Economy 103
SAA dropped by leading travel insurer
The decision prompts Australian travel agency Flight Centre Travel Group to stop selling tickets for the airline.
Trade surplus shrinks in October
Exports up 11.9% on a month-on-month basis.
Buffett outbid by private equity in Berkshire’s big deal hunt
Apollo Global Management tops Berkshire's share bid for technology distribution company.
Most fund managers since 2011 see South Africa equities as cheap
More fund managers also see local bonds as undervalued, survey shows.
Sasol scores ‘own goal’ as climate pressure mounts in SA
Company could face legal challenges if it continues to refuse votes on the issue.
Christmas bonus for Carrick-on-Suir Credit Union members
Carrick-on-Suir Credit Union Ltd is reporting a strong 2019. The credit union has provided €5.8 million in loans to the local community over the past year. Membership has grown and it now h...
National Treasury issues warning on scams as festive season looms | IOL News
National Treasury has issued a warning to companies doing business with it, saying there could be a potential escalation ...
Statistics Canada reports pace of economic growth slowed in third quarter
Statistics Canada says the pace of economic growth in Canada slowed in the third quarter.
Chinese investments in Malaysia halve, US inflow soars, new govt data reveals
KUALA LUMPUR, Nov 29 — Chinese investments into Malaysia halved to US$1.7 billion in the first nine months of the year from a year ago, though US investments soared seven times to US$5.9 billion — reflecting a diversion of funds due to the Beijing-Washington trade clashes. Data provided by the...
Saudi Aramco IPO gets US$44.3b in bids so far, says lead manager
RIYADH, Nov 29 — Saudi Aramco has received bids for its shares totalling US$44.3 billion so far, lead manager Samba Capital said today, putting its initial public offering on track to be over-subscribed. The state-owned oil giant plans to sell 1.5 per cent of the company’s shares for as much as...
US shoppers stay away from stores, spend online as Black Friday begins
NEW YORK, Nov 29 — US consumers splurged more than US$2 billion online in the first hours of Thanksgiving shopping today, while crowds were largely thin at retailers on the eve of Black Friday, reflecting the broader trend away from shopping at brick-and-mortar stores. Early discounts offered...
Opec November oil output slips before Aramco IPO, policy meeting
LONDON, Nov 29 — Opec oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of state-owned Saudi Aramco, a Reuters survey found. On average, the 14-member...
UK Black Friday transactions jump 12.5pc versus 2018, says Barclaycard
LONDON, Nov 29 — The volume of Black Friday payment transactions in Britain as of 1000 GMT was up 12.5 per cent versus last year, initial data from Barclaycard showed today, bringing some cheer to UK retailers in need of a tonic after a troubled year. Barclaycard, which processes nearly one pound...
Stock markets tread water as all quiet on trade war front
LONDON, Nov 29 — Stock traders found little to get the pulse racing today as the trade war front was eerily quiet and Thanksgiving sapped global trading volumes. “It’s been quite the forgettable week and I don’t think today is going to be any more memorable,” said Craig Erlam, Senior...
Finance Ministry: No change in RON97, RON95, diesel retail prices Nov 30-Dec 6
KUALA LUMPUR, Nov 29 — The Finance Ministry (MoF) today announced the retail price of RON97 petrol stayed at RM2.66 per litre while RON95 petrol and diesel will remain at RM2.08 and RM2.18 per litre respectively for the period November 30 to December 6. MoF in a statement issued today, announced...
AmBank Group to disburse up to RM6b of loans in 2H 2020
KUALA LUMPUR, Nov 29 — AMMB Holdings Bhd (AmBank Group) targets to disburse up to RM6 billion in loans in the second half of its financial year ending March 31, 2020 (H2 2020), driven by the current positive sentiment in the industry’s loan growth segment. Chief executive officer Datuk Sulaiman...
Ringgit ends slightly lower against US dollar
KUALA LUMPUR, Nov 29 — The ringgit ended slightly lower against the US dollar today in line the decline in global crude oil prices which affected the local note’s valuation, said a dealer. At 6pm, the ringgit settled at 4.1750/1780 against the greenback compared with yesterday’s close of...
US stocks retreat from records on greater trade tension
WEST NEW YORK, Nov 29 — Wall Street stocks retreated from records early today on revived worries about US-China trade talks as retailer shares were mixed on the official start of the holiday shopping season. Analysts pointed to increased US-China trade friction as Beijing threatened unspecified...
Minister urges Japanese investors to leverage Malaysia’s digital transformation push
KOBE (Japan), Nov 29 — International Trade and Industry Minister Datuk Darell Leiking is calling for Japanese investors to leverage on Malaysia’s push for digital transformation. He said Malaysia was committed to undertaking the digital transformation efforts, among others, through the National...
