January, 2021

• 17 January

  US automakers plead for help in growing chip crisis

  

  Bloomberg American automakers are asking the US government to help solve a debilitating shortage of computer chips that is closing auto factories worldwide and could restrict production until the fall. The American Automotive Policy Council — a lobbying organisation for General Motors, Ford Motor and the US operations of Fiat Chrysler Automobiles — is agitating with the US Commerce Department ...

  Read More »
• 17 January

  UK’s Sunak plans $680 one-time benefit payment

  

  Bloomberg UK Chancellor of the Exchequer Rishi Sunak is planning to give a one-time benefit payment of 500 pounds ($680) to nearly six million people to help ease the economic fallout from a third coronavirus lockdown, the Times of London reported. The plans come ahead of an April deadline when last March’s 20 pound-per-week uplift to universal credit payments is ...

  Read More »
• 17 January

  EU sets out plans to limit US dollar reliance, boost euro

  

  Bloomberg The European Union (EU) has set out plans to strengthen the international role of the euro, as its seeks to erode the dominance on the US dollar and lessen the bloc’s vulnerability to financial risks, including US sanctions. The plan includes measures to help protect against currency shocks, and allow greater scrutiny of foreign takeovers, according to a draft ...

  Read More »
• 17 January

  Trudeau tells finance chief to avoid any new permanent spending

  

  Bloomberg Prime Minister Justin Trudeau is formally instructing Canada’s finance minister to re-establish a firm budgetary target after the Covid-19 crisis and avoid creating any new permanent spending. In a so-called mandate letter to Chrystia Freeland, who is also deputy prime minister, Trudeau said she should spend as much as need to tackle short-term economic challenges but avoid any new ...

  Read More »
• 17 January

  A ‘very young’ bull market in stocks is still minting believers

  

  Bloomberg They know about the stretched valuations and everything that must go right to keep stocks aloft. And yet rather than shy away from frothy markets, plenty of investors are only now jumping in. The reason, it appears, is how far out of the market they had been prior to the latest and greatest leg of the run-up, the one ...

  Read More »
• 17 January

  Private equity firms seize on IPO boom with consumer assets

  

  Bloomberg Private equity firms are refusing to be left out of the initial public offering boom. With technology IPOs sometimes doubling on day one, buyout shops are hoping to capture some of the buzz for their slower growth and higher leverage assets. Two private equity-backed companies went public on US exchanges this week, with two more filings on Friday for ...

  Read More »
• 17 January

  Oil slumps on dollar strength, cooling consumer sentiment

  

  Bloomberg Oil slid by the most in three weeks as a stronger dollar and weak US economic data stoked concerns over an economic rebound. Futures in New York tumbled 2.3% after a rally in oil earlier in the week pushed the benchmark into overbought territory. The US dollar strengthened, reducing the appeal of commodities priced in the currency. US consumer ...

  Read More »
• 17 January

  UAE condemns Houthis’ drone attack bid on Saudi

  

  ABU DHABI / WAM The UAE has strongly denounced the Iranian-backed Houthi terrorist militia’s attempts to target Saudi Arabia with three explosive-laden drones, which were intercepted by Coalition forces. In a statement on Saturday, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) renewed its full solidarity with Saudi Arabia against these cowardly terrorist acts and the UAE’s full stand ...

  Read More »
• 17 January

  UAE leaders offer condolences to Emir of Kuwait on royal death

  Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has expressed his condolences to Nawaf Al Ahmad Al Jaber Al Sabah, Emir of Kuwait, in a message sent to him following the death of Sheikha Fadhaa Jaber Al Ahmad Al Sabah. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of ...

  Read More »
• 17 January

  Trump’s China Inc onslaught leaves key decisions for Biden

  

  Bloomberg A year ago, President Xi Jinping asked the US to treat Chinese companies “fairly” in a letter read out at the White House to mark the signing of a landmark trade deal between the world’s biggest economies. At the time, President Donald Trump’s actions against China Inc had mostly been aimed at tech giant Huawei Technologies Co, which had ...

  Read More »