Hungary became the first European Union member to start inoculating people with China's Sinopharm vaccine after rolling out Russia's Sputnik V vaccine as well, even though neither has been granted approval for emergency use by the bloc.
  • A new change is that it (AstraZeneca jab) can be given to everyone above the age of 18 without any age limit. There has been sufficient data that proves its efficacy also for older people.
Published 03 Mar, 2021 08:52pm
MTN Nigeria to tap debt market in first quarter
Financial

MTN Nigeria to tap debt market in first quarter

  • Yields in Nigeria are at historic lows after the central bank cut rates twice last year to lower borrowing costs for the government, creating opportunities for firms to sell debt at more attractive rates.
  • There is an application with SEC. We are going to be tap the market to optimise our funding cost.
Published 03 Mar, 2021 08:49pm
Tuchel backs Chelsea to show tough mentality at Liverpool
Sports

Tuchel backs Chelsea to show tough mentality at Liverpool

  • Chelsea are fifth in the table with 44 points from 26 games - a point below fourth-placed West Ham - and have not lost in seven league matches since Tuchel replaced club great Frank Lampard in January.
  • "It's of big importance, I hope we can show up with the same mentality and attitude like the tough challenges we've had.
Published 03 Mar, 2021 08:46pm
US crude stocks surge, fuel stocks plunge in wake of Texas freeze
Energy

US crude stocks surge, fuel stocks plunge in wake of Texas freeze

  • Crude inventories rose by 21.6 million barrels in the week to Feb. 26 to 484.6 million barrels, compared with analysts' expectations in a Reuters poll for a 932,000-barrel drop.
  • Crude stocks at the Cushing, Oklahoma, delivery hub rose by 485,000 barrels in the last week, EIA said.
Published 03 Mar, 2021 08:45pm
Euro zone inflation could exceed forecasts this year: De Guindos
Europe

Euro zone inflation could exceed forecasts this year: De Guindos

  • Growth on the other hand could fall short of projections in the first quarter due to widespread pandemic-related restrictions, even if full-year activity is still seen in line with the bank's 3.9% projection made in December, de Guindos said in a webinar with investment bank Berenberg.
Updated 03 Mar, 2021 08:45pm
Tepid stock gains in Europe, US slips
Stocks

Tepid stock gains in Europe, US slips

  • London's benchmark FTSE 100 index was 0.4 percent higher in afternoon, having been up 1.0 percent before the government unveiled its latest budget.
Published 03 Mar, 2021 08:22pm
Juventus sign McKennie on permanent deal
Sports

Juventus sign McKennie on permanent deal

  • The Turin-based club have exercised their right to sign the 22-year-old until 2025 for 18.5 million euros ($22.28 million).
  • McKennie, capped 21 times by the US, joined Juventus on loan last summer, three years after making his professional debut with Schalke's first team.
Published 03 Mar, 2021 08:05pm
Powerful earthquake shakes central Greece, no casualties
Europe

Powerful earthquake shakes central Greece, no casualties

  • "I have never experienced anything like this before, I immediately left the house," a citizen in Larissa region, in central Greece, told ERT state television.
  • The USGS said the magnitude was 6.3, while the European Mediterranean Seismological Centre (EMSC) put it 6.2, revising earlier reports that suggested the tremor was as much as 6.9.
Published 03 Mar, 2021 08:03pm
US natgas futures rise to 1-week high on colder forecasts
Energy

US natgas futures rise to 1-week high on colder forecasts

  • Front-month gas futures rose 2.8 cents, or 1.0%, to $2.867 per million British thermal units.3
  • Refinitiv projected average gas demand, including exports, would drop from 112.2 bcfd this week to 105.0 bcfd next week as the weather turns seasonally milder.
Published 03 Mar, 2021 07:58pm
Exxon pitches investors on dividend growth, debt reduction
Companies

Exxon pitches investors on dividend growth, debt reduction

  • Ahead of its investor day presentation, the company reaffirmed plans to keep project spending between $16 billion and $19 billion in 2021, and between $20 billion and $25 billion a year through 2025.
  • It expects output to remain flat at around 3.7 million barrels of oil and gas per day through mid-decade as it focuses on boosting cash flow instead.
Published 03 Mar, 2021 07:53pm
US NYMEX natgas average daily futures fall, options rise in February
Energy

