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Archive - 2021-04-22
PIA set to become first airline to fly with vaccinated crew
Pakistan

PIA set to become first airline to fly with vaccinated crew

  • The PIA administration has fast-tracked the process of vaccination of its pilots, flight attendants, cabin, and cockpit crew, in Karachi, Lahore, and Islamabad.
  • So far, over 250 pilots and flight attendants have been administered COVID-19 vaccines.
Published 22 Apr, 2021 08:48pm
Q1 earnings boost most Gulf markets; Egypt retreats
Stocks

Q1 earnings boost most Gulf markets; Egypt retreats

  • Saudi Arabia's benchmark index closed up 0.4%, with Al Rajhi Bank rising 0.8%, extending gains from the previous session when it reported first-quarter earnings.
  • The kingdom's biggest Islamic lender said net profit in the three months ended March 31 rose to 3.34 billion riyals ($891 million). It made a net profit of 2.38 billion riyals in the same period a year earlier.
Published 22 Apr, 2021 08:45pm
Silver demand surging to its highest since 2015
Commodities

Silver demand surging to its highest since 2015

  • Silver is used in the manufacturing of goods from solar panels to consumer electronics, and is also bought by investors who traditionally see it as a safe store of wealth.
  • All demand segments except for exchange traded funds (ETFs), which store silver for investors, will use more this year, and even ETFs will buy far more than was typical before the pandemic, the report said.
Published 22 Apr, 2021 08:42pm
UBS rolls out bonus for young bankers facing pandemic pressures
Money & Banking

UBS rolls out bonus for young bankers facing pandemic pressures

  • "We know that maintaining your work-life balance is challenging given the demanding deal pipeline and existing remote working environment," Global Banking co-heads Ros Lesperance and Javier Oficialdegui wrote in a memo seen by Reuters and confirmed by UBS.
  • Mental health issues in investment banking have been exacerbated by the COVID-19 pandemic and banks have responded by rolling out additional help and measures for employees.
Published 22 Apr, 2021 08:39pm
Kenyan and Zambian currencies seen softening
Forex

Kenyan and Zambian currencies seen softening

  • Kenya's shilling is expected to face pressure next week as month-end demand for dollars from importers increases.
  • On Thursday, commercial banks quoted the shilling at 108.35/108.55 against the dollar compared with last week's close of 106.95/107.15.
Published 22 Apr, 2021 08:33pm
TSX opens lower as oil stocks weigh
Stocks

TSX opens lower as oil stocks weigh

  • The energy sector dropped 1.2% as US crude prices were down 0.1% a barrel, while Brent crude were flat.
  • Toronto Stock Exchange's S&P/TSX composite index was down 66.16 points, or 0.3%, at 19,090.35.
Published 22 Apr, 2021 08:28pm
IMF chief urges G20 to adopt carbon price floor to reach climate goals
USA

IMF chief urges G20 to adopt carbon price floor to reach climate goals

  • A robust price on carbon was needed to ensure that global carbon emissions were reduced in line with the goals of the 2015 Paris climate accord, she said, noting that over 60 pricing schemes had already been implemented.
  • Setting a price floor could avoid less efficient and contentious border carbon adjustments if some countries moved ahead with robust pricing and others did not.
Published 22 Apr, 2021 08:08pm
South African central bank chief: low inflation key to recovery, maintaining foreign flows
Money & Banking

South African central bank chief: low inflation key to recovery, maintaining foreign flows

  • The interest rate differential that matters for capital flows isn't the differential of the policy rate. What matters is the differential of the bond yields, and South African bond yields are still significantly higher than those is in the U.S and in real terms.
  • Data from the Johannesburg Stock Exchange (JSE) this week showed foreign investors have sold nearly 30 billion rand ($2.10 billion) of government bonds year-to-date.
Published 22 Apr, 2021 07:58pm
Brazil will reach climate neutrality by 2050, Bolsonaro says
USA

Brazil will reach climate neutrality by 2050, Bolsonaro says

  • Speaking at a summit of world leaders, Bolsonaro's pledge would move up the previous target for reaching net zero emissions by 10 years.
  • He repeated a commitment made last week to end illegal deforestation by 2030, adding that it would reduce the country's greenhouse gas emissions by roughly 50% by that date.
Published 22 Apr, 2021 07:56pm
ECB hawks lay off taper talk at short, calm meeting
Money & Banking

