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State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.

But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.

Also read |&nbsp;<a href="https://www.wionews.com/world/grounded-mauritius-ship-operator-apologises-for-oil-leak-319226">Grounded Mauritius ship operator apologises for oil leak</a>

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.

Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns.

"Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too)," he told reporters after announcing the company's quarterly results.

"As countries ease the lockdown, we expect the demand to increase."

Nasser said Aramco was committed to its 2020 dividend.

"We intend to pay the $75 billion, subject to board approval and market conditions," he said.

The group's dividends play a critical role in helping the Saudi government to manage its fiscal deficit.

Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected net profit of 31.3 billion riyals, according to the mean estimate from three analysts, provided by Refinitiv.

"Aramco figures are healthy compared to other global peers," Mazen al-Sudairi, head of research at Al Rajhi Capital, said. "This was the worst quarter in the modern history of oil industry, and surviving it with healthy figures points to a very positive outlook."

Aramco shares were up about 0.4% in early trade. The group is currently the world's second most valuable publicly traded company after Apple.

Aramco said it will pay a dividend of $18.75 billion for the second quarter of this year, in line with plans for a $75 billion dividend for 2020.

BP earlier this month cut its dividend for the first time in a decade after a record second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two.

Aramco's free cash flow stood at $6.1 billion in the second quarter and $21.1 billion for the first half of 2020, respectively, compared with $20.6 billion and $38.0 billion for the same periods in 2019.

Aramco's gearing ratio was 20.1% at the end of June, mainly reflecting the deferred consideration for the acquisition of Saudi Basic Industries Corp and the consolidation of SABIC’s net debt on to Aramco’s balance sheet.

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter. But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. Also read | Grounded Mauritius ship operator apologises for oil leak All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades. Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products. Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns. "Look at China, their gasoline and diesel demand is almost at pre-COVID 19 levels. We are seeing that Asia is picking up and other markets (too)," he told reporters after announcing the company's quarterly results. "As countries ease the lockdown, we expect the demand to increase." Nasser said Aramco was committed to its 2020 dividend. "We intend to pay the $75 billion, subject to board approval and market conditions," he said. The group's dividends play a critical role in helping the Saudi government to manage its fiscal deficit. Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier. Analysts had expected net profit of 31.3 billion riyals, according to the mean estimate from three analysts, provided by Refinitiv. "Aramco figures are healthy compared to other global peers," Mazen al-Sudairi, head of research at Al Rajhi Capital, said. "This was the worst quarter in the modern history of oil industry, and surviving it with healthy figures points to a very positive outlook." Aramco shares were up about 0.4% in early trade. The group is currently the world's second most valuable publicly traded company after Apple. Aramco said it will pay a dividend of $18.75 billion for the second quarter of this year, in line with plans for a $75 billion dividend for 2020. BP earlier this month cut its dividend for the first time in a decade after a record second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two. Aramco's free cash flow stood at $6.1 billion in the second quarter and $21.1 billion for the first half of 2020, respectively, compared with $20.6 billion and $38.0 billion for the same periods in 2019. Aramco's gearing ratio was 20.1% at the end of June, mainly reflecting the deferred consideration for the acquisition of Saudi Basic Industries Corp and the consolidation of SABIC’s net debt on to Aramco’s balance sheet.

Saudi Aramco's profit plunges, sees signs of oil market recovery

The Asian shares made a cautious start today morning as investors kept an eye on flaring tensions between US and China. Watch report

Asian Shares | Australian shares recover Friday's losses

Benchmark indices erased some of its intraday gains buy still trading higher supported by the pharma, bank, and auto and infra stocks.&nbsp;

Among the benchmark indices, the S&amp;P BSE Sensex rose 250 points to 38,280 levels and the Nifty50 index hovered around the 11,300 mark. Mahindra &amp; Mahindra (up 6%) and Larsen &amp; Toubro (up 5%) were the top Sensex gainers. Meanwhile, Divi's Laboratories surged 15 per cent after the announcement of its June quarter results.

The Nifty sectoral indices were trading in the green, led by Nifty Pharma index, up 5 per cent.

Meanwhile, Rupee ended at 74.90 per US dollar vs Friday's close of 74.93/$. 
 
(With inputs from agencies)

Benchmark indices erased some of its intraday gains buy still trading higher supported by the pharma, bank, and auto and infra stocks. Among the benchmark indices, the S&P BSE Sensex rose 250 points to 38,280 levels and the Nifty50 index hovered around the 11,300 mark.

Benchmark indices erased some of its intraday gains buy still trading higher supported by the pharma, bank, and auto and infra stocks. Among the benchmark indices, the S&P BSE Sensex rose 250 points to 38,280 levels and the Nifty50 index hovered around the 11,300 mark. Mahindra & Mahindra (up 6%) and Larsen & Toubro (up 5%) were the top Sensex gainers. Meanwhile, Divi's Laboratories surged 15 per cent after the announcement of its June quarter results. The Nifty sectoral indices were trading in the green, led by Nifty Pharma index, up 5 per cent. Meanwhile, Rupee ended at 74.90 per US dollar vs Friday's close of 74.93/$. (With inputs from agencies)

Indices trade higher: Sensex holds gains, up 250 points

US employment growth slowed considerably in July,&nbsp;though not as badly as feared, amid a resurgence in new Covid-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the coronavirus pandemic was faltering.

Nonfarm payrolls increased by 1.763 million jobs last month after a record 4.791 million in June, the Labor Department said on Friday (Aug 8). Economists polled by Reuters had forecast 1.6 million jobs were added in July.

The unemployment rate fell to 10.2 per cent from 11.1 per cent in June, but it has been biased downward by people misclassifying themselves as being “employed but absent from work.” At least 31.3 million people were receiving unemployment checks in mid-July.

“The steam has gone out of the engine and the economy is beginning to slow,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “The loss of momentum will continue and my concern is that the combination of the virus resurgence and lack of action by Congress could really push employment into negative territory.”

The labour market step-back is more bad news for President Donald Trump, who is lagging in opinion polls behind former Vice President Joe Biden, the presumptive Democratic Party nominee for the Nov 3 election.

It also piles up pressure on the White House and Congress to speed up negotiations on a second aid package, which have been dragging over differences on major issues including the size of a government benefit for tens of millions of unemployed workers.

A US$600 (S$822) weekly unemployment benefit supplement expired last Friday, while thousands of businesses have burned through loans offered by the government to help with wages.

The economy, which entered into recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years.

