Day: August 5, 2020

JSE profits increase, despite volatile market
Stock News

JSE profits increase, despite volatile market

The Johannesburg Stock Exchange (JSE) reported a positive six months for the first half of its financial year – despite the macro-economic challenges caused by the global Covid-19 pandemic. The owner and operator of Africa’s biggest and most liquid market for shares, bonds and derivatives, reported a 22% increase in net profit after tax to R485 million, while total revenue increased 22% to R1.32 billion. JSE group CEO Leila Fourie said she’s pleased with the results, which were achieved amid a turbulent and volatile market, with record trading volumes amplified by the sovereign credit rating downgrade, South Africa’s exit from the World Government Bond Index, and rand volatility. The JSE recognises the substantial impact of the pandemic on its clients. “We feel that it shows that we...
Zynga revenue soars 47%, because mobile gamers can’t play enough during a pandemic
Stock News

Zynga revenue soars 47%, because mobile gamers can’t play enough during a pandemic

Zynga Inc. shares jumped 9% in after-hours trading Wednesday following an earnings report that proved, once again, that home-bound Americans are binging on digital games. The mobile-gaming company reported a second-quarter net loss of $150 million, or 16 cents a share, compared with a loss of $55.8 million, or 6 cents a share, in the year-ago quarter. Zynga’s ZNGA, -1.17% revenue improved 47% to $452 million from $306.5 million a year ago. Sales included record online game revenue of $388 million, up 61% year-over-year. In a nod to its strong prospects, the company also raised its full-year revenue guidance $110 million to $1.8 billion. Analysts surveyed by FactSet had expected adjusted a loss of 13 cents a share on sales of $505 million. With no foreseeable end in sight to shelter-i...
BNP Halts New Commodity Trade Finance Deals Amid Unit Review – Yahoo Canada Finance
Commodities

BNP Halts New Commodity Trade Finance Deals Amid Unit Review – Yahoo Canada Finance

(Bloomberg) -- BNP Paribas SA has suspended new commodity trade finance deals while it reviews its involvement in the business in Europe, Middle East and Africa, according to people familiar with the matter. The French bank, one of the largest lenders to global commodity traders, has recently told clients that no new deals will be concluded unless there’s a contractual obligation, said the people, who asked not to be identified because the information isn’t public. BNP is currently reviewing options for the future of its EMEA commodity trade finance business, the people said. The move comes after the bank took a hit from commodity trade houses facing financial stress from Dubai to the U.S., the people said. BNP’s commodity trade finance team suffered heavy losses from the bank’s ex...
BNP Halts New Commodity Trade Finance Deals as It Reviews Unit – Yahoo Finance
Commodities

BNP Halts New Commodity Trade Finance Deals as It Reviews Unit – Yahoo Finance

(Bloomberg) -- BNP Paribas SA has suspended new commodity trade finance deals while it reviews its involvement in the business in Europe, Middle East and Africa, according to people familiar with the matter. The French bank, one of the largest lenders to global commodity traders, has recently told clients that no new deals will be concluded unless there’s a contractual obligation, said the people, who asked not to be identified because the information isn’t public. BNP is currently reviewing options for the future of its EMEA commodity trade finance business, the people said. The move comes after the bank took a hit from commodity trade houses facing financial stress from Dubai to the U.S., the people said. BNP’s commodity trade finance team suffered heavy losses from the bank’s ex...
Jaiprakash Associates Q1 results: Posts net loss of Rs 333 crore
Stock News

Jaiprakash Associates Q1 results: Posts net loss of Rs 333 crore

NEW DELHI: Diversified group Jaiprakash Associates Ltd on Wednesday reported a consolidated net loss of Rs 332.68 crore for the quarter ended June, on lower income amid the COVID-19 pandemic.Its net loss had stood at Rs 574.62 crore in the year-ago quarter. Total income declined to Rs 1,140.99 crore for the first quarter of the current financial year, from Rs 1,778.91 crore a year ago. Jaiprakash Associates is into cement, construction, power, hotels, healthcare, sports event and fertiliser businesses. Source: ET Markets
Jack-of-all-trades BSE lags MCX’s value driven by commodity focus – Livemint
Commodities

