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Archive - 2021-04-07
TSX gains on strong hopes of economic recovery
Stocks

TSX gains on strong hopes of economic recovery

  • Canada's trade surplus with the world narrowed in February to C$1.04 billion ($824 million) from C$1.21 billion surplus in January as a global shortage of semiconductor chips hit both imports and exports, Statistics Canada said.
  • Toronto Stock Exchange's S&P/TSX composite index was up 24.53 points, or 0.13%, at 19,128.67.
Published 07 Apr, 2021 09:53pm
India's judo team miss qualifiers after two athletes contract COVID-19
Sports

India's judo team miss qualifiers after two athletes contract COVID-19

  • The 15 Indian athletes and four coaches at the ongoing Asia-Oceania Judo Championships have been isolated while the two judokas, who tested positive for the virus, did not have any major symptoms.
  • The Sports Authority of India, a unit of the sports ministry which oversees training of the athletes, said the athletes underwent two tests before leaving India and another one after arrival in Kyrgyzstan.
Published 07 Apr, 2021 08:41pm
Swiss luxury watchmakers learn to love the pre-owned market
Companies

Swiss luxury watchmakers learn to love the pre-owned market

  • Richemont, which owns Cartier, has so far been the only big luxury goods company to embrace the pre-owned market with its acquisition of online store Watchfinder in 2018.
  • Watchfinder has just launched a home collection service to make transactions easier during the pandemic.
Published 07 Apr, 2021 08:39pm
Sterling sinks to 5-week low vs. euro, one-week low vs dollar
Forex

Sterling sinks to 5-week low vs. euro, one-week low vs dollar

  • The pound fell on Tuesday, losing 0.6% against the dollar and over 1% against the euro - its worst day against the single currency in five weeks as investors took cash off the table.
  • Against the euro, it traded 0.7% lower to the euro at 86.50 pence, having hit a five-week low of 86.62 pence.
Published 07 Apr, 2021 08:36pm
Russia's TCS Group sees net profit at 75bn roubles in 2023
Money & Banking

Russia's TCS Group sees net profit at 75bn roubles in 2023

  • TCS posted a 22% increase in net profit last year to 44.2 billion roubles, a record high, as the Russian bank said the number of customers for its non-credit products exceeded those seeking credit for the first time.
  • The group, which runs Russia's largest online bank Tinkoff with more than 13 million customers, forecast a return-on-equity of more than 30% every year.
Published 07 Apr, 2021 08:34pm
Canada's Ivey PMI jumps to 10-year high as activity accelerates in March
USA

Canada's Ivey PMI jumps to 10-year high as activity accelerates in March

  • The seasonally adjusted index rose to 72.9 from 60.0 in February, surpassing analysts' expectations for 60.5. It was the highest level for the index since March 2011 and the second highest since the PMI was launched in 2000.
  • The Ivey PMI measures the month-to-month variation in economic activity as indicated by a panel of purchasing managers in the public and private sectors from across Canada. A reading above 50 indicates an increase in activity.
Published 07 Apr, 2021 08:32pm
US to restore about $150 million in aid to Palestinians
USA

US to restore about $150 million in aid to Palestinians

  • Democratic President Joe Biden has made clear he intends to roll back parts of his Republican predecessor's approach that Palestinians denounced as heavily biased in favor of Israel.
  • Biden's aides have also made clear they want to re-establish the goal of a negotiated two-state solution as a priority in US policy on the Israeli-Palestinian conflict.
Published 07 Apr, 2021 08:31pm
Regions in Spain tighten COVID-19 measures as cases creep up
Europe

Regions in Spain tighten COVID-19 measures as cases creep up

  • Spain's national infection rate, as measured over the past 14 days, rose to 165 cases per 100,000 people on Tuesday, up from 128 cases in mid-March, but still well below the 900-case peak seen in late January.
  • Officials said the data likely did not yet reflect the impact of the Easter break and warned that intensive care hospitalisations were on the rise.
Published 07 Apr, 2021 08:28pm
US crude stocks drop, fuel inventories rise: EIA
Energy

US crude stocks drop, fuel inventories rise: EIA

  • Crude inventories fell by 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
  • Crude stocks at the Cushing, Oklahoma, delivery hub fell by 735,000 barrels in the last week, EIA said.
Published 07 Apr, 2021 08:24pm
Dollar near two-week lows as investors await Fed minutes
Forex