Shafie leverages on Sabah’s geographic location to lure Japanese investors
KOTA KINABALU, Nov 29 — Sabah Chief Minister Datuk Seri Mohd Shafie Apdal began the first leg of his trade mission in Japan today addressing 200 investors and businessmen from 140 companies in Kobe, Japan by spelling out investment opportunities available in Sabah. He delivered the keynote...
South African Airways dropped by leading travel insurers
JOHANNESBURG, Nov 29 — Three travel insurance companies in South Africa have stopped covering tickets issued by South African Airways against insolvency, further clouding the outlook for the struggling state-run airline. The decision by Santam’s Travel Insurance Consultants (TIC) to drop South...
Minister: Malaysian film industry in for better times following co-production agreement with Australia
PUTRAJAYA, Nov 29 — The Malaysian film industry is in for better times following the signing of a co-production agreement between Malaysia and Australia in Sydney today. Communications and Multimedia Minister Gobind Singh Deo said that with the signing of the agreement, Malaysian productions will...
India quarterly growth falls to worst level in six years
MUMBAI, Nov 29 — India’s economy grew at its slowest pace in more than six years in the July-September period, down to 4.5 per cent from 7.0 per cent a year ago, according to government figures released today that piled more pressure on Prime Minister Narendra Modi. The expansion in Asia’s...
Canada’s economy slowed in third quarter
OTTAWA, Nov 29 — Canada’s economy put on the brakes in the third quarter sending growth falling to 1.3 per cent, or almost one-third of the previous three months’ GDP, the government statistical agency said today. Statistics Canada blamed a drop in exports for the slowdown, noting that it was...
Bitcoin Price Grinds Closer to $8K as $7,500 Support Remains Intact
Resistance closer to $8,000 remains but a bearish reversal back to the $6,000 range has yet to materialize, boosting trader sentiment.
China: Crypto Exchange IDAX Locks up Cold Wallet as CEO ‘Goes Missing’
IDAX reported liquidity problems prior to Lei Guorong absconding, while it remains uncertain what access he has to the platform’s wallets.
Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund
Canadian investment fund manager 3iQ filed a preliminary prospectus for its close-end, regulated, publicly-traded Bitcoin fund.
China: 5 Crypto Exchanges Halt or Shut Services Amid Perceived Crackdown
At least five Chinese crypto exchanges have halted or chosen to terminate operations this month in response to a perceived hardening of Beijing’s anti-crypto stance.
Bitcoin Price Hits Tipping Point Above $7.6K — Pivotal Weekend Ahead
Bitcoin bulls and bears are set to have a key battle going into the weekend at a critical price level that could set the tone for the rest of the year.
Block.One Joins EOS Elections as One Entity Allegedly Controls 6 Block Producers
Block.One’s announced participation in EOS’s block producer elections has reignited concerns regarding the network’s centralization.
Bitcoin Price Hits Tipping Point Above $7.6K — Pivotal Weekend Ahead
Bitcoin bulls and bears are set to have a key battle going into the weekend at a critical price level that could set the tone for the rest of the year.
Coinbase Denies Report of $150M Acquisition of Tagomi Brokerage Firm
Coinbase has denied reports that it acquired digital currency brokerage firm Tagomi for $150 million.
India quarterly growth falls to worst level in six years
India's economy grew at its slowest pace in more than six years in the July-September period, down to 4.5 percent from 7.0 percent a year ago, according to government figures released Friday that piled more pressure on Prime Minister Narendra Modi.