Virus infections soared across the country last month, forcing authorities in some of the worst affected areas in the West and South to either shut down businesses again or pause reopenings, sending workers back home. Demand for goods and services has suffered.

The slowdown in hiring challenges the US stock market’s expectation of a V-shaped recovery. The S&amp;P 500 index is up nearly 50 per cent from its March trough. As Covid-19 cases spiral, and Republicans and Democrats bicker over another stimulus package, economists see a W-shaped recovery.

Economists estimate the Paycheck Protection Program that gave businesses loans that can be partially forgiven if used for employee pay saved around 1.3 million jobs at its peak. The extra US$600 weekly unemployment checks made up 20 per cent of personal income and helped to boost consumer spending in May and June.

US employment growth slowed considerably in July, though not as badly as feared, amid a resurgence in new Covid-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the coronavirus pandemic was faltering.

US employment growth slowed considerably in July, though not as badly as feared, amid a resurgence in new Covid-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the coronavirus pandemic was faltering. Nonfarm payrolls increased by 1.763 million jobs last month after a record 4.791 million in June, the Labor Department said on Friday (Aug 8). Economists polled by Reuters had forecast 1.6 million jobs were added in July. The unemployment rate fell to 10.2 per cent from 11.1 per cent in June, but it has been biased downward by people misclassifying themselves as being “employed but absent from work.” At least 31.3 million people were receiving unemployment checks in mid-July. “The steam has gone out of the engine and the economy is beginning to slow,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “The loss of momentum will continue and my concern is that the combination of the virus resurgence and lack of action by Congress could really push employment into negative territory.” The labour market step-back is more bad news for President Donald Trump, who is lagging in opinion polls behind former Vice President Joe Biden, the presumptive Democratic Party nominee for the Nov 3 election. It also piles up pressure on the White House and Congress to speed up negotiations on a second aid package, which have been dragging over differences on major issues including the size of a government benefit for tens of millions of unemployed workers. A US$600 (S$822) weekly unemployment benefit supplement expired last Friday, while thousands of businesses have burned through loans offered by the government to help with wages. The economy, which entered into recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years. Virus infections soared across the country last month, forcing authorities in some of the worst affected areas in the West and South to either shut down businesses again or pause reopenings, sending workers back home. Demand for goods and services has suffered. The slowdown in hiring challenges the US stock market’s expectation of a V-shaped recovery. The S&P 500 index is up nearly 50 per cent from its March trough. As Covid-19 cases spiral, and Republicans and Democrats bicker over another stimulus package, economists see a W-shaped recovery. Economists estimate the Paycheck Protection Program that gave businesses loans that can be partially forgiven if used for employee pay saved around 1.3 million jobs at its peak. The extra US$600 weekly unemployment checks made up 20 per cent of personal income and helped to boost consumer spending in May and June.

US job growth slows sharply in July amid coronavirus resurgence

Facebook stocks leapt over six per cent on Thursday as the social networking giant launched Instagram's new feature Reels helping founder Mark Zuckerberg's net worth to surge to $100 billion.

<a href="https://www.wionews.com/world/mark-zuckerberg-suggests-google-and-apple-are-bigger-threats-than-facebook-316907">Also Read: Mark Zuckerberg suggests Google and Apple are bigger threats than Facebook</a>

The social networking site had launched Reels in America on Wednesday pitching it as a competitor to TikTok which has been involved a battle with the Trump administration over its continuation in the US amid espionage allegation by the US government.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/twitter-facebook-remove-trumps-video-over-false-claim-about-children-and-covid-19-318517/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Zuckerberg who holds 13 per cent stake in the company has joined Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos in the $100 billion club.

Zuckerberg aims to create a short video platform with Reels pitching it as a substitute for TikTok in America. Facebook had earlier created a platform named Lasso two years ago but it had failed to compete with TikTok which was enjoying huge popularity among users at that time.

Facebook shares have been on the rise for the past week rising over 13 per cent amid buoyant quarterly report on July 30. Facebook had said it had made a profit of $5.2 billion on $18.7 billion in revenue in the recent quarter amid the coronavirus pandemic. The users in the platform also grew rising to a high of 2.7 billion.

"This was a strong quarter for us, especially compared to what we expected at the start," Zuckerberg had said while announcing the results. The Facebook chief also informed that the user base of WhatsApp and Messenger each month topped three billion.

On the pandemic, Zuckerberg said: "Imagine going through this pandemic two decades ago when the internet was nascent Facebook didn't even exist."

Facebook stocks leapt over six per cent on Thursday as the social networking giant launched Instagram's new feature Reels helping founder Mark Zuckerberg's net worth to surge to $100 billion.

Facebook stocks leapt over six per cent on Thursday as the social networking giant launched Instagram's new feature Reels helping founder Mark Zuckerberg's net worth to surge to $100 billion. Also Read: Mark Zuckerberg suggests Google and Apple are bigger threats than Facebook The social networking site had launched Reels in America on Wednesday pitching it as a competitor to TikTok which has been involved a battle with the Trump administration over its continuation in the US amid espionage allegation by the US government. Watch: Zuckerberg who holds 13 per cent stake in the company has joined Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos in the $100 billion club. Zuckerberg aims to create a short video platform with Reels pitching it as a substitute for TikTok in America. Facebook had earlier created a platform named Lasso two years ago but it had failed to compete with TikTok which was enjoying huge popularity among users at that time. Facebook shares have been on the rise for the past week rising over 13 per cent amid buoyant quarterly report on July 30. Facebook had said it had made a profit of $5.2 billion on $18.7 billion in revenue in the recent quarter amid the coronavirus pandemic. The users in the platform also grew rising to a high of 2.7 billion. "This was a strong quarter for us, especially compared to what we expected at the start," Zuckerberg had said while announcing the results. The Facebook chief also informed that the user base of WhatsApp and Messenger each month topped three billion. On the pandemic, Zuckerberg said: "Imagine going through this pandemic two decades ago when the internet was nascent Facebook didn't even exist."

Zuckerberg's net worth zooms to $100 billion amid launch of Instagram Reels; joins Gates, Bezos in elite club

The customers of Uber Technologies Inc more than doubled their orders from the company's food-delivery service in the second quarter but demand for ride-hailing trips only marginally recovered from when it hit the rock-bottom.

The company said that despite those larger challenges it is sticking to its goal of being profitable on an adjusted basis before the end of 2021 thanks to stringent cost-cutting measures and a strong balance sheet. Uber recorded an adjusted loss in earnings before interest, taxes, depreciation and amortization of $837 million (636 million pounds) in the second quarter.

