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Archive - 2021-03-30
Stellantis to add Peugeot 308, Opel Astra to electrified range this year
Companies

Stellantis to add Peugeot 308, Opel Astra to electrified range this year

  • As part of its plan, Stellantis has said it would increase the number of hybrid or fully electric vehicles to 40 models by the end of this year from 29 now.
  • Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans rivals such as Volkswagen and Renault-Nissan.
Published 30 Mar, 2021 09:54pm
German experts recommend AstraZeneca vaccine only for over 60s
Europe

German experts recommend AstraZeneca vaccine only for over 60s

*"After several consultations, STIKO, with the help of external experts, decided by a majority to recommend the AstraZeneca COVID-19 vaccine only for persons aged 60 years and older on the basis of available data on the occurrence of rare but very severe thromboembolic side effects," it said.
Published 30 Mar, 2021 09:52pm
Italy imposes five-day quarantine for tourists over Easter
Europe

Italy imposes five-day quarantine for tourists over Easter

  • Travellers must also take a COVID-19 test at the end of the quarantine period. Similar measures were already in place for trips to countries outside the European Union.
  • The decree came after the hotel industry complained that while travel between Italy's 20 regions was virtually barred, travel within the EU was allowed with some restrictions.
Updated 30 Mar, 2021 09:54pm
Salah says no team suffers more without fans than Liverpool
Sports

Salah says no team suffers more without fans than Liverpool

  • "We lose so much without our fans, I think we are the team that suffers the most without its supporters," Salah told Spanish newspaper Marca ahead of his side's first leg at the Alfredo di Stefano stadium on April 6.
  • "Let's say I have a special desire to win the game and to qualify for the semi-final, whatever happens now is not going to change the result of Kiev. It's over," he said.
Published 30 Mar, 2021 09:20pm
S&P Global sees European default rate climbing to 6.5pc by year end
Companies

S&P Global sees European default rate climbing to 6.5pc by year end

  • Rising borrowing costs as a result of higher bond market yields would hit heavily indebted firms "quite hard" particularly in COVID-19-exposed industries, such as leisure or transportation, S&P added.
  • Currently, 14% of European corporate speculative-grade credits are rated at 'B-' or below and are on downgrade warnings -- 'negative outlooks' or 'CreditWatch negative' in rating agency parlance.
Published 30 Mar, 2021 09:18pm
German Bund yields at highest in almost two weeks, dragged up by Treasuries
Financial

German Bund yields at highest in almost two weeks, dragged up by Treasuries

  • A rally in European shares to near record highs and signs of a pick-up in inflation in big euro zone economies also weighed on euro area bonds, pushing 10-year yields up 4 to 5 basis points across the board.
  • In turn, Germany's 10-year bond yield rose over 5 bps to -0.26%, its highest level in almost two weeks. This left the gap with its US peers at just over 200 bps and near the widest levels in over a year.
Published 30 Mar, 2021 09:15pm
Credit Suisse in firing line after Archegos losses
Money & Banking

Credit Suisse in firing line after Archegos losses

  • Losses at Archegos, a family office run by former Tiger Asia manager Bill Hwang, sparked a sell-off in bank stocks on Monday as investors feared they would be forced to take big write-downs after extending billions of dollars in leverage to the fund.
  • Global lenders may lose more than $6 billion on Archegos, sources familiar with trades involving the US investment firm have said.
Published 30 Mar, 2021 09:12pm
TSX slides as mining, energy stocks fall on weaker commodities
Stocks

TSX slides as mining, energy stocks fall on weaker commodities

  • Toronto Stock Exchange's S&P/TSX composite index was down 80.35 points, or 0.43%, at 18,638.87.
  • The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.1% as gold futures hit a three-week low of $1,683.9 an ounce.
Published 30 Mar, 2021 09:10pm
Oil falls as Suez opens, focus turns to OPEC+ output
Energy

Oil falls as Suez opens, focus turns to OPEC+ output

  • Brent crude was down $1.02, or 1.6%, at $63.96 a barrel by 1334 GMT. West Texas Intermediate US oil was off by $1.16, or 1.9%, at $60.40 barrel.
  • "The wobble we have seen in prices means that OPEC+ will likely need to take a cautious approach once again," bank ING said. "We are of the view that the group will likely hold output levels unchanged."
Published 30 Mar, 2021 09:07pm
Saudi mall operator Arabian Centres sells $650mn in sukuk
Financial

