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Top 17 finance news of the day, Sep 3, 2020

·6-min read

Major finance news today at a glance:

Despite GDP crash, share market seems to be soaring – why?

India just witnessed its worst GDP crash in almost 40 years during the 1st quarter of 2020, a staggering -23.9%. However, on the contrary, share markets have been booming in India since the lockdown was imposed. Read more

How vital is capital allocation for 5G? | India revival mission

And as India takes gigantic steps in becoming an atmanirbhar nation, we at ET NOW spoke exclusively to Nokia's senior VP Sanjay Malik on how India can become truly atmanirbhar in the telecom space. Is India ready for the transformational rollout of 5G? Is adequate infra in place? And how Nokia's 25-year long journey in India has been so far? Watch video

Investors go long on Asian currencies, Indian rupee bets at three-year high: Reuters poll

Long positions on India's rupee were sharply raised to a three-year high, a Reuters poll found, as the central bank cut back on dollar-buying, while a weaker greenback and encouraging economic recovery signs propped up bullish bets on other Asian currencies. Read more

Isha Ambani and Akash Ambani feature on Fortune ‘40 Under 40’ list

Twins Isha and Akash Ambani have debuted on Fortune's "40 Under 40" list of influential people around the globe. The Ambani siblings have been named on the list for their contribution towards turning around Reliance Industries' consumer business-- focussing on their telecom and retail sector. Read more

Worst over for India, says Chris Wood of Jefferies on Indian economy

Chris Wood, in his latest interview to Economic Times, said that I will continue to stay invested as far as the Indian markets are concerned and he believes the worst for the equity market is over. Watch video

Gold price 3 September: Gold price falls to Rs 50,720 per 10 gram

Domestic gold futures on Thursday, 3 September, dropped by 0.20 percent with the price closing at Rs 50,720 per 10 gram. At the same time, silver prices also fell by 1.04 percent to Rs 67,543 per kg. As conditions in COVID-19 hotspots like United States of America and India deteriorate, investors have been leaning towards the safe-haven of the yellow metal. Read more

3 investment lessons you must never forget

Making investments in haste can make you repent at leisure. So, as a smart investor, what should you do? Well, to begin with never lose sight of three important investment lessons. Here they are... Read more

MG Gloster teaser videos released ahead of launch: India’s first autonomous premium SUV

MG Motor India is all set to introduce their latest SUV offering in the Indian market, the Gloster. The company has confirmed that the Gloster SUV will go on sale in the Indian market sometime by Diwali (November 2020). Watch video

News you can use: banks can now quickly access ITR status of PAN Holders

If you don’t file your income tax returns and you withdraw large amounts of cash, this news is likely to be of concern to you. The Central Board of Direct Taxes (CBDT) said on Wednesday that it has launched a functionality last month through which scheduled commercial banks can quickly check the income tax returns filing status of permanent account number (PAN) holders. The Income Tax Department has taken this step to keep an eye on large cash withdrawals, especially by individuals who have not filed their tax returns. The CBDT said in a statement that the data on cash withdrawal indicated that huge amount of cash is being withdrawn by people who have never filed income-tax returns. Read more

Beyond PUBG: The multi-billion dollar online gaming industry in India

In the wake of Govt’s latest ban on Chinese-linked apps --that include PubG and other popular gaming apps – a look at online gaming space in India vis-à-vis the global gaming market. Read more

Burj Khalifa to One World Trade Centre, these are the world's tallest skyscrapers

Skyscrapers have emerged to become the symbol of modern metropolises more than a century now. Started in the late 1800s, these towers continue to solve space problems in crowded urban areas, brilliantly and dynamically. Extending life from the city streets to the sky, the most awe-inspiring structures are rising higher from the ground. Read more

Verizon racks up $1.9 billion in wins in latest 5G bandwidth auction

Verizon (NYSE: VZ) was the No. 1 winner in the government's latest auction for spectrum useful for 5G services, the Federal Communications Commission (FCC) said on Tuesday. It was for priority-access licenses in one portion of the 3.5 GHz band, for which it raised over $4.54 billion from 228 bidders -- a relatively high number for a spectrum auction. Verizon was responsible for almost $1.9 billion of that total, making it far and away the most successful bidder. Read more

FM Sitharaman asks banks to roll out loan resolution schemes by mid-September

New Delhi [India], September 3 (ANI): Finance Minister Nirmala Sitharaman on Thursday asked bankers to roll out loan resolution schemes by September 15 and COVID-19 related distress must not impact their assessment of borrowers' creditworthiness. She said lenders must immediately put in place board-approved policies for resolution, identifying eligible borrowers and reach out to them. Read more

Why frauds are increasing in Indian banks

Cases of fraud of Rs 1 lakh or more, reported by banks and financial institutions, increased by 28% (in volume terms) and 159% (in value terms) during 2019-20, according to the Reserve Bank of India annual report. A disclaimer though: this does not necessarily mean that all these frauds took place during the last year alone. They are spread over several previous years but were detected during the last year. Read more

'India must correct its mistakes': China says legal interests violated after 118 mobile apps banned

Taking strong exception to India’s decision to ban 118 more Chinese apps, including the hugely popular online multiplayer game PUBG, amid a fresh stand-off between the neighbours, China's commerce ministry said on Thursday the “Indian actions violate the legal interests of Chinese investors and services providers and China asks India to correct its mistakes”. Read more

World food price index rises for third month running in Aug - FAO

World food prices rose for a third month running in August, led by coarse grains, vegetable oils and sugar, the United Nations food agency said on Thursday. The Food and Agriculture Organization's food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 96.1 points last month versus 94.3 in July. Read more

PUBG Ban: Here Are 5 Alternatives Multiplayer Games You Can Try PUBG Mobile has been banned in India by the government which has left the gaming community in the country shocked. One of the most-played multiplayer mobile game globally has a huge community in India with more than 50 million downloads and 30 million daily active users. Read more

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