Economy 184
Eskom CEO appoints board for planned division into three units
Eskom seeks to drive harder bargain on funding costs-CEO
Caterpillar’s 2020 outlook adds more gloom to virus-shaken markets
The outlook signals headwinds for machine sales, which fell the most in nearly three years in December.
Sasol expects earnings to collapse 69%
Oil price, softer global margins and Lake Charles project weighs on first-half earnings
BofA sees Eskom among risks to spoil brief SA rally
'Investors are getting impatient and are looking for opportunities elsewhere' – investment strategist.
US consumer spending cooled last month, core prices picked up
Income growth in the US slowed to 0.2%.
Eskom warns SA to brace for more frequent power cuts
The country has been contending with an energy deficit since late 2005.
Amazon set to break record for one-day gain in market cap
Amazon could set a new mark for the biggest single-day gain on record for a US company.
Tongaat shares back to JSE trading on Monday
It suspended trading on June 10 after revelations of accounting irregularities that saw its share plummet some 75% last year.
Dow plunges 500 points amid coronavirus fears after outbreak is declared a global health emergency and death toll reaches 213
The World Health Organization declared the epidemic a global emergency on Thursday after the fast-spreading virus killed more than 200 people in China and infected thousands.
China's yuan finds its feet after vote of confidence by WHO on coronavirus
The World Health Organisation said late on Thursday that the coronavirus outbreak was a global emergency, but opposed travel ...
FP Dealmakers: Foreign firms gobbled up record number of Canadian companies in 2019
A number of Canadian companies were bought out by rivals or private equity firms last year
Myanmar earns US$310 M from fishery exports in 2020
Myanmar earned about US$310 million from fishery export from October 1 to January 17 in this fiscal year and it is more US$45 million compared with the amount of fishery export in the same period in the last fiscal year, according to figures from the Ministry of Commerce.
Sterling extends gains after BoE keeps rates on hold
LONDON, Jan 31 — The British pound extended its rally today for a second consecutive day following the Bank of England’s decision to keep interest rates steady on signs of a post-election pick-up in growth. But analysts said the rally may be short lived. The United Kingdom exits the European...
Bank Negara says sentiments in global financial markets positive in Dec
KUALA LUMPUR, Jan 31 — Sentiments in the global financial markets in December were positive amid prospects of easing global trade tensions, said Bank Negara Malaysia (BNM) today. The central bank said investor’s risk appetite improved following the announcement and subsequent signing of a phase...
RON97 price drops 8 sen, RON95 and diesel unchanged for week of Feb 1
KUALA LUMPUR, Jan 31 — The retail price of RON97 petrol dropped 8 sen to RM2.41 a litre, while RON95 and diesel are maintained at RM2.08 and RM2.18 a litre, respectively, effective midnight until February 7. The Ministry of Finance, in a statement today, announced that based on the calculations...
Tokyo stocks close higher after WHO virus ruling
TOKYO, Jan 31 — Tokyo stocks closed higher today after the World Health Organisation declared the new coronavirus an international emergency but held off on recommending restrictions on the movement of people. The benchmark Nikkei 225 index gained 0.99 per cent, or 227.43 points, to end at...
US stocks fall amid virus fears despite Amazon surge
NEW YORK, Jan 31 — Wall Street stocks dropped early today amid worries over the coronavirus outbreak and despite a blowout Amazon earnings report that lifted the e-commerce giant’s value back above US$1 trillion (RM4.1 trillion). Britain confirmed its first cases of the virus, the US upgraded...
Racing Point F1 team renamed Aston Martin from 2021
LONDON, Jan 31 — The Racing Point Formula One team will be rebranded Aston Martin from the 2021 season, James Bond’s favourite carmaker announced today after securing a sizeable investment deal. Canadian billionaire Lawrence Stroll, whose son Lance Stroll drives for Racing Point, has agreed to...
Hong Kong stocks close lower
HONG KONG, Jan 31 — Hong Kong shares closed down today, shedding their earlier gains and adding to a dismal week on one of Asia’s biggest bourses. The benchmark Hang Seng Index fell 0.52 per cent, or 136.50 points, to close at 26,312.63. Mainland Chinese markets were still closed for the...
Bitcoin Price Pulls Back to $9.2K, BTC Realized Cap Hits All-Time High
Bitcoin price hitting a 3-month high on rising volume hints at a bullish trend that puts $10K within reach.
Does Algorand 2.0 Prove an Appealing Option for Developers?
Government agencies, sports franchises and mainstream exchanges are first real-world adopters of the popular “pure proof-of-stake” Algorand blockchain.
Genesis Crypto Lending Firm Hits New Record in Loan Originations in Q4 2019
Over-the-counter digital currency trading and lending firm Genesis has closed the fourth quarter of 2019 with record high loan originations since its inception.
