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US Jobless Data Pushes Market up – Top Global News

us jobeless data

1. Sharp Decline in US Jobless Data Pushes Market up

Latest weekly jobless data showed a sharp fall in the US compared to last week. It has fallen to 406,000 for the week ended May 22, compared to 444,000 in the previous week. This is a fresh post-pandemic low for US jobless applicants. There are also news reports that U.S President Joe Biden will unveil a budget that would see federal spending increase to $6 trillion(~Rs 430 lakh crore) in the coming year.

Stoxx Europe is up 0.38%

Dow Jones is up 0.28%

NASDAQ is up 0.074%

2. Top White House Official says  Era of Engagement With China Is Over


Kurt Campbell, White House’s top official for Asia said at a Stanford University meeting that the US is entering a period of intense competition with China. He pointed out military clashes on the Indo-China border, the  “economic campaign” against Australia and more instances for the rise in tensions between the countries.

3. Joe Biden Asks for Report on Covid Origins 

US President Joe Biden ordered US intelligence agencies to submit the report on Covid-19’s origin within three months. This will put an end to many controversial theories like ‘Through animal contact in Wuhan, China’ or ‘Laboratory accident’ etc and the answer will have a huge impact on China and its international relations.     

4. Google Joins With Jio To Build Affordable Smartphones

On Thursday Google CEO Sundar Pichai said the company is closely partnering with Jio to build an affordable smartphone. But he didn’t reveal any other details like the launch date or pricing. This plan was actually revealed way back in November of 2020 when Google invested Rs 33,000 crores in Jio Platforms.

5. Airbus Hopes for Brighter Future

         The world’s largest airliner manufacturer Airbus confirmed the increase in  production of jetliners as the aviation industry slowly recovers from the pandemic situation. A320 neo production will be increased by more than 10% to 45 airplanes a month by the end of 2021 and monthly production of the larger A350 to six by the autumn of 2022

6. HSBC Announces Their Exit From US 

   Banking giant HSBC on Thursday announced their withdrawal from U.S retail banking by selling some parts of the money-losing business and winding down others. They said to keep a small physical presence in US, but will focus more on its growth in Asia

7. Hong Kong Passes Xi Plan to End Only Open Elections in China

Hong Kong’s administration approved a China-favouring overhaul of the city’s elections, dramatically cutting down the opposition’s ability to participate in government formation.

The Legislative Council voted 40-2 to approve measures Thursday creating a review committee to screen candidates thoroughly for elected office and ensure they’re “patriots.” Citizens of Hong Kong have been in a clash with China for ‘freedom’ from the mainland country’s policies.

8. Canada urge provinces not to waste AstraZeneca COVID-19 vaccines before expiry 

The federal government of Canada is urging provinces not to waste thousands of doses of AstraZeneca vaccine that are due to expire in a few days.

In a letter to her provincial and territorial counterparts, federal Health Minister Patty Hajdu encourages provinces that aren’t able to get their AstraZeneca doses into people’s arms by the end of the month to give them to provinces that can.

9. 90% chance world will set record for hottest year by end of 2025: report

According to studies, there’s a 40% chance that the world will get so hot in the next five years that it will temporarily cross the temperature limit that the Paris climate agreement is trying to stop. A new World Meteorological Organization forecast for the next several years also predicts a 90% chance 2025 will be the hottest year on record.

10. Global Grain Crisis Could Get Worse Next Year

The International Grain Council(IGC) said that the global supply shortage in grains will get worse by next year. While cutting its inventory estimate for the next year, the IGC also said that rising animal-feed demand and a drought-hit Brazilian corn crop are a cause of concern even with bumper harvests elsewhere. This is the fifth straight season of shrinking for the world’s grain supply cushion.

11. Canada’s digital currency would be greener than Bitcoin, Bank of Canada says

A senior official at the Bank of Canada says any digital currency the central bank may offer in the future would be more environmentally friendly than Bitcoin and other rivals. Deputy governor Timothy Lane said Wednesday that the central bank has looked at the environmental impacts as part of its research into creating its own digital offering.

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GameStop Short Squeeze Round-II Gains Momentum – Top Global News

1. Global Markets Move Flat as Vaccinations Pick-up Speed

US Markets opened flat keeping aside inflation fears. Dow Jones Industrial Average celebrates its 125th birthday. Amazon has agreed to buy James-Bond and Tom&Jerry franchise owner MGM for $8.5 Billion(~Rs 62,000 crores) as streaming wars heat up.

Dow Jones is up 0.08%

NASDAQ is up 0.46%

Stoxx Europe is at 0%

2. GameStop Short Squeeze Round-II Gains Momentum

Shares of GameStop jumped another 14% in early trade on Wednesday as the short squeeze continues. The stock along with other names like Blackberry and AMC were all over headlines in January for a raging controversy of malpractices by Hedge Funds. You can read more about the GameStop situation here.

3. US Nearing The Vaccination Goal

President Joe Biden previously said that 70% of all adults will receive at least one dose of the vaccine by July 4th and they will reach the target soon. The White House on Tuesday confirmed that it has vaccinated nearly 50% of all adults in the country. Pfizer-BioNTech, Moderna and Johnson & Johnson are the vaccines currently used by the US.

4. China Blocks Taiwan’s Deal With BioNTech

China has been claiming Taiwan as its own territory and cutting down the country’s international relations for so long. On Wednesday, Taiwan said that China blocked Taiwan’s deal with BioNTech for Covid vaccines and is forcing the country to buy shots from Chinese companies.

5. Amazon To Launch Three Data Centres In UAE

Amazon.com Inc on Wednesday announced its plans to launch three data centres in the first half of 2022 in the UAE. The Abu Dhabi Investment Office (ADIO) said the deal was part of its efforts to attract investments that build technology capabilities and accelerate innovation.