Jack-of-all-trades BSE lags MCX’s value driven by commodity focus – Livemint

A look at the shares of Multi Commodity Exchange of India Ltd (MCX) and BSE Ltd suggests there has been an increasing affinity for trading in commodities over equities during the pandemic. Shares of MCX have risen 50% so far this year, while the BSE stock is flat. But the trend in the two stocks has nothing to do with trading patterns in the commodity and equity asset classes. Indeed, the average daily turnover in the BSE’s equity cash segment rose sharply on a year-on-year basis in the June quarter, while turnover at the MCX fell. View Full Image Graphic: Sarvesh Kumar Sharma/Mint The divergent trend in the two stocks is just the continuation of a trend for at least the past two years. BSE’s market cap was as high as MCX’s two years ago; it’s now just a fourth of its rival’s value. Of...
Facebook releases its second attempt to copy rival TikTok by leveraging Instagram’s popularity – CNBC
Stock News

Facebook releases its second attempt to copy rival TikTok by leveraging Instagram’s popularity – CNBC

Source: Instagram Instagram launched its short-form video feature, Reels, broadly on Wednesday, in an effort to compete with the rapidly-growing TikTok. Instead of operating as a separate app, Reels can be found within the Instagram app itself by selecting "Reels" at the bottom of the Instagram camera. Reels allows users to create 15-second clips, like TikTok, and share them publicly or with friends within the Instagram app. The editing software operates much like TikTok. Users can overlay audio, select augmented reality effects and upload video clips in a similar manner. Reels was launched in Brazil last November and Instagram expanded it to France and Germany in June and India in July. It's now available in the U.S. and several other markets. Facebook, which owns Instagram, ha...
Bitcoin Price Rebounds to $11.6K as VIX Is ‘Extremely Bullish’
Crypto News

Bitcoin Price Rebounds to $11.6K as VIX Is ‘Extremely Bullish’

Bitcoin (BTC) soared past the key technical resistance level of $11,500 and past $11,600 on Aug. 5 as a fresh round of bullish sentiment canceled out more of last weekend’s plunge. Cryptocurrency market daily snapshot Aug. 5. Source: Coin360 Data from Coin360 showed BTC/USD reaching four-day highs of $11,650 at press time on Wednesday, having gained over 4% in the past 24 hours. BTC/USD 1-day chart. Source: Coin360 Excitement remains palpable for Bitcoin, which has spent the week slowly patching up losses after it fell $1,200 from highs of $12,000 on Sunday. Fed may unleash “wildly bullish” environment for safe havens Bitcoin could surge higher if the United States Federal Reserve seeks to raise inflation in a move that “doesn’t make any sense.” In an address last week, Fed Chai...
After ADP, Payrolls rise expected barring any surprises with tomorrow’s claims
Forex News

After ADP, Payrolls rise expected barring any surprises with tomorrow’s claims

The lean 167k July ADP payroll rise undershot our 1,900k private BLS payroll estimate with a 2,600k total BLS payroll gain. We also saw the expected big boost in the June ADP gain to 4,314k from 2,369k that narrowed the gap to the 4,767, BLS private payroll increase in that month. The ADP climb defied the improvement in the continuing and initial claims data for the period and other evidence that production continued to rise despite delays in re-openings for the retail sector. The ADP figures have done a poor job of signaling monthly BLS payroll changes, and we still expect a further July climb in payrolls barring any surprises with tomorrow’s claims data. There is a 12-month average “as reported” ADP drop through June of -1,608k, versus a 12-month average drop for BLS private payrolls of...
Could Digital Currencies Make Being Poor Less Costly? – Harvard Business Review
Currencies

Could Digital Currencies Make Being Poor Less Costly? – Harvard Business Review

Executive Summary Right now, more than 70% of the world’s central banks are exploring the merits of central bank digital currencies (CBDCs) — electronic versions of their national fiat. National digital currencies could reduce reliance on commercial banks as the principal interface for money management and increase optionality for consumers, many of whom are beyond the reach of physical bank branches or excluded from the financial system due to poor credit or lack of funds. For CBDCs to open doors to financial inclusion, however, we need universal, open, and user-directed payment networks. For this open peer-to-peer payment infrastructure to develop: 1) governments need to offer regulatory certainty and regulatory sandboxes where projects can be tested, 2) the architects of these networks...