Saudi mall operator Arabian Centres sells $650mn in sukuk

  • The yield was tightened from initial guidance of around 5.875% after orders topped $1.35 billion, the document from one of the banks on the deal showed.
  • Sources told Reuters earlier this month that Arabian Centres, which operates 21 shopping centres across Saudi Arabia, was planning to raise $500 million via sukuk.
Published 30 Mar, 2021 09:01pm
EU says AstraZeneca under no UK obligation that would prevent EU vaccine supply
Europe

EU says AstraZeneca under no UK obligation that would prevent EU vaccine supply

  • "AstraZeneca confirmed to us not being under any obligation to other parties that would impede to complete the fulfilment of its obligations" to the EU, the Commission spokeswoman said when asked about Hancock's statements.
  • Under the EU contract, AstraZeneca committed to supplying vaccines produced in four European factories, two of which are in Britain: Oxford Biomedica and Cobra Biologics.
Published 30 Mar, 2021 08:59pm
IMF hikes Italian growth forecast, urges tax reform
Europe

IMF hikes Italian growth forecast, urges tax reform

  • The IMF said its new projection, made in a report following an annual visit to Italy, was dependent on COVID-19 vaccinations being well advanced by late summer and continued economic support measures.
  • The Fund gave no clear explanation for the sharp upward revision of its forecast, which it warned was surrounded by "considerable uncertainty".
Published 30 Mar, 2021 08:56pm
Egypt's Sisi says response will be felt if water supply affected by dam
Africa

Egypt's Sisi says response will be felt if water supply affected by dam

  • Egypt, along with its southern neighbour Sudan, is seeking a legally binding agreement over the operations of the Grand Ethiopian Renaissance Dam (GERD), which Addis Ababa says is crucial to its economic development.
  • "I'm not threatening anyone here, our dialogue is always reasonable and rational," Sisi said in a response to a question about any risk to Egypt.
Published 30 Mar, 2021 08:54pm
Remembered for one goal, but Aguero's consistency separates him from the rest
Sports

Remembered for one goal, but Aguero's consistency separates him from the rest

  • Aguero went on to score 23 goals in 2011-12, with only Robin van Persie (30) and Wayne Rooney (27) scoring more that season.
  • Remarkably, for a man who has scored 181 Premier League goals to date - the most of any foreign player in English top-flight history - that iconic moment remains Aguero's only stoppage-time winner in the competition.
Published 30 Mar, 2021 08:50pm
China's Geely to set up new aerospace company
Companies

China's Geely to set up new aerospace company

  • Geely, which owns Volvo Cars and 9.7% of Daimler AG , will also work with other rocket companies in Guangzhou, the government said.
  • Geely is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates.
Published 30 Mar, 2021 08:45pm
EU imposes tariffs on Chinese aluminium producers
Companies

EU imposes tariffs on Chinese aluminium producers

  • The European Commission, which oversees trade policy for the 27-nation European Union, has set anti-dumping duties of between 21.2% and 31.2% on Chinese producers of aluminium extrusions in the form of bars, rods, profiles or tubes.
  • The tariffs are lower than the provisional duties of 30.4% to 48.0% imposed midway through the investigation.
Published 30 Mar, 2021 08:44pm
Chinese smartphone maker Xiaomi to invest $10bn in new EV unit over 10 years
Companies

Chinese smartphone maker Xiaomi to invest $10bn in new EV unit over 10 years

  • At a livestreamed event held on Tuesday, Xiaomi CEO Lei Jun, who will also head the smart EV unit, said the division will be the "last major entrepreneurial project" in his life.
  • The firm will initially invest 10 billion yuan ($1.52 billion) in the unit, with a total investment goal of $10 billion over the next ten years, it said in a filing published earlier on the Hong Kong stock exchange.
Published 30 Mar, 2021 08:41pm
Scottish FA hands six-game bans to Rangers players who breached COVID-19 rules
Sports

Scottish FA hands six-game bans to Rangers players who breached COVID-19 rules

  • Midfielder Bongani Zungu and defenders Nathan Patterson and Calvin Bassey apologised to the club's fans on their return to training in February after being removed from the squad following the protocol breach.
  • The SFA said in a statement on Tuesday that the five players would be banned for six games - four matches immediately and two suspended until the end of the 2020-21 season.
Published 30 Mar, 2021 08:31pm
Dollar rallies as US economic optimism boosts Treasury yields
Forex

Dollar rallies as US economic optimism boosts Treasury yields

  • Benchmark 10-year Treasury yields rose to 14-month highs on Tuesday at 1.776%, and were last up 2 basis points on the day at 1.742%.
  • Treasury yields are rising a day before President Joe Biden is set to outline how he intends to pay for a $3 trillion to $4 trillion infrastructure plan.
Updated 30 Mar, 2021 08:25pm
Facebook's chief revenue officer to leave later this year
Technology

