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Tech Giants may face 10% fine in EU – Top 10 Global News

1. Stocks, Futures Set Bullish Tone as Pound Rises

Stocks started off the week in a sea of green as investors took comfort from further stimulus bill negotiations and the impending deployment of the first vaccine in the U.S. S&P 500 futures gained about 0.7%, with the first deliveries of the Pfizer-BioNTech vaccine in the U.S. due to arrive Monday morning. A bipartisan group of lawmakers is set to unveil a $908 billion pandemic relief bill, although there is “no guarantee” Congress will pass it. European shares got a boost after the EU’s chief Brexit negotiator told a private meeting of ambassadors that a trade deal with the U.K. could come as soon as this week. The pound jumped by the most in almost two months.

Futures on the S&P 500 Index rose 0.7% as of early morning New York time.

The Stoxx Europe 600 Index jumped 0.8%.

The MSCI Asia Pacific Index increased 0.2%.

The MSCI Emerging Market Index decreased 0.1%.

2. Tech Firms Risk EU Fines Up to 10% of Sales in Bid to Curb Power

Tech giants deemed to be gatekeepers could face fines as high as 10% of annual revenue if they don’t comply with new European Union rules on data usage to be unveiled Tuesday. Companies that could include Google, Amazon.com and Apple will be banned from using any data from business users to compete with them or from treating their own services more favourably in rankings, among other obligations. A company that “systemically infringes” the obligations could face orders by the European Commission to make behavioural and structural changes, such as divesting businesses. Companies will be considered to be in systematic non-compliance if the EU has issued at least three fines within a period of five years.

3. Google Services Including Gmail, YouTube Suffer Major Outage

Services from Alphabet Inc.’s Google experienced widespread outages around the world, preventing people from accessing Gmail, YouTube and other products. Errors ranged from “something went wrong” on YouTube, to “there was an error. Please try again later,” when attempting to log into the company’s mail product from about 6:30 a.m. in New York. Google tools were failing to load for users in the U.S., the U.K. and across Europe, but began functioning again for many people after about an hour. Google confirmed there was an outage for the majority of its services according to a Workspace Status Dashboard, which monitors the health of its products. Later, it said functionality was restored to the “vast majority” of users.

4. Europe Hit With Tougher Virus Curbs Ahead of Vaccine Rollout

Europe is sharpening curbs on people and businesses to slow the rapid spread of the coronavirus, risking another knock to battered economies even with the rollout of a vaccine tantalizingly close. With months of pandemic fighting ahead, authorities are tightening measures without resorting to the strict curbs that triggered a collapse in business activity in the spring. Following record daily cases and deaths on Friday, Germany is urging, but not requiring, employers to close workplaces as it starts a hard lockdown on Wednesday. Italy and the Netherlands are among the countries expected to sharpen restrictions as well.

5. China Fines Alibaba, Tencent Unit Under Anti-Monopoly Laws

China’s antitrust watchdog fined Alibaba Group Holding and a Tencent Holdings unit over a pair of years-old acquisitions and said it’s reviewing an impending Tencent-led merger, signalling Beijing’s intention to tighten oversight of internet sector deals. The State Administration for Market Regulation said Monday it’s reviewing the combination of DouYu International Holdings Ltd. with Huya Inc., which could create a Chinese game streaming leader akin to Amazon’s Twitch. It fined Alibaba 500,000 yuan ($76,500) for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co. to 73.79% in 2017, while China Literature Ltd., the e-books business spun off by Tencent, was also censured over a previous deal, according to a statement.

6. U.S. Government Agencies Hit by Suspected Russian Hackers

In one of the most audacious hacks in recent memory, U.S. government agencies were attacked as part of a global campaign that exploited a flaw in the software updates of a U.S. company. The hackers are suspected to be part of a notorious hacking group tied to the Russian government. The attack included breaches in the U.S. Treasury and Commerce departments and those of other government agencies in an attack that started months ago. The same hacking group is also believed to be behind the recent attack on the cyber-security firm FireEye Inc.

7. Barnier Tells EU Envoys Deal Could Come This Week: Brexit Update

The European Union’s chief negotiator, Michel Barnier, told a private meeting of ambassadors that a trade deal with the U.K. could be completed as soon as this week, but there are still significant differences to be bridged. The U.K. has made concessions on the level playing field and is now pushing the bloc to soften its demands on fisheries, Barnier told envoys from the EU’s 27 member states on Monday, according to two diplomats with knowledge of the meeting. A compromise on the latter subject could unlock the accord, Barnier said.

8. Rapid China Inflows Spur Call for Strongest Yuan Since 1993

The unrelenting pace of inflows heading for China’s bonds and stocks has one yuan bull predicting the currency could strengthen to a level not seen in nearly three decades. A “flood” of foreign cash will chase yuan-denominated assets in 2021 because they’ll offer far better yield than the rest of the world. He predicts the currency could rally 10% or even more by the end of next year. The yuan hasn’t been that strong since late 1993, just before China’s unification of official and market exchange rates triggered a plunge in the currency.

9. Dubai Business Conditions Worsen as Pandemic Weighs on Demand

Business activity in Dubai dropped for a second month in November as the coronavirus pandemic continued to weigh on demand. The non-oil private sector economy in the Middle East’s business hub deteriorated last month to the lowest since May. Its Purchasing Managers’ Index dipped to 49 from 49.9 in October, falling further below the 50 mark that separates growth from contraction. Employment figures continued to stabilize after having dipped to the lowest on record earlier this year and the pace of job losses was the mildest seen in nine months, though a possible lapse in demand could lead to another setback for employment in the short-term, the report said.

10. Adidas Plans to Sell Reebok by Early March 2021

Adidas has begun a review of whether to sell its Reebok brand, part of the development of the German sports company’s new five-year strategy. Adidas will announce a decision on March 10, when it presents its new plan, the company said Monday. The company acquired Reebok for $3.8 billion in 2006 and in recent years returned the division to profitability and growth. Adidas was exploring a sale and might start a strategic review in October. Private-equity firms Permira and Triton have looked at acquiring Reebok, though any plans are at an exploratory stage and may not ripen into an offer. Other interested parties include VF Corp., which owns the Timberland and North Face brands, as well as China’s Anta International Group Holdings.

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Hyundai buys Boston Dynamics – Top 10 Global News

1. Stocks Slump, Dollar Rebounds Amid Risk-Off Mood

Investors are winding up the week doing risk-off trades, with U.S. stimulus talks hung up and coronavirus developments weighing on sentiment. The dollar rose the most in a month. European stocks fell 1% as record virus deaths in Germany prompts discussion about whether to impose a hard lockdown over the holiday season. The pound slumped 1% as a key European official warned a no-deal split with the U.K. was the likeliest outcome by Dec. 31. U.S. equity futures sank in the wake of stimulus talks stalling over whether to shield companies from virus lawsuits. 

Futures on the S&P 500 Index dipped 0.7% as of early morning New York time.

Nasdaq 100 Index futures decreased 0.7%.

The Stoxx Europe 600 Index dipped 1.1%.

The MSCI Emerging Market Index advanced 0.1%.

2. Hyundai Motor Buys 80% of Robotics Firm Boston Dynamics

Hyundai Motor Group agreed to buy a controlling stake in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. Hyundai Motor Group, along with some associated companies, will acquire an 80% interest in the U.S. robotics company from SoftBank Group, leaving the Japanese firm with a 20% share. South Korean conglomerate Hyundai Motor Group has been beefing up its research in robotics as it expands further into electric and autonomous vehicles. It is also exploring practical uses for industrial robots.

3. FDA Vows Fast Pfizer Vaccine Action Amid Political Pressure

The U.S. Food and Drug Administration said it’s working toward rapid emergency-use authorization of Pfizer Inc.’s Covid-19 vaccine that was backed Thursday by a panel of agency advisers. The drug regulator has “notified the U.S. Centers for Disease Control and Prevention and Operation Warp Speed, so they can execute their plans for timely vaccine distribution,” the FDA said Friday in a statement. The FDA statement comes as the agency is under tremendous political pressure from President Donald Trump and his administration to clear the vaccine, which has already been approved by the U.K. and Canada. Weary Americans are also eager for an end to a pandemic that has killed nearly 300,000 and dealt a crippling blow to the economy.

4. Sri Lanka Debt Concerns Mount After Downgrade Deeper Into Junk

Markets are showing mounting concern about Sri Lanka’s ability to manage debt loads, amid financial deterioration that sparked a downgrade deeper into junk Friday. Prices of the country’s dollar bonds show that while traders expect securities next year to be repaid, they’re increasingly uneasy about dwindling cash reserves for debt bills down the line. Notes due in 2021 are indicated at about 88 cents on the dollar. That’s a level that shows some misgivings yet not alarm. But securities maturing in 2023 are at about 66 cents, while it’s even worse for ones due 2030 at 57 cents.

5. Hong Kong Buys 15 Million Vaccine Doses From Pfizer, Sinovac

The Chinese company with the rights to market the Pfizer-BioNTech coronavirus vaccine in Hong Kong is preparing to seek approval of the shot soon after the U.S. clears it. Shanghai Fosun Pharmaceutical Group. is getting ready to submit paperwork to the drug regulator in Hong Kong for review as soon as next week. The development comes as Hong Kong on Friday announced it has struck deals for 15 million doses of shots from Pfizer-BioNTech and Chinese developer Sinovac Biotech Ltd., with the first vaccines to be received next month.

