Top 18 finance news of the day, July 10, 2020

·5-min read

Today’s top financial news at a glance...

RIL's Mukesh Ambani, worth over $68 billion, is now richer than Warren Buffett

Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani is now richer than Warren Buffet in terms of net worth. Ambani is now worth $68.3 billion, crossing Buffett's %67.9 billion, according to the Bloomberg Billionaires Index. Read more

Reliance receives US$ 1 billion from British Petroleum to form JV venture

Reliance Industries and British Petroleum (BP) on Friday, announced the start of their Indian fuels and mobility joint venture (JV) namely, Reliance BP Mobility Limited (RBML). Read more

Guess the top websites, apps blocked in China

A recent Yahoo article spoke about how China controls its Internet by imposing curbs on freedom of expression online and censoring external apps. Here’s a closer look at the top 100+ apps banned in China, which the rest of the world enjoys freely. Read more

Zomato revenue jumps over two-fold to Rs 2,960 crore in FY20

Online food ordering platform Zomato on Friday said its revenue in the last financial year jumped over two fold to $394 million (around Rs 2,960 crore) as compared to 2018-19. Read more

Banks sanction Rs 1.20 Lakh crore loans to MSMEs under credit guarantee scheme

The finance ministry on Friday said banks have sanctioned loans of about Rs 1,20,099 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under economic slowdown caused by the COVID-19 pandemic. Read more

China suspends imports of Ecuador shrimps on coronavirus risk

China's customs authority said on Friday it was suspending imports from three shrimp producers in Ecuador after detecting presence of the coronavirus in recent shipments. Read more

Sensex, Nifty end lower on virus fears, financials suffer

Indian shares closed lower on Friday as record daily increases of domestic coronavirus cases threatened to disrupt an economic recovery, with financial stocks taking the brunt of the losses. Read more

Gold Price 10 July: Gold price drops to Rs 49,056 per 10 grams

Domestic gold futures on Friday, 10 July, rose by only 0.36 percent with prices closing at Rs 49,056 per 10 gram. At the same time, silver prices also rose by 0.67 percent to Rs 51,435 per kg. Read more

Plan to help small businesses does little to save them

India re-opened for business in June after months of lockdown but for thousands of small entrepreneurs in the town of Meerut, near Delhi, the blow has been devastating. Read more

Oxford university receives £3.5m donation from Lakshmi Mittal to develop coronavirus vaccine

One of London’s richest tycoons, Lakshmi Mittal, today donated £3.5 million to Oxford University’s vaccine development work as it leads the fight against coronavirus. Read more

TikTok billionaire Zhang Yiming, one of the richest men you've never heard of

Zhang Yiming, the founder of viral video app TikTok’s $100bn (£79bn) parent company ByteDance, is now China’s tenth richest man with a personal wealth of $16.2bn. It was a grovelling apology which could have put Mark Zuckerberg to shame. Posting at 4am on the Chinese social network WeChat, Zhang Yiming confessed that he was "filled with remorse and guilt, entirely unable to sleep". Read more

Airbus A380 Jumbo Jet: 5 astonishing facts about the humble giant

A few weeks back, the convoy carrying outsize parts for the final Airbus A380 superjumbo jet arrived in Southern France, residents welcomed the trucks with applause and tears because this marks the end of an era. Not only was the A380 the biggest airplane to be ever built by humans, but also because this signifies the onset of imminent death of big airplanes around the world. So in order to commemorate its farewell, we bring to you 5 astonishing facts about the aircraft that made it a legend in its 13 years of service. Read more

Boeing reaches settlement with majority of Lion Air 737 MAX crash victims families

Boeing Co has reached settlement agreements in more than 90% of the wrongful death claims filed in federal court after the 2018 crash of a Lion Air 737 MAX in Indonesia that killed all 189 people on board, a court filing on Tuesday said. Read more

Yes Bank shares fall 9% after board announces FPO band

In another round of fund raising by a lender, this time via the FPO route, Yes Bank shares in intra-trade on July 10, 2020 fell as much as 9% to day's low of Rs. 24.2 per share on the BSE. Read more

PNB reports Rs 3,689 crore exposure to DHFL as fraud

Government-owned Punjab National Bank (PNB) has reported a fraud of Rs 3,688.58 crore in the non-performing asset (NPA) account of non-banking financial company Dewan Housing Finance Ltd (DHFL) which is in bankruptcy proceedings. Read more

Harley-Davidson to cut hundreds of jobs as part of turnaround strategy

Harley-Davidson Inc <HOG.N> on Thursday said it will lay off 500 employees this year as part of new Chief Executive Jochen Zeitz's efforts to revive the struggling motorcycle maker. Read more

Ban or no ban, Facebook wins in US threats against TikTok

On Monday, U.S. Secretary of State Mike Pompeo said that the U.S. is "looking at" banning Chinese social media apps, including the Chinese-owned company TikTok, comparing it to other Chinese companies like Huawei and ZTE that have been deemed national security threats by the current administration. Read more

List of gold ETFs on NSE to invest directly in gold from home

Demand for physical gold has drastically fallen in India as well as China, the world's biggest buyers of gold in the form of bars, coins and jewellery as the coronavirus pandemic paused imports and reduced footfalls at jewellers. Read more

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