Facebook's chief revenue officer to leave later this year

  • "I am immensely proud of all that we have accomplished over the past eleven years, and am optimistic about the path the company is on," he wrote in the post.
  • Fischer oversees Facebook's advertising business and manages its sales and marketing teams worldwide.
Updated 30 Mar, 2021 08:21pm
KU announces MBBS results
Pakistan

KU announces MBBS results

  • 277 candidates were registered and 276 students appeared in the MBBS Fourth Professional Annual Examination 2020 of which 229 students cleared the exams. The overall pass percentage was 82.97 percent.
Published 30 Mar, 2021 08:15pm
Epic Games files complaint against Apple with UK regulator
Industry

Epic Games files complaint against Apple with UK regulator

  • The UK Competition and Markets Authority said earlier this month it had opened an investigation into Apple after complaints that the iPhone maker's terms and conditions for app developers were unfair.
  • Payment policies related to Apple's App Store have long drawn complaints from app developers as they requires them to use its payment system, which charges commission of between 15% and 30%.
Published 30 Mar, 2021 07:24pm
Electric vehicles to dominate line up at Toyota's Lexus by 2025
Companies

Electric vehicles to dominate line up at Toyota's Lexus by 2025

  • Electrified models such as battery electric vehicles (BEV), plug-in hybrids and hybrid electric cars will be introduced, the company said in a statement.
  • Lexus also unveiled a BEV concept car, the "LF-Z Electrified", which will include features such as a new four-wheel driving force control technology.
Published 30 Mar, 2021 07:22pm
Biden releases first slate of judicial nominees: White House
USA

Biden releases first slate of judicial nominees: White House

  • "This trailblazing slate of nominees draws from the very best and brightest minds of the American legal profession," Biden said in a statement that emphasized their "broad diversity of background experience and perspective."
  • Zahid N. Quraishi, a New Jersey magistrate judge, would be the nation's first Muslim American to serve on a federal district court.
Published 30 Mar, 2021 07:20pm
Indian payments firm MobiKwik says it is probing date breach claims
Companies

Indian payments firm MobiKwik says it is probing date breach claims

  • An Indian security researcher last month flagged on Twitter that data of 110 million MobiKwik customers had been leaked from the company's servers.
  • MobiKwik denied the claim on March 4, saying it did not find any security lapses, adding that its legal team would take "strict action against this so-called researcher".
Published 30 Mar, 2021 07:15pm
Austria in talks to buy a million doses of Russia's Sputnik V vaccine
Companies

Austria in talks to buy a million doses of Russia's Sputnik V vaccine

  • Conservative leader Kurz is under fire from opposition parties because his government did not buy as many coronavirus vaccines as it could have under the European Union's collective purchasing scheme.
  • "There must be no geopolitical blinkers regarding vaccines," Kurz said in a statement issued by his office, adding that Austria is in talks with Russia and Moscow has offered to sell it a million doses as of April. "The only thing that must count is whether the vaccine is effective and safe."
Published 30 Mar, 2021 07:10pm
Welch becomes first female referee appointed to EFL match
Sports

Welch becomes first female referee appointed to EFL match

  • Welch has previously officiated men's matches in the National League as well as elite women's matches such as the FA Cup final in 2017, but on Monday she will set a new benchmark for female referees in English football.
  • It shows that there is a real opportunity to young girls who are wondering if to they are to take the whistle or are already referees they can aspire to be an EFL referee or like Sian Massey-Ellis operating in the Premier League.
Published 30 Mar, 2021 06:46pm
Inmarsat sues Dutch government over 5G bandwidth
Companies

Inmarsat sues Dutch government over 5G bandwidth

  • Inmarsat was purchased by a group of investors led by Apax and Warburg Pincus for $3.4 billion in January 2020.
  • Dutch government spokesman Harald Hanemaaijer said the approaching end of the availability of the 3.5GHz bandwidth has been known for many years, notably after European Union member states agreed on harmonisation of frequencies in 2018.
Published 30 Mar, 2021 06:37pm
Ukraine says Russian military buildup threatens its security
Europe

Ukraine says Russian military buildup threatens its security

  • In remarks to parliament, Khomchak also accused pro-Moscow separatists of systematically violating a ceasefire in the conflict in eastern Ukraine agreed in July 2020.
  • Ukraine and Russia have traded blame for a spike in violence in the conflict, which Kyiv says has killed 14,000 people since 2014.
Published 30 Mar, 2021 06:35pm
Germany's Loew brushes off melancholy talk, says only focus is World Cup qualifier
Sports

