Thursday, 21 January 2021

Business

BoE to buy 554mn stg of gilts over next 3 months

LONDON: The Bank of England said that it intended to buy 554 million pounds ($691.95 million) of British government bonds over the next three months independently of its main asset purchase programme. The BoE said the purchases were part of its programme of investment of its free capital and reserves. ...

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SoftBank Group forecasts $7-b full-year net loss

TOKYO: Struggling Japanese conglomerate SoftBank Group on Monday forecast a $7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork. The telecoms and investment giant, led by flamboyant entrepreneur Masayoshi Son, also said in a surprise press release it expected ...

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Telco shares are surprise losers as lockdown drives internet boom

SINGAPORE/BERLIN: As lockdowns worldwide drive a surge in internet use, boosting online sales for businesses as varied as gaming and food delivery, the stocks of internet providers are an unlikely laggard on global markets. In Asia, Africa, Europe and the Americas, a combination of high fixed costs, debt and market ...

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Top oil producers agree on record output cuts

VIENNA: Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort ...

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UK court defers bankruptcy plea of banks against Vijay Mallya

LONDON: Indebted businessman Vijay Mallya has avoided being made bankrupt in the London high court after a judge adjourned the bankruptcy petition the Indian banks brought against him, slamming it as “by any measure extraordinary”. Chief Insolvency and Companies Court judge Briggs adjourned the petition for “at least six months”, ...

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Pakistan pledges $3m in SAARC COVID-19 Emergency Fund

COLOMBO: Pakistan has pledged to contribute $3 million in South Asian Association for Regional Cooperation (SAARC) COVID-19 Emergency Fund to support regional efforts in the fight against the global pandemic, it was reported. “While communicating Pakistan’s decision to the Saarc Secretariat, it has been conveyed that all proceeds of the ...

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COVID-19: Amazon to hire 100,000 workers

NEW YORK: Amazon is ramping up hiring in the U.S. to meet demand even as new cases of coronavirus have emerged in ten of its warehouses throughout the world. The company is receiving pressure to temporarily shut down from unions as well as workers rights groups. The company plans to ...

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Top oil producers except Mexico agree to output cuts

LONDON: Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends on Mexico’s consent for ...

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WhatsApp tightened message forwarding limits

LONDON: WhatsApp tightened message forwarding limits, restricting users to sharing forwarded content one chat at a time after a jump in messages touting bogus medical advice since the start of the coronavirus crisis. The pandemic, which has killed more than 70,000 people worldwide, has been accompanied by what the World ...

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Global trade will plunge by a third in 2020: WTO

GENEVA: Global trade could plummet by a third this year due to the coronavirus pandemic, the World Trade Organisation said, warning the deepest recession “of our lifetimes” could be on the horizon. “Covid-19 has completely upended the global economy and with it international trade,” WTO chief Roberto Azevedo told reporters ...

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