Markets

China hits Trump adviser for creating ‘chaos’

THE CHINESE government on Monday accused US National Security Adviser Robert O’Brien of inciting hostilities after his remarks on the South China Sea dispute and Chinese actions in Hong Kong and Taiwan.


Biden taps Yellen — Banks pause return-to-office plans — Investors pour money into magic mushrooms

The top finance stories for November 24, including the latest news on Wall Street's plans for returning to the office.


Global stocks jump as Trump authorizes Biden's presidential transition process to begin

Biden's planned nomination of former Fed chair Janet Yellen as Treasury Secretary is another key driver boosting market sentiment.


European Business Mood Turns Sour as Economy Takes Another Hit

European executives are losing confidence in the outlook as new virus restrictions threaten to drag the economy into another slump.


Minimum wage workers set to get pay rise worth 'just 18p an hour' due to Covid

Workers could be handed a rise of just 18p in tomorrow's spending review after the Low Pay Commission originally projected a National Living Wage rise of 49p - but that was in March, before the devastation to the economy


British telcos may be fined 10% of revenues for using Huawei gear under new law

British telcos could face large fines if they fail to remove Huawei equipment from their 5G networks under new legislation.


Noche Buena items to remain at 2019 prices, DTI exec says

Noche Buena items will return to 2019 prices this holiday season, according to Department of Trade and Industry Undersecretary Ruth Castelo. Interviewed on GMA News TV’s Balitanghali on Tuesday, she said the DTI denied some brands' requests for a price hike on some Christmas food items. “Nakuha natin sa pakiusap na hindi sila mag-taas ng presyo. So lahat ng Noche Buena items in the bulletin ng DTI, mabibili nila at 2019 prices,” Castelo said....


Gland Pharma share rises 45% in three sessions, here's what brokerages say

Market cap of the firm rose to Rs 32,863 crore as against Rs 29,358 crore clocked on listing day.


Carson Block’s ‘Insane Alpha’ Disappears in Bad Year for Shorts

Carson Block is having an unusually tough time betting against Chinese stocks.


AstraZeneca Data Hint at Halting Severe Covid, Slaoui Says

The leader of the U.S. government’s coronavirus vaccine program said AstraZeneca Plc found that 16 participants who received a placebo in its clinical trial contracted severe Covid-19, a sign that the shot could block the worst cases of disease.


China Debt Defaults Set to Top 100 Bln Yuan for a Third Year

China’s corporate debt defaults are set to exceed 100 billion yuan for a third consecutive year, underscoring the pandemic’s disruption of a government campaign for greater fiscal stability.


Tesla nears $500 billion! Higher than combined m-cap of Ford, BMW, 7 other automakers

As of November 23, Tesla's market value was recorded $494.66 billion. Whereas, the combined market value of one of the world's top-9 carmakers was recorded as $480.62 billion


Gold Drops to Four-Month Low as Biden Transition Looks Assured

Gold extended its drop, hitting the lowest level in four months after positive vaccine news, strong economic data and signs the U.S. presidential power transition would pass smoothly.


Land registry agrees to share data with BIR

THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.


Amazon’s $3,000 Signing Bonuses Irk Workers Who Got $10 Coupons

The willingness to risk dissension in the ranks reflects a dawning reality: Many Americans are reluctant to re-enter the workforce, despite high joblessness.


Europe’s Biggest Utility Unveils $190 Billion Investment Plan

Enel SpA, Europe’s biggest utility, is set to invest 160 billion euros ($190 billion) over the next 10 years on a bet that demand for green energy and electrification will surge globally.


Insurer Metromile Reaches SPAC Merger Deal

Insurance startup Metromile Inc. has reached a deal to go public through a merger with blank-check company Insu Acquisition Corp. II, a person familiar with the matter said.


HK to Shut Bars; the Best Places to Be Amid Covid: Virus Update

Hong Kong will shut bars and clubs as the city tightens social distancing rules amid a recent spike in virus cases.


When is Black Friday 2020? Start date and what UK deals are available online now

Find out what date Black Friday 2020 falls on and what shops have already kicked off their massive sales


ING Bank eyes to offer consumer lending service in 2021

ING Bank N.V. Philippines is looking at further diversifying its platform as it plans to offer consumer lending service within its mobile application. During the media launch of ING Pay, ING Philippines head of Retail Mohamed Keraine said “ING Lend” is going to be introduced next year as the bank is going “step-by-step” in offering consumer banking services in its platform. After launching ING Save in 2018 and ING Pay this month, Keraine said,...


Russia Online Retailer Ozon Raises $990 Million in U.S. IPO

Russian online retailer Ozon Holdings Plc will raise $990 million in its initial public offering in the U.S., taking advantage of demand for technology stocks amid the busiest fourth quarter for new listings since 1999.


Energy Leads Global Stocks Higher; Dollar Weakens: Markets Wrap

Global stocks advanced for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus.


Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi Corp. posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei Technologies Co. when American sanctions deepened.


Oil wipes out most of its pandemic losses and hits its highest since March, as a vaccine rollout turns traders bullish on 2021

"An oil demand rebound in 2021 is now a certainty and markets are not waiting to price it in," SEB chief strategist Bjarne Schieldrop said.


Vir Biotech CEO Says His Covid-19 Medicine Offers Promise for Next Outbreak

Vir Biotechnology Inc.’s stock has lost some of its luster after quadrupling earlier this year as competition heats up for Covid-19 antibody therapies. Yet its chief executive officer is looking ahead to the next viral scourge.


Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 for the first time since 2017 as the mania over digital currencies continues to grip Wall Street.


Early warning during calamities must be followed by community-level action — expert

PHILIPPINE STAR/MICHAEL VARCASEARLY WARNING of a calamity needs to be matched by appropriate community action, a University of the Philippines (UP) expert said Tuesday.


Global Stock Rally Spurs Large Japanese Investors to Cash In

A sharp rebound in global equities after the Federal Reserve’s unprecedented stimulus in March has spurred the biggest shift in Japanese fund flows in seven years.


Cheese Prices Plunge as Lockdowns Bite Into Dining Business

Cheese prices are plunging as Covid’s second wave drives diners from restaurants.


UK cuts its quarantine policy to five days — but there’s a catch

Travellers arriving in the UK will be able to cut their self-isolation period from 14 to 5 days starting next month if they test negative for the coronavirus.


Nationwide round-up (11/24/20)

PHILSTARA SENATOR on Tuesday pushed for an inquiry into the operation of the Philippine International Trading Corp. (PITC) amid allegations of some P33.4 billion in “parked” funds.


Romanians Rank Last in EU on Access to Decent Toilets

(Bloomberg) -- Years of budget splurges on wages and pensions haven’t significantly improved the lives of all Romanians. The lack of a clear investment strategy has led to major inequalities in the society with tens of thousands of people living in poverty, especially in the north-east and the south-west of Romania. More than a decade after it joined the European Union, the country still ranks last in terms of access to decent toilets. For more...


South Africa’s Rising Debt Is ‘Major’ Threat to Finance Industry

The deep ties that bind South Africa’s banks and insurers to the government is a key risk to the country’s financial stability, according to the central bank.


The Latest Unicorn Startup Is a Used Car Website in India

The pandemic temporarily shuttered the country’s mass transit systems, stoking demand for affordable vehicles.


10 things you need to know before the opening bell

This is what traders are talking about.


Germany’s DAX to Get Bigger, Stricter After Wirecard Fiasco

Germany’s DAX index plans its most sweeping overhaul since its inception, adding 10 new companies and new quality controls after the implosion of Wirecard AG rocked investor confidence in the gauge.


Musk Hints Again at Longer-Range Teslas and Hatchback for Europe

Elon Musk briefed a European battery conference on Tesla Inc.’s efforts to bring longer-range electric cars to market in the coming years, though he broke little new ground with regard to timing or other specifics.


Best Amazon Black Friday 2020 deals for Tuesday include Fitbit Versa 2 and new Echo Dot

Amazon Black Friday week sale is in full swing with massive discounts on everything from tech to fashion. Here are our top picks of today's best deals


NCR construction materials price growth picks up in Oct.

WHOLESALE PRICE growth of construction materials in Metro Manila accelerated in October, the Philippine Statistics Authority said.


Boeing’s 737 Max Gains Tentative European Regulatory Clearance

Europe’s aviation safety regulator kicked off the process of bringing Boeing Co.’s 737 Max back into service, in a major step toward the grounded jet’s global return.


Regional income inequality seen worsening in countries spending less on welfare

BW FILE PHOTOINCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.


Tech Analysts See Signs of Excessive Optimism in 2020’s Rally

Technology and Internet stocks have been among the standout performers in 2020, but the scale of their advance has underlined concerns over valuation, suggesting a risk if companies aren’t able to live up to the robust optimism investors have.


SAA Needs Partner to Strengthen Management, Administrator Says

South African Airways has the potential to be a sound business but would benefit from having an industry-investment partner to improve its management, according to the bankrupt state carrier’s administrators.


EU Set to Tap Buoyant Demand for Social Bonds With Another Sale

The European Union’s third sale of social bonds was met with enthusiasm once again, with investors showing continued interest in securities designed to finance the bloc’s economic recovery.


Goldman questions the future and purpose of OPEC+ ahead of a critical meeting

OPEC+ is scheduled to meet on Nov. 30 and Dec. 1 to discuss the next phase of its oil production policy.


Joyride gets green light to resume ops

App-based ride-hailing services provider Joyride on Tuesday received an approval from the government to resume its motorcycle taxi operations, the Department of Transportation (DOTr) said. In a statement, the DOTr said the Motorcycle Taxi Technical Working Group (MC Taxi TWG) issued a Provisional Authority to Operate for Joyride to operate under the extended Motorcycle Taxi Pilot Program. The provisional authority shall be valid from November 24...


'Suit Boot Ki Sarkar' trends again as Rahul Gandhi takes dig at Centre

Rahul Gandhi took a dig at the Centre over the Reserve Bank of India's recent proposal to allow large corporate houses as promoters of banks. He mimicked Union Home Minister Amit Shah's phrase 'Chronology samajhiye' (Understand the Chronology) in the tweet


Germany Can Fund Virus Aid Into 2021, Merkel Lawmaker Says

Germany can comfortably afford to provide financial aid to businesses affected by coronavirus lockdown restrictions until well into next year, according to a senior lawmaker in Chancellor Angela Merkel’s bloc.


Amazon is encouraging shoppers to pick up their packages in person from stores as the e-commerce industry prepares for a delivery surge

The e-commerce giant is encouraging shoppers to collect their orders from its Amazon Books stores or neighborhood "hubs."


Winter is coming, and millions may lose their jobs in restaurants and hospitality

Many restaurants and businesses in colder-weather regions will face big challenges, including job losses, as winter arrives, a new study shows.