Overstock’s tZERO to Launch Broker Dealer in First Half of 2020
Overstock’s blockchain arm tZERO aims to launch a cryptocurrency market broker dealer service in the first half of 2020.
1% Bitcoin No Longer ‘Crazy’ for Portfolios, Says Morgan Creek CEO
Morgan Creek founder and CEO Mark Yusko says Bitcoin is one of the most asymmetric assets he has ever seen in his career as a fund manager.
Bitcoin Price Pulls Back to $9.2K, BTC Realized Cap Hits All-Time High
Bitcoin price hitting a 3-month high on rising volume hints at a bullish trend that puts $10K within reach.
Bitfinex Users Can Now Trade Tether Gold Stablecoin Against Bitcoin
After launching trading of gold-pegged stablecoin Tether Gold last week, Bitfinex cryptocurrency exchange now allows users to trade Tether Gold against Bitcoin.
Warren Buffett's big Amazon investment is finally paying off, 8 months after he lamented not buying sooner (AMZN, BRKA)
Warren Buffett spent years watching Amazon soar from the sidelines, before his holding company Berkshire Hathaway started purchasing shares earl...
Americans spent at slowest pace in 3 years in 2019, threatening powerhouse of US economy
Consumer spending is closely watched because it drives about two-thirds of gross domestic product. But there are signs that households are start...
Amazon blows past a $1 trillion valuation after topping analysts' earnings expectations (AMZN)
Amazon shares soared as much as 11% in early Friday trading, driving the company's market valuation above $1 trillion for the first time since J...
A little-known trucking company surges nearly 58% after Volkswagen unit makes a surprise offer to buy (NAV)
US truck manufacturer Navistar's shares shot up in pre-market trading Friday, after a Volkswagen unit said Thursday it could buy the company in ...
American optimism toward economy surges to 9-month high as job market hums
American households were more optimistic about the economy this month. The University of Michigan said its index of consumer sentiment jumped to...
Dow plummets 600+ points in its worst day since August
The Dow Jones Industrial Average erased its year-to-date gains in the last day of January trading, tumbling more than 600 points on rising coron...
French Connection shares plummet after failure to secure buyer
The retailer saw shares slide by almost a third after it said it was set to post between £1 million and £2 million in losses for the year.
Nissan calls for clarity over post-Brexit trade deal
Businesses are likely to face significant changes in the way they trade, says chambers of commerce.
Google-Backed 1Life Healthcare Surges 58% in Trading Debut
1Life Healthcare Inc., a provider of tech-driven primary care clinics under the One Medical brand, closed its first day of trading up 58% after raising $245 million in an initial public offering.
EA's tepid forecast overshadows quarterly beat, shares slip
Amid rising competition from console, mobile developers.
EUR/USD: Extra gains seen above 1.1088 – Commerzbank
Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the pair faces a tough hurdle in the vicinity of 1.1090. Key Quotes “EUR
USD/CNH now eyes the 7.04 area – UOB
Following the recent price action, FX Strategists at UOB now see USD/CNH attempting a move to the 7.04 region in the next weeks. Key Quotes 24-hour vi
Wall Street opens in red as coronavirus headlines continue to dominate
Wall Street's n indexes started the last day of January in the negative territory as investors continue to react to heightened concerns over the coron
Buy the JPY, sell the AUD? – Rabobank
"At the bottom of the G10 league since January 21 are the NOK, the AUD and the NZD," note Rabobank analysts. Key quotes "These three currencies have b
Crude Oil Futures: The negative view remains unchanged
Open interest increased by around 14.2K contracts on Thursday, reaching the second build in a row as per advanced readings from CME Group. In the same
Eurozone Preliminary GDP arrives at 0.1% QoQ in Q4, misses estimates
The Eurozone economy eased its pace of expansion at 0.1% on quarter in the three months to December of 2019, missing +0.2% expected, the first estimat
USD/CAD eases from tops, still well bid near 200-DMA post-US/Canadian data
The USD/CAD pair trimmed a part of its early gains to seven-week tops, albeit still managed to hold with modest daily gains above the 1.3200 mark post
USD/CHF drops below 0.9700 as markets remain risk-averse
The USD/CHF pair erased nearly 40 pips on Thursday and seems to be having a difficult time staging a recovery on Friday. After touching a daily high o
Canada: Real GDP edged up 0.1% in November vs. 0% expected
The real Gross Domestic Product (GDP) expanded by 0.1% on a monthly basis in November following October's 0.1% contraction, the data published by Stat
Fed's Clarida: Yield curve inversion reflects global uncertainty rather than US outlook
Commenting on the recent inversion of the yield curve, Federal Reserve Vice Chairman Richard Clarida said that he was not worried about it and argued
EUR/USD clinches weekly highs above 1.1050
The buying pressure around the shared currency is now picking up extra pace and lifting EUR/USD to fresh weekly tops above 1.1050. EUR/USD in multi-da
OPEC's oil output in January declined 640K bpd to 28.35 million bpd
The crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) fell 640,000 barrels per day (bpd) in January to 28.35 million bp
AUD/USD keeps the red near multi-month lows, around 0.6700 mark ahead of US data
The AUD/USD pair maintained its offered tone through the mid-European session, albeit has managed to rebound around 15-20 from near four-month lows to
EUR/USD comes under pressure below 1.1030 ahead of data
After moving to the 1.1030/35 band, or daily highs, EUR/USD appears to have met some sellers and is now giving away part of those earlier gains. EUR/U
Canada: GDP bounced back in November – NFB
According to a report released on Friday, Canada’s real GDP rose 0.1% in November and 1.5% compared to a year earlier. Krishen Rangasamy, analyst at t
When is the monthly Canadian GDP report and how could it affect USD/CAD?
