Sensex rallies over 500 points in early trade; Nifty tops 11,100

Jeff Bezos added $13 billion to his net worth on Monday, his highest one day increase yet

  • Jeff Bezos, the owner of Amazon, added a record $13 billion to his net worth on Monday, Bloomberg reported.
  • He's now worth $189.3 billion, according to the Bloomberg Billionaires Index.
  • Bezos is also on track to become the first trillionaire in the US by 2026, Business Insider reported.
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Jeff Bezos, the owner of Amazon, added a record $13 billion to his net worth on Monday, Bloomberg reported. 

According to the Bloomberg Billionaires Index, Bezos' is now worth $189.3 billion. While the US economy has shrunk due to the coronavirus pandemic, the founder of the online shopping giant has gained $74 billion this year. 

His record is the highest anyone has earned in a single day since Bloomberg Billionaires Index was started in 2012.

Bezos founded Amazon in 1995 and the company has now grown to "one of the most valuable, powerful companies on the planet," as Business Insider previously reported. Business Insider also reported that Bezos is on track to be the first trillionaire by 2026. 

However, Bezos isn't the only billionaire to see his wealth grow throughout the pandemic. 

A new analysis by the Americans for Tax Fairness and the Institute for Policy Studies found that the more than 600 Americans billionaires had their wealth grow an average of $42 billion during each week of the coronavirus pandemic between March 18 and July 16, for a total of over $700 billion over the course of the pandemic. 

EU deal on recovery fund shows bloc's determination to act – Merkel

BERLIN, July 21 (Reuters) – The European Union’s deal on a massive post-pandemic recovery fund shows that the bloc is capable of acting jointly, even during its biggest crisis, and is willing to go down new paths in unusual circumstances, German Chancellor Angela Merkel said on Tuesday.

“This is an important signal beyond Europe’s borders that the EU, even with all the (EU member states’) varying backgrounds, is able to take action,” Merkel told reporters during a joint news conference with French President Emmanuel Macron. (Reporting by Michael Nienaber; Editing by Maria Sheahan)

India Funds Halve Shadow Bank Debt Holdings as Crisis Persists

Indian mutual funds have halved their holdings of debt sold by shadow lenders in the two-year period to June after defaults by some major financiers, data from the Securities and Exchange Board of India show. Shadow banks are important lenders to smaller businesses, and policymakers have rolled outmeasures to support the financiers in recent months, helping to bring down their borrowing costs. It remains to be seen, however, if those initiatives will be enough, with asset managers wary of their bonds and the pandemic threatening toincrease their bad debt loads.

Euromoney 9-month Underlying Revenue Down 2% – Quick Facts

Euromoney Institutional Investor plc (ERM.L) reported that its revenue for the nine months ended 30 June 2020 was 255.4 million pounds compared to 295.8 million pounds, previous year. Events cancelled and postponed as a result of covid-19 reduced revenue growth by 16 percent point. On an underlying basis, revenue declined 2% as continued growth in the Pricing and Data & Market Intelligence segments was offset by ongoing challenges in Asset Management.

Euromoney said its financial position remains strong. Net cash at the end of June 2020 increased to 13.9 million pounds.

Fox News Host Brian Kilmeade Ripped For Literal Fake News About Ocasio-Cortez

Fox News host Brian Kilmeade on Monday shared a phony quote attributed to Rep. Alexandria Ocasio-Cortez, then suggested it backs what President Donald Trump has been saying about Democrats.

Kilmeade ― a co-host of “Fox & Friends,” reputedly one of Trump’s favorite shows ― tweeted: 

The tweet was debunked last month by Snopes, rated “pants on fire” by PolitiFact, shot down by FactCheck and disproved by The Associated Press, among others.

The New York Democrat fired back: “As a Fox News host are you going to take responsibility for spreading fabricated information about a sitting member of Congress or…?” 

Kilmeade deleted the tweet about an hour later, then after another hour issued an apology in quotes: 

Ocasio-Cortez replied: 

Kilmeade’s critics on Twitter called him out over it: 

Sensex rallies over 500 points in early trade; Nifty tops 11,100

ICICI Bank was the top gainer in the Sensex pack, rallying around 3%

Equity benchmark Sensex rallied over 500 points in early trade on Tuesday tracking heightened buying sentiment across the board amid strong cues from global markets as hopes of a COVID-19 vaccine boosted investor confidence.

After hitting a high of 37,923.38, the 30-share BSE Sensex was trading 462.77 points, or 1.24%, higher at 37,881.76. Similarly, the NSE Nifty rose 136.35 points, or 1.24%, to 11,158.55.

ICICI Bank was the top gainer in the Sensex pack, rallying around 3%, followed by Maruti, Kotak Bank, Axis Bank, Power Grid and HDFC Bank. On the other hand, Bajaj Finserv and ITC were the laggards.

In the previous session, the BSE barometer ended at 37,418.99, up 398.85 points or 1.08%, and the broader Nifty rose 120.50 points or 1.11% to end at 11,022.20.

Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth ₹1,709.97 crore, provisional exchange data showed. According to traders, domestic market participants tracked global stocks rally as hopes of a COVID-19 vaccine increased their risk appetite.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note. Stock exchanges on Wall Street too ended with significant gains in overnight session. Meanwhile, international oil benchmark Brent crude futures rose 0.18% to $43.36 per barrel.