Friday, 25 Sep 2020

Gold Prices Mixed As Dollar Declines

Argentina clinches deal with creditors to restructure $65 billion debt, bonds rise

Argentina's government announced early Tuesday morning it had reached a deal with creditors to restructure $65 billion in sovereign debt, drawing a close to months of negotiations rife with gridlock and disagreement.

The country's existing euro bonds rose by as much as 3 cents on the news, building on gains in the previous session on anticipation of an agreement.

Three creditor groups — the Ad Hoc Group of Argentine Bondholders, the Exchange Bondholder Group, and the Argentina Creditor Committee — will now help Argentina to restructure its debt and offer it significant debt relief.

Talks as recently as June had hit an impasse when Buenos Aires said it could not "responsibly commit" to the terms offered by creditors.

Latin America's third-largest economy, already in default, has for months left billions of dollars worth of bonds in default as its economy is hammered by the coronavirus pandemic.

Rising poverty and unemployment, as well as soaring interest rates amid an already two-year-long recession, had the country of roughly 45 million in dire financial straits even before the virus hit.

On May 22, Argentina saw its ninth sovereign debt default after missing overdue interest payments.

China will encourage integrated circuit and software firms to list at home and abroad

BEIJING, Aug 4 (Reuters) – China will encourage qualified integrated circuit and software firms to list and raise money at home and abroad, and speed up the domestic listing review process, the state council said on Tuesday.

China will encourage private capital to set up funds to support the industry, and enhance financing guarantee services for smaller companies in the sector, the cabinet said in a statement on its website.

It also said the country will offer tax exemptions and reductions for some integrated circuits and software companies.

Sun Pharma unveils Covid drug FluGuard at ₹35 a tablet

Favipiravir is the only oral anti-viral treatment approved in India for the potential treatment of patients with mild to moderate Covid-19 disease.

Sun Pharmaceutical Industries Ltd has announced the introduction of FluGuard (Favipiravir 200 mg) at a price of ₹35 per tablet, for the treatment of mild to moderate cases of Covid-19 in India.

Glenmark’s FabiFlu is available at ₹75 a tablet as the company recently brought down the price from ₹103 a tablet during the time of introduction.

Favipiravir is the only oral anti-viral treatment approved in India for the potential treatment of patients with mild to moderate Covid-19 disease.

Kirti Ganorkar, CEO, India Business, Sun Pharma said, “With over 50,000 Covid-19 cases being reported daily in India, there is an urgent need to provide more treatment options to healthcare professionals.”

“We are launching FluGuard at an economical price to make the drug accessible to more and more patients thereby reducing their financial burden. This is in line with our continuous efforts to support India’s pandemic response,” she said.

The company said it will work with the government and medical community to ensure availability of FluGuard to patients across the country. The stocks of the medicine will be available in the market from this week, the company added.

Gartner, Inc. Q2 adjusted earnings Beat Estimates

Gartner, Inc. (IT) released a profit for second quarter that decreased from last year.

The company’s profit came in at $55.1 million, or $0.61 per share. This compares with $103.4 million, or $1.13 per share, in last year’s second quarter.

Excluding items, Gartner, Inc. reported adjusted earnings of $107 million or $1.20 per share for the period.

Analysts had expected the company to earn $0.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 9.3% to $0.97 billion from $1.07 billion last year.

Gartner, Inc. earnings at a glance:

-Earnings (Q2): $107 Mln. vs. $132 Mln. last year.
-EPS (Q2): $1.20 vs. $1.45 last year.
-Analysts Estimate: $0.81
-Revenue (Q2): $0.97 Bln vs. $1.07 Bln last year.

Royal Family wish Meghan a ‘very happy birthday’ as she turns 39

The Royal Family have wished the Duchess of Sussex a “very happy birthday” as she turned 39.

A picture of Meghan with the Queen was posted on the monarch’s official Twitter account with the words “Wishing The Duchess of Sussex a very happy birthday!”.

A similar message appeared on the Duke and Duchess of Cambridge’s account.

Afghan security forces retake control of Jalalabad prison

Afghan forces say they have retaken prison after at least 29 were killed in hours-long battle following ISIL-claimed attack on the facility.

Hundreds of prisoners are on the run after gunmen, affiliated with ISIL (ISIS), earlier stormed a prison in Jalalabad.

Authorities have regained control, but only after at least 30 people were killed, including several of the assailants.

Al Jazeera’s Andrew Chappelle reports.

Gold Prices Mixed As Dollar Declines

Gold prices were mixed on Tuesday and the dollar slipped as investors fretted over an uncertain economic outlook and ongoing political wrangling over a U.S. relief plan.

Spot gold edged down 0.1 percent to $1,975.78 per ounce, while U.S. gold futures were up 0.3 percent at $1,980.80.

With many countries extending lockdowns to curb the coronavirus pandemic, the chances of any economic rebound reversing course have risen.

As White House officials and congressional Democrats seek to compromise on another stimulus package, Charles Evans, the Chicago Federal Reserve president, said on Monday that fiscal policy is really fundamental for getting the economy going.

Amid growing talk that a deal won’t be reached until September, St. Louis Fed President James Bullard said separately that he was optimistic a deal could be reached.

U.S.-China tensions also remain on investors’ radar after U.S. President Donald Trump said he will ban popular Chinese-owned video app TikTok in the United States unless a tech company such as Microsoft buys it.

China will not accept U.S. theft of TikTok, the China Daily newspaper said today.

In another development, the editor of a newspaper published by China’s ruling Communist Party’s People’s Daily said that Beijing would retaliate if all Chinese journalists based in the United States are forced to leave the country.

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