ECB hawks lay off taper talk at short, calm meeting

  • The ECB decided to continue running its Pandemic Emergency Purchase Programme (PEPP) at its current clip this quarter to keep borrowing costs stable for governments, companies and households.
  • While that decision was expected, analysts were awaiting hints about the pace of PEPP after June, after governors including the Netherlands' Klaas Knot raised the prospect of dialling it down.
Updated 22 Apr, 2021 07:57pm
US natgas futures up to 7-week high on small storage build
Energy

US natgas futures up to 7-week high on small storage build

  • The US Energy Information Administration (EIA) said utilities added 38 billion cubic feet (bcf) of gas into storage during the week ended April 16.
  • That was less than the 49-bcf build analysts forecast in a Reuters poll and compares with an increase of 47 bcf in the same week last year and a five-year (2016-2020) average increase of 37 bcf.
Published 22 Apr, 2021 07:52pm
Elite clubs will scheme again, but opponents ready to fight another day
Sports

Elite clubs will scheme again, but opponents ready to fight another day

  • 'Project Big Picture' was a plan put forward by Liverpool and Manchester United to increase funding for the 72 English Football League (EFL) teams but also included special voting rights for the biggest sides in the top flight.
  • "The Super League is just one way forward," breakaway founder and Juventus chairman Andrea Agnelli told Reuters on Wednesday of the plans involving 12 of Europe's top football clubs which included Manchester United and Real Madrid.
Published 22 Apr, 2021 07:26pm
COVID-19 spike is biggest challenge to India's recovery: MPC minutes
South Asia

COVID-19 spike is biggest challenge to India's recovery: MPC minutes

  • The MPC kept its key interest rate at a record low of 4% earlier this month and said monetary policy would remain accommodative until the prospects of a sustained recovery were well secured.
  • "The economic recovery can come under risk if this new wave of infections is not flattened soon," said Mridul Saggar, executive director at RBI and a member of the MPC.
Published 22 Apr, 2021 06:44pm
'Pay with a glance': Russia's Sberbank rolling out face-recognition payments
Money & Banking

'Pay with a glance': Russia's Sberbank rolling out face-recognition payments

  • Sberbank is partnering with supermarket chain Magnit and plans to connect 100 stores in Moscow and Krasnodar to the service by June, the two companies said on Thursday. A pilot programme is already running in ten shops.
  • As banking margins shrink, Russia's largest lender is expanding in areas ranging from food delivery and taxi services to cloud computing and cyber security.
Published 22 Apr, 2021 06:42pm
Germany's finance minister rejects blame for Wirecard fiasco
Europe

Germany's finance minister rejects blame for Wirecard fiasco

  • Olaf Scholz joins a long list of politicians and officials who have denied responsibility for slipshod oversight and what critical lawmakers see as a pro-Wirecard bias that failed to avert Germany's biggest post-war fraud.
  • The case, on a par with the Enron scandal in the United States, has prompted the resignation of the heads of two German supervisory authorities, an overhaul of regulation, and criminal investigations.
Published 22 Apr, 2021 06:37pm
Jewelery exports increase 103.48pc
Pakistan

Jewelery exports increase 103.48pc

  • During the period from July 20-March 21, Jewelery worth US $ 6,544 thousand were exported as compared to worth US $ 3,216 thousand of same period of last year.
Published 22 Apr, 2021 06:05pm
IKAR consultancy lowers Russia 2021 wheat crop forecast
Commodities

IKAR consultancy lowers Russia 2021 wheat crop forecast

  • Russia competes with the European Union for the rank of the world's largest wheat exporter.
  • More than 700,000 hectares, about 18% of the region's total area, will be up for potential replanting, though IKAR said it expected the actual resowed area to be smaller.
Published 22 Apr, 2021 06:17pm
Super League founders wrong to discard sporting merit, says Ancelotti
Sports

Super League founders wrong to discard sporting merit, says Ancelotti

  • "It was a strange day for every football supporter, a surprise. We heard about the Super League the past few months but I was sure it was not going to happen," Ancelotti told reporters ahead of Friday's Premier League trip to Arsenal.
  • "The 12 clubs were wrong. They didn't take into consideration the opinion of the players and managers and the supporters.
Published 22 Apr, 2021 06:15pm
Saudi Aramco to refinance $10 billion revolving loans
Companies

Saudi Aramco to refinance $10 billion revolving loans

  • Aramco, the world's largest oil company, raised the revolving credit facility in 2015 with a wide group of international and local banks.
  • That financing included two five-year loans, one in US dollars and one in riyal, and two annually renewable one-year loans, also split between the two currencies.
Published 22 Apr, 2021 06:12pm
African countries urged not to waste vaccines after expiry confusion
Africa

