Tag: Top International news

U.S. Stocks Gain For Second Day with Fed Decision

U.S. stocks rallied for a second day with bulls continuing to buy the dips. Yesterday markets had closed in the green with the Federal Reserve’s decision on continuing stimulus till later. China Evergrande Group’s debt concerns also started to die down. 

All major indices in the country rallied with tech, energy and financial stocks moving up.

Stoxx Europe is up by 0.93%

Dow Jones is up by 1.64%

NASDAQ is up by 1.02%

Bank Of England Warns About Inflation Rise Above 4%

The Bank of England on Thursday left the main interest rate unchanged at a record low of 0.1% and downgraded the economic outlook for the third quarter of this year. It also decided to stick to its asset purchase target of £875 billion (Rs 88 lakh crores). The central bank revised down U.K GDP growth outlook to 2.1%, down from 2.9% for the third quarter. The BOE expects consumer prices likely to rise above 4% this year.

U.S Jobless Claims Rises Again

The U.S Initial Jobless Claims that measures the number of people who applied for unemployment insurance rose unexpectedly for the last week. Labor Department data on Thursday showed that the claims rose to 351,000 in the week ended September 18. This is higher than the 28 lakh claims made in the week ended September 11.

Turkish Central Bank Unexpectedly Cuts Main Interest Rate

Turkish Central Bank unexpectedly announced the main interest rate cut by one percentage point on Thursday, replying to President Erdogan’s demand for lower borrowing rates to boost growth. The monetary committee cut the rate from 19% to 18% even though the annual inflation rate is at 19.25%. Generally higher interest rates are used to control inflation, but the President asked for the opposite.  He is taking the risk to bring back the growth on track and thereby regain the falling popularity

Don’t Panic, U.K Not Heading Back To 1970s: Junior Minister

A U.K junior minister said on Thursday that the consumers should not panic buy products as Britain is not going into a 1970s-style “winter of discontent” of strikes and power shortages. The Bank of England said inflation would temporarily rise above 4% for the first time in a decade later this year, largely due to energy and goods prices.

Roku Jumps Guggenheim’s Buy Call

The stocks of Roku traded more than 4% in NASDAQ on Thursday after Guggenheim announced a buy call on it with a target of $395. The target price is 22% above Wednesday’s closing price. Roku has an advertising business and also licenses its hardware and software to other companies.

1. U.S. Markets Up Ahead of Fed Decision

Stocks in the U.S. market moved up the most since July as China’s Evergrande Group paid off some of its debt obligations. There is also the Federal Reserve policy decision tonight, which can cause some volatility in the markets. The S&P 500 and Dow Jones are both up more than 1% today, being pushed up by the energy and financial sectors. They are trying to break a 4-day streak of closing in the red.

Stoxx Europe is up by 1%

Dow Jones is up by 1.18%

NASDAQ is up by 0.85%   

U.S. To Donate 500 Million More Covid-19 Vaccine Doses

U.S President Joe Biden said on Wednesday the government has decided to buy 500 million or 50 crores of Covid-19 vaccine to share with other countries. This will take the total Covid-19 vaccination donations done by the U.S to 1.1 billion doses. The government was under pressure after it planned booster shots to fully vaccinated Americans while millions of people around remain unvaccinated. 

Thailand Says Pfizer Spurs Top Response After Sinovac, Astra Jab

One of Thailand’s main Covid-19 vaccine regimes generates a lower immune response than inoculation combinations that include an mRNA-based dose, according to a study by the Siriraj Institute of Clinical Research.

Preliminary results showed that a Sinovac Biotech Ltd. vaccine as a first shot followed by an AstraZeneca Plc jab — a pairing widely used in Thailand — elicited a weaker immune response than a two-dose regime in which Pfizer Inc.’s vaccine was administered as the second shot four weeks after an initial jab of either Sinovac or Astra, the study said. 

