By Ritu, Capital Sands Turkey’s lira fell to a record low against the U.S. dollar on Thursday after traders interpreted comments from a Federal Reserve policy maker as ruling out a Fed swap line to cushion Ankara’s depleted reserves. Thursday’s fall to 7.25 pushed it beyond the record low hit during a 2018 currency crisis and […]
By Ritu, Capital Sands Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller producers […]
By Ritu, Capital Sands Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures. WTI crude CLc1 futures were up 9.6%, or $1.95, at $22.34 per barrel 1000 GMT. The U.S. […]
By Ritu, Capital Sands Glenmark Pharmaceuticals Ltd said on Thursday it will start clinical trials in India of antiviral drug favipiravir, seen as a potential treatment for COVID-19, sending its shares up as much as 9%. The trials come after a Chinese official told reporters last month that an active ingredient of the drug had […]
By Ritu, Capital Sands Nine lobbying groups including the U.S. Chamber of Commerce have urged India to delay a new digital tax that will hit firms such as Facebook and Google as they are battling the fallout of the coronavirus. From April 1 India imposed a new 2% tax on foreign billings, or transactions where […]
By Ritu, Capital Sands Companies are reportedly considering moving at least part of their supply chains to India in a bid to reduce dependence on China after the coronavirus pandemic. Manufacturers—global and domestic—are in talks with Indian companies to scale up operations for automobile components and electronic products from India, executives told the Livemint. This comes […]
By Ritu, Capital Sands After a widely expected and sharp drop in the U.S. economy over the next three months, a panel of top business economists sees high joblessness persisting for more than a year in an outcome that would douse hopes for a quick, post-pandemic return to normal. The number of jobs destroyed by […]
By Ritu, Capital Sands British Prime Minister Boris Johnson was getting better on Thursday in intensive care where he is battling COVID-19 as his government extended its overdraft facility and reviewed the most stringent shut down in peacetime history. Johnson, 55, was admitted to St Thomas’ hospital on Sunday evening with a persistent high temperature […]
By Ritu, Capital Sands Anyone who’s been to a supermarket in the last few weeks has probably come away with the idea that the sector is doing better than most in the current Covid-19 crisis. Yes, there has been an uplift from panic-buying of staples – a 30% uplift in U.K. stores, the company said […]
By Ritu, Capital Sands European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors […]