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Top 12 finance stories of the day, July 31, 2020

·5-min read

Major finance news today at a glance:

Air India announces 12 additional flights to Canada from August 18 to 30, bookings now open

Air India has announced 12 additional flight from August 18 to 30 to Canada and Vancouver from Delhi under the 5th phase of Vande Bharat Mission. Bookings for the flights are now open on the airline's official website or booking offices. As India is set to begin the fifth phase of the Vande Bharat Mission, more bilateral air bubbles are expected to be announced with more countries. Read more

25 years of mobile phones: Mukesh Ambani underlines need to upgrade all 2G users in India

At the celebration of 25 years of mobile telephony in India, Mukesh Ambani, chairman and managing director of Reliance Industries, the holding company behind Reliance Jio, stressed on India's need to upgrade any 2G network and users that have so far failed to make the most of India's growing 4G Internet ecosystem. Read more

Gold rate today: Price of yellow metal up at Rs 53,216 per 10 gram, silver rate rises to Rs 63,535 per kg

Gold and silver prices rebounded today in Indian markets after a one day pause. On MCX, October gold futures were up 0.83 percent to Rs 53,216 per 10 gram. On the other hand, the silver futures surged Rs 865 to Rs 63,535 per kg. Read more

Google parent Alphabet suffers first revenue loss in company history due to COVID-19 fallout

Despite strong growth in Google Cloud, Alphabet saw its revenue declining for the first time to $38.3 billion (down 1.7 per cent from the year-ago period) in the quarter that ended June 30. The company reported a net income of $6.96 billion in Q2. Alphabet shares were up less than 1 per cent after the Q2 earnings report. "We're working to help people, businesses and communities in these uncertain times," said Alphabet and Google CEO Sundar Pichai. Read more

Apple Q3 2020 revenue clocks record $59.7 billion amid COVID-19 crisis and store closures

Beating the pandemic blues, Apple has posted $59.7 billion in revenue for its fiscal 2020 third quarter ended June 27, an increase of 11 per cent from the year-ago quarter, as iPhone sales beat the Wall Street estimates. Apple's board of directors approves a four-for-one stock split, effective from August 31. International sales accounted for 60 percent of the quarter's revenue. "Apple's record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments," said Apple CEO Tim Cook. Read more

Amazon posts biggest profit ever at height of pandemic in U.S

Amazon.com Inc on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic. Shares of Amazon, the world's largest online retailer, rose 5% in after-hours trade. Read more

Google and Facebook must pay media for content reuse, says Australia

The Australia government has said it will adopt a mandatory code to require tech giants such as Google and Facebook to pay local media for reusing their content. The requirement for them to share ad revenue with domestic publishers was reported earlier by Reuters. Read more

Secure, secret, and synced: how Telegram is making a mark in the instant messaging space

Telegram Messenger is making a mark in the instant messaging space. The cloud-based instant messaging and voice-over IP service is available for Android, iOS, Windows, macOS, and GNU/Linux, and lets you send messages and exchange photos, videos, stickers, audio and files of any type. Read more

This Meerut-based platform connects buyers and sellers; is giving tough fight to OLX, eBay

Online classifieds are gaining immense popularity in India. These platforms have become a channel for companies, individual businesses, startups, as well as home users to buy and sell products with ease. Read more

Twitter says 'phone spear phishing attack' used to gain network access in crypto scam breach

Twitter has revealed a little more detail about the security breach it suffered earlier this month when a number of high-profile accounts were hacked to spread a cryptocurrency scam -- writing in a blog post that a "phone spear phishing attack" was used to target a small number of its employees. Read more

Registration of BS-IV Vehicles banned by Supreme Court till further notice

On Friday, Supreme Court barred registration of BS-IV vehicles till further orders. The apex court also expressed displeasure on the sale of a large number of vehicles in March despite the COVID-19 induced lockdown. "An unusual number of BS-IV vehicles were sold during the lockdown," said the bench headed by Justice Arun Mishra. Read more. The matter will be heard again on 13 August. Read more

PNB to infuse Rs 600 cr in PNB Housing

The bank said it will infuse the proposed amount in PNB Housing Finance (PNBHFL) through preferential issue/rights issue etc. subject to regulatory approval as and when PNBHFL decides to raise capital. Shares of Punjab National Bank were trading 0.47% lower at Rs 31.6. Shares of PNB Housing Finance were trading 1.19% lower at Rs 207.30. Read more

Exclusive: TikTok owner ByteDance considers listing China business in Hong Kong or Shanghai - sources

Chinese tech giant ByteDance is considering listing its domestic business in Hong Kong or Shanghai, people familiar with the matter told Reuters, against a backdrop of rising Sino-U.S. tensions over its hit non-China video app TikTok. Read more