Malaysia Looking at New Taxes to Boost Revenue, Deputy FM Says

Malaysia’s government is mulling the imposition of capital gains tax and a one-off higher tax rate on companies that have earned extraordinary profits during the pandemic to boost revenue, according to Deputy Finance Minister Yamani Hafez Musa. “Additional revenue from this one-off tax will be used to fund recovery activities and programs to help targeted groups,” he said in parliament on Wednesday.

Ex-Hedge Fund Manager’s Startup Hits $2 Billion Value

Advance Intelligence Group, a technology startup led by former hedge fund manager Jefferson Chen, topped $2 billion in valuation after raising more than $400 million from investors led by SoftBank Vision Fund II and Warburg Pincus. Northstar, Vision Plus Capital, Gaorong Capital and EDBI also joined the Series D financing round, the company said in a statement on Wednesday.

Australia Borders to open by Christmas, Government Says

Australia’s Tourism Ministry has said that the country plans to open its international border on or even before Christmas. The country has one of the strictest restrictions on international travel due to Covid-19.

Along with this, Australians will be able to travel abroad without any restrictions on the destination, once the vaccination rate in their respective home state hits 80%.

Parts Shortage Forces Marelli to Cut Jobs

Japanese auto parts and accessories maker Marelli Corporation is planning to cut about 1,500 jobs around the world to keep the company run smoothly as component shortages pulled down sales.

Marelli will eliminate about 7.5% of its 20,000 office staff next year to align its workforce and costs with industry levels, according to a letter sent by Chief Executive Officer Beda Bolzenius. 

U.S. Markets Bounce Back from Worst Fall Since May

Equities in the U.S. market followed the bounce back of European indices, giving a rebound after yesterday’s fall.

S&P 500 and NASDAQ 100 trained in the green, showing improvement from this week’s China Evergrande issue. Dip buyers took advantage of the situation.

Stoxx Europe is up by 1%

Dow Jones is up by 0.14%

NASDAQ is up by 0.30%

Evergrande Falls Again After S&P Says Default Is Likely

China’s Evergrande Group fell again in the equity and credit markets on Tuesday, again causing concerns after the Standard & Poors Global Ratings said the property developer is on the brink of default. Evergrande missed loan payment due dates to its banks today.

Shares in Hong Kong fell 7% before gaining back and closing just down 0.4% The stock is down 84% this year. Its dollar bond is down some 75% since late May. American Investor Ray Dalio said that the situation is manageable even though equity investors have lost money.

Crude Sinks With Broader Market on China Crackdown Fears

Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities. 

U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude. A stronger U.S. dollar is also making commodities priced in the currency less attractive. 

Bank Of Spain Raises Growth Forecasts For Upcoming Years

The Bank of Spain said on Tuesday the Bank has raised its forecasts for 2021 and the next two years as the third quarter shows a strong growth similar to the second one. It expects the gross domestic product to grow 2.7% in the third quarter boosted by solid domestic demand and relaxation in Covid restrictions.

DraftKings Strikes  Entain With a $20 Billion Deal

U.S. sports betting company DraftKings has offered a $20 billion(Rs 1,47,530 crores) deal to buy British gambling firm UK-listed Entain. This will help Entain to access LadbrokesPoker and bwin online betting brands. The share of Entain moved 18%.

J&J Offers 94% Effectiveness After Second Covid Vaccine Shot

Johnson & Johnson said on Tuesday a second shot of its Covid-19 vaccine taken after two months can boost the effectiveness to 94% against moderate to severe forms of the disease. A single shot of J&J vaccine offers 70% protection against the Covid-19 disease. 

Uber Shares Jump After Improve Outlook

The shares of Uber rose by more than 12% on Tuesday in NYSE after the company upgraded its third quarter financial outlook. It expects to report $22.8 billion(Rs 1,68,185 crores) to $23.2 billion(Rs 1,71,135 crores) in gross bookings for this quarter.

