Name: Commodities Soar: Index at 8-year high
Uploaded: 2021-02-23T10:34:41.fff+05:30
Duration: T00M48S
Channel: editorji

The commodity space continued to hog the spotlight with the Bloomberg Commodity Index rising the most since March 2013. The Index which tracks over 23 raw materials jum

Commodities Soar: Index at 8-year high

The commodity space continued to hog the spotlight with the Bloomberg Commodity Index rising the most since March 2013. The Index which tracks over 23 raw materials jumped to a 8-year high backed by a rally in oil and copper.
Crude prices which have already rallied 20% in 2021 got another booster from Goldman Sachs that expects another 20% rise from here. The global brokerage expects oil prices to rise to $75 per barrel before September this year.&nbsp;
All eyes now shift onto the OPEC meeting on March 4 with hopes of the global supply levels to be raised. OPEC had slashed global production 10 months ago keeping back 7% of global supply.

The commodity space continued to hog the spotlight with the Bloomberg Commodity Index rising the most since March 2013. The Index which tracks over 23 raw materials jumped to a 8-year high backed by a rally in oil and copper. Crude prices which have already rallied 20% in 2021 got another booster from Goldman Sachs that expects another 20% rise from here. The global brokerage expects oil prices to rise to $75 per barrel before September this year. All eyes now shift onto the OPEC meeting on March 4 with hopes of the global supply levels to be raised. OPEC had slashed global production 10 months ago keeping back 7% of global supply.

Federal Reserve Chair Jerome Powell’s lack of caution on surging bond yields had traders jittery as Wall Street saw a sharp decline post his commentary. Even as t

Federal Reserve Chair Jerome Powell&rsquo;s lack of caution on surging bond yields had traders jittery as Wall Street saw a sharp decline post his commentary. Even as the fed chief reassured that they would continue to support the economy , dovish commentary on yields were the big worry.&nbsp;
Tech stocks were hit the hardest as Nasdaq ended 2.1% lower. Dow Jones closed shop 300 points lower but had dropped over 700 points in intra-day trade.&nbsp;
Nasdaq down nearly 10% from it&rsquo;s February record high. With Thursday&rsquo;s drop the tech heavy index has removed all gains for 2021. The S&amp;P 500 has declined over 4% from its record high close on Feb. 12.

The UK’s competition regulator on Thursday launched an antitrust investigation into Apple. The Competition and Markets Authority said it would investigate Apple o

The UK&rsquo;s competition regulator on Thursday launched an antitrust investigation into Apple. The Competition and Markets Authority said it would investigate Apple over complaints from software developers about the tech giant&rsquo;s App Store. Apple only lets developers release iPhone and iPad apps through its iOS smartphone platform. The tech giant has a rigorous approval process for iOS apps and has often faced criticism about an up to 30% fee it charges on in-app transactions. UK authorities have said, complaints that Apple is using its market position to set terms which are unfair or may restrict competition and choice &mdash; potentially causing customers to lose out when buying and using apps &mdash; warrant careful scrutiny. Britain&rsquo;s competition probe into Apple follows similar moves by the European Union last year.

Indian software giant, Wipro on Thursday said that it has signed an agreement to acquire Capco, a privately held British consultancy, for $1.45 billion. The

Indian tech giant Wipro&nbsp;has acquired a British&nbsp;consultancy firm&nbsp;Capco&nbsp;for $1.45 bn.&nbsp;This is a cash transaction and is expected to be completed during the quarter ending June 30 this year.&nbsp;
Capco&nbsp;is a management and technology consultancy firm headquartered&nbsp;in London with a focus on BFSI&nbsp;clients.&nbsp;Capco has over 5,000 employees and is present in 30 locations. The firm reported revenue of $700 million in 2020.
This is Wipro's&nbsp;largest acquisition ever at $1.45 bn.