Shares were down 2.9% at $33.72 in after-hours trading.

Ride-hailing trips, in the past responsible for nearly two-thirds of Uber's revenue, increased 5 percentage points from their low in April, but gross bookings remained down 75% from last year.

In Hong Kong and New Zealand, ride bookings at times exceeded pre-COVID-19 levels, while trip requests in Germany, France and Spain have improved to just a 35% decline from a year ago.

The number of active platform users across the 69 countries in which Uber operates nearly halved year-over-year, from 99 million to 55 million.

Uber's second-quarter revenue fell 29% to $2.24 billion from the year prior, beating analysts' average estimate of $2.18 billion, according to IBES data from Refinitiv. 
Revenue at Uber Eats doubled to $1.2 billion, boosted by greater demand for delivery as Americans largely continue to stay home. Uber last month expanded its delivery reach by announcing the acquisition of Postmates Inc for $2.65 billion to expand the business of supplying everyday goods.

Uber's ride-hailing segment remained battered by the coronavirus crisis, with revenue from the United States and Canada, its largest combined market, declining $1.25 billion. Nevertheless, ride-hailing was the only segment generating an adjusted EBITDA profit, of $50 million.

Uber said fewer U.S. ride-hail drivers were returning to the platform compared with other countries. Uber faces several legal challenges over the status of its drivers in the United States, with California and Massachusetts suing the company over the alleged misclassification of drivers as independent contractors.

Uber Eats, whose gross bookings more than doubled, narrowed losses, recording a $232 million adjusted EBITDA loss in the second quarter.

The customers of Uber Technologies Inc more than doubled their orders from the company's food-delivery service in the second quarter but demand for ride-hailing trips only marginally recovered from when it hit the rock-bottom.

The customers of Uber Technologies Inc more than doubled their orders from the company's food-delivery service in the second quarter but demand for ride-hailing trips only marginally recovered from when it hit the rock-bottom. The company said that despite those larger challenges it is sticking to its goal of being profitable on an adjusted basis before the end of 2021 thanks to stringent cost-cutting measures and a strong balance sheet. Uber recorded an adjusted loss in earnings before interest, taxes, depreciation and amortization of $837 million (636 million pounds) in the second quarter. Shares were down 2.9% at $33.72 in after-hours trading. Ride-hailing trips, in the past responsible for nearly two-thirds of Uber's revenue, increased 5 percentage points from their low in April, but gross bookings remained down 75% from last year. In Hong Kong and New Zealand, ride bookings at times exceeded pre-COVID-19 levels, while trip requests in Germany, France and Spain have improved to just a 35% decline from a year ago. The number of active platform users across the 69 countries in which Uber operates nearly halved year-over-year, from 99 million to 55 million. Uber's second-quarter revenue fell 29% to $2.24 billion from the year prior, beating analysts' average estimate of $2.18 billion, according to IBES data from Refinitiv. Revenue at Uber Eats doubled to $1.2 billion, boosted by greater demand for delivery as Americans largely continue to stay home. Uber last month expanded its delivery reach by announcing the acquisition of Postmates Inc for $2.65 billion to expand the business of supplying everyday goods. Uber's ride-hailing segment remained battered by the coronavirus crisis, with revenue from the United States and Canada, its largest combined market, declining $1.25 billion. Nevertheless, ride-hailing was the only segment generating an adjusted EBITDA profit, of $50 million. Uber said fewer U.S. ride-hail drivers were returning to the platform compared with other countries. Uber faces several legal challenges over the status of its drivers in the United States, with California and Massachusetts suing the company over the alleged misclassification of drivers as independent contractors. Uber Eats, whose gross bookings more than doubled, narrowed losses, recording a $232 million adjusted EBITDA loss in the second quarter.

Uber rides take a hit during coronavirus pandemic but food-delivery business doubles

After registering a record peak in early trade on Friday, Gold's rally paused as the dollar found some relief from investors who are concerned over tensed ties between the United States and China.

Spot gold came down to 0.2 per cent to $2,058.55 per ounce by 0945 GMT after witnessing a record high of $2,072.50 earlier today.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/chennai-passengers-smuggle-gold-via-relief-flights-221kg-gold-seized-318400">Chennai: Passengers smuggle gold via relief flights; 2.21Kg gold seized</a>

It has gained 4 per cent so far this week, which is its ninth consecutive weekly gain.

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US gold futures was trading at $2,070.20.

"We'll see some pullback (in gold) from these levels with USD bottoming for a while and maybe even see some strength in the USD in the near term, which will reverse these gains but not entirely," said Spencer Campbell, director at SE Asia Consulting Pte Ltd, reported news agency Reuters.

"People will be looking to re-enter the market on any pullbacks in precious metals as the medium to longer term views are significantly higher."

The dollar bounced back from a two-year low following US President Donald Trump's decision to ban US transactions with two Chinese apps.&nbsp;

"The dollar's performance has a major say on how much runway gold bulls are accorded," said FXTM market analyst Han Tan.

Gold has jumped over 35 per cent this year amid surging COVID-19 cases that have adversely affected economies and led to unprecedented stimulus measures across the globe.

After registering a record peak in early trade on Friday, Gold's rally paused as the dollar found some relief from investors who are concerned over tensed ties between the United States and China.

After registering a record peak in early trade on Friday, Gold's rally paused as the dollar found some relief from investors who are concerned over tensed ties between the United States and China. Spot gold came down to 0.2 per cent to $2,058.55 per ounce by 0945 GMT after witnessing a record high of $2,072.50 earlier today. Also read | Chennai: Passengers smuggle gold via relief flights; 2.21Kg gold seized It has gained 4 per cent so far this week, which is its ninth consecutive weekly gain. Also read | NIA team to fly to UAE to investigate Kerala gold Smuggling case US gold futures was trading at $2,070.20. "We'll see some pullback (in gold) from these levels with USD bottoming for a while and maybe even see some strength in the USD in the near term, which will reverse these gains but not entirely," said Spencer Campbell, director at SE Asia Consulting Pte Ltd, reported news agency Reuters. "People will be looking to re-enter the market on any pullbacks in precious metals as the medium to longer term views are significantly higher." The dollar bounced back from a two-year low following US President Donald Trump's decision to ban US transactions with two Chinese apps. "The dollar's performance has a major say on how much runway gold bulls are accorded," said FXTM market analyst Han Tan. Gold has jumped over 35 per cent this year amid surging COVID-19 cases that have adversely affected economies and led to unprecedented stimulus measures across the globe.

