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Top 15 finance stories of the day, July 20, 2020

·5-min read

Major finance updates today at a glance:

Great time to invest in India: PM Modi tells IBM CEO

This is a great time to invest in India and the country is welcoming investments in the tech sector, Prime Minister Narendra Modi told IBM CEO Arvind Krishna on Monday. In a virtual interaction with Krishna, the prime minister noted that while the world is witnessing a slowdown, FDI inflow in India is increasing. Read more

COVID-19 Impact: IndiGo to cut 10% staff, says CEO Ronojoy Dutta

IndiGo will lay off 10 percent of its workforce, CEO Ronojoy Dutta announced on Monday, 20 July, as the COVID-19 outbreak and the subsequent lockdowns have left the aviation sector crippled. Read more

HDFC Bank's Aditya Puri was the highest baid Banker in FY20

Soon to retire Managing Director of HDFC Bank emerged as the highest-paid banker among the top lenders for the financial year 2019-20, with a 38 percent jump in salary and perquisites to Rs 18.92 crore. Read more

First set of private trains to be launched by 2023

The first set of 12 private trains will be introduced in 2023, followed by 45 more in the next fiscal, according to an initial timeline drawn by the railways, as reported by PTI citing senior officials. The plan is to roll out all 151 such train services by 2027, it said. Read more

India's debt-to-GDP ratio to climb to 87.6% by March 2021: SBI economists

India's debt-to-GDP ratio will shoot up to 87.6 percent at the end of this financial year from 72.2 percent in 2019-20, on the back of extra borrowing by the government due to the COVID-19 pandemic, said economists at SBI on Monday. Read more

India plans to reduce number of state-owned banks to just five: report

India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said. Read more

Gold prices in India fall by a tad; global gold rates above $1800/oz

In India, gold prices on July 20, 2020 fell by a tad i.e. 0.15% to levels below Rs. 49000 of Rs. 48894 per 10gm. This may possibly because of rupee appreciation and weaker dollar, which renders gold cheaper for other currency holders. On Friday, gold settled higher by 0.4% or Rs. 194 at Rs. 48967 per 10 gm. Read more

Oil prices fall as worsening coronavirus pandemic threatens demand recovery

Oil prices dipped on Monday, weighed down by the prospect that a rise in the pace of coronavirus infections could derail a recovery in fuel demand. Brent crude was down 10 cents, or 0.2%, at $43.04 a barrel by 0047 GMT, after dropping slightly last week. US oil was off by 6 cents, or 0.2%, at $40.53 a barrel, after gaining 4 cents last week. Read more

TikTok’s full page advert in Australia asks not to make the app a ‘political football’

After facing backlash in India along with 58 other Chinese apps, TikTok is now trying to tackle the recent political pressure in Australia to ban its app over privacy concerns. The short-video platform recently opened an office in the country and has been scrutinised by the Australian government ever since. Read more

Cash crunch during COVID-19 crisis? Why gold loan is the best option?

It's a time when several individuals are facing a serious cash crunch, due to the Covid-19 pandemic. This is true for individuals who have lost their job, or professionals impacted by the closure or businesses where lockdown have forced a closure. Read more

Tax dept to launch e-campaign to ask you to file ITR, report high transaction

On Saturday, the CBDT said the tax dept. will approach taxpayers who have either not filed their ITR for Fy2018-19 or did not reported high value transactions correctly. For the purpose, the dept will conduct 11 days e-campaign starting July 20, 2020. Read more

Exclusive: Global banks scrutinise their Hong Kong clients for pro-democracy ties - sources

Global wealth managers are examining whether their clients in Hong Kong have ties to the city's pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China's new national security law, according to six people with knowledge of the matter. Read more

Credit card balance transfer vs. personal loan: Which is better to manage credit card debt?

Q: My credit card bill is getting out of control, and due to my diminished earnings, I’m struggling to pay it back. In such a scenario, should I transfer my dues to another credit card or take a personal loan instead? Kindly advise. Read more

A private jet firm just took delivery of the first ever Bombardier Global 5500, a $46 million jet that can fly nearly 7,000 miles – see inside

Private jet charter operator ExecuJet just took delivery of the first Bombardier Global 5500 in late-June, flying it back to its new home in Zurich. The world's newest private jet is an upgrade to the existing Global 5000 but boasts a greater range and maximum speed thanks to new Rolls-Royce engines. Read more

Hyudai Creta diesel variant demand continues to increase despite BS6 update & fuel prices

The 2020 Hyundai Creta has become a monstrous hit for the brand in the Indian market. According to the recent announcement from the company, it has received over 45,000 bookings for the mid-size SUV. Read more

Amazon says exports from India-based sellers cross $2 billion

total exports from small and medium sellers in India, part of a company programme to export products to global markets, have crossed the $2 billion mark, two company executives said on Monday. Read more

Ind-Ra expects fiscal deficit to touch 7.6 per cent in FY21

India Ratings and Research (Ind-Ra) in its latest report stated that the government's fiscal deficit is estimated to touch 7.6 per cent in FY21, more than double the Budget Estimate (BE), as the nation spends extra to lessen the impact of the COVID-19 pandemic while facing a shortfall in incomes. Read more