6. Xiaomi Shines In Q1 Results.

Chinese company Xiaomi Corp reported their Q1 profit at Rs 6944 crores versus the market estimate of Rs 4519 crores. The revenue of the company rose 54% to Rs 87524 crores from Rs 56581 crores a year ago.

7. Ford Raises Spending Limit On EVs

 American automaker Ford detailed their ‘FORD+’ plan which aims to have 40% of its global volume be all electric by 2030. They expect to spend more than Rs 2,18,294 crores on electrification, including battery development, by 2030, up from its earlier target of Rs 1,60,082 crores.

8. Bitcoin Reaches Back to $40,000 as Cryptos Rebound

Bitcoin touched the $40,000 mark after almost a week of trade, as crypto currencies rebound from a worldwide sell-off. Bitcoin is still far from the all-time highs of $64,000. Caroline Bowler of BTC Markets told Bloomberg that such volatility will become less common as the crypto markets mature.

9.  France to Impose Extra Restrictions on U.K. Travelers

The French government is set to unveil extra restrictions for passengers coming from the U.K. to fend off the coronavirus variant first identified in India.

France will request mandatory isolation for all passengers arriving from across the Channel, government spokesman Gabriel Attal said on Wednesday after a cabinet meeting.

10. Hong Kong Luxury House Bought for $55 Million by Private Equity Firm Founder

Fred Hu, the founder of Chinese private equity firm Primavera Capital Ltd., has bought an ultra-luxury house in Hong Kong for HK$428 million ($55 million), as wealthy mainland citizens continue to support the city’s high-end property market. The five-bedroom house spanning three floors is located in Tai Tam, a prestigious area on the south side of Hong Kong. 

11. Xiaomi’s Profit Beats as Smartphone Growth Outpaces Rivals

 Xiaomi Corp.’s quarterly profit beat estimates after the world’s third-largest smartphone maker narrowed the gap with market leaders Samsung Electronics Co. and Apple Inc. in shipments.

The Beijing-based company posted an adjusted net income of 6.1 billion yuan ($949 million) in the quarter ended in March, surpassing the highest estimate of 5.3 billion yuan. Revenue jumped 55% to 76.9 billion yuan, also ahead of analyst estimates.

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Global Metal Prices Fall Again, Bitcoin Tries Moving Up – Top 10 Global News

metal prices

1. U.S. Futures Gain as  China’s Stance Weighs on Metals: Markets Wrap

U.S markets opened in green as investors expect the Federal Reserve to maintain the monetary policy and keep interest rates unchanged in the coming months. 

Dow Jones is up by 0.5%.

S&P 500 is up by 0.5%

NASDAQ is up 0.9%.

Stoxx Europe 600 Index increased by 0.5%.

2. Metal Prices Take a hit again – More Fall in Nifty Metal?

China’s restrictions on commodities trading, once again impacted the  ore prices with steel dropping as much as 6% and iron ore falling. 

Nifty Metal closed 0.6% down in the day. If raw material prices keep falling, we may see further fall in metal stocks.

3. Uncertainty in Oil Price: Be Cautious

Last week, Iran’s President Hassan Rouhani said that the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. Iran has been increasing production for the last few months expecting more exports. This resulted in a fall in oil prices last week.

The latest news is that Iran and the U.N. nuclear watchdog are extending the expired monitoring agreement by a month and the nuclear deal may get revived. Uncertainty still exists in oil prices so be cautious. After this uncertainity, the oil prices rose 3%.

4.  Lifting Of Coronavirus Restrictions In England From June: UK Health Officials

British health officials are expecting to lift the coronavirus restrictions in England from June. This is after an official study found that the Pfizer and AstraZeneca vaccines offer effective protection against the Indian variant of Covid. Jenny Harries, chief executive of the UK Health Security Agency, said officials in England are preparing to unlock the country from June 21 if the public remains cautious.

5. Cyclone Fear In Gulf Of Mexico, Another Reason For Oil Price Increase

A weather system has been forming over the western Gulf of Mexico which has a 40% chance of becoming a cyclone. This may result in a shutdown of Oil production units.

The uncertainty in the Iran deal and cyclone fear resulted in the rise of Oil price.

6. UK Planning To Raise Tariffs On US Wines And Lobsters

The British government is preparing to raise the tariffs on wine, chocolate and lobster imports from the United States. The introduction of 25% and 10% tariffs on steel and aluminium imports by the Trump government affected goods such as motorcycles, whiskey and tobacco from the UK in 2019. The new proposal is expected to protect the UK economy and its industries.

7. Bitcoin Tries To Rebound, But With Weak Momentum

The world’s biggest digital currency is trying its best to bounce back on Monday, But the momentum remains weak.

The digital currency was last seen 10% higher at $38,300. But this is still down nearly 50% from its all-time high near $65,000.

You can read more about why the crypto markets have crashed here.

8. Banking Tech Provider Zeta becomes Unicorn

Bangalore-based Zeta, a banking tech start-up has turned into a unicorn with a valuation now reaching $1.45 Billion. The neo-banking startup which counts Sodexo and HDFC Bank as partners among its partners has raised $250 Million from Softbank’s Visio to reach this milestone.

9. U.N. to launch Gaza aid appeal as Israel-Hamas ceasefire holds for 3rd day

A ceasefire between Israel and Hamas held into a third day on Sunday as mediators spoke to all sides about extending the period of calm after the worst outbreak of fighting in years.

The ceasefire agreement has come after a bloody war with severe casualties which drew international attention. 