Gold eases off after witnessing record high

Lufthansa put German workers on notice of compulsory lay-offs on Thursday, saying tumbling air travel and slow progress in union negotiations meant cuts were unavoidable after it lost 1.7 billion euros ($2 billion) in a single quarter.

Lufthansa plans compulsory lay-offs as forecasts travel slump to 2024

The Reserve Bank of India(RBI) today announced that key rates will remain unchanged.

The RBI kept repo rate unchanged at 4 per cent.&nbsp;RBI governor Shaktikanta Das declared that reverse repo rate also remains unchanged at 3.3 per cent.

<a href="https://www.wionews.com/opinions-blogs/cooperative-banks-now-subject-to-regulation-by-reserve-bank-of-india-317300">Also Read:&nbsp;Cooperative banks now subject to regulation by Reserve Bank of India</a>

While making the announcement, RBI governor Shaktikanta Das said that global financial markets remain buoyant, although he added that exports have contracted for the fourth straight month in June.

India's central bank said that the country's forex reserves are up by $56.8 billion, however it added that GDP growth will remain negative in the first half of the current year.

"For the year 2020-21 as a whole, real GDP growth is also estimated to be negative," it said.

The RBI governor added that although economic activity had picked up however due to fresh surge of coronavirus and lockdowns, several high-frequency indicators had levelled off.

"With coronavirus infections rising under fragile micro-economic and financial conditions, we propose to take regulatory and developmental measures including enhancing liquidity support for financial markets, ease financial stress caused by the virus while strengthening credit discipline," Shaktikanta Das stated.

The Reserve Bank of India(RBI) today announced that key rates will remain unchanged. The RBI kept repo rate unchanged at 4 per cent. RBI governor Shaktikanta Das declared that reverse repo rate also remains unchanged at 3.

The Reserve Bank of India(RBI) today announced that key rates will remain unchanged. The RBI kept repo rate unchanged at 4 per cent. RBI governor Shaktikanta Das declared that reverse repo rate also remains unchanged at 3.3 per cent. Also Read: Cooperative banks now subject to regulation by Reserve Bank of India While making the announcement, RBI governor Shaktikanta Das said that global financial markets remain buoyant, although he added that exports have contracted for the fourth straight month in June. India's central bank said that the country's forex reserves are up by $56.8 billion, however it added that GDP growth will remain negative in the first half of the current year. "For the year 2020-21 as a whole, real GDP growth is also estimated to be negative," it said. The RBI governor added that although economic activity had picked up however due to fresh surge of coronavirus and lockdowns, several high-frequency indicators had levelled off. "With coronavirus infections rising under fragile micro-economic and financial conditions, we propose to take regulatory and developmental measures including enhancing liquidity support for financial markets, ease financial stress caused by the virus while strengthening credit discipline," Shaktikanta Das stated.

Reserve Bank of India keeps key rates unchanged; exports contract for fourth straight month

Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2% higher, at $42.19 a barrel.

Oil prices hit 5-month high as U.S crude stocks fall

As a result of the sales slide, and higher costs for developing low-emission cars, BMW posted a pretax loss of 498 million euros, its first in over 11 years

BMW loses almost $800 million as sales slide during lockdowns | Automobile | Markets | WION

Potential coronavirus vaccine makers have seen a massive rise in their company's stocks if the drug has reported positive news to fight the deadly virus. And one such individual is Jiang Rensheng, chairman of Chongqing Zhifei Biological Products Co, whose wealth has seen a massive rise, making him enter.the club of China's ten richest people.&nbsp;

The pharma company's shares have jumped 80 per cent since China's drug regulator gave green signal to clinical human trials of a potential vaccine to treat coronavirus.&nbsp;

Also read | <a href="https://www.wionews.com/world/fauci-expects-tens-of-millions-of-coronavirus-vaccine-doses-at-start-of-2021-318487">Fauci expects tens of millions of coronavirus vaccine doses at start of 2021</a>

This development has led to Jiang seeing his wealth soar up to $19.3 billion, according to the Bloomberg Billionaires Index.&nbsp;

Also read | <a href="https://www.wionews.com/world/us-to-pay-johnson-johnson-over-1-bn-for-100-mn-doses-of-its-potential-coronavirus-vaccine-318477">US to pay Johnson &amp; Johnson over $1 bn for 100 mn doses of its potential coronavirus vaccine</a>

In July alone, his net worth more than doubled, which is the fastest among the world's 500 richest people, and jumped by $14.3 billion in 2019.&nbsp;

In a speech at his alma mater in May 2019, Jiang said social responsibility, not wealth is the true measure of success, reported Bloomberg.&nbsp;

Chongqing Zhifei sells vaccines for diseases, including flu and meningitis and is China's sole marketer of a Merck &amp; Co. treatment to avoid cervical cancer.

In the first six months of this year, Zhifei's net income rose up to 1.5 billion yuan or 30 per cent from last year.&nbsp;

Interestingly, the pharma company has produced at least another billionaire this year.&nbsp;

Wu Guanjiang, a former director of Chongqing Zhifei, has a stake of 8 per cent stake in the company, which doubled his fortune to $4.5 billion in 2020.&nbsp;

Potential coronavirus vaccine makers have seen a massive rise in their company's stocks if the drug has reported positive news to fight the deadly virus. And one such individual is Jiang Rensheng, chairman of Chongqing Zhifei Biological Products Co, whose wealth has seen a massive rise, making him enter.

Potential coronavirus vaccine makers have seen a massive rise in their company's stocks if the drug has reported positive news to fight the deadly virus. And one such individual is Jiang Rensheng, chairman of Chongqing Zhifei Biological Products Co, whose wealth has seen a massive rise, making him enter.the club of China's ten richest people. The pharma company's shares have jumped 80 per cent since China's drug regulator gave green signal to clinical human trials of a potential vaccine to treat coronavirus. Also read | Fauci expects tens of millions of coronavirus vaccine doses at start of 2021 This development has led to Jiang seeing his wealth soar up to $19.3 billion, according to the Bloomberg Billionaires Index. Also read | US to pay Johnson & Johnson over $1 bn for 100 mn doses of its potential coronavirus vaccine In July alone, his net worth more than doubled, which is the fastest among the world's 500 richest people, and jumped by $14.3 billion in 2019. In a speech at his alma mater in May 2019, Jiang said social responsibility, not wealth is the true measure of success, reported Bloomberg. Chongqing Zhifei sells vaccines for diseases, including flu and meningitis and is China's sole marketer of a Merck & Co. treatment to avoid cervical cancer. In the first six months of this year, Zhifei's net income rose up to 1.5 billion yuan or 30 per cent from last year. Interestingly, the pharma company has produced at least another billionaire this year. Wu Guanjiang, a former director of Chongqing Zhifei, has a stake of 8 per cent stake in the company, which doubled his fortune to $4.5 billion in 2020.