6. Sweden Explores Moving to a Digital Currency

Sweden’s government will start exploring the feasibility of having the country move to a digital currency, marking another step into the unknown for the world’s most cashless society. Sweden is among the first countries in the world to consider introducing a digital currency. Its central bank is already running a pilot project with Accenture to introduce an electronic krona based on the same blockchain technology that underpins digital currencies like Bitcoin. From the point of view of the government, Bolund said that “it’s crucial that the digitalized payments market functions safely, and that it’s available to everybody.”

7. Johnson and EU Warn of No Deal as Deadline Nears

Prime Minister Boris Johnson and European Commission President Ursula von der Leyen both warned that a no-deal Brexit is looming on Dec. 31 as they continued last-ditch talks to try to reach a deal before Sunday. Johnson said on Friday that a no-deal Brexit at the end of the year now looks “very, very likely.” His pleas for European Union leaders to step in and salvage the faltering negotiations were frustrated as summit talks overran on Thursday night, pushing Brexit to the fringes. On Friday, von der Leyen spent just 10 minutes briefing government leaders on the subject. Both sides have said they will continue discussions until Sunday, but officials concede that, without fresh political direction, the negotiating teams will have little to talk about.

8. Gold Declines as Investors Weigh Stimulus and U.S. Job Woes

Gold declined as the dollar strengthened amid weak risk sentiment while fading prospects for a U.S. stimulus deal and poor jobs data raised questions over the economic recovery. European stocks and U.S. equity futures fell as investors wound up the week with risk-off trades, amid a worsening of the coronavirus pandemic. German cases and deaths rose the most since the outbreak began, while Indonesia reported record deaths. The dollar strengthened the most in almost two weeks, putting pressure on gold. U.S. efforts to draw up a coronavirus relief package hit another roadblock as Senate Majority Leader Mitch McConnell’s top lieutenants said key portions of a compromise proposal aren’t likely to get backing from most Republicans. Meanwhile, applications for U.S. unemployment benefits surged last week, topping estimates with the highest level since September, casting a shadow over the strength of the recovery.

9. Malaysia’s Ringgit Erases Covid-19 Losses to Rise to Strongest Since 2018

Malaysia’s ringgit climbed to the strongest since July 2018, erasing its virus-fueled losses for the year. The currency rose as much as 0.3%. The gains came amid weakness in the greenback and a recent advance in crude prices. The ringgit has climbed with Asian peers this quarter as the dollar weakened and risk assets were boosted by Covid-19 vaccine developments. An easing of domestic political tension also helped, after Prime Minister Muhyiddin Yassin survived a key test to his leadership.

10. Aramco Hires Moelis to Raise Billions From Asset Sales

Saudi Arabia is looking to emulate neighbouring Abu Dhabi by using its state energy firm to raise billions of dollars from investors, as the kingdom seeks cash to counter a severe recession. Saudi Aramco, the world’s biggest oil company, has hired Moelis & Co. to devise a strategy for selling stakes in some subsidiaries. The plan includes raising around $10 billion from a stake sale in Aramco’s pipelines, said the people, who asked not to be identified because the matter is private. Saudi Arabia has been hammered this year by coronavirus lockdowns and the slump in crude prices. The economy will contract 5.4% in 2020, the most since the 1980s, according to the International Monetary Fund. The budget deficit could widen to 12% of gross domestic product.

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U.S. Revisits Economic Stimulus Package – Top 10 Global News

1. Stocks Rise, Bonds Dip Amid Hope for Stimulus Deal

Global stocks approached another record high as hopes for a U.S. stimulus deal countered fears about resurgent coronavirus cases. Benchmark Treasuries and the dollar slipped for the first time this week. Health-care and banking shares led gains in Europe after equities rose across much of the Asia Pacific. Global equities were energized by the White House’s surprise re-entry into pandemic-relief talks with a $916 billion proposal that opened a potential new path to a year-end deal. S&P 500 futures edged up. Nasdaq 100 contracts slipped following the gauge’s 10th straight gain.

The Stoxx Europe 600 Index climbed 0.7% as of early morning New York time.

Nasdaq 100 Index futures sank 0.1%.

Futures on the S&P 500 Index climbed 0.2%.

The MSCI Asia Pacific Index gained 0.8%.

2. White House Return to Stimulus Talks Boosts Chance of a Deal

Treasury Secretary Steven Mnuchin made a surprise re-entry into talks on a 2020 pandemic-relief package with a $916 billion proposal that opened a potential new path to a year-end deal despite objections from Democrats over elements of the plan. After largely leaving the task to Senate Majority Leader Mitch McConnell since Election Day, Mnuchin pitched a $916 billion stimulus plan to House Speaker Nancy Pelosi in a Tuesday afternoon telephone call. The Mnuchin plan differs in important ways from the alternative that Pelosi and Schumer endorsed as a basis for fresh talks. It includes $600 stimulus payments to individuals, which could win support from both Republicans and Democrats.

3. China State-Backed Covid Vaccine Has 86% Efficacy

China’s state-backed coronavirus vaccine protected 86% of people against Covid-19 in trials conducted in the United Arab Emirates, giving credence to the quickly developed shot that Beijing intends to distribute around the developing world. The data was from trials that included 31,000 volunteers in the UAE, which found the vaccine was highly effective in preventing moderate and severe cases of Covid-19 and had no serious safety concerns. That’s expected to pave the way for full public use of the vaccine and a re-opening of the Gulf nation’s economy. In an early sign of how the vaccine could be a gamechanger to “resume all activities within two weeks” including economic, tourism and cultural operations.

4. DoorDash Set for Trading Debut After IPO Raises $3.37 Billion

DoorDash is making its trading debut Wednesday after raising $3.37 billion in an initial public offering with Airbnb’s IPO set to follow within hours. San Francisco-based DoorDash sold 33 million shares Tuesday for $102 each after marketing them for $90 to $95 each. The company has a fully diluted value of about $38 billion, which includes employee stock options and restricted stock units as detailed in its filings. DoorDash’s IPO is the third-largest U.S. listing this year. The food delivery company is part of a cadre of consumer-facing, web-based businesses that have successfully navigated the coronavirus pandemic and are expected to go public this month.

5. Tesla Shares Are Dramatically Overvalued : JPMorgan

Tesla’s shares are now “dramatically” overvalued and investors thinking of raising their holdings in the company ahead of its impending addition to the S&P 500 Index should not, JPMorgan analyst Ryan Brinkman wrote in a note on Wednesday. The analyst pointed out that in the past two years Tesla shares have risen over 800%. Analysts have raised their price targets by about 450%, and also simultaneously lowered their earnings estimates for the company for the years 2020 through 2024. This data is “strongly suggestive of the idea that something apart from the fundamentals (speculative fervour?) is driving the shares higher,” Brinkman added.

6. Ray Dalio Sees ‘Flood of Money’ With Soaring Asset Prices

Ray Dalio stressed the importance of diversification in a Reddit Ask Me Anything event on Tuesday where he said that a “flood of money and credit” was unlikely to recede. “Assets will not decline when measured in the depreciating value of money,” the billionaire investor told users of the discussion network who asked for his perspective on where financial markets are headed. “I believe that with the enormous amount of debt and money that has been created and will be created in the future, the most important thing to pay attention to is the value of debt and money relative to the value of assets and other currencies.” Dalio added that he saw no reason that stocks couldn’t trade at 50 times earnings and recommended “smart diversification” among asset classes, currencies and countries.

7. Johnson Says No U.K. Leader Could Accept EU Terms: Brexit Update

Boris Johnson said no British prime minister could accept the European Union’s Brexit demands as he prepared to head to Brussels for a showdown with the European Commission’s Ursula von der Leyen on Wednesday. The premier’s team hopes the face-to-face conversation with the Commission president will inject political impetus into the deadlocked process. If the dinner goes well, negotiators could be back in a room hammering out the details within hours. If it goes badly, officials on both sides fear the chances of an agreement being ready before the end of December — when the Brexit transition period expires — will fade away.

8. JPMorgan Says Equities to Get a $1.1 Trillion Boost Next Year

Those with a bullish outlook for stocks in 2021 are set to get another uplift: more demand and less supply to the tune of $1.1 trillion. That’s the conclusion of global market strategists at JPMorgan Chase & Co. as they expect a rise in equity demand of about $600 billion relative to this year. Meanwhile, supply will drop by $500 billion, returning to the very low levels of 2016 to 2018. “This is similar to the equivalent equity demand/supply improvement in 2019 relative to 2018 which at the time had seen global equities rising by around 25%,” JPMorgan said.

9. China’s Yuan Rapidly Falls at Close After Hitting Strongest Level in 2 Years

China’s yuan weakened minutes before Wednesday’s official close, reversing an earlier gain that had pushed the currency to its strongest level in more than two years. The onshore yuan fell as much as 0.26%, touching its session low. The rapid move came after the offshore yuan had earlier strengthened past 6.5 per dollar for the first time since 2018, expanding the gap between the two rates to one of the widest seen this year. A few large Chinese banks were seen buying dollars in a large volume around market close.

10. U.K.’s Vaccine Warning; Merkel Urges Sacrifice: Virus Update

The U.K.’s vaccination campaign hit a snag on its second day as two people with allergies experienced reactions to the shot, and France and Germany battled worsening virus numbers despite weeks of curbs. Chancellor Angela Merkel urged Germans to make an additional sacrifice over the Christmas holidays to contain the coronavirus as the country’s soft shutdown fails to slow its spread. People with a significant history of allergies should not get the vaccine from Pfizer Inc. and BioNTech SE, the U.K.’s National Health Service said after two people experienced reactions. U.S. regulators indicated they may grant the shot emergency-use authorization.