Iron Ore Prices Continue Fall as China imposes more Regulations

Iron ore, which is a key ingredient in steelmaking, has now fallen 60% from a record above $230/ton in May. The restrictions by China on steel output, alongside a property crackdown and energy supply issues have pushed down iron ore demand in China. 

U.S. Markets Move Down on Thursday; Crude Oil Cools 

Stocks in the U.S. markets move down in the day with profit booking after yesterday’s move. Yesterday’s gainers from the energy sector fell to take the S&P 500 index down. The index is down about 1% so far this month.

Alphabet and Amazon shares pulled down the tech-heavy NASDAQ 100, which has declined in six of the last seven trading days. Federal Reserve meeting is next week. 

Stoxx Europe is up by 0.49%

Dow Jones is down by 0.37%

NASDAQ is down by 0.36%

Amazon To Double Payroll In Spain By 2025

U.S. online retail giant Amazon said on Thursday it has decided to double the payroll in Spain to 25,000 workers by 2025 from 12,000 last year. And it will raise the number of its logistics centers in the country to 40 by the end of this year from 31 now.

European Airlines Rise On Relaxation In Pre-Departure Covid Test

Shares of European airlines jumped on Thursday on reports of Europe’s plan to simplify mandatory pre-departure Covid-19 tests for entry into the region. EasyJet, British Airways owner IAG, and Wizz Air gained in Thursday’s trading session. Fully vaccinated people will receive quarantine-free travel to other countries.

Ryanair Raises Its Five-year Passenger Forecast

Irish low-cost carrier Ryanair said on Thursday that it is expecting to fly 225 million passengers a year by 2026, up from 200 million previously. It also said plans for ordering larger 737 MAX 10 jets are closed but will consider buying current-generation planes in small numbers or lease them.

U.S. Retail Sales Rises Unexpectedly

U.S Commerce Department reported on Thursday the retail sales jumped 0.7% in August against a revised 1.8% decrease in July. Without considering auto, sales rose 1.8% in August, the largest gain since last April. Back-to-school shopping and payments for millions of families with children had a major role in this jump.

Iran Approves J&J Covid Vaccine

Media reports say that Iran on Thursday approved Johnson & Johnson Covid-19 vaccine as the country faces the fifth wave of infections. Eight months ago, Iran banned imports of vaccines made by the US and Britain, but it has been accepting vaccines developed by Western companies but manufactured elsewhere. 13 million out of 83 million population have been fully vaccinated and in the past 24 hours, 18,021 new cases have been reported.

Cathie Wood Keeps Selling Tesla, Unloading $62 Million of Shares

Ace investor Cathie Wood’s exchange-traded funds continued to sell shares of Tesla, now having sold a total of $266 Million(~Rs 1,968.4 crores) worth of the company’s shares just in September. You can read about Cathie Wood here.

Just today, the investment trust sold over 81,600 shares in Tesla on Wednesday as understood from ARK Investment’s daily trading report. At yesterday’s closing prices, this sale alone was around $62 Million(~Rs 460 crores).

1. U.S. Stocks Bounce Back to the Green; Crude Oil Breaks Out

Energy stocks led the rally in the U.S. market as the market bounced back from yesterday’s fall. European markets closed flat and in the red after a volatile Wednesday. The NASDAQ 100 index, with tech majors fell for the sixth consecutive trading session.

The price of crude oil jumped up along with other commodities. S&P 500 is also slightly in the green. One thing is certain, we can expect higher petrol prices!

Stoxx Europe is down by 0.68%

Dow Jones is up by 0.29%

NASDAQ is down by 0.016%

China Tells Banks Evergrande Won’t Pay Interest Next Week

Chinese authorities have told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, according to people familiar with the matter, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings. 

India Seeks $109 Billion Valuation In Insurer’s Mega IPO

India is seeking a valuation of between 8 trillion rupees ($109 billion) and 10 trillion rupees for state-backed Life Insurance Corp. in what’s slated to be the nation’s biggest initial public offering. The government is considering selling a 5%-10% stake in the company, which could raise between 400 billion rupees and 1 trillion rupees, according to people with knowledge of the matter, who asked not to be identified as the matter is private. 

