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Top 22 finance news of the day, Sep 2, 2020

Chaitra Anand
·9-min read

Major finance news today at a glance:

India’s economic woes may have only just begun

India's economy contracted by 23.9% in the three months to the end of June, making it the worst slump since 1996. A grinding lockdown brought on by the coronavirus pandemic has disrupted business and left millions out of jobs, reports the BBC's Nikhil Inamdar. Read more

Q1 GDP data doesn't capture full extent of damage to Indian economy, ex-chief statistician says

Former Chief Statistician of India, Pronab Sen, said that the Q1 GDP data does not fully convey the extent of the damage that the lockdown inflicted on the economy. In an interview with moneycontrol.com, Sen said that the data sample contains data from only the larger companies that were impacted due to the lockdown and not the unlisted, smaller firms. Read more

Facebook's new terms can legally censor posts, India MD answers political bias concerns

Facebook has updated its terms of services, notifying users of a change in the way it approaches the censoring of an article and in turn impacting its overall content moderation policy. After being under heavy scrutiny following media reports about heavy bias or inaction with regards to sensitive topics, Facebook is seemingly alerting users about a shift in its content moderation stance. The shift is actually major, since it signifies a departure from the vehement determination shown by founder and CEO Mark Zuckerberg in staying away from making a political statement through its platform. Read more

India has now banned 224 Chinese apps in three crackdowns as attention is on Aatmanirbhar Bharat

The Ministry of Information Technology of the Government of India has banned 118 more Chinese owned apps, as part of what is a third crackdown on apps that are believed to be a threat to national security. The apps and games that are in the latest list of 118 include PUBG Mobile Lite, Ludo World, APUS Launcher, Ulike, AliPay, Super Clean - Master of Cleaner, Phone Booster, Tencent Weiyun, Baidu, FaceU, AppLock Lite and Cleaner - Phone Booster. These apps, depending on their availability on the Google Play Store and the Apple App Store, will be restricted for new downloads and apps that you may have already installed on your phone, will have their network and data based features restricted. This also comes at a time when Atmanirbhar Bharat is in focus, as the government is pushing for local development of products, apps and services, instead of relying on imports. Read more

Mamata Banerjee writes to PM, calls govt’s options for GST shortfall 'subterfuge and betrayal of trust'

Strongly rejecting the Centre’s suggestion that states can borrow to meet their current GST revenue shortfall, West Bengal Chief Minister Mamata Banerjee has written to Prime Minister Narendra Modi that the options given by the Centre are tantamount to a betrayal of the trust and moral responsibility of the government towards the states, equating the action to an attack on the federal structure of the country. Read more

What is ‘Bad Boy Billionaires’ and why the tycoons who don’t want you to see Netflix docuseries?

Upcoming Netflix 'docuseries' Bad Boy Billionaires has been embroiled in controversy with cases filed in at least two courts. The show is an investigative series on the rise and fall of India’s most infamous business tycoons like Mehul Choksi, Nirav Modi, Vijay Mallya who are accused in several money laundering cases. Read more

Quiz: Guess which company created the first handheld mobile phone?

So, you know what SIM in SIM card stands for? Which company created the world's first smartphone 25 years ago? How well do know mobile technology? Take this quiz to find out some super cool facts! Take quiz

Kia Sonet compact-SUV launch date confirmed: here are all the details

Kia Motors India have announced the launch date for their much-awaited Sonet SUV in the market. The company has revealed that the Kia Sonet will go on sale in the Indian market from the 18th of September 2020. Read more

Unlock 4.0: complete list of Air India international flights under Vande Bharat Mission phase 6

Government of India has announced the Unlock 4.0, further easing transportation in India. However, air travel will continue to operate in a calibrate manner as last month with only non-scheduled international flights under air bubble agreement, domestic flights and Vande Bharat Mission flights will be allowed to operated. Read more

Ratan Tata, Anand Mahindra and Narayana Murthy bestowed lifetime achievement awards by WDA first edition

New Delhi [India] September 2 (ANI/PRNewswire): In a first-of-its-kind virtual summit, World Digital Awards announced its first edition awardees in India, ratified by the premier accrediting agency in the world, IAA on September 1st. Ratan Tata, Anand Mahindra, Mukesh Ambani, and NR Narayana Murthy have conferred the Lifetime Achievement Awards, whereas Special Recognition Awards were conferred for immense contribution in their fields. Read more

