Market

Shares rally, retail surge drives silver to 8-year high
6Feb By Desk TeamNo Comments
Asia, Market, World

Shares rally, retail surge drives silver to 8-year high

LONDON: Global shares bounced and silver markets surged on Monday (Feb 1) as retail investors expanded their social media-fuelled battle with Wall Street to drive the precious metal to an eight-year high. Stock markets were roiled last week after a spike in retail demand to buy the stocks most bet against by hedge funds drove huge gains in companies such as GameStop, and prompted fresh concern that COVID-19 monetary and fiscal support measures were fuelling a market bubble. With chatrooms abuzz with talk that silver was the new target, silver-exposed stocks, funds and coins jumped, helping push spot silver up more than 11 per cent, before gains were trimmed and it last traded up around 9 per cent. The bullish spirit helped London-listed miners post strong gains, including one of mor...
Read More
SAP sees flat 2021 revenue after fourth-quarter beat
5Feb By Desk TeamNo Comments
Market, World

SAP sees flat 2021 revenue after fourth-quarter beat

Business software group SAP forecast flat revenue and a decline in operating profit in 2021, as it released preliminary annual results that came at the high end of guidance slashed last autumn. BERLIN: Business software group SAP forecast flat revenue and a decline in operating profit in 2021 after reporting fourth-quarter results that beat market expectations, sending its shares up in early trading on Friday. Giving an early view of 2020 results and setting 2021 guidance, SAP said adjusted revenue, at constant currency, would be unchanged to up 2per cent this year, while adjusted operating profit was seen falling by 1per cent-6per cent. "This update should trigger a modest relief rally," said Citi analyst Amit Harchandani, adding, however, that the overall level of near-term uncert...
Read More
Banks closed, ATMs shut down in Myanmar following military coup
2Feb mmBy Mike TrudellNo Comments
Market, World

Banks closed, ATMs shut down in Myanmar following military coup

Major disruptions of internet services following the military coup in Myanmar has led to the shutdown of banks now, according to media reports.According to media reports, banks under the Myanmar Banking Association have announced a unified closure from February 1. Besides, the ATM machines of major banks are also not operating in Yangon.A poor internet connection linked to the state of emergency also affected operations of construction sites in Yangon, and many supermarkets in the city decided to cut opening hours and called on residents to refrain from panic buying.Telecommunications in the capital city of Naypyitaw and some other regions and states have also been cut off.Earlier, the Myanmar military declared a state of emergency in the country for one year, following the coup, where Aun...
Read More
IMF projects 11.5% growth rate for India in 2021
27Jan mmBy Joe RodriguezNo Comments
Asia, China, Market

IMF projects 11.5% growth rate for India in 2021

The International Monetary Fund (IMF) on Tuesday projected a strong rebound in the Indian economy with an impressive 11.5 per cent growth rate in 2021.The IMF’s growth projections for India in its latest World Economic Outlook Update released on Tuesday makes India the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.“In its latest update, the IMF projected an 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021,” it said. “China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent).”The IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent. China is the only majo...
Read More
Alibaba’s Jack Ma resurfaces after months out of public view
21Jan mmBy Mike TrudellNo Comments
China, Market, World

Alibaba’s Jack Ma resurfaces after months out of public view

After mysteriously disappearing from the public eye, Chinese billionaire Jack Ma resurfaced on Wednesday at a video conference."#JUSTIN: #JackMa not disappear, here we go: Ma just had a video conference with 100 village teachers on Wednesday morning, saying: after #COVID19, we'll meet each other again," tweeted Qingqing Chen of Global Times News, a China state-affiliated media.Ma had disappeared from the public eye after Beijing's aggressive crackdown on his business empire.Chen further added that Jack Ma met with 100 rural teachers in the country through video conferencing."Ma, who used to be an English teacher and founder of #Alibaba, also gives wishes to village teachers via a video on Wednesday," tweeted Qingqing Chen.China state-affiliated media also shared a video in which the billio...
Read More
Wall Street closes higher; Georgia election results loom
12Jan By Desk TeamNo Comments
China, Market, World