Goldman Warns of Blackout Risk for European Industry This Winter

Europe’s soaring energy markets are exposing the risk of power blackouts this winter, especially if freezing weather worsens the region’s already exceptionally low natural gas inventories, according to Goldman Sachs Group Inc. 

China Says U.S. Has No Reason to Freeze Afghan Reserves Overseas

China said the Biden administration should respond to the Taliban government’s request to release about $9.5 billion of reserves held in the U.S. accounts, wading into a debate on how to support Afghanistan from sinking into an economic and humanitarian crisis.  

Global Warming Set to Pass 1.5° C as Pollution Plans Fall Short

A new report on Wednesday has pointed out that governments around the world aren’t doing enough to cut greenhouse gas emissions, making it likely global temperatures will rise beyond the tipping point of 1.5 degrees Celsius in coming years.

Scientists are saying that keeping the level 1.5°C is the major point in fighting off the worst effects of climate change. Global emissions should now be cut in half by 2030 to stay in sight, but governments are nowhere near that reduction, according to the nonprofit group Climate Action Tracker.

Hedge Funds Are Shorting Bonds Again in Ill-Timed Inflation Bet

Hedge funds are once again betting that inflation will finally lead to a painful selloff in Treasuries. And once again, they’re turning out to be wrong. Treasury yields ticked lower Tuesday after a report showed the pace of consumer price growth was less than forecast in August. The rate on the 10-year benchmark note has declined 9 basis points in the past week to 1.28% Wednesday — defying expectations that rebounding growth and inflation are set to push yields higher.

Walmart Teams With Ford, Argo to Launch Driverless Delivery Service

Walmart Inc. is teaming up with Ford Motor Co. and self-driving startup Argo AI to launch a driverless delivery service in three U.S. cities. Testing will begin in three cities later this year — Miami; Austin, Texas; and Washington, Argo said Wednesday in a statement. Ford is providing Escape hybrids outfitted with Argo’s self-driving technology to deliver groceries and other merchandise in what’s billed as Walmart’s first multicity self-driving service.

U.S. Stocks Move Down after Inflation Data

After opening with a gap-up, indices in the U.S. market have fallen to the red. Earlier in the day, data showed that consumer prices inflation was lower than expected in August. Treasuries gained and the dollar weakened.  

Consumer Services and industrial stocks pulled the S&P 500 index down. This lower than expected inflation data is expected to give Federal Reserve officials more time to slow down economic stimulus measures.

Stoxx Europe is up by 0.06%

Dow Jones is down by 0.50%

NASDAQ is down by 0.075%

Japan to start easing Covid Restrictions

The Japanese government’s top spokesman has said the country will lift its Covid-19 restrictions gradually, requiring the cooperation of businesses and the understanding of the public.

This was said by Chief Cabinet Secretary Katsunobu Kato, in an interview today. He also said that efforts to restart the economy would start from low-risk areas, with a low number of active cases. 

U.S. CPI Rises In A Slower Pace

The U.S Labor Department reported on Tuesday the August Consumer Price Index increased 0.3% from July. Compared to August of last year it increased 5.3%. Excluding the volatile food and energy components, the so-called core CPI is 0.1% up from July, the smallest gain since February

Amazon Hikes Hourly Pay To Over $18

Amazon on Tuesday raised its average starting wage to $18(Rs 1325 ) per hour and this is a part of its plans to hire more than 125,000 warehouse and transportation workers in the U.S. The company also said it would pay a sign-on bonus of $3,000(RS 2,20,893) in some locations and the hourly wage could go up to $22.

Solving Supply Chain Issues Is The Key Tom Recovery: Airbus

The head of the European planemaker Airbus said on Tuesday problems with the aerospace supply chain are not cooling down and solving these will lead to a recovery phase. Chief Executive Guillaume Faury also said that business travel is unlikely to be back to 2019 levels for many years. 