Distressed with Amazon’s legal battle over Future Group’s deal with Reliance Industry, the members of All India Consumer Products Distributors Federation ha

Distressed with Amazon&rsquo;s legal battle over Future Group&rsquo;s deal with Reliance Industry, the members of All India Consumer Products Distributors Federation have written to the Amazon chiefs not to block the Future Group-RIL deal. In a letter, the association highlighted their concerns of pending payment of dues by Future group&nbsp; and said more than 6,000 vendors and suppliers have Rs 6,000 crore worth of dues pending with the Kishore&nbsp;Biyani&nbsp;founded Future group.
 Amazon, which is locked in a bitter legal battle with the Future Group over the sale of its assets to RIL, has alleged that the Future Group has violated an agreement that barred it from dealing with Mukesh&nbsp;Ambani's&nbsp;RIL.

EPF Interest Rate: EPFO board at its meet in Srinagar today decided to keep rates steady at 8.5% for FY'21 as per reports.

Even as heavy withdrawals&nbsp;have hit the provident fund corpus the EPFO&nbsp;board at its meet in Srinagar&nbsp;today decided to keep rates steady at 8.5% for FY'21 as per reports. The EPFO&nbsp;rate will have to be approved by the finance ministry to be notified.&nbsp;
The EPF&nbsp;rate has seen a sharp drop over the years is now at a 7-year low at 8.5%
<ul>
<li>FY17: 8.65%</li>
<li>FY18: 8.55%</li>
<li>FY19: 8.65%</li>
<li>FY20: 8.5%</li>
</ul>
6 lakh&nbsp;subscribers will at least be grateful&nbsp;that the govt has not reduced the rate further as was the expectations before the meet.&nbsp;

Tepid sales in February has prompted two-wheeler makers Hero Moto and Baja Auto to offer huge discounts. Bajaj Auto and Hero Moto are offering lower rates for

Tepid sales in February&nbsp;has&nbsp;prompted two-wheeler makers Hero Moto and Baja Auto to offer huge discounts. Bajaj Auto and Hero Moto are offering lower rates for their entry level as well as executive models, together they make up over 70% of the&nbsp;sales as per reports.&nbsp;&nbsp;
 As per reports dealers are saying the discounts being offered are even larger than those in the peak festive season of October-December.&nbsp;This comes at a time when companies are facing input cost pressures as&nbsp;well .&nbsp;&nbsp;
 Bajaj and Hero both reported February sales growth that was below market&nbsp;expectations.&nbsp;

Looking to make a bo push towards e-commerce Disney is going to shut down 60 stores across North America. This is just the start, the company will be evaluating p

Looking to make a big push towards e-commerce Disney is going to shut down 60 stores across North America. This is just the start, the&nbsp; company will be evaluating potential closures in other parts of the world.&nbsp;
Disney currently operates over 300 stores globally and is looking to shutter down on 20% to realign it's business as sales have been declining.&nbsp;
The company however reassured that&nbsp;other shopping experiences, which include 600 Disney Parks stores, shop-in-shop locations like Target, lifestyle and outlet locations will not be impacted

A new tax proposal in the US, The Ultra-Millionaire Tax Act would raise the tax bill for the billionaires significantly. The act proposes an annual levy

A new tax proposal in the US, The Ultra-Millionaire Tax Act would&nbsp;raise the tax bill for the billionaires significantly.&nbsp;The act proposes an annual levy&nbsp;of 2%&nbsp;tax&nbsp;on wealth over $50 million and 3% on wealth over $1 billion.&nbsp;
 So&nbsp;if this act was to become law, here is what the Ultra-Millionaires&nbsp; tax&nbsp;bill would look like for 2020-:&nbsp;
<ul>
<li>Jeff Bezos would owe $5.7 billion&nbsp;&nbsp;</li>
<li>Elon Musk would owe $4.6 billion&nbsp;</li>
<li>Bill Gates would have to pay $3.6 billion&nbsp;</li>
<li>Mark&nbsp;Zuckerberg&nbsp;would have to pay $3 billion&nbsp;</li>
</ul>
As per a report 650 billionaires in the US have a&nbsp;collective wealth of more than $4.2 trillion, in&nbsp;fact&nbsp;30% of the wealth tax would be paid by the 15 richest Americans, who combined have a fortune of more than $2.1 trillion.

