Showing posts from March, 2021

From the Desk of Fernando Guzmán Cavero: Days Closing For eastern week

 Dear Friends We will Closed today Wednesday, Thursday and Friday. We will be back next Monday at our usual time, Fernando Guzmán Cavero Enable Ginger Cannot connect to Ginger Check your internet connection or reload the browser Disable in this text field Edit Edit in Ginger Edit in Ginger ×

News | Business | Chinese Club Factory Firm: The Banned Firm 'Club Factory' May Take The Major Force Route Banned Chinese firm Club Factory may take ‘Force Majeure’ route Rasul Bailay 3 minutes Club Factory plans to invoke force majeure to counter Indian companies and vendors that have approached the courts to recover dues from the banned Chinese e-commerce company. Club Factory is citing India’s decision in June to block several Chinese apps as a situation that was beyond its control, according to a former senior company executive. The Chinese company has hired law firm Khaitan & Co. BPO companies Cyfuture and Aegis, which had provided customer-care support to Club Factory, have filed separate cases against the company in the Delhi High Court to recover a combined Rs 5 crore. Other Indian companies and vendors are struggling to find a representative or office contacts for the Chinese company to recover their dues. “For some months, Club Factory just kept saying the

News | Credit Cards | Visa: Visa Settles Transactions in USDC Stablecoins with crypto Players in a major breakthrough for Crypto Players. Visa settles transactions in USDC stablecoins, a major breakthrough for crypto players Adriana Nunez 3-4 minutes The card network began settling transactions in USD Coin (USDC), a cryptocurrency whose value is pegged to the US dollar, after piloting the capability with crypto and payment platform over the blockchain Ethereum. The card network plans to roll out the capability to additional crypto partners later this year. Previously, crypto wallets and platforms working with Visa needed to convert payments to fiat currency before transactions could be settled by the card network, adding time and costs to the process. The development lets crypto providers bypass the fiat currency conversion process and instead route USDC payments directly to Visa. Payment providers are stepping up their crypto game as digital currencies heat up in the consumer market. Other card networks are jo

U.S. Market at Close Report: Dow slips More Than 100 Points,; Apple and Microsoft Lead Loses.

 U.S. Market Dow slips more than 100 points from a record high, Apple and Microsoft lead losses Yun Li 4 minutes U.S. stocks fell Tuesday as major technology shares came under pressure again after the 10-year Treasury yield touched its highest level since January 2020. The Dow Jones Industrial Average dipped 104.41 points, or 0.3%, to 33,066.96, slipping from a record closing high. Apple and Microsoft were among the biggest losers in the 30-stock Dow, falling more than 1% each. The S&P 500 slid 0.3% to 3,958.55, led by losses in consumer staples and technology. The Nasdaq Composite ended the session 0.1% lower at 13,045.39. The tech-heavy benchmark was down more than 1% at one point. The 10-year Treasury yield climbed 6 basis points to top 1.77% earlier Tuesday, hitting its highest level in 14 months as vaccine rollouts and expected infrastructure spending boosted the outlook for a broad

News | U.S. Politics: NJudicial Nominees by Biden Have Different Backgrounds.

Image Biden's Judicial Nominees Have Diverse Backgrounds Carl Hulse, Michael D. Shear 9-11 minutes Biden Names Diverse Nominees for the Federal Bench The president’s first choices for district and appeals court openings reflected his campaign promise to choose judges from outside of traditional backgrounds. Credit...Bill O'Leary/The Washington Post, via Getty Images WASHINGTON — President Biden began a drive to reshape the federal courts on Tuesday with a burst of judicial nominations that put an emphasis on diversity and drew from a broad range of backgrounds including public defenders. The effort is motivated in part by a desire to offset the conservative mark stamped on the federal judiciary by former President Donald J. Trump, who won confirmation of more than 220 judges, mostly white men . But Mr. Biden’s first round of nominations also sought to make good on his campaign promise

Metals | Spot Prices as of Trading in New York On Tuesday 30, 2021.

 CMI Spot Prices as of close of trading in New York   Tuesday, March 30, 2021       GOLD   TODAY   $1,685.87 CHANGE   -$27.34 WEEK AGO   $1,725.34 MONTH AGO   $1,736.74 YEAR AGO   $1,600.49 SILVER   TODAY   $24.08 CHANGE   -$0.65 WEEK AGO   $25.14 MONTH AGO   $26.86 YEAR AGO   $14.15 PLATINUM   TODAY   $1,160.01 CHANGE   -$22.25 WEEK AGO   $1,172.50 MONTH AGO   $1,214.64 YEAR AGO   $731.28 PALLADIUM   TODAY   $2,578.74 CHANGE   +$37.78 WEEK AGO   $2,609.00 MONTH AGO   $2,377.25 YEAR AGO   $2,424.40 GOLD/SILVER RATIO   70.01   Enable Ginger Cannot connect to Ginger Check your internet connection or reload the browser Disable in this text field Edit Edit in Ginger Edit in Ginger ×

Biggest Moves Midday: ViacomCBS, BioNtech, Wells Fargo & More. Stocks making the biggest moves midday: ViacomCBS, BioNTech, Wells Fargo and more Maggie Fitzgerald 3-4 minutes Check out the companies making headlines in midday trading. ViacomCBS , Discovery — The media stocks ensnared in the Archegos Capital Management margin call last week rebounded on Tuesday, chipping away at their recent losses. The class B shares of ViacomCBS rose 4%, while Discovery's class A shares jumped 9.7%. Nomura , Credit Suisse — Shares of Nomura and Credit Suisse fell again in midday trading after news of anticipated loss from the fallout of Archegos Capital's stock sales. Nomura was down more than 2% and Credit Suisse slid about 3%. Wells Fargo — The bank's stock popped 2.8% after announcing it no longer has any exposure to Archegos. "We did not experience losses related to closing out our exposure," the bank said in a statement. Roku – The video

Europe Markets at Close Report: European Markets Higher on Tuesday With Recovery Hopes.