Wynn Falls 10% On Fears Of Casino Restrictions

The share of Wynn Resorts on Tuesday fell more than 11% in NASDAQ on fear of authorities will restrict casinos operating on the Peninsula. Wynn owns two properties in Macau, Wynn Palace, and Wynn Macau. China has been supervising betting places in Macau which takes place in convertible Hong Kong dollars. The local authorities suggest reviewing the number of gaming licenses and their terms.

Remitly Aims $7 Billion In U.S. IPO

According to a regulatory filing showed on Tuesday Remittance processor Remitly is looking for a valuation of nearly $7 billion(Rs 51,541 crores) in its U.S. initial public offering (IPO). Remittance processors are cheaper and more convenient compared to bigger rivals. The company had hired investment banks to prepare for the IPO this year

U.S. Markets Break 5-Day Fall; NASDAQ Still in Red

Stocks in the U.S. mostly stayed in the green with energy companies leading the rally. Crude oil has hit a 6-week high and given a boost to energy stocks. Metal prices moved up, with Aluminum reaching $3,000/ton for the first time in 13 years with shortages.

The S&P 500 is trying to stay in the green with Dow Jones more than 0.7% up. Tech shares are struggling with the correction in NASDAQ continuing.

Stoxx Europe is up by 0.29%

Dow Jones is up by 0.72%

NASDAQ is down by 0.32%

Oil Rises On Higher Demand Forecast

Brent Crude Oil prices rose more than 1% on Monday after major producers raised their demand forecast for the next year. The Organization of the Petroleum Exporting Countries lifted its global oil demand forecast for 2022 by almost 1 million barrels a day. They are expecting 100.83 million barrels a day, up by 4.15 million barrels from this year, up from the 3.28 million barrels a day growth projection it made last month.

Coinbase Falls On Its Plans To Raise $1.5 Billion In Debt

The stocks of Coinbase fell more than 2.5% on Monday in NASDAQ after it decided to raise $1.5 billion(Rs 11,040 crores) in debt. They said the amount will be used for product development, acquisitions of other companies, products, or technologies that it may identify in the future.

Uber Drivers Are Employees, Not Contractors: Dutch Court

The Dutch court said on Monday that Uber drivers are employees of the company, not just people working on a contract basis. The Court said that the drivers are covered by the collective labour agreement for taxi transportation and should be granted benefits in line with the taxi sector. The stocks of the company fell more than 1.5% on Monday in NYSE.

Rolls-Royce, Babcock To Sell Stakes In AirTanker 

British companies Rolls-Royce and Babcock International have decided to sell their minority stakes in UK military refuelling jet-owner AirTanker Holdings to Equitix Investment Management. The decision is a part of debt reduction plans. Rolls-Royce and Babcock International have 23.1% 15.4% stakes respectively in AirTanker.

Brevan Howard To Expand Its Crypto Business

Hedge fund Brevan Howard said on Monday the company was increasing its exposure to the crypto world and will continue to do so. This indicates the increasing institutional interests in crypto. The company will launch a new unit, BH Digital, to manage cryptocurrency and digital assets.

Aluminium Hits $3,000/ton for first time in 13 years

Aluminium prices hit a fresh 13-year high of $3,000/ton in London. The rally in prices is led by supply shortages combined with an increase in demands from industries.

Prices of Aluminium has increased nearly 14% in the last 3 weeks with the political unrest we had discussed in Guinea, the country with the world’s largest bauxite reserves – pulling down supply. Aluminium smelters in China were also asked to cut down their output to decrease pollution.

Chinese Firm Buys Canadian Vaccine Tech for $500 Million

Chinese firm Everest Medicines Ltd. is licensing an m-RNA Covid-19 vaccine from Canada’s Providence Therapeutics for $500 Million(~Rs 3,700 crores). Chinese firms are trying to get access to advanced western tech with vaccines from the country proving less effective. 

