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Archive - 2021-03-11
ECB policymakers agree on bond purchase target, differ on yield level aim
Money & Banking

ECB policymakers agree on bond purchase target, differ on yield level aim

  • The sources said policymakers set on a monthly target for the its Pandemic Emergency Purchase Programme with a small tolerance band around it but agreed not to reveal it.
  • One of the sources said the ECB aimed to push down yields to where they were in December while another said improved economic prospects meant part of the recent increase in yields was justified.
Updated 11 Mar, 2021 10:04pm
Argentina's Guzman to meet IMF's Georgieva this month: IMF
USA

Argentina's Guzman to meet IMF's Georgieva this month: IMF

  • The fund and the South American country are engaged in conversations to replace a failed program for which Argentina currently owes the IMF over $45 billion.
  • Guzman will travel to Washington and will meet with IMF staff on March 23 and 24, IMF spokesman Gerry Rice said, adding that there is currently no timeline for these negotiations.
Updated 11 Mar, 2021 10:04pm
Deutsche Bank nominates retiring VW CFO to board
Money & Banking

Deutsche Bank nominates retiring VW CFO to board

  • Frank Witter, who retires from VW in June, has banking experience as the head of the carmaker's banking unit. Shareholders will vote on the nomination in May.
  • Theodor Weimer, currently the chief executive of the stock exchange operator Deutsche Boerse, has been touted as a possible successor, people familiar with the matter have said.
Updated 11 Mar, 2021 10:04pm
South Africa's rand rallies as reflation fears ease, stocks inch up
Forex

South Africa's rand rallies as reflation fears ease, stocks inch up

  • Rand was 1.23% firmer at 14.9000 per dollar, a touch softer than the session-high 14.8700, the unit's firmest level since March. 3.
  • Risk appetite has been driven by offshore events, with investors eyeing the speed of the global economic recovery and the pace of US lending rates.
Updated 11 Mar, 2021 10:04pm
UK's Sunak says he does not favour a debt-to-GDP target
Europe

UK's Sunak says he does not favour a debt-to-GDP target

  • "It's probably right to think more about trajectories of debt levels, building resilience for future shocks and the affordability of that debt," Sunak told parliament's Treasury Committee.
  • Sunak's budget plan included no new budget rules which previous governments have set to show investors how they plan to bring down debt.
Updated 11 Mar, 2021 10:04pm
Latam FX surge as ebbing inflation fears boost risk appetite
Forex

Latam FX surge as ebbing inflation fears boost risk appetite

  • Risk appetite got a boost after tepid underlying consumer prices data from the United States on Wednesday eased concerns about a likely surge in inflation from large stimulus packages, which had hammered markets in recent days.
  • Brazil's central bank said it would sell up to $1 billion in currency swaps on Thursday, extending its recent intervention in the foreign exchange market to support the depreciating currency.
Updated 11 Mar, 2021 10:04pm
TSX gains as commodity prices rise, inflation fears fade
Stocks

TSX gains as commodity prices rise, inflation fears fade

  • US Treasury yields fell as concerns over a strong pick up in inflation eased on a tepid rise in US consumer prices in February.
  • Toronto Stock Exchange's S&P/TSX composite index was up 122.5 points, or 0.66%, at 18,812.5.
Updated 11 Mar, 2021 10:04pm
Roblox gains grow after bumper NYSE debut as Cathie Wood's Ark buys in
Stocks

Roblox gains grow after bumper NYSE debut as Cathie Wood's Ark buys in

*The California-based company's stock was up 12% in premarket trade, after rising more than 20% earlier in the day, also boosting the value of the shares held by founder David Baszucki - known to Roblox users as his avatar "builderman" - to $4.6 billion. * "Roblox's blockbuster debut mirrors other gaming and broader tech IPOs that have gone live in the last six months, with high levels of demand on the secondary market after the company lists," John Patrick Lee.
Updated 11 Mar, 2021 10:04pm
Amazon workers in Italy call first company-wide strike for March 22
Companies

