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Archive - 2021-04-08
Italy readies 30bn euro stimulus plan, seen pushing deficit above 10pc of GDP
Phamaceuticals

Italy readies 30bn euro stimulus plan, seen pushing deficit above 10pc of GDP

  • The money will fund additional grants to businesses forced to close due to coronavirus restrictions and extend an existing debt moratorium for small and medium-sized companies, the state auditor at the Treasury, Biagio Mazzotta, added.
  • "The next stimulus package will certainly be substantial, I think it will be worth as much as the first one approved this year," Mazzotta said at a conference on the COVID crisis.
Updated 09 Apr, 2021 12:26am
JPMorgan forms new team in commercial banking unit as part of green push
Money & Banking

JPMorgan forms new team in commercial banking unit as part of green push

  • As part of the move, JPMorgan's commercial banking division named Brian Lehman as the head of the 'Green Economy' team, the bank said in a statement.
  • Lehman, who was most recently the head of diversified financials team within the commercial bank's financial institutions group, has more than 20 years of experience in sustainable finance.
Published 08 Apr, 2021 09:02pm
TSX gains as higher commodity prices boost miners
Stocks

TSX gains as higher commodity prices boost miners

  • The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.3% as gold futures rose 0.5% to $1,748.7 an ounce to hit a three-week peak.
  • Toronto Stock Exchange's S&P/TSX composite index was up 8.37 points, or 0.04%, at 19,137.44.
Published 08 Apr, 2021 08:59pm
IMF sees uncertainty around Argentina's economic policies
USA

IMF sees uncertainty around Argentina's economic policies

  • "There's always at least two legs to any restructuring. One is how you change the terms of your debt contracts, the other one is how you change your policies to make the new debt sustainable. And I think that second leg is where we have a lot of uncertainty," said Alejandro Werner, the IMF's head for the Western Hemisphere, in an event hosted by S&P Global.
Published 08 Apr, 2021 08:56pm
US LNG exports set to fall to 6-week low on Corpus Christi maintenance
Energy

US LNG exports set to fall to 6-week low on Corpus Christi maintenance

  • LNG feedgas was on track to fall to 9.1 billion cubic feet per day (bcfd) on Thursday, according to Refinitiv data, its lowest since Feb. 26 when US exports were recovering after several Gulf Coast LNG plants shut due to a shortage of gas and power during the Texas freeze in mid February.
  • Buyers around the world continue to purchase record amounts of US gas because prices in Europe and Asia remain high enough to cover the cost of buying and transporting the fuel across the ocean.
Published 08 Apr, 2021 08:54pm
Sterling steadies vs dollar, euro after profit-taking knock
Forex

Sterling steadies vs dollar, euro after profit-taking knock

  • The pound fell 1.2% against the dollar and 1.7% against the euro between Tuesday and Wednesday as investors took cash off the table after a strong first quarter for the British currency.
  • Sterling's pullback was "exaggerated," ING analysts wrote, adding that they were "constructive" on the pound, citing Britain's relatively fast COVID-19 vaccine programme.
Published 08 Apr, 2021 08:52pm
Petrobras requests ministry clarify Bolsonaro pricing comments; shares slide
Companies

Petrobras requests ministry clarify Bolsonaro pricing comments; shares slide

  • In a securities filing, Petrobras said it asked the ministry about information that "should have been released to the market." The ministry has yet to respond, Petrobras said.
  • Bolsonaro's remarks on Wednesday helped wipe out gains in Petrobras' preferred and ordinary shares and they closed that session virtually flat. The preferred shares closed 0.08% down. The selling continued on Thursday.
Published 08 Apr, 2021 08:48pm
Merkel tells Putin to pull back troops as Kremlin accuses Ukraine of provocations
Europe

Merkel tells Putin to pull back troops as Kremlin accuses Ukraine of provocations

  • Ukraine has raised the alarm over an increase in Russian forces near its eastern border as violence has risen along the line of contact separating its troops from Russia-backed separatists in its Donbass region.
  • "The Chancellor demanded that this build-up be unwound in order to de-escalate the situation," Germany's government said in a readout of a telephone call between Merkel and Putin.
Published 08 Apr, 2021 08:27pm
KKR invests $500mn in cloud storage firm Box, gets board seat
Companies

