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Biz EOD: Inside Facebook-RIL deal; oil price crash gains twice of FM's fiscal stimulus; 14 crore Indians lose jobs

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | April 23, 2020 | Updated 00:40 IST
Biz EOD: Inside Facebook-RIL deal; oil price crash gains twice of FM's fiscal stimulus; 14 crore Indians lose jobs
Top stories from the world of business and economy

Facebook's Rs 43,574 crore investment is not a giant deal, considering the money spent to create Reliance Jio, but is an important one at a time when coronavirus has destroyed economies and businesses. Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand fuels. India's unemployment rate rose to 26.2 per cent in the third week of April amid coronavirus lockdown, Centre for Monitoring Indian Economy (CMIE), said. Read for more top stories from the world of business and economy:

1. Facebook-Jio deal: Inside Reliance's Rs 1.53 lakh crore debt resolution plan

RIL has invested nearly Rs 4 lakh crore since 2010 to create the Jio digital ecosystem. However, the deal will help Mukesh Ambani to execute his plan to make RIL a net debt-free company.

2. Brent crude price hits lowest since 1999 as coronavirus lockdowns hammer demand

Brent crude, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down 62 cents, or 3.2%, at $18.71.

3. Oil price crash gains twice of $23 billion Nirmala fiscal stimulus; spend wisely

WTI crude oil price drop: The crash in prices is a windfall for the Indian government. Thanks to the sharp fall in crude price, India will have savings of more than 4 times its annual health budget.

4. India's unemployment rate hits 26% amid lockdown, 14 crore lose employment: CMIE

The rate of unemployment in rural India stands higher at 26.7 per cent as against urban 25.1 per cent.

5. Paints, tyre, cement, oil and gas firms set to gain from oil's historic plunge

A 10 per cent correction in crude prices is expected to increase earnings by 4 per cent for the paint companies with other things remaining the same.

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