Canada: GDP masks sharp improvement in Canadian business investment for Q3 – TDS
Commenting on Friday's Gross Domestic Report from Canada, "GDP growth was in line with market expectations, with the Canadian economy growing 1.3% (an
India: Economy grew 4.5% in Q2 vs. 4.7% expected
The data published by the Ministry of Statistics on Friday revealed that the Gross Domestic Product (GDP) in India expanded by 4.5% following the %5 g
OPEC oil output falls 110,000 bpd in November to 29.57M bpd – Reuters
Crude oil output by the Organization of the Petroleum Exporting Countries fell 110,000 barrels per day (bpd) in November to 29.57 million bpd, a Reute
Wall Street starts holiday-shortened day in red
Wall Street's main indexes started the day in the negative territory on Friday as investors returned from the Thanksgiving Day holiday break. As of wr
Italy: Annual GDP in Q3 grew 0.3% as expected
The Gross Domestic Product (GDP) in Italy expanded by 0.1% on a quarterly basis in the third quarter and came in at 0.3% on a yearly basis with both r
Canada Q3 GDP growth slower, but details better – RBC
Nathan Janzen – Senior Economist at Royal Bank of Canada (RBC) – offered his take on Friday's release of the Canadian GDP report, which showed a shar
AUD/USD slumps to fresh multi-week highs near 0.6760 on broad USD strength
After rebounding to 0.6780 area during the European trading hours, the AUD/USD pair lost its traction in the last hour pressured by the broad-based US
AUD/USD loses recovery momentum ahead of 0.6800, trades around 0.6780
The AUD/USD pair continued to push lower during the Asian trading hours on Friday and touched its worst level since mid-October at 0.6762 but staged a
Euro area flash inflation: Higher core, temporarily – Nordea
Analysts at Nordea Markets see a stronger than expected rise in the Eurozone inflation in November as a temporary surge until year-end and continue to
US-China trade war news: Clash around law supporting Hong Kong
While harsh statements from Chinese and Hong Kong diplomats to the US should have potentially dragged the Asian shares to south, losses are limited ah
Focus will be on Canadian GDP – TDS
Analysts at TD Securities (TDS) offered a brief preview of Friday's only important release of the Canadian GDP growth figures, scheduled later during
USD/CNH: scope for extra consolidation near-term – UOB
FX Strategists at UOB Group believe the pair is posed for the continuation of the consolidative mood in the next weeks. Key Quotes 24-hour view: “USD
EUR/GBP retreats from daily highs near 0.8540
The selling pressure around the single currency has forced EUR/GBP to recede from earlier tops in the 0.8540/45 band. EUR/GBP remains focused on the U
US Dollar Index clinches 6-week highs beyond 98.50
DXY moves beyond the 98.50 level. The index records fresh multi-week highs. US 10-year yields climb to highs near 1.78%. The greenback, in terms of t
USD/JPY climbs to fresh six month highs above 109.60
The USD/JPY pair is inching higher ahead of the American session on Friday supported by the broad-based USD strength. As of writing, the pair was trad
Crude Oil Price and Forecast: WTI traders take clues from US-China tensions, OPEC+ eyed
WTI has been dropping to the intra-day low of $58.07 by the press time of early Friday in Asia. The energy benchmark seems to have negatively affected
Eurozone inflation jumps more than expected in November – ING
The increase in both headline and core inflation was driven by strong growth in services prices. Still, don't assume this has implications for the Eur
Next week’s key events in developed markets – ING
Analysts at ING offered a brief overview of the upcoming important market-moving economic releases/events, including a batch of sentiment indicators i
India GDP growth: a six-and-a-half-year low – ANZ
Analysts at Australia and New Zealand Banking Group (ANZ) offered their take on Friday's release of Indian GDP report, which showed a further decelera
ACB Stock Price: Aurora Cannabis Inc. sets higher lows, shrugging off financial fears
Aurora Cannabis Incorporated, which is headquartered in Edmonton and trades at the Toronto Stock Exchange (TSE) has risen on Thursday at and closed at
Russia's Novak: Would rather take decision on output extension close to April
Russian Energy Minister Alexander Novak said that he favoured OPEC and its non-OPEC allies to make a decision on whether to extend the crude oil produ
Canada: Economy grew at annualized rate of 1.3% in Q3 vs. 1.2% expected
The Canadian economy expanded 1.3% on a yearly basis in the third quarter supported by higher household spending and business investment, the data pub
USD/CAD edges back closer to 1.3300 handle, focus shifts to Canadian GDP
The USD/CAD pair edged higher during the early European session on Friday, with bulls making a fresh attempt to reclaim and build on the momentum beyo
EUR/JPY recedes from tops, meets resistance around 120.60
Further downside in the Japanese yen coupled with steady-to-bearish sentiment around the European currency leave EUR/JPY stuck within the daily range
ECB Board nominee Schnabel: September stimulus can be justified by current inflation data
The European Central Bank's (ECB) September stimulus could be justified by current inflation data as well as the outlook for inflation over the medium
USD/INR Technical Analysis: Eases from weekly tops, up little around 71.60 region
The USD/INR cross built on the previous session's recovery move from near three-week lows and gained some follow-through traction on the last trading
Gold Technical Analysis: Metal remains under precious below $1465/oz
On the daily chart, gold remains under selling pressure near the November lows while trading below the 1465 resistance level and the 50/100 SMAs
When is the Canadian GDP report and how could it affect USD/CAD?