Amazon workers in Italy call first company-wide strike for March 22

  • The world's largest online retailer employs 8,500 people in Italy and this will be the first strike by its Italian workforce as a whole.
  • National unions Filt Cgil, Fit Cisl and Uiltrasporti e Assoespressi said talks over contracts for Amazon staff in Italy "came to an abrupt halt because of the company's unwillingness to positively address the issues raised".
Updated 11 Mar, 2021 10:03pm
CVS expands COVID-19 vaccination program across 29 US states
USA

CVS expands COVID-19 vaccination program across 29 US states

  • The company, which has administered nearly 4.5 million COVID-19 vaccine doses so far through the Pharmacy Partnership for Long-Term Care Program, said appointments for the newly added states will be available from March 13.
  • We're increasing the number of active stores and expanding to additional states as fast as supply allows, with the capacity to administer 20-25 million shots per month.
Updated 11 Mar, 2021 10:03pm
India likely to block China's Huawei over security fears
Companies

India likely to block China's Huawei over security fears

  • New Delhi is wary about awarding new technology business to Chinese firms both because of security fears and a desire to get Indian manufacturers to produce more telecoms equipment.
  • "We cannot prioritise economic gains if an investment poses national security risk," one of the officials said.
Updated 11 Mar, 2021 10:03pm
Arsenal desperate to avert record winless streak against Spurs
Sports

Arsenal desperate to avert record winless streak against Spurs

  • When the sides met at Tottenham's stadium in December goals from Son Heung-min and Harry Kane gave Spurs a 2-0 win which put them on top of the Premier League table and left Arsenal 15th.
  • With both sides in the last 16 of the Europa League their more likely routes to European qualification, particularly in Arsenal's case, could be by winning that competition.
Updated 11 Mar, 2021 10:03pm
Brookfield says committed to hostile Inter Pipeline takeover
Companies

Brookfield says committed to hostile Inter Pipeline takeover

  • Inter Pipeline on Tuesday asked its shareholders to reject the offer, saying it "significantly undervalues" the oil and gas transportation company.
  • Brookfield last month launched a hostile bid with the same C$16.50 per share offer that Inter Pipeline had previously rejected as inadequate.
Updated 11 Mar, 2021 10:02pm
Spain to keep using AstraZeneca vaccine, no blood clot cases reported
Europe

Spain to keep using AstraZeneca vaccine, no blood clot cases reported

  • She spoke shortly after Danish health authorities announced that they had suspended using the vaccine produced by Anglo-Swedish firm AstraZeneca after several cases of blood clots, including one death.
  • "There's been a slow but constant rhythm of decrease," Catalonia's chief health officer Alba Verges told a press briefing.
Updated 11 Mar, 2021 10:02pm
Sweden registers 5,300 new COVID-19 cases, 23 deaths on Thursday
Europe

Sweden registers 5,300 new COVID-19 cases, 23 deaths on Thursday

  • The country of 10 million inhabitants registered 23 new deaths, taking the total to 13,111. The deaths registered have occurred over several days and sometimes weeks.
  • Sweden's death rate per capita is many times higher than that of its Nordic neighbours' but lower than in several European countries that opted for lockdowns.
Updated 11 Mar, 2021 10:02pm
Juve enter crucial week in attempt to salvage season
Sports

Juve enter crucial week in attempt to salvage season

  • The jury is still out on rookie coach Andrea Pirlo, with Juve also 10 points behind leaders Inter Milan in the Serie A title race ahead of Sunday's trip to Cagliari.
  • They do have a game in hand on Inter, which is against Napoli next Wednesday, and nothing other than two victories in those matches will do following Tuesday's disappointing showing against 10-man Porto.
Updated 11 Mar, 2021 10:01pm
Barca paying the penalty as Messi miss adds to spot kick woes
Sports

Barca paying the penalty as Messi miss adds to spot kick woes

  • Lionel Messi scored a stunning equaliser to make it 1-1 on the night in Paris, but his penalty was saved on the stroke of halftime with the scores level, meaning what could have been a blockbuster second half turned into a non-event.
  • More than the number of misses, it is perhaps the size of the games that they occur in that sets alarm bells ringing.
Updated 11 Mar, 2021 10:01pm
Italy's medicines authority bans a batch of Astrazeneca's vaccine
Europe

