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Samsung Electronics&nbsp;on Tuesday&nbsp;reported a 0.1 per cent dip in its second-quarter net profit from a year earlier, blaming slower sales of smartphones and display panels for the drop.

Net profit for the April to June period came in at 11.04 trillion won ($9.9 billion), slightly lower than the 11.05 trillion won in the same period in 2017, the company said in a regulatory filing.

Operating profit was 14.87 trillion won, up 5.7 per cent and in line with the estimate of 14.8 trillion won suggested in a preliminary guidance report released earlier this month.

But total sales fell 4.1 per cent year-on-year to 58.48 trillion won, with the company's consumer electronics and mobile businesses suffering.

"Second quarter revenue fell due to softer sales of smartphones and display panels," Samsung said in a statement.

The company added however that robust demand for memory chips helped boost the operating profit.

The earnings are sharply down from the 11.69 trillion won net profit registered last quarter when the company reported a 52 per cent jump on the year.

But Samsung said it "expects sustained strength in the memory market and growing demand for flexible OLED panels to drive earnings higher in the second half".

Net profit for the April to June period came in at 11.04 trillion won ($9.9 billion), slightly lower than the 11.05 trillion won in the same period in 2017.

Samsung Electronics on Tuesday reported a 0.1 per cent dip in its second-quarter net profit from a year earlier, blaming slower sales of smartphones and display panels for the drop. Net profit for the April to June period came in at 11.04 trillion won ($9.9 billion), slightly lower than the 11.05 trillion won in the same period in 2017, the company said in a regulatory filing. Operating profit was 14.87 trillion won, up 5.7 per cent and in line with the estimate of 14.8 trillion won suggested in a preliminary guidance report released earlier this month. But total sales fell 4.1 per cent year-on-year to 58.48 trillion won, with the company's consumer electronics and mobile businesses suffering. "Second quarter revenue fell due to softer sales of smartphones and display panels," Samsung said in a statement. The company added however that robust demand for memory chips helped boost the operating profit. The earnings are sharply down from the 11.69 trillion won net profit registered last quarter when the company reported a 52 per cent jump on the year. But Samsung said it "expects sustained strength in the memory market and growing demand for flexible OLED panels to drive earnings higher in the second half".

Samsung Electronics posts $9.9 billion Q2 net profit, down 0.1%

Banking giant Standard Chartered said pre-tax profits were up 34 per cent in the first half of the year&nbsp;on Tuesday, in a sign restructuring and cutbacks were supporting a recovery at the lender.

Results in the six months to June showed statutory pre-tax profits of $2.35 billion, up from $1.75 billion year-on-year as the London-based bank continues its recovery from a string of bad debts and misconduct fines.&nbsp;

As China-US trade tensions rise, Chairman Jose Vinals said Standard Chartered's exposure to US-China trade was limited, and that he expected the bank to benefit from any subsequent increase in commerce between China and other countries in the Middle East, Asia and Africa.&nbsp;

The report comes as the bank remains under US scrutiny for previous violations of US sanctions.

It announced last week that a deferred prosecution agreement (DPA) reached with US authorities in 2012 would be extended until the end of 2018 as the bank was yet to reach standards required by the DPA.

In 2012 the bank paid $667 million to settle charges it had violated US sanctions by handling thousands of financial transactions involving Iran, Myanmar, Libya and Sudan.

In August 2014, the bank was hit by US regulators with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

In its report, the bank said its annual spending on financial crime compliance had increased nearly ten-fold since 2012.

Results in the six months to June showed statutory pre-tax profits of $2.35 billion, up from $1.75 billion year-on-year as the London-based bank continues its recovery from a string of bad debts and misconduct fines.

Banking giant Standard Chartered said pre-tax profits were up 34 per cent in the first half of the year on Tuesday, in a sign restructuring and cutbacks were supporting a recovery at the lender. Results in the six months to June showed statutory pre-tax profits of $2.35 billion, up from $1.75 billion year-on-year as the London-based bank continues its recovery from a string of bad debts and misconduct fines. As China-US trade tensions rise, Chairman Jose Vinals said Standard Chartered's exposure to US-China trade was limited, and that he expected the bank to benefit from any subsequent increase in commerce between China and other countries in the Middle East, Asia and Africa. The report comes as the bank remains under US scrutiny for previous violations of US sanctions. It announced last week that a deferred prosecution agreement (DPA) reached with US authorities in 2012 would be extended until the end of 2018 as the bank was yet to reach standards required by the DPA. In 2012 the bank paid $667 million to settle charges it had violated US sanctions by handling thousands of financial transactions involving Iran, Myanmar, Libya and Sudan. In August 2014, the bank was hit by US regulators with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering. In its report, the bank said its annual spending on financial crime compliance had increased nearly ten-fold since 2012.

Standard Chartered profits up 34 per cent in first half of year

The Trump administration's decision to place India in the Strategic Trade Authorisation-1 list of countries, that eases export of high-tech items, acknowledges the security as well as economic relationship between the two largest democracies of the world, and boosts the defence partnership in a big way, India's top diplomat here today said.

"It is a sign of trust not only in the relationship but also on India's capabilities an economy and as security partner, because it also presupposes that India has the multilateral export control regime in place, which would allow the transfer of more sensitive defence technologies and dual-use technologies to India and without the risk of any proliferation," Indian Ambassador to the US, Navtej Singh Sarna, told a Washington audience soon after US Commerce Secretary Wilbur Ross designated India as an STA-1 country.

"This is an acknowledgement of the security as well as the economic relationship between India and the United States. This is a logical step of India being designated as a major defence partner," Sarna said.

The top Indian diplomat was responding to a question from Nisha Desai Biswal, president of US India Business Council, during a panel discussion at the first Indo-Pacific Business Forum organised by the US Chambers of Commerce.

At the start of the first-ever Indo-Pacific Business Forum, Ross announced that the Trump administration has granted to India strategic trade authorisation status STA-1.

"And that's a very important change in their status under our export control regime. It acknowledges the US-India security and economic relationship. What it does is it comes under the Export Administration Rules, and it authorises the export, re-export and in-country transfer of specific items to destinations that the US regards as low risk," he said.

Currently, 36 countries, mostly all NATO nations, have this status, so it's a very elevated status from an export control point of view, he said.

"It is because India has partnered with us to improve its own export control regimes, and has met most of the multilateral export rules that we think are useful. It finally reflects India's status as a major defence partner of the US," said the commerce secretary.

Ross said STA-1 provides India greater supply chain efficiency, both for defence and for other high-tech products, that will increase activity with US systems, the interoperability of the systems, and it will reduce time and resources needed to get licensing approved.

"We calculate that it will be a competitive advantage for the US, in terms of supplying those kinds of products to India. It looks as though over the last seven years, some USD 9.7 billion of products would have been affected, so it's a meaningful-sized number. And probably, it'll be much more than that because a lot of things they knew wouldn't be exportable, they didn't order from us," Ross said.

Later in a statement issued by the US Department of Commerce, Ross said this new designation reflects India's membership in three of the four multilateral export control regimes, as well the development of its national export control system.

US companies will be able to more efficiently export a much wider range of products to Indian high technology and military customers. India's new status will benefit US manufacturers while continuing to protect its national security, he asserted.

STA Tier 1 treatment, comparable to NATO allies, will expand the scope of exports subject to the Export Administration Regulations (EAR) that can be made to India without individual licenses. This regulatory change will enhance the bilateral defence trade relationship and result in a greater volume of US exports to India.

"This testifies to our excellent record that we have had in maintaining non-proliferation of these technologies," Sarna told leaders of the US corporate sector.

It is a timely announcement as it comes ahead of the 2+2 dialogue scheduled for early September when US Secretary of State Mike Pompeo and Defence Secretary James Mattis are due to visit India and meet with their counterparts, he said.

"I certainly think it fleshes out our defence partnership in a big way," Sarna said.

Later in the evening, the White House said that the Department of Commerce granting Strategic Trade Authorisation Tier 1 status to India would enable American companies to export more high-technology items under a streamlined license exception.

Currently, 36 countries, mostly all NATO nations, have this status, so it's a very elevated status from an export control point of view.

The Trump administration's decision to place India in the Strategic Trade Authorisation-1 list of countries, that eases export of high-tech items, acknowledges the security as well as economic relationship between the two largest democracies of the world, and boosts the defence partnership in a big way, India's top diplomat here today said. "It is a sign of trust not only in the relationship but also on India's capabilities an economy and as security partner, because it also presupposes that India has the multilateral export control regime in place, which would allow the transfer of more sensitive defence technologies and dual-use technologies to India and without the risk of any proliferation," Indian Ambassador to the US, Navtej Singh Sarna, told a Washington audience soon after US Commerce Secretary Wilbur Ross designated India as an STA-1 country. "This is an acknowledgement of the security as well as the economic relationship between India and the United States. This is a logical step of India being designated as a major defence partner," Sarna said. The top Indian diplomat was responding to a question from Nisha Desai Biswal, president of US India Business Council, during a panel discussion at the first Indo-Pacific Business Forum organised by the US Chambers of Commerce. At the start of the first-ever Indo-Pacific Business Forum, Ross announced that the Trump administration has granted to India strategic trade authorisation status STA-1. "And that's a very important change in their status under our export control regime. It acknowledges the US-India security and economic relationship. What it does is it comes under the Export Administration Rules, and it authorises the export, re-export and in-country transfer of specific items to destinations that the US regards as low risk," he said. Currently, 36 countries, mostly all NATO nations, have this status, so it's a very elevated status from an export control point of view, he said. "It is because India has partnered with us to improve its own export control regimes, and has met most of the multilateral export rules that we think are useful. It finally reflects India's status as a major defence partner of the US," said the commerce secretary. Ross said STA-1 provides India greater supply chain efficiency, both for defence and for other high-tech products, that will increase activity with US systems, the interoperability of the systems, and it will reduce time and resources needed to get licensing approved. "We calculate that it will be a competitive advantage for the US, in terms of supplying those kinds of products to India. It looks as though over the last seven years, some USD 9.7 billion of products would have been affected, so it's a meaningful-sized number. And probably, it'll be much more than that because a lot of things they knew wouldn't be exportable, they didn't order from us," Ross said. Later in a statement issued by the US Department of Commerce, Ross said this new designation reflects India's membership in three of the four multilateral export control regimes, as well the development of its national export control system. US companies will be able to more efficiently export a much wider range of products to Indian high technology and military customers. India's new status will benefit US manufacturers while continuing to protect its national security, he asserted. STA Tier 1 treatment, comparable to NATO allies, will expand the scope of exports subject to the Export Administration Regulations (EAR) that can be made to India without individual licenses. This regulatory change will enhance the bilateral defence trade relationship and result in a greater volume of US exports to India. "This testifies to our excellent record that we have had in maintaining non-proliferation of these technologies," Sarna told leaders of the US corporate sector. It is a timely announcement as it comes ahead of the 2+2 dialogue scheduled for early September when US Secretary of State Mike Pompeo and Defence Secretary James Mattis are due to visit India and meet with their counterparts, he said. "I certainly think it fleshes out our defence partnership in a big way," Sarna said. Later in the evening, the White House said that the Department of Commerce granting Strategic Trade Authorisation Tier 1 status to India would enable American companies to export more high-technology items under a streamlined license exception.

Granting India STA-1 status sign of trust in bilateral ties with US: Indian envoy

Asian markets opened lower Monday, following Wall Street's downbeat finish last week on fears that US economic growth has peaked, and with investors watching the Bank of Japan's meeting.

On Friday, data showed the US economy expanded at an annual rate of 4.1 per cent in the second quarter, matching analyst expectations.

The rise was due in part to strong consumer spending and a trade-war driven bump in exports. It was the fastest growth in almost four years.

But despite US President Donald Trump hailing the figure as an "American economic miracle", US investors were unimpressed, sending stocks lower on a sense that the figures represent a peak.

US shares also took a battering from a largely disappointing round of earnings, with Exxon Mobil, Intel and Twitter all falling.

In Asia stocks trading Monday, Japan's benchmark Nikkei 225 index opened down 0.46 per cent, while the broader Topix index slipped 0.26 per cent.

Investors are closely watching the Bank of Japan's two-day meeting starting Monday, with widespread speculation about whether the central bank may be looking to alter its ultra-loose monetary policy.

Reports earlier this month suggested minor changes were possible in the bank's bond-buying programme, as it seeks to offset its effects on the banking sector.

The BoJ has engaged in massive bond-buying as part of a programme to push the country's inflation rate up to 2.0 per cent, seen as necessary to turbocharge the world's third-largest economy.

But the goal has proved stubbornly elusive and experts said the BoJ might reset expectations on when it could be achieved.

"The BoJ will most likely dole out a plan for eventually adjusting stimulus," wrote Stephen Innes, head of APAC trading at OANDA.

He cited a report suggesting the bank would revise its inflation forecast down, and "forgo any immediate yield curve measure".

China's stock markets also opened lower as the yuan continued to weaken, with the benchmark Shanghai Composite Index opening down 0.06 per cent, though it picked up.

