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Mukesh Ambani turns 8th richest person in the world

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Reliance Industries (RIL) Chairman Mukesh Ambani is now the eighth richest person in the world with a fortune of $83 billion, according to the Hurun Global Rich List 2021.

Ambani’s wealth increased 24 per cent on a year-on-year basis on the back of a surge in the value of energy-to-telecom giant RIL.

“India’s largest exporter, Reliance accounts for 8 per cent of the country’s exports and 5 per cent of India’s total revenues from customs and excise duty. Reliance is planning a calculated shift to renewable energy and has decided to venture into the battery-making business ahead of the electric vehicle boom,” said the Hurun statement.

His rank in the previous Hurun Global Rich List was ninth.

Among the countries, India rose to third spot with 177 billionaires, 40 more than last year.

The Hurun statement said that Mumbai is by far the billionaire capital with 61 billionaires in the city, followed by New Delhi with 40. The average age was 66. There are 32 more billionaires of Indian origin, living outside of India, led by L.N. Mittal of ArcelorMittal in London.

Among other Indians, Gautam Adani and family was at the 48th place among the top 100 billionaires. Adani saw his wealth almost double to $32 billion, on the back of Adani Green Energy growing to a $20 billion valuation, it noted.

The richest individual in the world is Tesla and SpaceX CEO Elon Musk with a net worth of $197 billion. Musk’s wealth grew over three-fold in 2020.

Amazon founder Jeff Bezos was on the second spot with a 35 per cent increase in his wealth to $189 billion.

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SpiceJet plane lands in Mumbai with cracked outer windshield

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A SpiceJet flight landed safely in Mumbai with its outer windshield of the cockpit cracked, an airline spokesperson said on Monday.

The incident took place on SpiceJet flight SG-3324 operating from Kandla (Gujarat) to Mumbai by a turboprop Q400 aircraft.

At around 23,000 feet height, the outer pane of the windshield on the co-pilot’s side cracked but the cabin pressurisation was observed to be normal.

The flight landed safely at Chhatrapati Shivaji Maharaj International Airport later, said the spokesperson, but the cause of the accident – the second on Monday for the low-cost carrier – is not clear yet.

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Nepal’s economy not like Sri Lanka’s, but can go that way: Former central bank Guv

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Dipendra Bahadur Chhetri, the former Governor of Nepal Rastra Bank (NRB), has said that the situation of Nepal’s economy is not like that of Sri Lanka.

However, if the political rights are given to the wrong persons like in Sri Lanka, there is a possibility of Nepal becoming the next Sri Lanka, he said, Republica reported.

Speaking at an interaction programme on the current economic situation in Nepal held in Kathmandu, Chhetri said the present situation in Sri Lanka is due to arbitrary tax rates imposed by the same family as the president, prime minister and finance minister.

He also mentioned that Nepal should not be associated with Sri Lanka as it has just held local elections and is now preparing to hold federal and provincial elections, Republica reported.

Similarly, the former central bank Governor said that Nepal’s foreign exchange reserves, SDRs and gold in foreign currency accounted for seven months of imports to meet the growing imports and consumption of petroleum products.

Likewise, he doubted that the forthcoming monetary policy to be introduced by the NRB would be as extensive as in the past. He said that the loans given by the banks to expand the capacity of the industry were used for import.

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Turkey increases minimum wage amid soaring inflation, currency volatility

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Turkish President Recep Tayyip Erdogan announced that the country’s minimum wage would be hiked up in the face of soaring inflation and volatile currency rates.

“The minimum wage will be 5,500 Turkish liras ($328) with an interim increase of 30 percent, effective immediately starting on July 1,” Erdogan said.

At the beginning of this year, the government increased the monthly minimum wage by 50 per cent to alleviate the financial burden on workers, reports Xinhua news agency.

Turkey has long been struggling against ever-increasing inflation.

In June, the total losses of the Turkish lira against the US dollar amounted to almost 100 per cent in one year.

Erdogan has long been focusing on a low-interest policy to increase exports and production for a stabilised lira, asking for patience from his voters.

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