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Top 20 finance news stories, July 28, 2020

·7-min read

Major finance news of the day...

EPFO withdrawals hit Rs 30,000 crore as 80 lakh people dig into their retirement fund

Amid the COVID-19 outbreak, 80 lakh Employee Provident Fund Organisation (EPFO) subscribers have withdrawn as much as Rs 30,000 crore in less than four months starting from April. The amount withdrawn by EPFO subscribers exceeded the usual outgo recorded during the period, which could be due to layoffs, pay cuts and medical expenses, according to a report by The Economic Times. Read more

Moderna, Pfizer start decisive COVID-19 vaccine trials, eye year-end launches

Moderna Inc and Pfizer Inc launched two 30,000-subject trials of COVID-19 vaccines that could clear the way for regulatory approval and widespread use by the end of this year, the companies said on Monday. Read more

SBI Card launches contactless credit card with IRCTC

SBI Card and Indian Railway Catering and Tourism Corporation Ltd (IRCTC) on Tuesday launched IRCTC SBI Card on RuPay platform. The new card has been designed to reward frequent railway passengers. It also offers savings proposition on their travel, together with superior benefits on retail, dining and entertainment, besides transaction fee waivers. Read more

Intel ousts its Indian-origin chief engineer Murthy Renduchintala after 7nm chip delay

Intel Corp’s Chief Engineering Officer Murthy Renduchintala is departing, part of a move in which a key technology unit will be separated into five teams, the chipmaker said on Monday. Intel said it is reorganizing its technology, systems architecture and client group. Its new leaders will report directly to Chief Executive Officer Bob Swan. According to Intel, Renduchintala will depart on August 3. Read more

Flipkart enters hyperlocal service business; to offer 90-minute delivery

On Tuesday, Flipkart launched a hyperlocal service called 'Flipkart Quick' that will deliver products from local hubs within 90 minutes. The new hyperlocal delivery model, which leverages the company's supply chain infrastructure and a new location mapping technology framework to deliver over 2,000 products across grocery, perishables, smartphones, electronics accessories, and stationery items, will commence operations in the suburbs of Bengaluru. Read more

Reliance Industries stock downgraded by Edelweiss: here's why

Reliance Industries Limited's (RIL) shares have surged over 150 percent from the stock's 52-week low last seen in March after the conglomerate received big-ticket investments for its digital arm Jio Platforms and subsequent achievement of net debt-free target much before its scheduled target. Read more

Tata Motors appoints new CEO for Jaguar Land Rover

On Tuesday, in a press release, Tata Motors said that the company has appointed Thierry Bollore as the Chief Executive Officer of Jaguar Land Rover with effect from 10 September 2020. Read more

Air India open bookings for additional flights to UK under Vande Bharat Mission phase 5

Air India has announced additional flights to the UK under the 5th phase of Vande Bharat Mission. Bookings for the flights, that will operate from August 4 to August 27 will open on July 28, Air India confirmed. Read more

Mahindra XUV300 Sportz T-GDi launch timeline revealed: expected arrival in 2021

Mahindra had showcased a powerful variant of its compact-SUV, the XUV300 at the 2020 Auto Expo. Called the 'Sportz', it will feature the brand's mStallion T-GDi turbo-petrol engine and few other cosmetic changes inside and out. Read more

Kia Sonet interiors revealed ahead of India launch in September: spy pics & details

The Kia Sonet interiors have been spied ahead of its launch in India in September. The upcoming compact-SUV will be globally premiered on August 7, 2020. It is expected to come packed with features like the other models in the brand's line-up. Read more

Your Bank SMS alert charges could go up from Aug

The telemarketing expenses of various businesses could go up from the next month as telecom operators are set to increase their commercial bulk SMS charges by 25 to 30 percent after the implementation of blockchain technology to check spam, an Economic Times report said. Read more

Rupee may trade higher in the coming days

The rupee is expected to trade higher, according to a report by Motilal Oswal Financial Services.

"Dollar in the last few months has been under tremendous pressure as major central banks either cut rates or introduced stimulus packages. RBI too since the start of this year has cut rates, but since the end of March it has been primarily flows that extended gains for the currency. Read more

Dassault Rafale is arriving: here's a look at IAF's mighty fighter jet fleet- Tejas, Sukhoi and more

The first batch of five Rafale fighter aircrafts will reach India today evening, after covering 7000-km long journey from France, the home country of Dassault Aviation, maker of Rafale jets. The five jets comprising of 3-single seater and 2-double seater configuration landed safely in Al Dhafra airbase in the UAE yesterday after a 7-hour sortie from France. Read more

Fixed Deposit: How much interest you will earn on FD of 2 years, 3 years and 5 years?

Fixed deposit is a popular investment option for many as it offer guaranteed returns with capital safety. You can open an FD account with the public, private, small finance as well as foreign banks. Take a look at fixed deposit interest rates offered by top private banks in India. Read more

Facebook sues EU antitrust regulator over excessive demands for data requests

Facebook is suing EU antitrust regulators for seeking information beyond what is necessary, including highly personal details, for their investigations into the company's data and marketplace, the U.S. social media group said on Monday. Facebook has been under EU competition enforcers' scrutiny since last year, with one investigation focused on its trove of data and the other on its online marketplace launched in 2016 and used by 800 million Facebook users in 70 countries to buy and sell items. Read more

This Google launchpad-incubated startup provides loans at zero-cost EMI to help parents pay school fees

Educational institutions constantly work on improving the quality of education they deliver. This involves infrastructure expansion, introduction of digital and innovative teaching methods, partnerships, and hiring expert faculties. However, with quality comes a greater price point, thus limiting access to quality education to children only from higher income families. This also leaves behind bright students at the bottom of the pyramid. Read more

Amazon Alexa app gets its biggest refresh ever and the focus is on continuity & personalisation

Amazon is giving the Alexa app for Android and iOS a fresh coat of paint, perhaps the biggest in years. The new app will be available for Android, iOS and Amazon’s own Fire OS. There will be visual improvements across the app, updated navigation methods and a more personalized experience based on how you use Alexa, particularly with relation to Skills. Amazon says the update will roll out on the Google Play Store for Android phones, the Apple App Store for the iPhone and on Amazon’s own Fire OS devices over the next month, and everyone should have it in a few weeks. Read more

SBI's stake in Yes Bank falls after FPO

On Monday, the State Bank of India (SBI) said that its holding in Yes Bank Ltd has declined to 30 percent after the follow on public offer (FPO). Yes Bank's FPO was open from 15 to 17 July. After its reconstruction in March amid debt issues, the lender's new board had approved plan to raise funds up to Rs 15,000 crore, by way of issuance of securities. Read more

This modified Royal Enfield bullet 500 inspired by luxury timepieces belongs in a museum

Royal Enfield motorcycles have for long been a favourite among customisation houses around the world. And over time we have seen numerous iteration of motorcycles that has outright stood out from the rest. On the same note is the motorcycle that we bring to you today. Read more