Markets in Sydney and Seoul also opened lower.

In currency trading, the dollar was rangebound after the US GDP data announcement and with investors focused on monetary policy meetings by the BoJ and other central banks this week.

"It's going to be a 'central-bank' week... and the market is paying close attention to the BoJ," said Masakazu Satou, senior analyst at Gaiame Online.

"I don't think the BoJ will change its policy dramatically, but it may send a message indicating its willingness to mitigate the negative impact of the current policy," Satou told AFP.

On Friday, data showed the US economy expanded at an annual rate of 4.1 per cent in the second quarter, matching analyst expectations

Asian markets opened lower Monday, following Wall Street's downbeat finish last week on fears that US economic growth has peaked, and with investors watching the Bank of Japan's meeting. On Friday, data showed the US economy expanded at an annual rate of 4.1 per cent in the second quarter, matching analyst expectations. The rise was due in part to strong consumer spending and a trade-war driven bump in exports. It was the fastest growth in almost four years. But despite US President Donald Trump hailing the figure as an "American economic miracle", US investors were unimpressed, sending stocks lower on a sense that the figures represent a peak. US shares also took a battering from a largely disappointing round of earnings, with Exxon Mobil, Intel and Twitter all falling. In Asia stocks trading Monday, Japan's benchmark Nikkei 225 index opened down 0.46 per cent, while the broader Topix index slipped 0.26 per cent. Investors are closely watching the Bank of Japan's two-day meeting starting Monday, with widespread speculation about whether the central bank may be looking to alter its ultra-loose monetary policy. Reports earlier this month suggested minor changes were possible in the bank's bond-buying programme, as it seeks to offset its effects on the banking sector. The BoJ has engaged in massive bond-buying as part of a programme to push the country's inflation rate up to 2.0 per cent, seen as necessary to turbocharge the world's third-largest economy. But the goal has proved stubbornly elusive and experts said the BoJ might reset expectations on when it could be achieved. "The BoJ will most likely dole out a plan for eventually adjusting stimulus," wrote Stephen Innes, head of APAC trading at OANDA. He cited a report suggesting the bank would revise its inflation forecast down, and "forgo any immediate yield curve measure". China's stock markets also opened lower as the yuan continued to weaken, with the benchmark Shanghai Composite Index opening down 0.06 per cent, though it picked up. Markets in Sydney and Seoul also opened lower. In currency trading, the dollar was rangebound after the US GDP data announcement and with investors focused on monetary policy meetings by the BoJ and other central banks this week. "It's going to be a 'central-bank' week... and the market is paying close attention to the BoJ," said Masakazu Satou, senior analyst at Gaiame Online. "I don't think the BoJ will change its policy dramatically, but it may send a message indicating its willingness to mitigate the negative impact of the current policy," Satou told AFP.

Asia stocks open lower on fears over US growth

Harley-Davidson Inc is launching lightweight motorcycles in Asian markets and electric bikes in the hope of sparking demand as it faces declining sales in the United States and the threat of <a href="http://www.wionews.com/world/trumps-many-trade-wars-a-roundup-145531">trade tariffs</a> increasing its costs.

The 115-year-old Milwaukee, Wisconsin-based company, known for its heavy touring motorcycles, is scrambling to revamp its operations as its mainstay customer base ages by tapping into younger buyers, particularly in Asia, by offering nimbler motorcycles with smaller engines.

Laying out a plan it calls "More Roads to Harley-Davidson", the company expects to spend $675 million-$825 million over the next four years, looks to chop costs and generate more than $1 billion of incremental annual revenue in 2022.

Harley will develop motorcycles with smaller engines of 250cc to 500cc for Asia, <a href="http://www.wionews.com/india-news/harley-davidson-issue-after-india-reduces-import-duty-by-half-trump-says-us-gets-nothing-34174">including India</a>, which the company said was one of its fastest-growing markets in the world.

"If nothing else, Harley-Davidson is acknowledging the ongoing shift in global consumer tastes and sluggish US&nbsp;participation rates, and is willing to make course corrections – and investments – to pursue areas of growth," Raymond James analyst Joseph Altobello said.

In a bid to attract customers globally, the company is also revamping stores, partnering with online retailers and launching a 1250cc custom model, Pan America, and a middleweight 975cc Streetfighter model in 2020.

Harley has been at the center of a trade war between the United States and the European Union, with the company planning to shift production for European customers overseas to avoid the EU tariffs, a move that was slammed by U.S. President Donald Trump.

"The accelerated strategy will require significant investment to change the trajectory of the business globally, and the company plans to fund it entirely through comprehensive cost reduction and reallocation of previously planned investment and resources," the company said.

Harley has also been spending on product development and marketing, including promoting its learn-to-ride academies at showrooms and developing electric motorcycle technology.

The company said it plans to launch its electric motorcycle in 2019 and will release additional models through 2022.

"The plan centers on bold new product introductions and is largely geared to expanding Harley's appeal in faster-growth international markets," William Blair analyst Sharon Zackfia said.

Zackfia added that the new products are a significant departure from Harley's signature style and are likely to raise questions as to whether the means of attracting new customers could alienate the core.

Harley last week forecast a lower-than-expected hit to profit margins from Trump's trade tariffs, despite rising raw materials costs and higher tariffs on bikes shipped to Europe.

Shares of Harley were up 1.3 percent in early trade. The stock has fallen 13 percent this year.

The company said India was one of its fastest-growing markets in the world. Harley has been worried by slowing sales in the US and Trump's trade tariffs increasing its costs

Harley-Davidson Inc is launching lightweight motorcycles in Asian markets and electric bikes in the hope of sparking demand as it faces declining sales in the United States and the threat of trade tariffs increasing its costs. The 115-year-old Milwaukee, Wisconsin-based company, known for its heavy touring motorcycles, is scrambling to revamp its operations as its mainstay customer base ages by tapping into younger buyers, particularly in Asia, by offering nimbler motorcycles with smaller engines. Laying out a plan it calls "More Roads to Harley-Davidson", the company expects to spend $675 million-$825 million over the next four years, looks to chop costs and generate more than $1 billion of incremental annual revenue in 2022. Harley will develop motorcycles with smaller engines of 250cc to 500cc for Asia, including India, which the company said was one of its fastest-growing markets in the world. "If nothing else, Harley-Davidson is acknowledging the ongoing shift in global consumer tastes and sluggish US participation rates, and is willing to make course corrections – and investments – to pursue areas of growth," Raymond James analyst Joseph Altobello said. In a bid to attract customers globally, the company is also revamping stores, partnering with online retailers and launching a 1250cc custom model, Pan America, and a middleweight 975cc Streetfighter model in 2020. Harley has been at the center of a trade war between the United States and the European Union, with the company planning to shift production for European customers overseas to avoid the EU tariffs, a move that was slammed by U.S. President Donald Trump. "The accelerated strategy will require significant investment to change the trajectory of the business globally, and the company plans to fund it entirely through comprehensive cost reduction and reallocation of previously planned investment and resources," the company said. Harley has also been spending on product development and marketing, including promoting its learn-to-ride academies at showrooms and developing electric motorcycle technology. The company said it plans to launch its electric motorcycle in 2019 and will release additional models through 2022. "The plan centers on bold new product introductions and is largely geared to expanding Harley's appeal in faster-growth international markets," William Blair analyst Sharon Zackfia said. Zackfia added that the new products are a significant departure from Harley's signature style and are likely to raise questions as to whether the means of attracting new customers could alienate the core. Harley last week forecast a lower-than-expected hit to profit margins from Trump's trade tariffs, despite rising raw materials costs and higher tariffs on bikes shipped to Europe. Shares of Harley were up 1.3 percent in early trade. The stock has fallen 13 percent this year.

Harley-Davidson says will develop 250cc-500cc lightweight motorcycles for India

Gold prices slipped on Monday as the dollar stood tall against its peers ahead of key central bank meetings and US inflation and payrolls data this week.

Spot gold was down about 0.3 per cent at $1,219.91 an ounce at 0335 GMT. US gold futures were 0.3 per cent lower at $1,219.10 an ounce.

The dollar rose slightly in Asia against major rivals on Monday, as market participants awaited central bank meetings this week, which could set the near-term course for currencies.

The greenback also traded close to a 13-month high versus China's yuan.

"The dollar-CNH is putting pressure on gold. We've got a lot of central bank meetings this week but I think the big one for us is probably the Federal Open Market Committee (FOMC). The Bank of Japan is probably going to move the dollar/yen a bit tomorrow," a Hong Kong-based trader said.

The Bank of Japan holds a monetary policy meeting on Monday and Tuesday, while the US Federal Reserve meets on Tuesday and Wednesday. The Fed is likely to reaffirm its outlook for gradual rate increases in the United States.

Higher US rates tend to boost the dollar and bond yields, making greenback-denominated gold more expensive for other holders, especially since gold does not pay interest or dividends.

Investors are also looking ahead to the Bank of Japan meeting for signs of a potential policy shift.

The Bank of England is due to announce a policy decision on Thursday.

Asian shares drifted lower on Monday at the start of a busy week peppered with corporate results and updates on US inflation and payrolls, as well as the central bank meetings.

"Technically I think the trend is still down but post-FOMC I'm always a bit anxious of being short because generally we see a bit of bounce after FOMC," the trader said.

Spot gold still targets a range of $1,206-$1,214 per ounce, as its bounce from the July 19 low of $1,211.08 has completed, according to Reuters technicals analyst Wang Tao.

Hedge funds and money managers increased their net short position in COMEX gold contracts to a record in the week to July 24, US Commodity Futures Trading Commission (CFTC) data showed on Friday.

Investors added 5,001 contracts to their net short position, bringing it to 27,156 contracts, the biggest on record dating back to 2006, CFTC data showed.

In other precious metals, silver fell 0.3 per cent at $15.41 per ounce, after hitting a one-week low at $15.29 in the previous session.

Platinum fell 0.5 percent to $821.40, while palladium rose 0.4 percent at $924.50.

Spot gold was down about 0.3 per cent at $1,219.91 an ounce at 0335 GMT. US gold futures were 0.3 per cent lower at $1,219.10 an ounce

Gold prices slipped on Monday as the dollar stood tall against its peers ahead of key central bank meetings and US inflation and payrolls data this week. Spot gold was down about 0.3 per cent at $1,219.91 an ounce at 0335 GMT. US gold futures were 0.3 per cent lower at $1,219.10 an ounce. The dollar rose slightly in Asia against major rivals on Monday, as market participants awaited central bank meetings this week, which could set the near-term course for currencies. The greenback also traded close to a 13-month high versus China's yuan. "The dollar-CNH is putting pressure on gold. We've got a lot of central bank meetings this week but I think the big one for us is probably the Federal Open Market Committee (FOMC). The Bank of Japan is probably going to move the dollar/yen a bit tomorrow," a Hong Kong-based trader said. The Bank of Japan holds a monetary policy meeting on Monday and Tuesday, while the US Federal Reserve meets on Tuesday and Wednesday. The Fed is likely to reaffirm its outlook for gradual rate increases in the United States. Higher US rates tend to boost the dollar and bond yields, making greenback-denominated gold more expensive for other holders, especially since gold does not pay interest or dividends. Investors are also looking ahead to the Bank of Japan meeting for signs of a potential policy shift. The Bank of England is due to announce a policy decision on Thursday. Asian shares drifted lower on Monday at the start of a busy week peppered with corporate results and updates on US inflation and payrolls, as well as the central bank meetings. "Technically I think the trend is still down but post-FOMC I'm always a bit anxious of being short because generally we see a bit of bounce after FOMC," the trader said. Spot gold still targets a range of $1,206-$1,214 per ounce, as its bounce from the July 19 low of $1,211.08 has completed, according to Reuters technicals analyst Wang Tao. Hedge funds and money managers increased their net short position in COMEX gold contracts to a record in the week to July 24, US Commodity Futures Trading Commission (CFTC) data showed on Friday. Investors added 5,001 contracts to their net short position, bringing it to 27,156 contracts, the biggest on record dating back to 2006, CFTC data showed. In other precious metals, silver fell 0.3 per cent at $15.41 per ounce, after hitting a one-week low at $15.29 in the previous session. Platinum fell 0.5 percent to $821.40, while palladium rose 0.4 percent at $924.50.

Gold price eases on firm dollar ahead of central bank meetings

BSE Sensex opened<a href="http://wionews.com/business-&-economy/sensex-ends-above-37000-nifty-breaches-11200-mark-155033"> over 37,400 points up at a new </a>record high on Monday morning with the Nifty reaching 11,300 for the first time.

The Sensex was up 92.84 points in<a href="http://wionews.com/business-&-economy/sensex-opens-at-fresh-high-nifty-breaches-11200-mark-for-first-time-154932"> early trade at 37429.69, a gain </a>of 0.25 per cent. The NSE Nifty was at&nbsp;11,304.15, up by 26.60 points.

The charge was led by the Banks with Bank of Baroda surging ahead and ICICI stocks going up 3 per cent on strong June quarter.

