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Archive - 2021-04-12
Ramadan moon sighted in Saudi Arabia
Middle East

Ramadan moon sighted in Saudi Arabia

  • The Ramadan crescent moon has been sighted in Saudi Arabia, the Kingdom's Supreme Court announced on Monday. The first Ramadan in the kingdom will fall on Tuesday, April 13.
  • This will be the second year in a row when the holy month of Ramadan will be observed under strict coronavirus pandemic precautions.
Published 12 Apr, 2021 11:10pm
TSX opens lower on dip in gold prices
Stocks

TSX opens lower on dip in gold prices

  • Toronto Stock Exchange's S&P/TSX composite index was down 34.4 points, or 0.18%, at 19,193.63.
  • Canada's Bank of Montreal said on Monday it had entered into an agreement with Ameriprise Financial Inc to sell its EMEA asset management business for about C$1.1 billion ($870 million) in an all-cash transaction.
Published 12 Apr, 2021 09:44pm
Stocks slip from record highs before US bank earnings
Stocks

Stocks slip from record highs before US bank earnings

  • MSCI's benchmark for global equity markets fell 0.25% from Friday's record high.
  • JPMorgan Chase & Co, the largest US bank by assets, reports earnings on Wednesday, as do Goldman Sachs Group Inc and Wells Fargo & Co. The S&P financials sector hit a record high on Monday before retreating in anticipation of bank results, which lead the US earnings season.
Published 12 Apr, 2021 09:24pm
Eli Lilly to focus on selling COVID-19 antibody drug combination
Companies

Eli Lilly to focus on selling COVID-19 antibody drug combination

  • Lilly and the US government have agreed to modify their existing agreement to enable the supply of etesevimab to complement doses of bamlanivimab the US government had already purchased, the drugmaker said.
  • The earlier supply agreement for bamlanivimab has been terminated and cancels the remaining 350,856 doses of bamlanivimab that were scheduled to be delivered by the end of March 2021.
Published 12 Apr, 2021 09:15pm
Zartaj Gul calls on CEO PIA
Pakistan

Zartaj Gul calls on CEO PIA

  • Zartaj Gul said that with Public Private Partnership and Business Community’s participation, the infrastructure and facilities at the airport could be improved.
Published 12 Apr, 2021 09:14pm
Cavani proves he is Man Utd's best bet as lead striker
Sports

Cavani proves he is Man Utd's best bet as lead striker

  • Cavani, a free agent after leaving Paris St Germain as their record goalscorer, found no suitors until United stepped in after failing to land Erling Haaland and Jadon Sancho last year.
  • "Injustice never wins," Cavani said as the victory sealed United's ninth comeback win in the league this season, sparked by his excellent performance that helped ensure United remain unbeaten away from home and seven points above third spot.
Published 12 Apr, 2021 09:10pm
BoE's Tenreyro says removing policy support too early could be costly
Money & Banking

BoE's Tenreyro says removing policy support too early could be costly

  • "One lesson that we learned from the financial crisis is that withdrawing policy support too early can be very costly," Tenreyro said in an online discussion hosted by Swedish think tank SNS.
  • "Withdrawing it too early ... can lead to scarring effects on the labour market that would be very costly and slow down growth going forward," she added.
Published 12 Apr, 2021 09:03pm
BMO to sell EMEA asset management unit for $870mn to focus on North America
Money & Banking

BMO to sell EMEA asset management unit for $870mn to focus on North America

  • Canada's fourth-largest lender will take a C$745 million write-down of goodwill after tax in the second quarter of fiscal 2021 as a result of the transaction, which is expected to close in the fourth quarter of calendar 2021, BMO said.
  • Concentrating on the North American market, and Canada in particular, is the right strategic decision.
Published 12 Apr, 2021 08:59pm
Croatia central bank lifts growth forecast for 2021 to 5.9pc
Money & Banking

Croatia central bank lifts growth forecast for 2021 to 5.9pc

  • "We expect a stronger recovery of domestic demand this year," the central bank said in a statement.
  • It said some risks remained related to the results of the summer tourism season, which is seen bringing higher income than was the case last year. The worst case scenario envisages growth of just 2.8%, the bank said.
Published 12 Apr, 2021 08:56pm
Mexico coffee leader touts state control of prices to help farmers
Commodities