KKR invests $500mn in cloud storage firm Box, gets board seat

  • Shares of the company fell more than 8% to $22.26, as "there was likely some level of M&A premium baked into the share price," D.A. Davidson & Co analyst Rishi Jaluria said.
  • Box also said current director Bethany Mayer, who joined the board after an agreement with Starboard last April, will replace Chief Executive Officer Aaron Levie as chair, effective May 1.
Published 08 Apr, 2021 08:25pm
US yields slide after jobless claims, but massive supply looms
Financial

US yields slide after jobless claims, but massive supply looms

  • "Falling incidence of the coronavirus will lower initial claims," said Stan Shipley, fixed income strategist, at Evecore ISI in New York. He added that overall the data showed the "labor market is continuing to heal and should be neutral for Treasury yields."
  • In midmorning trading, the US 10-year Treasury yield was down at 1.64% from 1.654% on Wednesday.
Published 08 Apr, 2021 08:22pm
Russian central bank considers digital rouble in 2023
Money & Banking

Russian central bank considers digital rouble in 2023

  • "It will be feasible to introduce limits on the transactions from non-cash form into the digital rouble," Zabotkin said, adding that the central bank will stand ready to compensate for possible liquidity shortages when introducing the digital rouble.
  • The central bank first floated the idea of the digital rouble in October, citing the need to make payments more convenient.
Published 08 Apr, 2021 08:19pm
Arabica coffee prices rise with supplies set to tighten
Commodities

Arabica coffee prices rise with supplies set to tighten

  • May arabica coffee rose by 1.25 cents, or 1%, to $1.28 per lb.
  • May raw sugar rose by 0.04 cents, or 0.3%, to 15.18 cents per lb.
  • May London cocoa fell by 33 pounds, or 1.95%, to 1,660 pounds a tonne, weighed partly by diminished concerns about short-term tightness in tenderable supplies.
Published 08 Apr, 2021 08:17pm
Mexico president will get AstraZeneca COVID-19 shot, says risks minimal
USA

Mexico president will get AstraZeneca COVID-19 shot, says risks minimal

  • Lopez Obrador, 67, said the benefits outweighed the risks of the low-cost shot, which is a core pillar of Mexico's vaccination strategy. Several countries have drawn attention to possible links between the vaccine and very rare cases of blood clots.
  • Mexico's health regulator said it was investigating the information, but had no current plans to limit the shot to any age group.
Published 08 Apr, 2021 08:16pm
Santander's asset management arm to launch trade finance fund
Money & Banking

Santander's asset management arm to launch trade finance fund

  • The fund - aimed at institutional and accredited investors - will primarily buy assets created by the banking group's trade finance business in transactions with its large corporate clients, the sources said.
  • The recent collapse of British supply chain finance company Greensill, however, has raised investor concerns on some of the risks involved and in some cases, the sector's lack of transparency.
Published 08 Apr, 2021 08:10pm
Electric trucks may soon challenge diesel if charging hurdle cleared: study
Companies

Electric trucks may soon challenge diesel if charging hurdle cleared: study

  • A green shift in the transport sector, which generates roughly a quarter of global carbon dioxide emissions, is seen as important to help align with globally agreed climate goals.
  • Battery-powered trucks have often been dismissed as too costly to replace diesel trucks in many capacities, with batteries too heavy for long-haul freight.
Published 08 Apr, 2021 08:07pm
CEO calls for policies to boost housing supply as prices surge
Money & Banking

CEO calls for policies to boost housing supply as prices surge

  • "Part of the short-term aberration you're seeing here is low interest rates, lots of liquidity, but not enough supply," Dodig said in an interview late on Wednesday.
  • Canada's financial regulator said it will relaunch on Thursday a consultation on the minimum qualifying rate for borrowers of uninsured mortgages. It had suspended the consultation, originally announced in February 2020, less than a month later.
Published 08 Apr, 2021 08:03pm
Five Chinese cities told to rein in speculation as property prices soar
South Asia

Five Chinese cities told to rein in speculation as property prices soar

  • New home prices in China rose at their fastest pace in five months in February, official data shows, as red-hot demand for property in the world's-second largest economy largely eclipsed government efforts to cool the market.
  • The five cities have seen prices rise fast due to spillover demand from tier-1 cities such as Shanghai and Shenzhen which imposed stringent regulations early in the year to rein in home prices.
Updated 08 Apr, 2021 08:06pm
Vaccinations helped push down England's COVID infection rates sharply in March: study
Europe

Vaccinations helped push down England's COVID infection rates sharply in March: study

