Market

Shortages, jams and shutdowns: UK readies for Brexit ‘no-deal’ chaos
Market, World

Shortages, jams and shutdowns: UK readies for Brexit ‘no-deal’ chaos

LONDON: Food shortages, tailbacks and congested ports: As talks with Brussels remain unresolved three weeks before leaving the European Union single market, the United Kingdom is preparing for a chaotic "no-deal". Business groups this week warned of difficulties from Jan 1 as a frustrating lack of clarity on a post-Brexit trade deal has left many companies unable to plan properly. "While Britain's businesses are hoping that a Brexit deal will be reached, companies across many sectors will face disruption," said Darren Jones, chair of the parliament's Business, Energy and Industrial Strategy Committee, after meeting business representatives on Tuesday (Dec 8). Businesses warned of "potential food shortages and price rises, and the threat of heaping significant costs onto our car indu...
Airbnb doubles in US market debut, gaining elite status
Market, World

Airbnb doubles in US market debut, gaining elite status

NEW YORK: Airbnb shares more than doubled in a sizzling US market debut on Thursday (Dec 10) which vaulted the home-sharing platform into an elite group of richly valued companies. Shares opened at US$146, a dizzying rise after the San Francisco-based firm priced them at US$68 for its initial public offering. They closed at US$144.71, a jump of 113 per cent in the market debut. At those levels Airbnb is worth more than US$100 billion, including options and restricted shares, up from the bumped-up US$47 billion at the IPO price. That puts the 13-year-old company on par with major global firms such as IBM, 3M and American Express, for example. Airbnb raised some US$3.4 billion in the offering amid a feverish rush for new shares in companies adapting to lifestyle changes imposed by t...
J&K: IIP Mumbai conducts workshop on customized packaging to boost export
Asia, Market

J&K: IIP Mumbai conducts workshop on customized packaging to boost export

In order to boost global exports of famed handicrafts and handloom products from the Indian union territory of Jammu and Kashmir (J&K), the Indian Institute of Packaging (IIP), Mumbai, in collaboration with Handicrafts and Handloom Department, Kashmir, conducted a workshop with craft entrepreneurs on customized packaging.The workshop laid emphasis on standard packaging of various Kashmir-based craft products like Pashmina and Kani Shawls, Papier Mache, Walnut Wood Carving, Carpets, Sozni, Crewel and Chain-Stitch embroidery for stimulation of customer interest in the national and international markets.Director, Ministry of Commerce, Praveen Kumar; Director, IIP Mumbai, Tanweer Alam; Director, Industries, Kashmir, Mahmood Ahmad Shah; Director, Handicrafts & Handloom, Kashmir, Mussara...
US Prez signs bill that could remove Chinese stocks from US markets
China, Market, World

US Prez signs bill that could remove Chinese stocks from US markets

United States President Donald Trump has signed a legislation with a potential to kick Chinese companies off of U.S. exchanges unless American regulators can review their financial audits.The measure, which could affect corporate giants like Alibaba Group Holding Ltd. and Baidu Inc., is yet another parting shot at China before Trump leaves office in January.The de-listing law won bipartisan support in the House early this month after clearing the U.S. Senate in May. While it applies to any foreign company, the bill’s sponsors have said their goal was to target China.For years, Chinese firms have used American capital markets and dollar-based finance as a key funding component to grow their businesses. While the measure includes a phase-in period, with penalties kicking in after three strai...
Op-ed: Retirees need to make these financial moves before Dec. 31
Market, World

Op-ed: Retirees need to make these financial moves before Dec. 31

Back in March, a couple who had recently sold their business called me to express concerns about their decision to sell and retire. With Covid-19 raging, the stock market quickly dropped in value and their retirement savings were in decline. They asked a straightforward question: Did they need to worry or worse, consider going back to work? To address their concerns, we conducted a financial "stress test." It's a simulation of scenarios to evaluate if their financial plan and investments could withstand the chaos in the stock market. Even though their investments had declined more than 10%, the test assured them their portfolio was well positioned to withstand further volatility. With this information in hand, the couple quickly dropped any thought of returning to work. While the impact...
UAE-India Food Security Summit: Lulu group inks MoU with Fruit Master Agro Fresh J&K
Asia, Market

UAE-India Food Security Summit: Lulu group inks MoU with Fruit Master Agro Fresh J&K