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Covid Vaccination begins in the U.K. – Top 10 Global News

1. Stocks Drop With U.S. Futures as Virus Cases Rise

Global stocks slid for a second day and U.S. futures fell, with investors focusing on a rise in virus infections and tougher restrictions. Travel shares led declines in Europe, following a slump in Asia after Hong Kong announced it would start implementing some of its strictest social distancing measures since the pandemic began. Oil fell toward $45 a barrel in New York on speculation that near-term demand is at risk. The pound pared losses after the U.K. agreed to withdraw law-breaking clauses in the government’s Brexit bill.

Futures on the S&P 500 Index decreased 0.4% as of early morning New York time.

The Stoxx Europe 600 Index declined 0.3%.

The MSCI Asia Pacific Index decreased 0.1%.

The MSCI Emerging Market Index dipped 0.1%.

2. All Eyes on U.K. for Western World’s First Covid Shots

The U.K.’s National Health Service launched what it has called the biggest immunization campaign in its history, starting Covid vaccinations across the country. People over 80 are at the front of the line for the shot made by Pfizer Inc. and BioNTech SE on Tuesday, with tens of thousands expected to get vaccinated in the coming days. The U.K. is the first western nation to begin its program, having approved the vaccine last week. Margaret Keenan was the first person to get the vaccine at about 6:30 a.m., according to a statement. Receiving a shot at a hospital in Coventry was “the best early birthday present I could wish for,” said Keenan, who’s due to turn 91 next week, because it meant she’d be able to spend time with her family and friends in the new year after being on her own for most of 2020.

3. U.K. Scraps Law-Breaking Clauses in Deal Boost: Brexit Update

The U.K said it will withdraw the controversial clauses in its Internal Market Bill which would have given ministers the power to unilaterally override the Brexit divorce treaty, bringing to an end a dispute that threatened to derail negotiations on a future trade deal. Talks over the future trading relationship between the U.K. and the European Union remain deadlocked, with an agreement hanging in the balance. The Internal Market Bill may help ease the talks on trade. British Prime Minister Boris Johnson said he still wants and hopes for a trade deal but warned the time may be coming to recognize that the negotiations have failed.

4. Gates Calls India’s Digital Finance Approach a Global Model

Tech pioneer Bill Gates praised India’s policies for financial innovation and inclusion, saying his philanthropic foundation is working with other countries to roll out open-source technologies modelled on the country’s implementation. Indian digital payments took off after the government pushed demonetization in 2016, invalidating most of the country’s high-value banknotes. The Unified Payments Interface, or UPI, has been aided by booming smartphone use and wireless data rates that are among the lowest in the world. India mandates that companies use its UPI platform so payments can be sent easily among all services. Zero user fees are also required. Gates said those policies have drastically reduced the cost and friction of distributing aid to the poor, especially during the pandemic.

5. Thailand Approves $748 Million Plan to Boost Consumer Spending

Thailand’s cabinet approved a new phase of fiscal stimulus program to boost consumer spending worth 22.5 billion baht ($748 million). The program will allow 15 million people to spend money on consumer goods and services, with the government covering 50% of the bill, and is expected to add about 45 billion baht to the economy in the first quarter of next year. The current phase of the program, which lasts through the end of this month, and the upcoming phase will boost the gross domestic product growth by 0.32 percentage point.

6. China’s Financial Markets Start to Price In Deleveraging

China is bucking the global trend of greater economic stimulus amid the coronavirus, preferring instead to refocus on controlling its record debt burden. Multiple interest-rate cuts and cash injections from the central bank have helped keep Chinese companies afloat this year. But the quick buildup of leverage — on track for the biggest increase in five years — also poses a significant risk to the financial system. China’s big banks have been unwilling to lend to smaller financial firms after a string of defaults at some of the country’s safest borrowers. While deleveraging has been a key priority for President Xi Jinping since 2016, previous attempts were interrupted by the trade war and the crippling economic impact of this year’s global health crisis.

7. Tesla Raising Up to $5 Billion in Third Share Sale This Year

Tesla is taking advantage of its surging shares by going back to the capital markets for the third time in ten months and raising as much as $5 billion of common stock. The sale through an “at-the-market” offering program, according to a regulatory filing, meaning the stock will be sold over time at prevailing market prices. The raise could lead Tesla’s cash balance to approach $20 billion. Chief Executive Officer Elon Musk is again seizing on a rally that started as the maker of the Model 3 began to post quarterly profits in the second half of last year. The opening of a plant near Shanghai, the addition of the Model Y crossover to the lineup, advances in battery technology and anticipation of inclusion into the S&P 500 Index has led investors to assign Tesla a much richer valuation than any other auto manufacturer in the world.

8. Global Investors Keep Pouring Money Into Asia’s Red Hot Markets

Be it stocks, bonds or almost any other asset class, foreign cash is pouring into Asia on bets it will be the fastest-growing region as the world recovers from the coronavirus pandemic. The MSCI Asia Pacific Index rose to a record last week and a Bloomberg Barclays bond index is close to its highest in four years. The region’s currencies are, on aggregate, the strongest since 2018 and commodities are also climbing. The positive aftermath of the U.S. election, encouraging progress on vaccines, abundant liquidity and an “improving growth pulse” in Asia has driven demand for the region’s assets.

9. Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. With an abundance of natural resources and young, growing and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors. The $710 billion fund, known as ADIA, this year started a climate-change equity portfolio aimed at boosting its green-economy exposure and is a shareholder in sustainable-energy projects that generate more than 20 gigawatts of power.

10. UAE Business Conditions Worsen for Second Straight Month

Business conditions in the United Arab Emirates deteriorated for a second straight month in November amid subdued demand. Non-oil private sector activity in the Gulf nation worsened last month partly due to the first decline in output since May, weak market conditions and lower customer numbers. Its Purchasing Managers’ Index was unchanged from October at 49.5, staying below the 50 mark that separates contraction from growth. The sector continued to suffer from weak demand which, despite partly recovering during the summer, is reportedly still much softer than prior to the Covid-19 pandemic.

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Now Trade Water Futures to hedge scarcity – Top 10 Global News

1. Futures Mixed Amid Stimulus Talks, Brexit Deadlock

Stock futures were mixed as traders await more details on a new stimulus package, with coronavirus infections sweeping across U.S. states. The pound fell on concern that Brexit talks could collapse. S&P 500 contracts signalled the equity benchmark would drop from an all-time high, while Nasdaq-100 futures rose. Intel, the world’s largest chipmaker, slid in premarket trading on news that Apple is planning a series of new Mac processors for introduction as early as 2021. 

Futures on the S&P 500 fell 0.2% as of early morning New York time.

The Stoxx Europe 600 Index slid 0.4%.

The MSCI Asia Pacific Index dropped 0.1%.

2. Water Futures to Start Trading Amid Growing Fears of Scarcity

Water is joining gold, oil and other commodities traded on Wall Street, highlighting worries that the life-sustaining natural resource may become scarce across more of the world. Farmers, hedge funds and municipalities alike will be able to hedge against — or bet on — potential water scarcity starting this week when CME Group launches contracts linked to the $1.1 billion California spot water market. According to Chicago-based CME, the futures will help water users manage risk and better align supply and demand. The contracts, a first of their kind in the U.S., were announced in September as heat and wildfires ravaged the U.S. West Coast. They are meant to serve both as a hedge for California’s biggest water consumers against skyrocketing prices and a scarcity gauge for investors worldwide.

3. $908 Billion U.S. Pandemic Relief Plan Set for Release

Bipartisan negotiators on a $908 billion pandemic relief package are planning to unveil more details of their proposal on Monday, aiming to settle on language that can satisfy enough Republicans and Democrats to secure passage of one final tranche of Covid-19 aid before Congress breaks for the year. The outline of the plan spurred a flurry of optimism last week when it won the endorsement of House Speaker Nancy Pelosi, Senate Minority leader Chuck Schumer and a number of Republican senators as a basis for fresh talks after a half-year of stalemate.

4. Europe, U.S. Economic Activity Slows Further on Virus Resurgence

The economic activity in several of the world’s largest advanced economies slid at the beginning of December, reflecting a surge in the rate of Covid-19 infections and stricter containment measures. After a temporary period of stability in Europe in November, activity slowed further in Germany, Italy and Spain, according to Bloomberg Economics metrics that integrate data such as mobility, energy consumption and public transport usage. France saw some pickup recently, likely reflecting gains from starkly retrenching infections, while activity in the U.S. decelerated.

5. Germany Eyes Tighter Curbs as Infection Rates Remain High

Germany is looking to impose tougher restrictions on movement after a nationwide partial shutdown failed to bring contagion rates down to manageable levels. Germany shut restaurants, gyms and cinemas, but allowed schools and most of the economy to keep running as it tried a softer approach than other European countries. The measures — in place since the beginning of November — have made little impact on the spread of the disease, even as the government spends more than 15 billion euros ($18 billion) a month to compensate affected businesses.

6. China’s Exports Surge in Year-End Rush as Pandemic Fuels Demand

China’s exports jumped in November by the most since early 2018, pushing its trade surplus to a monthly record high and underlining how global demand for pandemic-related goods is supporting a growth rebound in the world’s second-largest economy. Chinese companies shipped $268 billion in goods in November, the most for any single month and more than 21% higher than the same month last year. Import growth eased to 4.5%, leaving a trade surplus of $75.4 billion — the largest on record in data going back to 1990.

7. Airbnb, DoorDash Boost Price Ranges Ahead of Mega Week for IPOs

December is set to be the busiest year-end on record for initial public offerings in the U.S., with DoorDash Inc. and Airbnb Inc. ready to start trading this week in long-awaited listings. The two startups, which are aiming to raise a combined $6.2 billion at the top-end of their price ranges, will propel the month’s IPO volume to an all-time high. IPOs on U.S. exchanges have already raised a record $156 billion this year. Private companies that sat out the market chaos in the early days of the Covid-19 pandemic — and were awaiting a final outcome in the U.S. election — are now rushing to go public. Airbnb and DoorDash will quickly be followed by three other mega-listings that could add billions of dollars to the IPO tally.