Friday's economic docket highlights the release of monthly Canadian GDP growth figures for October, scheduled to be published at 13:30 GMT. Statistics
ECB Board nominee Panetta calls for an accommodative monetary policy
Inflation outlook seems to fall short of the European Central Bank's (ECB) Governing Council’s inflation aim of below but close to 2%, noted Fabio Pan
Eurozone Preliminary CPI arrives at +1.0% YoY in Nov vs. +0.9% expected - EUR/USD unfazed
More to come ....
India quarterly growth falls to worst level in six years
India's economy grew at its slowest pace in more than six years in the July-September period, down to 4.5 percent from 7.0 percent a year ago, according to government figures released Friday that piled more pressure on Prime Minister Narendra Modi.
Taiwan raises economic growth forecasts for 2019 and 2020
GDP benefits from Taiwanese businesses returning amid trade wars: DGBAS.Taiwan’s economy will grow by a higher-than-expected 2.64 percent this year and even by 2.72 percent in 2020, the government predicted Friday (November 29).
More pain for German car industry as Daimler axes 10,000 jobs
Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.
UK online supermarket Ocado strikes AI deal in Japan
UK online supermarket Ocado is venturing further outside its main market, announcing Friday a deal to provide artificial intelligence (AI) capabilities to Japanese retail giant Aeon.
Indian retailer Future's shares surge as regulator approves Amazon investment
Shares in Future Retail Ltd surged 13per cent on Friday, after India's antitrust body approved a deal that would give Amazon.com Inc a minority ...
Huawei to challenge FCC decision on government subsidy program - WSJ
Huawei Technologies has decided to challenge a U.S. Federal Communications Commission (FCC) decision barring U.S. rural carrier customers from ...
Renault-Nissan-Mitsubishi to appoint General Secretary for alliance
Renault-Nissan-Mitsubishi said on Friday that in coming days it planned to appoint a General Secretary for the alliance in a bid to boost ...
South Korea cuts growth forecast to lowest in decade
SEOUL: South Korea's central bank on Friday (Nov 29) cut its growth forecast for this year to 2 per cent, which would be the weakest rate in a ...
Britain's Ocado signs technology partnership with Japan's Aeon
British online grocer Ocado has signed a technology partnership with Japan's Aeon to help the retailer establish an online business, its first ...
$5.8B deficit over 6 months
The federal government ran a deficit of $5.8 billion over the first six months of its 2019-20 fiscal year compared with a surplus of $1.2 billion in the same period last year.
W Resources begins tungsten and tin production at La Parrilla mine
Mining firm W Resources has commenced tungsten and tin concentrate production for sale at its La Parrilla mine located in Spain.
OZ Minerals to begin construction of Pedra Branca mine in Brazil
OZ Minerals has started construction of its Pedra Branca underground copper-gold mine in the southern part of the Carajás in the Pará state of Brazil.
World shares mostly slide in ‘Black Friday' retreat
BEIJING (AP) - Stock markets mostly fell Friday as investors gauged whether renewed China-U.S. tensions might lead to a Black Friday sell-off, and with U.S. traders largely out for a long weekend.
Germany's Daimler to cut at least 10,000 jobs over 3 years
BERLIN (AP) - German automaker Daimler said Friday that it plans to cut at least 10,000 jobs worldwide by the end of 2022. It plans not to fill some vacant posts and to offer severance packages in Germany to reduce administrative jobs.
Eurozone unemployment's falls to lowest rate since July 2008
LONDON (AP) - Unemployment across the 19-country eurozone has fallen to its lowest rate since July 2008 even though growth is cooling in the face of headwinds like the U.S.-China trade war and uncertainty related to Britain's departure from the European Union.
China's financial warning signs flashing nearly everywhere as policymakers scramble
From rural bank runs to surging consumer indebtedness and an unprecedented bond restructuring, mounting signs of financial stress in China are putting the
Inspired by 3/11, Tokyo-based Looop advances to semifinals of Startup World Cup 2020
A startup that's friendly to both the environment and your wallet is two steps away from a $1 million prize. Renewable-energy company Looop Inc., which
We are in a virtual free-fall, says Congress on GDP growth slip
The Congress on Friday took a swipe at the BJP government over the GDP growth falling to 4.5 per cent, and said this is the lowest GDP recorded in six years.Congress chief spokesperson Randeep Surjewa
Investors Eyeing Tech and (Astro)Turf Too
Private equity and tech titans are shelling out big bucks to grab ownership stakes in sports franchises to make even bigger bucks on the global playing field.
GDP growth slips to 4.5% in September quarter, slowest expansion in 26 quarters
The slump was mainly on account of a weak manufacturing and a drop in exports.