In a significant development, Jammu and Kashmir’s Fruit Master Agro Fresh and Dubai based Lulu group signed an MoU during the UAE-India Food Security Summit for supply of apple and other fruits for super markets of Lulu group across the Gulf Countries.During B2B sessions in the Summit, a meeting between a delegation from Jammu and Kashmir led by Navin Choudhary, Principal Secretary Agriculture and Horticulture, and top management of Lulu group led by its Chairman and Managing Director, Yousuf Ali, several decisions were taken to promote export of agriculture and horticulture products from the Indian union territory of Jammu and Kashmir to entire gulf region using stores of Lulu group.Group of leading entrepreneurs from Jammu and Kashmir made representation to potential UAE importers where ...
Singapore revises growth outlook again as Q3 GDP shrinks at slower 5.8% amid COVID-19
China, Market, Singapore, World

Singapore revises growth outlook again as Q3 GDP shrinks at slower 5.8% amid COVID-19

SINGAPORE: The Singapore economy is expected to shrink between 6 per cent and 6.5 per cent this year, said the Ministry of Trade and Industry (MTI) on Monday (Nov 23) in another revision to its 2020 outlook after growth data confirmed a smaller-than-expected contraction in the third quarter. Its previous estimate, announced in August, was for the economy to contract between 5 per cent and 7 per cent amid the blow from the COVID-19 pandemic. Policymakers also offered for the first time a glimpse of their economic forecast for 2021 – a recovery into positive growth territory, with the economy envisaged to expand between 4 per cent and 6 per cent next year partly on the back of a low base. For the third quarter, Singapore’s gross domestic product (GDP) contracted by 5.8 per cent on a y...
Don’t chase India’s market rally — the good news is ‘already priced in,’ HSBC says
Market, Singapore, World

Don’t chase India’s market rally — the good news is ‘already priced in,’ HSBC says

A pedestrian speaks on a mobile phone as he looks at share prices on a digital broadcast outside the Bombay Stock Exchange (BSE) in Mumbai on November 10, 2020. SINGAPORE — India's markets may have rallied to historic levels, but investors may want to stay away from chasing the rally for now, says HSBC Private Banking, which is currently underweight on India. "Our view at this stage is that a lot of the good news is already priced in to the Indian market as of now," James Cheo, chief market strategist for Southeast Asia at the firm, told CNBC's "Street Signs Asia" on Monday. As of Friday's close, both the Nifty 50 and S&P BSE Sensex sat close to all-time highs that were touched on Nov. 25, according to Refinitiv Eikon. India's markets were closed on Monday for a holiday. The recent ral...
J&K sets sight on Middle Eastern market for its horticulture produce
Asia, Market

J&K sets sight on Middle Eastern market for its horticulture produce

With a view to promote Kashmir horticulture produce across the globe, a delegation of top government officials along with progressive fruit growers are participating in UAE-India Food Security Summit 2020 to be held in Dubai.The delegation led by the Principal Secretary, Agriculture production, Naveen Chowdhary, Director Horticulture Kashmir, Aijaz Ahmad Bhat along with dozens of progressive farmers will have B2B interactions with multinational companies and international buyers.As per the officials, the potential buyers which the J&K delegation would be targeting will include Lulu supermarket, Choitram supermarket, Carrefour supermarket, Taj Hotels catering Dubai, Al Adil supermarket, Waitrose supermarket and Emirates airline catering services.Director Horticulture Kashmir, Aijaz Ahma...
Mnuchin says people are misunderstanding Fed funding decision, there’s plenty of firepower left
Market, World

Mnuchin says people are misunderstanding Fed funding decision, there’s plenty of firepower left

Treasury Secretary Steven Mnuchin moved Friday to downplay his department's decision to pull the plug on several Federal Reserve programs, saying there's plenty of money around to provide funding where it is needed. "This was a very simple thing. We're following the intent of Congress," Mnuchin told CNBC's Jim Cramer during a "Squawk on the Street" interview. After working together through much of the year on a series of lending and market liquidity programs, the Treasury and Fed found themselves at odds Thursday after Mnuchin said Treasury would not be seeking to extend a handful of lending programs instituted during the early days of the coronavirus pandemic. Funding for the programs is set to expire at the end of the year. They cover corporate bond buying, loans to state and local go...