8. Japan Set to Unveil $706 Billion Stimulus Package

Yoshihide Suga is set to unveil his first stimulus package as Japan’s prime minister on Tuesday amid an increase in virus cases and a dip in support for his cabinet that is an early test of his leadership. The measures put together by Suga’s government will have an overall value of 73.6 trillion yen ($707 billion). The package will include around 40 trillion yen in fiscal measures, such as loans, investment and direct expenditure. The spending will be partly financed by 19.2 trillion yen from a third extra budget.

9. Dubai’s Largest Developer Halts New Projects as Glut Hits Values

Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years. “We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.” The comments marked a rare admission from Emaar, which for years has resisted calls to stop construction even as new properties flooded the market and drove down values.

10. Israeli Tech Funding Jumps 23% to $9.5 Billion on Virus Demand

Israeli technology companies raised $9.5 billion so far this year, a 23% increase over 2019, as the coronavirus outbreak spurred demand for innovative solutions to overcome challenges posed by the pandemic. Funding rounds ballooned in Israel along with the rest of the world, as the global economy relied more on technology to solve the disruptions caused by restrictions on the movement of goods and people. The biggest rounds this year include the $350 million raised by insurance tech company Hippo Insurance Services, $267 million garnered by cyber-security outfit SentinelOne, $200 million by customer analytics firm Gong.io Ltd., and a $150 million deal by the fintech startup Tipalti Solutions Inc.

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OPEC+ Clinches Oil Deal with Compromises – Top 10 Global News

1. Futures Rise as Jobs Miss Boosts Stimulus Bets

American equity-index futures gained and Treasury yields rose after a report showing U.S. employment gains slowed in November bolstered expectations for more federal stimulus. S&P 500 futures gained along with those on the Nasdaq 100 and Dow Jones. The dollar headed for its biggest weekly decline in five days. U.S. Labor Department figures showed non-farm payrolls increased by a less-than-forecast 245,000 from the prior month, as the unemployment rate dipped 0.2% to 6.7%. Energy companies led the Stoxx Europe 600 index higher, with U.K. equities outperforming as negotiators edged closer to a Brexit trade agreement. The euro strengthened for the fourth day after data signalled the German economy’s resilience to the coronavirus pandemic.

Futures on the S&P 500 Index increased 0.3% early morning New York time, the highest ever.

The Stoxx Europe 600 Index climbed 0.3%, the highest in a week.

The MSCI All-Country World Index rose 0.2%, the highest on record.

2. OPEC+ Finds Its Way to an Exhausting Compromise on Oil Cuts

After five days of difficult talks that exposed new rifts between core members, OPEC+ agreed to gently ease output cuts next year. The deal appeared to satisfy the oil market and most of the cartel’s members, but strained the group’s unity and set up testing times ahead. After a split emerged between Saudi Arabia and the United Arab Emirates, the cartel couldn’t agree on what had been widely expected before this week: a full three-month delay to the scheduled January output increase. Instead, ministers resolved to add 500,000 barrels a day of production to the market next month, then hold monthly meetings to decide on subsequent moves. The maximum change in any month will be 500,000 barrels a day in either direction.

3. U.S. Hiring Rebound Markedly Slows Amid Virus Surge

The U.S. labour-market rebound markedly slowed in November, indicating the surge in Covid-19 cases is hitting workers and curbing the broader economic recovery. Nonfarm payrolls increased by 245,000 from the prior month, as the unemployment rate dipped 0.2 percentage point to 6.7%, according to a Labor Department report Friday. The labour-force participation rate and employment-population ratio both declined, in negative signs for the economy. The data raise the chances that President-elect Joe Biden will inherit an even weaker labour market next year, with the recovery at risk of stalling during the wait for widespread vaccine distribution. With millions still enduring long-term joblessness, the report may also help push Congress to pass new fiscal aid and could make Federal Reserve officials more inclined to provide new stimulus when they meet Dec. 15-16.

4. Ant, Grab Win Singapore Digital Bank Licenses Along With Sea

Ant Group and a venture led by Grab Holdings won licenses to run digital banks in Singapore, paving the way for the technology giants to expand their financial services in the Southeast Asian hub. Sea Ltd. is also among the four winners announced Friday by the Monetary Authority of Singapore after almost a year of deliberation. A consortium involving China’s Greenland Financial Holdings Group is the other successful candidate. Singapore joins the U.K. and Hong Kong in opening up its banking system to purely digital entrants, as it seeks to inject innovation and competition into a market dominated by traditional lenders. The permits are coveted given the city’s status as a rapidly growing wealth management centre and a gateway to Southeast Asia, where the digital lending market is expected to quadruple in five years.

5. India’s Gold Imports Slump as Festival Fails to Light Up Demand

Gold imports by India tumbled last month as the festival of lights failed to revive demand in the world’s second-biggest consumer. Overseas purchases fell 41% in November from a year earlier to 33.1 tons. Still, imports showed an improvement from the 29 tons in October. Jewellers in India may be staring at one of their worst years for sales in 2020 as the coronavirus pandemic, high prices and a weak economy slam the ability of buyers to purchase gold. Demand during Diwali, the biggest occasion for the country’s more than 90 crore Hindus to purchase jewellery, was only about 70% of last year’s levels. India’s imports in the January to November period are down 63% from a year earlier to 220.2 tons.

6. Glaxo-Backed Vaccine Shows Strong Immune Response in Early Trial

A Covid-19 vaccine project supported by GlaxoSmithKline is headed for advanced trials after showing a strong immune response in early studies. Sichuan Clover Biopharmaceuticals Inc. of China said its shot induced neutralizing antibodies and proved to be safe in a study of 150 adults and elderly volunteers. The vaccine uses adjuvants — agents that boost a vaccine’s response — from both Glaxo and Dynavax Technologies Corp. Advanced-stage trials using Glaxo’s adjuvant are planned to begin this month, while studies using the Dynavax system will start in the first half of 2021, according to a statement Friday. The Clover vaccine showed long-term stability at refrigerator temperature. That would allow it to be used widely, including in developing nations.

7. U.K. Grants Five Passports a Minute to Hongkongers as China Tightens Grip

The U.K. is granting the most special travel documents to Hong Kong residents since the 1997 handover, bolstering predictions of a mass exodus as China tightens its grip over the former British colony. Some 216,398 Hong Kong residents received British National (Overseas) passports during the first 10 months of the year, higher than any annual figure stretching back to 1997. In October alone, the office issued 59,798 Hongkongers with BNOs, or 52% higher than in the same period last year, and the highest monthly figure since the Passport Office began readily compiling them in 2015. That translates to more than five every minute, based on an average eight-hour working day.

8. Europe Vaccination Plans; U.S. Sees Record Cases: Virus Update

European nations are rushing to draw up large-scale coronavirus vaccination programs, with the U.K. hoping to inoculate millions of Britons before the year is out. Sweden expects to get enough doses in the first quarter to immunize a fifth of the population and Norway sees its program starting in early 2021. Spain is aiming at vaccinating up to 20 million people by June. The U.S. posted another day of record Covid-19 infections and deaths, as overburdened hospitals around the nation brace for a surge in cases after Thanksgiving. In Asia, Japan’s Osaka prefecture raised its virus alert to the highest level following a rise in serious cases. South Korea’s number of newly confirmed cases climbed to the highest since early March.

9. BlackRock, Storebrand Pressure Indian Bank Over Coal Mining Loan

Shareholders of India’s largest bank are raising concerns about a proposed loan to Adani Enterprises Ltd. to help fund the opening of the controversial Carmichael coal mine in northern Australia. Officials from New York-based BlackRock Inc. and Norway’s Storebrand ASA have contacted the State Bank of India, which is majority-owned by the Indian government, about the loan. The loan’s value is expected to be as much as 5000 cr rupees ($678 million). The Carmichael mine has been the focus of environmental protestors since it was proposed in 2010, with demonstrations most recently at a Nov. 27 cricket match in Sydney between Australia and India. Adani changed its trading name in Australia to Bravus Mining and Resources last month, possibly to help dampen controversy about the mine, which is located in Galilee Basin in the northeastern Queensland province. The project has become a target of anger from climate-change activists in the country, which saw record temperatures and widespread wildfires this year.

10. Angry India Farmers Are ‘Ready to Die’ in Showdown With Modi

As India’s virus numbers swell and the economy stumbles, Prime Minister Narendra Modi has another crisis to deal with: Tens of thousands of angry farmers vowing to camp outside the capital for months. The farmers — mostly from Punjab, often called India’s bread-basket — want him to repeal three laws passed in September that allow them to sell crops directly to private firms instead of licensed middlemen at state-controlled markets. While Modi has said the laws will help them earn more cash, farmers fear those companies won’t give them minimum prices set by the government.

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Global Stocks Overbought; Risks Correction – Top 10 Global News

1. Global Stocks Pause at Record Highs; Dollar Slips

Global stocks paused near all-time highs and bonds steadied on Thursday amid mounting concern about fragile economic recoveries and the debate over fiscal support. S&P 500 futures stalled after the underlying gauge closed at another record high. European shares edged lower, pulled down by energy companies, while markets edged up in Asia. Sterling recouped Wednesday’s drop as traders took in stride France’s threat to veto a Brexit deal. And the dollar added to its slump this week that has sent the euro, Australian dollar and the Korean won to their highest levels versus the greenback in more than two years, and the Swiss franc to its strongest since 2015.