Everest will gain rights to Providence’s vaccine in Greater China and other countries including Indonesia, Singapore, and Thailand. $100 Million(~Rs 740 crore) will be paid as cash upfront for access to the vaccines and the technology with the rest being paid in stocks.

U.S. Markets Bounce Back; Europe Back in Green

Stocks in the U.S. market moved higher after many days of consolidation, with the unemployment benefits data showing a lower number of claims last week. European stocks moved to green even after the Central Bank decided to slow bond purchases.

All three indices in the U.S. market moved slightly up. Metal prices and cryptocurrencies also moved back up intraday.

Stoxx Europe is up by 0.31%

Dow Jones is up by 0.37%

NASDAQ is up by 0.42%

Residents of Thailand Island to get Third Dose of Vaccine

Residents on the Thai resort island of Phuket will get a third dose of vaccine ahead of an expected rush in tourists in the last quarter of the year.

Phuket was the first province in Thailand to waive off a mandatory quarantine for vaccinated foreign visitors in July. The province had earlier hit a target of vaccinating 70% of its residents but is now seeing an increase in the number of cases.

China’s Evergrande Falls to Lowest Level Since 2015

Shares of China Evergrande Group fell another 11% to its lowest since July 2015. The stock of the property developer company has been falling on concerns over the financial health and high debts. 

The stock is trading below its 2009 IPO price, on the back of ratings downgrades by many including Fitch Ratings.

Macquarie Plans Hybrid Work Model for Its U.S. Staff

Australian investment banker Macquarie has told its staff in the U.S. that they can adopt a flexible schedule permanently. The company also mandated unvaccinated employees to wear masks in the office.

The investment bank currently hasn’t set a minimum for the number of days its U.S. employees have to be in the office. Currently, about 16% of Macquarie’s global workforce of around 16,500 are based in the U.S. 

Solar Startup Beating China in Prices and Efficiency

SunDrive Solar, the company co-founded by Vince Allen in 2015 based on his research, proved this week that it has produced one of the most efficient solar cells of all time. The results were tested by a leading independent testing laboratory. 

SunDrive did so with copper as the metal at the core. Allen’s idea was for making solar panels much cheaper: replace the expensive silver in the core and replace it with plentiful, cheap copper.

U.S Jobless Claims Fall To Near 18-Month Low

The U.S Labor Department said on Thursday the initial claims for state unemployment benefits fell 35,000 to a seasonally adjusted 310,000 for the week ended September 4. These numbers are near the lowest level since March 2020 and can be considered as a sign of economic recovery.

EasyJet Rejects Takeover Deal From Wizz

Swiss airline EasyJet has rejected a deal from Wizz Air to take over and make it a low-cost airline. Instead of this EasyJet decided to raise $1.7 billion(Rs 12500 crores) from shareholders. At the time of writing the stocks are down by more than 10%.

Aramex In Talks To Buy Turkey’s MNG Kargo

Dubai-listed courier Aramex is planning to buy Turkish delivery company MNG Kargo. Aramex is partly owned by Abu Dhabi state investor ADQ and the $500 million (Rs 3677 crores) deal is in advanced talks. Aramex and MNG Kargo declined to comment on this.

Nestle Expects Higher Input Cost Inflation In 2022

The Chief Financial Officer of Nestle Group, Francois-Xavier Roger said on Thursday they are expecting higher input cost inflation in 2022 than this year. He said the company was gaining market share in most categories and regions, but infant nutrition in China and frozen pizza are not back on track due to supply chain constraints.

U.S. Markets Continue Fall; Europe Back in More Red

Stock indexes in the U.S. market fell to its lowest levels in two-weeks as a global correction in markets continued. The S&P 500 fell for a third day since it closed at a record in September. Mega-cap tech stocks in the NASDAQ index also fell sharply.

European and Asian markets also mostly closed in the red today, mainly with fears that the economic support by central banks will be reduced soon. Selling is also happening in the cryptocurrency markets and in the commodity markets.