China: Vaccine tycoon has world's fastest growing fortune

Spot gold briefly touched a record high of $2000 an ounce on Tuesday amid a rally for the commodity

Gold tops $2000 for the first time in history of U.S | U.S Markets | Yellow Metal | WION

Virgin Atlantic has filed for bankruptcy in the United States as the global airline industry reels from the coronavirus pandemic.

Virgin Atlantic files for bankruptcy in US

Argentina's government on Tuesday said that it has reached a deal with three major creditors over the restructuring of a $66 billion debt, according to AFP. The government had given creditors time till August 4 to reach an agreement, although it had previously extended that several times.

Argentina's government on Tuesday said that it has reached a deal with three major creditors over the restructuring of a $66 billion debt, according to AFP. The government had given creditors time till August 4 to reach an agreement, although it had previously extended that several times. Argentina said the deal "will allow members of the creditor groups and such other (bond) holders to support Argentina's debt restructuring proposal and grant Argentina significant debt relief." That included the Ad Hoc Group, Argentina Creditor Committee and the Exchange Bondholder Group, a trio which had united last month to oppose a previous government offer, sparking a deadlock that threatened to derail an eventual deal. The ministry said it would extend the deadline for creditors to formally accept the new deal to August 24. It had been set to expire on Tuesday, according to Reuters. A major grain producer and once one of the world's wealthiest countries, Argentina fell into its ninth sovereign default in May and is headed for an estimated 12% economic contraction this year on the back of two years of recession. News of the deal helped lift the government's existing Eurobonds by as much as 3 cents. They had already rallied on Monday in anticipation. The country had been at an impasse with creditors, which included big-name funds such as BlackRock and Ashmore, over revamping the debt ahead of Tuesday's deadline. There was no immediate confirmation of an agreement from the creditor groups.

Argentina reaches debt restructuring deal with creditors: Official

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector.

In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit.

The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said.

He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed".

As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions.

Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain.

Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July.

On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said.

However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector. In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit. The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said. He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed". As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions. Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain. Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July. On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said. However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracts for fourth straight month in July

Indian shares fell on Monday, led by a decline in banking stocks, as the number of domestic coronavirus cases leapt by a record over the weekend and high-profile politicians tested positive.

The Nifty, which clocked a 7.5 per cent gain last month, fell 0.64 per cent to 11,002.65 by 0355 GMT, while the Sensex was 0.73 per cent lower at 37,335.25.

The Nifty banking index fell 1.31 per cent. The nation`s top private sector lender, HDFC Bank Ltd, was the biggest drag on the Nifty 50, with a 1.6 per cent decline.

<a href="https://www.wionews.com/business-economy/sensex-slips-129-points-nifty-ends-at-11073-317286">Also read: Sensex slips 129 points, Nifty ends at 11,073</a>

India`s tally of COVID-19 cases crossed 1.75 million on Sunday, after logging a record surge a day earlier, with the death toll at 37,364. The country has the world`s third highest caseload after the United States and Brazil.

Home Minister Amit Shah, a close aide to Prime Minister Narendra Modi, tested positive for COVID-19 on Sunday, becoming the senior-most politician in the country to catch the virus.

The chief minister of Karnataka, home to the tech hub of Bengaluru, also said he tested positive for COVID-19. 
Other Asian share markets were mixed on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan.

Indian shares fell on Monday, led by a decline in banking stocks, as the number of domestic coronavirus cases leapt by a record over the weekend and high-profile politicians tested positive.

Indian shares fell on Monday, led by a decline in banking stocks, as the number of domestic coronavirus cases leapt by a record over the weekend and high-profile politicians tested positive. The Nifty, which clocked a 7.5 per cent gain last month, fell 0.64 per cent to 11,002.65 by 0355 GMT, while the Sensex was 0.73 per cent lower at 37,335.25. The Nifty banking index fell 1.31 per cent. The nation`s top private sector lender, HDFC Bank Ltd, was the biggest drag on the Nifty 50, with a 1.6 per cent decline. Also read: Sensex slips 129 points, Nifty ends at 11,073 India`s tally of COVID-19 cases crossed 1.75 million on Sunday, after logging a record surge a day earlier, with the death toll at 37,364. The country has the world`s third highest caseload after the United States and Brazil. Home Minister Amit Shah, a close aide to Prime Minister Narendra Modi, tested positive for COVID-19 on Sunday, becoming the senior-most politician in the country to catch the virus. The chief minister of Karnataka, home to the tech hub of Bengaluru, also said he tested positive for COVID-19. Other Asian share markets were mixed on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan.

Sensex, Nifty fall as virus cases surge; banks slip

HSBC said Monday profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions.

The lender reported post-tax profit of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion.

The figures missed analyst forecasts and the bank also raised its estimate for 2020 loan losses from $8 billion to $13 billion.

Its shares plunged more than four percent on the Hong Kong stock exchange after the results were released in the lunch break, trading at HK33.55.

Chief executive Noel Quinn described the first six months of the year as "some of the most challenging in living memory".

"Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility," he said in a statement to the Hong Kong stock exchange.

Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid time.&nbsp;

Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain's departure from the European Union.

The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash about 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe.

The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic.

But HSBC has a further headache -- geopolitical tensions via its status as a major business conduit between China and the West.

HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.

- Caught in crossfire - 
As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington.

The bank has tried to stay in Beijing's good graces.&nbsp;

It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests.

The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing's line.

But that has not shielded it from Beijing's wrath.&nbsp;

Last month the bank was a subject of multiple reports in China's state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant.

HSBC released a statement on its Chinese Weibo accounts saying it had not "framed" telecom giant Huawei or "fabricated evidence" that led to the arrest of Meng.

China's internet censors blocked access to HSBC's statement within hours of publication, without offering an explanation.

Quinn referenced the bank's growing political vulnerability in Monday's statement.

"Current tensions between China and the US inevitably create challenging situations for an organisation with HSBC's footprint," he said.

"However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfil this role," he added.

The bank's Asia operations continued to show "good resilience", Quinn said, with profit before tax of $7.4 billion.