Dollar near two-week lows as investors await Fed minutes

  • The US Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.101% lower at 92.213.
  • Upbeat European data on Wednesday showing euro zone business activity bounced back to growth last month, also supported the common currency against the greenback.
Published 07 Apr, 2021 08:22pm
Japan's Aso says G20 clarified, not changed, its stance on FX
South Asia

Japan's Aso says G20 clarified, not changed, its stance on FX

  • "We clarified in written form the G20 nations' thinking on currency rates. It's a clarification, not a change, in our stance," Aso told reporters on Wednesday.
  • Aso was speaking after attending a virtual meeting of leaders from the G20 major economies, held on the sidelines of IMF/World Bank spring meetings.
Published 07 Apr, 2021 08:20pm
Polish central bank says zloty FX rate key for recovery
Money & Banking

Polish central bank says zloty FX rate key for recovery

  • "The economic policy measures, including the easing of NBP's monetary policy introduced last year and the expected recovery in the global economy, will have a positive impact on the domestic economic situation," the bank said in a statement.
  • "The pace of the economic recovery in Poland will also depend on further developments of the zloty exchange rate."
Published 07 Apr, 2021 08:18pm
Teck signs zinc benchmark deals at $159/t with Glencore, Korea Zinc
Companies

Teck signs zinc benchmark deals at $159/t with Glencore, Korea Zinc

  • Treatment charges (TCs) fall when mine output decreases and smelters compete to get concentrate to process.
  • Fastmarkets reported that the deals, which are 46% lower than the near $300 a tonne set last year, were concluded last week and will be for supply from Teck's Red Dog mine in Arizona.
Published 07 Apr, 2021 08:13pm
US yields mostly down with market in consolidation phase
Financial

US yields mostly down with market in consolidation phase

  • Yields on the front end to the so-called belly of the curve were down, while those on the very long end were firmer. US 10-year yields, however, dropped to a two-week low.
  • In mid-morning trading, the US 10-year Treasury yield was little changed at 1.656%, from 1.657% on Tuesday.
Published 07 Apr, 2021 08:11pm
Britain recommends not using Oxford/AstraZeneca vaccine for under-30s
Europe

Britain recommends not using Oxford/AstraZeneca vaccine for under-30s

  • "We are not advising a stop to any vaccination for any individual in any age group. We are advising a preference for one vaccine over another vaccine for a particular age group, really out of the utmost caution, rather than because we have any serious safety concerns," he said at a briefing. It came after Britain's MHRA medicine regulator identified a possible side-effect from the COVID-19 vaccine developed by Oxford University and AstraZeneca involving rare brain blood clotting.
Published 07 Apr, 2021 08:09pm
Egypt's Sisi warns of potential for conflict over Ethiopian dam
Africa

Egypt's Sisi warns of potential for conflict over Ethiopian dam

  • Delegations from the three governments met earlier this week in Kinshasa in the Democratic Republic of Congo but failed to bridge their differences.
  • Sisi, speaking at the opening of a new government complex, said Sudan and Egypt were coordinating on the issue and that "cooperation and agreement are much better than anything else".
Published 07 Apr, 2021 08:07pm
EU expects impact on vaccination plans from new guidance on AstraZeneca shot
Europe

EU expects impact on vaccination plans from new guidance on AstraZeneca shot

  • "We expect this announcement will have a direct and immediate impact not only on our national vaccination plans, but also in our citizens' trust in vaccines against COVID-19," the letter said.
  • The EU is grappling with a slow vaccine rollout caused by supply problems and by repeated changes in the use of the AstraZeneca shot, which have increased vaccine hesitancy.
Published 07 Apr, 2021 08:05pm
India imposes new curbs as Covid-19 cases hit record
World

India imposes new curbs as Covid-19 cases hit record

  • Many Indians lowered their guard after infections slowed sharply in late 2020, with huge crowds thronging religious festivals such as the Kumbh Mela which on one day last month saw three million attendees.
Updated 07 Apr, 2021 07:52pm
Norway to ease COVID restrictions if infections decline, PM says
Europe

Norway to ease COVID restrictions if infections decline, PM says

  • Norway has had some of Europe's lowest rates of infections and deaths since the start of the pandemic early last year, but saw a rapid increase in hospitalisations in March led by more contagious variants of the coronavirus.
  • "Before we open up we need to see low and stable infection rates. It is important that the number of hospitalisations come down from today's level," Solberg said.
Published 07 Apr, 2021 07:17pm
European repo trading volumes hits record in Q1, BrokerTec says
Financial

