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Top 16 finance stories of the day, August 7, 2020

·5-min read

Major finance news updates of the day at a glance:

Consumer confidence falls to record low in July: RBI survey

India's consumer confidence recorded by RBI's forward-looking survey released on Thursday showed that it has hit an all-time low owing for the month of July, in the prevailing economic situation worsened by the coronavirus pandemic. The current situation index, a measure of consumer confidence, dropped to 53.8 in July from 63.7 in May, according to RBI's data. Read more

TikTok threatens legal action against Trump US ban

TikTok is threatening legal action against the US after Donald Trump ordered firms to stop doing business with the Chinese app within 45 days. The company said it was "shocked" by an executive order from the US President outlining the ban. Read more

RBI does the heavy lifting but cannot kickstart economy alone if govt doesn’t pull its weight

The steady increase in prices of food and non-food items has prompted the Reserve Bank of India (RBI) to hold lending rates this time, despite persistent concerns over GDP growth. This is the first pause by the RBI since the pandemic arrived in India and it is a prudent move, given the inflation scenario. The bank has already lowered lending rates by 115 basis points (1.15 per cent) since February this year and with this pause, the repo rate is still at a record low of 4 per cent. Read more

Facebook employees to work from home until July 2021 due to coronavirus outbreak; get $1,000 for home offices

Facebook Inc will allow employees to work from home until July 2021 due to the coronavirus outbreak and will give them $1,000 for home office needs, a spokeswoman for the social media giant said on Thursday. The company joins other big technology firms that have taken similar steps recently. Read more

RBI expects GDP to be negative for 2020-21

The Reserve Bank of India (RBI) has estimated that the Gross Domestic Product (GDP) for 2020-21 is likely to be negative, in the Governor's statement, while releasing the Monetary Policy today. Read more

HDFC Bank lending rates cut with effect from 7 August

On Friday, HDFC Bank cut its marginal-cost based lending rate (MCLR) on loans across tenors by 10 basis points with effect from 7 August 2020, the private lender's website showed. The bank had announced a similar rate cut last month as well. The move comes just a day after the Reserve Bank of India, after its Monetary Policy Committee meeting, decided to keep its repo rates unchanged at 4 percent. Read more

Gold price 7 August: Gold price falls to Rs 55,793 per 10 gram

Domestic gold futures on Friday, 7 August, fell by 0.09 percent with the price closing at Rs 55,793 per 10 gram. At the same time, silver prices also fell by 0.33 percent to Rs 75,800 per kg. As conditions in COVID-19 hotspots like United States of America and India deteriorate, investors have been leaning towards the safe-haven of the yellow metal. Read more

Rupee trades weak at 75 per US Dollar

Rupee in Friday's trade (August 6, 2020) opened weak at 75.5 versus previous day's close of 74.93 per US dollar. At around 10:53 am, the local currency however traded at 75. The yield on 10-year benchmark bond stood at 5.817%. Read more

2020 Mahindra Thar interiors spotted ahead of unveil on August 15: spy pics & other details

The most-anticipated 2020 Mahindra Thar will be unveiled on August 15, 2020, in the Indian market. The company has chosen the Indian Independence day to mark this special occasion. The next-gen Thar will feature many upgrades over its previous-gen model inside and out. Read more

Kia Sonet: take a virtual tour of the newly launched compact SUV

Kia has unveiled the Sonet compact SUV at its world premiere and here are a few photos of the car in the flesh. Read more

Peek into palaces: The Rambagh Palace in Jaipur

With the travel and tourism sector having been hit badly, the only hope travel enthusiasts have of discovering new places and learning about the history and culture of another country is to discover them virtually. Read more

China opposes U.S. orders against TikTok, WeChat, to defend interests

BEIJING China’s foreign ministry firmly opposes executive orders announced by U.S. President Donald Trump banning U.S. transactions with the Chinese owners of messaging app WeChat and video-sharing app TikTok, Beijing said on Friday. Read more

MG Gloster Spotted Testing Once Again Ahead Of India Launch: Details & Specifications

MG Motor is gearing up to launch its fourth product in the Indian market called the Gloster. However, the Gloster will be placed much higher in the price bracket compared to the other three products. We expect the Gloster to launch sometime during the festive season this year. MG showcased the Gloster for the first time at the 2020 Auto Expo. Read more

Satna-based BharatClass enables classroom teachers to set up virtual institutions in 30 secs

When the coronavirus pandemic hit, nearly 80 percent of the student population was globally impacted. While some edtech players like BYJU’s, Unacademy, and Vedantu immediately recorded soaring numbers, not many platforms were available to help independent teachers. Read more

Independence Day: First President Of India To Use An S-Class Limousine & The Cars Used Before

The Indian economy during the time of independence was in relatively bad shape. Decades of British rule had created a significant depression in our economy. Post Independence, India had to rebuild its wealth and stature, which had been exploited for decades under the British rule. Read more

Zukerberg's networth surpasses $100 billion for the first time ever

On Thursday, for the first time ever, Mark Zuckerberg's net worth passed $100 billion as per Bloomberg Billionaire Index after Facebook Inc. hit a record on optimism about the release of its TikTok competitor Reels. Read more