Earlier this year Quinn put some of the job cuts on hold as the pandemic struck.

But in Monday's statement he vowed to press ahead with the cost-cutting.

"As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us," he said.&nbsp;

HSBC said Monday profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions.

HSBC said Monday profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profit of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. The figures missed analyst forecasts and the bank also raised its estimate for 2020 loan losses from $8 billion to $13 billion. Its shares plunged more than four percent on the Hong Kong stock exchange after the results were released in the lunch break, trading at HK33.55. Chief executive Noel Quinn described the first six months of the year as "some of the most challenging in living memory". "Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility," he said in a statement to the Hong Kong stock exchange. Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid time. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain's departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash about 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache -- geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth. - Caught in crossfire - As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing's good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing's line. But that has not shielded it from Beijing's wrath. Last month the bank was a subject of multiple reports in China's state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not "framed" telecom giant Huawei or "fabricated evidence" that led to the arrest of Meng. China's internet censors blocked access to HSBC's statement within hours of publication, without offering an explanation. Quinn referenced the bank's growing political vulnerability in Monday's statement. "Current tensions between China and the US inevitably create challenging situations for an organisation with HSBC's footprint," he said. "However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfil this role," he added. The bank's Asia operations continued to show "good resilience", Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday's statement he vowed to press ahead with the cost-cutting. "As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us," he said.

HSBC profits hammered by pandemic and soaring US-China tensions

HSBC Holdings PLC warned its bad debt charges could blow past a previous estimate to $13 billion this year and said its profits more than halved, as the coronavirus pandemic hammered the bank's retail and corporate customers worldwide.

Fineprint: HSBC's net profit plunges 96 per cent

Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

Asia stocks off to cautious start | Oil demand suffered | Tech giants show strong results

Former 21st Century Fox chief executive James Murdoch, the son of media tycoon Rupert Murdoch, has resigned from News Corp's board over certain editorial content published by the company's media outlets, the news publisher disclosed in a regulatory filing on Friday.

Former 21st Century Fox chief executive James Murdoch, the son of media tycoon Rupert Murdoch, has resigned from News Corp's board over certain editorial content published by the company's media outlets, the news publisher disclosed in a regulatory filing on Friday. The 47-year-old once seen as his father's successor has been openly critical of some media coverage from publishing empire News Corp's outlets in recent months. While tendering the resignation, Murdoch also cited differences over certain strategic decisions of the company. Also read: Rupert Murdoch's son condemns Fox News and News Corp for coverage of climate change, Australian bushfire The departure of the son of media tycoon Rupert Murdoch would leave the News Corp board with 10 directors. News Corp owns the Wall Street Journal, the New York Post, The Times and the Sun newspapers among others, but not Rupert Murdoch's Fox News network. Also read: Murdoch lead candidate to replace Elon Musk as Tesla chairman: Report The company in May had posted a $1 billion quarterly loss due to a writedown in the value of its Australian pay TV unit and the impact of the COVID-19 pandemic on its businesses.

James Murdoch quits News Corp board over editorial differences

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier.

The results from Apple, Amazon, Facebook and Google parent Alphabet -- ironically the same firms whose chief executives were in the spotlight at an antitrust hearing in Congress this week -- were largely better than expected.

The reports illustrated the increasing importance of social networks, digital content and connected devices which have been seen as a lifeline to pandemic-hit consumers.

Apple profits rose eight percent to $11.2 billion and revenues were up 11 percent to $59.7 billion in the three months ending June 27.

The California tech giant saw a modest increase in iPhone sales, with more significant rise for accessories and services such as its apps and digital content.

"In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," chief executive Tim Cook said.

Analyst Daniel Ives at Wedbush Securities said the results show momentum for Apple as it readies its new iPhone 12.

"The stage is setting up for a massive pent up iPhone 12 cycle heading into the fall," Ives said in a research note.&nbsp;

Amazon meanwhile said profits nearly doubled to $5.2 billion on sales that climbed 40 percent to $88.9 billion.

"This was another highly unusual quarter, and I couldn't be more proud of and grateful to our employees around the globe," said Amazon founder and chief executive Jeff Bezos.

Amid rising sales in its grocery, video and cloud computing operations, Amazon has told investors it expects to spend all its profits this year on costs related to keeping employees and customers safe during the pandemic.

"This phenomenal set of results from Amazon underlines how much shopping habits shifted during the pandemic period both in the US and around the world," Neil Saunders of the research firm GlobalData Retail said.

"Many of those changes were to Amazon's advantage as shoppers became increasingly digital and went online to fulfil their various needs."

Facebook said its profits doubled to $5.2 billion compared with the same period last year, when it paid a hefty fine to US regulators.

Revenue rose 11 percent to $18.7 billion, suggesting minimal impact from an ad boycott of the leading social network over its handling of hateful content and misinformation.

Facebook said its core social network grew to 2.7 billion while its total audience including its "family" of apps had more than 3.1 billion users.

Analyst Debra Aho Williamson of eMarketer said Facebook's ad business "was negatively affected by the global pandemic, but the impact was much less than many had expected."

Williamson said she believes Instagram "has played a major role in Facebook's ability to withstand the effects of the pandemic," even though details from the platform were not disclosed.

Alphabet reported a rare drop in revenue and profit in a quarterly update that nonetheless topped market expectations.

Profit slumped some 30 percent to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income.

Revenues dipped two percent to $38 billion, as chief financial officer Ruth Porat said: "We continue to navigate through a difficult global economic environment."

Alphabet shares edged up slightly in after-market trades following the release, while the other firms showed stronger share increases.

As people hunkered down at home due to the pandemic, Alphabet saw growth in demand for entertainment content at YouTube and its online Play shop as well for cloud services being relied on increasingly for learning, work and online commerce.

In Washington on Wednesday, the CEOs of the four tech firms faced an onslaught of criticism from US lawmakers at an antitrust hearing which could lay the groundwork for tougher regulation of the major internet platforms.

"Simply put, they have too much power," said Representative David Cicilline, a Democrat from the state of Rhode Island who chairs the panel.

Cicilline said the hearing made clear that the firms "have monopoly power -- some need to be broken up, all need to be properly regulated and held accountable."

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier.

