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Top 18 finance news of the day, Sep 14, 2020

Sudhakar G
·7-min read

Major finance news today at a glance:

India bans onion exports as prices treble in a month after rainfall hits crops

India on Monday prohibited exports of onion, the government said in a notification, as prices trebled in a month after excessive rainfall hit crops in southern states. The export of all varieties of onion was prohibited with the immediate effect, the government said. Read more

India's retail inflation eases in August as food prices rise more slowly

India's annual retail inflation eased slightly in August as food inflation cooled, but remained above the upper end of the Reserve Bank of India's (RBI) medium-term target for the fifth straight month, government data showed on Monday. Read more

Reliance's stake sale in retail segment will allow growth while maintaining zero net debt: Moody's

Moody's Investors Service said on Monday that Reliance Industries Ltd's (RIL's) divestment of 1.75 per cent stake in its retail arm to private equity firm Silver Lake Partners for Rs 7,500 crore is credit positive as it will enable the Indian conglomerate to continue pursuing other growth opportunities while maintaining zero net debt. Read more

RBI asks banks to ensure automation of NPA identification

The Reserve Bank of India (RBI) on Monday asked banks to put in place and upgrade their systems and ensure automation of non-performing asset (NPA) identification. Read more

How corruption takes place in banks in India

The Enforcement Directorate last week arrested Deepak Kochchar, husband of former CEO of ICICI Bank Chanda Kochchar, in connection with a money laundering case. The Kochchars are alleged to have received kickbacks, in lieu of Chanda facilitating Videocon to secure loans from ICICI Bank, which later turned into NPAs (non-performing assets). Read more

AstraZeneca resumes trial of COVID antibody

AstraZeneca trails have resumed for the COVID vaccine. ET Now's Pankaj reports, last Tuesday AstraZeneca said that due to an illness as far as one patient is concerned they are stopping the trial that's the protocol they need to follow and take a pause on their clinical trial. Oxford and AstraZeneca are doing the trail together and they announced that trial would be continued according to the research that they have indicated. Watch video

While Centre has 'no such data' on deaths of migrants & job losses, here's what reports say

The Narendra Modi-led National Democratic Alliance (NDA) government on Monday told Parliament that it has no data available on the number of migrant workers who lost their lives during the 68-day nationwide sudden lockdown imposed to curb the spread of coronavirus. Since no such data exists, there is ‘no question of giving compensation’ to victims’ next of kin, the Centre added. Read more

Oracle confirms TikTok US bid over Microsoft— but only a partnership

Computing tech giant Oracle (ORCL) has won the bid for TikTok US over Microsoft (MSFT). The group confirmed in a statement that it is part of the Bytedance/TikTok proposal to the US. The confirmation comes after an initial report by The Wall Street Journal and later Reuters, both citing unnamed sources, that the social media video platform is hoping to seal a partnership, rather than an outright sale, in order to keep some control over its US operations. Read more

Edtech startup GuruQ is looking to disrupt the online tutoring sector in India

The COVID-19 outbreak has brought unprecedented times and has changed the way businesses, education, and offices operate in the country. With the new normal characterised with digitisation, the edtech sector has especially seen a huge growth amid the pandemic. Read more

Infosys plans to acquire GuideVision for 30 million Euros

Infosys plans to acquire GuideVision for 30 Mn Euro but its really going to augment the capabilities of the company. This purchase will be done two quarters down the line. It will help Infosys to cope up portfolios could services. This is going to be digital service not traditional IT. This will strengthen their mere sure delivery presence, particularly for the European continent. The runway for growth in this digital cloud services is very large. Watch video

Decoding RPG's WFH policy | S Venkatesh of RPG Group to ET NOW

Is the Work From Home a permanent shift or is it just a temporary trend? S Venkatesh, Group President-HR & Member Group Board, RPG Group speaks to ET NOW to analyse this shift. Watch video

Tata Altroz partners with IPL 2020, will be given to batsman with highest tournament strike rate

Tata Motors has announced that its premium hatchback Altroz will be the official partner for the Dream11 Indian Premier League (IPL) 2020. The IPL begins on September 19 and will be played across 3 venues, located in Dubai, Abu Dhabi and Sharjah, in the United Arab Emirates, for a total of 50 days. Continuing its association for the third consecutive year with the Board of Control for Cricket in India (BCCI), the Altroz follows in the path of its stablemates, the Nexon and the Harrier, both of which have been the tournament’s official partners, during the 2018 and the 2019 seasons, respectively. Read more

WHO head urges rich nations to join vaccine scheme by Friday deadline

Countries should join the World Health Organization’s (WHO) COVAX vaccine facility by a Friday deadline to help ensure that immunizations are fairly and efficiently distributed, WHO Director General Tedros Adhanom Ghebreyesus said on Monday. Read more

Amazon to hire 1 lakh people to keep up with surge in online shopping

Amazon said Monday that it will be hiring another 100,000 people to keep up with a surge of online orders. The company said the new hires will help pack, ship or sort orders, working in part-time and full-time roles. Amazon said the jobs are not related to its typical holiday hiring. Read more

Upcoming cars under Rs 10 lakh to launch in India in 2020 - Tata, Renault and more

The festive season is around the corner and despite market slowdown due to coronavirus lockdown, people are prepping to buy their dream vehicles during the auspicious time. The vehicle sales has been on a constant rise ever since lockdown is eased and automakers are expecting huge increase in the coming months. The cars below below Rs 10 Lakh is one segment where a lot of people park their money and is also the largest segment (price-wise) in India. Read more

PUBG Mobile: Despite 24% of total global downloads, India accounts only 1.2% of revenues

PUBG Mobile continues to be a hot topic of discussion and today we have some new statistics courtesy market analyst Sensor Tower. Being one of the most popular mobile games around the world, PUBG Mobile players have reportedly spent over $3.5 billion on the game ever since its launch in 2018. Specifically, in 2020, where most of us have been forced to stay indoors, the game earned $1.8 billion and has seen 198 million downloads so far this year with the last $500 million coming just in the last 72 days. Read more

Hybrid warfare and big data's role: understanding how and why China tracked over 10,000 Indians

As geopolitical tensions at the Ladakh border between India and China continue to simmer, the conflict hardly seems to be restricted at our physical borders. In over two months, the government of India has banned over 200 apps that had some form of ties to China. Government officials, through a Ministry of Electronics and Information Technology (MeitY) directive, stated that these apps were found to be harvesting user data, and in turn, posed considerable threat to the sovereignty of India. The same effect has now been revealed by an Indian Express investigation, which found Zhenhua Data Information Technology Co., a private Chinese company with strong ties to the Chinese government, to be collecting, analysing and charting a huge database of information about over 1,000 publicly influential figures in India. Read more

Controversial Indian ads which shocked everyone!

“Nobody reads ads. People read what interests them. Sometimes it’s an ad.” – Howard Gossage Advertisements are one of the most influential forms of media, considering we see an ad thrown at us every 2 seconds of our goddamn life. The Indian advertising industry is one of the most entertaining, sensitive, creative and absurd ones out there. Read more