However, the Indian Rupee opened lower at 68.70 against the dollar, down 5 paisa.&nbsp;

On Friday, the Sensex had breached the 37,000 mark for the first time to close at a historic high of 37,336.85, up 352.21 points, or 0.0.95 per cent. It had earlier closed at 36,984.64 on Thursday.

The NSE Nifty also showed a similar trend, closing at a record 11,278.35, a gain of 111.05 points which was 0.99 per cent up. The Nifty bettered the Thursday's mark when it closed at 11,167.30.

For the week, the NSE index had gained 2.44 per cent, its biggest gain since the week ending March 17, 2017.

Reliance Industries Ltd had closed 1.73 percent higher on Friday while ICICI Bank ended 2.64 per cent firmer ahead of quarterly results later in the day. Heavyweight ITC was the top gainer in the Sensex pack, surging 5.24 per cent to Rs 302.20

However, the Indian Rupee opened lower at 68.70 against the dollar, down 5 paisa.

BSE Sensex opened over 37,400 points up at a new record high on Monday morning with the Nifty reaching 11,300 for the first time. The Sensex was up 92.84 points in early trade at 37429.69, a gain of 0.25 per cent. The NSE Nifty was at 11,304.15, up by 26.60 points. The charge was led by the Banks with Bank of Baroda surging ahead and ICICI stocks going up 3 per cent on strong June quarter. However, the Indian Rupee opened lower at 68.70 against the dollar, down 5 paisa. On Friday, the Sensex had breached the 37,000 mark for the first time to close at a historic high of 37,336.85, up 352.21 points, or 0.0.95 per cent. It had earlier closed at 36,984.64 on Thursday. The NSE Nifty also showed a similar trend, closing at a record 11,278.35, a gain of 111.05 points which was 0.99 per cent up. The Nifty bettered the Thursday's mark when it closed at 11,167.30. For the week, the NSE index had gained 2.44 per cent, its biggest gain since the week ending March 17, 2017. Reliance Industries Ltd had closed 1.73 percent higher on Friday while ICICI Bank ended 2.64 per cent firmer ahead of quarterly results later in the day. Heavyweight ITC was the top gainer in the Sensex pack, surging 5.24 per cent to Rs 302.20

Sensex opens at fresh record high; Nifty tops 11,300 mark

T-Mobile US named Nokia to supply it with US $3.5 billion in next-generation 5G network gear, the firms said on Monday, marking the world's largest 5G deal so far and concrete evidence of a new wireless upgrade cycle taking root.

No.3 US&nbsp;mobile carrier T-Mobile - which in April agreed to a merger with Sprint to create a more formidable rival to US&nbsp;telecom giants Verizon and AT&T - said the multiyear supply deal with Nokia will deliver the first nationwide 5G services.

The T-Mobile award is critical to Finland's Nokia, whose results have been battered by years of slowing demand for existing 4G networks and mounting investor doubts over whether 5G contracts can begin to boost profitability later this year.

5G networks promise to deliver faster speeds for mobile phone users and make networks more responsive and reliable for the eventual development of new industrial automation, medical monitoring, driverless car and other business uses.

But cash-strapped telecom operators around the world have been gun-shy over committing to commercial upgrades of existing networks, with many seeing 5G technology simply as a way to deliver incremental capacity increases instead of new features.

Terms of the deal call for Nokia to supply a range of 5G hardware, software and services that will allow T-Mobile to capitalise on licensed airwave to deliver, broad coverage on 600 megahertz spectrum and ultra high-speed capacity on 28 megahertz airwaves in densely trafficked urban areas, the companies said.

Nokia will supply T-Mobile with its AirScale radio access platform along with cloud-connected hardware, software and acceleration services, they said in a statement.

The network equipment business, which is led by three big players - China's Huawei, Nokia and Sweden's Ericsson - has struggled with flagging growth since the current generation of 4G mobile equipment peaked in 2015.

No.3 US mobile carrier T-Mobile - which in April agreed to a merger with Sprint to create a more formidable rival to US telecom giants Verizon and AT&T - said the multiyear supply deal with Nokia will deliver the first nationwide 5G services.

T-Mobile US named Nokia to supply it with US $3.5 billion in next-generation 5G network gear, the firms said on Monday, marking the world's largest 5G deal so far and concrete evidence of a new wireless upgrade cycle taking root. No.3 US mobile carrier T-Mobile - which in April agreed to a merger with Sprint to create a more formidable rival to US telecom giants Verizon and AT&T - said the multiyear supply deal with Nokia will deliver the first nationwide 5G services. The T-Mobile award is critical to Finland's Nokia, whose results have been battered by years of slowing demand for existing 4G networks and mounting investor doubts over whether 5G contracts can begin to boost profitability later this year. 5G networks promise to deliver faster speeds for mobile phone users and make networks more responsive and reliable for the eventual development of new industrial automation, medical monitoring, driverless car and other business uses. But cash-strapped telecom operators around the world have been gun-shy over committing to commercial upgrades of existing networks, with many seeing 5G technology simply as a way to deliver incremental capacity increases instead of new features. Terms of the deal call for Nokia to supply a range of 5G hardware, software and services that will allow T-Mobile to capitalise on licensed airwave to deliver, broad coverage on 600 megahertz spectrum and ultra high-speed capacity on 28 megahertz airwaves in densely trafficked urban areas, the companies said. Nokia will supply T-Mobile with its AirScale radio access platform along with cloud-connected hardware, software and acceleration services, they said in a statement. The network equipment business, which is led by three big players - China's Huawei, Nokia and Sweden's Ericsson - has struggled with flagging growth since the current generation of 4G mobile equipment peaked in 2015.

Nokia, T-Mobile US agree $3.5 billion deal, world's first big 5G award

Germany is planning tougher rules for online shopping platforms to help combat sales tax fraud that is estimated to cost the country hundreds of millions of euros in lost revenue, a finance ministry spokeswoman said on Monday.

The draft law, reviewed by Reuters, would oblige operators of electronic marketplaces to record transactions that could be taxable in Germany. It will be discussed at Wednesday's cabinet meeting, the spokeswoman said.

It would make companies such as Amazon or eBay liable for any German taxes unpaid by users of their platforms, especially in cases where sellers who are unregistered for tax purposes sell their goods to German customers.

"It is clear that there is a need to act," the spokeswoman said. "We estimate conservatively that fraud is costing tax revenues in the three digit millions."

It would make companies such as Amazon or eBay liable for any German taxes unpaid by users of their platforms, especially in cases where sellers who are unregistered for tax purposes sell their goods to German customers.

Germany is planning tougher rules for online shopping platforms to help combat sales tax fraud that is estimated to cost the country hundreds of millions of euros in lost revenue, a finance ministry spokeswoman said on Monday. The draft law, reviewed by Reuters, would oblige operators of electronic marketplaces to record transactions that could be taxable in Germany. It will be discussed at Wednesday's cabinet meeting, the spokeswoman said. It would make companies such as Amazon or eBay liable for any German taxes unpaid by users of their platforms, especially in cases where sellers who are unregistered for tax purposes sell their goods to German customers. "It is clear that there is a need to act," the spokeswoman said. "We estimate conservatively that fraud is costing tax revenues in the three digit millions."

Germany plans crackdown on online shopping tax fraud

Three banks and two aircraft leasing firms have served default notices on Air India over the last few weeks, the Business Standard newspaper reported on Monday, raising concerns about the government-owned carrier's state of finances and credit-worthiness.

San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said, citing sources.

DAE declined to comment on the report. Air India was not immediately available to comment, while Wells Fargo could not be reached outside usual U.S. business hours.

Three lenders from a 22-bank consortium have also written to Air India raising concerns that the company is turning into a non-performing asset, Business Standard said. The three banks are Standard Chartered Bank, Dena Bank and Bank of India Ltd.

A Standard Chartered spokesman in India declined to comment.

Bank of India and Dena Bank did not immediately respond to requests for comments.

Last month, India shelved a plan to sell a 76 per cent stake in Air India due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing airline.

The government will continue to support the loss-making airline's financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan.

The government has remained non-committal on infusing cash into the airline after the failed privatisation process, according to the report.

“Wait till the end of August. The government will give us money and then we will pay you. Please do not take any legal action has been the national carrier's response," the newspaper quoted an executive working for one of the lenders as saying.

Three lenders from a 22-bank consortium have written to Air India raising concerns that the company is turning into a non-performing asset, the Business Standard reported. The three banks are Standard Chartered Bank, Dena Bank and Bank of India Ltd.

Three banks and two aircraft leasing firms have served default notices on Air India over the last few weeks, the Business Standard newspaper reported on Monday, raising concerns about the government-owned carrier's state of finances and credit-worthiness. San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said, citing sources. DAE declined to comment on the report. Air India was not immediately available to comment, while Wells Fargo could not be reached outside usual U.S. business hours. Three lenders from a 22-bank consortium have also written to Air India raising concerns that the company is turning into a non-performing asset, Business Standard said. The three banks are Standard Chartered Bank, Dena Bank and Bank of India Ltd. A Standard Chartered spokesman in India declined to comment. Bank of India and Dena Bank did not immediately respond to requests for comments. Last month, India shelved a plan to sell a 76 per cent stake in Air India due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing airline. The government will continue to support the loss-making airline's financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan. The government has remained non-committal on infusing cash into the airline after the failed privatisation process, according to the report. “Wait till the end of August. The government will give us money and then we will pay you. Please do not take any legal action has been the national carrier's response," the newspaper quoted an executive working for one of the lenders as saying.

Is Air India broke? Airline gets default notices from banks, aircraft leasing cos: Report

Stock markets finished at record highs&nbsp;with BSE Sensex ending at an all-time high near 37,500-mark and NSE Nifty closing&nbsp;above 11,300 for the first time in stock market history on Monday helped by market heavyweights Reliance Industries and ICICI Bank.

BSE Sensex closed higher by 157.55 points, or 0.42%, to 37,494.40, while the Nifty 50 rose 41.20 points, or 0.37%, to close at 11,319.55.&nbsp;

During the day, Sensex rose 196.65 points to a new high of 37,533.50, while the Nifty 50 gained 49.75 points to an all-time high of 11,328.10.

The Indian rupee weakened marginally against US dollar tracking losses in Asian currencies market.&nbsp;

Moreover, Asian share markets edged lower, while currencies kept to familiar ranges ahead of a busy week peppered with central bank meetings, corporate results and updates on US inflation and payrolls.

The domestic equity markets started on a positive footing on Monday with BSE Sensex and NSE Nifty hitting respective all-time highs continuing the stock market moved up on corporate earnings optimism and positive domestic cues.&nbsp;

BSE Sensex closed 157.55 points up at 37,494.40, while the Nifty 50 ended 41.20 points higher at 11,319.55.

Stock markets finished at record highs with BSE Sensex ending at an all-time high near 37,500-mark and NSE Nifty closing above 11,300 for the first time in stock market history on Monday helped by market heavyweights Reliance Industries and ICICI Bank. BSE Sensex closed higher by 157.55 points, or 0.42%, to 37,494.40, while the Nifty 50 rose 41.20 points, or 0.37%, to close at 11,319.55. During the day, Sensex rose 196.65 points to a new high of 37,533.50, while the Nifty 50 gained 49.75 points to an all-time high of 11,328.10. The Indian rupee weakened marginally against US dollar tracking losses in Asian currencies market. Moreover, Asian share markets edged lower, while currencies kept to familiar ranges ahead of a busy week peppered with central bank meetings, corporate results and updates on US inflation and payrolls. The domestic equity markets started on a positive footing on Monday with BSE Sensex and NSE Nifty hitting respective all-time highs continuing the stock market moved up on corporate earnings optimism and positive domestic cues.

New all-time high: Nifty settles above 11,300; Sensex gains 157 points

India&nbsp;is considering a&nbsp;single&nbsp;regulator&nbsp;and legislation to address all e-commerce-related issues in the country, in a bid to remove the legal fragmentation currently governing the&nbsp;sector, according to a draft policy&nbsp;document&nbsp;seen by Reuters.

Some of the measures suggested in the Draft National Policy Framework include local data storage, mandating the use of home-grown card payment network RuPay for online transactions and enhancing the participation of micro, small and medium enterprises in online retail.

India&nbsp;will also take steps to develop the capacity for storing data and incentivise its domestic storage, the&nbsp;document&nbsp;said, adding that the e-commerce industry could be given time to "adjust before localisation becomes mandatory".

"The government would have access to data stored in&nbsp;India&nbsp;for national security and public policy objectives subject to rules related to privacy, consent etc," the draft policy said.

India's anti-trust&nbsp;regulator&nbsp;will consider changing thresholds so that mergers and acquisitions in the e-commerce&nbsp;sector&nbsp;that potentially distort competition are compulsorily examined, it said.

Flipkart, currently in the process of being acquired by US&nbsp;retail giant Walmart, Amazon Inc's local unit and Snapdeal, backed by Japan's SoftBank, is among&nbsp;India's key e-commerce firms.

India will also take steps to develop the capacity for storing data and incentivise its domestic storage, the document said.