African countries urged not to waste vaccines after expiry confusion

  • My appeal to member states is: if we are doing our part to mobilise these vaccines, you do your part and use the vaccines.
  • South Sudan has set aside 59,000 doses supplied by the AU and is not using them because of the same expiry issue, a government official told Reuters last week.
Published 22 Apr, 2021 06:04pm
Mexico annual inflation rises to 6.05pc, highest since December 2017
USA

Mexico annual inflation rises to 6.05pc, highest since December 2017

  • The national statistics agency (INEGI) said consumer price inflation in the year through the first half of April rose to 6.05%, on the back of increasing energy and food, beverage and tobacco prices.
  • The figure beat the final consensus forecast of a Reuters poll of analysts for a headline reading of 5.84% and is the highest level since the 6.85% registered in the second half of December 2017.
Published 22 Apr, 2021 05:57pm
Ashrafi condemns Quetta blast
Pakistan

Ashrafi condemns Quetta blast

  • The whole Pakistani nation was united against terrorism and committed to eradicate the menace from the country, he added.
Published 22 Apr, 2021 05:57pm
German upper house backs new law to fight third COVID wave
Europe

German upper house backs new law to fight third COVID wave

  • The law still needs the signature of President Frank-Walter Steinmeier before it can come into force. The changes will apply initially until June 30.
  • Merkel drew up the law after some of Germany's 16 federal states refused to impose tough measures despite a surge in cases.
Published 22 Apr, 2021 05:43pm
Ryanair's first 737 MAX delivery weeks away after new delays
Companies

Ryanair's first 737 MAX delivery weeks away after new delays

  • Boeing's largest European customer for the jet has been waiting two years for its first delivery owing to the grounding of the aircraft after two fatal crashes.
  • "We are hoping it's going to be in the next number of weeks. Probably in the next two weeks," Eddie Wilson told the online World Aviation Festival.
Published 22 Apr, 2021 05:41pm
Volkswagen considers succession for board member Osterloh
Companies

Volkswagen considers succession for board member Osterloh

  • One source said that Osterloh had been offered the position of personnel director at Traton, Volkswagen's truck unit that was spun off and separately listed in 2019.
  • Osterloh, 64, has since 2005 been a member of Volkswagen's supervisory board, half of which is composed of labour representatives under Germany's system of corporate governance.
Published 22 Apr, 2021 05:38pm
Turkey's net FX reserves rise to $10.6bn from 18-year low
Money & Banking

Turkey's net FX reserves rise to $10.6bn from 18-year low

  • A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had fallen to $9.93 billion, their lowest level since April 2003.
  • The reserves plunged last year as state banks sold off $128 billion to stabilise the lira, which still lost 20% of its value in 2020. Net forex reserves were around $41 billion at the end of 2019.
Published 22 Apr, 2021 05:36pm
Turks' forex holdings rise by more than $2bn to $225.24bn
Money & Banking

Turks' forex holdings rise by more than $2bn to $225.24bn

  • The holdings have eased from a record high of $236.11 billion in January. Their fall accelerated in mid-March, as Turks converted their hard currencies to benefit from the lira's sharp decline against the dollar.
  • When adjusted for the parity effect, the data showed the hard currency holdings rose by $1.35 billion in the week to April 16.
Published 22 Apr, 2021 05:33pm
Copper edges higher on expected demand from climate push
Commodities

Copper edges higher on expected demand from climate push

  • Three-month copper on the London Metal Exchange was up 0.1% at $9,455.50 a tonne by 1010 GMT, recovering after touching an intraday low of $9,385.
  • "Days like today when there is no major news flow, some people are saying copper and aluminium are both looking quite pricey, so why not take some profits out of this stellar run that we've had," he said.
Published 22 Apr, 2021 05:30pm
Credit Suisse to boost capital ahead of further Archegos hit
Money & Banking

Credit Suisse to boost capital ahead of further Archegos hit

  • Its shares fell 5.7%, with analysts pointing to the further Archegos hit and dilution caused by the issuance announced on Thursday of bonds convertible into 203 million shares.
  • In response, the bank is cutting its prime brokerage business, which caters to hedge fund clients, by about a third.
Published 22 Apr, 2021 05:26pm
Indian shares end higher as investors look beyond record virus surge
Stocks