Futures on the S&P 500 Index were little changed at early morning New York time.

The Stoxx Europe 600 Index dipped 0.1%.

The MSCI Asia Pacific Index gained 0.6%.

The MSCI Emerging Market Index advanced 0.6%.

2. Morgan Stanley Says Stocks Overbought, Risk Correction

U.S. equities are overbought and at risk of a correction after their recent surge, according to Morgan Stanley’s Mike Wilson. One key risk that most people are overlooking is that Treasury yields continue to march higher, which could create jitters that send stocks lower, said the firm’s chief investment officer. Surging Treasury yields this week amid renewed optimism about a U.S. stimulus program and positive vaccine news are leaving some investors nervous that a higher discount rate may eventually require an adjustment lower in equity valuations with stocks at all-time highs. The S&P 500 Index is coming off a record monthly gain and is trading at valuations last seen at the bursting of the dotcom bubble.

3. Global Oil Benchmark Brent Could Soon Incorporate American Crude

S&P Global Platts is considering adding a key U.S. crude grade to its North Sea benchmark, a move that could transform the way oil prices are set in many parts of the world. The pricing agency has opened consultations on adding West Texas Intermediate Midland crude to the Dated Brent benchmark and is inviting feedback on the proposal until Feb. 5. Dated Brent is used to set more than two-thirds of the world’s physical oil prices and ultimately helps shape the price of Brent oil futures. The move reflects the growing importance of U.S. crude internationally. 

4. Covid Drug Prices Need U.S. Controls to Prevent Gouging

The U.S. government should set prices for coronavirus vaccines and therapies to prevent gouging, a coalition of companies and other employers said. Medicare, the health program serving older Americans, should determine fair prices for Covid-19 drugs and inoculations that would also be paid by companies, organizations and individuals, Employers’ Prescription for Affordable Drugs said in a statement. The group cited Gilead’s remdesivir antiviral as an example of an overpriced therapy. Employers are growing increasingly uneasy about their share of the treatment costs for rising numbers of patients with Covid-19, more than 90,000 of whom are now hospitalized in the U.S. alone. Remdesivir, one of the few coronavirus treatments, costs private health plans more than $3,000 per treatment course, the group said.

5. Germany Extends Lockdown; Iran’s 1 Million Cases

The number of coronavirus cases reported in Iran surpassed 1 million on Thursday, the Middle East’s worst outbreak. German Chancellor Angela Merkel extended the nation’s partial lockdown for three more weeks, with the daily death toll at its highest since April. Los Angeles (USA) ordered residents to stay home and businesses that require in-person work to cease operations. The U.S. had its deadliest day ever, with Covid-19 fatalities topping 2,700, according to Johns Hopkins University. Hospitalizations in the country surpassed 100,000 for the first time. Thailand will intensify patrolling at its borders after about a dozen people, who illegally entered the country from neighbouring Myanmar, tested positive for coronavirus.

6. China faces Ticking Debt Bomb in China’s $15 Trillion Bond Market

While defaults were once considered a rare occurrence in China’s bond market. After years of debt-fueled spending, Chinese companies are under increasing pressure. They are trying to cope with unsustainable levels of debt against a backdrop of substantially slower economic growth compared with earlier decades. With Beijing pulling back some of its supportive measures introduced to offset the impact of the pandemic, signs of credit stress are returning. A series of failures among state-linked companies sent shockwaves through the market, throwing doubt on the credit risks of a group of borrowers historically considered to enjoy the implicit guarantee of the state or local governments.

7. France Floats Veto Threat on Brexit Deal as EU Feels Strain

France warned it could veto a trade deal between the U.K. and the European Union if it doesn’t like the terms, piling pressure on the EU negotiating team not to make further concessions as talks build to a climax. At a meeting of the bloc’s 27 ambassadors on Wednesday, the French envoy warned chief Brexit negotiator Michel Barnier of how bad it would look if he brokered a deal only to see it vetoed by EU leaders. Once any deal is done, EU leaders must approve it unanimously if it is to take effect, meaning Barnier has to keep all member states on board.

8. China to Allow Australian Coal Cargo Ashore Despite Ban

China is set to allow a shipment of Australian coal into the country, despite a ban on such imports remaining in place as tensions between Beijing and Canberra escalate. A cargo of 135,000 tons of Australian thermal coal on the vessel Alpha Era, which has been waiting since late May to unload at the southern Chinese port of Fangchenggang, is expected to clear customs and is bound for a local user. It isn’t clear why the cargo is expected to clear customs. The ban on Australian coal, except on the Alpha Era cargo, remained unchanged. The person with knowledge of the Alpha Era said customs didn’t explain why they were processing the cargo.

9. Pandemic Pushed 32 Million People Into Extreme Poverty: UN

The coronavirus pandemic has had a devastating impact on the world’s poorest countries, pushing millions into extreme poverty, according to a United Nations report. More than 32 million additional people in the poorest countries in the world now live on less than INR 150 a day – a direct result of the outbreak, the UN Conference on Trade and Development said Thursday. The economic impact in the Least Developed Countries (LDC) has been far more devastating than the health crisis, it said, with growth prospects cut from 5% to -0.4% this year. That would be the worst economic performance of the 47 LDCs since the third-world debt crisis of the 1980s, the UN said. The abrupt halt in world trade and tourism, and the impact of lockdowns on international migration and remittances, dealt a “ruinous” blow.

10. Saudi Arabia, Qatar Near U.S.-Brokered Deal to End Lengthy Rift

Saudi Arabia and Qatar are nearing a preliminary deal to end a rift that’s dragged on for more than three years, prodded by a Trump administration seeking foreign policy wins during its waning days in the White House. The tentative agreement does not involve the three other Arab countries that also severed diplomatic and trade ties with Qatar in June 2017 — the United Arab Emirates, Bahrain and Egypt. A broader realignment remained a long way off as the underlying issues, such as Doha’s relations with Tehran, remained unresolved. The potential breakthrough follows months of intense diplomacy mediated by Kuwait, which reached fruition with a final push from President Donald Trump’s son-in-law and Middle East envoy Jared Kushner, who visited the Gulf this week. The rapprochement is likely to include reopening air space and land borders, an end to the information war Qatar and Saudi Arabia have waged and other confidence-building steps as part of a detailed plan to gradually rebuild relations.

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U.K. approves Pfizer Vaccine – Top 10 Global News

1. U.S. Futures Dip; Pound Slides on Brexit Angst

Futures on U.S. equity indexes slipped a day after closing at record highs and European shares edged lower as investors struggled to find fresh catalysts to add more risk. Pro-cyclical sectors including auto and travel shares dragged the Stoxx Europe 600 Index modestly lower. Britain’s pound slumped after the European Union’s chief Brexit negotiator Michel Barnier reportedly told envoys the outcome of any deal is still too close to call. Salesforce.com fell more than 4% in pre-market trading after agreeing to buy software maker Slack. for $27.7 billion. Pfizer climbed after its Covid-19 shot was cleared for deployment in the U.K. as soon as next week.

Futures on the S&P 500 Index decreased 0.2% as of early morning New York time.

Nasdaq 100 Index futures declined 0.2%.

The Stoxx Europe 600 Index fell 0.2%.

The MSCI Asia Pacific Index increased 0.2%.

2. The U.K. Approves Pfizer’s Vaccine, Roll-out Next Week

Now that Britain has become the first western country to approve a Covid-19 shot, the spotlight shifts to the high-stakes rollout. Vaccinating the country’s roughly 6.7 crore people won’t happen overnight. The U.K. has ordered enough doses of the two-shot Pfizer-BioNTech vaccine to immunize 2 crore people. The government plans to prioritize as it begins to deploy the vaccine, starting with residents and staff in care homes, then moving to people over 80 years old and health-care workers. Britain will immunize people throughout the wider population next, based on age and risk. The shot is expected to be available from next week.

3. Barnier Voices Caution as Brexit Negotiators Race to a Deal

British and European Union officials are racing to strike a post-Brexit trade deal before the start of next week, with EU chief negotiator Michel Barnier telling envoys the outcome is still too close to call. While intensive, round-the-clock talks in London are making progress, genuine disagreement remains on the two biggest obstacles, meaning it’s impossible to predict an outcome with any certainty. A third issue — how the deal would be enforced — can only be overcome at the end. However, two officials said the general mood on both sides is one of optimism. 

4. OPEC+ Works Silently to Repair Crack at Oil Coalition’s Core

After failed talks exposed a dangerous fissure at the alliance’s core, OPEC and its partners are quietly working to repair the damage. Key players in the 23-nation alliance are making diplomatic efforts to resolve a dispute — centred around Saudi Arabia and the United Arab Emirates — over how much crude to pump in the new year. On Monday, differences between the Saudis and the UAE prevented the cartel from reaching a clear agreement on whether to delay a planned production increase. Traditionally stalwart allies, a fissure has emerged between the two Persian Gulf exporters as Abu Dhabi pursues a more independent oil policy.

5. Global Bank Job Cuts Reach Five-Year High

Banks around the world have announced the most job cuts in five years as the pandemic adds further pressure to business models upended by the digital revolution. ABN Amro Bank and Banco de Sabadell disclosed plans to eliminate as many 4,600 positions between them this week, taking the total to 85,540 globally, according to data compiled by Bloomberg. That’s the most since 2015, when deep overhauls of several major lenders called for a combined 91,448 positions to be axed. These moves are a reminder that Europe is at the epicenter of the industry’s job cuts, with its lenders facing record-low and even negative interest rates.