European repo trading volumes hits record in Q1, BrokerTec says

  • An all-time high daily nominal volume of 338.8 billion euros on March 1 eclipsed the previous daily record set on March 11 last year, BrokerTec said, when financial markets panicked at the height of the novel coronavirus outbreak.
  • Government bond issuance, which supports trading volumes, began the year with a record, driven by higher borrowing needs because of the pandemic and investors' enthusiasm to buy the debt because of the European Central Bank's pandemic bond buying.
Published 07 Apr, 2021 07:15pm
South Korea suspends AstraZeneca shots for people under 60 amid European review
South Asia

South Korea suspends AstraZeneca shots for people under 60 amid European review

  • The European Medical Agency (EMA) is due to announce the results of a review on whether some cases of blood clotting in adults may be linked to the AstraZeneca shot.
  • South Korea's food and drug safety ministry said on Wednesday it had granted final approval for Johnson & Johnson's (J&J) vaccine after a panel of experts ruled the single-dose shot was safe and effective.
Published 07 Apr, 2021 07:12pm
Renewed Real complete transformation by blowing Liverpool away
Sports

Renewed Real complete transformation by blowing Liverpool away

  • They were missing key players in Eden Hazard, Raphael Varane and Sergio Ramos for the quarter-final first leg but dominated the midfield thanks to their long-running trio of Casemiro, Luka Modric and Toni Kroos, the foundation of their three consecutive Champions League triumphs.
  • Watching Real beat the Premier League champions so comfortably, it was easy to forget what a chaotic season it has been.
Published 07 Apr, 2021 07:10pm
Malaysia says South Korean and Japanese firms to invest $3.9bn in coming years
Financial

Malaysia says South Korean and Japanese firms to invest $3.9bn in coming years

  • The deals with South Korea and Japan came as Malaysia's International Trade and Industry Minister Mohamed Azmin Ali wrapped up a week-long trade mission to both countries on Tuesday.
  • "The mission, also the first for this year, was paramount to the rigorous efforts by the ministry... to bring in foreign direct investments into Malaysia," the ministry said in a statement.
Published 07 Apr, 2021 07:08pm
Philippines allows use of Sinovac's COVID-19 vaccine for senior citizens
South Asia

Philippines allows use of Sinovac's COVID-19 vaccine for senior citizens

  • The Department of Health and the Food and Drug Administration said they made the decision after receiving the recommendation of the Department of Science and Technology's vaccine expert panel.
  • Senior citizens can now receive CoronaVac shots provided there is stringent evaluation of the person's health status and exposure risk, they said in a statement.
Published 07 Apr, 2021 07:06pm
Amsterdam to allow at least 12,000 fans at Euro 2020 games
Sports

Amsterdam to allow at least 12,000 fans at Euro 2020 games

  • The Johan Cruijff Arena in Amsterdam could be used at 25% of its capacity or more in June, depending on the state of the COVID-19 pandemic, the KNVB said in a joint statement with the Dutch government and the city of Amsterdam.
  • All spectators will need to test negative for COVID-19 shortly before the game, and will have to adhere to a strict safety protocol inside the stadium.
Published 07 Apr, 2021 07:00pm
Tunisia tenders to buy 75,000 tonnes soft wheat
Commodities

Tunisia tenders to buy 75,000 tonnes soft wheat

  • The wheat is sought in three 25,000 tonne consignments for shipment between May 15 and June 25 depending on origin supplied.
  • The agency said in the tender it reserves the right to buy 10% more or less than 75,000 tonnes.
Published 07 Apr, 2021 07:04pm
Bulgaria allows 10-year concession fee deferral for Sofia Airport
Industry

Bulgaria allows 10-year concession fee deferral for Sofia Airport

  • Paris-based asset manager Meridiam, which has teamed up with Germany's Munich Airport as operator, will pay 660 million levs ($401.26 million) up front later this month, before it can take over the airport, Transport Minister Rosen Zheliazkov said.
  • "There is no reason to think that the amendments favour someone or deprives the state," he told a government meeting. "We are delaying the payments, not giving them up".
Published 07 Apr, 2021 06:58pm
Rio Tinto starts producing lithium from waste rock at California mine
Companies

Rio Tinto starts producing lithium from waste rock at California mine

  • That demonstration plant will run for the rest of the year as Rio decides whether to spend $50 million to build a full-scale production plant with annual capacity of 5,000 tonnes.
  • Rio has produced borates - a group of minerals used to make soaps, cosmetics and other consumer goods - for nearly a century in the Mojave Desert, about 120 miles (195 km) north of Los Angeles.
Published 07 Apr, 2021 06:57pm
IMF says more vaccine spending is fastest way to shore up public finances
USA

