November, 2020

• 21 November

  GM deepens EV bet with 35% budget boost, 30 new models

  

  Bloomberg General Motors (GM) is laying the groundwork for a bigger bet on electric vehicles, telling investors at a virtual conference it plans to boost spending on them by more than a third to $27 billion as part of a push to introduce 30 battery-powered models by 2025. The initiative represents an increased investment of $7 billion and 10 more …

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• 21 November

  Nikon to cut staff on slump in core business

  Bloomberg Nikon Corp plans to reduce about 2,000 employees, or 10% of its total workforce, due to a slump in its core camera business, Nikkei reported. Its business was also impacted by the performance of Intel Corp, one of Nikon’s key clients of semiconductor equipment, the daily reported, without saying where it got the information. In the company’s reform agenda, …

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• 19 November

  Oil rises on Covid vaccine progress, Asian demand

  

  Bloomberg Oil rose on expectations that further progress in vaccines against the coronavirus will revive global demand, and amid signs of robust consumption in Asia. Brent futures advanced 1.4% as Pfizer Inc said a final analysis of clinical-trial data indicated its Covid-19 vaccine was 95% effective. The overall price structure of the market also showed the outlook is brightening, with …

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• 19 November

  Emirates adds A380 services to UK, Russia

  Dubai/ WAM Emirates announced plans to operate its popular A380 aircraft four times a day to London Heathrow from November 27 and six times a week to Manchester from December 2, and to deploy additional A380 services to Moscow from the current two-a-week, to a daily service from November 25. Emirates will also increase flights to Birmingham and Glasgow from …

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• 19 November

  Keystone XL gets indigenous investment to woo Biden

  

  Bloomberg Keystone XL is receiving an investment from Canadian indigenous groups in a deal that TC Energy Corp hopes will help save its embattled oil pipeline project from being scrapped by US President-elect Joe Biden. Natural Law Energy, a group of five first nations in Alberta and Saskatchewan, will make an equity investment of as much as C$1 billion ($765 …

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• 19 November

  Perenco in talks for share of Ivory Coast oil well

  

  Bloomberg Perenco is in talks to become the main operator in one of four oil and gas producing blocks in Ivory Coast, according to two people familiar with the matter. The Anglo-French oil company is seeking to buy a controlling stake in block CI-11, currently operated by a consortium that includes the state-run company Petroci, which has a 68% stake. …

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• 19 November

  Europe stocks, US futures slip on coronavirus spread

  

  Bloomberg European stocks slipped with US futures as new virus cases continue to mount in major cities around the world. The Stoxx Europe 600 Index fell 0.2% and the Nikkei 225 Stock Average lost 1.1% after Tokyo reported a record number of new Covid-19 infections. Treasury yields and the dollar extended declines after Federal Reserve Chair Jerome Powell said the …

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• 19 November

  Indian stock rally sputters amid high valuation, case rise

  

  Bloomberg Indian stocks were mixed, as investors weighed high valuations and surging coronavirus cases in some parts of the country against optimism that vaccines will soon provide an exit from the pandemic. The S&P BSE Sensex was little changed at 43,924.44 in Mumbai after falling as much as 0.3%, while the NSE Nifty 50 Index also traded flat. After reaching …

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• 18 November

  UAE Armed Forces participate in joint military exercise in Egypt

  ALEXANDRIA / WAM Units from the UAE Armed Forces are participating in the joint military exercise, entitled, “Saif Al Arab,” held in Egypt and attended by many friendly countries. Dubbed “The Sword of Arabs”, the exercise began on Tuesday and will continue until November 26 at the Mohamed Naguib Military Base and other parts of the Northern Military Region. Over …

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• 18 November

  Oil from Russia to US snapped up on Asia’s growing appetite

  

  Bloomberg Physical cargoes of crude oil from Russia, the US and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. January shipments of Russian ESPO, a favourite among Chinese and Japanese refiners, were sold at a five-month high premium over Dubai prices after spot differentials for Sokol rose …

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