Weekly news summary for November 27 to December 3, 2020
Friday, Nov. 27, 2020: BBVA, Sabadell Merger Talks Collapsed
Shares of Banco Sabadell SA dropped 12% after its potential tie-up with rival BBVA SA fell apart two weeks after the two Spanish banks announced their merger plans.
The problems seemed to center around the acquisition price, but BBVA stated that it was not in a hurry to expand its operations as it already has about 15% of Spain’s market share, while Sabadell said it would carry out a new plan to prioritize domestic business.
Monday, Nov. 30, 2020: SMIC and CNOOC Reportedly to be Added to Blacklist
The outgoing Trump administration is reportedly due to include China’s top chipmaker and one of the country’s oil giant on the blacklist of alleged military companies.
It was reported that Semiconductor Manufacturing International (SMIC) and China National Offshore Oil Corp. (CNOOC) is poised to be added to the list along with two more Chinese companies, bringing the number of names to 35.
Tuesday, Dec. 1, 2020: Bitcoin Registers All-time High as US Dollar Falls
Bitcoin surged to an all-time high on Tuesday as investors saw last week’s surprising sell-off as a dip to buy.
Bitcoin stopped just short of the $20,000 threshold at $19,951, although the rising number of speculators willing to dip their toes in the water continued to drive the cryptocurrency, while the US dollar index fell near a 30-month low at $91.78.
Wednesday, Dec. 2, 2020: Biden to Keep Trump’s Import Tariffs on China
President-elect Joe Biden will not immediately withdraw the import tariffs on Chinese goods upon his presidency in January, suggesting that trade relations between the US and China may remain tense even after Donald Trump departs from the White House.
Biden stated that the US needs more leverage to push China to stop its abusive trade practices like stealing intellectual property, dumping products, illegal subsidies to corporations, and forcing tech transfers from US companies to Chinese counterparts.
Thursday, Dec. 3, 2020: Dollar Hits New 2 1/2-year Low on Vaccine Optimism
The dollar hit a new 2-1/2 year low on Thursday as investors take on more risk on the possibility that the start of COVID-19 vaccinations will strengthen riskier assets.
The US dollar index, which gauges the greenback’s strength against a basket of major currencies, posted a 2-1/2 year low of $90.948 and last stood at $90.945.
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