Money


BoC: Forward guidance suggests extended period of low rates - RBC CM BoC: Forward guidance suggests extended period of low rates - RBC CM
- September 10, 2020

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent and says it will stay there until inflation is back on target. The Canadian dollar fell to a two-week low against its USA counterpart on Tuesday as oil prices tumbled and a selloff in technology shares weighed on investor sentiment, with the loonie sliding one day before a Bank of Canada interest rate decision. (more...)
EPF subscribers likely to get interest for FY20 in two parts EPF subscribers likely to get interest for FY20 in two parts
- September 10, 2020

The Employees Provident Fund Organization, which manages the Provident Fund, has decided to make partial payment of interest on the provident fund for the financial year 2019-20 to its six crore shareholders. The unprecedented selloff in March, triggered by the Covid-19 pandemic, has eaten into 2019-20 equity returns for nearly all investors. The interest rate will be notified by the labour ministry after getting approval from the finance ministry. (more...)
European Union calling for urgent talks over ‘illegal’ Brexit change European Union calling for urgent talks over ‘illegal’ Brexit change
- September 10, 2020

European Commission President Ursula von der Leyen said the age-old diplomatic cornerstone of "agreements must be kept" was "the foundation of prosperous future relations". The U.K. government said it welcomed such a meeting. Although the UK's Withdrawal Agreement Act refers to the principle of parliamentary sovereignty, this principle is not in the withdrawal agreement itself, and global law is clear that the domestic law of a country signing up to a treaty is not a justification for a breach ... (more...)
Reliance offers Amazon US$20 billion stake in retail arm Reliance offers Amazon US$20 billion stake in retail arm
- September 10, 2020

The company earlier on Thursday became the first listed Indian firm to cross $200 billion (roughly Rs. 1,467,419 crores) in market capitalisation. Currently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupee terms. (more...)
LIVESTREAM: Watch the Lucid Air unveiling event LIVESTREAM: Watch the Lucid Air unveiling event
- September 10, 2020

There's a catch, of course, and in the case of the Lucid Air, it's that such bragging rights don't come cheap. Why It Matters: The Californian automaker's new sedan touts a quarter-mile time of 9.9 seconds, which beats Tesla's Model S by 10.4 seconds. (more...)
US Stocks - Profit-Taking Continues as High-Flying Tech Shares Remain Under Pressure US Stocks - Profit-Taking Continues as High-Flying Tech Shares Remain Under Pressure
- September 10, 2020

US stocks closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. (more...)
Mairead McGuinness appointed new European Union commissioner Mairead McGuinness appointed new European Union commissioner
- September 10, 2020

The current Vice President of the European Parliament, and the government's other nominee Andrew McDowell, was interviewed for the role by Ursula von der Leyen yesterday. ICSA president Edmond Phelan also congratulated Ms McGuinness on her appointment. The feeling in Brussels is that Mairead McGuinness is a shoe-in to be Phil Hogan's replacement as the next Irish EU Commissioner. (more...)
Belarus: Diplomats rush to Nobel laureate's home after 'masked men' spotted outside Belarus: Diplomats rush to Nobel laureate's home after 'masked men' spotted outside
- September 10, 2020

Mariya Kolesnikova was detained on the border. 'However, as they saw border guards, the auto abruptly picked up speed, which posed a threat to the life of a border guard. Alexievich said that the opposition Coordination Council group wasn't "preparing a coup". At least four people are reported to have died during the demonstrations. (more...)
European Union will not appease UK's threat to break law: Irish foreign minister European Union will not appease UK's threat to break law: Irish foreign minister
- September 10, 2020

Jonathan Jones, the head of the government's legal department, resigned on Tuesday, reportedly because he refused to endorse the new bill. Nancy Pelosi said in a statement: "Whatever form it takes, Brexit can not be allowed to imperil the Good Friday Agreement , including the stability brought by the invisible and frictionless border between the Irish Republic and Northern Ireland". (more...)
UK's Brexit plans would 'break global law,' minister admits UK's Brexit plans would 'break global law,' minister admits
- September 09, 2020

The proposals, which the government has said would break worldwide law "in a very specific and limited way ", has contributed to concerns that Britain could leave the European Union's single market in four months with no new agreement on trade. (more...)
Belarus opposition leader detained after resisting forced exile to Ukraine
- September 09, 2020