Wall Street closes higher; Georgia election results loom

NEW YORK :Wall Street shares gained on Tuesday in choppy trading, as investors took advantage of the previous session's slump to buy them back, ahead of the outcome of the Senate runoff elections in the battleground state of Georgia. NEW YORK -Shares on Wall Street ended higher on Tuesday in choppy trading, as investors took advantage of the previous session's slump to buy them back, ahead of the outcome of the Senate runoff elections in the battleground state of Georgia, which will determine the balance of power in Washington. Overall, analysts expect the stock market to consolidate December's gains in January, as asset managers looked to rebalance their portfolios that had been heavily tilted toward equities. The latest polls from data website 538 https://projects.fivethirtyeight....
Read More
World shares down from record highs as COVID-19 cases top 90 million
11Jan By Desk TeamNo Comments
Asia, China, Market, World

World shares down from record highs as COVID-19 cases top 90 million

Asian shares took a breather on Monday while Treasury yields were at 10-month highs as "trillions" in new U.S. fiscal stimulus plans were set to be unveiled this week, stoking a global reflation trade. LONDON: World shares slipped from record highs on Monday as caution over rising coronavirus cases saw some profit-taking from investors, while Treasury yields remained close to 10-month highs, indicating expectations for global reflation from anticipated U.S. fiscal stimulus. Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally. European shares dipped in early trading, with rising coronavirus cases across the continent and China dragging down commodity stocks. Germany's DAX lost 0.75per cent, Britain's FTSE 100, Italy's FTSE MIB, and France's CAC 40 f...
Read More
Trial to import electricity from Malaysia a ‘useful first step’ as Singapore prepares to connect with regional grid: Experts
8Jan By Desk TeamNo Comments
Asia, Market, Singapore, World

Trial to import electricity from Malaysia a ‘useful first step’ as Singapore prepares to connect with regional grid: Experts

SINGAPORE: A trial which will see Singapore import electricity from Peninsular Malaysia will be a "useful first step" in preparation for further moves to connect to the regional power grid, said experts. Announced in late October, the trial will see Singapore import 100 megawatts (MW) of electricity from Malaysia for two years. This will make up about 1.5 per cent of Singapore’s peak electricity demand. The move is part of Singapore's plan to strengthen the "regional grid architecture", said Minister for Trade and Industry Chan Chun Sing in a keynote speech delivered at the opening of the Singapore International Energy Week in October. “This will allow the region to share the clean energy sources that different countries may have, and we’ll start this with Malaysia," he said. "Once ...
Read More
Jack Ma and the Chinese Economic Identity Crisis
30Dec By Online DeskNo Comments
Asia, China, Market

Jack Ma and the Chinese Economic Identity Crisis

The CCP has time and again demonstrated its nonchalant use of tyrannic authority over its own citizens; a rather transparent demonstration of its execution of oppressive control can be seen with the implementation of the social credit system; it provides a template for its citizens for acceptable social behavior. Offenses such as purchasing too many video games, spending money frivolously, and driving poorly, can warrant throttled internet connections, domestic travel bans, restricted access to education and employment, etc. Ironically, at the same time, China stands as an elected member of the UN Human Rights Council as of 13 October 2020. Unfortunately, the conventions of international affairs overlook these atrocities for the sake of diplomatic survival. In doing so, nations have au...
Read More
EU and China to sign investment deal amid unease over rights
29Dec mmBy Mike TrudellNo Comments
China, Market, World

EU and China to sign investment deal amid unease over rights

Despite rising concerns about the human rights situation in Xinjiang, the European Union (EU) and China are set to sign a business investment deal, which, EU hopes will help correct an imbalance in market access and create new investment opportunities for European companies in China by ensuring they can compete on an equal footing.According to an EU official with direct knowledge of the talks, the provisional agreement is set to be announced on Wednesday.The deal was sealed after China committed to pursuing ratification of the International Labor Organization's rules on forced labor, according to the unnamed official.The EU previously said the agreement, known as CAI, which includes provisions for settling disputes, should increase the transparency of Chinese state subsidies and make susta...
Read More