10. China accuses US of Spreading Fake Coronavirus Theories

China accused the United States of promoting ‘fake theories’ regarding Covid-19. The story running around that coronavirus escaped from a Wuhan lab after a new report surfaced about sick workers at the facility.

“The report that you mentioned about three people getting sick, that is not true,” Foreign Ministry spokesman Zhao Lijian denied on Monday.

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Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Top Indian Market News

Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Fitch

Credit rating agency Fitch on Friday said that the second wave of COVID-19 currently soaring in India poses an increased risk for its economic recovery. It cited concerns regarding the MSME sector and the Banking Sector, both of which are still recovering from the shocks of the first. As of April 9, India is hitting more than 1 lakh COVID cases daily as compared to 9600 in February.

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L&T’s Arm Bags Order To Setup 1.5Gw Plant In Saudi Arabia

The Renewable arm of Larsen & Toubro’s Power Transmission & Distribution business had bagged an engineering, procurement, and construction (EPC) contract from Saudi Arabia to construct the Sudair Solar PV Project of 1.5 Gigawatts. This project is considered the

Largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world.

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SII Repays South Africa For Undelivered Covid-19 Vaccines

Serum Institute of India, which was to supply the COVIshield vaccine for COVID-19 to South Africa has refunded the amount for the same after the country decided not to go ahead with the deal. This was because the COVIshield vaccine is not effective against the new variant of the coronavirus in South Africa.

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India Gifts 100,000 Covid-19 Vaccines To Bangladesh Army

Indian Army Cheif General Gen MM Naravane handed over around 100,000 vaccines to the Bangladesh Army in an official visit to the capital Dhaka on Thursday, close to 2 weeks after PM Narendra Modi was in Bangladesh. Bangladesh Army Cheif Gen Ahmed Aziz thanked India for its commendable cooperation in helping Bangladesh tackle the coronavirus pandemic. 

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Macrotech Developers IPO Goes Through On Final Day: Subscribed 1.4 Times

Macrotech Developers IPO which ended at 5:00 pm on Friday was subscribed 1.4 times by the end of the final day of the bidding process. It attracted bids for 4,94,64,480 shares against the issue size of 3,64,18,219 shares. It was subscribed 35% the previous day. 

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DoT Issues Show-Cause Notice To Vodafone-Idea Over Non-Payment Of Dues

The Department of Telecommunications has issued a show-cause notice to Vodafone Idea for non-payment of the license fee for the fourth quarter of the previous financial year (Q4FY21). As per the notice, the Vodafone-Idea failed to pay the license fee for seven circles namely  – Bihar, Kerala, Maharashtra, Gujarat, Jammu & Kashmir, Uttar Pradesh (East), and Orissa in addition to other pending charges.

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SREI Infra Shares Zoom 20% over Rs 1869 Crore Capital Infusion Bid

Shares of Srei Infrastructure Finance Limited, on Friday surgery 20% and hit the upper circuit after its subsidiary Srei Equipment Finance Limited (SEFL) said that it had received an expression of interest(EoI) for a capital infusion of $250 million or Rs 1869 crore from US-based Arena Investors and Singapore’s Makara Capital,

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Direct Tax Collection Exceeds Revised Estimate in FY21

Central Board of Direct Taxes (CBDT) has said in a release that the net direct tax collection for the fiscal ended March 31 was Rs 9.45 lakh crore, an increase of 5 percent over the revised estimates despite the inherent challenges brought by the COVID-19 pandemic.

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India’s Fuel Consumption Contracts 9.1% For The First Time In Two Decades

According to the latest data released by the oil ministry’s Petroleum Planning and Analysis Cell (PPAC), India has consumed 194.63 million tonnes of petroleum products in 2020-21 as compared to 214.12 million tonnes in the previous year. This is the first time that India has witnessed a reduction in petroleum consumption since 1998-99. 

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Centuryply Hires BCG For Operational And Cost Efficiency

Plywood manufacturer CentrutyPly has decided to engage consultancy firm Boston Consultancy Group(BCG) to handle operational efficiency and cost management for the company. In 2019-20, Century Ply had reported Rs 2,282 crore revenue and a profit of Rs 158 crore. As of April 9, 2021, the shares of CenturyPly surged 0.55% in a day, closing in at Rs 311.95 per share. 

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SEBI Imposes Rs 25 crore fine on Ambani and Family- Top Indian Market News

SEBI imposes Rs 25 crore fine on Ambani and Family

Market regulator SEBI or Securities and Exchange Board of India has imposed a Rs 25 crore fine on Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani, KD Ambani, and other family members, in a case dating 20 years back. According to SEBI guidelines, any promoter buying into more than 5% stake/voting rights in a company has to make a public announcement to its shareholders, in case they may withdraw from the company for whatsoever reason. According to SEBI, there were multiple violations made with regard to this by members of the Ambani family. 

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AstraZeneca Sends Legal Notice To Serum Institute Over Delays In Vaccine Supply

UK-based AstraZeneca has sent a legal notice to Pune-based vaccine maker Serum Institute of India(SII). The notice comes after AstraZeneca alleged that Serum Institute is delaying the supply of vaccines under contract and is also violating obligations to other countries in supplying the Covishield vaccine to other countries. Adar Poonawala, CEO of SII has said that the delay is because of the Centre’s decision to halt vaccine exports temporarily. He also said that he would temporarily prioritize domestic needs. 

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Macrotech Developers IPO subscribed 35% on Day Two

Macrotech Developers or formerly known as Lodha World launched its IPO on April 7, 2021. The company was subscribed 26% on the first day of the bidding, receiving. bids for 95.91 lakh equity shares. On the second day, the company was subscribed 35%. The company is known for building the Trump Towers in Mumbai and the tallest building in India, World One.