Friday's economic docket highlights the release of monthly Canadian GDP growth figures for November, scheduled to be published at 13:30 GMT by Statist
Take Profit on USDCAD Long – TDS
Following Friday’s release of the Canadian monthly GDP growth figures, Mazen Issa, Senior FX Strategist at TD Securities (TDS), suggests taking profit
USD/CHF slumps to two-week lows near 0.9640
The USD/CHF pair came under renewed bearish pressure in the last hour and slumped to its lowest level since January 16th at 0.9639. As of writing, the
Italy's Gualtieri: Government expects GDP to bounce back in Q1 after disappointing Q4
The Italian government expects the Gross Domestic Product (GDP) to bounce back in the first quarter of 2020 following the disappointing growth recorde
Atlanta Fed's GDPNow stands at 2.7% for first quarter of 2020
The real gross domestic product (GDP) in the United States is expected to expand by 2.7% in the first quarter of 2020, the Federal Reserve Bank of Atl
Ireland's Varadkar: Don't see how to separate fisheries from Brexit trade deal
Don't see how to separate fisheries from Brexit trade deal, the Irish PM Leo Varadkar reacted to the UK Cabinet minister Michael Gove's comments. It i
When are the Eurozone Preliminary CPIs/ GDP and how could they affect EUR/USD?
Eurostat will publish the first estimate of Eurozone inflation and growth figures for January and Q4 respectively at 1000 GMT today. The headline CPI
GBP/USD keeps the mixed outlook unaltered – UOB
Cable is expected to extend the broader consolidative mood amidst the prevailing mixed outlook, suggested FX Strategists at UOB Group. Key Quotes 24-h
CBR preview: Dealing with more uncertainties – Nordea
Analysts at Nordea Markets expect the Central Bank of Russia to leave its key rate unchanged at 6.25% at its meeting next Friday but maintained their
US: UoM Consumer Confidence rose to 99.8 in January from 99.3 in December
The University of Michigan's Survey of Consumers revealed that the Index of Consumer Sentiment in January improved to 99.8 from 99.3 in December. This
GBP/USD looks supported by the 1.2929/08 band – Commerzbank
In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable looks supported by the 1.2929/08 region. Key Quotes “GBP/U
The worst start to a new year since 2016 – Rabobank
The CEEMEA currencies are on track to end January on the back foot marking the worst start to a new year since January 2016, writes Piotr Matys – Seni
Can the Fed heavily pressure the USD? – Rabobank
"While the DXY dollar index turned lower following the dovish leaning of the FOMC on January 29, it remains above its January 21 level," note Rabobank
Neither icing nor a cake – Rabobank
Analysts at Rabobank offered a review of Friday's Eurozone GDP figures, which showed that the economy grew by 0.1% q-o-q in the fourth quarter of 2019
NZD/USD Price Analysis: Slides to near 2-month lows, farther below 0.6500 level
The NZD/USD pair added to its recent losses and remained depressed for the sixth consecutive session on Friday, falling to near two-month lows during
Canadian Nov. GDP will be in focus on Friday – TDS
Analysts at TD Securities (TDS) offered a brief preview on Thursday's release of Canadian monthly GDP print for November and also the near-term outloo
EUR/USD approaches a 1.1100 as the US dollar drops further versus majors
The EUR/USD pair rose further and printed a fresh weekly high at 1.1090. So far today it gained more than fifty pips, having the best daily performanc
Chinese envoy to UN: Confirmed coronavirus cases in China at 9,809 with 213 deaths
The total number of confirmed coronavirus cases in China stands at 9.809 with a death toll of 213, China's Permanent Representative to the UN, Zhang J
NZD/USD finds support near 0.6450, stages modest recovery
The NZD/USD pair closed the fifth straight trading day in the negative territory on Thursday and extended its slide on Friday to touch its lowest leve
EUR/GBP on the defensive around 0.8400 ahead of Brexit
The continuation of the buying interest around the quid is forcing EUR/GBP to recede further ground and briefly test the area of 2020 lows near 0.8385
November GDP beats expectations, but... – RBC
According to Josh Nye, Senior Economist at Royal Bank of Canada (RBC) Economics, a modest upside surprise in November GDP does little to change the na
NY Fed's GDP Nowcast fell to 1.5% for first quarter of 2020 from 1.7%
"Yesterday’s advance estimate from the Commerce Department of real GDP growth for 2019:Q4 was 2.1%. The latest New York Fed Staff Nowcast was 1.2%," n
WTI drops below $52.00 and challenges 2020 lows