India is considering a single regulator and legislation to address all e-commerce-related issues in the country, in a bid to remove the legal fragmentation currently governing the sector, according to a draft policy document seen by Reuters. Some of the measures suggested in the Draft National Policy Framework include local data storage, mandating the use of home-grown card payment network RuPay for online transactions and enhancing the participation of micro, small and medium enterprises in online retail. India will also take steps to develop the capacity for storing data and incentivise its domestic storage, the document said, adding that the e-commerce industry could be given time to "adjust before localisation becomes mandatory". "The government would have access to data stored in India for national security and public policy objectives subject to rules related to privacy, consent etc," the draft policy said. India's anti-trust regulator will consider changing thresholds so that mergers and acquisitions in the e-commerce sector that potentially distort competition are compulsorily examined, it said. Flipkart, currently in the process of being acquired by US retail giant Walmart, Amazon Inc's local unit and Snapdeal, backed by Japan's SoftBank, is among India's key e-commerce firms.

India eyes single regulator for e-commerce sector: Report

Three banks and two&nbsp;aircraft leasing firms have served default notices on&nbsp;Air&nbsp;India over the last few weeks, a business report stated on Monday, raising concerns about the government-owned carrier's state of finances and credit-worthiness.

San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said.

DAE declined to comment on the report.&nbsp;Air&nbsp;India&nbsp;was not immediately available to comment, while Wells Fargo could not be reached outside usual US business hours.

Three lenders from a 22-bank consortium have also written to&nbsp;Air&nbsp;India&nbsp;raising concerns that the company is turning into a non-performing asset, the report said. The three banks are Standard Chartered Bank, Dena Bank and Bank of&nbsp;India&nbsp;Ltd.

A Standard Chartered spokesman in&nbsp;India&nbsp;declined to comment.

Bank of&nbsp;India&nbsp;and Dena Bank did not immediately respond to requests for comments.

Last month,&nbsp;India&nbsp;shelved a plan to sell a 76 per cent stake in&nbsp;Air&nbsp;India&nbsp;due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing&nbsp;airline.

The government will continue to support the loss-making&nbsp;airline's financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan.

The government has remained non-committal on infusing cash into the&nbsp;airline after the failed privatisation process, according to the report.

“Wait till the end of August. The government will give us money and then we will pay you. Please do not take any legal action has been the national carrier's response," the newspaper quoted an executive working for one of the lenders as saying.

San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments.

Three banks and two aircraft leasing firms have served default notices on Air India over the last few weeks, a business report stated on Monday, raising concerns about the government-owned carrier's state of finances and credit-worthiness. San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said. DAE declined to comment on the report. Air India was not immediately available to comment, while Wells Fargo could not be reached outside usual US business hours. Three lenders from a 22-bank consortium have also written to Air India raising concerns that the company is turning into a non-performing asset, the report said. The three banks are Standard Chartered Bank, Dena Bank and Bank of India Ltd. A Standard Chartered spokesman in India declined to comment. Bank of India and Dena Bank did not immediately respond to requests for comments. Last month, India shelved a plan to sell a 76 per cent stake in Air India due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing airline. The government will continue to support the loss-making airline's financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan. The government has remained non-committal on infusing cash into the airline after the failed privatisation process, according to the report. “Wait till the end of August. The government will give us money and then we will pay you. Please do not take any legal action has been the national carrier's response," the newspaper quoted an executive working for one of the lenders as saying.

Air India gets default notices from banks, aircraft lessors: Report

Rooting for stringent safeguards around children's personal data, the Justice Srikrishna panel has suggested that data collectors or users capable of causing "significant harm" to children be identified as 'guardian data fiduciaries' and be barred from any profiling, tracking, targeted advertising or processing of personal information that can be harmful for them.

These and other recommendations pertaining to protection of children's personal data will have wide ramifications for companies that offer services targeting kids. They will also put a stop to unbridled, and often opaque, practices of collection and processing of data by companies.

As per the Justice Srikrishna committee, an individual below the age of eighteen years will be considered a child for the purpose of data protection.

Together, the recommendations of the committee along with the provisions of the draft personal data protection Bill seek to tackle the data-related issue concerning children, who interestingly account for a third of the total internet users, as per the report.

"Guardian data fiduciaries shall be barred from profiling, tracking, or behavioural monitoring of, or targeted advertising directed at, children and undertaking any other processing of personal data that can cause significant harm to the child," the draft Bill proposes.&nbsp

The 'harm' may be tangible, that is physical or reputational harm, or intangible, in terms of loss of autonomy, the panel noted.

It said that planned Data Protection Authority of India (DPA) should be armed with powers to notify data fiduciaries who operate commercial websites or online services directed at children, or those who process large chunks of personal data of children as 'guardian data fiduciaries'.

Explaining the realm of data fiduciaries (loosely, data collectors) who have access to children-related information, it said, "At present, the Committee understands that there are two categories of data fiduciaries who may be processing personal data of children: first, services offered primarily to children (eg YouTube Kids app, Hot Wheels, Walt Disney) second, social media services (eg Facebook, Instagram)."

The panel underscored the need for greater protection of personal data of children, saying that the justification for such differential treatment arises from the recognition that children are unable to fully comprehend the consequences of their actions, and that matters are further compounded by complex consent forms and non-transparent data collection practices that occur in the digital world.

"All data fiduciaries (including guardian data fiduciaries) shall adopt appropriate age verification mechanism and obtain parental consent. Furthermore, guardian data fiduciaries, specifically, shall be barred from certain practices. Guardian data fiduciaries exclusively offering counselling services or other similar services will not be required to take parental consent," it said.

Data fiduciaries have a general obligation to ensure that processing is undertaken keeping the best interests of the child in mind, the report added.&nbsp

As per the Justice Srikrishna committee, an individual below the age of eighteen years will be considered a child for the purpose of data protection.

Rooting for stringent safeguards around children's personal data, the Justice Srikrishna panel has suggested that data collectors or users capable of causing "significant harm" to children be identified as 'guardian data fiduciaries' and be barred from any profiling, tracking, targeted advertising or processing of personal information that can be harmful for them. These and other recommendations pertaining to protection of children's personal data will have wide ramifications for companies that offer services targeting kids. They will also put a stop to unbridled, and often opaque, practices of collection and processing of data by companies. As per the Justice Srikrishna committee, an individual below the age of eighteen years will be considered a child for the purpose of data protection. Together, the recommendations of the committee along with the provisions of the draft personal data protection Bill seek to tackle the data-related issue concerning children, who interestingly account for a third of the total internet users, as per the report. "Guardian data fiduciaries shall be barred from profiling, tracking, or behavioural monitoring of, or targeted advertising directed at, children and undertaking any other processing of personal data that can cause significant harm to the child," the draft Bill proposes. The 'harm' may be tangible, that is physical or reputational harm, or intangible, in terms of loss of autonomy, the panel noted. It said that planned Data Protection Authority of India (DPA) should be armed with powers to notify data fiduciaries who operate commercial websites or online services directed at children, or those who process large chunks of personal data of children as 'guardian data fiduciaries'. Explaining the realm of data fiduciaries (loosely, data collectors) who have access to children-related information, it said, "At present, the Committee understands that there are two categories of data fiduciaries who may be processing personal data of children: first, services offered primarily to children (eg YouTube Kids app, Hot Wheels, Walt Disney) second, social media services (eg Facebook, Instagram)." The panel underscored the need for greater protection of personal data of children, saying that the justification for such differential treatment arises from the recognition that children are unable to fully comprehend the consequences of their actions, and that matters are further compounded by complex consent forms and non-transparent data collection practices that occur in the digital world. "All data fiduciaries (including guardian data fiduciaries) shall adopt appropriate age verification mechanism and obtain parental consent. Furthermore, guardian data fiduciaries, specifically, shall be barred from certain practices. Guardian data fiduciaries exclusively offering counselling services or other similar services will not be required to take parental consent," it said. Data fiduciaries have a general obligation to ensure that processing is undertaken keeping the best interests of the child in mind, the report added.

Srikrishna panel recommends stringent checks to protect children's personal data

Digital payments company Paytm is now on an expansion spree to build a 'New Retail' model to equip shopkeepers with technology, logistics and marketing capabilities.

Under this model, which the consumers will soon be able to discover, will enable customers to place orders and get instant deliveries.

Paytm is also building P2P logistics with a rider network spread across the country which will be utilized for intra-city deliveries.

The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting Payments and will soon extend 'New Retail' services to them.

It has built and dominated multiple every day payment use-cases with a million order a day milestone being achieved. With food ordering and groceries also reaching the same scale, the company is partnering with national grocery & food chains and online platforms to power 'New Retail'.

Renu Satti, who will lead the charge as COO of this new initiative, has earlier built businesses ground that include marketplace, movie ticketing and most recently Paytm Payments Bank.

"We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery. Renu will lead the New Retail initiative and she has resigned from bank CEO position. Local ordering is expected to become one third of Paytm orders and GMV by 2020," said founder and CEO - Paytm, Vijay Shekhar Sharma.

Under this model, which the consumers will soon be able to discover, will enable customers to place orders and get instant deliveries.

Digital payments company Paytm is now on an expansion spree to build a 'New Retail' model to equip shopkeepers with technology, logistics and marketing capabilities. Under this model, which the consumers will soon be able to discover, will enable customers to place orders and get instant deliveries. Paytm is also building P2P logistics with a rider network spread across the country which will be utilized for intra-city deliveries. The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting Payments and will soon extend 'New Retail' services to them. It has built and dominated multiple every day payment use-cases with a million order a day milestone being achieved. With food ordering and groceries also reaching the same scale, the company is partnering with national grocery & food chains and online platforms to power 'New Retail'. Renu Satti, who will lead the charge as COO of this new initiative, has earlier built businesses ground that include marketplace, movie ticketing and most recently Paytm Payments Bank. "We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery. Renu will lead the New Retail initiative and she has resigned from bank CEO position. Local ordering is expected to become one third of Paytm orders and GMV by 2020," said founder and CEO - Paytm, Vijay Shekhar Sharma.

Paytm to roll new retail model for instant deliveries

For a long time, Apple appeared to be flying solo to a $1 trillion market value, but Amazon is right at its heels -- and experts have no fears of a tech bubble.&nbsp;

Apple, at $939 billion, remains the highest-valued private company on the global markets -- and could well cross the $1 trillion finish line after it releases its quarterly results Tuesday.

But Amazon is right behind: on Friday, its market cap reached $917 billion, before finishing at $882 billion, thanks to quarterly figures well received by investors.

Google's parent company Alphabet ($886 billion) and Microsoft ($827 billion) are also on track, while Facebook ($505 billion) is out of the race, having shed $119 billion in value after results released Thursday.

The biggest traditional economic players -- billionaire Warren Buffet's holding company Berkshire-Hathaway ($492 billion) and bank JPMorgan Chase ($395 billion) -- have been relegated to mere spectators.

State oil company PetroChina briefly broke the $1 trillion barriers in 2007 during its initial public offering but has since dropped back down.

Safe haven

According to TD Ameritrade's mid-year review, online commerce giant Amazon's stock was the most popular buy in the first half of 2018, with Apple the second most popular sell.

"The retail trader who is buying that stock is also the same person who is probably an Amazon client," said JJ Kinahan, a chief market strategist for TD Ameritrade.

"They see a stock that has plenty of upsides and benefitting from the money people have to spend with the economy and the job market improving," he added.

But Apple, which unveils record high after record high when it comes to quarterly results, holds its lead.

Ken Berman, the Gorilla Trades strategist, is convinced that Apple will reach the $1 trillion mark after its Tuesday results, thanks to its range of iPhones, growing interest in the iPad and strength in its services.

"I don't think Apple stock is that expensive," said Nate Thooft of Manulife Asset Management.&nbsp;

"The tech sector is the safe haven of the equity market right now."

Analysts insist the situation is a far cry from that in the late 1990s when several start-ups exploded on Wall Street -- only for the "dot.com" bubble to burst.

New business model

"The big problem with the internet bubble was that the majority of businesses did not have revenues, did not have profits, many just responded to a fashion phenomenon," said Gregori Volokhine of Meeschaert Financial Services.

"That's not the case with all these companies that today have an essential place in people's lives," Volokhine said.

"Most of the leading tech companies in the late 1990s were trading at 100 times earnings," added Edward Jones investment strategist Kate Warne. "Very different than today."

Apple's price/earnings ratio stands at 18.62, underperforming the S&P 500 (20.86), the index representing the 500 biggest businesses on Wall Street.

But even in case of economic crisis, the technology sector is in a good place, according to Maris Ogg, founding principal of Tower Bridge Advisors.

"If you start to see the economy slowing, if companies have to cut cost, to fire people, they will invest in technologies towards more automation," she said.

For Nicholas Colas of DataTrek Research, it is also hard for investors to evaluate the business strategies with a fairly new business model.

"Equity valuations for FANG (Facebook, Amazon, Netflix and Google) stocks and other internet-enabled business models is a fundamentally new challenge for investors," he said.