  • The REACT study, run by scientists at Imperial College London, found that infections fell by approximately 60% from the last study in February, with an average of only one in 500 people infected.
  • Paul Elliott, director of the REACT programme, said the "gratifying fall in infections" was "really good news" and "shows we're headed in the right direction".
Published 08 Apr, 2021 07:27pm
Report shows Ligue 1, Borussia Dortmund best places for Under-21 players
Sports

Report shows Ligue 1, Borussia Dortmund best places for Under-21 players

  • A review of the top-five leagues by soccer statisticians Opta showed that Under-21 players have enjoyed a collective 62,046 minutes of game time in the French top flight in 2020/21.
  • There are seven French teams in the top 10 for minutes given to U21 players, while Saint-Etienne (14), Monaco and Nice (11) are the top three when it comes to the total number of U21 players used.
Published 08 Apr, 2021 07:23pm
French COVID-19 situation serious but encouraging signs after local lockdowns
Europe

French COVID-19 situation serious but encouraging signs after local lockdowns

  • "We have the first encouraging signs in the 16 departments where we had imposed restriction measures," Attal told a news conference following a meeting of French government ministers.
  • Nonetheless, Attal said the number of people in intensive care units with COVID-19 was likely to go up in the coming days.
Published 08 Apr, 2021 07:24pm
Forex held by Turkish locals falls to $221.2bn
Forex

Forex held by Turkish locals falls to $221.2bn

  • The holdings have eased from a record high of $236.11 billion in January. When adjusted for the parity effect, the data showed the hard currency holdings dropped by $2.02 billion in the week to April 2.
  • Data also showed on Thursday that foreign investors sold $140.4 million worth of Turkish government bonds in the week to April 2, as well as $364.4 million worth of stocks.
Published 08 Apr, 2021 07:21pm
COVAX vaccines reach more than 100 countries, despite supply hits
Europe

COVAX vaccines reach more than 100 countries, despite supply hits

  • Despite being hit by reduced supply availability in March and April, and higher demand in India where much of its main jab AstraZeneca is made, it expects to deliver doses to all economies that have requested them in the first half of 2021, the GAVI vaccine alliance and World Health Organization said.
Published 08 Apr, 2021 07:19pm
Auger-Aliassime to work with Toni Nadal
Sports

Auger-Aliassime to work with Toni Nadal

  • "I will be working with Toni starting from this tournament," Auger-Aliassime, who is coached by Frederic Fontang, said.
  • "We also had the chance to work with him and Fred and the rest of my team in Mallorca in December but officially starting our relationship now.
Published 08 Apr, 2021 07:15pm
Sweden registers 7,822 new COVID-19 cases, 17 deaths on Thursday
Europe

Sweden registers 7,822 new COVID-19 cases, 17 deaths on Thursday

  • The country of 10 million inhabitants registered 17 new deaths, taking the total to 13,595. 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 08 Apr, 2021 07:11pm
UK appoints former Bank of Canada deputy Wilkins to BoE role
Money & Banking

UK appoints former Bank of Canada deputy Wilkins to BoE role

  • "Carolyn has a respected track record built over 20 years at the Bank of Canada and her extensive experience in international financial regulation will be a real asset to the FPC," British finance minister Rishi Sunak said.
  • The FPC sets capital ratios for British banks and insurers and regulates aspects of mortgage lending, as well as broader financial risks. Its remit does not extend to monetary policy or financial misconduct.
Published 08 Apr, 2021 06:59pm
Morgan Stanley hires UBS banker Greco to head Italy financial services M&A
Money & Banking

Morgan Stanley hires UBS banker Greco to head Italy financial services M&A

  • Greco, who spent almost nine years at UBS covering major financial services (FIG) transactions in Italy and payments deals across Europe, will start at Morgan Stanley at the end of June and will be based in London, two of the sources said.
  • Orcel later brought Greco over to UBS where he joined the FIG team while Orcel was running UBS's investment banking unit between 2012 and 2018.
Published 08 Apr, 2021 06:57pm
Mexico annual inflation hits 4.67pc in March, above central bank target
USA

Mexico annual inflation hits 4.67pc in March, above central bank target

  • "The jump in Mexico's headline inflation ... was driven once again by higher fuel inflation. We think this trend has a bit further to run, but the central bank is likely to look through this and keep its policy rate at 4.00% over the coming months," said Nikhil Sanghani, Latin America economist at Capital Economics.
  • Consumer prices rose 0.83% in March, according to non-seasonally adjusted figures.
Published 08 Apr, 2021 06:54pm
Amazon union election tally expected to start, turnout 55pc
Companies