Germany's Loew brushes off melancholy talk, says only focus is World Cup qualifier

  • The 61-year-old, who will step down after the Euro tournament this summer, wants to make it three wins out of three qualifiers and put his team firmly on track for a spot at next year's World Cup in Qatar.
  • "I feel absolutely no melancholy ahead of this game at the moment," Loew told a virtual news conference ahead of Wednesday's qualifier in Duisburg.
Published 30 Mar, 2021 06:32pm
Third COVID wave emerging in Russia
Europe

Third COVID wave emerging in Russia

  • President Vladimir Putin said last week he expected Russia to reach herd immunity and lift pandemic-related restrictions by the end of the summer. Some regions have already begun easing some curbs.
  • Unfortunately, the incidence rate and the progression of the disease allow us to speak of a third wave of coronavirus infections.
Published 30 Mar, 2021 06:31pm
Suez Canal races to clear backlog as shipping convoys resume
Africa

Suez Canal races to clear backlog as shipping convoys resume

  • The blockage threw global supply chains into disarray, threatening costly delays for firms already wrestling with COVID-19 restrictions, and nearly doubled rates for oil product tankers.
  • The Ever Given's grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.
Published 30 Mar, 2021 06:29pm
VW confirms it will rebrand its US unit as 'Voltswagen'
Companies

VW confirms it will rebrand its US unit as 'Voltswagen'

  • The revised name takes effect in May and the announcement came after several outlets on Monday reported on a draft release mistakenly posted on the automaker's US website.
  • We might be changing out our K for a T, but what we aren't changing is this brand's commitment to making best-in-class vehicles for drivers and people everywhere.
Published 30 Mar, 2021 06:12pm
Musk says battery cell constraints impact production of Tesla Semi
Companies

Musk says battery cell constraints impact production of Tesla Semi

  • "Demand is no problem, but near-term cell supply makes it hard to scale Semi. This limitation will be less onerous next year," the billionaire entrepreneur said.
  • Musk's statement was in response to a tweet which referred to a news report about the electric carmaker receiving an order for ten Semi trucks from MHX Leasing LLC.
Published 30 Mar, 2021 06:07pm
Chelsea v Porto quarter-final fixtures to be played in Seville
Sports

Chelsea v Porto quarter-final fixtures to be played in Seville

  • The first leg will take place on April 7 at Estadio Ramon Sanchez-Pizjuan with the return fixture scheduled for April 13. The prize for the winners will be a clash with Real Madrid or Liverpool.
  • Spain said earlier this month it would lift a ban on travel from Britain on March 30. The ban had started in December, over concerns about a British strain of the new coronavirus.
Published 30 Mar, 2021 06:03pm
Palm drops to five-week low on weak rival oils, sluggish demand
Commodities

Palm drops to five-week low on weak rival oils, sluggish demand

  • The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dropped 4.6% to 3,574 ringgit ($861.41) a tonne at closing time, the lowest closing level since Feb. 22.
  • Palm oil tracked rival soyoil down as soy was pressured by an upbeat planting outlook in the U.S, a palm oil trader in Kuala Lumpur said.
Published 30 Mar, 2021 05:59pm
Ruet-e-Hilal Committee to meet on April 13 for Ramadan moon sighting
Pakistan

Ruet-e-Hilal Committee to meet on April 13 for Ramadan moon sighting

  • A notification has been issued by the Ministry of Religious Affairs and Interfaith Harmony which read that the moon sighting committee’s chairman Maulana Abdul Khabeer Azad will chair the meeting in Peshawar.
  • Minister for Religious Affairs Noor-ul-Haq Qadri cleared that mosques across the country will remain open in the holy month of Ramazan.
Updated 30 Mar, 2021 05:53pm
Dollar, inventories weigh on copper prices
Commodities

Dollar, inventories weigh on copper prices

  • Benchmark copper was down 0.7% at $8,804 a tonne.
  • Stocks of copper in LME registered warehouses rose 10,500 tonnes to 142,550 tonnes, a rise of more than 90% since the start of March.
Published 30 Mar, 2021 05:43pm
Stocks gain as investors look past US hedge fund default
Stocks

Stocks gain as investors look past US hedge fund default

*European stocks opened higher with the regional STOXX 600 index up 0.4% by 1100 GMT. Britain's FTSE 100 was up 0.2%, Germany's DAX 0.6%, Italy's FTSE MIB rose 0.3%, and France's CAC 40 rose 0.5%. * MSCI's All Country World Index, which tracks stocks across 49 countries, traded flat.
Published 30 Mar, 2021 05:36pm
Indian shares gain over 2pc as banks, JSW Steel rise after Bhushan deal
Stocks