Supporting the world’s largest vaccination drive corporates are coming out to do their bit. Tech heavyweights TCS , Infosys along with Accenture have sa

Supporting the world&rsquo;s largest vaccination drive corporates are coming out to do their bit. Tech heavyweights&nbsp;TCS ,&nbsp;Infosys along with Accenture have said they will cover the cost of&nbsp;Covid-19 vaccination for their employees and their family members, who are eligible and choose to receive the vaccination.&nbsp;
 Infact, Mahindra Group chief Anand Mahindra tweeted they were waiting for approval and would also be willing to cover the cost of vaccination for employees and their families.&nbsp;&nbsp;

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigge

Good news for home buyers&nbsp;India's top lenders, State Bank of India (SBI), Kotak Mahindra Bank and HDFC have cut home loan rates under special schemes till March 31.&nbsp; &nbsp; The trend started by India&rsquo;s largest lender that lowered home loan rates to 6.7% was followed swiftly by Uday Kotak backed Kotak Mahindra Bank that went even lower to 6.65%.&nbsp;Real estate lender HDFC also issued a statement that it was lowering the rates by 5 bps as well.&nbsp;&nbsp; &nbsp; All these offers however are limited to new loans before the close of this fiscal year on March 31, lenders are hoping the low rates will boost up loan books before the year ends.

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know . IPO Radar: MTAR Tech Issue dates: March 3-5

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know .
IPO Radar: MTAR Tech
<ul>
<li>Issue dates: March 3-5&nbsp;</li>
<li>Price band: Rs 574-575/share</li>
<li>Minimum bid size: 26 equity shares</li>
</ul>
MTAR Tech
About the company&nbsp;
<ul>
<li>Hyderabad based, founded in 1970</li>
<li>Maker of nuclear, defence and aerospace equipment</li>
<li>Order book of of Rs 334 crore</li>
<li>ISRO, DRDO, Nuclear Power Corporation of India key clients&nbsp;</li>
</ul>
 Ahead of the issue the company sold 18.51 crore shares at Rs 540/share in a pre-IPO placement to schemes of SBI Mutual Fund and Axis Mutual Fund.

Reports indicate the food delivery unicorn Zomato is eyeing a $ 1 bn IPO as early as June. Zomato had recently raised $250 million pushing its valuation

Reports indicate the food delivery unicorn Zomato is eyeing a $1 bn IPO as early as June. Zomato had recently raised $250 million&nbsp;pushing&nbsp;its&nbsp;valuation to $5.4 billion.&nbsp;&nbsp; Falguni&nbsp;Nayar-led&nbsp;cosmetic-tech&nbsp;app Nykaa, which took under 8 years to become a&nbsp;billion-dollar&nbsp;company, is also close to a second round of fundraising. Reports indicate this round will lead to the company&nbsp;doubling&nbsp;its&nbsp;valuation to $2 bn.&nbsp;&nbsp;
 Policy Bazaar&nbsp;has also raised $45 million in a recent funding spree as per reports which is now valuing the Bengaluru-based&nbsp;insurance&nbsp;aggregator&nbsp;at $2.4 billion.&nbsp;&nbsp;

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mitta

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mittal promoted Bharti Airtel.&nbsp;&nbsp;
Jio was focused on renewing the crucial 800MHz band. It&nbsp; has mopped up 58% of the spectrum available in this band ensuring wider coverage for the telecom&nbsp;giant.&nbsp;
After the four rounds of auction, the kitty&nbsp;topping Rs 77,000 cr&nbsp;has far exceeded the govt&rsquo;s expectations.&nbsp;

As per Hurun Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the

As per&nbsp;Hurun&nbsp;Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the&nbsp;additional 32 Indian-origin billionaires across the world.&nbsp;&nbsp;
 Mukesh Ambani&nbsp;holds pole post as&nbsp;India&rsquo;s richest man&nbsp;with his wealth rising 24% in 2020 totaling to $83 billion and also making him the eighth richest man&nbsp;globally.&nbsp;&nbsp;
 The Shanghai based report also stated that China surpassed the US to become home to&nbsp;the most&nbsp;number of billionaires in the world. While India with&nbsp;177 billionaires&nbsp;is the third highest in the world.&nbsp;&nbsp;

Govt woos Musk for Made In India tag for Tesla As Elon Musk gears to launch Tesla cars into India , the govt is gearing to offer big conc