FM's remarks on economy disappointing in extreme: Yashwant Sinha
Yashwant Sinha said the root cause of the current economic crisis is "death of demand" in the country. He alleged that the government ignored the agriculture distress in the country. Sinha also raised questions over the data for calculating GDP numbers. He added that companies after companies are facing bankruptcy and the govt has stated that it would have to close Air India.
Fiscal deficit for April-Oct at 102.4%, crosses full year target
The revenue gap for the April-October period stood at Rs 5.46 lk cr showing the weakness in tax collection.
More pain for German car industry as Daimler axes 10,000 jobs
The Mercedes-Benz maker said it wanted to save 1.4 billion euros (USD 1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future. "The total number worldwide will be in the five-digits," Daimler personnel chief Wilfried Porth said in a conference call about the job cull.
Oil mixed amid slow holiday trade before Opec+ meeting
West Texas Intermediate (WTI) futures were up 4 cents, or 0.1 per cent, at $58.15 a barrel.
New World Fund sells Adani Ports shares worth Rs 401 crore
Bulk deal data on the BSE showed that 1,06,87,163 scrips were sold at an average price of Rs 375.34 apiece.
Core sector output for October contracts further to 5.8 per cent
The index was dragged down by electricity which reported a de-growth of 12.4% vs -3.7% in Sept.
F&O: Nifty outlook bullish till it holds above 11,980-12,000 zone
Maximum Put open interest was at 12,000 followed by 11500 strike.
Debt ETFs/index funds to have minimum of 8 issuers: Sebi
If a credit rating falls below the investment grade, rebalancing by Debt ETFs/index funds will be done within five working days.
India's apparel exports to EU face a duty disadvantage: Smriti Irani
India's exports of textile and apparel sector (including handicrafts) have increased from USD 39.3 billion (around Rs ) in 2017-18 to USD 40.4 billion in 2018-19," Irani said in a written reply to the Lok Sabha.
Experts on GDP numbers: 'Worst is not past us'
Former Chief Statistician of India, Pronab Sen said the manufacturing showing negative growth is certainly worrying. "I don't think the growth has bottomed out, the growth figures may continue to decline the next quarter too, however, post fourth quarter may show some recovery owing to the base effect," Sen said.
‘Winter is coming’: Synergy, transformation crucial for growth, says BI
Reiterating the President's notable Game of Thrones analogy, the Bank Indonesia governor stressed that structural transformation was vital to facing the coming "winter" in the global economy.
Eurozone unemployment's falls to lowest rate since July 2008
LONDON (AP) - Unemployment across the 19-country eurozone has fallen to its lowest rate since July 2008 even though growth is cooling in the face of headwinds like the U.S.-China trade war and uncertainty related to Britain's departure from the European Union.
Germany's Daimler to cut at least 10,000 jobs over 3 years
BERLIN (AP) - German automaker Daimler said Friday that it plans to cut at least 10,000 jobs worldwide by the end of 2022. It plans not to fill some vacant posts and to offer severance packages in Germany to reduce administrative jobs.
World shares mostly slide in ‘Black Friday' retreat
BEIJING (AP) - Stock markets mostly fell Friday as investors gauged whether renewed China-U.S. tensions might lead to a "Black Friday" sell-off, and with U.S. traders largely out for a long weekend.
Natwest, RBS Facing Black Friday IT Wobbles as Services Go Down
Royal Bank of Scotland (RBS) and Natwest are both facing IT issues this morning with thousands of customers unable to access accounts. With RBS down...
Is Black Friday still a big deal?
Black Friday's star on the retail calendar has dimmed a little in recent years, but it is still very important to stores -- and shoppers.
French operators ramp up FTTP roll-out with 1.2 mln premises passed in Q3
French FTTP networks covered another 1.2 million homes and businesses in the three months to September, a new high after the record 1.1 million premises passed in the previous quarter. Overall, 16.7 million premises had access to FTTP services, up 34 percent year-on-year, said regulator Arcep in its latest fixed broadband report.
Coinbase Denies Reports on Takeover of Prime Broker Tagomi
Coinbase has acquired Tagomi, a US-based prime broker that specializes in trade execution and digital asset markets for $150 million
The Bitcoin Man Acquires FortuneZ, Appoints Sydney Ifergan as COO
Herbert Rafael Sim, popularly known as The Bitcoin Man, has acquired crypto-focused business publication company FortuneZ for a sum of $2,500,000.
Hut 8 Purchases 9 Data Centers from Bitfury for $7 Million
Hut 8 Mining Corp on Thursday announced the acquisition of nine Blockbox AC data centers from the BItfury Group, costing $7 million.