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Zydus Gets Usfda Nod For Drugs Used To Treat Hypertension And Cancer

Indian Pharmaceutical company Zydus Cadila has received approval from the United States Food and Drug Administration for Ibrutinib capsules to treat cancer and Macitentan tablets that are used to treat hypertension.  

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Kalpataru Power Acquires 51% Stake In Fasttel 

Kalpataru Power Transmission Ltd’s (KPTL’s) wholly-owned subsidiary in Brazil has completed the acquisition of 51 percent controlling stake in Fasttel Engenharia Ltda. Fasttel specializes in engineering, procurement, and construction (EPC) and maintenance of power transmission lines, distribution systems and sub-stations 

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Minda Corp: Co-Signs Strategic Partnership With Israel Based Company For First Unique Collision Avoidance Technology For 2 Wheelers In India


Minda Corporation announced a strategic partnership with an Israel-based Ride Vision, an advanced driver-assistance systems company. The company plans to bring artificial intelligence-based collision avoidance systems to the Indian two-wheeler market. The company in its quarterly report had announced that it was going to pump Rs 250 crores into business expansion. The company had reported a ~19% increase in profits over the last quarter.

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Airtel Refused To Pay Videocon’s AGR Dues: DoT to SC

The Department of Telecommunications has told the Supreme Court that Airtel, which had acquired now-defunct Videocon’s telecom spectrums in 2016 has refused to pay the AGR dues applicable on the spectrum. The DoT has raised a demand to recover Rs 1375 crore of Videocon’s dues payable by Airtel. Airtel on the other hand holds that the DoT has made no such demand to recover any such dues and has agreed in the past that these dues are solely recoverable from Videocon itself. 


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Infosys: Co Announces Strategic Long-term Collaboration With ArcelorMittal For Digital Transformation

Indian IT-Giant Infosys has announced a long-term collaboration with multinational steel manufacturing corporation ArcelorMittal for Digital Transformation. Infosys will offer application management and business process management (BPM) services to ArcelorMittal’s Business Center of Excellence (BCoE) in Europe.

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AstraZeneca Vaccines Causes Rade Blood Clots: New Advisory Issued

UK vaccine maker AstraZeneca Plc’s Covid-19 vaccine has been causing blood clots in individuals below 30. In fact, there have been 19 deaths recorded so far due to blood clots caused by the vaccine in the UK. The Medicines and Healthcare products Regulatory Agency(MHRA) has issued new advisories. It has stated that the blood clot in found rarely, in close to 4 out of 10 lakh people. The UK’s Joint Committee on Vaccination and Immunisation (JCVI) has advised offering an alternative to the AstraZeneca Covid-19 vaccine to adults under the age of 30, due to the blood clot link. 

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Vehicle Registrations Down By 28.64% In March 2021: FADA

The Federation of Automobile Dealers Associations (FADA) has said that overall vehicle registrations are down by 28.64% in March 2021 as compared to last month. Tractor and Passenger Vehicles are the only two segments that have witnessed double-digit growth in the season. As compared to March 2020, Two-wheeler sales were down by 35.26%, Three-wheeler sales reduced by 50.72%, Three-wheeler sales were down by 50.72%.

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China Clamps Down on Tech Giants – Top 10 Global News

1. U.S. Stocks Fluctuate; Crude Oil Declines

U.S. stocks fluctuated as investors weighed the budding economic recovery and progress on vaccines against the risks of rising inflation. The benchmark Treasury yield was little changed. The benchmark S&P 500 swung between gains and losses, with utilities and consumer staples higher, while the energy sector declined. The Dow Jones Industrial Average pushed higher. Travel companies and automakers led the Stoxx 600 Index higher. Concerns about tightening liquidity weighed on Chinese shares, with the CSI 300 Index closing down 2.2%.

The S&P 500 Index was little changed as of 9:44 a.m. New York time.

The Nasdaq Composite Index fell.

The Stoxx Europe 600 Index increased by 0.4%, the highest in about 13 months.

The MSCI All-Country World Index was little changed.

2. China Asks Alibaba to Sell Media Assets Amid Rising Clampdown

The Chinese government has asked Alibaba Group to sell its media assets as officials are increasingly concerned about the technology giant’s growing influence over public opinion in the country. Regulators have reviewed a list of Alibaba’s media assets and were shocked at how expansive the company’s interests have become and asked it to come up with a plan to substantially curtail the holdings. Jack Ma, Alibaba’s founder, has built up a sprawling portfolio of media assets over the years, spanning BuzzFeed-style online outlets, newspapers, television-production companies, social media and advertising assets. Alibaba has a major stake in Twitter-like Weibo, as well as other online and print news outlets, including the leading English-language newspaper in Hong Kong, The South China Morning Post.

3. First Major Tax Hike Since 1993 in Next Economic Plan: Biden

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter. Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.

4. Stripe’s Value Jumps to $95 Billion, Becomes Top U.S. Startup

Stripe’s valuation almost tripled in less than a year to $95 billion with its latest funding round, making it the most valuable U.S. startup. The online payments processing company drew $600 million in its latest fundraising. The valuation also overtook billionaire Elon Musk’s SpaceX and Instacart. Stripe was founded in 2010 by two Irish siblings: 32-year-old Patrick Collison and his younger brother John, 30. Their net worth surged to $11.4 billion each with the latest valuation. The company’s software, which competes with Square and Paypal Holdings, is used by businesses to accept payments. Customers include Amazon.com, Salesforce.com, and Lyft.