Italy's medicines authority bans a batch of Astrazeneca's vaccine

  • Aifa said that the move was "precautionary" as no link between the inoculation of the vaccine and these events had been established to date.
  • The agency is carrying out all required checks and the batch will be analysed by Italy's Superior Health Institute ISS, it added.
Updated 11 Mar, 2021 10:01pm
Kenyan currency seen firming, Zambia, Uganda's to soften
Forex

Kenyan currency seen firming, Zambia, Uganda's to soften

  • The Kenyan shilling is expected to edge up against the dollar next week, driven by dollar inflows from offshore investors into local government bonds.
  • The kwacha will likely continue trading under pressure against the dollar next week due to sustained demand for hard currency and scanty inflows.
Updated 11 Mar, 2021 10:01pm
German industry urges EU to toughen response to unfair Chinese trade practices
Industry

German industry urges EU to toughen response to unfair Chinese trade practices

  • China has become Germany's most important trading partner and exports of "Made in Germany" goods to the country have helped Europe's largest economy cushion the domestic impact of the COVID-19 pandemic.
  • "A successful partnership will only work on the principles of reciprocity and establishing a level playing field in competition," Lang said.
Updated 11 Mar, 2021 10:01pm
Rolls shores up position on Airbus A350, delaying GE showdown
Companies

Rolls shores up position on Airbus A350, delaying GE showdown

  • Rolls already had a formal exclusive agreement to provide Trent XWB-family engines on the larger A350-1000 wide-body jet, and held what industry sources have described as "de facto" exclusivity on the stronger-selling A350-900 until 2025.
  • The decision effectively postpones any re-engining of the A350 to next decade while giving Rolls more clarity as it tackles the costly UltraFan development, industry sources said.
Published 11 Mar, 2021 09:26pm
Forex reserves rise to $13.016bn
Pakistan

Forex reserves rise to $13.016bn

  • On March 05, the foreign currency reserves held by the SBP were recorded at $13,016.1 million compared with $12,978.4 million in the previous week.
Published 11 Mar, 2021 08:07pm
Indonesia says Suzuki, Mitsubishi to increase autos investments
Industry

Indonesia says Suzuki, Mitsubishi to increase autos investments

  • Mitsubishi Motors will invest an additional 11.2 trillion rupiah ($778 million) in Indonesia by the end of 2025 and develop two electric vehicles in the country, Agus said in a statement released late on Wednesday.
  • The offices of Mitsubishi and Suzuki in Indonesia did not immediately respond to requests for confirmation late on Thursday, which was an Indonesian national holiday.
Published 11 Mar, 2021 07:36pm
Sudan secures Saudi promise to deliver $1.5bn in pledged aid
Africa

Sudan secures Saudi promise to deliver $1.5bn in pledged aid

  • There was no immediate comment from the Saudi finance ministry or from the Saudi government communications office CIC.
  • Saudi Arabia and the United Arab Emirates promised $3 billion in aid to Sudan in April 2019, just after the military toppled former Sudanese leader Omar al-Bashir following months of street protests.
Published 11 Mar, 2021 07:30pm
Inter's Vidal set for spell out following knee surgery
Sports

Inter's Vidal set for spell out following knee surgery

  • The Chilean will have arthroscopic surgery at the Humanitas Institute in Rozzano, just south of Milan, to cure meniscal pain in his left knee, Inter added in a brief statement on Thursday.
  • Vidal, 33, has suffered several injury setbacks this season, with his game time also limited in recent months due the resurgence of Christian Eriksen.
Published 11 Mar, 2021 07:27pm
Glencore chairman to step down before next year's AGM
Companies

Glencore chairman to step down before next year's AGM

  • Hayward, 63, said the board had recommended to shareholders that he remain in the role while the senior management succession is concluded.
  • He was appointed as chairman in 2013 and the UK corporate governance code limits his tenure to nine years.
Published 11 Mar, 2021 07:25pm
US weekly jobless claims fall more than expected
USA

US weekly jobless claims fall more than expected

  • Initial claims for state unemployment benefits totaled a seasonally adjusted 712,000 for the week ended March 6, compared to 754,000 in the prior week, the Labor Department said on Thursday.
  • That, together with nearly $900 billion in additional pandemic relief money advanced by the government in late December, fired up consumer spending and hiring in February after declining in December.
Published 11 Mar, 2021 07:19pm
Volkswagen CEO aims to approach pre-crisis levels in 2021: ThePioneer
Companies

