Friday, December 10, 2021

Dollar waits on CPI, yuan bounces back from policy knock

Dollar waits on CPI
 The dollar was largely unchanged in early European trade Friday ahead of the release of key U.S. inflation data, which could influence Federal Reserve monetary policy thinking into the new year. The euro , seen as vulnerable to a Federal Reserve hike especially if European rate rises lag, dropped 0.4% on Thursday and was steady in Asia at $1.1297.

The dollar index , at 96.197, was drifting toward its seventh consecutive weekly rise ahead of the data, which is due at 1330 GMT. Annual price gains of 6.8% are expected and any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and sooner interest rate rises.

Consumer confidence data is also due on Friday and if it holds up could portend even more price pressures ahead.

Tom Porcelli said,"Inflation is going to accelerate." RBC Capital Markets' chief U.S. economist, who thinks the annual pace is going to pick up and keep rising to push near 7% early in the new year.

He said, "As a result, we think that combination means a hike in March is very possible."

"The market is pricing in about a 40% chance of that, but we now think it's a bit higher. It's probably closer to a coin flip now."

The Fed, European Central Bank, Bank of England and Bank of Japan also all meet next week and the combination of the inflation data and the possibility of a central bank response have set market volatility gauges surging .

"Judging by the way the dollar is trading. I'd argue traders are positioning for a higher CPI print which cements a view that the Fed will increase the pace of tapering its QE programme," said Chris Weston, head of research at Pepperstone.

 



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Tesla's Musk says he is 'thinking of' quitting his jobs

Elon Musk
Chief Executive Officer Elon Musk is "thinking of" leaving his jobs and becoming an influencer, the world's richest man tweeted on Thursday. Musk said, "thinking of quitting my jobs & becoming an influencer full-time wdyt."

It was not immediately clear if Musk, a prolific user of the social media platform, was being serious about quitting his roles.

Musk, who is also the founder and CEO of rocket company SpaceX, and leads brain-chip startup Neuralink and infrastructure firm The Boring Company, said during a conference call in January that he expects to be the CEO of Tesla for "several years". read more

"It would be nice to have a bit more free time on my hands as opposed to just working day and night, from when I wake up to when I go to sleep 7 days a week. Pretty intense."

Last month, he asked his followers on Twitter whether he should sell 10% of his stake in the electric-car maker, to which the majority agreed.

 



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Mexico truck crash, authorities says 54 injured

Mexico truck crash
At least 54 people have been killed and scores more injured after the truck they were being transported in crashed in southern Mexico, authorities say. More than 150 people, said to be migrants from Central America, were crammed into the truck's trailer when it rolled in the state of Chiapas.

Pictures from the crash scene show victims strewn across the road next to the overturned truck. There were also rows of what appeared to be bodies covered in white sheets.

It is one of the worst accidents of its kind in Mexico. Forty-nine people were confirmed dead at the scene and five more died in hospital, Chiapas Governor Rutilio Escandón said.

He said that 83 men and 22 women were injured in the crash.

Emergency officials said the victims included men, women and children. Their nationalities have not been confirmed, but local officials said most of the people on board were from Honduras and Guatemala.

The truck was reportedly speeding when it flipped on a sharp bend and hit a pedestrian bridge on a main road leading to the Chiapas state capital Tuxtla Gutiérrez.

Chiapas, which neighbours Guatamala, is a major transit point for undocumented migrants.

 



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Thursday, December 9, 2021

Chairman NAB works on daily wages: Shahid Khaqan abbasi

Chairman NAB works on daily wages: Shahid Khaqan abbasi
 PML-N leader Shahid Khaqan Abbasi has said that Pakistan Tehreek-e-Insaf (PTI) has nothing to do with the Green Line project, three months project was completed in three and a half years.

He said there is neither a democratic system nor a stable parliament in this country.

Shahid Khaqan Abbasi while talking to the media outside the accountability court Karachi said that the proceedings should be shown live to the people by installing cameras in the courts.

False references are made to suppress the opposition, everyone goes round the courts, who is responsible for this? Doesn’t Chairman NAB have to answer for making fake references?, Abbasi added.

Shahid Khaqan Abbasi further said that the chairman NAB works on daily wages, one day he will also see the accountability of so-called chairman and justice will be served.



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Chairman NAB works on daily wages: Shahid Khaqan abbasi

Chairman NAB works on daily wages: Shahid Khaqan abbasi
 PML-N leader Shahid Khaqan Abbasi has said that Pakistan Tehreek-e-Insaf (PTI) has nothing to do with the Green Line project, three months project was completed in three and a half years.

He said there is neither a democratic system nor a stable parliament in this country.

Shahid Khaqan Abbasi while talking to the media outside the accountability court Karachi said that the proceedings should be shown live to the people by installing cameras in the courts.

False references are made to suppress the opposition, everyone goes round the courts, who is responsible for this? Doesn’t Chairman NAB have to answer for making fake references?, Abbasi added.

Shahid Khaqan Abbasi further said that the chairman NAB works on daily wages, one day he will also see the accountability of so-called chairman and justice will be served.



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ECP fined Federal Minister Gandapur for violating election code of conduct

ECP fined Federal Minister Gandapur for violating election code of conduct
Federal Minister for Kashmir Affairs and Gilgit-Baltistan, Ali Amin Gandapur was fined Rs50,000 for violating the Election Commission of Pakistan's (ECP) code of conduct for the upcoming local government elections Thursday.