Mexico coffee leader touts state control of prices to help farmers

  • Price controls for coffee were mostly abandoned years ago due to the difficulty of reaching global agreements on supply, exposing farmers to sharp price crashes. In 2019, the world's third-largest producer, Colombia, introduced subsidies for coffee growers and, along with Brazil, called for supply caps.
  • Lopez Obrador has authorized price floors for other agricultural commodities, including Mexico's staple corn, but has to yet to carry through on most of his coffee campaign promises.
Published 12 Apr, 2021 08:54pm
Dollar dips before inflation data, Treasury supply
Forex

Dollar dips before inflation data, Treasury supply

  • The dollar's performance has been tied to US Treasury yields for most of 2021, after concern about rising inflation in the United States and a stimulus-fuelled economic rebound triggered a jump in Treasury yields.
  • The dollar index was last down 0.11% against a basket of currencies at 92.108. It is holding above a three-week low of 91.995 reached on Thursday.
Published 12 Apr, 2021 08:50pm
Foreigners' share in Russia's OFZ bonds shrinks in March to lowest since 2015
Financial

Foreigners' share in Russia's OFZ bonds shrinks in March to lowest since 2015

  • Foreign investors' share of Russian debt has been on decline for months and its slide accelerated recently amid intensified fears of fresh US sanctions against Moscow.
  • "The largest exodus (of foreign investors) from the Russian market was observed on particular days with increased volatility due to geopolitical risks," the central bank said in a report on financial markets.
Published 12 Apr, 2021 08:49pm
India market regulator fines Yes Bank for fraudulent sale of riskier bonds
Money & Banking

India market regulator fines Yes Bank for fraudulent sale of riskier bonds

  • Yes Bank "deliberately misrepresented" its so-called AT1 bonds as being more attractive than fixed deposits by suppressing risks and distorting facts, manipulating customers into investing in these risky assets, the Securities and Exchange Board of India (SEBI) said in an order.
  • AT1 bonds have quasi-equity characteristics and typically carry higher interest rates than more senior debt as investors risk losing their investment if the funds are needed to bolster a bank's capital.
Published 12 Apr, 2021 08:47pm
Samsung SDI to supply battery cells to EV startup Rivian
Companies

Samsung SDI to supply battery cells to EV startup Rivian

  • Rivian, which aims to put an electric pickup and SUV in production this year, said it had been working with Samsung throughout the process of developing the battery cells.
  • "We're excited about the performance and reliability of Samsung SDI battery cells combined with our energy-dense module and pack design," said RJ Scaringe, chief executive officer of Rivian.
Published 12 Apr, 2021 08:45pm
Bank of Canada survey: Q1 business sentiment improved, many firms see pandemic harm behind them
Money & Banking

Bank of Canada survey: Q1 business sentiment improved, many firms see pandemic harm behind them

  • The survey, conducted before new restrictions came into effect earlier this month to tackle a third wave, found sales were at or above pre-pandemic levels for 64% of businesses.
  • Still, nearly 20% of firms - many in high-contact services like tourism and non-essential retail - do not expect their sales to return to pre-pandemic levels in the next 12 months.
Published 12 Apr, 2021 08:41pm
Sterling recovers as shops in England reopen
Forex

Sterling recovers as shops in England reopen

  • The pound was at 86.68 pence per euro, up 0.2% on the day but still weaker than when it hit a one-year high of 84.720 this time last week.
  • Against the dollar, the pound was up around 0.3% at $1.3746 .
Published 12 Apr, 2021 08:40pm
Biden makes nominations for top cyber posts
USA

Biden makes nominations for top cyber posts

  • "We are determined to protect America's networks and to meet the growing challenge posed by our adversaries in cyberspace - and this is the team to do it," White House national security adviser Jake Sullivan said in a statement.
  • Easterly and Inglis are experienced cybersecurity experts with decades of service in government. Both previously worked at the National Security Agency in senior positions.
Published 12 Apr, 2021 08:38pm
Romania rejects all bids at March 2036 bond tender
Financial