5. Tencent Loses $62 Billion, Wiping Out Value of Fintech Business

Tencent Holdings shares fell a second day on concern regulators are now turning their sights to Pony Ma’s business empire, fueling a $62 billion wipe-out that one brokerage says obliterated most of the value of its online finance business. The stock fell more than 4% in Hong Kong on Monday, following a 4.4.% drop on Friday. China’s top financial regulators see Tencent as the next target for increased supervision after the clampdown on Jack Ma’s Ant Group. Like Ant, Tencent will probably be required to establish a financial holding company to include its banking, insurance and payments services.

6. Better Covid Vaccines Are Coming, WHO’s Chief Scientist Says

New Covid-19 vaccines, including ones that don’t require needles and can be stored at room temperature, maybe ready for use later this year or next year, the World Health Organization’s top scientist said. Six-to-eight new immunizations may complete clinical studies and undergo regulatory review by the end of the year, Soumya Swaminathan, the Geneva-based agency’s chief scientist, said in an interview Saturday. The world needs more immunizations, especially as the virus’s continuous circulation spawns dangerous new variants and drugmakers struggle to meet orders. Only 122 countries have started immunizing people.

7. China’s Soaring Economic Activity Masks Uneven Recovery

China’s economic activity surged in the first two months of the year compared with a year ago, though the figures showed an uneven recovery with strong industrial output fueled by exports but lagging consumer spending. The official data released Monday show unprecedented growth rates of more than 30% for key indicators, largely due to distortions when compared to last year’s shutdowns. Industrial production growth of 35.1% beat economist’s expectations of 32.2%, reflecting a shorter Lunar New Year holiday this year as the government encouraged workers to remain in factories rather than return to their hometowns. Combined with strong export data for January and February, the statistics show that China has largely continued the pattern established last year of a recovery based on the growth of industrial production for export and investment in sectors such as real estate, delaying Beijing’s efforts to re-balance the economy toward domestic consumer demand.

8. EU Begins Legal Action Against U.K. Over Brexit Violation

The European Union launched legal action against the U.K. in a major escalation of tensions between the two sides less than three months after Brexit was formally completed. It follows Britain’s unilateral decision to delay implementing a key part of the Brexit deal relating to Northern Ireland. The move could ultimately lead to financial penalties or trade tariffs being imposed on the U.K. The dispute is likely to worsen the already fraught relationship between the two sides that has led to disagreements over the export of Covid vaccines and the U.K. refusing to grant full rights to the bloc’s ambassador in London. The EU is still smarting from the U.K.’s threat — later withdrawn — to break international law last year and rewrite the Brexit agreement.

9. VW Plans Europe’s Biggest Battery Push in Electric Offensive

Volkswagen is stepping up its game to become the world’s biggest electric-car maker with a plan to build six battery factories in Europe and global investments in charging stations. The manufacturer, which already has agreements for two sites, is exploring options for another four plants for a total capacity of 240 gigawatt-hours by the end of the decade. VW has the most comprehensive EV plan in the industry that’ll add about 50 purely battery-powered vehicles to its lineup by 2030.

10. Templeton Joins Funding for Agritech Firmin UAE

United Arab Emirates-based agricultural technology firm Pure Harvest Smart Farms raised $60 million as it looks to expand across the Gulf at a time when the pandemic has exposed risks to food security in the region. The company’s latest funding consists of a $50 million structured Islamic bond led by Dubai-based finance firm Shuaa Capital, alternative investment manager Sancta Capital Group and Franklin Templeton Investments (ME) Ltd. Supply disruptions during the coronavirus pandemic have highlighted the potential food security risks for countries like the UAE, whose desert climate with soaring summer temperatures means it has to import most of its food from abroad. The country has lately been supporting local food production and investing in greenhouses, aquaculture and vertical farms.

Curated from Bloomberg.com

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U.S. Revisits Economic Stimulus Package – Top 10 Global News

1. Stocks Rise, Bonds Dip Amid Hope for Stimulus Deal

Global stocks approached another record high as hopes for a U.S. stimulus deal countered fears about resurgent coronavirus cases. Benchmark Treasuries and the dollar slipped for the first time this week. Health-care and banking shares led gains in Europe after equities rose across much of the Asia Pacific. Global equities were energized by the White House’s surprise re-entry into pandemic-relief talks with a $916 billion proposal that opened a potential new path to a year-end deal. S&P 500 futures edged up. Nasdaq 100 contracts slipped following the gauge’s 10th straight gain.

The Stoxx Europe 600 Index climbed 0.7% as of early morning New York time.

Nasdaq 100 Index futures sank 0.1%.

Futures on the S&P 500 Index climbed 0.2%.

The MSCI Asia Pacific Index gained 0.8%.

2. White House Return to Stimulus Talks Boosts Chance of a Deal

Treasury Secretary Steven Mnuchin made a surprise re-entry into talks on a 2020 pandemic-relief package with a $916 billion proposal that opened a potential new path to a year-end deal despite objections from Democrats over elements of the plan. After largely leaving the task to Senate Majority Leader Mitch McConnell since Election Day, Mnuchin pitched a $916 billion stimulus plan to House Speaker Nancy Pelosi in a Tuesday afternoon telephone call. The Mnuchin plan differs in important ways from the alternative that Pelosi and Schumer endorsed as a basis for fresh talks. It includes $600 stimulus payments to individuals, which could win support from both Republicans and Democrats.

3. China State-Backed Covid Vaccine Has 86% Efficacy

China’s state-backed coronavirus vaccine protected 86% of people against Covid-19 in trials conducted in the United Arab Emirates, giving credence to the quickly developed shot that Beijing intends to distribute around the developing world. The data was from trials that included 31,000 volunteers in the UAE, which found the vaccine was highly effective in preventing moderate and severe cases of Covid-19 and had no serious safety concerns. That’s expected to pave the way for full public use of the vaccine and a re-opening of the Gulf nation’s economy. In an early sign of how the vaccine could be a gamechanger to “resume all activities within two weeks” including economic, tourism and cultural operations.