"At their core, they are ideas created by a handful of people, developed/maintained by perhaps 10,000 coders (and sometimes much less), but then used by billions around the world. This is a new phenomenon, and we suspect equity markets do not yet understand what 'correct/normalized' valuations should be."

Apple, at $939 billion, remains the highest-valued private company on the global markets -- and could well cross the $1 trillion finish line after it releases its quarterly results Tuesday.

For a long time, Apple appeared to be flying solo to a $1 trillion market value, but Amazon is right at its heels -- and experts have no fears of a tech bubble. Apple, at $939 billion, remains the highest-valued private company on the global markets -- and could well cross the $1 trillion finish line after it releases its quarterly results Tuesday. But Amazon is right behind: on Friday, its market cap reached $917 billion, before finishing at $882 billion, thanks to quarterly figures well received by investors. Google's parent company Alphabet ($886 billion) and Microsoft ($827 billion) are also on track, while Facebook ($505 billion) is out of the race, having shed $119 billion in value after results released Thursday. The biggest traditional economic players -- billionaire Warren Buffet's holding company Berkshire-Hathaway ($492 billion) and bank JPMorgan Chase ($395 billion) -- have been relegated to mere spectators. State oil company PetroChina briefly broke the $1 trillion barriers in 2007 during its initial public offering but has since dropped back down. Safe haven According to TD Ameritrade's mid-year review, online commerce giant Amazon's stock was the most popular buy in the first half of 2018, with Apple the second most popular sell. "The retail trader who is buying that stock is also the same person who is probably an Amazon client," said JJ Kinahan, a chief market strategist for TD Ameritrade. "They see a stock that has plenty of upsides and benefitting from the money people have to spend with the economy and the job market improving," he added. But Apple, which unveils record high after record high when it comes to quarterly results, holds its lead. Ken Berman, the Gorilla Trades strategist, is convinced that Apple will reach the $1 trillion mark after its Tuesday results, thanks to its range of iPhones, growing interest in the iPad and strength in its services. "I don't think Apple stock is that expensive," said Nate Thooft of Manulife Asset Management. "The tech sector is the safe haven of the equity market right now." Analysts insist the situation is a far cry from that in the late 1990s when several start-ups exploded on Wall Street -- only for the "dot.com" bubble to burst. New business model "The big problem with the internet bubble was that the majority of businesses did not have revenues, did not have profits, many just responded to a fashion phenomenon," said Gregori Volokhine of Meeschaert Financial Services. "That's not the case with all these companies that today have an essential place in people's lives," Volokhine said. "Most of the leading tech companies in the late 1990s were trading at 100 times earnings," added Edward Jones investment strategist Kate Warne. "Very different than today." Apple's price/earnings ratio stands at 18.62, underperforming the S&P 500 (20.86), the index representing the 500 biggest businesses on Wall Street. But even in case of economic crisis, the technology sector is in a good place, according to Maris Ogg, founding principal of Tower Bridge Advisors. "If you start to see the economy slowing, if companies have to cut cost, to fire people, they will invest in technologies towards more automation," she said. For Nicholas Colas of DataTrek Research, it is also hard for investors to evaluate the business strategies with a fairly new business model. "Equity valuations for FANG (Facebook, Amazon, Netflix and Google) stocks and other internet-enabled business models is a fundamentally new challenge for investors," he said. "At their core, they are ideas created by a handful of people, developed/maintained by perhaps 10,000 coders (and sometimes much less), but then used by billions around the world. This is a new phenomenon, and we suspect equity markets do not yet understand what 'correct/normalized' valuations should be."

Apple and Amazon lead the pack to $1 trillion market value

Agriculture ministers from the G20 countries criticized protectionism in a joint statement&nbspon Saturday, and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system.

In the statement, they said they were "concerned about the increasing use of protectionist non-tariff trade measures, inconsistently with WTO rules."

The ministers from countries including the United States and China, in Buenos Aires for the G20 meeting of agriculture ministers, said in the statement they had affirmed their commitment not to adopt "unnecessary obstacles" to trade, and affirmed their rights and obligations under WTO agreements.

The meeting came amid rising trade tensions that have rocked agricultural markets. China and other top US&nbsptrade partners have placed retaliatory tariffs on American farmers after the Trump administration put duties on Chinese goods as well as steel and aluminium from the European Union, Canada and Mexico.

US&nbspgrowers are expected to take an estimated $11 billion hit due to China`s retaliatory tariffs. Last week, the Trump administration said it would pay up to $12 billion to help farmers weather the trade war.

US&nbspAgriculture Secretary Sonny Perdue told in an interview on the sidelines of the meeting that Trump`s plan would include between $7 billion and $8 billion in direct cash relief that US&nbspfarmers could see as early as late September.

Despite the payments, the measures are "not going to make farmers whole," Perdue said.

Citing the Trump administration`s relief measures, German Agriculture Minister Julia Kloeckner said farmers "don`t need aid, (they) need a trade."

"We had a very frank discussion about the fact that we don`t want unilateral protectionist measures," Kloeckner said in a news conference after the meeting.&nbsp

The ministers, whose countries represent 60 per cent of the world`s agricultural land and 80 per cent of food and agricultural commodities trade, did not specify which measures they were referring to in the statement. Asked for details, Kloeckner said the ministers did not want to "criticize a single country."

"We all know what happens if a single person or country doesn`t adhere to WTO rules, trying to get a benefit for themselves through protectionism," she said. "This will usually lead to retaliatory tariffs."

In the statement, the ministers said they agreed to continue reforming the WTO`s agricultural trade rules.

"Independent of all the news there was surrounding (the meeting), we managed to reach a unanimous consensus," Argentine Agriculture Minister Luis Miguel Etchevehere said.

US&nbspPresident Donald Trump and European Commission President Jean-Claude Juncker struck a surprise deal&nbspon Wednesday&nbspthat ended the risk of further escalating trade tensions between the two powers.

After the meeting, Trump said the European Union would buy "a lot" of US&nbspsoybeans.

Earlier, Kloeckner told that the trade relationship between the United States and the European Union was improving, but that there was no guarantee the bloc would import the quantity of soybeans that Washington expects.

US growers are expected to take an estimated $11 billion hit due to China`s retaliatory tariffs. Last week, the Trump administration said it would pay up to $12 billion to help farmers weather the trade war.

Agriculture ministers from the G20 countries criticized protectionism in a joint statement&nbspon Saturday, and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system. In the statement, they said they were "concerned about the increasing use of protectionist non-tariff trade measures, inconsistently with WTO rules." The ministers from countries including the United States and China, in Buenos Aires for the G20 meeting of agriculture ministers, said in the statement they had affirmed their commitment not to adopt "unnecessary obstacles" to trade, and affirmed their rights and obligations under WTO agreements. The meeting came amid rising trade tensions that have rocked agricultural markets. China and other top US&nbsptrade partners have placed retaliatory tariffs on American farmers after the Trump administration put duties on Chinese goods as well as steel and aluminium from the European Union, Canada and Mexico. US&nbspgrowers are expected to take an estimated $11 billion hit due to China`s retaliatory tariffs. Last week, the Trump administration said it would pay up to $12 billion to help farmers weather the trade war. US&nbspAgriculture Secretary Sonny Perdue told in an interview on the sidelines of the meeting that Trump`s plan would include between $7 billion and $8 billion in direct cash relief that US&nbspfarmers could see as early as late September. Despite the payments, the measures are "not going to make farmers whole," Perdue said. Citing the Trump administration`s relief measures, German Agriculture Minister Julia Kloeckner said farmers "don`t need aid, (they) need a trade." "We had a very frank discussion about the fact that we don`t want unilateral protectionist measures," Kloeckner said in a news conference after the meeting. The ministers, whose countries represent 60 per cent of the world`s agricultural land and 80 per cent of food and agricultural commodities trade, did not specify which measures they were referring to in the statement. Asked for details, Kloeckner said the ministers did not want to "criticize a single country." "We all know what happens if a single person or country doesn`t adhere to WTO rules, trying to get a benefit for themselves through protectionism," she said. "This will usually lead to retaliatory tariffs." In the statement, the ministers said they agreed to continue reforming the WTO`s agricultural trade rules. "Independent of all the news there was surrounding (the meeting), we managed to reach a unanimous consensus," Argentine Agriculture Minister Luis Miguel Etchevehere said. US&nbspPresident Donald Trump and European Commission President Jean-Claude Juncker struck a surprise deal&nbspon Wednesday&nbspthat ended the risk of further escalating trade tensions between the two powers. After the meeting, Trump said the European Union would buy "a lot" of US&nbspsoybeans. Earlier, Kloeckner told that the trade relationship between the United States and the European Union was improving, but that there was no guarantee the bloc would import the quantity of soybeans that Washington expects.

G20 agriculture ministers slam protectionism, pledge WTO reforms

German carmaker BMW said it will raise the prices of two US-made crossover sport-utility vehicles in China to cope with the additional cost of tariffs on US&nbsp;car imports into the world`s biggest auto market.

In a move due to take effect&nbsp;on Monday, BMW said in a statement&nbsp;over the weekend that it will increase maker-suggested retail prices of the popular, relatively high-margin X5 and X6 SUV models by 4 per cent to 7 per cent.&nbsp;

The rates of increase suggest that BMW is willing to absorb much of the higher costs stemming from bringing the SUVs to China from its factory in South Carolina, underscoring the fierce competition among luxury car brands in China.&nbsp;

BMW`s move comes after China imposed new tariffs earlier this month on about $34 billion of US&nbsp;imports, from soybeans and cars to lobsters, as part of a widening trade row.

Beijing, which this year cut tariffs on all automobiles imported into China, slapped an additional 25 per cent levy on US-made cars as of July 6. As a result, China now levies a 40 per cent import duty on all cars imported from the United States.&nbsp;

"BMW stands for free (trade) but can`t stand still without taking actions to respond to the market changes," a BMW spokeswoman said in an email message to us

BMW imports X4, X5 and X6 crossover SUV models from the United States for sale in China where demand for SUVs has been booming. Last year, the German automaker shipped more than 100,000 vehicles from the United States to China.&nbsp;

The company made no reference to the pricing of its X4 model.

BMW`s decision to absorb much of the impact of the higher tariffs echoes an earlier move by US&nbsp;carmaker Ford Motor Co, which said it would not increase its prices for now in an effort to sustain its business momentum.

China-based car dealers told&nbsp;that German rival Mercedes Benz, operated by Daimler AG, moderately raised the price in mid-July of its GLE, a sporty midsize SUV produced in the state of Alabama, in China.

A Daimler spokeswoman referred Reuters to comments made by the company last week.

Daimler`s chief executive Dieter Zetsche said last Thursday the carmaker was looking at ways to mitigate the impact of the trade war. This would include a review of whether to shift some US&nbsp;production to China.&nbsp;

Daimler also said last week its 2018 pre-tax profits would fall from last year because the new Chinese import tariffs would hurt sales of Mercedes-Benz SUVs.&nbsp;

In a move due to take effect on Monday, BMW said in a statement over the weekend, it will increase retail prices of the popular, X5 and X6 SUV models by 4 per cent to 7 per cent.

German carmaker BMW said it will raise the prices of two US-made crossover sport-utility vehicles in China to cope with the additional cost of tariffs on US car imports into the world`s biggest auto market. In a move due to take effect on Monday, BMW said in a statement over the weekend that it will increase maker-suggested retail prices of the popular, relatively high-margin X5 and X6 SUV models by 4 per cent to 7 per cent. The rates of increase suggest that BMW is willing to absorb much of the higher costs stemming from bringing the SUVs to China from its factory in South Carolina, underscoring the fierce competition among luxury car brands in China. BMW`s move comes after China imposed new tariffs earlier this month on about $34 billion of US imports, from soybeans and cars to lobsters, as part of a widening trade row. Beijing, which this year cut tariffs on all automobiles imported into China, slapped an additional 25 per cent levy on US-made cars as of July 6. As a result, China now levies a 40 per cent import duty on all cars imported from the United States. "BMW stands for free (trade) but can`t stand still without taking actions to respond to the market changes," a BMW spokeswoman said in an email message to us BMW imports X4, X5 and X6 crossover SUV models from the United States for sale in China where demand for SUVs has been booming. Last year, the German automaker shipped more than 100,000 vehicles from the United States to China. The company made no reference to the pricing of its X4 model. BMW`s decision to absorb much of the impact of the higher tariffs echoes an earlier move by US carmaker Ford Motor Co, which said it would not increase its prices for now in an effort to sustain its business momentum. China-based car dealers told that German rival Mercedes Benz, operated by Daimler AG, moderately raised the price in mid-July of its GLE, a sporty midsize SUV produced in the state of Alabama, in China. A Daimler spokeswoman referred Reuters to comments made by the company last week. Daimler`s chief executive Dieter Zetsche said last Thursday the carmaker was looking at ways to mitigate the impact of the trade war. This would include a review of whether to shift some US production to China. Daimler also said last week its 2018 pre-tax profits would fall from last year because the new Chinese import tariffs would hurt sales of Mercedes-Benz SUVs.

