Wednesday, August 4

PMN Business

PMN Business, PMN Technology, REU

Sensor maker Velodyne appoints Michael Dee as chairman

Article content Sensor maker Velodyne Lidar Inc said on Monday its board had appointed Michael Dee as chairman, effective immediately, after Joseph Culkin stepped down citing health reasons. Board member Dee was president and the chief financial officer of Graf Industrial Inc, the special purpose acquisition company with which Velodyne merged in September last year. The company's founder and former chairman, David Hall, had written a letter in June to the board calling for the resignation of chief executive officer Anand Gopalan, Culkin, directors Dee and Christopher Thomas. The company had said Gopalan would step down at the end of July. Velodyne in February removed Hall as chairman and his wife, Marta Thoma Hall, as marketing chief on the grounds of lack of honesty, a charge Marta sa...
PMN Business, PMN Economy, REU

Dollar resumes downtrend after worst week since May

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content LONDON — The dollar lurched lower on Monday, back towards the one-month lows hit last week when it became clear the Fed was in no hurry to tighten policy and policymakers broadly shared Chairman Jerome Powell's view that rate rises were “a ways away.” Data from the US CFTC shows speculators rowed back into the dollar in the week through July 27, with net dollar longs at $3.56 billion, the largest since last March. However, that was before the outcome of the Federal Reserve meeting where the message was unequivocally dovish. Advertisement This advertisement has not loaded yet, but your article continues below. Article content US Treasury bond yields fell after the meeting, ...
PMN Business, REU

Stocks and currencies rise; PMIs a mixed bag

Breadcrumb Trail Links PMN Business Author of the article: Article content Emerging market stocks rose on Monday after a bruising month, led by gains in China, while currencies were mixed after manufacturing PMIs against a softer dollar. The Chinese yuan was contained by data that showed factory activity grew at slowest pace since February 2020, while rising virus cases also weighed. Elsewhere in Asia PMIs indicate a healthy rebound but slowing orders and rising price pressures. Turkey's PMI, meanwhile, showed factory activity rose at the fastest pace in six months. The lira rose 0.7%, inching closer to seven-week highs. The focus will be on inflation data from Turkey on Tuesday which is expected to come in closer to the country's key interest rate. Advertisement Thi...
PMN Business, PMN Economy, REU

FTSE 100 gains on HSBC boost; M&A activity pushes mid-caps to record highs

Article content London's FTSE 100 rose on Monday, led by HSBC after its first-half profit more than doubled, while a slew of mergers and acquisitions activity helped push mid-cap stocks to record highs. HSBC Holdings gained 1.9% and was the top boost to the blue-chip FTSE 100 index after it reported forecast-beating first-half pretax profit that more than doubled from a year earlier, when it made huge provisions for pandemic-related bad loans. "The worse-case scenario of an increase in bad loans hasn't materialized, so the bank (HSBC) has been confident enough to release over $700 million that had been set aside as a buffer, in a stark contrast to a year ago when it clocked up $6.9 billion in impairment charges," Susannah Streeter, a senior analyst at Hargreaves Lansdown, said in a not...
PMN Business, REU

Fed’s taper timing depends on progress on jobs, Brainard says

Breadcrumb Trail Links PMN Business Author of the article: Publishing date: Jul 30, 2021 • 14 minutes ago • 3 minute read • Join the conversation Article content The Federal Reserve needs to see more improvement in the pandemic-hammered US labor market before pulling back on support for the economy, Fed Governor Lael Brainard said on Friday, adding that she'll be more confident in judging that progress once she has September data in hand. “The determination of when to begin to slow asset purchases will depend importantly on the accumulation of evidence that substantial further progress on employment has been achieved,” Brainard said in remarks prepared for delivery to the Aspen Economic Strategy Group. “As of today, employment has some distance to go." Adverti...
PMN Business, REU

African swine fever cases in Dominican Republic trigger regional warning

Article content SANTO DOMINGO — World Organisation for Animal Health (OIE) called on countries to strengthen efforts to keep out African swine fever on Friday after the Dominican Republic reported the Americas' first cases of the deadly pig disease in nearly 40 years. The Caribbean nation's outbreak started July 1, according to an OIE report, though it was not confirmed through US testing until Wednesday. Dominican cases have raised concerns about the risk for African swine fever to spread in the region, including to the United States. Article content The disease is typically fatal to pigs, though harmless to humans. Cases hurt farmers and meat companies financially because animals die and governments often restrict pork shipments from infected nations. Controlling the disease's spread...
PMN Business, REU

Indian billionaire’s new airline may give Boeing a chance to regain lost ground

Breadcrumb Trail Links PMN Business Author of the article: Article content NEW DELHI — Indian billionaire Rakesh Jhunjhunwala's plan to launch an ultra-low-cost airline, could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say . Jhunjhunwala, known as “India's Warren Buffett” for his successful stock investments, plans to team up with former CEOs of IndiGo, the country's biggest carrier, and Jet Airways to tap into demand for domestic air travel. Advertisement This advertisement has not loaded yet, but your article continues below. Article content While Jhunjhunwala's Akasa Air comes at a time when India's aviation industry is reeling from the impact ...
PMN Business, REU

Monte dei Paschi capital wiped out in EU banking stress test

Breadcrumb Trail Links PMN Business Author of the article: Reuters Huw Jones and Valentina Za and Jesús Aguado Article content All of Monte dei Paschi's capital was wiped out in a European Union stress test of banks on Friday as the Italian lender headed for government-sponsored merger talks with domestic peer UniCredit, whose own score fell short of the sector's aggregate performance. The exercise by the European Banking Authority showed that EU banks took a 265 billion euro ($314.7 billion) hit in a test of their resilience to economic shocks, which still left them with two-thirds of their buffers intact. Advertisement This advertisement has not loaded yet, but your article continues below. Article content The EBA tested the resilience of 50 top lender...
PMN Business, REU

HK police arrest man for booing China anthem during Olympics broadcast

Article content HONG KONG — Hong Kong police said on Friday they had arrested a 40-year-old man for booing China's national anthem in a shopping mall broadcasting live the city's first Olympic gold medal win in 25 years earlier this week. More than 100 people gathered briefly on Monday night in a mall to watch on a wide screen Cheung Ka Long claiming the Olympic men's individual fencing title. Police said they fielded complaints that some people booed during the award ceremony when China's national anthem was played. Some shouted “We are Hong Kong,” and clapped, according to video clips seen by Reuters. Article content In a statement posted online, police said the arrested person had held a Hong Kong British colonial flag, booed and chanted slogans with others at the time. Police said ...