Romania rejects all bids at March 2036 bond tender

  • The finance ministry, which had planned to sell 200 million lei of the bonds received bids worth 412.6 million lei ($99.95 million) in total.
  • So far this year, Romania has sold roughly 18.8 billion lei and roughly 1.48 billion euros worth of domestic bonds, and has tapped foreign markets for 3.5 billion euros worth of 12- and 20-year eurobonds.
Published 12 Apr, 2021 08:36pm
Denmark to order 100 electric trains from Alstom in $3.2bn deal
Companies

Denmark to order 100 electric trains from Alstom in $3.2bn deal

  • "With the order of new electric trains we can look forward to retiring the aging diesel trains in a few years," the chairman of DSB, Peter Schütze, said in a statement.
  • The new trains, which will each comprise five carriages, are scheduled to enter service in late-2024 with the last deliveries due in 2030, DSB said, adding the deal included service and maintenance.
Published 12 Apr, 2021 08:28pm
EIB to manage 5 billion euros of Greece's EU recovery funds
Money & Banking

EIB to manage 5 billion euros of Greece's EU recovery funds

  • "It's in fact the first EIB cooperation to implement investments by the recovery and resilience facility anywhere in Europe," Christian Kettel Thomsen Vice-President of the EIB said during a webcast signing ceremony with the leadership of the Greek Finance Ministry.
  • The Greek state will set eligibility criteria for future investments and the EIB will proceed with the financing of the projects, Deputy Finance Minister Theodore Skylakakis said
Published 12 Apr, 2021 08:23pm
Protests erupt in multiple cities after TLP Chief Saad Rizvi's arrest in Lahore
Pakistan

Protests erupt in multiple cities after TLP Chief Saad Rizvi's arrest in Lahore

  • The Lahore Police has arrested Saad Hussain Rizvi, the chief of Tehreek-e-Labbaik Pakistan (TLP), from a mosque near his residence, a party spokesperson confirmed on Monday.
  • Pir Ejaz Ashrafi, the TLP spokesperson told media that Rizvi was apprehended after Zuhar prayers from Jamia Masjid Rehmat ul Aalameen situated on Multan Road, Lahore.
Updated 12 Apr, 2021 08:25pm
IMF's Okamoto says aiming to distribute SDR reserves this summer
USA

IMF's Okamoto says aiming to distribute SDR reserves this summer

  • Okamoto told reporters following IMF and World Bank Spring Meetings that the allocation, backed last week by G20 countries, will especially aid middle-income countries that need to refinance debt amid potentially tighter financial conditions.
Published 12 Apr, 2021 08:17pm
Barcelona pip Real Madrid to become world's most valuable club
Sports

Barcelona pip Real Madrid to become world's most valuable club

  • Real Madrid, who have topped the list five times in the past, edged Barcelona 2-1 in 'El Clasico' on Saturday but find themselves second best off the pitch with a valuation of $4.75 billion.
  • "The pain is far from over, with a worsening decline in matchday revenue during the current season, as most of the teams in Europe's top leagues still permit few fans to attend games," wrote Forbes' assistant managing editor Mike Ozanian.
Published 12 Apr, 2021 08:13pm
GM marketing spend will return to normal levels post pandemic
Companies

GM marketing spend will return to normal levels post pandemic

  • What we went through in the pandemic was certainly severe and we should be moving back up to our normalized levels.
  • GM's Wahl also said the No. 1 US automaker will offer a third-party app that delivers in-vehicle navigation capability to about 900,000 vehicles that lack the feature.
Updated 12 Apr, 2021 08:16pm
Turkey calls on Canada to review defence industry restrictions
Europe

Turkey calls on Canada to review defence industry restrictions

  • Turkey's foreign ministry at the time described it as a double standard and President Tayyip Erdogan said it was not in line with the spirit of their alliance..
  • "He conveyed concerns about Canada's stance on defence industry restrictions imposed on Turkey and requested their review," the foreign ministry said.
Updated 12 Apr, 2021 08:13pm
J&J begins COVID-19 vaccine supplies to EU, 50mn doses expected in Q2
Europe

J&J begins COVID-19 vaccine supplies to EU, 50mn doses expected in Q2

  • The company had initially planned to start its deliveries at the beginning of April, but delayed the rollout due to production issues.
  • "Johnson & Johnson begins vaccine shipments to the EU today. Very good news," said Peter Liese, an EU lawmaker from the same party as German Chancellor Angela Merkel.
Published 12 Apr, 2021 07:31pm
Holt to head KPMG's UK arm ahead of Carillion probe outcome
Industry

Holt to head KPMG's UK arm ahead of Carillion probe outcome

  • "Now is the time to challenge ways of working and use what we've learnt during the pandemic to really drive positive action," Holt said in a statement.
  • It indicates the regulator has found breaches of auditing standards and is giving KPMG time to respond before it makes a final decision on whether to pursue enforcement action and financial penalties.
Published 12 Apr, 2021 07:26pm
EFL play-off finals set for May 29-31 at Wembley
Sports

EFL play-off finals set for May 29-31 at Wembley

  • The Championship playoff final will be held on May 29, followed by the playoff final for League One and League Two on May 30 and May 31 respectively.
  • The playoffs will begin on May 17 after the conclusion of the regular season in the Championship, League One and League Two, with the first legs in all three divisions due to be completed by May 20. The second legs will take place between May 21-23.
Published 12 Apr, 2021 07:25pm
Creval investor DGFD asks Credit Agricole to up bid price
Money & Banking

Creval investor DGFD asks Credit Agricole to up bid price

  • The Italian arm of Credit Agricole in November said it would spend 737 million euros ($868 million), or 10.5 euros per share, on Creval to expand its presence in Italy's consolidating banking sector, its biggest market outside France.
  • DGFD, which owns around 6% of the Italian bank, joins a number of other Creval shareholders who already rejected the offer as too low.
Published 12 Apr, 2021 07:23pm
Italian high-tech company SECO to list 40-45pc of share capital
Stocks

Italian high-tech company SECO to list 40-45pc of share capital

  • Tuscany-based SECO plans to sell up to 37.8 million shares, of which up 27 million will be newly issued. The size of the offer could be increased by up to 15% through an overallotment option.
  • The company aims at a market capitalization of 400-500 million euros ($476-595 million) after the capital increase, a source close to the matter said.
Published 12 Apr, 2021 07:20pm
Italian banks boost corporate lending and domestic bond holdings
Money & Banking

Italian banks boost corporate lending and domestic bond holdings

  • Loans to non-financial companies rose by 7.6% year-on-year, accelerating from a 7.3% rise in January, the monthly Bank of Italy report on domestic banks' balance sheets showed.
  • The growth in corporate lending is reversing a trend of sharp contraction over the last decade, driven by guarantees that Rome is providing to support the economy in the face of the COVID-19 epidemic.
Published 12 Apr, 2021 07:17pm
Citroen hopes new C5 X large sedan will help inspire sales revival
Companies

Citroen hopes new C5 X large sedan will help inspire sales revival

  • Citroen, part of the Stellantis group created earlier this year from the merger of PSA Group and Fiat Chrysler, said on Monday it will manufacture the C5 X in the city of Chengdu in China.
  • The C5 X - the first new vehicle to be launched since Stellantis was formed in January - will go on sale in the second half of the year in China and European markets. It will be available in both petrol and plug-in hybrid versions.
Published 12 Apr, 2021 07:15pm
United Airlines sees first-quarter revenue falling 66pc
Companies

United Airlines sees first-quarter revenue falling 66pc

  • The company said it now expects first-quarter revenue to fall 66% to $3.2 billion from the same period in 2019. It had previously forecast a drop of between 65% and 70%.
  • The airline said its average daily cash burn for the quarter is expected to be about $9 million per day, an improvement of about $10 million compared to the fourth quarter of 2020.
Published 12 Apr, 2021 07:08pm
After sanctions, Huawei turning to businesses less reliant on high-end US tech
Industry

After sanctions, Huawei turning to businesses less reliant on high-end US tech

  • We cannot develop our strategy based on either a groundless assumption or on unrealistic hopes, because if we do that, and if we cannot be taken off from the entity list, it's going to be extremely difficult for the company.
  • The company's autonomous driving technology allows cars to travel over 1,000 kilometers, overtaking Tesla in that area, Xu said.
Published 12 Apr, 2021 07:06pm
Czech schools, shops reopen after long COVID-19 shutdown
Europe

Czech schools, shops reopen after long COVID-19 shutdown

  • A six-month state of emergency expired at midnight, lifting restrictions on movement including a night-time curfew and a ban on non-essential travel among districts.
  • Children in pre-schools and grades 1-5 returned to school, mostly on a weekly rotating basis. Pupils must take a nasal swab test twice a week.
Published 12 Apr, 2021 07:03pm
Ingersoll Rand to sell Club Car business for $1.68bn
Companies