BMW to raise prices of two US-made SUV models in China

Senior Congress leader and former finance minister P&nbspChidambaram on Saturday criticised the Centre for failing to effectively implement the Goods and Service Tax (GST) in India in 2017.

Taking to Twitter, Chidambaram was of the view that the 28 per cent tax slab under the new tax regime has only added the Excise, VAT, and CST.

"The 28% GST rate was the contribution of a lazy BJP government that simply added the Excise, VAT, and CST," the former finance minister wrote.

Further taking a dig at the Narendra Modi-led government, Chidambaram said that the Central government deliberately did not took the note of the report filed by the Chief Economic Advisor (CEA) and also dismissed Opposition's plea to cap GST rate at 18 per cent.

"BJP government brushed aside the report of the CEA and summarily dismissed our plea to cap GST rate at 18%. Now it claims wisdom in phasing our the 28% rate!," added Chidambaram.

The former finance minister also said that scores of small and medium-sized enterprises have been shattered because of the high-interest rates under GST.

"Following demonetisation, the faulty implementation of GST destroyed thousands of SMEs and millions of jobs. Ask any trader or businessperson and you will know the truth. The 28% rate (and the cesses) was only one aspect of the faulty implementation of Goods and Services Tax (GST). There are other distortions that have given GST a bad name," said the Congress leader.

The GST was rolled out in July last year after months of deliberation.

Launched at midnight on June 30 by Prime Minister Modi and then President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window along the lines of the 'One Nation - One Tax - One Market goal.&nbsp

Taking to Twitter, Chidambaram was of the view that the 28 per cent tax slab under the new tax regime has only added the Excise, VAT, and CST

Senior Congress leader and former finance minister P&nbspChidambaram on Saturday criticised the Centre for failing to effectively implement the Goods and Service Tax (GST) in India in 2017. Taking to Twitter, Chidambaram was of the view that the 28 per cent tax slab under the new tax regime has only added the Excise, VAT, and CST. "The 28% GST rate was the contribution of a lazy BJP government that simply added the Excise, VAT, and CST," the former finance minister wrote. Further taking a dig at the Narendra Modi-led government, Chidambaram said that the Central government deliberately did not took the note of the report filed by the Chief Economic Advisor (CEA) and also dismissed Opposition's plea to cap GST rate at 18 per cent. "BJP government brushed aside the report of the CEA and summarily dismissed our plea to cap GST rate at 18%. Now it claims wisdom in phasing our the 28% rate!," added Chidambaram. The former finance minister also said that scores of small and medium-sized enterprises have been shattered because of the high-interest rates under GST. "Following demonetisation, the faulty implementation of GST destroyed thousands of SMEs and millions of jobs. Ask any trader or businessperson and you will know the truth. The 28% rate (and the cesses) was only one aspect of the faulty implementation of Goods and Services Tax (GST). There are other distortions that have given GST a bad name," said the Congress leader. The GST was rolled out in July last year after months of deliberation. Launched at midnight on June 30 by Prime Minister Modi and then President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window along the lines of the 'One Nation - One Tax - One Market goal.

28% GST rate added the Excise, VAT and CST: Chidambaram

Twitter shares took a pounding on Friday after it reported a decline in its user base, extending a stock market bloodbath for what had been a sizzling social media sector.

Shares in Twitter tumbled 20.5 per cent to close at $34.12 despite a record profit for the short messaging service, as financial markets focused on the new realities for social media firms moving to curb abusive behavior and boost privacy.

The woes for Twitter came a day after Facebook lost an unprecedented $120 billion in market value following its earnings report that sent investors into a panic over cooling growth for the social network star.

Twitter said it posted a best-ever profit of $100 million in the second quarter, following a loss of $116 million a year earlier. Revenue rose 24 per cent to $711 million.

But the San Francisco-based firm said its base of monthly active users fell by one million from the past quarter to 335 million in the period amid a purge of fake and abusive accounts and a crackdown on toxic "bots."

Twitter said it also expected user numbers to drop in the current quarter by a figure in the "mid-single-digit millions."

The fall in users is a result of "prioritizing the health of the platform, and, to a lesser extent, GDPR," Twitter said, referring to Europe's General Data Protection Regulations that limit how internet firms can handle user data.

Wall Street 'off guard'

Analyst Daniel Ives at GBH Insights said markets have abruptly begun to consider "a new risk factor that has been introduced" -- how security and privacy affect the bottom line.

"It got the Street off guard in terms of the magnitude of the effect it had on earnings," Ives said.

Jennifer Grygiel, a Syracuse University professor who specializes in social media, said the market is coming to grips with a tougher picture for the sector as companies seek to curb manipulation and abusive conduct while coping with new regulations on privacy and data protection.

"What you're seeing is a market correction as the industry adjusts for increased operational expenses as governance and ethical business expectations have been raised globally," she said.

"Social media is not going anywhere. What has changed is that the public and regulators are no longer buying into (the) rhetoric and myths that social media is too big to moderate."

Chief executive Jack Dorsey said the past quarter's results reflect investments "in the long-term health" of Twitter, noting efforts to weed out abusive and inappropriate behaviour.

"We'll continue to invest heavily in making Twitter a healthier place because that's the right thing to do," Dorsey told analysts on a conference call.

New tools to fight abuse

Dorsey noted that Twitter is investing in "new tools to address problem behaviours that distort and distract from the public conversation."

In recent weeks, Twitter has stepped up efforts to weed out accounts that promote violence or hate speech, and some reports suggested the move could lower the user base by millions.

Earlier this week, Twitter said it had removed more than 143,000 apps from its service since April in a fresh crackdown on "malicious" activity from automated accounts.

Twitter shares had more than doubled over the past year as it showed signs of sustaining profitability after years of losses.

But a lingering concern has been the stalled user base, with Twitter struggling to move beyond its core group of celebrities, journalists and politicians.

Both Twitter and Facebook moved to crack down on bots and fake accounts after learning of efforts to manipulate the social platforms during the 2016 US presidential election.

Dorsey told analysts that Twitter had a "solid quarter" and suggested that daily usage was a better measure of its future growth.&nbsp;

Twitter said daily active users rose 11 per cent from a year ago, without giving a specific figure.

Analysts say Twitter has been on a more sustainable track a year after it explored a sale of the company, although its user base is far below that of the 2.2 billion of Facebook and the billion-plus for Facebook-owned Instagram.

But some say Twitter's unique position as a real-time network that allows users to follow news and events will eventually pay off.

Brian Wieser at Pivotal Research Group said efforts to curb fake accounts "should be viewed positively because these efforts improve Twitter's position with regulators and with advertisers, who see the user base as higher quality when purges occur."

RBC Capital Markets analyst Mark Mahaney said in an upbeat note this week that Twitter is "one of the largest and most influential social networks" and provides "meaningful value to users."

Shares in Twitter tumbled 20.5 per cent to close at $34.12 despite a record profit for the short messaging service

Twitter shares took a pounding on Friday after it reported a decline in its user base, extending a stock market bloodbath for what had been a sizzling social media sector. Shares in Twitter tumbled 20.5 per cent to close at $34.12 despite a record profit for the short messaging service, as financial markets focused on the new realities for social media firms moving to curb abusive behavior and boost privacy. The woes for Twitter came a day after Facebook lost an unprecedented $120 billion in market value following its earnings report that sent investors into a panic over cooling growth for the social network star. Twitter said it posted a best-ever profit of $100 million in the second quarter, following a loss of $116 million a year earlier. Revenue rose 24 per cent to $711 million. But the San Francisco-based firm said its base of monthly active users fell by one million from the past quarter to 335 million in the period amid a purge of fake and abusive accounts and a crackdown on toxic "bots." Twitter said it also expected user numbers to drop in the current quarter by a figure in the "mid-single-digit millions." The fall in users is a result of "prioritizing the health of the platform, and, to a lesser extent, GDPR," Twitter said, referring to Europe's General Data Protection Regulations that limit how internet firms can handle user data. Wall Street 'off guard' Analyst Daniel Ives at GBH Insights said markets have abruptly begun to consider "a new risk factor that has been introduced" -- how security and privacy affect the bottom line. "It got the Street off guard in terms of the magnitude of the effect it had on earnings," Ives said. Jennifer Grygiel, a Syracuse University professor who specializes in social media, said the market is coming to grips with a tougher picture for the sector as companies seek to curb manipulation and abusive conduct while coping with new regulations on privacy and data protection. "What you're seeing is a market correction as the industry adjusts for increased operational expenses as governance and ethical business expectations have been raised globally," she said. "Social media is not going anywhere. What has changed is that the public and regulators are no longer buying into (the) rhetoric and myths that social media is too big to moderate." Chief executive Jack Dorsey said the past quarter's results reflect investments "in the long-term health" of Twitter, noting efforts to weed out abusive and inappropriate behaviour. "We'll continue to invest heavily in making Twitter a healthier place because that's the right thing to do," Dorsey told analysts on a conference call. New tools to fight abuse Dorsey noted that Twitter is investing in "new tools to address problem behaviours that distort and distract from the public conversation." In recent weeks, Twitter has stepped up efforts to weed out accounts that promote violence or hate speech, and some reports suggested the move could lower the user base by millions. Earlier this week, Twitter said it had removed more than 143,000 apps from its service since April in a fresh crackdown on "malicious" activity from automated accounts. Twitter shares had more than doubled over the past year as it showed signs of sustaining profitability after years of losses. But a lingering concern has been the stalled user base, with Twitter struggling to move beyond its core group of celebrities, journalists and politicians. Both Twitter and Facebook moved to crack down on bots and fake accounts after learning of efforts to manipulate the social platforms during the 2016 US presidential election. Dorsey told analysts that Twitter had a "solid quarter" and suggested that daily usage was a better measure of its future growth. Twitter said daily active users rose 11 per cent from a year ago, without giving a specific figure. Analysts say Twitter has been on a more sustainable track a year after it explored a sale of the company, although its user base is far below that of the 2.2 billion of Facebook and the billion-plus for Facebook-owned Instagram. But some say Twitter's unique position as a real-time network that allows users to follow news and events will eventually pay off. Brian Wieser at Pivotal Research Group said efforts to curb fake accounts "should be viewed positively because these efforts improve Twitter's position with regulators and with advertisers, who see the user base as higher quality when purges occur." RBC Capital Markets analyst Mark Mahaney said in an upbeat note this week that Twitter is "one of the largest and most influential social networks" and provides "meaningful value to users."

Twitter shares plunge in black week for social media

Asian stocks edged higher on Friday on signs of rapprochement between the United States and Europe over trade issues and the yuan staunched losses on buying by Chinese state banks, though concerns about the Sino-US&nbsp;tariff dispute tempered overall optimism.

European shares are expected to be firm, with spread-betters looking at flat to higher openings of 0.3 per cent in Britain's FTSE, France's CAC and Germany's DAX.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.3 per cent, though Chinese shares underperformed with the CSI300 in the red for most of the day.

"Markets are worried that the Chinese economy will slow as trade frictions with the US&nbsp;intensify. We think if the US&nbsp;slaps additional tariffs on $200 billion goods from China, that would shave off China's growth by 0.5 percentage point," said Shuji Shirota, head of macroeconomic strategy at HSBC in Tokyo.

Japan's Nikkei eked out a 0.1 per cent gain though it was capped by worries that the Bank of Japan could scale down its asset purchase at its upcoming policy review next week.

MSCI's gauge of stocks across the globe, ACWI, was up 0.05 per cent after hitting four-month highs on Thursday, when European car maker shares gaining 2.6 per cent after the European Union and the United States agreed to negotiate on trade, easing fears of a Transatlantic trade war.

US&nbsp;industrial shares also made gains, rising 0.8 per cent though the S&P 500 Index dipped 0.30 per cent on Thursday, due to a 19 per cent dive in Facebook on its earnings showing slowing usage.

While that pushed down the Nasdaq Composite 1.01 per cent, other US&nbsp;tech firms held firm, with Amazon.com shares gaining 3.2 per cent in after-market hours following its stellar earnings.

The 10-year US&nbsp;Treasuries yield edged up to 2.9840 per cent, its highest level in 1-1/2 months, on receding worries about trade tensions.

Yet Asian shares were more subdued as a heated trade dispute between Washington and Beijing have shown few signs of abating.

"Now that Washington does not need to use its energy to fight with Europe, it could increase pressure on China," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

So far this month, MSCI China A shares have fallen 2.6 per cent, taking the biggest hit from US&nbsp;President Donald Trump's threats on tariffs and other issues among major markets, compared to 3.3 per cent gains in MSCI ACWI.

The Chinese yuan eased, on course to mark its seventh week of losses, although the losses were cushioned by Chinese state banks' swapping of dollars for yuan in the forward market. Traders suspected they had also been selling spot dollars.

The onshore yuan traded at 6.8065 per dollar, near Tuesday's 13-month low of 6.8295.

The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, fell to its lowest levels since May last year, having fallen 5.2 per cent from a two-year high hit in mid-May.

The euro traded little changed at $1.1647, having fallen 0.73 per cent on Thursday after the European Central Bank signalled no change in its timetable to move away from ultra-low rates or end its bond purchase program.

