July, 2021

• 25 July

  China crackdown makes HK index world’s biggest tech loser

  

  Bloomberg An index launched a year ago to give investors greater exposure to China’s internet giants is now the world’s worst-performing major technology gauge. The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary, was up 59% at its February peak but has since seen more than …

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• 25 July

  Stock bulls watch $17 trillion burn a hole in pockets

  

  Bloomberg In the stock market, the refusal of retail investors to back down from every macro threat has become the only story. When will it end? Judging by the size of all the pools of cash lying around, it could be a while. Among all the economic stories of the pandemic, the one about money piling up in people’s accounts …

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• 25 July

  UAE re-affirms commitment to eradicate polio in Pakistan

  

  Islamabad / WAM The World Health Organisation (WHO), on behalf of the Polio Eradication Initiative, has announced on Saturday that the United Arab Emirates has made available a total of $23 million funding for polio campaigns and around $376000 for the procurement of frontline worker personal protective equipment for protection against Covid-19 in 84 highest-risk districts of Pakisan. This funding …

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• 25 July

  Oil ekes out weekly gain as demand offsets virus fears

  

  Bloomberg Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery. Futures in New York rises 0.2% this week, completely recouping a selloff that was stoked by the rapidly spreading delta variant. Fuel demand and road traffic from the US …

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• 25 July

  G-20 ministers stumble over coal, global warming targets

  

  Bloomberg Environment ministers from the Group of 20 nations were unable to reach full agreement on key climate goals, just 100 days before a critical international conference kicks off. After marathon negotiations that ran through the night, the ministers couldn’t find common ground on phasing out coal or how much to limit global warming, Italian Ecological Transition Minister Roberto Cingolani …

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• 25 July

  UK economy faces $6.3bn hit from pingdemic: CEBR

  

  Bloomberg The UK’s economy could face a loss of more than 4.6 billion pounds ($6.3 billion) in just four weeks if rules on self-isolation following a “ping” from the NHS app aren’t relaxed, according to data from Centre for Economics and Business Research. Since July 19 “freedom day,” the surge of Covid cases in the UK implies that an increasing …

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• 25 July

  FirstEnergy rises on $230 million settlement in corruption case

  

  Bloomberg FirstEnergy Corp surged the most in more than five months after the Ohio utility reached an agreement with federal prosecutors over a corruption case involving a $1 billion state bailout for nuclear power plants. Under a deferred-prosecution agreement, FirstEnergy admitted that it conspired with public officials and others to pay millions of dollars in bribes. The company agreed to …

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• 25 July

  China’s power crunches may worsen further

  

  Bloomberg China needs to accelerate its build-out of energy sources such as nuclear and pumped-hydro to stave off worsening power crunches in its industrial centres, according to a government-backed think tank. Some of the big cities that have recently suffered power outages when summer demand for air-conditioning peaks are likely to see widening shortfalls in energy supply, according to the …

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• 25 July

  Dreamliner deliveries to be 7 months late: Vistara

  

  Bloomberg Singapore Airlines Ltd’s Indian joint venture expects the last four Dreamliners from its Boeing order to arrive by October 2022, a delay of up to seven months as the US planemaker addresses flaws with the jet and the pandemic weighs on air travel. Vistara, which Singapore Airlines jointly owns with conglomerate Tata Group, has received two Boeing 787 Dreamliners …

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• 25 July

  UK retail sales surged unexpectedly in June

  

  Bloomberg UK retail sales surged unexpectedly in June as consumers spent more in grocery stores to celebrate European championship soccer, adding momentum to the economic recovery. The volume of goods sold in shops and online rose 0.5% from the month before, the Office for National Statistics said. Economists had expected a 0.1% drop. The figures followed an unprecedented jump in …

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