 The local government elections will take place on December 19 in 17 districts across Khyber Pakhtunkhwa.

According to a report in Dawn, Gandapur, while addressing a rally during the election campaign of his brother, Umar Amin Gandapur, who is a candidate for the city mayor’s slot, had threatened the opposition with dire consequences.

Dera Ismail Khan Regional Election Commissioner Ijaz Ahmad, who is also the district monitoring officer for the LG polls, had summoned Gandapur on Monday, December 6, following complaints that the minister had violated the code of conduct.

The regional election commissioner issued a warning to Gandapur that he would refer the matter to the commission for the initiation of legal proceedings against him and lead to eventual disqualification under Section 234(4) of the Election Act 2017 if he was found involved in any violation of the ECP rules for the second time.
The order issued by Ahmed stated: "The respondent was heard where his arguments could not satisfy the undersigned. He also accepted the violation of the code of conduct. The undersigned orders imposition of Rs50,000 fine on the respondent that is to be deposited in the exchequer by December 10."



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Pakistan desires to bridge gaps between US, China instead of joining any bloc: PM Imran

Prime Minister Imran Khan
Prime Minister Imran Khan on Thursday said Pakistan desired not be a part of any political bloc but instead wanted to play its role in bridging gaps between the United States and China.

Addressing the Islamabad Conclave 2021, which had the theme "Peaceful and Prosperous South Asia", the prime minister said: "The situation is going towards a [new] Cold War and blocs are forming.

"Pakistan should try its best to stop the formation of these blocs because we should not become a part of any bloc."

The premier said the original Cold War between the US and the then Soviet Union had caused great loss to the world and so Pakistan did not want to get trapped in a potentially new one.

Instead, Pakistan wanted to "unite people" such as its efforts in cooling the stand-off between Saudi Arabia and Iran, he said.

"Both countries appreciated that we tried our best during a very critical phase where conflict could have occurred between them."

The prime minister added that Pakistan wanted to play a similar role in the current US-China relations and "stop their growing distances".

His comments come a day after Pakistan indicated that it may not attend President Joe Biden’s Democracy Summit, adding it would like to engage with Washington on the issue of democracy “at an opportune time in the future”.

Biden has invited around 110 countries, including major Western allies but also Iraq, India and Pakistan, to a virtual summit on democracy that is being held on December 9-10.

The US invitation had put Pakistan in a difficult spot as Washington invited Taiwan, instead of Beijing, to represent China at the summit. Russia, another major world power, was also kept out. China is Pakistan’s closest ally while Islamabad is trying to improve its ties with Moscow as well.

Policymakers in Islamabad are worried that not attending the summit would give India a free hand, which already has a strong influence in the US. But a strong Chinese reaction to the US decision to invite Taiwan made it obvious that attending the summit could seriously damage Islamabad’s relations with Beijing, a risk Pakistan could not take.

China and the US are currently undergoing a turbulent period of political relations marked by competition at various fronts. The US has also announced a boycott of the Beijing Winter Olympics over human rights concerns for which China said it would "pay the price".

UN Secretary General Antonio Guterres warned of a potential new Cold War in September. He implored China and the US to repair their “completely dysfunctional” relationship before problems between the two large and deeply influential countries spill over even further into the rest of the planet.

'Futures are connected'

The prime minister, in his speech today, also commented on the regional situation, saying the biggest problem keeping South Asia "hostage" was the Kashmir issue.

He said his government had reached out to for peace to India but got "no positive response".

"Unfortunately we weren't having an interaction with a normal Indian government but the RSS (Rashtriya Swayamsevak Sangh) ideology ... and it is very difficult to negotiate with this ideology," the prime minister rued.

Pointing to India's domestic affairs and communal divides, he said the marginalisation of certain societal segments would have "severe repercussions" on Indian society and others.

"History tells us that when you exclude people then you marginalise [people] and then you radicalise them as well," he said.

The premier said in his view, problems solved through military means and wars were subject to "miscalculations".

"Those who decide to solve problems through warfare have two traits: they don't learn from history and they have pride in their weapons," he added.

"Miscalculations happen because of these two traits and weeks-long wars kept continuing," the prime minister said, pointing to the Afghan conflict and Pakistan's internal military operations.

'Pakistan, India should focus on climate change together'

Turning to climate change, the prime minister emphasised that both Pakistan and India were vulnerable to climate change.

"Our futures are connected. We both should focus on climate change together but till now I'm not seeing that seriousness in world leaders because their commercial interests are clashing with steps needed to stop climate change," he said.

The premier stressed that countries connected together develop as a region rather than individually. "There are two problems in our region: trade is low because of political differences and conflicts and secondly we are connected because of climate change," he said.

He said that once the Kashmir dispute is sorted, other issues could be jointly tackled as well such as smog and pollution. "Until both countries don't sit together, no matter how much we do in Lahore [to control smog] we will only solve half the problem," the prime minister explained.



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Islamabad court dismisses Gill’s bail plea in sedition case

A District and Sessions court of Islamabad dismissed the post arrest bail petition of PTI leader Shahbaz Gill on Tuesday. Additional Dist...