1. Dow Jones Moves up Ahead of Powell’s Remarks
U.S. stocks moved up after a gap-down, with traders waiting for a testimony from Federal Reserve Chair Jerome Powell in front of Congress.
Written remarks prepared by the Fed Chair indicate him maintaining his position that the current high inflation is temporary.
Stoxx Europe is up 0.32%
Dow Jones is up by 0.077%
NASDAQ is up by 0.067%
2. Daimler To Produce Its Own Batteries
German carmaker Daimler AG is planning to produce its battery as the partnership with Chinese battery supplier Farasis Energy in 2019 failed to deliver lithium-ion battery cells on time. Self reliability will be very good for the company in the long run as the EV-Era is coming
3. Melrose To Return Rs 7400 Crores To Shareholders
Melrose Industries on Tuesday announced the plans to return nearly Rs 7,498 crores in cash to its shareholders after the company sold its Nortek Air Management business in April. Melrose has a style of acquiring and then turning around underperforming businesses before selling them.
3. Investment Corp. Of Dubai Reports A Huge Loss Last Year
The major investment arm of Dubai Govt, Investment Corp. of Dubai(ICD) on Tuesday reported a huge loss of Rs 31,378 crores for last year against a profit of Rs 50,610 crores a year earlier. ICD considers transportation and hospitality areas as the major contributors to the loss as they are affected significantly by the Covid situation.
4. Aer Lingus Needs 10 Billion Rupees In Extra Liquidity To Sustain
The new Chief Executive of Aer Lingus said the company requires nearly ten billion rupees in extra liquidity to sustain itself. The company does not expect a near-term bounce back and it is losing 8 crore rupees every day.
5. Gamestop Raises Rs 8,400 Crores
The largest Video Game retailer GameStop said on Tuesday it had raised nearly Rs 8,400 crore rupees in an offering of 50 lakh shares. The amount will be used for general corporate purposes as well as for investing in growth initiatives. It was able to raise this amount after stock prices shot up this year following a short squeeze.
6. GlobalFoundries Invests $4 Billion in Singapore Chip Plant
GlobalFoundries Inc. is building a $4 billion(~Rs 29,000 crore) plant in Singapore to manufacture semiconductor chips. The company is still looking at Asia for expansion even despite President Joe Biden asking companies to bring semiconductor manufacturing to the U.S.
7. Vaccine Shortages Hit Global Supply; Poorer Countries Suffering
Covax, the global program meant to provide underdeveloped countries with Covid-19 vaccines is struggling after facing supply shortages. Many nations across Africa and Asia have run out of vaccines or are soon going to be.
In the race between vaccine and virus, we have to remember this – slowdowns in vaccination programs can leave room for newer and more riskier variants to emerge that could risk many lives including that of already vaccinated individuals.
8. Thai Parliament Allows Referendum as Protesters Plan a Comeback
Thailand’s parliament has unlocked a process for an overhaul of the constitution, one of the key demands by a youth-led protest movement that has swept the nation in the past year. Lawmakers in the Senate and the Lower House voted to endorse a bill that would pave the way for a public poll on rewriting the document.
9. Bitcoin sinks below US$30,000 for 1st time since January amid China crackdown
Bitcoin fell below US$30,000 for the first time in nearly five months as China’s latest crackdown on cryptocurrencies weighed. The world’s largest cryptocurrency fell as much as 6.4 per cent to US$29,614, its lowest since Jan. 27. As of 1232 GMT it was down 4.2 per cent.
10. Billions Lost Between U.S-China Trade Tariffs: Report
In what is being called gross misrepresentation, global trades data is showing a big loss in tariff revenue for the United States. How big? About $10 Billion(~Rs 74,000 crores).
As new research from Federal Reserve economists show, China said it was selling more goods to the U.S. the U.S. reported buying from China. While firms in the U.S. could pay less in tariffs by under-reporting the value of Chinese imports, Chinese firms have been getting higher value-added tax rebates if they over-reported the value of exports, the economists argue.
The data mismatch has been visible after February 2020, and is an indication of why trade tariffs will do more harm than good.