Stoxx Europe is down by 0.99%

Dow Jones is down by 0.37%

NASDAQ is down by 0.97%

Citrix Rises After Elliott’s 10% Stake Reveal

The stocks of Citrix Systems rose more than 8% up today in NASDAQ after The Wall Street Journal reported that hedge fund Elliott Management has made a stake worth more than $1 billion(Rs 7350 crores) in the company. The reports say that Elliot has informed Citrix that it has a stake of more than 10%, and would like to work with it to improve its valuation. 

Tesla Sells 44,264 China-Made Vehicles In August

The China Passenger Car Association (CPCA) said on Wednesday EV maker Tesla has sold 44,264 units of China-made vehicles during August and this includes 31,379 units for export. Local sales of China-made vehicles rose 49% to 12,885 cars in August against 8,621 cars in July.

JPMorgan To Buy A Majority Stake In Volkswagen’s Payments Business

JPMorgan is preparing to buy a majority stake in German carmaker Volkswagen’s payments business. The deal amount is not disclosed, but the plan is to buy a 75% stake in the business that offers car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging, and some other subscription services.

Germany Admits The Use Of Pegasus Spyware

The German government on Tuesday admitted that its federal police service was using controversial Israeli spyware Pegasus. Reports say that Germany’s BKA federal police bought the software from Israel’s NSO Group in late 2019. The source of the above said information is unclear.

Bill Gates-Led Cascade Investment To Take Control Of Four Seasons Hotels

Bill Gates’ Cascade Investment has decided to buy about half of Saudi Arabian Prince Alwaleed bin Talal’s stake in the Four Seasons Hotels and Resorts for $2.21 billion(Rs 16,261 crores) and thereby taking control of the company. Cascade will have 71.3% of Four Seasons after buying 23.8% of Prince Alwaleed’s stake.

Sri Lanka Facing Severe FX Crisis, Finance Minister Says

Sri Lanka is facing a severe foreign exchange crisis as the island nation, which depends heavily on tourism and tea exports, was battered by the coronavirus pandemic, Finance Minister Basil Rajapaksa has said. He added that state coffers also suffered huge revenue losses due to the COVID-19 outbreak.

U.S. Markets Fall Sharply following Europe

Stocks in the U.S. market fell in the first hour of trading, re-opening after yesterday’s Labor Day holiday. 

All the three major indices in the U.S. – The S&P 500, NASDAQ 100 and Dow Jones all moved down. European markets were also in the red earlier, with traders fearing that the economic stimulus would be rolled back soon. The dollar gained strength as bond yields moved up and commodity prices cooled down.

Stoxx Europe is down by 0.52%

Dow Jones is down by 0.75%

NASDAQ is down by 0.025%

Germany Launches Investigation Against Allianz

German regulators have opened an investigation into Allianz, regarding some of its U.S. investment funds last year. Multiple investigations and lawsuits are already revolving around the country’s biggest financial company over its Structured Alpha Funds issue. In India, Allianz is tied up with Bajaj Finserv for selling insurance products.

British PM To Raise Taxes To Fix Health And Social Care Funding 

U.K Prime Minister Boris Johnson on Tuesday explained the plans to raise taxes on workers, employers, and some investors to tackle the health and social care funding issue. There will be a 1.5% increase in the rate of National Insurance payroll taxes paid by both workers and employers and the rise will apply to the tax on shareholder dividends also, expecting to raise 36 billion pounds (Rs 3,67,313 crores) over three years.

El Salvador-First Country To Accept Bitcoin As Currency

El Salvador on Monday became the first country to adopt Bitcoin as legal tender after buying the first 400 bitcoins, in two tranches of 200 each. According to the cryptocurrency exchange app Gemini, the 400 bitcoins were bought at around $21 million(Rs 154 crores). President Nayib Bukele said that the country is planning to buy more of them.

