QBiz: Mukesh Ambani Loses Asia’s Richest Crown; Oil Shoots by 10%

Catch all the top business headlines here.  

Published11 Mar 2020, 01:32 AM IST
Business
3 min read

1. Mukesh Ambani Loses Asia's Richest Crown to Jack Ma

Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and dropped him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index.

(Source: Livemint)

2. Oil Jumps 10% After Rout on Stimulus Hopes, Russian Signal on OPEC Talks

Oil prices jumped by around 10% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible.

US President Donald Trump on Monday said he will be taking "major" steps to gird the US economy against the impact of the spreading coronavirus outbreak, while Japan's government plans to spend more than $4 billion in a second package of steps to cope with the virus.

(Source: Livemint)

3. Customers Can Now Use IMPs, NEFT to Pay Dues, Says Yes Bank

Crisis-hit private sector lender Yes Bank said on Tuesday that customers can now make certain payments through its instant money transfer services National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS).

In a Twitter post on Tuesday morning, Yes Bank said its customer can pay "their credit card dues" and "loans from other bank accounts" using the two wire transfer services.

(Source: NDTV Profit)

4. Coronavirus Scare: Foreign Investors Set to Turn Net Sellers in Equities After 6 Months

Foreign institutional investors have pulled out a net Rs 12,478.31 crore – or $1.71 billion – from domestic equities so far this month. That makes March the first month of net outflows, following six months in which foreign portfolio investors (FPI) remained net investors in the Indian equities.

Before the current month, it was only in July and August last year that FPIs turned out to be net sellers of Indian equities.

(Source: NDTV Profit)

5. Four AAI-Run Airports Among Best Aerodromes in World

Four AAI-run airports have been adjudged among the best aerodromes in the world, winning 10 awards in four different categories at the 2019 ASQ awards.

ASQ is a globally established programme that measures passengers' satisfaction while travelling through an airport. Airports Council International (ACI), which is an independent agency of airport operators, carries out international benchmarking of aerodromes.

(Source: Livemint)

6. Jet Airways' Creditors to Meet on Thursday

The committee of creditors (CoC) of grounded Jet Airways will meet on March 12, according to a regulatory filing.

The meeting has been scheduled as the revised deadline for submission of bids for the airline, which is undergoing an insolvency process, ended on Tuesday.

(Source: Livemint)

7. Coronavirus Effect: Cyberattacks on Enterprises Go Down in India; Individuals New Target

Coronavirus has not only impacted trade globally, it is also directly impacting the amount of cyberattacks happening in India.

New findings from Subex, a global telecom services and security provider based in Bengaluru, reveal that within a month, the number of critical attacks on IoT and cyberdeployments in India have come down by 2,100 to 29,900 in February from 32,000 in January.

Prayukth KV, CMO, IoT, Subex, said, “Coronavirus has been changing the priorities of the hackers. Every year, the number of attacks only rise. Especially as we approach the middle of the year, the attacks peak. This year, there has been a dip. A first in the last 18 months.”

(Source: The Financial Express)

8. Working With PSBs to Serve Customers Digitally: Mobikwik Co-Founder and COO Upasana Taku

Mobikwik is identifying customers common to its own platform and some state-owned banks to plug a servicing gap, Upasana Taku, co-founder & COO, told Shritama Bose. On being asked about the company’s strategy for the future, Taku said, “The strategy will be to offer sachet-sized financial products, she added. The strategy is to continue to build the company in a sustainable and profitable fashion and make it ready for public retail investors eventually.”

9. India 2019 Thermal Coal Imports Rise 12.6% to Nearly 200 Million Tonnes

India's thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the second straight year of growth in shipments of the fuel despite attempts by the government to cut imports.

Coal is among the top five commodities imported by India, the world's largest consumer, importer and producer of the fuel.

(Source: Livemint)

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!