  EUROPE MARKETS European stocks close higher with recovery hopes, bond yields in focus Elliot Smith 2-3 minutes LONDON — European stocks closed higher on Tuesday following a recovery from market jitters in the U.S. late last week. The pan-European Stoxx 600 ended the session up by about 0.7%, led by a 3.1% climb for auto shares. Global markets appeared to be stabilizing throughout the European trading session, shrugging off the impact of a U.S. hedge fund default that hit global banking stocks on Monday. However, U.S. stocks slipped lower on Tuesday despite the Dow Jones Industrial Average rising to a new record on Monday , as the benchmark U.S. 10-year Treasury yield began to spike once again. "Treasury sell-offs are increasingly being driven by the more Fed-rate-policy-sensitive tenors towards the front end of the curve. The 5-year point in particular has underperformed ver

Oil Price Report (Morning Edition): Oil Drops on Tuesday as Suez Canal Opens. Oil drops as Suez opens, focus turns to OPEC+ output cuts Reuters 3-4 minutes Oil prices fell on Tuesday as the Suez Canal opened up after days closed by a grounded supercarrier and focus turned to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns. Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 04 0651 GMT. U.S. oil was off by 12 cents, or 0.2%, at $61.44 barrel. Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway. With concerns about a shortage of physical supplies abating, the market is turning its focus to Thursday's meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies inc

Gold Price Report (Morning Edition): Gold Slides t a 3-week Low on Tuesday on Treasury Yields Climb. Gold slides to 3-week low as U.S. yields climb Reuters 2-3 minutes Gold prices slid on Tuesday as the U.S. dollar climbed on the back of higher Treasury yields and as expectations that speedy vaccinations would improve the economic outlook curbed demand for safe-haven bullion. Spot gold slipped 0.9% to $1,696.73 per ounce by 0940 GMT. Earlier in the session, bullion fell by as much as 1% to its lowest since March 9 at $1,695.10. U.S. gold futures fell 1% to $1,697.60 per ounce. "Gold is under pressure as investors are expecting a strong economic rebound in the U.S. because of the pace of vaccinations there and the stimulus driving investor sentiment and bond yields in the U.S. to new highs again for the year," Fawad Razaqzada, market analyst with ThinkMarkets, said. The dollar index jumped to a more than four-month high as benchmark U.S. Treasury yields rose to a 14-month peak on

Bonds | Treasury Yields: 10-year Treasury yield reached 14 Months Highs with 1.77%. 10-year Treasury yield hits 14-month highs, topping 1.77% Vicky McKeever 3 minutes The U.S. 10-year Treasury yield topped 1.77% on Tuesday, as coronavirus vaccine rollouts and planned infrastructure spending boosted expectations of a broad economic recovery and rising inflation. The yield on the benchmark 10-year Treasury note jumped to 1.76% at 7:23 a.m. ET. It topped 1.7% earlier in the session, the first time trading around that level in January 2020. The yield on the 30-year Treasury bond rose to 2.456%. Yields move inversely to prices. The rise in yields comes a day ahead of President Joe Biden revealing details of his infrastructure plan . The recovery package will include up to $3 trillion in spending across a swathe of sectors in an effort to bolster the U.S. economy. HSBC strategists said in a note published Monday that "stimulus and any infrastructure plan are likely to prove

The Dollar Exchange Rate ( Morning Edition): Dollar gains as U.S. recovery bets on Treasury yields. Dollar gains as U.S. recovery bets stoke Treasury yields Reuters 3 minutes The dollar gained against major currencies on Tuesday and climbed to a one-year high against the yen, as accelerating U.S. vaccinations and plans for a major stimulus package stoked inflation expectations and Treasury yields. The safe-haven greenback found support across the board as investors also digested the fallout from the collapse of highly leveraged investment fund Archegos Capital. The dollar index rose above the 93 mark and was last up around a quarter of a percent at 93.122, its highest level in four months. The greenback rose above 110 yen, a level not seen since March last year. It is on track for the best month since late 2016, with the end of Japan's fiscal year this month driving up dollar demand as companies square their books. Analysts said the yen was also vulnerable to higher inflation expect

Biggest Moves Premarket: Discovery, ViacomCBS, Credit Suisse, PayPal, Roku & More. Stocks making the biggest moves premarket: Discovery, ViacomCBS, Credit Suisse, PayPal, Roku & more Peter Schacknow 3-4 minutes Check out the companies making headlines before the bell: Discovery Communications , ViacomCBS – The two media stocks are higher this morning, after being battered amid the liquidation of stocks involving hedge fund Archegos Capital. Discovery rose 1.6% premarket after a 6-day losing streak that stripped nearly 47% of its value, while Viacom gained 1.1% after a 5-day skid that saw it lose 55% of its value. Nomura Securities , Credit Suisse – Nomura and Credit Suisse slid again in premarket trading, after tumbling Monday on news of anticipated loss from the fallout of Archegos Capital's stock sales. Nomura fell 1.9%, while Credit Suisse was down 2.6%. Albertsons – The supermarket chain announced a wide-ranging partnership with Alphabet -owned Google that wi