Marvel Movies Take AMC Stocks Up

The stocks of AMC Entertainment moved up on Tuesday after Marvel’s ‘Shang-Chi and the Legend of the Ten Rings’ movie made an estimated $90 million(Rs 660 crores) on its debut weekend in North American cinemas, a record for a Labor Day weekend debut. At the time of writing the stock is nearly 7% up.

Afghans With Valid Visas And Passports Can Leave: Taliban Official

A Taliban official at the city’s international airport said on Tuesday Afghans with valid visas and passports waiting in the northern city of Mazar-e-Sharif to take chartered evacuation flights out of the country will be allowed to leave.  There is no clarity in the numbers of those with valid documents and those without.

Chinese Tech stocks Jump After Tencent Buys Back Shares

Tech stocks from China rallied once again to their highest level in more than a month. Hong Kong’s Hang Seng Tech Index moved up 1.6% today, now gaining more than 17% from last month’s low.

Bullish sentiments are returning with tech giant Tencent buying back their shares from the market. Last month, tech stocks had crashed with the Chinese government tightening its grip on various sectors in the country.

U.S. Futures in Green; Aluminum Shoots Up

Global stocks moved up for a seventh day and U.S. futures moved up with investors betting even at higher valuations.

The U.S. markets are closed for Labour Day. Aluminum hit a decade high with political tensions in world’s largest Bauxite money, Guinea.

Stoxx Europe is up by 0.68%

Dow Jones Futures is up by 0.27%

Standard Chartered Agrees To Launch A Digital-Only Bank In Singapore Through  JV Deal

During the Singapore National Trades Union Congress(NTUC) on Monday, Standard Chartered Bank agreed to launch a digital-only bank in the country through a Joint Venture(JV) deal with NTUC’s enterprise arm. The bank will have a 60% stake in the venture, worth 144 million Singapore dollars (Rs 783.49 crores)

Texas City Offers Huge Tax Cuts To Samsung To Build Chip Plant

Taylor, a city in Texas in the US offered a big tax cut if the electronic maker Samsung builds a $17 billion(Rs 1,24,295 crores) chip plant in the location. The plant is expected to create about 1,800 new jobs. The city offered a grant equivalent to 92.5% of assessed property tax for 10 years, 90% for the following 10 years, and then 85% in the 10 years after that.

Aluminium Ore Bauxite Prices Jump Higher

Prices for aluminum ore bauxite from Guinea on Monday recorded their 18 months highest after the reports of a coup in the West African country. Guinea is the world’s second-biggest producer of bauxite ore which is used to make aluminum metal. The reports say the army has taken control of Guinea and if it’s true, it may affect the bauxite supply.

Ryanair Ends Plans To Buy Boeing 737

The Irish airline  Ryanair said on Monday it has ended the plans to buy Boeing 737 jets due to overpricing. Ryanair Group Chief Executive Michael O’Leary said the deal to buy up to 250 of the 230-seat MAX 10 has come to an end as both the firms couldn’t agree on the price. Ryanair is already the largest European customer for the 737 MAX and the deal was expected to be a lifesaver for Boeing after the two fatal crashes of the MAX model last November.

Beijing Denies Reports Of Govt Advising Companies To Invest In Didi

The Beijing city government said that the reports of the government advising the state-owned companies to invest in Didi are untrue. There were multiple reports that the city is planning to take Didi under state control and has proposed that government-run companies invest in Didi. Didi has already denied the report on Saturday.

Oil Steady After Saudi Price Cuts

Oil prices steadied on Monday after Saudi Arabia cut crude contract prices for Asia. This decision offset the oil price rise that happened due to the Ida hurricane. UKOIL and USOIL are down 0.4-0.5% on TVC.

Venice To Control Tourist Overcrowding

Venice has decided to fight tourist overcrowding by tracking them through digital means. Installation of 468 CCTV cameras, optical sensors, and a mobile phone-tracing system will be used for this. The whole system is expected to tell residents from visitors, Italians from foreigners, where people are coming from, where they are heading and how fast they are moving and every 15 minutes, authorities will get a snapshot of how crowded the city is.