US NYMEX natgas average daily futures fall, options rise in February

  • For the month, futures ADV was 575,167 contracts, down 9.1% from a year ago. Futures ADV hit a monthly record of 677,112 contracts in November 2018.
  • Year to date, futures ADV was 496,290, down 15.3% from the same period a year earlier. That, however, keeps futures ADV on track to top the annual record of 477,468 contracts in 2020.
Published 03 Mar, 2021 07:55pm
How brands will target ads to you after the death of browser cookies
Technology

How brands will target ads to you after the death of browser cookies

  • Severe data breaches early last decade led to groundbreaking privacy laws, in place since 2018 in the European Union and California, that impose significant fines on violators.
  • Cookies are a foundation of the web, allowing you to visit a news publisher without entering log-in credentials each time, for example.
Published 03 Mar, 2021 07:49pm
France eyes possible easing of COVID restrictions from mid-April
Europe

France eyes possible easing of COVID restrictions from mid-April

  • "We will still face hard times, it is true, but for the first time in months, the return to more normal living conditions is in sight," Attal told reporters following a meeting of the French cabinet.
  • "It is neither a distant nor uncertain horizon - it is an horizon that is getting closer and closer. We hope maybe from mid-April, and we are preparing for it," he said.
Published 03 Mar, 2021 07:46pm
Turkish lira weakens 1.5pc against dollar
Forex

Turkish lira weakens 1.5pc against dollar

  • The lira weakened as far as 7.4540 against the US currency from a close of 7.3425 on Tuesday and stood at 7.4320 at 1400 GMT. After strong gains until mid-February, the lira has retreated back to end-2020 levels.
Published 03 Mar, 2021 07:44pm
Moody's sees no fast improvement to UK budget position
Europe

Moody's sees no fast improvement to UK budget position

  • "As expected at this stage of the crisis, the budget statement provides only limited visibility on the government's medium-term fiscal strategy," Moody's lead sovereign analyst for the UK, Evan Wohlmann, said.
  • "That said, the statement confirms our view that the broad deterioration in the UK's fiscal position stemming from the pandemic will not be rapidly reversed," he added.
Published 03 Mar, 2021 07:38pm
Jobless aid, direct checks in play as US Senate nears vote on COVID-19 aid bill
USA

Jobless aid, direct checks in play as US Senate nears vote on COVID-19 aid bill

  • The bill would pay for vaccines and medical supplies, boost jobless assistance and send a new round of emergency financial aid to households, small businesses and state and local governments.
  • Before the legislation comes to a final vote, Democrats will have to sort out a welter of competing ideas as they seek to advance the bill.
Published 03 Mar, 2021 07:36pm
Tax hikes blur UK's Sunak ‘whatever it takes’ budget
Europe

Tax hikes blur UK's Sunak ‘whatever it takes’ budget

  • The corporate tax increase in 2023 will derail some of those expectations. The UK economy is expected to have explosive growth in 2022, but then quickly return to trend in 2023 at 1.7%, which is when the economy will face higher taxes."
  • "The positive impact the spending pledges has on growth has been somewhat offset by concerns of fiscal consolidation later down the line.
Published 03 Mar, 2021 07:34pm
UK gilt yields extend rise as govt unveils more borrowing
Financial

UK gilt yields extend rise as govt unveils more borrowing

  • Britain's 30-year yields rose almost 10 basis points on the day to 1.33% while 10-year yields were up 7 basis points to 0.76%.
  • UK equities remained broadly unchanged during Sunak's speech with the domestically focused FTSE 250 index holding on to gains and the FTSE 100 easing just slightly.
Published 03 Mar, 2021 07:31pm
Namibia moves to curb mining speculators, boost local ownership
Africa

Namibia moves to curb mining speculators, boost local ownership

  • Mines and Energy Minister Tom Alweendo told Reuters that effective April 1, Namibian mining exploration license holders will be required by law to retain at least a 15% stake.
  • The ministerial decree is the latest attempt by the world's fourth-largest uranium producer to boost local participation in mining, a key contributor to the economy.
Published 03 Mar, 2021 07:25pm
Bharat Biotech's COVID-19 shot 81pc effective
Companies

Bharat Biotech's COVID-19 shot 81pc effective

  • COVAXIN demonstrates high clinical efficacy trend against COVID-19 but also significant immunogenicity against the rapidly emerging variants.
  • Only about 11% of the more than 10 million Indians vaccinated had taken the Bharat Biotech shot as of last week.
Published 03 Mar, 2021 07:16pm
US mortgage rates jump by most in nearly a year
USA

US mortgage rates jump by most in nearly a year

  • The contract rate on a 30-year fixed-rate mortgage, the most popular US home loan, rose by 0.15 percentage point to 3.23% in the week ended Feb. 26.
  • The MBA said its weekly index of mortgage applications rose 0.5% to 794.5, its first increase in four weeks.
Published 03 Mar, 2021 07:13pm
Takeda buys epilepsy treatment rights from Ovid for up to $856mn
Companies

Takeda buys epilepsy treatment rights from Ovid for up to $856mn

  • Takeda will be responsible for future development and commercialization of the drug, soticlestat, worldwide and Ovid will no longer have any financial obligation, the companies said.
  • The companies in August reported results from a mid-stage study showing soticlestat met the main goal of reduction in seizure frequency.
Published 03 Mar, 2021 07:01pm
Thales Alenia Space signs 772mn euro EU satellite contract
Companies

Thales Alenia Space signs 772mn euro EU satellite contract

  • Under the deal, Thales Alenia Space will build six satellites which will be part of a second generation of the so-called "Galileo constellation". Preliminary information on the deal had emerged in January.
  • The first satellites of this second generation will be placed in orbit by the end of 2024, the statement said.
Published 03 Mar, 2021 06:59pm
Rocket leads mortgage sector surge in GameStop-style short squeeze
Stocks

Rocket leads mortgage sector surge in GameStop-style short squeeze

  • Rocket, parent of Quicken Loans, was up 6.2% at $44.12 in premarket trading, following Tuesday's 71.5% surge. UWM Holdings was trading 19.3% higher at $10.90.
  • The company, which struck a deal last year to go public via a SPAC deal, has also gained favor with retail traders online.
Published 03 Mar, 2021 06:54pm
Las Vegas Sands to sell properties for about $6.25bn
Companies

Las Vegas Sands to sell properties for about $6.25bn

  • Funds managed by affiliates of Apollo Global Management Inc will buy the operating company of the Venetian, for $2.25 billion and VICI Properties will buy the land and real estate assets of the Venetian for $4.0 billion.
  • Las Vegas Sands's properties in Macau and Singapore accounted for 48% and 35% of total revenue in 2020, respectively, according to Refinitiv Eikon data.
Published 03 Mar, 2021 06:54pm
Boston Scientific to buy surgical business of Lumenis for $1.07bn
Companies

Boston Scientific to buy surgical business of Lumenis for $1.07bn

  • The medical device maker said it was acquiring the business from Baring Private Equity Asia (BPEA), which will retain ownership of the Lumenis global aesthetics and ophthalmology businesses.
  • We are confident that Boston Scientific, as a global leader in urology, and our long-time commercial partner, is the best organization to carry this legacy forward.
Published 03 Mar, 2021 06:43pm
Japan's Mitsui to invest in UK carbon capture project
Companies

Japan's Mitsui to invest in UK carbon capture project

  • The Japanese company will take a 15.4% share in Storegga Geotechnologies which is developing the Acorn CCS project to store carbon dioxide emissions in depleted North Sea oil and gas reservoirs.
  • CCS traps emissions and buries them underground but is not yet at the commercialisation stage.
Published 03 Mar, 2021 06:41pm
Ryanair hopes for 60-70pc of normal traffic this summer
Industry

Ryanair hopes for 60-70pc of normal traffic this summer

  • "We would be hopeful that we could fly maybe 60, 70% of our normal traffic volumes during the peak summer months ... June, July, August and September," he said. "That's about as optimistic as its going to get."
  • "We don't need a taskforce, we just need action," O'Leary said. "The real challenge is timing here ... we need to give them the clarity to book their summer holidays."
Published 03 Mar, 2021 06:39pm
Telecom tower firms buying assets across Europe as 5G rolls out
Industry

Telecom tower firms buying assets across Europe as 5G rolls out

  • Cellnex's rapid expansion will give the company more than 100,000 tower sites in its portfolio, compared with about 82,000 towers for Vantage, which was spun out of Vodafone Group .
  • American Tower, which has nearly 200,000 towers globally, has a quarter of that number in Europe, and about 170,000 towers are still owned by mobile network operators.
Published 03 Mar, 2021 06:36pm
SoftBank aims to double PayPay users in cashless payments fight
Companies