Amazon union election tally expected to start, turnout 55pc

  • The elections had voter turnout of about 55% the Retail, Wholesale and Department Store Union (RWDSU) said in a statement on Wednesday.
  • More than 3,200 mail ballots were received by the US National Labor Relations Board (NLRB), in an election open to over 5,800 workers at Amazon's warehouse in Bessemer, Alabama, the union said.
Published 08 Apr, 2021 06:52pm
GameStop plans to elect activist investor Cohen as chairman
Companies

GameStop plans to elect activist investor Cohen as chairman

  • The company also said on Thursday it was nominating six people, including Cohen, to stand for election to its board at the annual meeting of stockholders on June 9.
  • The announcement comes after GameStop on Monday increased the value of the new stock it may sell to $1 billion from $100 million, as it seeks to capitalize on a surge in its shares from the Reddit-driven rally.
Published 08 Apr, 2021 06:50pm
Kremlin says it has to be ready for worst-case US sanctions scenario
Europe

Kremlin says it has to be ready for worst-case US sanctions scenario

  • "The hostility and unpredictability of America's actions force us in general to be prepared for the worst scenarios," Kremlin spokesman Dmitry Peskov told reporters.
  • Moscow's ties with Washington nosedived last month when Russia recalled its ambassador after US President Joe Biden said he thought President Vladimir Putin was a killer.
Published 08 Apr, 2021 06:48pm
Britain grants asylum to Hong Kong activist after China's crackdown on dissent
Europe

Britain grants asylum to Hong Kong activist after China's crackdown on dissent

  • "After several interviews in four months, the Home Office has informed me that my asylum application is approved," Law, who arrived in Britain last July, said on Twitter late on Wednesday.
  • "The fact that I am wanted under the national security law shows that I am exposed to severe political persecution and am unlikely to return to Hong Kong without risk."
Published 08 Apr, 2021 06:46pm
Brazilian steelmaker Usiminas to raise prices by April 12
Companies

Brazilian steelmaker Usiminas to raise prices by April 12

  • Analyst Daniel Sasson said in the note to clients that prices of hot rolled steel will rise by 10% and those for other products will rise by 5%. Sasson said the information was confirmed by two steel distributors and that this would be Usiminas' third price hike this year.
Published 08 Apr, 2021 06:40pm
ECB sees scope for cutting bonds buys after second-quarter surge
Money & Banking

ECB sees scope for cutting bonds buys after second-quarter surge

  • Worried that rising yields would derail an eventual recovery, policymakers in March decided to "significantly" increase bond purchases and undo some of the rise in borrowing costs, which was deemed a reflection of a global repricing rather than improved economic prospects.
  • "It was underlined that the flexibility embodied in the PEPP was symmetric, implying that the purchase pace could be increased and decreased according to market conditions," the ECB said.
Published 08 Apr, 2021 06:38pm
Stellantis may delay Alfa Romeo Tonale SUV production to 2022
Companies

Stellantis may delay Alfa Romeo Tonale SUV production to 2022

  • Ferdinando Uliano said FIM CISL was asking the company to meet its target to start (Tonale's) production by the end of this year.
  • "We want to be on the market with the most updated electrified offer, leveraging on the Stellantis technology and know-how. Our teams in Pomigliano are strongly working to update the production line," it said.
Published 08 Apr, 2021 06:28pm
Tirana airport partially reopens despite air traffic control strike
Europe

Tirana airport partially reopens despite air traffic control strike

  • About 70 air traffic controllers went on strike on Wednesday after their monthly wages were halved to around $2,490 due to a 57% reduction in air traffic caused by the COVID-19 pandemic.
  • In response to the strike, the government took over the control tower. A Reuters reporter saw armoured vehicles and police there.
Published 08 Apr, 2021 06:24pm
US weekly jobless claims unexpectedly rise
USA

US weekly jobless claims unexpectedly rise

  • Initial claims for state unemployment benefits totaled a seasonally adjusted 744,000 for the week ended April 3 compared to 728,000 in the prior week, the Labor Department said on Thursday.
  • The labor market has regained its footing after stumbling in December, thanks to the White House's massive $1.9 trillion pandemic rescue package and an acceleration in the pace of vaccinations against COVID-19, which are allowing more services businesses to resume operations.
Published 08 Apr, 2021 06:21pm
Linesman supported ‘noble cause’ with Haaland autograph move
Sports