IMF says more vaccine spending is fastest way to shore up public finances

  • The IMF said in its 2021 Fiscal Monitor report that if faster global vaccinations bring the virus under control sooner, more than $1 trillion in additional global tax revenue could be collected through 2025 in advanced economies.
  • "Vaccination will, thus, more than pay for itself, providing excellent value for public money invested in ramping up global vaccine production and distribution," the IMF said in the report.
Published 07 Apr, 2021 06:54pm
Mexican used-car startup Kavak hits $4 billion valuation
Companies

Mexican used-car startup Kavak hits $4 billion valuation

  • Kavak, which was founded in 2016 and is backed by Japan's SoftBank Group Corp, became Mexico's first tech "unicorn" last October when it reported a valuation of more than $1 billion.
  • The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch in Brazil in the next couple of months, Chief Executive Carlos Garcia said.
Published 07 Apr, 2021 06:52pm
BlackRock's Fink wants more sustainability data from private cos
Companies

BlackRock's Fink wants more sustainability data from private cos

  • "If large private companies are not held to the same level of scrutiny as public companies, we will create an unintended incentive to shift carbon-intensive assets to markets with less transparency and, often, less regulation," Fink wrote.
  • Fink's language was more specific than in a January memo in which he said climate disclosures "should be embraced" by large private companies.
Published 07 Apr, 2021 06:49pm
Derby to be bought by No Limits Sports Limited subject to EFL approval
Sports

Derby to be bought by No Limits Sports Limited subject to EFL approval

  • "Derby County Football Club wishes to confirm that a definitive agreement to purchase the club has been reached with No Limits Sports Limited," the club said in a statement.
  • "We are looking forward to working with Wayne Rooney and his team, and will do everything possible to support the club's vision and ambition," Alonso said in a statement.
Published 07 Apr, 2021 06:42pm
Israeli carrier El Al plans $105mn share issue to meet bailout condition
Companies

Israeli carrier El Al plans $105mn share issue to meet bailout condition

  • Israel's flag carrier said in a regulatory filing in Tel Aviv that the offering would be held by the end of July, though it added that not all conditions in the bailout arrangement had been met, including a final government approval.
  • Under the aid plan, the government will buy $210 million-worth of flight tickets in advance at El Al and its low fare subsidiary Sun Dor.
Published 07 Apr, 2021 06:38pm
Bilbao prepared to host Euro 2020 games at 25pc capacity
Sports

Bilbao prepared to host Euro 2020 games at 25pc capacity

  • A statement from the city hall on Wednesday said the Spanish soccer federation was due to send its plans for the rescheduled tournament to the organising body later in the day and had committed to 25% capacity of the ground.
Published 07 Apr, 2021 06:31pm
Sweden registers 6,814 new COVID-19 cases, 45 deaths on Wednesday
Europe

Sweden registers 6,814 new COVID-19 cases, 45 deaths on Wednesday

  • The country of 10 million inhabitants registered 45 new deaths, taking the total to 13,578. 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 most European countries that opted for lockdowns.
Published 07 Apr, 2021 06:29pm
Self-driving truck startup TuSimple eyes over $8bn valuation in US IPO
Stocks

Self-driving truck startup TuSimple eyes over $8bn valuation in US IPO

  • The company said it aims to raise about $1.3 billion in its offering by selling around 34 million shares at a price range between $35 and $39 apiece.
  • TuSimple is the third company to announce plans to raise more than $1 billion through share sales on Wednesday, as companies continue to tap into the red-hot US IPO market.
Published 07 Apr, 2021 06:24pm
China-EU relations facing challenges, Xi tells Germany's Merkel
South Asia

China-EU relations facing challenges, Xi tells Germany's Merkel

  • EU allies the United States, Britain and Canada also sanctioned Chinese officials over Xinjiang, and the row is threatening to derail an EU-China investment pact agreed in late 2020 after years of negotiations.
  • Xi also urged Germany and the EU to make joint efforts with China to maintain healthy and stable development of bilateral cooperation, according to the readout.
Published 07 Apr, 2021 06:11pm
World championship set to have capacity crowd for final at the Crucible
Sports

World championship set to have capacity crowd for final at the Crucible

  • The venue is set to operate at 33% capacity for the first round with social distancing in place before capacity is increased to 50% for the second round, 75% for the quarter-finals and semi-finals and 100% for the final.
  • "It will not be possible to avoid different parties sitting alongside one another," organisers said in a statement.
Published 07 Apr, 2021 06:09pm
Brazilian medical lab firm Dasa raises $590mn in discounted share sale
Companies