SoftBank aims to double PayPay users in cashless payments fight

  • "We want to double the user base during the investment phase," Z Holdings co-CEO Kentaro Kawabe said in a joint interview with fellow co-CEO Takeshi Idezawa.
  • Z Holdings announced on Monday that Line Pay, which has 39 million users but is less widely used and has signed up fewer merchants, would be merged with PayPay in 2022.
Published 03 Mar, 2021 06:33pm
Rising euro zone rates a drag on growth, inflation, says ECB's De Cos
Money & Banking

Rising euro zone rates a drag on growth, inflation, says ECB's De Cos

  • "These developments underline the importance of avoiding premature increases in nominal interest rates," de Cos added.
  • The ECB will next meet on March 11 and while an outright increase in the 1.85 trillion-euro Pandemic Emergency Bond Purchase quota is not likely, the ECB could say it will increase the flow of purchases to cap yields.
Published 03 Mar, 2021 06:29pm
Orange looks for new investor in loss-making banking unit
Industry

Orange looks for new investor in loss-making banking unit

  • The online bank was developed thanks to the acquisition of a majority stake in lender Groupama Banque. Groupama, a French insurer, now owns 22% of the group. Orange controls the remaining 78%.
  • The question is to find a partner to accelerate and continue the development of Orange Bank," the source said.
Published 03 Mar, 2021 06:27pm
UK says planning to allow more time for post-Brexit N.Ireland adjustment
Europe

UK says planning to allow more time for post-Brexit N.Ireland adjustment

  • After leaving the EU last year, Britain agreed a free trade deal with the bloc to leave its single market and customs union, which came into force at the beginning of this year.
  • Britain and the EU have been in talks to try to solve the issues, which some Northern Irish lawmakers say threaten to cut the British province off from the rest of the United Kingdom.
Published 03 Mar, 2021 06:20pm
Portuguese hotels lost 73pc of revenue in 2020, see long recovery ahead
Industry

Portuguese hotels lost 73pc of revenue in 2020, see long recovery ahead

  • The majority of hotels do not expect to reopen until May. One in three hotels said they will either not reopen or are not sure when or whether they would.
  • "The impact of these closures ... is brutal on total revenues for the hotel industry," Cristina Siza Vieira, CEO of the association, said in a video presentation.
Published 03 Mar, 2021 06:18pm
UK PM Johnson: nothing is off the table in NI protocol talks
Europe

UK PM Johnson: nothing is off the table in NI protocol talks

  • The position of Northern Ireland within the UK internal market is rock solid and guaranteed. We are making sure that we underscore that with some temporary operational easings in order to protect the market in some areas, such as food supplies, pending further discussions with the EU.
Published 03 Mar, 2021 06:14pm
Stojkovic takes over as Serbia coach
Sports

Stojkovic takes over as Serbia coach

  • The FSS executive board has named Dragan Stojkovic the national team head coach and the contract is to run until the end of the Euro 2024 qualifiers.
  • "I am delighted and very proud because there is no greater honour than being in charge of your national team," he said.
Published 03 Mar, 2021 06:12pm
Brazil GDP down 4.1pc in 2020, less than forecast
USA

Brazil GDP down 4.1pc in 2020, less than forecast

  • Latin America's largest economy grew by 3.2% in the fourth quarter, according to official statistics agency IBGE, more than the 2.8% median estimate in a Reuters poll of economists.
  • The 3.2% expansion in the fourth quarter was led by 2.7% growth in services, 3.4% expansion in household consumption, and a 20% surge in fixed business investment, IBGE said.
Published 03 Mar, 2021 06:04pm
Aluminium gains on concern about Chinese supply
Commodities

Aluminium gains on concern about Chinese supply

  • Three-month aluminium on the London Metal Exchange was up 0.3% at $2,219 a tonne.
  • Decarbonisation and moving to the carbon neutral target will be a key focus at the two sessions in Beijing this week so that's why aluminium and steel would be in the spotlight because they are energy intensive industries.
Published 03 Mar, 2021 06:00pm
Global copper smelting edges lower in February due to Chinese holiday
Commodities

Global copper smelting edges lower in February due to Chinese holiday

  • The large decline in Chinese smelter activity was well anticipated due to the holiday period and should recover fairly quickly.
  • If the improvements seen in most regions continue through March, combined with a resumption in Chinese activity, the next month could be the first time in many months where activity level trends are aligned across all major regions.
Published 03 Mar, 2021 05:57pm
Indian shares end higher as Reliance surges on airwaves purchase
Stocks