4. DoorDash Set for Trading Debut After IPO Raises $3.37 Billion

DoorDash is making its trading debut Wednesday after raising $3.37 billion in an initial public offering with Airbnb’s IPO set to follow within hours. San Francisco-based DoorDash sold 33 million shares Tuesday for $102 each after marketing them for $90 to $95 each. The company has a fully diluted value of about $38 billion, which includes employee stock options and restricted stock units as detailed in its filings. DoorDash’s IPO is the third-largest U.S. listing this year. The food delivery company is part of a cadre of consumer-facing, web-based businesses that have successfully navigated the coronavirus pandemic and are expected to go public this month.

5. Tesla Shares Are Dramatically Overvalued : JPMorgan

Tesla’s shares are now “dramatically” overvalued and investors thinking of raising their holdings in the company ahead of its impending addition to the S&P 500 Index should not, JPMorgan analyst Ryan Brinkman wrote in a note on Wednesday. The analyst pointed out that in the past two years Tesla shares have risen over 800%. Analysts have raised their price targets by about 450%, and also simultaneously lowered their earnings estimates for the company for the years 2020 through 2024. This data is “strongly suggestive of the idea that something apart from the fundamentals (speculative fervour?) is driving the shares higher,” Brinkman added.

6. Ray Dalio Sees ‘Flood of Money’ With Soaring Asset Prices

Ray Dalio stressed the importance of diversification in a Reddit Ask Me Anything event on Tuesday where he said that a “flood of money and credit” was unlikely to recede. “Assets will not decline when measured in the depreciating value of money,” the billionaire investor told users of the discussion network who asked for his perspective on where financial markets are headed. “I believe that with the enormous amount of debt and money that has been created and will be created in the future, the most important thing to pay attention to is the value of debt and money relative to the value of assets and other currencies.” Dalio added that he saw no reason that stocks couldn’t trade at 50 times earnings and recommended “smart diversification” among asset classes, currencies and countries.

7. Johnson Says No U.K. Leader Could Accept EU Terms: Brexit Update

Boris Johnson said no British prime minister could accept the European Union’s Brexit demands as he prepared to head to Brussels for a showdown with the European Commission’s Ursula von der Leyen on Wednesday. The premier’s team hopes the face-to-face conversation with the Commission president will inject political impetus into the deadlocked process. If the dinner goes well, negotiators could be back in a room hammering out the details within hours. If it goes badly, officials on both sides fear the chances of an agreement being ready before the end of December — when the Brexit transition period expires — will fade away.

8. JPMorgan Says Equities to Get a $1.1 Trillion Boost Next Year

Those with a bullish outlook for stocks in 2021 are set to get another uplift: more demand and less supply to the tune of $1.1 trillion. That’s the conclusion of global market strategists at JPMorgan Chase & Co. as they expect a rise in equity demand of about $600 billion relative to this year. Meanwhile, supply will drop by $500 billion, returning to the very low levels of 2016 to 2018. “This is similar to the equivalent equity demand/supply improvement in 2019 relative to 2018 which at the time had seen global equities rising by around 25%,” JPMorgan said.

9. China’s Yuan Rapidly Falls at Close After Hitting Strongest Level in 2 Years

China’s yuan weakened minutes before Wednesday’s official close, reversing an earlier gain that had pushed the currency to its strongest level in more than two years. The onshore yuan fell as much as 0.26%, touching its session low. The rapid move came after the offshore yuan had earlier strengthened past 6.5 per dollar for the first time since 2018, expanding the gap between the two rates to one of the widest seen this year. A few large Chinese banks were seen buying dollars in a large volume around market close.

10. U.K.’s Vaccine Warning; Merkel Urges Sacrifice: Virus Update

The U.K.’s vaccination campaign hit a snag on its second day as two people with allergies experienced reactions to the shot, and France and Germany battled worsening virus numbers despite weeks of curbs. Chancellor Angela Merkel urged Germans to make an additional sacrifice over the Christmas holidays to contain the coronavirus as the country’s soft shutdown fails to slow its spread. People with a significant history of allergies should not get the vaccine from Pfizer Inc. and BioNTech SE, the U.K.’s National Health Service said after two people experienced reactions. U.S. regulators indicated they may grant the shot emergency-use authorization.

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Covid Vaccination begins in the U.K. – Top 10 Global News

1. Stocks Drop With U.S. Futures as Virus Cases Rise

Global stocks slid for a second day and U.S. futures fell, with investors focusing on a rise in virus infections and tougher restrictions. Travel shares led declines in Europe, following a slump in Asia after Hong Kong announced it would start implementing some of its strictest social distancing measures since the pandemic began. Oil fell toward $45 a barrel in New York on speculation that near-term demand is at risk. The pound pared losses after the U.K. agreed to withdraw law-breaking clauses in the government’s Brexit bill.

Futures on the S&P 500 Index decreased 0.4% as of early morning New York time.

The Stoxx Europe 600 Index declined 0.3%.

The MSCI Asia Pacific Index decreased 0.1%.

The MSCI Emerging Market Index dipped 0.1%.