Indian shares end higher as investors look beyond record virus surge

  • The NSE Nifty 50 index rose 0.77% to 14,406.15 at close, while the S&P BSE Sensex gained 0.79% to end at 48,080.67.
  • US pharmaceutical giant Pfizer Inc on Thursday said it was in talks with the Indian government for supply of its vaccines, adding it would set a not-for-profit price for them.
Published 22 Apr, 2021 05:18pm
Sri Lankan shares end lower as industrials, financials fall
Stocks

Sri Lankan shares end lower as industrials, financials fall

  • The CSE All-Share Index fell about 1.4% to close at 7,327.91 points. The index is up about 8.2% for the year.
  • The Sri Lankan central bank on Wednesday evening said it would issue development bonds worth up to $750 million via auction on April 22
Published 22 Apr, 2021 04:59pm
China Strongly Condemns 'Terrorist Attack' In Balochistan
China

China Strongly Condemns 'Terrorist Attack' In Balochistan

  • On Thursday, China stated that it "strongly condemns" the bombing of a luxury hotel hosting the Chinese ambassador in Southwestern Pakistan, which killed at least four people.
  • Pakistan's military is fighting an insurgency in the province, and it is host to China's significant strategic infrastructure interests, through the China-Pakistan Economic Corridor.
Updated 22 Apr, 2021 02:19pm
PM expresses sorrow over loss of lives in Quetta blast

PM expresses sorrow over loss of lives in Quetta blast

  • "I am deeply saddened by the loss of innocent lives in the condemnable and cowardly terrorist attack in Quetta yesterday," PM tweeted.
  • "We remain alert to all internal and external threats," the PM said.
Published 22 Apr, 2021 01:46pm
Oil extend losses into 3rd day on US stock build, pandemic fears
Energy

Oil extend losses into 3rd day on US stock build, pandemic fears

  • The Organization of the Petroleum Exporting Countries and allies led by Russia, a producer group known as OPEC+, are heading for a largely technical meeting next week in which major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said.
Published 22 Apr, 2021 01:01pm
Tokyo's Nikkei closes up over 2.3%
Stocks

Tokyo's Nikkei closes up over 2.3%

  • Sony rose 1.25 percent to 11,720 yen after it reached a deal allowing Disney to broadcast and stream films from Sony Pictures after they run on Netflix, gaining access to future instalments of franchises such as "Spider-Man".
Published 22 Apr, 2021 12:49pm
US oil may fall to $59.78
Energy

US oil may fall to $59.78

  • A break above $61.35 may lead to a gain to $62.62. On the daily chart, oil has broken a support at $61.74.
Published 22 Apr, 2021 12:29pm
Brent oil may fall to $63.84
Energy

Brent oil may fall to $63.84

  • A break above $65.46, now a resistance, could lead to a gain to $66.46. On the daily chart, oil is falling towards a channel line around $62.91.
Published 22 Apr, 2021 12:25pm
Miners and banks push Australia shares higher
Stocks

Miners and banks push Australia shares higher

  • Meanwhile, AGL Energy hit record low after its chief executive officer resigned just less than a month after the power producer announced its plans to split its businesses into two.
Published 22 Apr, 2021 11:48am
India reports world's highest rise in COVID-19 cases
South Asia

India reports world's highest rise in COVID-19 cases

  • In a late surge, India has reported more than 300,000 coronavirus cases in the past 24 hours, the highest global daily total.
  • The country now has a total of 15.93 million cases, the second-highest tally in the world, while deaths jumped by 2104 to reach a tally of 184,657, according to data from the Indian Health Ministry.
Published 22 Apr, 2021 11:37am
Asia markets rebound after Wall Street rally
Stocks

Asia markets rebound after Wall Street rally

  • Organisers said they may hold off on a planned announcement this month to dictate how many domestic spectators can attend the Games in light of the virus situation, after earlier barring overseas fans.
Published 22 Apr, 2021 11:05am
Biden to recognize massacre of Armenians as genocide: reports
World

Biden to recognize massacre of Armenians as genocide: reports

  • "Mr President, as you said last year in your April 24 statement, 'Silence is complicity.' The shameful silence of the United States government on the historic fact of the Armenian Genocide has gone on for too long, and it must end," the letter said.
Published 22 Apr, 2021 10:55am
Covid-19: govt raises red flag

Covid-19: govt raises red flag

ISLAMABAD: National Command and Operation Centre (NCOC) Chairman Asad Umar Wednesday warned of imposition of more...
Updated 22 Apr, 2021 09:51am
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