Indian shares end higher as Reliance surges on airwaves purchase

  • The NSE Nifty 50 index ended 2.19% higher at 15,245.60, while the S&P BSE Sensex closed 2.28% higher at 51,444.65.
  • Investor mood across the globe was also positive with MSCI's broadest index of Asia-Pacific shares outside Japan adding 1.7% and the Euro STOXX 600 rising 0.7%.
Published 03 Mar, 2021 05:40pm
Pakistan's imports Rise by $2.085bn: Razak Dawood
Industry

Pakistan's imports Rise by $2.085bn: Razak Dawood

  • Pakistan's imports increased by $2.085 billion during July-February 2021 as compared to the same period in last financial year.
  • The increase in Pakistan’s import bill can be attributed to growth in wheat and sugar imports to stabilize the market prices.
Published 03 Mar, 2021 03:00pm
Pakistan offers military training to Qatari armed forces
Middle East

Pakistan offers military training to Qatari armed forces

  • Pakistan's Federal Minister for Defense Production Zobaida Jalal, has offered military training to the Qatari Armed Forces, adding that her country's military institutions were open to soldiers belonging to the Arab state.
  • Last month, the two countries signed a 10-year Liquefied Natural Gas supply contract at the “lowest-ever publicly disclosed price under a long-term contract in the world.”
Updated 03 Mar, 2021 02:59pm
U.S. Senate Intelligence Committee approves Burns to lead CIA
USA

U.S. Senate Intelligence Committee approves Burns to lead CIA

  • Warner said he hoped the full Senate “will move to confirm Ambassador Burns without any unnecessary delay.”
  • “After meeting with Ambassador Burns, I believe he understands the nature of the Chinese threat and the others facing our nation,” the committee’s top Republican, Senator Marco Rubio, said in a statement.
Published 03 Mar, 2021 02:27pm
Javed Afridi teases MG3 yet again
Automobile

Javed Afridi teases MG3 yet again

  • The MG3 is a 1500cc subcompact hatchback, which features a 1.5 litre engine with a 5 speed manual and a 4 speed automatic transmission.
  • Last month, Afridi posted a video of the vehicle and asked public about its price.
Updated 03 Mar, 2021 02:27pm
Tokyo stocks finish with gains
Stocks

Tokyo stocks finish with gains

  • Takeda Pharmaceutical jumped 3.18 percent to 3,793 yen after reports said its partner US biotech firm Moderna is planning to file for approval of its coronavirus vaccine in Japan as early as Friday.
Published 03 Mar, 2021 01:21pm
PM Imran casts vote for Senate elections
Pakistan

PM Imran casts vote for Senate elections

  • The premier also interacted with the MNAs of PTI and allied parties
  • The voting process through secret ballot began for Senate elections on 37 seats will continue till 5:00 pm today
Published 03 Mar, 2021 12:20pm
US stocks retreat, extending volatile run
Stocks

US stocks retreat, extending volatile run

  • Among individual companies, Target slumped 6.8 percent despite reporting a 66 percent jump in fourth-quarter income to $1.4 billion on another round of surging sales amid the coronavirus pandemic.
Published 03 Mar, 2021 11:49am
Tokyo stocks open higher shrugging off US falls
Stocks

Tokyo stocks open higher shrugging off US falls

  • Takeda Pharmaceutical was up 2.69 percent at 3,775 yen after reports said its partner US biotech firm Moderna is planning to file in Japan for approval of its coronavirus vaccine as early as Friday.
Published 03 Mar, 2021 11:27am
Faisal Vawda resigns from NA to avoid disqualification
Pakistan

Faisal Vawda resigns from NA to avoid disqualification

  • The legal team of the PTI leader tendered his resignation in Islamabad High Court where a disqualification case is pending against him
  • Vawda's counsel stated that the case against him in the court now stands ineffective following his resignation
Published 03 Mar, 2021 11:02am
Microsoft sets stage for mixed-reality future
Technology

Microsoft sets stage for mixed-reality future

  • The Redmond, Washington-based company expects outside developers and partners to build applications on Mesh, and is working to integrate it in products such as Teams virtual collaboration service.
Published 03 Mar, 2021 11:08am
Firm US yields keep gold under pressure
Bullion Rate

Firm US yields keep gold under pressure

  • Fed officials, however, maintain that they will keep their easy money plans in place even in the face of a potential bout of inflation this spring in an economy boosted by vaccines and government spending.
Published 03 Mar, 2021 10:45am
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