Voda-Idea board to consider fundraising; SC on moratorium issue today | Top News | 2 Sept

1. Share Market Cues | Nifty hovering around the 11,500 mark and Sensex at 38,929. 721 advances as against 257 declines. ONGC Q1 numbers out today. Bharti Idea up by 1%. Vodafone Idea stocks see a 5.6% rise after it sinking yesterday. M&M stocks on an uptick too. Read more

Bharti Airtel at top after AGR verdict; ONGC declares 84.7% decline in net profit | Top stocks 2nd Sept

Brokerages reacted to the AGR verdict. CLSA said the verdict was a double whammy and the sector will remain an oligopoly. CLSA said Vodafone’s AGR burden is enormous and the company will need to raise funds. Bharti Airtel remains the top pick. Morgan Stanley said the Supreme Court verdict is harsher than the Street expected and in both instances, Airtel and Jio are key beneficiaries. Read more

Modi Govt plans to include small cities under MGNREGA, spend Rs 35,000 crore to create jobs

In a bid to tide over unemployment plaguing city-based workers reeling from the coronavirus lockdown, the Centre is planning to extend its flgaship job programme MGNREGA to the cities, the Indian Express reported. When finalised, the programme will mostly be started in smaller cities and is estimated to cost around Rs 350 billion ($4.B billion), Sanjay Kumar, a joint secretary in the Ministry of Housing and Urban Affairs was quoted as saying. Read more

Walmart's Flipkart starts wholesale e-commerce service in India

BENGALURU (Reuters) - India's Flipkart launched an online wholesale service for mom-and-pop stores and other small businesses on Wednesday, as the Walmart-owned firm seeks to better compete with Amazon and other players in a battleground market for e-commerce. Read more

PM CARES fund received Rs 3,076 cr within first 5 days of launch; why no names, asks Chidambaram

In the first audit report of the PM CARES fund, the Prime Minister's Office (PMO) has stated that it received over Rs 3,076 crore as contributions from India and abroad within the first five days of its launch. The statement has recorded donations between March 27 and 31. Read more

Mahindra Bolero Invader modified with a new engine & more: A three-door monster truck

Indian car buyers would always want to add some exclusivity to their vehicles. While some choose from the list of official accessories offered by the company, others would tap into the ocean of aftermarket and custom-made components to deck their ride. Read more

India's August gold imports doubles to hit 8-month peak - government source

MUMBAI (Reuters) - India's gold imports in August nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and as some jewellers restocked after New Delhi eased lockdowns, a government source said on Wednesday. Read more

‘Indestructible’ Nokia 3310 phone turns 20 years old and fans are hit hard with nostalgia

Long before the iPhones and the Samsungs took over the smartphone world and the boring rectangle slabs became our daily fixtures, the Finnish company Nokia knew exactly how to make "dumb" phones and they were pretty darn good at it. Nokia was unstoppable in the early 2000's. The company churned one phone after another. With form factor being Nokia's least of worries, the Finnish tech giant came up with the whackiest of designs. N-Gage, 7280, 7600, you remember. Read more

Amazon's new offerings make India centre of fintech push

NEW DELHI/MUMBAI (Reuters) - Amazon.com Inc has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market. Read more

How should you utilise your salary? | The Money Show

It’s the first day of the month & you must have received the most awaited message from your bank stating, ‘XXX amount has been credited to your account’, but, are you confused how do you go about using your newly received salary? Is it a good idea to go on all in & empty pockets on the upcoming sale during the festive season? Well, definitely not. So how much should you save & spend? How much percentage of your income should be used for expenses and saving? To help you manage your money efficiently we caught up with Mrin Agarwal,Founder & Director, Finsafe on The Money Show, listen in to an excerpt of this conversation. Read more

Unlock 4.0: complete list of Air India international flights under Vande Bharat Mission phase 6

Government of India has announced the Unlock 4.0, further easing transportation in India. However, air travel will continue to operate in a calibrate manner as last month with only non-scheduled international flights under air bubble agreement, domestic flights and Vande Bharat Mission flights will be allowed to operated. Read more

Ranveer Singh launches online education app: Eduauraa

Mumbai (Maharashtra) [India], September 2 (ANI/PRNewswire): Eduauraa, is a premium digital learning platform created with a vision to utilize world-class technology and make quality education available in every corner of India at an affordable price. Read more