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier. The results from Apple, Amazon, Facebook and Google parent Alphabet -- ironically the same firms whose chief executives were in the spotlight at an antitrust hearing in Congress this week -- were largely better than expected. The reports illustrated the increasing importance of social networks, digital content and connected devices which have been seen as a lifeline to pandemic-hit consumers. Apple profits rose eight percent to $11.2 billion and revenues were up 11 percent to $59.7 billion in the three months ending June 27. The California tech giant saw a modest increase in iPhone sales, with more significant rise for accessories and services such as its apps and digital content. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," chief executive Tim Cook said. Analyst Daniel Ives at Wedbush Securities said the results show momentum for Apple as it readies its new iPhone 12. "The stage is setting up for a massive pent up iPhone 12 cycle heading into the fall," Ives said in a research note. Amazon meanwhile said profits nearly doubled to $5.2 billion on sales that climbed 40 percent to $88.9 billion. "This was another highly unusual quarter, and I couldn't be more proud of and grateful to our employees around the globe," said Amazon founder and chief executive Jeff Bezos. Amid rising sales in its grocery, video and cloud computing operations, Amazon has told investors it expects to spend all its profits this year on costs related to keeping employees and customers safe during the pandemic. "This phenomenal set of results from Amazon underlines how much shopping habits shifted during the pandemic period both in the US and around the world," Neil Saunders of the research firm GlobalData Retail said. "Many of those changes were to Amazon's advantage as shoppers became increasingly digital and went online to fulfil their various needs." Facebook said its profits doubled to $5.2 billion compared with the same period last year, when it paid a hefty fine to US regulators. Revenue rose 11 percent to $18.7 billion, suggesting minimal impact from an ad boycott of the leading social network over its handling of hateful content and misinformation. Facebook said its core social network grew to 2.7 billion while its total audience including its "family" of apps had more than 3.1 billion users. Analyst Debra Aho Williamson of eMarketer said Facebook's ad business "was negatively affected by the global pandemic, but the impact was much less than many had expected." Williamson said she believes Instagram "has played a major role in Facebook's ability to withstand the effects of the pandemic," even though details from the platform were not disclosed. Alphabet reported a rare drop in revenue and profit in a quarterly update that nonetheless topped market expectations. Profit slumped some 30 percent to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income. Revenues dipped two percent to $38 billion, as chief financial officer Ruth Porat said: "We continue to navigate through a difficult global economic environment." Alphabet shares edged up slightly in after-market trades following the release, while the other firms showed stronger share increases. As people hunkered down at home due to the pandemic, Alphabet saw growth in demand for entertainment content at YouTube and its online Play shop as well for cloud services being relied on increasingly for learning, work and online commerce. In Washington on Wednesday, the CEOs of the four tech firms faced an onslaught of criticism from US lawmakers at an antitrust hearing which could lay the groundwork for tougher regulation of the major internet platforms. "Simply put, they have too much power," said Representative David Cicilline, a Democrat from the state of Rhode Island who chairs the panel. Cicilline said the hearing made clear that the firms "have monopoly power -- some need to be broken up, all need to be properly regulated and held accountable."

Big tech firms show robust results in pandemic-hit quarter; Amazon doubles profits

Amazon.com Inc is set to invest more than $10 billion to build a network of 3,236 satellites that will provide high-speed broadband internet services to people around the world who lack such access.

The Thursday announcement follows the Federal Communications Commission's approval of the plan, called "Project Kuiper", for the constellation of low-Earth orbit (LEO) satellites that will compete with the Starlink network being built out by Elon Musk's SpaceX. It also comes on the heels of Amazon posting its biggest profit in its 26-year history.

The project will also benefit wireless carriers deploying 5G and other wireless service to new regions, Amazon said.

"A project of this scale requires significant effort and resources, and, due to the nature of LEO constellations, it is not the kind of initiative that can start small. You have to commit," the company said in a blog post.

By comparison, SpaceX has launched over 500 satellites of the roughly 12,000 expected for its Starlink constellation in low Earth orbit and plans to offer broadband service in the United States and Canada by the year's end. The FCC approved SpaceX's request in 2018.

While extremely costly to deploy, satellite technology can provide high-speed internet for people who live in rural or hard-to-serve places where fiber optic cables and cell towers do not reach. The technology could also be a critical backstop when hurricanes or other natural disasters disrupts communication.

The FCC authorisation, adopted with a 5-0 vote, requires Amazon to launch half of its satellites no later than mid-2026 and build out the rest of the constellation by mid-2029.

Amazon said it would begin to offer broadband service once 578 satellites are launched. It had 110 open positions for its "Project Kuiper" posted on its website Thursday. The satellites will be designed and tested at a new research and development facility opening in Redmond, Washington.

(with inputs from agencies)

Amazon.com Inc is set to invest more than $10 billion to build a network of 3,236 satellites that will provide high-speed broadband internet services to people around the world who lack such access.

Amazon.com Inc is set to invest more than $10 billion to build a network of 3,236 satellites that will provide high-speed broadband internet services to people around the world who lack such access. The Thursday announcement follows the Federal Communications Commission's approval of the plan, called "Project Kuiper", for the constellation of low-Earth orbit (LEO) satellites that will compete with the Starlink network being built out by Elon Musk's SpaceX. It also comes on the heels of Amazon posting its biggest profit in its 26-year history. The project will also benefit wireless carriers deploying 5G and other wireless service to new regions, Amazon said. "A project of this scale requires significant effort and resources, and, due to the nature of LEO constellations, it is not the kind of initiative that can start small. You have to commit," the company said in a blog post. By comparison, SpaceX has launched over 500 satellites of the roughly 12,000 expected for its Starlink constellation in low Earth orbit and plans to offer broadband service in the United States and Canada by the year's end. The FCC approved SpaceX's request in 2018. While extremely costly to deploy, satellite technology can provide high-speed internet for people who live in rural or hard-to-serve places where fiber optic cables and cell towers do not reach. The technology could also be a critical backstop when hurricanes or other natural disasters disrupts communication. The FCC authorisation, adopted with a 5-0 vote, requires Amazon to launch half of its satellites no later than mid-2026 and build out the rest of the constellation by mid-2029. Amazon said it would begin to offer broadband service once 578 satellites are launched. It had 110 open positions for its "Project Kuiper" posted on its website Thursday. The satellites will be designed and tested at a new research and development facility opening in Redmond, Washington. (with inputs from agencies)

Amazon takes on SpaceX, set to invest $10 billion in satellite broadband plan

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday.

The 32.9 per cent GDP&nbsp;contraction, though slightly better than expected, was the worst experienced by the world's largest economy since at least 1947 and underscored the severity of the rapidly unfolding crisis, which has already destroyed tens of millions of jobs.&nbsp;

COVID-19 cases have resurged in recent weeks, eroding early progress towards a rebound and forcing authorities in several states to reimpose restrictions that sent workers back home.