2. All Eyes on U.K. for Western World’s First Covid Shots

The U.K.’s National Health Service launched what it has called the biggest immunization campaign in its history, starting Covid vaccinations across the country. People over 80 are at the front of the line for the shot made by Pfizer Inc. and BioNTech SE on Tuesday, with tens of thousands expected to get vaccinated in the coming days. The U.K. is the first western nation to begin its program, having approved the vaccine last week. Margaret Keenan was the first person to get the vaccine at about 6:30 a.m., according to a statement. Receiving a shot at a hospital in Coventry was “the best early birthday present I could wish for,” said Keenan, who’s due to turn 91 next week, because it meant she’d be able to spend time with her family and friends in the new year after being on her own for most of 2020.

3. U.K. Scraps Law-Breaking Clauses in Deal Boost: Brexit Update

The U.K said it will withdraw the controversial clauses in its Internal Market Bill which would have given ministers the power to unilaterally override the Brexit divorce treaty, bringing to an end a dispute that threatened to derail negotiations on a future trade deal. Talks over the future trading relationship between the U.K. and the European Union remain deadlocked, with an agreement hanging in the balance. The Internal Market Bill may help ease the talks on trade. British Prime Minister Boris Johnson said he still wants and hopes for a trade deal but warned the time may be coming to recognize that the negotiations have failed.

4. Gates Calls India’s Digital Finance Approach a Global Model

Tech pioneer Bill Gates praised India’s policies for financial innovation and inclusion, saying his philanthropic foundation is working with other countries to roll out open-source technologies modelled on the country’s implementation. Indian digital payments took off after the government pushed demonetization in 2016, invalidating most of the country’s high-value banknotes. The Unified Payments Interface, or UPI, has been aided by booming smartphone use and wireless data rates that are among the lowest in the world. India mandates that companies use its UPI platform so payments can be sent easily among all services. Zero user fees are also required. Gates said those policies have drastically reduced the cost and friction of distributing aid to the poor, especially during the pandemic.

5. Thailand Approves $748 Million Plan to Boost Consumer Spending

Thailand’s cabinet approved a new phase of fiscal stimulus program to boost consumer spending worth 22.5 billion baht ($748 million). The program will allow 15 million people to spend money on consumer goods and services, with the government covering 50% of the bill, and is expected to add about 45 billion baht to the economy in the first quarter of next year. The current phase of the program, which lasts through the end of this month, and the upcoming phase will boost the gross domestic product growth by 0.32 percentage point.

6. China’s Financial Markets Start to Price In Deleveraging

China is bucking the global trend of greater economic stimulus amid the coronavirus, preferring instead to refocus on controlling its record debt burden. Multiple interest-rate cuts and cash injections from the central bank have helped keep Chinese companies afloat this year. But the quick buildup of leverage — on track for the biggest increase in five years — also poses a significant risk to the financial system. China’s big banks have been unwilling to lend to smaller financial firms after a string of defaults at some of the country’s safest borrowers. While deleveraging has been a key priority for President Xi Jinping since 2016, previous attempts were interrupted by the trade war and the crippling economic impact of this year’s global health crisis.

7. Tesla Raising Up to $5 Billion in Third Share Sale This Year

Tesla is taking advantage of its surging shares by going back to the capital markets for the third time in ten months and raising as much as $5 billion of common stock. The sale through an “at-the-market” offering program, according to a regulatory filing, meaning the stock will be sold over time at prevailing market prices. The raise could lead Tesla’s cash balance to approach $20 billion. Chief Executive Officer Elon Musk is again seizing on a rally that started as the maker of the Model 3 began to post quarterly profits in the second half of last year. The opening of a plant near Shanghai, the addition of the Model Y crossover to the lineup, advances in battery technology and anticipation of inclusion into the S&P 500 Index has led investors to assign Tesla a much richer valuation than any other auto manufacturer in the world.

8. Global Investors Keep Pouring Money Into Asia’s Red Hot Markets

Be it stocks, bonds or almost any other asset class, foreign cash is pouring into Asia on bets it will be the fastest-growing region as the world recovers from the coronavirus pandemic. The MSCI Asia Pacific Index rose to a record last week and a Bloomberg Barclays bond index is close to its highest in four years. The region’s currencies are, on aggregate, the strongest since 2018 and commodities are also climbing. The positive aftermath of the U.S. election, encouraging progress on vaccines, abundant liquidity and an “improving growth pulse” in Asia has driven demand for the region’s assets.

9. Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. With an abundance of natural resources and young, growing and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors. The $710 billion fund, known as ADIA, this year started a climate-change equity portfolio aimed at boosting its green-economy exposure and is a shareholder in sustainable-energy projects that generate more than 20 gigawatts of power.

10. UAE Business Conditions Worsen for Second Straight Month

Business conditions in the United Arab Emirates deteriorated for a second straight month in November amid subdued demand. Non-oil private sector activity in the Gulf nation worsened last month partly due to the first decline in output since May, weak market conditions and lower customer numbers. Its Purchasing Managers’ Index was unchanged from October at 49.5, staying below the 50 mark that separates contraction from growth. The sector continued to suffer from weak demand which, despite partly recovering during the summer, is reportedly still much softer than prior to the Covid-19 pandemic.

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India is losing Rs 75,000 crore in taxes every year – Top Market News

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India is losing Rs 75,000 crore in taxes every year: Report

India is losing over $10.3 billion or about Rs 75,000 crore in taxes every year because of global tax abuse by MNCs (57.4%) and tax evasion by individuals(42.6%), says a report , State of Tax Justice. Cayman Islands, Netherlands, and the UK topped the list of countries responsible for tax evasion across the world.

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Majesco announces Rs 631 crore share buyback plan

Majesco, an insurance technology firm, has announced a share buyback plan of up to Rs 631.26 crore. The buyback will open on November 27 and close on December 11. The company will be buying back close to 74 lakh shares amounting to Rs.631 Crores which is close to 24.78 per cent of the total paid-up capital of the company.