Prices of the barrel of WTI are losing further ground at the end of the week and are trading at shouting distance from yearly lows in sub-$52.00 level
USD/CAD moves back closer to multi-week tops/200-DMA
The USD/CAD pair reversed an early dip to sub-1.3200 levels and moved back closer to seven-week tops set in the previous session. Having touched an in
Eurozone Preliminary CPI rises 1.4% YoY in Jan, meets estimates
According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at +1.4% in October, meeting expectations of +1.4% and +1.3%
US: Annual core PCE Price Index ticked up to 1.6% in December as expected
Inflation in the United States, as measured by the Personal Consumption Expenditures (PCE) Price Index, rose 0.3% on a monthly basis in December follo
US: Income growth is not what it used to be – Wells Fargo
Data released on Friday in the US showed that personal income rose 0.2% and spending 0.3% in December. Despite a tight labor market, year-over-year re
EUR/JPY flirts with the 100-day SMA near 121.30
The better tone surrounding the European currency is sustaining the uptick in EUR/JPY to the 120.30 region, where sits the initial barrier at the 100-
Copper Futures: There is still room for further losses
In light of preliminary prints from CME Group, open interest and volume went up by around 7.6K contracts and more than 3K contracts, respectively, on
USD/JPY stays under pressure and targets 108.40 – UOB
FX Strategists at UOB Group keep the negative view on USD/JPY and still see a potential move to 108.40 in the next weeks. Key Quotes 24-hour view: “Th
WTI pares back gains below $53 ahead of US drilling data
WTI (oil futures on NYMEX) reverses half the Thursday’s recovery rally and surrenders the $53 mark in European session this Friday. The black gold ext
Gold steadies around $1,580, looks to post highest monthly close since April 2013
After closing the previous day with small losses near $1,570, the XAU/USD pair edged higher on Friday and remains on track to register its highest mon
USD/JPY pares early gains, turns flat below 109 ahead of US data
The USD/JPY pair struggles to make a meaningful recovery on Friday as investors continue to stay close to safe-haven assets such as the JPY amid heigh
Unilever considers selling tea brands as UK hot tea sales are on a downward trend
Following on from the recent news (30th Jan 2020) of Unilever looking to sell their PG Tips and Lipton brands, Arian Bassari, Consumer Analyst at GlobalData, a leading data analytics company, offers his view on these developments.
CELLINK resolves directed share issue of SEK 377 million
The Board of Directors of CELLINK AB (publ) has, based on the authorization given by the Company’s Annual General Meeting that was held on 18 December 2019, resolved on a directed share issue of 3,890,000 new shares of series B (corresponding to approximately 10 per cent of the total number of outstanding shares in the Company) at a subscription price of SEK 97 per share (the “Share Issue”), which means that the Company receives SEK 377,330,000 before transaction costs.
Delta and American Airlines suspend all flights to mainland China over coronavirus
Delta and American Airlines are halting all flights to mainland China over concerns of the deadly coronavirus.
Listed companies in Taiwan required to disclose info in English starting July
The move signals Taiwan’s bid to draw foreign investors, which hold a combined 40 percent stake in local equity market
Amazon's Jeff Bezos, already the wealthiest person on the planet, just got billions richer
Jeff Bezos, the world's richest person, got billions richer in minutes Thursday as Amazon shares soared in extended trading on news of a killer quarter driven by strong holiday sales.
China's factory activity falls in January as virus fears grow
China's manufacturing activity slipped in January, official data released Friday showed, as the country grapples with a new virus that has claimed more than 200 lives.
Amazon's latest milestone: 150 million Prime members
Amazon had another prime holiday season.
SBI records 41 per cent jump in Q3 net profit at Rs 5,583 crore
The bank says this is the highest ever quarterly net profit recorded by it
China car sector to take hefty first-quarter hit from virus but 2020 outlook not necessarily grim
The new coronavirus epidemic is likely to wreak havoc on China auto sales and production in the first quarter, but it is too early to push panic ...
Asia shares try to rally after gut-wrenching week
Asian share markets were praying for a reprieve at the end of a punishing week as investors snatched at hopes the coronavirus could be contained, ...