The dollar slipped 0.1 per cent to 110.98 yen as the yen got a lift from rising in Japanese bond yields. The 10-year government bond yield hit a one-year high of 0.105 per cent.

In commodities, oil prices extended their recovery, after Saudi Arabia suspended oil shipments through a strait in the Red Sea following an attack on two oil tankers.

Brent crude futures traded flat at $74.52 per barrel, having gained 2.0 per cent so far this week.

European shares are expected to be firm, with spread-betters looking at flat to higher openings of 0.3 per cent in Britain's FTSE, France's CAC and Germany's DAX

Asian stocks edged higher on Friday on signs of rapprochement between the United States and Europe over trade issues and the yuan staunched losses on buying by Chinese state banks, though concerns about the Sino-US tariff dispute tempered overall optimism. European shares are expected to be firm, with spread-betters looking at flat to higher openings of 0.3 per cent in Britain's FTSE, France's CAC and Germany's DAX. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.3 per cent, though Chinese shares underperformed with the CSI300 in the red for most of the day. "Markets are worried that the Chinese economy will slow as trade frictions with the US intensify. We think if the US slaps additional tariffs on $200 billion goods from China, that would shave off China's growth by 0.5 percentage point," said Shuji Shirota, head of macroeconomic strategy at HSBC in Tokyo. Japan's Nikkei eked out a 0.1 per cent gain though it was capped by worries that the Bank of Japan could scale down its asset purchase at its upcoming policy review next week. MSCI's gauge of stocks across the globe, ACWI, was up 0.05 per cent after hitting four-month highs on Thursday, when European car maker shares gaining 2.6 per cent after the European Union and the United States agreed to negotiate on trade, easing fears of a Transatlantic trade war. US industrial shares also made gains, rising 0.8 per cent though the S&P 500 Index dipped 0.30 per cent on Thursday, due to a 19 per cent dive in Facebook on its earnings showing slowing usage. While that pushed down the Nasdaq Composite 1.01 per cent, other US tech firms held firm, with Amazon.com shares gaining 3.2 per cent in after-market hours following its stellar earnings. The 10-year US Treasuries yield edged up to 2.9840 per cent, its highest level in 1-1/2 months, on receding worries about trade tensions. Yet Asian shares were more subdued as a heated trade dispute between Washington and Beijing have shown few signs of abating. "Now that Washington does not need to use its energy to fight with Europe, it could increase pressure on China," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. So far this month, MSCI China A shares have fallen 2.6 per cent, taking the biggest hit from US President Donald Trump's threats on tariffs and other issues among major markets, compared to 3.3 per cent gains in MSCI ACWI. The Chinese yuan eased, on course to mark its seventh week of losses, although the losses were cushioned by Chinese state banks' swapping of dollars for yuan in the forward market. Traders suspected they had also been selling spot dollars. The onshore yuan traded at 6.8065 per dollar, near Tuesday's 13-month low of 6.8295. The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, fell to its lowest levels since May last year, having fallen 5.2 per cent from a two-year high hit in mid-May. The euro traded little changed at $1.1647, having fallen 0.73 per cent on Thursday after the European Central Bank signalled no change in its timetable to move away from ultra-low rates or end its bond purchase program. The dollar slipped 0.1 per cent to 110.98 yen as the yen got a lift from rising in Japanese bond yields. The 10-year government bond yield hit a one-year high of 0.105 per cent. In commodities, oil prices extended their recovery, after Saudi Arabia suspended oil shipments through a strait in the Red Sea following an attack on two oil tankers. Brent crude futures traded flat at $74.52 per barrel, having gained 2.0 per cent so far this week.

Global Markets: Asian shares post modest gains, trade fears hamper China

Facebook Inc <fb.o> Chief Executive Mark Zuckerberg's fortune took a more than $15 billion hit on Thursday, as the social media company suffered the biggest one-day wipeout in US&nbsp;stock market history a day after executives forecast years of lower profit margins.</fb.o>

At least 16 brokerages cut their price targets on Facebook after Chief Financial Officer David Wehner startled an otherwise routine call with analysts by saying the company faced a multi-year squeeze on its business margins.

That "bombshell," as one analyst termed it, played into concerns on Wall Street that Facebook's model could be under threat after a year dominated by efforts to head off concerns over privacy and its role in global news flow.

Shares closed down almost 19 per cent at $176.26, wiping more than $120 billion off the company's value or nearly four times the entire market capitalisation of Twitter Inc.<twtr.n></twtr.n>

Slowing revenue growth initially pulled the stock down nearly 9 in after-hours trading on Wednesday before losses picked up on the margin outlook.

"Over the next several years, we would anticipate that our operating margins will trend towards the mid-30s on a percentage basis," Wehner said on a conference call with analysts.

Facebook's margin fell to 44 per cent in the second quarter from 47 per cent a year ago as it spent heavily on security and initiatives to convince users the company was protecting their privacy.

The company also said revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to repair the damage.

The impact on the rest of the FAANG group of high-flying tech stocks was marginal.

Shares in Alphabet closed<googl.o> up 0.7 per cent, while those in Apple Inc fell<aapl.o> 0.3 per cent and Netflix Inc closed<nflx.o> barely higher. Amazon.com Inc was<amzn.o> up 2.3 per cent following its own results after the bell on Thursday.</amzn.o></nflx.o></aapl.o></googl.o>

Of 47 analysts covering Facebook, 43 still rate the stock as "buy", two rate it "hold" and only two rate it "sell". Their median target price is $219.30.

MoffettNathanson analysts called the company's forecast "either the new economic reality of their business model or a very public act of self-immolation to stave off further regulatory pressure".

Rahul Shah, the chief executive officer at Ideal Asset Management in New York, a Facebook shareholder, said executives were trying to reset expectations about growth but the outlook caught Wall Street by surprise.

"A lot of value investors might jump in and support the stock at these levels ... it's probably a good buying opportunity for a long-term investor, but I wouldn't be jumping in with both feet today," he said.

The more than $15 billion in net worth that Zuckerberg lost on Thursday is roughly equal to the wealth of the world's 81st-richest person, currently Japanese businessman Takemitsu Takizaki, according to Forbes real-time data.

Jake Dollarhide, the chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients’ accounts, and he said he sees the company as a three-year investment.

"We own it for its leadership in the tech industry," he said. "It’s the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?"

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At least 16 brokerages cut their price targets on Facebook after Chief Financial Officer David Wehner startled an otherwise routine call with analysts by saying the company faced a multi-year squeeze on its business margins

Facebook Inc Chief Executive Mark Zuckerberg's fortune took a more than $15 billion hit on Thursday, as the social media company suffered the biggest one-day wipeout in US stock market history a day after executives forecast years of lower profit margins. At least 16 brokerages cut their price targets on Facebook after Chief Financial Officer David Wehner startled an otherwise routine call with analysts by saying the company faced a multi-year squeeze on its business margins. That "bombshell," as one analyst termed it, played into concerns on Wall Street that Facebook's model could be under threat after a year dominated by efforts to head off concerns over privacy and its role in global news flow. Shares closed down almost 19 per cent at $176.26, wiping more than $120 billion off the company's value or nearly four times the entire market capitalisation of Twitter Inc. Slowing revenue growth initially pulled the stock down nearly 9 in after-hours trading on Wednesday before losses picked up on the margin outlook. "Over the next several years, we would anticipate that our operating margins will trend towards the mid-30s on a percentage basis," Wehner said on a conference call with analysts. Facebook's margin fell to 44 per cent in the second quarter from 47 per cent a year ago as it spent heavily on security and initiatives to convince users the company was protecting their privacy. The company also said revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to repair the damage. The impact on the rest of the FAANG group of high-flying tech stocks was marginal. Shares in Alphabet closed up 0.7 per cent, while those in Apple Inc fell 0.3 per cent and Netflix Inc closed barely higher. Amazon.com Inc was up 2.3 per cent following its own results after the bell on Thursday. Of 47 analysts covering Facebook, 43 still rate the stock as "buy", two rate it "hold" and only two rate it "sell". Their median target price is $219.30. MoffettNathanson analysts called the company's forecast "either the new economic reality of their business model or a very public act of self-immolation to stave off further regulatory pressure". Rahul Shah, the chief executive officer at Ideal Asset Management in New York, a Facebook shareholder, said executives were trying to reset expectations about growth but the outlook caught Wall Street by surprise. "A lot of value investors might jump in and support the stock at these levels ... it's probably a good buying opportunity for a long-term investor, but I wouldn't be jumping in with both feet today," he said. The more than $15 billion in net worth that Zuckerberg lost on Thursday is roughly equal to the wealth of the world's 81st-richest person, currently Japanese businessman Takemitsu Takizaki, according to Forbes real-time data. Jake Dollarhide, the chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients’ accounts, and he said he sees the company as a three-year investment. "We own it for its leadership in the tech industry," he said. "It’s the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?" ×

Zuckerberg loses more than $16 billion in record Facebook fall

The bull rally in the<a href="http://wionews.com/business-&-economy/sensex-nifty-end-at-record-close-as-banks-drive-gains-154771"> Indian stock exchange continued as Sensex </a>opens at fresh record high of 37,272.86 today after closing at a record high of 36,984.64 on Thursday.

On Friday morning, the Nifty breached the 11,200-mark for the first time. The markets have been on a high for the past four consecutive days.

At close on Thursday, bank shares gained as more state-run lenders lined up to enrol for a scheme for faster bad-loan resolution.&nbsp

State Bank of India closed more than 5 per cent higher. Canara Bank was up 7.74 per cent, Indian Bank stocks zoomed 7.01 per cent, Allahabad Bank was up 3.74 per cent, Andhra Bank went up 2.82 per cent and Indian Overseas Bank also went up 2.26 per cent.

The 30-share BSE Sensex surpassed the 37,000-mark for the first time in history on Thursday to touch a high of 37,061.62 in intra-day. It finally closed the day 126.41 points higher at 36,984.64.

The 30-share BSE Sensex surpassed the 37,000-mark for the first time in history on Thursday

The bull rally in the Indian stock exchange continued as Sensex opens at fresh record high of 37,272.86 today after closing at a record high of 36,984.64 on Thursday. On Friday morning, the Nifty breached the 11,200-mark for the first time. The markets have been on a high for the past four consecutive days. At close on Thursday, bank shares gained as more state-run lenders lined up to enrol for a scheme for faster bad-loan resolution. State Bank of India closed more than 5 per cent higher. Canara Bank was up 7.74 per cent, Indian Bank stocks zoomed 7.01 per cent, Allahabad Bank was up 3.74 per cent, Andhra Bank went up 2.82 per cent and Indian Overseas Bank also went up 2.26 per cent. The 30-share BSE Sensex surpassed the 37,000-mark for the first time in history on Thursday to touch a high of 37,061.62 in intra-day. It finally closed the day 126.41 points higher at 36,984.64.

Sensex opens at fresh high; Nifty breaches 11,200-mark for first time

ICICI Bank, India`s third-largest lender by assets, reported its first quarterly net loss in at least 16 years on Friday on higher provisions for bad loans and hurt by bond losses.

Net loss was 1.2 billion rupees ($17.5 million) in the three months to June 30, compared with a profit of 20.49 billion rupees a year earlier, the bank said in a statement.

Analysts on average had expected a net profit of 14.62 billion rupees, according to Thomson Reuters I/B/E/S.

Gross bad loans as a percentage of total loans was 8.81 per cent at the end of June, compared with 8.84 per cent at the end of the previous quarter, and 7.99 per cent a year earlier.

The results come amid uncertainties around the bank's long-serving Chief Executive Chanda Kochhar, who is on leave as a probe continues into alleged nepotism charges against her.

ICICI Bank, which holds the highest amount of bad loans among the country`s private-sector lenders, added 40.36 billion rupees in additional non-performing loans during the quarter, taking its total outstanding to 534.65 billion rupees.

Even if the bad loan additions in the June quarter were the slowest in 11 quarters, the bank said it had to make higher provisions for ageing non-performing loans and cases in bankruptcy court, leading to the net loss.

Total provisions more than doubled from a year earlier to 59.71 billion rupees with the bank not availing a central bank dispensation of spreading bond losses over four quarters.

ICICI shares closed 2.6 per cent higher in Mumbai trading ahead of the results. In pre-market trading in New York, the stock was down 0.5 per cent by 1247 GMT after the results.

