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Mukesh Ambani leave behind to Louis Vuitton’s Bernard Arnault, becomes fourth richest man of World.

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Mukesh Ambani has surged past Europe’s wealthiest man, making him the world’s fourth-richest person. Reliance Industries Ltd.’s chairman is now worth $80.6 billion, after amassing $22 billion this year, according to the Bloomberg Billionaires Index. That gives him a bigger wealth pile than France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end fashion purchases faster than the company can cut costs.

India’s richest person has already surpassed some of the biggest tycoons in recent weeks — a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett. While the conglomerate with a huge energy empire was slammed by a slump in demand for oil amid Covid-19, its shares have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc. and Google.

Ambani has slowly been shifting his focus to e-commerce, with tech giants seeking to take a piece of India’s fast-growing digital business. Google said last month it will spend $10 billion in the coming years to help accelerate the adoption of digital technologies in the world’s second-most populous nation.

Meanwhile, with LVMH shares down this year, Arnault has become the biggest loser among the world’s 500 richest people. His net worth has plunged $25.1 billion to $80.2 billion.

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BUSINESS! Diesel prices fall again on easing global crude prices

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Diesel prices continued to decline for the fourth consecutive day on Sunday on the back of falling global crude prices.

In the national capital, diesel was priced at Rs 71.58 per litre, down from Rs 71.82 on Saturday.

Similarly in the other metros of Mumbai, Chennai and Kolkata, the fuel was sold for Rs 78.02, Rs 76.99 and Rs 75.09 on Sunday, respectively, against the previous levels of Rs 78.27, Rs 77.21 and Rs 75.32 per litre.

The recent fall in transport fuel prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.

Prices of petrol, however, remained unchanged for the second straight day at Rs 81.14, Rs 87.82, Rs 84.21 and Rs 82.67 per litre across Delhi, Mumbai, Chennai and Kolkata, respectively.

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