SK Hynix to make deep capex cut as virus spread threatens chip output
South Korea's SK Hynix , the worlds' No.2 memory chip maker, warned a new virus outbreak in China could pose a threat to chip production and said ...
Nintendo CEO says no plans to launch new Switch model in 2020
Nintendo Co Ltd CEO Shuntaro Furukawa said the gaming company has no plans to launch a new Switch model this year.
Swiping their way higher: Visa, Mastercard could be the next US$1 trillion companies
Tech and internet titans were the first to reach US$1 trillion in stock market value, but the next U.S. companies that could do so are better ...
BOJ warns of cyber-attack vulnerability ahead of Olympic Games
Japan's financial institutions must guard against cyber-attacks ahead of the 2020 Tokyo Olympic Games, with nearly 40per cent of banks and other ...
China's factory activity falls in January as Wuhan coronavirus fears grow
BEIJING: China's manufacturing activity slipped in January, official data showed on Friday (Jan 31), as the country grapples with a new virus that ...
China banks borrow from SARS playbook in preparation for market reopening
SHANGHAI: Chinese financial firms will deploy measures used during the SARS outbreak nearly two decades ago to combat the new virus when markets ...
Medal for former ECB chief Draghi divides Germans
Months after the end of his term as president of the European Central Bank, Italian economist Mario Draghi will receive Germany's highest honour ...
Markets welcome WHO virus declaration
Markets rose in Asia on Friday after the World Health Organization declared a global health emergency over the deadly new virus sweeping China.
Too soon to tell economic impact of Wuhan coronavirus on China: IMF chief
It is still too soon to gauge the economic impact of the virus outbreak on China's economy, beyond the first three months of the year, ...
Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin
Canadian billionaire Lawrence Stroll will take a roughly 20per cent stake in Aston Martin for nearly 200 million pounds (US$263 million) as the ...
Shares struggle for footing after virus-battered week
World share markets fought to regain their footing on Friday as investors clutched at hopes that China could contain the coronavirus, even as ...
Suspension of UK’s China flights ‘hits up to 35,000 passengers’
British Airways and Virgin Atlantic grounded flights to mainland China.
Supreme Court business rates hearing on ATM charges to be heard on Budget day
It comes on March 11, the day the Chancellor will unveil plans to help the high street.
French Connection shares plummet after failure to secure buyer
The retailer saw shares slide by almost a third after it said it was set to post between £1 million and £2 million in losses for the year.
GDP edges up 0.1 per cent
The Canadian economy edged higher in November, reversing most the decline seen in October, as cold weather helped boost the utilities sector and the construction and retail sectors also gained ground.
Stock markets fall
Canada's main stock index posted a triple-digit decline in late-morning trading as the heavyweight financial, energy and industrial sectors moved lower.
HBC board backs bid
The board of directors of Hudson's Bay Co. has unanimously recommended shareholders support a sweetened offer to take the retailer private.
Amazon hits 500K force
Need more proof that Amazon is big? It came this week.
Deficit at $11.8 billion
The federal government ran a deficit of $11.8 billion over seven months of its 2019-20 fiscal year compared with a deficit of $2.1 billion in the same period last year.
Nevada Copper chooses Redpath to enhance production at US mine
Nevada Copper has selected mining contractor Redpath USA to implement its ramp-up strategy for its 100%-owned Pumpkin Hollow project in Nevada, the US.
New York pension fund to review investments in coal companies
The New York State Common Retirement Fund has announced its plan to review investments for 27 thermal coal mining companies.
Use big data, AI to detect fraud at PSU banks
Economic Survey proposes setting up of a PSB Network to enable banks to take more informed decisions on credit underwriting.Banking sector must scale up in tandem with the size of the Indian economy to support growth and development, says the Survey
Integrate ‘Assemble in India’ into Make in India
Move will boost exports, create 80 mn jobs in next 10 years, survey says.The Survey gives China’s example, where labour-intensive exports between 2001 and 2006 created 70 million jobs
Thalinomics versus Dosanomics: a tale of two chief economic advisers
An average household that eats two vegetarian Thalis a day gained around ₹10,887 on average.The price of a vegetarian thali increased last year after falling ‘significantly’ for five years
Satellite connectivity drives Comtech acquisition of Gilat
Comtech Telecommunications is buying Gilat Satellite Networks for $532.5m, it has been announced.
Economist who counted $40 billion cost from SARS predicts far bigger hit from new coronavirus
The global cost of the coronavirus could be three or four times that of the 2003 SARS outbreak, which sapped the world's economy by $40 billion, according
Coronavirus shadow overseafood exports to China
MPEDA Chairman, however says the impact is minimal
Processes of exports, imports at KIA have improved vastly: Economic Survey
‘This is after implementation of authorised economic operators policy in 2016’
Needed: fewer regulations for start-ups, says CEA Krishnamurthy Subramanian
“With a rank of 163 of the 190 nations in enforcing contracts, only a few countries like Afghanistan, Mozambique, and Zimbabwe perform worse than India.”