Volkswagen CEO aims to approach pre-crisis levels in 2021: ThePioneer

  • "We want to get back to pre-crisis levels in 2021, or at least get close to it," Diess said in a podcast, when asked about sales and staff numbers.
  • Profits are a different matter, Diess said: "The risks are high. We're facing the semiconductor shortage. We're not done with corona."
Published 11 Mar, 2021 07:14pm
UK pushes back timetable for post-Brexit border checks
Europe

UK pushes back timetable for post-Brexit border checks

  • Although we recognise that many in the border industry and many businesses have been investing time and energy to be ready on time, and indeed we in Government were confident of being ready on time, we have listened to businesses who have made a strong case that they need more time to prepare.
Published 11 Mar, 2021 07:12pm
Credit Suisse freezes four funds invested in supply chain finance
Money & Banking

Credit Suisse freezes four funds invested in supply chain finance

  • Switzerland's second-biggest lender is facing questions from regulators and insurers as it contends with the insolvency of Greensill, for which it acted as a key source of funding.
  • The funds held around $1.2-$1.3 billion as of Feb. 26, figures showed, and held between 2.24% and 9.59% of their assets in the defunct supply chain finance funds, amounting to just over $100 million of their assets.
Published 11 Mar, 2021 07:10pm
Denmark, Norway temporarily suspend AstraZeneca COVID shots after blood clot reports
Europe

Denmark, Norway temporarily suspend AstraZeneca COVID shots after blood clot reports

  • The move comes after Austria stopped using a batch of AstraZeneca shots while investigating a death from coagulation disorders and an illness from a pulmonary embolism.
  • "It is currently not possible to conclude whether there is a link. We are acting early, it needs to be thoroughly investigated," Health Minister Magnus Heunicke said on Twitter.
Published 11 Mar, 2021 07:09pm
Copper rises towards 10-year highs as bullish mood grips markets
Commodities

Copper rises towards 10-year highs as bullish mood grips markets

  • With Chinese equities up around 2.5%, the US Dow Jones Index at record levels and European stocks reaching a one-year high, benchmark copper on the London Metal Exchange (LME) was up 2.1% at $9,048 a tonne in official trading.
  • Copper, used in power and construction, reached $9,617 a tonne in February as analysts warned that demand from China, green energy and electrification will outstrip supply.
Published 11 Mar, 2021 07:06pm
Euro zone yields fall after ECB says it will increase PEPP
Financial

Euro zone yields fall after ECB says it will increase PEPP

  • Euro zone yields were already edging down, tracking moves in US Treasuries, which were affected by an auction of benchmark 10-year notes that was not as bad as feared.
  • The ECB barely increased its emergency bond purchases in recent weeks, stoking doubts about the bank's resolve to calm market nerves and support indebted governments through the pandemic.
Published 11 Mar, 2021 07:04pm
Villa's Grealish to miss Newcastle trip, could return for Spurs
Sports

Villa's Grealish to miss Newcastle trip, could return for Spurs

  • "You won't see Jack at Newcastle," Smith told reporters ahead of Friday's game. "He's a lot better but it didn't help that he's been ill this week too. Very hopeful that he will be available for selection against Tottenham.
  • "He takes part in the meetings, he has a voice and an opinion. He's in the training ground. He's maturing an awful lot and takes on a lot of responsibility."
Published 11 Mar, 2021 07:00pm
Britain's John Lewis to axe more stores after COVID-19 'earthquake'
Industry

Britain's John Lewis to axe more stores after COVID-19 'earthquake'

  • Multiple lockdowns have heaped pressure on store-based groups already struggling with tight margins and intense competition from purely online players.
  • "Hard as it is, there is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store," Chairman Sharon White said.
Published 11 Mar, 2021 06:53pm
EU drugs regulator gives green light to J&J's single-shot COVID-19 vaccine
Companies