Linesman supported ‘noble cause’ with Haaland autograph move

  • "The red and yellow-signed cards which my kindergarten classmate Octavian donated to our SOS Autism Bihor centre will be used for a noble cause," Simona Zlibut, who oversees a therapy centre set up by parents, told Reuters.
  • "My little girl doesn't know when to go to the bathroom, she cannot eat alone ... costs are enormous" said Zlibut.
Published 08 Apr, 2021 06:18pm
India's equity mutual funds show first inflows after 8 months
Stocks

India's equity mutual funds show first inflows after 8 months

  • Indian stock markets touched record highs earlier this year in a rebound from a market crash that followed the spread of the coronavirus last year.
  • It seems like equity investors waiting on the sidelines for a market correction have started making allocations taking a long-term investing view on equities.
Published 08 Apr, 2021 06:14pm
Saudi $7 trillion investment goal puts spotlight on oil prices
Middle East

Saudi $7 trillion investment goal puts spotlight on oil prices

  • Saudi pursuing 27 trillion riyal spending push.
  • Under plan, some firms required to cut payouts to government.
  • More taxes, royalties will help to plug gap – analysts.
  • So Saudi will likely need higher oil prices.
  • OPEC leader may need to curb supply to prop up prices.
Published 08 Apr, 2021 06:09pm
Valero warns of bigger first-quarter loss on costs from Texas deep freeze
Companies

Valero warns of bigger first-quarter loss on costs from Texas deep freeze

  • Valero said it expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter.
  • Rival Phillip 66 also forecast a bigger-than-expected adjusted loss for the first quarter, citing the severe winter that battered its US Gulf Coast petrochemical operations.
Published 08 Apr, 2021 05:58pm
RCEP to improve Pakistan's Trade & Investment Potential Manifold: PRIME
Industry

RCEP to improve Pakistan's Trade & Investment Potential Manifold: PRIME

  • PRIME’s latest report timely informs of a window of opportunity - the Regional Comprehensive Economic Partnership (RCEP) - offering immense trade and investment potential.
  • Joining RCEP can trigger Pakistan’s untapped potential in various domains such as ICT services, mobile manufacturing, health and pharmaceutical sector, agricultural commodities, geographical diversification of export, investment diversification, and trade and investment policy.
Updated 08 Apr, 2021 06:03pm
Copper climbs on supply concerns, lower dollar
Commodities

Copper climbs on supply concerns, lower dollar

  • "Copper prices have settled around $9,000, not $8,000, which tells you the market is fairly tight," said Guy Wolf, global head of analytics at Marex.
  • "The outlook is very uncertain, the key thing is will vaccines stop the spread of the coronavirus. Once people believe the vaccine stops you infecting other people, things will start moving."
Published 08 Apr, 2021 05:51pm
FX firms as global mood brightens
Forex

FX firms as global mood brightens

  • The Polish zloty was 0.54% firmer against the euro at 4.5516, the Czech crown had strengthened 0.09% to 25.8210, while the Hungarian forint was 0.13% stronger at 358.70.
  • "Over the next few days, the yields of 2-year bonds should remain around 0.05%, while the yields of 10-year bonds should remain close to 1.60%," PKO BP analysts said in a note.
Published 08 Apr, 2021 05:43pm
Dovish Fed lifts Wall Street stock futures to record high
Stocks

Dovish Fed lifts Wall Street stock futures to record high

  • S&P stock futures hit record highs.
  • European shares at record levels.
  • Crude oil slips after rise in US gasoline stocks.
  • Fed's Powell to speak at IMF event at 1600 GMT.
  • Weekly US jobless claims data due at 1230 GMT.
  • ECB reassures on accommodative monetary policy.
Published 08 Apr, 2021 05:41pm
Indian shares rise for third day; metals stocks jump
Stocks

Indian shares rise for third day; metals stocks jump

  • The Reserve Bank of India (RBI) on Wednesday kept interest rates at record lows and committed to a massive government bond purchase programme, helping keep share markets buoyant.
  • The NSE Nifty 50 index ended up 0.37% at 14,873, and the S&P BSE Sensex rose 0.2% to 49,746.21.
Published 08 Apr, 2021 05:36pm
Sri Lankan shares rise over 1pc after cenbank holds key rates
Stocks

Sri Lankan shares rise over 1pc after cenbank holds key rates

  • The CSE All-Share Index rose for the fifth straight session as it closed 1.4% higher at 7,412.46.
  • Conglomerates Browns Investments Plc and Lanka ORIX Leasing Company Plc were the top boosts to the index, gaining 7.1% and 6.7%, respectively.
Published 08 Apr, 2021 05:36pm
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