Suspension of UK’s China flights ‘hits up to 35,000 passengers’
British Airways and Virgin Atlantic grounded flights to mainland China.
Nissan calls for clarity over post-Brexit trade deal
Businesses are likely to face significant changes in the way they trade, says chambers of commerce.
Visa’s X-Border Investment Leads Week Of B2B Funding
Visa's investment in Currencycloud leads this week's B2B FinTech investment roundup, with other investors targeting logistics and blockchain startups.
Monetary Authority Of Singapore: What It Will Take To Win Digital Banking Licenses
The Merchants Guide To Navigating Global Payments Regulations examines how financial and data regulations are changing across different markets like Singapore.
Smoothing Bumpy Cash Flow For Small Town Governments
Springbrook discusses the cash flow challenges of local governments prioritizing timely supplier payments and budget transparency.
The Vendor’s Role In AP Automation Adoption
Hyland discusses the changing motivations behind accounts payable (AP) automation technologies' adoption, and the role of vendor collaboration in modernization.
Budget process: What CSOs want
The organisations want the public given more time to make recommendations.
Outflows lead to restrictions on Aviva property funds
Investors in two Aviva Life and Pensions commercial property funds have been told they cannot withdraw their money for six months because of recent net outflows.
Post-fire losses darken days for light bulb maker - VnExpress International
Light bulb maker Rang Dong, whose Hanoi warehouse was gutted by a fire, has reported Q4 losses of almost VND36 billion ($1.5 million).
VN-Index plummets further amidst coronavirus crisis - VnExpress International
The benchmark VN-Index plunged 22.96 points, or 2.39 percent, to 936.62 Friday to reach its lowest level since February 11 last year.
India's GDP growth neither over- nor underestimated, says Economic Survey
Recently, Arvind Subramanian, the Narendra Modi government's former chief economic adviser, had said India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP.
Tech View: Be patient with Budget volatility, don’t rush to buy on dips
Nifty broke below the lower end of the Rising Megaphone pattern on the daily chart.
Big share sale target in FY21? AI, BPCL, CCRI plus some more
Dalal Street analysts expect disinvestment proceeds to touch Rs 50,000 crore in FY20.
Survey suggests scrapping of 'anachronistic' Essential Commodites Act 1955
"As the conviction rate, however, is abysmally low and raids have no impact on prices, the ECA only seems to enable rent-seeking and harassment. The Survey provides clear evidence that the case for jettisoning this anachronistic legislation is strong," the document said.
Core sector output shows growth after contracting for four months
The rebound signals that the economy may have bottomed out in the second quarter and may see revival in the third quarter. The news should come as relief for the government ahead of the Budget and may dispel fears surrounding the Indian economy slipping into stagflation.
Govt spend on social services up by 1.5% in six years: Eco Survey
According to the Survey, as a proportion of gross domestic product (GDP), the expenditure on social services has registered an increase of 1.5 percentage points during the period 2014-15 to 2019-20 from 6.2% to 7.7%, it said.
Eco Survey has right vibes; will Budget reflect same thinking, asks D-Street
Here is what economists and analyst read into the fine prints of the survey.
Need to address key challenges in farm sector for doubling farmers' income: Survey
Issues such as investment in agriculture, water conservation, improved yields through better farming practices, access to market, availability of institutional credit, increasing the linkages between agricultural and non-agricultural sectors need urgent attention, it said.
India on track to meet NDC goals under Paris Agreement: Survey
Swachh Bharat Mission (Urban) was launched in 2014 with twin objectives of ensuring 100 per cent scientific solid waste management and making urban India open defecation free (ODF) to achieve total environmental improvement, the Finance Ministry said in a release.
Highways sector needs Rs 19.63 lakh crore investment by 2024-25: Economic Survey
Of the total Rs 102 lakh crore investment need for infrastructure projected by the National Infrastructure Pipeline (NIP), during 2020 to 2025, the highways sector will require Rs 19.63 lakh crore, the Survey said.
Production pattern is not in sync with the demand: The Economic Survey 2019-20
The survey said that the share of cereals declines steadily as MPCE level increases, from about 19 per cent for the bottom decile class of rural India to about 5-6 per cent for the top decile class, and from 15 per cent for the bottom decile class of urban India to under 3 per cent for the top decile class.
Corporate tax cut to mostly benefit less than 1 pc of companies: Survey
The corporate tax cut announced by FM last Sept will benefit less than 1 pc of firms, as per Economic Survey.
Funding National Infra Pipeline would be a 'challenge': Economic Survey 2019-20
To achieve GDP of USD 5 trillion by 2024 – 2025, India needs to spend about USD 1.4 trillion (Rs.100 lakh crore) over these years on infrastructure so that lack of infrastructure does not become a constraint to the growth of Indian economy, the survey said.