Belarus is not a member of the Council of Europe, but since its guest status was suspended in 1997 the assembly has continued to hold a dialogue with Belarusian authorities and frequently invites Belarusian politicians to attend its committee meetings. (more...)
Storm as United Kingdom violates European Union treaty with proposed law Storm as United Kingdom violates European Union treaty with proposed law
- September 09, 2020

His Labour counterpart Louise Haigh described the admission as "absolutely astonishing" and warned it would "seriously undermine" the UK's authority on the global stage. A senior foreign policy adviser to Joe Biden, President Donald Trump's opponent in the November election, said the Democrat was "committed to preserving the hard-earned peace & stability in Northern Ireland". (more...)
Gold subdued on strong dollar; European Central Bank meeting in focus Gold subdued on strong dollar; European Central Bank meeting in focus
- September 09, 2020

And this firming compounds their problem as trade wars between the United States and some of its Key trade partners are already weighing on exports. The dollar has tumbled to more than two-year lows against the euro at the start of September as investors fretted about the strength of a USA economic recovery and bet US interest rates would stay low for longer just as policymakers had introduced a significant recovery fund in Europe. (more...)
U.S. stocks open sharply lower as tech rout continues U.S. stocks open sharply lower as tech rout continues
- September 09, 2020

Listed China 50 index ending the day on a downbeat note. On Wall Street , the tech-heavy Nasdaq index plunged 4 per cent to 10,848 points. Reports on Friday that SoftBank made significant option purchases during the run-up in United States stocks added to investor nervousness. (more...)
SoftBank shares slide 7% as tech stock options bets unnerve investors SoftBank shares slide 7% as tech stock options bets unnerve investors
- September 09, 2020

Citing unnamed sources familiar with the situation, the Financial Times has also reported that SoftBank has made trading gains of around $4 billion from founder Masayoshi Son's bets on equity derivatives. He also acquired chip designer Arm Ltd for US$32 billion four years ago in a move that spooked investors . In another controversial move, he set up the $100-billion Vision Fund to take stakes in scores of tech start-ups. (more...)
General Motors to take stake in Nikola electric truck company General Motors to take stake in Nikola electric truck company
- September 08, 2020

Advertisement The partnership would also provide access to GM's fuel-cell technology, to be used for heavy trucks. The deal entails GM taking a $2-billion stake in Nikola. The new partnership fills a critical hole in the Nikola Motor fuel cell vehicle plan. "We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability". (more...)
Goldman Sachs to Fitch: Global rating agencies cut Indias GDP forecast
- September 08, 2020

The bleak growth forecast for India came over a week after government data showed that the country's GDP growth rate contracted by 23.9% for the April to June quarter due to the escalating coronavirus crisis. The latest estimates by India Ratings and Fitch are among the worst forecasts for the Indian economy for the current fiscal year, which can make it the worst contraction so far in Indian history. (more...)
US Stocks Fall As Tech Sell-off Continues US Stocks Fall As Tech Sell-off Continues
- September 08, 2020

She noted it's not unusual for traders to pocket recent gains ahead of a holiday weekend. Treasury yields ticked higher and the dollar was little changed. They've also assigned lofty market values to new-found darlings such as Zoom Video Communications as many Americans work remotely and students do online learning. (more...)
Facebook to allow employees to work remotely until year end
- September 08, 2020

Google CEO Sundar Pichai has announced this in this regard by sending a memo to all employees on Thursday. Facebook will allow most of its employees to continue working from home through the end of 2020, and the company does not expect to reopen most offices before July 6, a Facebook spokesperson confirmed to the Verge . (more...)
Pentagon says Microsoft's JEDI cloud proposal still the best Pentagon says Microsoft's JEDI cloud proposal still the best
- September 08, 2020

For those unaware, the 10-year JEDI contract has been embroiled in controversy ever since October 2019 when Pentagon chose to award the $10 billion contract to Microsoft over Amazon. In a blog post titled: "JEDI: Why We Will Continue to Protest this Politically Corrupted Contract Award ", AWS accused decision-makers guiding the Joint Enterprise Defense Infrastructure initiative of participating in a trend of Defense officials seeking to please President Trump, rather than do what's ... (more...)

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