April, 2021

• 27 April

  Bahrain-GCC trade hits $1.76 billion in Q1 2021

  

  Manama / Emirates Business The total value of trade between the GCC and Bahrain in Q1 2021 reached $1.76 billion, a rise of 6 percent compared to the same period last year, according to the latest figures released by Bahrain’s eGovernment and Information Authority. Accounting for more than a third of this figure, non-oil bilateral trade between the UAE and …

  Read More »
• 27 April

  Oil buckles under pressure from India’s Covid-19 resurgence

  

  Bloomberg Oil falls as India’s worsening Covid-19 crisis weighed on the near-term outlook for demand ahead of a key Opec+ meeting later this week. Futures in New York slid 1.7% towards $61 a barrel. Signs of strain on India’s refiners are starting to emerge. Mangalore Refinery & Petrochemicals Ltd. has cut processing rates, while Indian Oil Corp has so far …

  Read More »
• 27 April

  SK’s EV battery material unit’s Seoul IPO fetches $2 billion

  

  Bloomberg South Korean energy supplier SK Innovation Co and SK IE Technology Co have raised 2.25 trillion won ($2 billion) in the battery material unit’s initial public offering, the country’s biggest in four years. SK IE Technology has priced the offering at 105,000 won per share, the top of a marketed range, according to an exchange statement. The portion for …

  Read More »
• 27 April

  Copper hits highest since 2011 on global recovery

  

  Bloomberg Copper climbed to the highest in almost a decade as the global recovery from the pandemic extended a rally in metals markets. Aluminum is surging and iron ore jumped to a fresh high as commodities advance toward the highs of the last supercycle. Metals are benefiting as the world’s largest economies announce programs to build back greener from the …

  Read More »
• 27 April

  Total suspends its Mozambique LNG on temporary basis

  

  Bloomberg French energy giant Total SE suspended its $20 billion liquefied natural gas project in Mozambique indefinitely due to an escalation of violence in the area, including a March attack by IS-linked extremists. The decision is a blow to Total, which bought an operating stake in the project for $3.9 billion in 2019, hoping to start exporting the super-chilled fuel …

  Read More »
• 26 April

  Treasury yields climb on growth bets, dollar drops

  

  Bloomberg US Treasury yields climb amid confidence the Federal Reserve will remain accommodative even as robust growth takes the world’s largest economy back to pre-pandemic levels. Stock-index futures were little changed. Havens including the dollar and government bonds were under pressure while copper, seen as a barometer of growth, surged to the highest in a decade. The US 10-year rate …

  Read More »
• 26 April

  HK plans to expand bond connect in July

  

  Bloomberg Hong Kong plans to expand its trading link with the mainland to include southbound flows on bonds in early July, the Hong Kong Economic Journal (HKEJ) reported, citing an unidentified source. The southbound link will have quotas in place and only allow trading in certain eligible bonds, the HKEJ reported on Monday. Hong Kong has a trading link with …

  Read More »
• 26 April

  Bitcoin bounces strongly after hitting lowest since March

  Bloomberg Bitcoin rallied on Monday as investors took advantage of the lowest levels in seven weeks to pile back in. The largest cryptocurrency is on track for its biggest gain since February 8 after dropping as low as $47,079 in early Asia trading before rebounding. It rose as much as 9.6% to $52,747 and was trading around $52,500 as of …

  Read More »
• 25 April

  Southwest says it’s ‘hopeful’ cash burn will stop in June

  

  Bloomberg Southwest Airlines Co expects to stop burning cash by June and is adding summer flights almost to 2019 levels as increasing vaccination rates spur trips by vacation-hungry Americans. For the second quarter as a whole, average core cash burn will fall to a range of $2 million to $4 million a day, down from $13 million in the first …

  Read More »
• 25 April

  Virgin Atlantic aims to get all of its jets flying by fall

  

  Bloomberg Virgin Atlantic Airways Ltd is aiming to get all of its planes flying by October or November amid continuing uncertainty over how far Covid-19 border curbs will be eased before the end of the summer. The carrier controlled by billionaire entrepreneur Richard Branson is working towards the return to full capacity while awaiting details of UK plans to begin …

  Read More »