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Bill Gates drops to No 3 in Bloomberg Billionaires Index behind France’s Bernard Arnault

New Delhi: Bill Gates has never ranked lower than No. 2 in the seven-year history of the Bloomberg Billionaires Index. That run ended Tuesday when the Microsoft Corp. co-founder dropped to No. 3 behind France’s Bernard Arnault.

LVMH, Arnault’s luxury-goods maker, advanced to a record Tuesday and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. The shares extended their gains Wednesday, rising 0.7% at 1:54 pm in Paris. Arnault has added about $39 billion to his fortune in 2019 alone, the biggest individual gain by far among the 500 people in Bloomberg’s ranking.

464

Billionaire Azim Premji Has Helped Create India’s Latest Tech Unicorn Icertis

New Delhi: Billionaire Azim Premji has helped create India’s latest tech unicorn: a fast-rising software startup that symbolizes the growing investor interest in the Asian nation’s enterprise technology space.

Icertis, which competes with SAP SE and Oracle Corp. to help businesses manage contracts in the cloud, has raised $115 million, propelling it to unicorn status as investors flock to enterprise software makers.

The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest, the fund managed by the family office of Indian tech billionaire Premji. Existing investors including B Capital Group and Cross Creek Advisors participated. With this, Icertis has raised over $211 million.

402

WPI Inflation Declines For Second Consecutive Month To Its 23-Month Low At 2.02 %

New Delhi: According to official data released on July 15, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June. This is helped by decline in prices of vegetables as well as fuel and power items.

The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018. Inflation in food articles basket eased marginally to 6.98 per cent in June, from 6.99 per cent in May.

Vegetable inflation softened to 24.76 per cent in June, down from 33.15 per cent in the previous month. Inflation in potato was (-) 24.27 per cent, against (-) 23.36 per cent in May.However, onion prices continued the rising trend with inflation at 16.63 per cent during the month, as against 15.89 per cent in May.

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Exports Of Defence Products To Exceed The Rs 35,000-Crore Target By 2024-25

New Delhi: Exports of defence products will exceed the Rs 35,000-crore target by 2024-25 with the growing trend of shipments in recent years. “I expect the exports will surpass the target of Rs 35,000 crore by 2024-25,” Defence Production Department Secretary Ajay Kumar said.

Defence components are key drivers, he said. Kumar was in the city to promote private sector participation in defence production and also inaugurated a facilitation centre for the defence production at Bharat Chamber of Commerce.

“Defence exports had been growing exponentially. It is like a big rock, which is hard to move, but once it starts rolling, it only gains momentum,” he said.

Last fiscal, exports were about Rs 10,700 crore and in 2019-20, the Centre set a target of Rs 20,000 crore. In the first quarter of the current fiscal, exports worth Rs 5,600 crore had already been recorded,” he said.

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India Is Poised To Surpass Japan To Be The Third Largest In 2025; To Overtake UK This Year

New Delhi: The IHS Markit says that India will this year overtake the UK to become the world’s fifth biggest economy, and is poised to surpass Japan to be the third largest in 2025.

Following the re-election of the BJP government led by Prime Minister Narendra Modi to a second term of office in May 2019, the Finance Ministry has published an economic roadmap to 2025 in its latest annual Economic Survey.

The key goal is to transform India from a USD 3 trillion economy in 2019 to a USD 5 trillion economy by 2025, lifting India into the ranks of the world’s upper-middle-income countries, it said.