EU drugs regulator gives green light to J&J's single-shot COVID-19 vaccine

  • The COVID-19 shot is the fourth to be endorsed for use in the EU after vaccines from Pfizer-BioNTech , AstraZeneca-Oxford University and Moderna, and is recommended for those over 18 years of age.
  • With this latest positive opinion, authorities across the European Union will have another option to combat the pandemic and protect the lives and health of their citizens.
Published 11 Mar, 2021 06:48pm
Changan’s CX70T spotted in Karachi
Automobile

Changan’s CX70T spotted in Karachi

  • The car was displayed at Pakistan Autoshow 2019, but hasn’t got to hit the road yet.
  • The SUV has a premium and elegant look. It has two-toned leather interior is also a pleasant surprise, generous amount of space, headroom and legroom in all three rows.
Updated 11 Mar, 2021 05:20pm
PCB targets June window for remaining HBL PSL 6 matches
Sports

PCB targets June window for remaining HBL PSL 6 matches

  • June emerged as the most preferred and practical window due to Pakistan men’s national cricket team’s international commitments in March/April and late August/September.
  • The remaining 20 matches in June are now being planned following the men’s national cricket team’s return from Zimbabwe on 13 May and before their departure for England on 26 June.
Published 11 Mar, 2021 04:30pm
Production model of Civic 11th Generation leaked online
Automobile

Production model of Civic 11th Generation leaked online

  • The leaked car wears China market badges including a “240 Turbo” one, which is used to denote the 1.5L VTEC Turbo engine with 240 Nm of torque.
  • The car also matches pearl red “Honda Civic Prototype” that was revealed in November 2020.
Published 11 Mar, 2021 02:58pm
Jordan blocks Netanyahu's 'planned flight' to the UAE
Middle East

Jordan blocks Netanyahu's 'planned flight' to the UAE

  • Jordan is blocking Prime Minister Benjamin Netanyahu's planned flight to the United Arab Emirates from crossing its airspace.
  • The delay "Is because of the cancellation of the Jordanian crown price’s visit to the Temple Mount yesterday, because of a dispute over security arrangements".
Published 11 Mar, 2021 02:13pm
ECP announces by-polls schedule in NA-249 constituency
Pakistan

ECP announces by-polls schedule in NA-249 constituency

  • The by-elections in the NA-249 Karachi constituency will be held on April 29 while the nomination papers will be accepted from March 13 to 17
  • Vawda had tendered his resignation from the National Assembly after casting his vote in the Senate election on March 3
Published 11 Mar, 2021 12:53pm
Biden's $1.9 trillion COVID-19 bill wins final approval in House
USA

Biden's $1.9 trillion COVID-19 bill wins final approval in House

  • The U.S. House of Representatives gave final approval on Wednesday to one of the largest economic stimulus measures in American history, a sweeping $1.9 trillion COVID-19 relief bill that gives President Joe Biden his first major victory in office.
  • The measure provides $400 billion for $1,400 direct payments to most Americans, $350 billion in aid to state and local governments, an expansion of the child tax credit and increased funding for vaccine distribution.
Published 11 Mar, 2021 12:32pm
Top U.S., China diplomats to hold first in-person talks of Biden presidency
USA

Top U.S., China diplomats to hold first in-person talks of Biden presidency

  • U.S. Secretary of State Antony Blinken will meet with top Chinese officials on March 18 in Alaska, the White House said on Wednesday, the first high-level in-person contact between the two sparring countries under the Biden administration.
  • President Joe Biden’s administration has committed to reviewing elements of U.S. policies toward China, as the world’s two largest economies navigate frosty relations that sank to their lowest depths in decades during Donald Trump’s presidency.
Updated 11 Mar, 2021 12:29pm
US Senate votes to confirm Biden EPA pick Michael Regan
World

US Senate votes to confirm Biden EPA pick Michael Regan

  • West Virginia Senator Shelley Moore Capito, ranking Republican on the Senate energy panel, said she is concerned that Biden's National Climate Adviser Gina McCarthy will have more control over policy than the EPA.
Published 11 Mar, 2021 11:38am
Dollar dips following inflation data, US Treasury auction
Forex

Dollar dips following inflation data, US Treasury auction

  • The Bank of Canada on Wednesday left its key overnight interest rate unchanged at 0.25%, as expected, and said the Canadian economy was proving to be more resilient than anticipated to the second COVID wave and containment measures.
Published 11 Mar, 2021 10:58am