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India to cut carbon footprint by 30-35%: PM Modi

Prime Minister Narendra Modi has said that India has set a target of cutting down its carbon footprint by 30 to 35 per cent.He made the statement while addressing at Pandit Deendayal Petroleum University (PDPU) at the convocation ceremony through video conference.

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Bharti Airtel to acquire 5.2% stake in Solar Power Company Avaada MHBuldhana

Bharti Airtel on Friday has announced that it will acquire a 5.2 percent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore. Avaada MHBuldhana Private Limited is a newly-formed company that is expected to go fully functional in 2021. It is a subsidiary of Avaada Energy Private Limited (AEPL).

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Mittal, UK Govt to offer telecom connectivity via space

One Web, a global communications company in collaboration with the UK Govt are planning to offer telecom connectivity via space. Sunil Mittal’s Bharti Enterprises and the UK Govt. both own 45% stake each in the company. The company plans to begin testing anytime next year and officially launch by October 2022. 


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Unilever to introduce mouthwash formulation to battle COVID-19

Unilever has said that it is working on a mouthwash formulation, which, it claims, will reduce 99.9 percent of coronavirus after 30 seconds of rinsing. The company has stated that the product is expected to launch in India by December 2020.

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Shriram Credit buys CCD’s Way2Wealth

Coffee Day Enterprises has entered into a share purchase agreement with Shriram Credit Company Limited to buy stakes in Way2Wealth Securities Pvt Ltd for a consideration of Rs.65 Crores subject to adjustments. 

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Punjab Farmers To Stop Train Blockades For 15 Days

Punjab farmers have agreed to Punjab CM Amarinder Singh’s request to stop the blockade of trains for 15 days. The farmers are protesting the three Farm Bills that were passed in the last session of parliament.” Had a fruitful meeting with Kisan Unions. Happy to share that starting 23rd Nov night, Kisan Unions have decided to end rail blockades for 15 days. I welcome this step since it will restore normalcy to our economy. I urge the Central Govt to resume rail services to Punjab forthwith” read the CM’s tweet

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CCI approves Future Group-Reliance Retail deal – Top Indian Market News

CCI approves Future Group-Reliance Retail deal

Competition Commission of India (CCI) has approved the much-anticipated Future Group-Reliance Retail deal. Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited.” Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”, CCI posted on Twitter.

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To know more about the Retail War between Amazon, Future Group, and Reliance, Click Here

Bharti Infratel gains 13% over completion of merger with Indus Towers

Bharti Infratel has completed its merger with Indus Towers which manufactures and maintains telecommunication towers and other network devices. After the merger, Vodafone which sold 11.5% of its stake in Indus Towers received ₹3,760 crores. Vodafone will continue to hold ~28% stake in the merged entity. The Board has appointed Bimal Dayal as the Chief Executive Officer of the merged entity

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SEBI asks Subrata Roy to pay up Rs 62,600 crore to avoid jail time

The Supreme Court of India in 2012 had ruled that Sahara group companies violated securities laws and illegally raised over Rs.26,000 crores. SEBI has now asked Subrata Roy to pay up Rs.62,000 crores after making additions and interest to the amount. Roy so far has deposited Rs. 15000 crores. Roy’s story was featured in the NetFlix series Bad Boy Billionaires.

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Vaccine to be ready by April 2021: Serum Institute CEO

Serum Institute of India’s CEO Adar Poonawalla on Thursday has said that the Oxford Covid-19 vaccine would be ready for healthcare workers and elderly people by around February 2021 and for the general public by April 2021. Serum Institute may sell covid-19 vaccine Covishield at around ₹500- ₹600 per dose in the private market.

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Gland Pharma Lists at 14% premium over issue price

Gland Pharma’s IPO  was sold between November 9 and 11, was subscribed 2.06 times in a three-day bidding process, with the HNI and retail quotas undersubscribed. It made a strong market debut closing in at Rs.1,710, close to 14% above its issue price of Rs. 1500

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PM Modi, Bhutanese PM launch RuPay card Phase-II

Prime Minister Narendra Modi along with the PM of Bhutan Lotay Tshering jointly launched RuPay card Phase-II that will allow Bhutanese card holders to access the RuPay network in India. RuPay, just like Visa and Mastercard, is an Indian debit and credit card payment network which can be used at ATMs, payment counters, and for online transactions across India.


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Maharashtra May Stop Flights, Trains Coming From Delhi Due to rising Covid Cases

According to sources, the Maharashtra government is contemplating halting flight services from Delhi to Mumbai in the wake of rising COVID-19 cases in the national capital region. Train services between Delhi and Mumbai could also be stopped.

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Haryana Health Minister gets first Covaxin Dose as Bharat BioTech kicks off Phase III Testing

Haryana Health Minister Anil Vij was given the first trial dose of the COVID vaccine Covaxin at Civil Hospital, Ambala Cantonment. Covaxin, a potential Covid-19 vaccine, is being developed by Bharat Biotech jointly with the Indian Council of Medical Research (ICMR).

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Petrol, Diesel Price Hike For First Time In Two Months.

Global oil prices are up after almost a 2-month hiatus after multiple successful COVID-19 vaccines were announced. This has caused a hike in petrol and diesel prices across India.

The price of petrol has increased by 17 paise per litre in Delhi. In Mumbai, petrol prices went up from Rs. 87.74 per litre to Rs. 87.92, while diesel rates went up from ₹76.86 to ₹77.11.

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9 Apple Inc Units Shifted From China to India during COVID-19 Lockdown

Union IT minister Ravi Shankar Prasad Bengaluru at the Bengaluru Tech Summit said that during the COVID lockdown period nine operating units, along with component makers, shifted from China to India.

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