Sales of over 1.7k listed manufacturing firms contracted by 7.7 per cent in Q2: Survey
The Survey, tabled in Parliament on Friday by Finance Minister Nirmala Sitharaman said demand conditions for the manufacturing sector weakened in September quarter of 2019-20 with a contraction in nominal sales, citing RBI studies on corporate performance.
Buy local products for 'better tomorrow'; efforts on to make India $5 tn economy: Prez Kovind
President Ram Nath Kovind on Friday exhorted people to use locally manufactured products for a "better tomorrow" as he reiterated the government's commitment to make India a USD 5 trillion economy.
Tech Mahindra to pick 70% stake in Cerium Systems
The cash transaction is expected to close by April 1, 2020.
Fiscal deficit target may be relaxed to arrest declining growth: Economic Survey
The Medium Term Fiscal Policy (MTFP) statement presented with the Budget 2019-20, pegged the fiscal deficit target for 2019-20 at 3.3 per cent of gross domestic product (GDP), which was further expected to follow a gradual path of reduction and attain the targeted level of 3 per cent of GDP in 2020-21, and continue at the same level in 2021-22.
F&O: Over to Budget; banking stocks only hope as bears rule
India VIX moved up 3.38 per cent to 17.36 level.
'Feel good' Budget may see cut in tax rate, sops for social sectors
FM is expected to pull out all stops to spur demand and investment, govt sources and economists said.
Eco Survey focuses on wealth creation, says PM
After the release of Economic Survey 2019-20, Prime Minister Narendra Modi took to his Twitter handle and said it focuses on wealth-creation for 130 crore Indians. It outlines a multi-faceted strategy to achieve a $5 trillion economy through enterprise, exports, ease of doing business and more.
Eco Survey calls for pro-business policies, strengthening invisible hand of markets
The invisible hand needs to be strengthened by promoting pro-business policies to provide equal opportunities for new entrants, enable fair competition and ease doing business, eliminate policies that undermine markets through government intervention even where it is not necessary, it said.
ITI further extends FPO to Feb 5; issue subscribed 58% so far
Services of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.
Economic Survey 2020 has a clear message for Nirmala Sitharaman
Growth in the current fiscal year would come in at 5 per cent, as per Economic Survey.
Government must unleash bold reforms to achieve 6-6.5% growth in FY21, say experts, industry
The chamber said as the Economic Survey is a precursor to the Union Budget, it expects some of the bold reforms highlighting trust, entrepreneurship and primacy of the market to be reflected in the Budget announcements. Leader Economic Advisory Services at PwC India Ranen Banerjee said attaining the projected growth rate of 6-6.5% will be challenging.
Notable turnaround in mineral production due to policy reforms: Survey
India produces as many as 95 minerals which include 4 hydrocarbon energy minerals, including coal and lignite; 5 atomic minerals, 10 metallic, 21 non-metallic and 55 minor minerals.
Uptick in retail prices in FY20 mainly on veggies, pulses: Economic Survey
The Survey has recommended measures to safeguard farmers through procurement under Price Stabilization Fund to help regulate the price volatility of important agri-horticultural commodities and also added that MSP needs to be made more effective. For the current financial year so far, food and beverages emerged as the main contributor to retail inflation.
Insolvency law reduces resolution time for stressed assets to 340 days: Economic Survey
The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for market-linked and time-bound resolution of stressed assets. The survey, tabled in the Parliament on Friday, also said resolution under the Code has been much higher as compared to other processes.
Economic Survey suggests cutting subsidy to increase fiscal legroom
Cutting the food subsidy can help provide more fiscal room, according to the Economic Survey.
Eco Survey: Thalinomics in times of rising prices: Veg, non-veg thalis more affordable
Using the annual earnings of an average industrial worker, it is found that affordability of vegetarian thalis improved 29 per cent from 2006-07 to 2019-20 while that for non-vegetarian thalis improved by 18 per cent.
Trade setup for Budget day: Nifty has strong support at 11,900, 11,850
On the upside, NSE Nifty has resistance at 12,125 and 12,200 levels.
Eco Survey flags 'disproportionate dwarfism' of Indian banks, calls upon PSBs to become efficient
Flagging 'disproportionate dwarfism' of banks, Economic Survey called upon PSBs to become efficient.
Unilever sales growth stagnates amid sluggish household consumption
The Anglo-Dutch company booked a 2.7 percent year-on-year (yoy) growth in sales to Rp 42.9 trillion (US$3.15 billion) in 2019, the company said in a statement obtained by The Jakarta Post on Thursday.