6. Grab, Gojek Close In on Terms for Merger

Grab and Gojek have made substantial progress in working out a deal to combine their businesses in what would be the biggest internet merger in Southeast Asia. The region’s two most valuable startups have narrowed their differences of opinion, though some parts of the agreement still need to be negotiated. The final details are being worked out among the most senior leaders of each company with the participation of SoftBank Group’s Masayoshi Son, a major Grab investor.

7. SoftBank Is Winding Down Options Bets After Investor Fallout

SoftBank Group is quietly winding down its controversial derivatives strategy after a sustained backlash from investors. The Japanese conglomerate is letting its options expire, instead of maintaining its positions. About 90% of the contracts will close out by the end of December because they are short-term. SoftBank will hold on to its underlying portfolio of big tech stocks, which included Amazon and Facebook. SoftBank shareholders balked after SoftBank’s foray into derivatives trading was first disclosed in September, cutting the company’s market value by as much as $17 billion. Investors have questioned the rationale of a company known for its years-long bets on technology startups dabbling in public securities, especially derivatives. They have also criticized founder Masayoshi Son for taking a personal stake in the trading.

8. HSBC’s Loyal Hong Kong Investors Find Redemption in 51% Rally

Europe’s biggest lender is up 51% in Hong Kong since touching its 25-year low in September and is the best-performing stock on the Hang Seng Index this quarter. Just two months ago, investors were fretting over how mounting regulatory and economic pressures would squeeze the firm’s key businesses in Asia. But a lot has changed since then. British regulators have signalled they would consider softening their stance on a dividend ban imposed on banks in March at the height of the pandemic. Also, HSBC recorded better-than-expected third-quarter results on cost savings while investors have piled into financial stocks as part of a sector rotation.

9. After Aramco, Plenty More IPOs rain in Saudi Arabia

One year on from oil giant Saudi Aramco’s record-busting initial public offering in Riyadh, the exchange has continued to enjoy a steady stream of listings. Deals are already lining up for 2021. For years, the twists and turns leading up to Aramco’s listing dominated Saudi Arabia’s IPO market. The decision to float on Riyadh’s Tadawul exchange and to largely forgo international investors sparked concerns that the $29 billion deal would soak up all the available local liquidity for years. That fear has turned out to be unfounded. This year, four companies have gone public on the Saudi exchange, raising a combined $1.5 billion. That’s more than the $1.3 billion worth of IPOs in Germany, though far behind the Aramco year of 2019.

10. Australia’s economy bounced back in the third quarter

Australia’s economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged, though the country’s top central banker signalled monetary policy will stay supportive of growth for a while. The latest data show that the 2-trillion Australian dollar ($1.5 trillion) economy expanded at a faster-than-expected rate of 3.3% in the September quarter, following a 7% contraction in June, as the country largely brought COVID-19 under control. The rebound was led by household spending, which rose 7.9%, driven by aggressive fiscal and monetary stimulus programmes since March.

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Giant U.K. Retailers go Bankrupt – Top 10 Global News

1. Stocks Bounce Back With U.S. Futures; Dollar Slips

Global stocks and U.S. futures are starting December on a bullish note with a rebound from Monday’s retreat. Cyclical shares led the Stoxx Europe 600 Index higher as banks, miners and energy firms climbed. U.K. stocks were up almost 2% after Goldman Sachs strategists called them a buy ahead of a Brexit trade deal. The risk-on mood carried across other markets. Bitcoin is approaching $20,000 and futures on the Russell 2000 Index of small-cap stocks outperformed the tech-heavy Nasdaq 100 Index. The dollar weakened against most of its major peers.

Futures on the S&P 500 Index increased 0.8% as of morning London time.

The Stoxx Europe 600 Index gained 0.9%.

The MSCI Asia Pacific Index rose 1%.

The MSCI Emerging Market Index rose 1.2%.

2. Pfizer, BioNTech Seek EU Clearance for Covid-19 Vaccine

Pfizer and BioNTech sought regulatory clearance for their Covid-19 vaccine in the European Union, putting the shot on track for potential approval there before the end of the year. The European Medicines Agency said it could issue an opinion within weeks, with a meeting on the assessment scheduled for Dec. 29 at the latest. Submitted on Monday, the formal application caps a rolling review process that started on Oct. 6 and allowed Europe’s drugs regulator to examine data on the vaccine as it emerged. Governments around the world are eager to start vaccinating their populations to curb the pandemic. Rival Moderna requested clearance in the U.S. and Europe on Monday. The U.K. invoked a special rule to allow its regulator to bypass its EU counterpart and maybe the first to sign off on the Pfizer-BioNTech product. The U.S. isn’t far behind, with a Food and Drug Administration panel set to meet on Dec. 10 to discuss the vaccine.

3. Exxon Faces Historic Writedown After Energy Markets Implode

Exxon Mobil is about to incur the biggest writedown in its modern history as the giant U.S. oil and gas producer reels from this year’s collapse in energy prices. Exxon — traditionally far more reluctant to cut the book value of its business than other oil majors — on Monday disclosed it will write down North and South American natural gas fields by $17 billion to $20 billion. That could make it the industry’s steepest impairment since BP’s 2010 Gulf of Mexico oil spill that killed 11 workers and fouled the sea for months. Meanwhile, capital spending will be drastically reduced through 2025. The announcement comes in the waning days of a gruelling year for Chief Executive Officer Darren Woods, who’s resorted to laying off thousands of employees, curtailing retirement benefits and cancelling ambitious growth projects. 

4. Two U.K. Retail Collapses Threaten 25,000 Jobs in 24 Hours

The U.K. retail industry suffered one of the harshest blows yet after two of the country’s best-known retailers collapsed, putting 25,000 jobs at risk in less than 24 hours. Debenhams said Tuesday morning it’s preparing to close its doors for good after failing to find a buyer. Late Monday, Philip Green’s Arcadia Group, which owns brands including Topshop and Dorothy Perkins, began insolvency proceedings. Both retailers have anchored malls and main streets across Britain for decades and operate about 600 stores combined. U.K. retailers have suffered a double whammy: the pandemic hit as many were struggling to adjust to online competition. The industry is set to lose 235,000 retail jobs this year, according to the Centre for Retail Research.

5. European Central Bank Warns Against Hopes for Blockbuster Stimulus

The European Central Bank should focus on keeping financial conditions at current levels through the crisis rather than announcing a blockbuster stimulus package that beats market expectations, according to Executive Board member Isabel Schnabel. Just over a week before the ECB Governing Council’s policy decision, Schnabel confirmed that more support is likely because the pandemic will be more protracted than expected. But she also noted that borrowing costs have dropped to record lows because of monetary and fiscal aid, and what is most important is sustaining that state of affairs until the crisis is past.

6. Pound Rises as Traders Bet on Brexit Breakthrough Within Days

The pound advanced to the highest level in three months as anticipation grew that the U.K. and European Union may strike a trade deal soon. Pound sterling rose as much as 0.6%, sending the currency above September-highs. Irish Prime Minister Micheal Martin told the Irish Times he’s hopeful for a Brexit deal by the end of the week, echoing similar comments by French European Affairs Minister Clement Beaune. With time running short to ratify any agreement before the transition period ends on Dec. 31, momentum is building for a pact. It was spurred by relief the U.K. and EU seemed willing to negotiate a deal and on optimism over the developments of several Covid-19 vaccinations.

7. Xiaomi Seeks Up to $4 Billion in Shares, Convertible Bonds

China’s No. 2 smartphone maker Xiaomi Corp. is seeking to raise as much as $4 billion from a combined share placement and sale of convertible bonds, adding to a war chest aimed at expanding its market share from competitor Huawei. Xiaomi is selling 100 crore shares in a top-up placement to raise as much as $3.2 billion. Xiaomi is also seeking $855 million through a seven-year, zero-coupon convertible bond. Xiaomi shares had been on a rally this year, rising 146% from a year ago. However, its stock slipped after it disclosed that its internet services revenue had grown at its slowest pace in three years in the September quarter. It grabbed market share from Huawei when American sanctions deepened particularly in overseas markets from Europe to India.

8. OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies

OPEC+ talks were delayed for two days to give ministers more time to reach a deal, after a long and tense meeting on oil production broke down without an agreement. The move was the most dramatic sign yet of the deep division inside the cartel after hours of talks on Monday yielded no result. Oil prices, which have rallied on vaccine hopes as well as expectations that OPEC will maintain its current output curbs, slipped on the news. OPEC ministers met on Monday and had been scheduled to talk to their non-OPEC partners on Tuesday. At one point, there had appeared to be a consensus building between ministers yesterday, but the meeting then became unusually fraught. The run-up to the meeting saw new cracks emerge in the relationship between the United Arab Emirates — a core part of the group — and other members. The UAE’s national long-term strategy to crank up production is clashing with the cartel’s current restrictions.

9. Oyo Has $1 Billion to Fund Operations Until IPO, CEO Tells Employees

Ritesh Agarwal, founder and CEO of Oyo Hotels, told employees the Indian startup is making progress in recovering from the coronavirus fallout and has about $1 billion (INR 7500 cr) to fund operations until an IPO. The 27-year-old entrepreneur made the comments in a fireside chat with Oyo board member Troy Alstead, after the once high-flying company endured months of layoffs and losses as Covid-19 hammered its business. Oyo is one of the largest startups in the portfolio of SoftBank Group, reaching a valuation of $10 billion (INR 75,000 cr) before the downturn. Agarwal said the company’s focus is on getting revenue per available room to 60% to 80% of pre-pandemic levels across all markets. India, China, Japan and Southeast Asia are making progress in reaching that range, he added.