Ingersoll Rand to sell Club Car business for $1.68bn

  • The deal for Club Car, which Ingersoll Rand acquired in 1995, is the latest in a series of divestitures that chief executive officer Vicente Reynal has embarked on to streamline the company's portfolio following the merger of its industrial business with Gardner Denver Holdings Inc.
  • "Demand for electric vehicles across many product platforms and geographies is at an all-time high," said Club Car President Mark Wagner, who will continue to lead the company under Platinum Equity's ownership.
Published 12 Apr, 2021 06:51pm
Africa must expand medical manufacturing capacity
Africa

Africa must expand medical manufacturing capacity

  • Ramaphosa, the African Union's COVID-19 champion and leader of the African country hardest hit by the virus, said there were lessons to learn from the pandemic.
  • "We also need to forge sustainable partnerships with entities in both the developed world as well as the developing world," he said.
Published 12 Apr, 2021 06:49pm
Pochettino hoping PSG's home form will improve against Bayern
Sports

Pochettino hoping PSG's home form will improve against Bayern

  • The French champions advanced from the last 16 with a 4-1 away win in the first leg against Barcelona before suffering in the return leg at home in a 1-1 draw.
  • "It is something we will have to look into at the end of the season but let's hope things start turning around tomorrow."
Published 12 Apr, 2021 06:47pm
Ant Group to overhaul business as Beijing clamps down
Industry

Ant Group to overhaul business as Beijing clamps down

  • Apply to set up a financial holding company to ensure its financial-related businesses are fully regulated.
  • 'Jiebei' and 'Huabei', the company's two credit subsidiaries, will be run by its consumer finance company which will be operated in compliance with relevant laws and regulation.
Published 12 Apr, 2021 06:42pm
Brazil's 2021 interest rate outlook rises to 5.25pc, survey shows
Money & Banking

Brazil's 2021 interest rate outlook rises to 5.25pc, survey shows

  • The median forecast for the benchmark Selic rate from over 100 economists in the central bank's weekly 'FOCUS' survey increased from 5.00% the week before, and 4.50% four weeks ago.
  • The 'FOCUS' survey on Monday also showed economists' average year-end inflation forecast inching up to 4.9% from 4.8%, even further above the central bank's goal of 3.75%.
Published 12 Apr, 2021 06:39pm
Persepolis target third final as Champions League returns
Sports

Persepolis target third final as Champions League returns

  • Yahya Golmohammadi's side return to the continental fray after slipping to defeat by South Korea's Ulsan Hyundai in the 2020 final two seasons after losing to Japan's Kashima Antlers.
  • The Tehran club face a tricky Group E opener against Henk Ten Cate's Al Wahda of the United Arab Emirates in Margoa.
Published 12 Apr, 2021 06:37pm
Software maker UiPath aims for nearly $26bn valuation in US IPO
Stocks

Software maker UiPath aims for nearly $26bn valuation in US IPO

  • The New York-based company plans to sell 21.3 million shares priced at between $43 and $50 per share, raising about $1.06 billion. UiPath was valued at $35 billion during a funding round earlier this year.
  • It will list its shares on the New York Stock Exchange under the symbol "PATH". Morgan Stanley and J.P.Morgan are the offering's lead underwriters.
Published 12 Apr, 2021 06:35pm
Spain to vaccinate 70-79 year olds with J&J's COVID-19 shot
Europe

Spain to vaccinate 70-79 year olds with J&J's COVID-19 shot

  • Spain will take a first delivery of 300,000 doses of the single-shot vaccine on Wednesday morning, Carolina Darias told reporters at Gran Canaria airport after a visit to the Spanish Canary Islands.
  • Johnson & Johnson began delivering its vaccine to EU countries on Monday after some delays due to production issues, European Union officials and the company said.
Published 12 Apr, 2021 06:33pm
China March new bank loans rise but broad credit growth eases
South Asia