Brazilian medical lab firm Dasa raises $590mn in discounted share sale

  • The company raised 3.3 billion reais ($590 million) in the offering of 57 million new shares, it said in a securities filing.
  • The price was below the original range of 64.90 to 84.50 reais per share. Dasa shareholders did not sell any of their shares and did not increase the number of shares sold as allowed by overallotment provisions, due to low demand.
Published 07 Apr, 2021 06:00pm
Hungary starts reopening despite highest daily COVID deaths
Europe

Hungary starts reopening despite highest daily COVID deaths

  • Even so, Hungary reported its highest ever daily coronavirus death tally - 311 - on Wednesday, bringing the total to 22,409.
  • "This virus has destroyed us," said Maria Tarnoky, a hairdresser in Budapest joyfully washing and cutting her first customer's hair after a month's pause.
Published 07 Apr, 2021 05:58pm
Copper slips as inventories climb and China premiums dip
Commodities

Copper slips as inventories climb and China premiums dip

  • Benchmark copper on the London Metal Exchange (LME) shed 0.8% to $8,974.50 a tonne in official trading. The metal touched its highest since March 23 at $9,104 in the previous session.
  • Copper inventories in LME-registered warehouses have since surged to 150,325 tonnes compared to 74,200 tonnes at the end of February.
Published 07 Apr, 2021 05:56pm
IMF raises most Gulf countries' economic growth forecasts
Middle East

IMF raises most Gulf countries' economic growth forecasts

  • Saudi Arabia's economy, the region's largest, is expected to grow 2.9% this year, up from the 2.6% forecast in January, the IMF said in its latest World Economic Outlook, released this week.
  • Oman saw the biggest positive revision of the Gulf countries, from expectations of a 0.5% contraction this year to a forecast of 1.8% growth.
Published 07 Apr, 2021 05:46pm
PM appreciates Russia's efforts for promoting Afghan peace process
Pakistan

PM appreciates Russia's efforts for promoting Afghan peace process

  • Imran says Russia's move to hosting the recent meeting of Extended Troika in Moscow is an important step in this regard
  • Premier reaffirmed Pakistan's resolve to expeditiously conclude the requisite legal process for the Pakistan Stream (North-South) Gas Pipeline project and commence the work as early as possible
Published 07 Apr, 2021 05:50pm
Indian shares rise 1pc after central bank keeps rates steady
Stocks

Indian shares rise 1pc after central bank keeps rates steady

  • The NSE Nifty 50 index closed 0.92% higher at 14,819.05 and the S&P BSE Sensex rose 0.94% to 49,661.76.
  • The benchmark 10-year bond yield briefly rose to 6.19% after the policy decision, but fell to a low of 6.05% after the central bank announced a secondary market government securities (G-sec) acquisition programme.
Updated 07 Apr, 2021 05:34pm
Sri Lankan shares rise on financial, consumer boost
Stocks

Sri Lankan shares rise on financial, consumer boost

  • The CSE All-Share Index notched its fourth straight session of gains, closing 0.41% higher at 7,310.26.
  • Foreign investors were net sellers, offloading 187.5 million rupees ($937,500.00) worth of shares, according to exchange data.
Updated 07 Apr, 2021 05:32pm
PSX proposes an Indemnity Clause to protect its staff
Markets

PSX proposes an Indemnity Clause to protect its staff

  • The bourse has proposed to have power under PSX Regulations whereby it could relax consequential actions of placement of a Listed Company on the Defaulters Segment and/or suspension of trading of its shares in any case of noncompliance of any provision of PSX Regulations by such listed company.
Published 07 Apr, 2021 03:23pm
European stocks climb at open
Stocks

European stocks climb at open

  • In the eurozone, Frankfurt's DAX 30 index added 0.2 percent to 15,237.17 points and the Paris CAC 40 advanced 0.2 percent to 6,142.84.
Published 07 Apr, 2021 02:25pm
Record rise in Swedish house prices raises overheating fears
Real Estate

Record rise in Swedish house prices raises overheating fears

  • Ultra-low mortgage rates - the average is around 1.3% for a floating-rate loan - may also start to rise. Furthermore, the financial watchdog has said it will restore stricter mortgage repayment rules, suspended at the start of the pandemic, later this year.
Published 07 Apr, 2021 01:49pm
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