10. Wendy’s to Open 250 Cloud Kitchens in India as Virus Hits

Wendy’s has struck a deal with India’s Rebel Foods to open about 250 cloud kitchens across the country, one of the most ambitious efforts yet to serve customers through delivery rather than the traditional fast-food stores as the industry adapts to the coronavirus pandemic. The U.S. company is experimenting with a new format as the Covid-19 outbreak makes many consumers unwilling or unable to visit traditional stores. Cloud kitchens, which derive their name from cloud computing, are remote facilities without seating or cashiers that prepare food exclusively for delivery. Wendy’s, with nine brick-and-mortar outlets in India, said it believes its cloud kitchen alliance is the largest yet in the industry. Rebel Foods, backed by Sequoia Capital and Goldman Sachs Group is the world’s largest cloud-kitchen operator with more than 300 locations.

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London to lose Finance Capital Crown – Top 10 Global News

1. Stocks Slip After Record Rally; Oil Retreats

U.S. futures slipped and European stocks steadied on the last day of the month after a record-breaking rally in global equity markets. Oil extended a retreat on signs of discord among OPEC+ ministers. The rotation that sent stocks to all-time highs showed signs of a slight reversal, with technology companies holding firm, while small-caps, banks and energy producers were broadly lower. The MSCI Asia Pacific Index sank 1.6%, the biggest loss in a month. Investors have become cautious after big gains in the last few weeks that were driven by the vaccine news.

Futures on the S&P 500 Index declined 0.5% as of early morning London time.

The Stoxx Europe 600 Index was little changed.

The MSCI Asia Pacific Index declined 1.6%.

The MSCI Emerging Market Index fell 1.3%.

2. OPEC+ Heads Into Crucial Talks Still Split Over Output Plans

OPEC and its allies headed into a two-day meeting with ministers still split on plans to delay a production boost, after failing to reach consensus in talks on Sunday night. The 23-nation coalition led by Saudi Arabia and Russia is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels, while others are keen to sell more crude.

3. London in Deep Trouble as Brexit Finance Deal Unlikely

The golden age of the City of London began with a big bang. It’s ending with a whimper. Fears that the finance powerhouse that emerged from Margaret Thatcher’s 1986 deregulation — known as the Big Bang – will gradually be dismantled have deepened with a recent flurry of announcements about some business heading to the European Union as Britain enters the last month of the Brexit transition period without a financial-services deal in sight. The latest shift comes Monday at 8 a.m. when London Stock Exchange’s stock trading platform Turquoise Europe goes live in Amsterdam. It joins other trading venues like Cboe Europe and Aquis Exchange setting up shop on the continent as part of their no-deal Brexit plans.

4. China Says Its Grain Imports Not to Blame for Global Price Surge

A Chinese government official rebuffed the idea that the nation’s massive corn and wheat imports are to blame for the jump in international prices, saying the coronavirus pandemic and uncertainty in global food trade drove “panic” in the industry. Grain prices have risen because of export restrictions by major suppliers and the stockpiling of food reserves by some countries. China’s grain imports only account for a 10th of global trade, with the majority being soybeans, and have a limited impact on international food prices. Crop prices have been on a rise as China’s buying gained pace in recent months amid tighter-than-expected world grain and oilseed supplies. The second-biggest economy surpassed for the first time ever an annual corn-import quota set by the World Trade Organization as purchases in October hit a record high.

5. Iran Pledges Payback at ‘Right’ Time Over Scientist Killing

President Hassan Rouhani said Iran will respond to the killing of its top nuclear scientist “when the time is right,” and accused Israel of an “act of terrorism” in a significant escalation of tensions in the Persian Gulf. Mohsen Fakhrizadeh, a senior nuclear scientist working for the Ministry of Defense, was assassinated Friday in a shootout and car bombing on the outskirts of Tehran. Promising “severe revenge,” officials also pointed the finger at the U.S., potentially complicating President-elect Joe Biden’s bid to revive the Iranian nuclear deal.

6. U.K. Mortgage Approvals Unexpectedly Jump to 13-Year High

U.K. mortgage approvals jumped to the highest since before the financial crisis in October as buyers rushed to take advantage of tax incentives. Lenders approved 97,532 loans in October, the most since 2007, the Bank of England said Monday. Net consumer credit fell by 590 million pounds (INR 5800 cr) as households paid down debt, mostly on credit cards. The housing market is defying a broader economic downturn because of pent-up demand from the Covid lockdowns and a temporary tax break on home purchases. The BOE expects the unemployment rate to climb higher than 7% next year from the current 4.8%. Economic output won’t recover to pre-pandemic levels until 2022, the central bank’s latest forecasts show.

7. ABN Amro to Cut About 2,800 Jobs as Investment Bank Shrinks

ABN Amro Bank plans to cut about 2,800 jobs over four years as the Dutch lender retreats from large parts of its investment bank and digitization allows it to operate with a smaller staff. The company plans to reduce costs by about $840 million (INR 6200 cr) by 2024. The workforce will shrink by about 15%, with most reductions to start in 2022, Chief Executive Officer Robert Swaak said in an investor update on Monday. In August, Swaak announced plans to cut a third of the lender’s business with corporate clients, dropping company finance outside of Europe and exiting trade and commodity financing altogether. 

8. Cyber Monday Projected to Hit Pandemic-Fueled $12.7 Billion in Sales

Online shoppers in the U.S. are expected to drop a record-busting $12.7 billion (INR 94,000 cr)  on Cyber Monday — the busiest e-commerce day of the year — presenting a valuable opportunity for retailers whose websites, customer service departments and delivery operations can withstand the period of crushing traffic. Amazon.com, Walmart, Target, Best Buy and others have been preparing for the 2020 holiday season for months. This week will be the ultimate test for their new investments in ramping up delivery capacity and adding features like parking lot pickup for digital orders. The Covid-19 surge kept crowd-averse shoppers away from physical malls on Black Friday, reinforcing predictions that online shopping will soar this year. Adobe Analytics predicts that Cyber Monday spending for 2020 will climb by 35% – more than double the growth rate in the years prior to the pandemic. That also means that any service interruptions on Cyber Monday — slow websites, payment processing problems, shopping carts that vanish before checkout – could be painful for companies.

9. China Oil Giant CNOOC Targeted by U.S. After Years of South China Sea Tension

China’s third-biggest oil company faces a U.S. blacklist, which could spur major outflows from its Hong Kong-listed unit, after years of involvement in offshore drilling in disputed South China Sea waters. China National Offshore Oil Corp., the nation’s main deepwater explorer, is among four companies to be added to a list of firms owned or controlled by the Chinese military. The move comes as the Trump administration plans several new hard-line moves against Beijing in the final weeks of its term. CNOOC hasn’t yet received any official notice or decision from any relevant U.S. government agency, the firm’s listed unit said in an exchange filing in Hong Kong.

10. China’s factories crank up output, but jobs, debt remain concerns

China’s factory activity expanded at the fastest pace in more than three years in November, while growth in the services sector also hit a multi-year high, as the country’s economic recovery from the coronavirus pandemic stepped up. Upbeat data released on Monday suggest the world’s second-largest economy is on track to become the first to completely shake off the drag from widespread industry shutdowns, with recent production data showing manufacturing now at pre-pandemic levels. But companies are still not expanding their payrolls, the figures show, and some analysts point to rising debt levels among state-owned firms as another possible headwind for the economy.

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U.S. Pitches China’s Belt & Road Alternative – Top 10 Global News

1. Record Equity Rally Eases while Treasuries Advance

The global stocks rally eased on Friday as investors assess valuations following a record rise in equities this month and the enduring pandemic in parts of Europe and the U.S. Oil retreated amid rising tensions among OPEC+ members. Futures on the S&P 500 edged higher amid lower-than-average market volumes with reduced trading hours for U.S. stocks and bonds. Treasuries advanced and the dollar headed for a second weekly decline.

S&P 500 futures climbed 0.3% by early morning New York time.

The Stoxx Europe 600 index was little changed.

The MSCI Asia Pacific Index rose 0.2%.

The MSCI Emerging Markets Index was little changed.

2. U.S., Taiwan to Push an Alternative to China’s Belt and Road

An informal U.S.-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure. Taiwan and the U.S. are moving ahead with a plan to finance infrastructure and energy projects in Asia and Latin America, using capital raised from the private sector to ensure greater transparency. The plan, initiated with the signing of an agreement between the U.S. and Taiwan in September, aims to raise funds through bonds aimed at Taiwanese banks, insurers and other private capital. It is an opportunity for both Washington and Taipei to counter China’s global infrastructure spree amid concerns about Beijing’s commitment to international projects and worsening finances among developing countries.

3. OPEC+ Calls Last-Minute Talks Ahead of Decision on Oil Cuts

Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. The 23-nation network known as OPEC+ made vast production cuts during the depths of the pandemic to offset a historic collapse in fuel demand. The alliance had planned to ease some of the curbs at the start of 2021 in anticipation of a global economic recovery

4. India Enters Recession as Virus Pummels No. 3 Asian Economy

India entered an unprecedented recession with the economy contracting in the three months through September due to the lingering effects of lockdowns to contain the Covid-19 outbreak. Gross domestic product declined 7.5% last quarter from a year ago, a marked improvement from a record 24% contraction the previous quarter. Prime Minister Narendra Modi imposed one of the world’s strictest lockdowns in March, sapping demand for non-essential goods and services. Despite the measures to stem the pandemic, the country is now home to the second-highest Covid-19 infections after the U.S. at 93 lakh cases. The second straight quarterly decline in GDP pushes Asia’s third-largest economy into its first technical recession. Financial and real estate services — among the biggest components of India’s dominant services sector — shrank 8.1% last quarter from a year ago, while trade, hotels, transport and communication declined 15.6%. Manufacturing gained 0.6%, electricity and gas expanded 4.4% and agriculture grew by 3.4%.