Indian shares gain over 2pc as banks, JSW Steel rise after Bhushan deal

  • The blue-chip NSE Nifty 50 index rose 2.3% to 14,845.10 and the benchmark S&P BSE Sensex gained 2.2% at 50,084. Both the indexes fell more than 1% last week.
  • Major lenders to Bhushan, including State Bank of India Punjab National Bank, Canara Bank gained more than 1% each and ICICI Bank rose 2.3%.
Published 30 Mar, 2021 05:27pm
Sri Lankan shares end lower as industrials weigh
Stocks

Sri Lankan shares end lower as industrials weigh

  • The CSE All-Share Index ended down 0.18% at 7,115.12.
  • Diversified holding company Expolanka Holdings Plc and cigarette maker Ceylon Tobacco Company Plc were the top drags on the index, shedding 1.3% and 0.5%, respectively.
Published 30 Mar, 2021 05:27pm
PM Imran has 'completely recovered' from COVID-19: Faisal Javed Khan
Pakistan

PM Imran has 'completely recovered' from COVID-19: Faisal Javed Khan

  • In a tweet, the senator said that the premier has partially resumed official duties and is following the doctors' and international guidelines.
  • The development comes after former finance minister Dr Abdul Hafeez Shaikh, President Arif Alvi, and Defence Minister Pervez Khattak tested positive for the deadly virus.
Published 30 Mar, 2021 04:44pm
Kia unveils its highly anticipated ‘EV6’
Automobile

Kia unveils its highly anticipated ‘EV6’

  • It uses two motors to produce a combined 430kW, or roughly 576 horsepower, and can go from 0 to 100 kilometers per hour (62 mph) in just 3.5 seconds.
    • The EV6 can put out up to 3.6kW of power — enough to power a 55-inch TV and an air conditioner for more than 24 hours, Kia says.
Published 30 Mar, 2021 04:44pm
Dollar drops to two-year low against Pakistani Rupee
Markets

Dollar drops to two-year low against Pakistani Rupee

  • After a high of Rs 168.43 on August 20, the dollar has depreciated by Rs 15.23 so far.
  • As per local media reports, the trading session of the second day of the business week today, the dollar lost 95 paise in the interbank market as the dollar dropped to Rs 153.20 at closing.
Updated 30 Mar, 2021 04:01pm
Pakistan to receive first batch of China's CanSino vaccine today
Pakistan

Pakistan to receive first batch of China's CanSino vaccine today

  • "We will be getting bulk vaccine by mid-April from CanSino from which three million vaccine doses can be made," Asad Umar announced.
  • This is the vaccine in which Pakistan participated in phase 3 trials, which was the first time ever that Pakistan had done so for any vaccine, he added.
Published 30 Mar, 2021 03:02pm
Perera becomes first Sri Lankan to hit six sixes in an over
Sports

Perera becomes first Sri Lankan to hit six sixes in an over

  • Perera is the second player to achieve the feat in 2021 and coincidentally was on the field when it happened earlier this month as Kieron Pollard hit six sixes off Sri Lanka's Akila Dananjaya in a Twenty20 international in Antigua.
Published 30 Mar, 2021 01:04pm
India records 56,211 new cases of the coronavirus
World

India records 56,211 new cases of the coronavirus

  • Authorities in Maharashtra were considering whether to impose stricter curbs starting Thursday to contain the rapid spread of the virus, but opposition parties and industrialists have opposed a lockdown.
Published 30 Mar, 2021 12:55pm
Notification issued: Hammad Azhar appointed as Finance Minister
Business & Finance

Notification issued: Hammad Azhar appointed as Finance Minister

  • “In exercise of the powers conferred by clause (3) of Article 92 of the Constitution of the Islamic Republic of Pakistan, the President, on the advice of the Prime Minister, has been pleased to approve the removal of Dr. Abdul Hafeez Shaikh as Federal Minister, with immediate effect,” read the notification.
Published 30 Mar, 2021 11:55am
Dollar hits 1-year high versus yen as inflation worries lift yields
Forex

Dollar hits 1-year high versus yen as inflation worries lift yields

  • In cryptocurrencies, bitcoin pushed back above $58,000 overnight after Visa Inc said it would allow the use of cryptocurrencies to settle transactions on its payment network, in the latest sign of growing acceptance of digital currencies on both Wall Street and Main Street.
Published 30 Mar, 2021 10:45am
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