China March new bank loans rise but broad credit growth eases

  • March new loans 2.73 trln yuan vs forecast 2.45 trln yuan.
  • Q1 new loans at record high - Reuters calculations.
  • March M2 money supply +9.4% y/y, vs forecast of +9.6%.
  • Outstanding TSF +12.3% Y/Y, vs 13.3% in Feb.
  • March TSF 3.34 trln yuan, vs forecast 3.70 trln yuan.
Published 12 Apr, 2021 06:31pm
Britain opens official probe into former PM Cameron's lobbying
Europe

Britain opens official probe into former PM Cameron's lobbying

  • The probe is likely to be independent and carried out on behalf of the Cabinet Office, the BBC said. Reuters has not been able to independently verify the reports.
  • In his first comments on the row on Sunday, Cameron said that in his representations to government he was breaking no codes of conduct and no government rules.
Published 12 Apr, 2021 06:26pm
Vingroup eyes $60 bln valuation for car unit in potential US IPO
Stocks

Vingroup eyes $60 bln valuation for car unit in potential US IPO

*Vingroup, which was founded in 1993 in Ukraine, is working with Credit Suisse Hong Kong for the potential offering on the New York Stock Exchange, the sources said. * VinFast became Vietnam's first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019.
Published 12 Apr, 2021 06:20pm
Abu Dhabi Mubadala investment record high in 2020
Financial

Abu Dhabi Mubadala investment record high in 2020

  • "We've invested more in 2020 than we have ever done in one year prior to that," Khaldoon Khalifa al-Mubarak told a virtual event organised by Bahrain's Investcorp.
  • He said the company took a 6-8 week pause in March 2020 as the pandemic hit and took the time to understand the ramifications of the pandemic at a macro level and on Mubadala's portfolio.
Published 12 Apr, 2021 06:18pm
UK, EU talks on N.Ireland are constructive, differences remain
Europe

UK, EU talks on N.Ireland are constructive, differences remain

  • "The discussions have been constructive but there are still significant differences that need to be resolved," the spokesman told reporters, adding that British negotiator David Frost had spoken to European Commission vice president Maros Sefcovic on Friday.
Published 12 Apr, 2021 06:13pm
London cocoa hits 5-month low on supply surplus, raw sugar gains
Commodities

London cocoa hits 5-month low on supply surplus, raw sugar gains

  • May London cocoa fell 0.5% to 1,590 pounds per tonne at 1305 GMT, having hit its lowest since mid-November at $1,586.
  • Ivory Coast's cocoa grind, a measure of demand, stood at 293,000 tonnes by end March versus 282,000 tonnes last season, data from the exporters' association GEPEX showed.
Published 12 Apr, 2021 06:10pm
UK's Johnson commissions independent review into lobbying
Europe

UK's Johnson commissions independent review into lobbying

  • "The Cabinet Office is commissioning an independent review on behalf of the prime minister to establish the development and use of supply chain finance and associated activities in government and the role Greensill played in those," he told reporters.
  • This independent review will also look at how contracts were secured and business representatives engaged with government. It will be led by legal expert Nigel Boardman.
Published 12 Apr, 2021 06:09pm
More rain needed to strengthen Ivory Coast cocoa mid-crop, say farmers
Commodities

More rain needed to strengthen Ivory Coast cocoa mid-crop, say farmers

  • Farmers said more downpours this month would be crucial to avoid a decline in the harvest from July and to improve the quality of the beans, especially since temperatures have been high.
  • "The trees need more rain because it's very hot," said Kouassi Kouame, who farms in the western region of Soubre, at the heart of the cocoa belt.
Published 12 Apr, 2021 06:06pm
Oil rises but remains rangebound as COVID-19 cases soar
Energy

Oil rises but remains rangebound as COVID-19 cases soar

  • However, the crude prices have remained rangebound in the past three weeks, with Brent between $60 and $65 a barrel and WTI at $57 to $62.
  • "Oil prices are entering a consolidation phase after swinging wildly last month," said oil broker PVM's Stephen Brennock.
Published 12 Apr, 2021 05:59pm
At Brazil's Petrobras, a 'Spartan' military man takes the reins
Companies

At Brazil's Petrobras, a 'Spartan' military man takes the reins

  • President Jair Bolsonaro announced the 71-year-old Luna would take the helm of Petroleo Brasileiro SA, as the firm is formally known, in a Facebook post in February.
  • Petrobras shares fell sharply when Luna's predecessor, Roberto Castello Branco, was forced out after the group hiked domestic fuel prices several times in February, angering Bolsonaro.
Published 12 Apr, 2021 05:57pm
China March copper, lead and zinc output up y/y
Companies