5. Bitcoin Edges Lower to Extend Biggest Slump Since Pandemic Hit

Bitcoin and many of its major peers edged lower on Friday in the wake of some of the biggest declines since the onset of the pandemic, a sell-off that has stirred fresh doubt about this year’s craze for cryptocurrencies. The most-traded digital coin slipped as much as 2.6% before paring the decline.  The sell-off was kicked off by worries over the prospect of tighter crypto rules in the U.S. and profit-taking after a big rally. Even with the slump, Bitcoin has more than doubled this year — an advance that has split opinion. Crypto believers tout a broadening investor base and the search for a hedge against dollar weakness as reasons for a durable boom. Critics point to a history of big swings, including a spectacular boom and bust three years ago.

6. Pfizer Vaccine Goes to Malaysia: Covid-19 Updates

Malaysia agreed to use Pfizer’s Covid-19 vaccine for 20% of its population, while Russia hopes to start supplying its shots next month to Hungary. Ireland, the first western European country to reimpose a lockdown, will order an easing of coronavirus curbs on Friday. Germany’s patients in intensive care rose to record levels. AstraZeneca’s vaccine looks like it’s headed for an additional global trial as the drugmaker tries to clear up uncertainty around favourable results in its current study. Tokyo posted a record 570 cases just one day before a request for bars and restaurants to close early takes effect. New York’s new infections reached a seven-month high, while hospitalizations rose to their highest level since June.

7. Qatar Inks Deal for Minority Stake in Turkish Stock Exchange

Qatar announced a series of high-profile investments in Turkey, its biggest ally in a years-long rift with Gulf heavyweights Saudi Arabia and the United Arab Emirates, including the purchase of a stake in the country’s main bourse. Doha-based sovereign wealth fund Qatar Investment Authority signed a memorandum of understanding with its Turkish counterpart known as TWF to purchase a 10% stake in Borsa Istanbul AS. The agreement for a minority stake in the company that runs the main Turkish stock exchange, for an undisclosed amount, was unveiled at a ceremony at the presidential palace in Turkey’s capital Ankara. Qatar also signed another preliminary deal to invest in a multibillion-dollar port project in Istanbul and finalized an earlier agreement to buy a stake in Istinye Park, one of Istanbul’s largest shopping malls that’s popular among tourists from the Middle East.

8. Brexit Britain’s Food Supply Is Imperiled by Christmas and Covid

A scarcity of warehouse space because of Christmas demand and the pandemic is putting the U.K. at risk of shortages of some food products as it prepares to leave the European Union’s single market. With five weeks to go before the end of the Brexit transition period, large manufacturers and industry groups are warning that the capacity of the food supply chain is at its peak and can’t withstand any further shocks. There have been numerous warnings about potential Brexit disruption from companies and even U.K. ministers, such as lines of trucks on the highway regardless of whether there’s a trade deal or not. The trouble is that the latest contingency planning couldn’t come at a worse time as Christmas goods take up storage space.

9. Euro-Area Economic Confidence Slumps Amid New Virus Restrictions

Economic confidence in the euro area fell sharply in November, the first deterioration in seven months after governments imposed new restrictions to halt the spread of the coronavirus. A European Commission sentiment index dropped to 87.6 from 91.1 the previous month, with retailers, services providers and consumers particularly pessimistic. An indicator for employment expectations declined for a second month. Many governments took new steps to curb economic activity in November, threatening to pitch the currency bloc back into a slump in the final quarter. Germany extended its partial lockdown until at least Dec. 20, while France is planning to keep restaurants closed until a month after that.

10. China Targets Australian Wine, Says Ties Have Taken ‘Nosedive’

China is set to impose anti-dumping duties of more than 100% on Australian wine from this weekend, adding to a series of sweeping trade reprisals this year and further escalating tensions with Canberra. The anti-dumping deposits will take effect Nov. 28 and range from 107.1% to 212.1%, the Chinese Ministry of Commerce said. Australia responded by warning Beijing that its actions could create a perception among businesses and countries around the world that trade with China is risky.

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Market News Top 10 News Top Global News

Elon Musk World’s 2nd-Richest Man now – Top 10 Global News

1. Cyclicals Lead Global Stocks Higher; Dollar Drops

Cyclical companies are powering global equities higher for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus. Futures on the S&P 500 outpaced contracts on the tech-heavy Nasdaq as investors doubled down on economically sensitive sectors such as travel and energy. Oil and gas shares led the Stoxx 600 Index higher. EasyJet and International Consolidated Airlines Group SA rose after England planned to cut its quarantine period for arrivals from high-risk countries.

Futures on the S&P 500 Index rose 0.8% as of early morning New York time.

The Stoxx Europe 600 Index rose 0.6%.

The MSCI Asia Pacific Index rose 0.9%.

The MSCI Emerging Market Index was little changed.

2. Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 (INR 14 lakh) for the first time since 2017 as the mania over digital currencies continues to grip Wall Street. Bitcoin climbed as high as $19,103 before paring the advance, trading up 2.2%. Prices are approaching an all-time high with many pointing to the wider acceptance of cryptocurrencies among traditional investors as the catalyst behind the surge. PayPal Holding Inc.’s October decision to allow customers to access cryptocurrencies led the coin to spike above $13,000 for the first time in over a year. And Fidelity Investments launched a Bitcoin fund over the summer.

3. Elon Musk Overtakes Bill Gates to Grab World’s Second-Richest Ranking

Elon Musk’s year of dizzying ascents hit a new apex Monday as the Tesla co-founder passed Bill Gates to become the world’s second-richest person. The 49-year-old entrepreneur’s net worth soared from $7.2 billion to $127.9 billion (INR 9.5 lakh cr), driven by yet another surge in Tesla’s share price. In January he ranked 35th. His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion. About three-quarters of his net worth consists of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.

4. Biden Begins Formal Transition After Trump Yields on GSA Process

President-elect Joe Biden and his team will begin to delve into Donald Trump’s coronavirus vaccine planning and assess the condition of federal agencies after the president relented and allowed the transition planning to begin. After weeks of inaction, the chief of the General Services administration acknowledged Monday that Biden was the “apparent winner” of the Nov. 3 election. The shift came after the key swing state of Michigan certified Biden as the winner, at least nine Republican senators called for the transition to begin and the Trump legal team suffered fresh setbacks.

5. UAE Allows Full Foreign Ownership of Firms to Boost Economy

The United Arab Emirates abolished the need for companies to have Emirati shareholders, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices. The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to be majority Emirati, citing changes issued by the country’s president. The rules come into effect on Dec. 1 and are the latest in a series of measures aimed at liberalizing business activity in the UAE, where foreigners comprise more than 80% of the population. The amendments are designed to reduce costs for companies and attract foreign entrepreneurs often put off by regulations demanding they hand 51% of their business to locals in order to operate onshore.

6. Millions of Americans Expect to Lose Their Homes as Covid Rages

Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S. About 58 lakh adults say they are somewhat very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau.  The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March. The Centers for Disease Control and Prevention’s nationwide temporary suspension on evictions — aimed at stemming the spread of coronavirus — is slated to end Dec. 31. The timing is far from ideal given millions of people are also set to lose their unemployment benefits at year-end without an extension from Congress.

7. Boris Johnson Ends England Lockdown But Tougher Regional Rules Follow

Prime Minister Boris Johnson confirmed England’s national lockdown will end next week, to be replaced by a tougher three-tier system of regional restrictions designed to last until spring next year. Ministers are drawing up plans to allow rules to be relaxed across the U.K. in time for Christmas and Johnson said if all goes well with the roll-out of vaccines, “the vast majority” of people who need a shot will get one by April. Under the new rules for England, from Dec. 2 shops, hairdressers and gyms will reopen across the country, but bars and restaurants will be take-away only in areas under the tightest restrictions. The government will announce on Thursday which tiers regions are being placed in after looking at the latest data on infections.

8. Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei when American sanctions deepened. China’s No. 2 smartphone name reported a stronger-than-anticipated 34.5% rise in sales in the September quarter. More than half of that originated beyond its home country for the first time as Xiaomi took advantage of Huawei’s retreat to delve deeper into markets from Western Europe to India, where it widened its lead. The company has been among the biggest beneficiaries of the Trump administration’s campaign to ban Huawei and contain China’s technological ascendancy.

9. Russian COVID-19 vaccine to cost less than $20, free for citizens

Russia’s two-shot Sputnik V COVID-19 vaccine will cost less than $20 per person on international markets and will be free of charge for Russian citizens, according to a statement on the official Sputnik V Twitter account. Kirill Dmitriev, head of Russia’s RDIF sovereign wealth fund, told the Reuters news agency Sputnik V earlier on Tuesday that it would be priced significantly lower than rivals with similar efficacy levels. Sputnik V vaccine is 95 percent effective according to second interim analysis of clinical trial data, developers say.

10. Japan and China Agree to Restart Two-way Travel by End November

The foreign ministers of China and Japan agreed at a meeting in Tokyo to lift some virus-related travel restrictions by the end of the month, while also re-stating their differences over disputed islands in the East China Sea. Foreign Minister Wang Yi is the first senior Chinese official to visit Japan since Prime Minister Yoshihide Suga took office in September. The two men are set to meet Wednesday, as China seeks to recalibrate its ties with key American allies ahead of U.S. President-elect Joe Biden’s inauguration next year. Suga, who has little experience of diplomacy, must strike a delicate balance between the U.S., Japan’s only formal military ally, and China, its biggest trading partner.

Curated from Bloomberg.com