Top 18 finance news of the day, August 6, 2020

·5-min read

Major financial updates at a glance today:

Key takeaways from RBI Governor's MPC address

While keeping the repo rate unchanged, here are the main points RBI Governor Shaktikanta Das covered in his speech. Watch video

5-year criteria of gratuity should be reduced to one, parliamentary committee Suggests

A parliamentary Standing Committee has recommended that the existing regulation of the five-year period of continuous service for gratuity payment, should be reduced to one year. Read more

RBI allows one-time restructuring of loans: here's what it means for borrowers

The Reserve Bank of India in its MPC policy decision has today allowed one-time restructuring of corporate loans without putting them under the NPA or non-performing assets category. Read more

Bezos sells Amazon shares worth $3.1 billion

Amazon.com Inc Chief Executive Officer Jeff Bezos sold shares worth $3.1 billion in the e-commerce company in recent days, regulatory filings showed on Wednesday. The stock sale comes at a time when the company’s shares have surged more than 73% this year. Read more

Vijay Mallya case documents in Supreme Court go missing, court sets next hearing for August 20

In a new twist in the Vijay Mallya case, a certain document connected with the case in the Supreme Court has gone missing from the apex court files. A bench comprising Justices UU Lalit and Ashok Bhushan adjourned the hearing to August 20. Read more

Tesla Model 3 seen ‘swimming like a fish’ in flooded China, makes for a perfect car in Mumbai rains

Tesla makes one of the best electric vehicles out there and their model 3 sedan has recently proved the same again in China. In a video that has left netizens stunned, a Tesla can be seen making its way through a severely waterlogged road. The model 3 car was almost semi-submerged in water but it did not seem for a second that its driver was facing any kind of difficulty in driving it. Read more

5 best money saving apps in India

Usually, people save money for holidays, medical needs, buying assets or marriage, but it is not that easy to save money nowadays. Fortunately, we exist in a world where a mobile app is all you need to track and save your money. It is going to be easy to achieve your financial goals by installing a money-saving app on your mobile. There are thousands of apps in the default app store of your mobile phone but it's important to find the best one to install which will not only save your money but also assist you to spend wherever it is necessary. Read more

In pics: business lessons that we can learn from Jews and Banias

It is true that each and every person has the potential to expand his or her business through hard work and one’s own merit. However, it will not be wrong to say that some people are better at some works than others. Read more

Has the loan moratorium been extended by RBI: all you should know

The Reserve Bank of India had announced an extension of the moratorium on term loan by EMIs by another three months ie till August 31 2020 in a press conference held on May 22 2020. Read more

Gold price 6 August: gold price rises to Rs 55,561 per 10 gram

Domestic gold futures on Thursday, 6 August, rose by 0.84 percent with the price closing at Rs 55,561 per 10 gram. At the same time, silver prices also rose by 3.81 percent to Rs 74,629 per kg.

AstraZeneca signs first COVID-19 vaccine supply deal with Chinese company

Shenzhen Kangtai Biological Products will produce AstraZeneca Plc’s potential COVID-19 vaccine in mainland China, the British drugmaker said on Thursday, its first deal to supply one of the world’s most populous countries. Read more

Gold loan LTV ratio eased to 90%; now you can borrow more against gold

In its MPC statement released on August 6, 2020, the RBI relaxed guidelines for gold loans, enhancing loan to value ratio for gold loans to 90%. Loan to value for loans to 90% will be provided for the jewellery sector, said RBI governor Shaktikanta Das. This relief will be effective till March 31, 2021. Read more

Global pilot body seeks govt's urgent intervention into Air India's leave without pay policy

Air India pilots protesting against 60 per cent wage cut got a boost on Wednesday after the global pilots' body sought the urgent intervention of Civil Aviation Minister Hardeep Puri in the matter. Read more

Tata Motors denies rumour of selling passenger vehicle business

Mumbai based auto manufacturer Tata Motors Limited has denied reports of plans to sell up to 49 percent stake in the brand's domestic passenger vehicle business. The company issued a statement clarifying media reports that it was in the process of partnering with either a European or an Asian based company in a deal that it would see it hold a 49 percent stake. Read more

Reliance Industries now second leading brand globally only after Apple Inc

The year 2020 has been extra rewarding for Mukesh Ambani's Reliance Industries and this time it has donned the hat of the second leading brand globally just after US-phone maker brand Apple Inc. This is as per the FutureBrand Index 2020. Read more

Byju's acquires coding startup Whitehat Jr. for $300M

BYJU's, one of the world's most valued edtech startups, today announced that it has acquired the coding edtech startup Whitehat Jr. for $300 million, making it one of the biggest deals in the edtech space. A statement by the company added that this acquisition will push BYJU's US expansion plans. The startup unicorn is also looking deeply into coding for early classes. Read more

Consolidation, capital conservation, and more: startup funding trends to watch

Investment trends in the first half of 2020 — i.e. six months ended June 30 — show that startups received 14.7 percent less funding versus a year ago. Investments especially declined over April to June, according to YourStory's report on H1 funding trends, as the COVID-19 pandemic increased its stranglehold in India. Read more

This Udaipur-based jewellery startup’s silver accessories are worn by Madhuri Dixit, Mouni Roy

The City of Lakes and the capital of the erstwhile Kingdom of Mewar is synonymous with history, royalty, palaces, culture, and traditions. Read more