The govt is rolling the red carpet for&nbsp;Elon Musk who is set to launch Tesla cars into&nbsp;India. The govt is readying to offer big concessions to lure the billionaire into setting up production facilities here and not just the car assembling units.&nbsp;&nbsp;
Transport Minister Nitin Gadkari said: "Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions.&rdquo;&nbsp;
Gadkari also reassured that the govt will ensure that the cost of production in India would be lower than China by way of hefty concessions.&nbsp;&nbsp;
 Reports indicate Tesla will launch&nbsp;it&rsquo;s&nbsp;Model 3 electric sedan in India by middle of 2021.&nbsp;

Market regulator is looking to reduce promoter influence on independent directors by changing the way the latter are appointed. In a discussion paper floated by SEBI it

Market regulator is looking to reduce promoter influence on independent directors by changing the way the latter are appointed. In a discussion paper floated by SEBI it suggests&nbsp;an overhaul of&nbsp;appointment and removal as well as eligibility criteria&nbsp; &nbsp; SEBI is looking at&nbsp;putting&nbsp;in place a dual approval system for bringing on or removing independent directors where the majority and minority shareholders&nbsp;will have to give approval. SEBI is also proposing&nbsp;that&nbsp;appointment of key managerial personnel (KMP) and employees of promoter group companies as independent directors would require more checks and balances.&nbsp;

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, according to the Hurun Global Rich list showed on Tuesday. Ma and his family had held t

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, according to the Hurun Global Rich list showed on Tuesday. Ma and his family had held the top spot for China's richest in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and e-commerce upstart Pinduoduo's Collin Huang. Ma's fall out of the top three comes "after China's regulators reined in Ant Group and Alibaba on anti-trust issues," the Hurun report said.

The Delhi government has removed the electric version of the Tata Nexon car from its subsidy scheme for electric vehicles till a committee looks into complaints that th

The Delhi government has removed the electric version of the Tata Nexon car from its subsidy scheme for electric vehicles till a committee looks into complaints that the model failed to meet the specified range on a single charge, officials said on Monday. Delhi govt has formed three-member committee, including a member from Tata&nbsp;Motors to verify claims of the complainants and assertions of Tata Motors in support of the mode. Delhi Transport Deportment has said that it has received complaints that the model doesn't&nbsp;meet the promised range of 312 km on a single charge of its battery. Tata&nbsp;Motors have even issued a show-cause notice last month.&nbsp;

As more states impose mandatory testing to travel domestic airlines have seen over 10% fall in bookings over just the last week. Tamil Nadu has imposed

As more states impose mandatory testing&nbsp;as a pre-requisite to travel , domestic airlines have seen over 10% fall in bookings over just the last week.&nbsp;&nbsp; &nbsp; Tamil Nadu has imposed restrictions on passengers joining the ranks of&nbsp;West Bengal Maharashtra and Karnataka. Reports indicate Delhi too will soon also mandate RT PCR tests for incoming passengers from certain states.&nbsp;&nbsp;
 Domestic air&nbsp;travel&nbsp;is limping back from a&nbsp;7 year&nbsp;low hit during the pandemic. January air traffic was 39% lower than last year in the same&nbsp;month&nbsp;

CNG, PNG Price in Delhi: With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks.

With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks. The prices of CNG used in vehicles as well as PNG (Piped Natural Gas) which is the domestic cooking fuel, have been hiked.
The new prices came into effect from 6 am on Tuesday. Indraprastha Gas Limited has said that it has increased the price of CNG by 70 paise/kg in Delhi-NCR.
The price of CNG in Delhi has now gone up to Rs 43.40 per kg. At the same time, CNG has reached Rs 49.08 per kg in Noida, Greater Noida and Ghaziabad. IGL has also increased the prices of PNG in Delhi-NCR by 91 paise. The new price of PNG in Delhi was Rs 28.41 per scm.
&nbsp;
Also Read: <a href="https://www.editorji.com/story/govt-looking-at-cutting-taxes-on-petrol-and-diesel-1614647965708" target="_blank" rel="noopener">Govt looking at cutting taxes on petrol and diesel</a>

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