China March copper, lead and zinc output up y/y

  • The 22 smelters in its copper production survey churned out 792,800 tonnes of cathodes last month, up from a low base in coronavirus-affected March 2020 and a 28-day February in 2021.
  • A slight increase in maintenance this month will see April cathode output fall to around 780,000 tonnes, Antaike said.
Published 12 Apr, 2021 05:52pm
Russian wheat export prices rise with global benchmarks
Commodities

Russian wheat export prices rise with global benchmarks

  • Russian wheat with 12.5% protein loading from Black Sea ports for supply in April was at $247 a tonne free on board (FOB) at the end of last week, up $2 from the previous week, IKAR said.
  • Sovecon, another consultancy, said barley prices fell by $2 to $233 a tonne.
Published 12 Apr, 2021 05:47pm
Russian rouble pares losses as geopolitical risks linger
Forex

Russian rouble pares losses as geopolitical risks linger

  • Rouble was 0.4% stronger against the dollar at 77.09, moving away from its weakest level since Nov. 5 of 78.0450, which it touched last week.
  • The rouble decoupled recently from moves in other emerging markets as well as the price of crude oil, Russia's key export, as it was hammered by fears about the situation in Ukraine.
Published 12 Apr, 2021 05:47pm
Stocks slip off record highs ahead of earnings, US data
Stocks

Stocks slip off record highs ahead of earnings, US data

  • MSCI's All Country World Index, which tracks stocks across 49 countries, was down 0.14% after the start of European trading, off Friday's record high. The gauge's price-to-earnings ratio is at its highest level since early 2010.
  • Morgan Stanley noted that despite the S&P 500 making all-time highs, small-cap stocks represented by the Russell 2000 small-cap index have underperformed the S&P 500 by 8% since peaking on March 12.
Published 12 Apr, 2021 05:42pm
Indian shares, rupee slide as lockdown fears loom after COVID-19 surge
Stocks

Indian shares, rupee slide as lockdown fears loom after COVID-19 surge

  • The NSE Nifty 50 index closed 3.53% lower at 14,310.80, while the S&P BSE Sensex ended down 3.44% at 47,883.38.
  • The Nifty auto index closed down 5.11%. The Society of Indian Automobile Manufacturers on Monday warned that the pandemic had set back an already bruised auto industry by many years.
Published 12 Apr, 2021 05:33pm
PPP calls it quits with PDM after seven months
Pakistan

PPP calls it quits with PDM after seven months

  • Bilawal Bhutto said the CEC has directed all its office-bearers in the PDM to submit their resignations with immediate effect in protest of the attitude of the PDM.
  • The PPP has also demanded an apology from the PDM.
Published 12 Apr, 2021 05:12pm
PSW Act to facilitate trade in Pakistan, says PM Khan
Business & Finance

PSW Act to facilitate trade in Pakistan, says PM Khan

  • The prime minister informed that PSW will bring an annual savings of $500 million and reduce will cargo clearance time from days to hours by integrating 75 regulatory departments including “customs, banks, port authorities, shipping companies and brokers etc.”
Published 12 Apr, 2021 02:28pm
South Africa's rand down in early trade
Forex

South Africa's rand down in early trade

  • Recent demand for emerging-market currencies has been driven by weakness in the US dollar and Treasury yields after minutes from the US central bank's latest meeting showed it was in no hurry to tighten monetary policy.
Published 12 Apr, 2021 02:18pm
Most major Gulf markets gain as financials rise
Stocks

Most major Gulf markets gain as financials rise

  • On Sunday, the lender reported its first quarter net profit of 3.3 billion riyals ($906.22 million), down by 7% from a year earlier as it booked 1.4 billion riyals in "precautionary" loan-loss provisions.
Published 12 Apr, 2021 01:43pm
PM to address ECOSOC Forum on Finance
Business & Finance

PM to address ECOSOC Forum on Finance

  • As per details, the objective of the Forum is to mobilize adequate financial support to enable the developing countries to recover from the impact of the COVID-19 pandemic and achieve the Sustainable Development Goals (SDGs) and the climate objectives.
Published 12 Apr, 2021 12:19pm