World Bank calls for stronger tax collection to bring 115 million Indonesians into middle class
World Bank acting country director for Indonesia Rolande Pryce said the government’s plan to relax corporate income tax, among other things, would reduce the tax-to-GDP ratio by 0.5 percent. Indonesia’s tax to GDP ratio stands at 10.7 percent in 2017, the lowest among regional peers.
Jakarta stock index slips 1.5 percent as Wuhan virus spreads
The JCI concluded morning trade at 5,966.87 before lunch break, breaking below the 6,000 level for the first time this year.
Indonesia: Year in review 2019
Indonesia recorded year-on-year (yoy) growth of 5.02 percent in the third quarter of 2019, slightly down on earlier projections of 5.1 percent, as well as on second quarter levels of 5.05 percent yoy. This figure was the lowest rate of growth since mid-2017, as investment, household spending and government spending all saw subdued growth.
China's factory activity falls in January as virus fears grow
Official figures released Friday showed that the Purchasing Managers' Index (PMI) for manufacturing, an early gauge of factory activity, came in at 50.0, down slightly from 50.2 in the month before. A reading above 50 indicates the sector is expanding while below 50 shows a contraction.
Amazon stock soars following strong Q4 earnings report
Amazon shares are soaring after the e-commerce giant announced fourth quarter earnings that smashed expectations.
Volkswagen truck unit makes offer to buy Navistar in $2.9B deal
— Volkswagen AG’s Traton SE unit has offered to buy "the rest of" Navistar in a $2.9 billion bid, according to national media reports from Bloomberg and other outlets.
Stocks drop amid uncertainty over virus impact; Amazon soars
U.S. stocks fell broadly in midday trading on Wall Street amid ongoing uncertainty about the potential economic impact of the 2019 Novel Coronavirus outbreak that originated in China.
Highlights of the day: TSMC, UMC maintain normal production in China despite outbreak, but IC design houses worried about business
Many Taiwan-based IT firms are feeling the heat from the coronavirus outbreak that is delaying their production from returning normal following Lunar New Year. But have revealed that their fabs in China have been running as usual. Despite the foundry houses' reassuring revelations, many Taiwanese ...
3 Big Things Today, January 31, 2020
Corn and soybean futures were little changed amid concerns about the coronavirus.
Airtel Announces Best Data Prices to Woo More Customers
Airtel Kenya is back with a brand new offer that could give its rivals a run for their money...
Saudi int’l reserves record three-year high in 2019
Riyadh – Mubasher: Saudi Arabia’s foreign reserves grew by 0.59% year-on-year in 2019, recording its highest level in three years. Saudi international reserves rose to $499.54 billion in 2019, compared to $496.59 billion in the year-ago period. It …
US raises USD 7.6 billion in auction of 37, 39, 47 GHz bands for 5G
The US FCC announced it's completed the auction of the upper 37 GHz, 39 GHz and 47 GHz bands, which started on 10 December 2019. The auction of 5G spectrum attracted total bids of USD 7.56 billion, and bidders won 99.9 percent of the licences on offer.
Amazon lifts profit in Q4 despite weak international ops, sees mixed Q1
Amazon said revenues for its fourth quarter advanced to USD 87.4 billion from 72.4 billion the year before, including a negative forex effect of USD 120 million, well in line with expectations. Despite a forecast for a lower profit, the operating profit crept up to USD 3.9 billion from 3.8 billion, and the net profit lifted to USD 3.3 billion or USD 6.47 per diluted share, from 3.0 billion and 6.04 per share.
Amazon lifts profit in Q4 despite weak international ops, sees mixed Q1
Amazon said revenues for its fourth quarter advanced to USD 87.4 billion from 72.4 billion the year before, including a negative forex effect of USD 120 million, well in line with expectations. Despite a forecast for a lower profit, the operating profit crept up to USD 3.9 billion from 3.8 billion, and the net profit lifted to USD 3.3 billion or USD 6.47 per diluted share, from 3.0 billion and 6.04 per share.
Deribit to Offer Daily Bitcoin Options
Crypto derivatives platform Deribit will offer a daily Bitcoin index options to its client base.
Bitfinex Adds Tether Gold Margin Trading with 5x Leverage
Bitfinex, one of the top global crypto exchanges, has added margin trading support for bullion-backed stablecoin Tether Gold (XAU₮).
How ‘Embedded’ Payment Providers are Transforming Fintech
Behind-the-scenes payments providers could be moving Big Tech further toward financial services.
tZero to Launch Broker-Dealer, Seeks Fund from External Sources
tZero, the blockchain subsidiary Overstock, is planning to launch its retail broker-dealer platform called tZero Markets.
Luxembourg’s Regulator Warns on False Regulation of Crypto Bull
The Commission de Surveillance du Secteur Financier (CSSF) warned that a firm claiming to be authorized under the name Crypto Bull is in fact not licensed to carry out business from within its jurisdiction.