The latest Labour Department data showed a second straight weekly increase in initial claims for jobless benefits following several weeks of declines, prompting renewed calls for Congress to quickly approve a new round of emergency spending to support the economy.

The separate growth figures from the Commerce Department are given at an annual rate -- a measure of the full-year result if the damage was translated over 12 months. Compared to the same quarter of 2019, economic activity fell 9.5 percent, still the worst figure since 1948.

US media reported the White House is pushing for a stop-gap measure that would extend the extra unemployment payments by one week as well as the moratorium on evictions for renters while negotiations continue.

After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to&nbsp;1.43 million&nbsp;in the week ended July 25, the Labor Department said on Thursday.

That figure does not include the 829,697 new claims by people who filed under a special program for those who would not normally be eligible for aid.

The data show "the resurgence in COVID-19 cases is taking a toll on the recovery in the labor market," Oxford Economics lead US economist Nancy Vanden Houten said in an analysis.

Continuing claims, which is the number of people receiving benefits for more than a week, jumped to over 17 million while the insured unemployment rate rose to 11.6 percent in the week ended July 18.

Following a reduction of 5.0 per cent in the first three months of the year, the GDP plunge was driven largely by the drop in its largest component, consumer spending, which fell 34.6 percent annualized, according to the report, which was the first estimate for the second quarter.

Trade also took a huge hit in the latest quarter, with exports falling just over 64 per cent, and imports down 53.4 per cent.

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday.

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday. The 32.9 per cent GDP contraction, though slightly better than expected, was the worst experienced by the world's largest economy since at least 1947 and underscored the severity of the rapidly unfolding crisis, which has already destroyed tens of millions of jobs. COVID-19 cases have resurged in recent weeks, eroding early progress towards a rebound and forcing authorities in several states to reimpose restrictions that sent workers back home. The latest Labour Department data showed a second straight weekly increase in initial claims for jobless benefits following several weeks of declines, prompting renewed calls for Congress to quickly approve a new round of emergency spending to support the economy. The separate growth figures from the Commerce Department are given at an annual rate -- a measure of the full-year result if the damage was translated over 12 months. Compared to the same quarter of 2019, economic activity fell 9.5 percent, still the worst figure since 1948. US media reported the White House is pushing for a stop-gap measure that would extend the extra unemployment payments by one week as well as the moratorium on evictions for renters while negotiations continue. After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to 1.43 million in the week ended July 25, the Labor Department said on Thursday. That figure does not include the 829,697 new claims by people who filed under a special program for those who would not normally be eligible for aid. The data show "the resurgence in COVID-19 cases is taking a toll on the recovery in the labor market," Oxford Economics lead US economist Nancy Vanden Houten said in an analysis. Continuing claims, which is the number of people receiving benefits for more than a week, jumped to over 17 million while the insured unemployment rate rose to 11.6 percent in the week ended July 18. Following a reduction of 5.0 per cent in the first three months of the year, the GDP plunge was driven largely by the drop in its largest component, consumer spending, which fell 34.6 percent annualized, according to the report, which was the first estimate for the second quarter. Trade also took a huge hit in the latest quarter, with exports falling just over 64 per cent, and imports down 53.4 per cent.

US economy posts its worst drop on record, jobless claims rise

Domestic stock market indices ended the day in red on Friday dragged by heavyweights like Reliance Industries, HDFC Bank, Kotak Mahindra Bank and auto stocks.

The S&amp;P BSE Sensex ended 129 points or 0.34 per cent lower at 37,607 while the Nifty50 index gave up the 11,100-mark to settle at 11,073, down 29 points or 0.26 per cent.

Broader markets outperformed the benchmarks, Nifty Midcap100 and Nifty Smallcap100 indexes ended the day in green, up 0.43 percent and 0.83 percent higher respectively.

Nifty Pharma remained the best-performing index of the day, up 3.56 percent followed by Nifty Metal and Nifty FMCG. Nifty Media was the worst-performing index of the day, closing 0.87 percent lower.

Global markets

Asian shares turned lower in a choppy session on Friday as abysmal economic data from the United States and rising global Covid-19 cases darkened the mood, despite strong US tech earnings and manufacturing recoveries in China and Japan.

European shares were expected to open broadly lower across the board, with Euro Stoxx 50 futures down 0.28 per cent, German DAX futures 0.49 per cent lower and FTSE futures off 0.08 per cent.

The US dollar was also set for its worst month in a decade amid expectations the Fed will maintain its ultra-loose monetary policy for years.

In commodities, oil prices rose and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the US economy as the coronavirus ravages the world’s biggest economy and oil consumer.

(With inputs from agencies)

Domestic stock market indices ended the day in red on Friday dragged by heavyweights like Reliance Industries, HDFC Bank, Kotak Mahindra Bank and auto stocks. The S&P BSE Sensex ended 129 points or 0.

Domestic stock market indices ended the day in red on Friday dragged by heavyweights like Reliance Industries, HDFC Bank, Kotak Mahindra Bank and auto stocks. The S&P BSE Sensex ended 129 points or 0.34 per cent lower at 37,607 while the Nifty50 index gave up the 11,100-mark to settle at 11,073, down 29 points or 0.26 per cent. Broader markets outperformed the benchmarks, Nifty Midcap100 and Nifty Smallcap100 indexes ended the day in green, up 0.43 percent and 0.83 percent higher respectively. Nifty Pharma remained the best-performing index of the day, up 3.56 percent followed by Nifty Metal and Nifty FMCG. Nifty Media was the worst-performing index of the day, closing 0.87 percent lower. Global markets Asian shares turned lower in a choppy session on Friday as abysmal economic data from the United States and rising global Covid-19 cases darkened the mood, despite strong US tech earnings and manufacturing recoveries in China and Japan. European shares were expected to open broadly lower across the board, with Euro Stoxx 50 futures down 0.28 per cent, German DAX futures 0.49 per cent lower and FTSE futures off 0.08 per cent. The US dollar was also set for its worst month in a decade amid expectations the Fed will maintain its ultra-loose monetary policy for years. In commodities, oil prices rose and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the US economy as the coronavirus ravages the world’s biggest economy and oil consumer. (With inputs from agencies)

Sensex slips 129 points, Nifty ends at 11,073

Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.

Diamond giant De Beers likely to cut jobs after COVID-19 hit