Net loss was 1.2 billion rupees ($17.5 million) in the three months to June 30, compared with a profit of 20.49 billion rupees a year earlier, the bank said in a statement

ICICI Bank, India`s third-largest lender by assets, reported its first quarterly net loss in at least 16 years on Friday on higher provisions for bad loans and hurt by bond losses. Net loss was 1.2 billion rupees ($17.5 million) in the three months to June 30, compared with a profit of 20.49 billion rupees a year earlier, the bank said in a statement. Analysts on average had expected a net profit of 14.62 billion rupees, according to Thomson Reuters I/B/E/S. Gross bad loans as a percentage of total loans was 8.81 per cent at the end of June, compared with 8.84 per cent at the end of the previous quarter, and 7.99 per cent a year earlier. The results come amid uncertainties around the bank's long-serving Chief Executive Chanda Kochhar, who is on leave as a probe continues into alleged nepotism charges against her. ICICI Bank, which holds the highest amount of bad loans among the country`s private-sector lenders, added 40.36 billion rupees in additional non-performing loans during the quarter, taking its total outstanding to 534.65 billion rupees. Even if the bad loan additions in the June quarter were the slowest in 11 quarters, the bank said it had to make higher provisions for ageing non-performing loans and cases in bankruptcy court, leading to the net loss. Total provisions more than doubled from a year earlier to 59.71 billion rupees with the bank not availing a central bank dispensation of spreading bond losses over four quarters. ICICI shares closed 2.6 per cent higher in Mumbai trading ahead of the results. In pre-market trading in New York, the stock was down 0.5 per cent by 1247 GMT after the results.

ICICI Bank posts first quarterly loss in at least 16 years

Oil prices edged down on Friday after three days of gains, but were still supported by Saudi Arabia's halt on transporting crude through a key shipping lane, falling US&nbspinventories and easing trade tensions between Washington and Europe.

Brent <LCOc1> futures were down 6 cents at $74.48 a barrel by 0043 GMT, after gaining 0.8 per cent on Thursday.

US&nbspWest Texas Intermediate <CLc1> futures were also 6 cents lower, at $69.55, after posting a nearly 0.5-per cent gain the previous session.

US President Donald Trump and Jean-Claude Juncker, president of the European Commission, the EU's executive body, struck a surprise deal on Wednesday that ended the risk of an immediate trade war between the two powers.

A trade war would likely hit demand for commodities like oil, which is used heavily in shipping, construction and other economic activity.

Meanwhile, Saudi Arabia said it was "temporarily halting" oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack by Yemen's Iran-aligned Houthi movement.

Any move to block the Bab al-Mandeb, which is between the coasts of Yemen and Africa at the southern end of the Red Sea, would virtually halt oil shipments through Egypt's Suez Canal and the SUMED crude pipeline that link the Red Sea and the Mediterranean.

An estimated 4.8 million barrels per day of crude oil and refined products flowed through the Bab al-Mandeb strait in 2016 towards Europe, the United States and Asia, according to the US&nbspEnergy Information Administration.

However, Saudi Arabia has the Petroline, also known as the East-West Pipeline, which mainly transports crude from fields clustered in the east to Yanbu for export. That could offset a bottleneck caused by Bab al-Mandeb's closure.

A trade war would likely hit demand for commodities like oil, which is used heavily in shipping, construction and other economic activity

Oil prices edged down on Friday after three days of gains, but were still supported by Saudi Arabia's halt on transporting crude through a key shipping lane, falling US&nbspinventories and easing trade tensions between Washington and Europe. Brent futures were down 6 cents at $74.48 a barrel by 0043 GMT, after gaining 0.8 per cent on Thursday. US&nbspWest Texas Intermediate futures were also 6 cents lower, at $69.55, after posting a nearly 0.5-per cent gain the previous session. US President Donald Trump and Jean-Claude Juncker, president of the European Commission, the EU's executive body, struck a surprise deal on Wednesday that ended the risk of an immediate trade war between the two powers. A trade war would likely hit demand for commodities like oil, which is used heavily in shipping, construction and other economic activity. Meanwhile, Saudi Arabia said it was "temporarily halting" oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack by Yemen's Iran-aligned Houthi movement. Any move to block the Bab al-Mandeb, which is between the coasts of Yemen and Africa at the southern end of the Red Sea, would virtually halt oil shipments through Egypt's Suez Canal and the SUMED crude pipeline that link the Red Sea and the Mediterranean. An estimated 4.8 million barrels per day of crude oil and refined products flowed through the Bab al-Mandeb strait in 2016 towards Europe, the United States and Asia, according to the US&nbspEnergy Information Administration. However, Saudi Arabia has the Petroline, also known as the East-West Pipeline, which mainly transports crude from fields clustered in the east to Yanbu for export. That could offset a bottleneck caused by Bab al-Mandeb's closure.

Oil markets inch down after three days of gains

Amazon.com Inc <AMZN.O> forecast strong fall sales and posted a profit that was double Wall Street targets on Thursday thanks to the retailer's younger, higher-earning businesses, including cloud computing and advertising.

Shares rose more than 3 per cent in after-hours trade. The report was a relief to investors in the US&nbsptechnology sector, still reeling from a profit warning by Facebook Inc <FB.O> Wednesday that plunged its stock 19 per cent.

Amazon's report shows how the world's largest online retailer has increasingly learned to compensate for the high costs of fast package delivery and video streaming by controlling expenses and building up higher-profit businesses. It was the first mover in the business of selling data storage and computing power in the cloud, a bet that continues to reap rewards and give it the leeway to invest in grand projects.

For instance, the company is working to ship food from Whole Foods Market stores across the United States, in an ambitious attempt to bring groceries into the age of online retail.

Amazon's spending typically climbs in the summer quarter, pressuring profits as the company prepares for Christmas and the winter holidays, its peak sales period each year.

Yet the company said it expects an operating profit between $1.4 billion and $2.4 billion, up from $347 million a year earlier. The company also reported a second-quarter profit of $2.5 billion, its largest ever.

"A big contributor to the quarter and the last few quarters obviously has been strong growth in our highest profitability businesses and also advertising," Brian Olsavsky, Amazon’s chief financial officer, said on a call with media. "We’ve seen a greater-than-expected efficiency in a lot of our spend on things like warehouses, data centres, marketing."

The Seattle-based company cut hundreds of consumer jobs in its headquarters earlier this year, in a move that may have lowered costs and freed up resources for fast-growing areas like Amazon's voice aide Alexa.

Wedbush Securities analyst Michael Pachter called the expansion in the company's gross profit margin "remarkable," citing impressive results from cloud sales and services to third-party merchants on Amazon.

"That drove the bulk of the earnings beat," he said.

CFO Olsavsky noted that third-party sales were changing the profit equation for Amazon, too. The company for years was notorious for roller-coaster results.

More lucrative than sales of goods that Amazon owns, third-party transactions offer the company a commission that increases significantly when merchants choose to hand over fulfilment and advertising to Amazon, as many do. Half of all units sold through Amazon are from these sellers, and these sales keep growing.

ANGLING FOR ADVERTISERS

Highly profitable ad sales were a bright spot last quarter. The company said revenue from the category and some other items grew 132 per cent to $2.2 billion. Analysts were expecting $2.1 billion, according to Thomson Reuters.

The company is working to automate tasks for advertisers and to help media buyers measure the results, Olsavsky said.

Key to its allure has been that advertisers' placements result directly in sales, reaching customers on Amazon with an intent to shop. That contrasts with ads reaching users who are on industry leaders Facebook and Alphabet Inc's <GOOGL.O> Google for a range of purposes.

Amazon Web Services (AWS), the company's most lucrative unit, saw its operating profit margin expansion from a year earlier. Sales picked up speed from the year prior, too, rising 49 per cent to $6.1 billion and beating the average estimate of $6 billion.

The unit's success has helped make Amazon Chief Executive Jeff Bezos the richest person in the world.

"It’s really becoming the crown jewel of Bezos' empire," said GBH Insights analyst Daniel Ives. "They’ve invested significant dollars in building out the infrastructure, sales force and AWS partner ecosystem worldwide that I think now is starting to pay just massive dividends."

While cloud rivals are gaining ground, AWS remains far in front with 31 per cent of the fast-expanding market, versus 18 per cent for Microsoft Corp <MSFT.O> and 8 per cent for Google in the second quarter, research firm Canalys said Thursday. Amazon shares, up 55 per cent this year versus 6 per cent for the S&P 500 <.SPX> as of Thursday's close, trade at a premium, too. The stock's price-to-earnings ratio is more than 10 times that of Microsoft.

Cloud and ad sales, along with a July event that Amazon created to drum up revenue during the summer shopping lulls, are helping the company overcome high costs in the third quarter.

During the event, called Prime Day, Amazon sold more than 100 million products and signed up more people to its Prime loyalty club than on any other previous day in its history.

Prime members spend above average on Amazon. The company said it now expects third-quarter sales of between $54 billion and $57.5 billion, up from $43.7 billion a year earlier.

Hiking the annual US&nbspprice of Prime 20 per cent in the second quarter appeared to have few negative consequences: Amazon said subscription revenue increased 57 per cent to $3.4 billion.

Total net sales for the second quarter rose 39 per cent to $52.9 billion, missing the average analyst estimate of $53.4 billion.

Amazon's report shows how the world's largest online retailer has increasingly learned to compensate for the high costs of fast package delivery and video streaming by controlling expenses and building up higher-profit businesses

Amazon.com Inc forecast strong fall sales and posted a profit that was double Wall Street targets on Thursday thanks to the retailer's younger, higher-earning businesses, including cloud computing and advertising. Shares rose more than 3 per cent in after-hours trade. The report was a relief to investors in the US&nbsptechnology sector, still reeling from a profit warning by Facebook Inc Wednesday that plunged its stock 19 per cent. Amazon's report shows how the world's largest online retailer has increasingly learned to compensate for the high costs of fast package delivery and video streaming by controlling expenses and building up higher-profit businesses. It was the first mover in the business of selling data storage and computing power in the cloud, a bet that continues to reap rewards and give it the leeway to invest in grand projects. For instance, the company is working to ship food from Whole Foods Market stores across the United States, in an ambitious attempt to bring groceries into the age of online retail. Amazon's spending typically climbs in the summer quarter, pressuring profits as the company prepares for Christmas and the winter holidays, its peak sales period each year. Yet the company said it expects an operating profit between $1.4 billion and $2.4 billion, up from $347 million a year earlier. The company also reported a second-quarter profit of $2.5 billion, its largest ever. "A big contributor to the quarter and the last few quarters obviously has been strong growth in our highest profitability businesses and also advertising," Brian Olsavsky, Amazon’s chief financial officer, said on a call with media. "We’ve seen a greater-than-expected efficiency in a lot of our spend on things like warehouses, data centres, marketing." The Seattle-based company cut hundreds of consumer jobs in its headquarters earlier this year, in a move that may have lowered costs and freed up resources for fast-growing areas like Amazon's voice aide Alexa. Wedbush Securities analyst Michael Pachter called the expansion in the company's gross profit margin "remarkable," citing impressive results from cloud sales and services to third-party merchants on Amazon. "That drove the bulk of the earnings beat," he said. CFO Olsavsky noted that third-party sales were changing the profit equation for Amazon, too. The company for years was notorious for roller-coaster results. More lucrative than sales of goods that Amazon owns, third-party transactions offer the company a commission that increases significantly when merchants choose to hand over fulfilment and advertising to Amazon, as many do. Half of all units sold through Amazon are from these sellers, and these sales keep growing. ANGLING FOR ADVERTISERS Highly profitable ad sales were a bright spot last quarter. The company said revenue from the category and some other items grew 132 per cent to $2.2 billion. Analysts were expecting $2.1 billion, according to Thomson Reuters. The company is working to automate tasks for advertisers and to help media buyers measure the results, Olsavsky said. Key to its allure has been that advertisers' placements result directly in sales, reaching customers on Amazon with an intent to shop. That contrasts with ads reaching users who are on industry leaders Facebook and Alphabet Inc's Google for a range of purposes. Amazon Web Services (AWS), the company's most lucrative unit, saw its operating profit margin expansion from a year earlier. Sales picked up speed from the year prior, too, rising 49 per cent to $6.1 billion and beating the average estimate of $6 billion. The unit's success has helped make Amazon Chief Executive Jeff Bezos the richest person in the world. "It’s really becoming the crown jewel of Bezos' empire," said GBH Insights analyst Daniel Ives. "They’ve invested significant dollars in building out the infrastructure, sales force and AWS partner ecosystem worldwide that I think now is starting to pay just massive dividends." While cloud rivals are gaining ground, AWS remains far in front with 31 per cent of the fast-expanding market, versus 18 per cent for Microsoft Corp and 8 per cent for Google in the second quarter, research firm Canalys said Thursday. Amazon shares, up 55 per cent this year versus 6 per cent for the S&P 500 <.SPX> as of Thursday's close, trade at a premium, too. The stock's price-to-earnings ratio is more than 10 times that of Microsoft. Cloud and ad sales, along with a July event that Amazon created to drum up revenue during the summer shopping lulls, are helping the company overcome high costs in the third quarter. During the event, called Prime Day, Amazon sold more than 100 million products and signed up more people to its Prime loyalty club than on any other previous day in its history. Prime members spend above average on Amazon. The company said it now expects third-quarter sales of between $54 billion and $57.5 billion, up from $43.7 billion a year earlier. Hiking the annual US&nbspprice of Prime 20 per cent in the second quarter appeared to have few negative consequences: Amazon said subscription revenue increased 57 per cent to $3.4 billion. Total net sales for the second quarter rose 39 per cent to $52.9 billion, missing the average analyst estimate of $53.4 billion.

Amazon earnings skyrocket on cloud computing, advertising