NYSE scraps plans to delist three China telcos
Gold Futures Settle Higher As Dollar Continues To Slide
Gold futures ended higher on Tuesday, extending gains from previous session, as the dollar continued to slide against most of its peers amid expectations of further stimulus.
The dollar index slid to 89.44, losing nearly 0.5% from previous close.
Gold futures for February ended higher by $7.80 at $1,954.40 an ounce.
Silver futures for March ended up $0.276 at $27.640 an ounce, while Copper futures for March settled at $3.6395 per pound, gaining $0.0850 for the session.
In economic news, a report released by the Institute for Supply Management showed an unexpected acceleration in the pace of growth in U.S. manufacturing activity in the month of December.
The ISM said its manufacturing PMI climbed to 60.7 in December after dipping to 57.5 in November, with a reading above 50 indicating growth. Economists had expected the index to edge down to 56.6. With the unexpected increase, the manufacturing index reached its highest level since hitting 61.3 in August of 2018.
The dollar weakened ahead of Georgia’s runoff elections, which will determine whether Republicans or Democrats control power in the U.S. – and with it, the likely fate of President-elect Joe Biden’s legislative agenda.
The elections will determine how much Biden can push through Democrats’ agenda, including rewriting the tax code, boosting stimulus and infrastructure spending.
Market participants hope the Democrats will win both seats in the elections. The Democrats’ victory would mean that the newly elected president can pursue his announced expansionary fiscal policy.
SAG-AFTRA Offers “Micro” Contract For Projects Budgeted Under $20,000
SAG-AFTRA is offering a new Micro-Budget contract to producers of live-action projects budgeted at $20,000 or less per picture or episode. Under the new pact, projects can be exhibited on free-to-consumer new and social media platforms, at film festivals, on public access TV, for Academy Award consideration and demo purposes, and in the classroom.
The union says the new contract “allows for negotiable terms, making it an efficient option for projects that need a fast turnaround.” Unlike its other low-budget contracts that have a longer signup process, projects that qualify for the Micro contract can be cleared to start immediately upon application, provided that performers are notified of its terms.
Another benefit of the agreement, the union says, is the automation of the signatory process. “This, along with the negotiable terms, requires less staff time to administer projects and frees up resources to dedicate to higher-budgeted productions that are more likely to generate payments, pension and health plan contributions, and residuals,” SAG-AFTRA said.
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U.S. agency to award $3.7 billion to rebuild Puerto Rico's water installations: White House
WASHINGTON (Reuters) – The U.S. Federal Emergency Management Administration will award $3.7 billion to help rebuild Puerto Rico’s water and wastewater treatment plants, pumping stations, dams and reservoirs, the White House said on Tuesday.
The bankrupt U.S. territory, a Caribbean island of 3.2 million people, was hit by severe earthquakes a year ago while struggling to recover from devastating 2017 hurricanes.
Wisconsin Prosecutors Decline to Charge Police Officer Who Shot Jacob Blake
Kenosha, Wis. (AP) — Wisconsin prosecutors decline to charge white police officer who shot Black man in back, leaving him paralyzed.
North Korea began its ruling Workers' Party congress on Tuesday: Yonhap
SEOUL (Reuters) – North Korea began its ruling Workers’ Party congress on Tuesday, where leader Kim Jong Un is expected to deliver a speech, South Korea’s Yonhap news agency reported on Wednesday.
Tiffany's 2020 holiday sales rise about 2%
(Reuters) – U.S. jeweler Tiffany & Co said on Tuesday 2020 holiday sales rose about 2%, as consumers stuck at home shopped more online and shoppers in China spent more on jewelry.
Police National Dive Squad to join search for missing person on Lake Arapuni
A search is under way for a missing person at Lake Arapuni.
A police spokeswoman said police received a report of a person missing in the water at the Jones River Landing area at Lake Arapuni about 8:25pm yesterday.
A search began last night and is continuing today, she said.
The Police National Dive Squad are expected to arrive later today from Wellington to help with the search.
NYSE scraps plans to delist three China telcos
‘Decision after talks with regulators’
The New York Stock Exchange said on Monday it no longer intends to move forward with the delisting of China Mobile Ltd., China Telecom Corp. Ltd. and China Unicom Hong Kong Ltd.
The exchange said in a statement published on its website that it made the decision “in light of further consultation with relevant regulatory authorities.” The NYSE had said last week it would delist the three companies following the U.S. government’s move in November to block investment in 31 firms deemed to be owned or controlled by the Chinese military.
Hong Kong-listed shares in the three firms surged on the announcement, with China Unicom up 9%, while China Mobile and China Telecom each gained 7%.
China Unicom said it planned to issue a statement later in the day. Representatives for China Mobile and China Telecom were not immediately available for comment. China’s foreign ministry had called the planned delisting of the three companies “unwise” and denounced what it said were “random, arbitrary and uncertain”