Google parent Alphabet Inc reported record quarterly sales that topped expectations on Tuesday, as its internet advertising business surged on consumers using Google search as they shopped online and advertisers upping their marketing budgets.

Alphabet`s shares jumped more than 8% in after-hours trading, also rising on the company`s announcement that it would undertake a 20-to-one stock split.

The results were the latest to reinforce that the global trend toward a more digital economy has made Big Tech companies resistant to small-market shocks. While concerns about rising inflation, COVID-19 variants and supply-chain shortages have rattled Wall Street and hurt sales at some businesses, the companies that control key gateways to e-commerce, hybrid work and streaming entertainment have not seen a dip since the early days of the pandemic.

Alphabet`s sales jumped 32% to $75.3 billion in the fourth quarter, for a third straight quarterly sales record and topping the average estimate of $72 billion among financial analysts tracked by Refinitiv.

Consumers dove into Google search looking for apparel and hobbyist items, while retail, finance, entertainment and travel advertisers raised marketing budgets, Google`s chief business officer, Philipp Schindler, said on an earnings call.

Analysts said Google, which generates more revenue from internet ads than any other company, is proving that its growth is unstoppable for the foreseeable future.

"The pandemic has handily accelerated the world’s reliance on digital advertising," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown. "Sitting through traditional TV advert breaks or reading billboards suddenly feels completely archaic in the age of streaming and mobile phone addiction."

Shares of Alphabet rose 8.6% in after-hours trading, to $2,990.10, erasing their losses for the year-to-date. Shares of competitors in online ads including Facebook owner Meta Platforms Inc, Twitter Inc, Trade Desk Inc and Snap Inc all rose as well.

Under the planned 20-for-one stock split, investors as of July 1 will receive 19 additional shares for each one held. The split, which is subject to shareholder approval, will make the stock more affordable and potentially eligible for inclusion in more market indexes.

Shares of Apple Inc and Tesla Inc rallied in 2020 after splits, but increasingly brokerages such as Robinhood Markets allow purchases of fractional shares, diminishing some benefit of the tactic.

Banner year

For the 2021 full year, Alphabet`s sales rose 41% to a record $258 billion. Sales had grown just 13% in 2020, the slowest rate in over a decade, after advertisers slashed spending in the first few weeks of the pandemic.

Across both 2021 and 2020, Google`s advertising business, including YouTube, accounted for 81% of Alphabet`s revenues.

Companies including Amazon.com Inc and ByteDance`s TikTok have been taking small pieces of Google`s share of the global advertising market. But market forecasters do not expect major slippage in Google`s leading position. Google`s secondary businesses, including Cloud, also have been lifting overall sales.

Google Cloud, which serves clients such as online shopping software maker Shopify Inc, increased quarterly revenue by 45% to $5.5 billion, above estimates of $5.4 billion.

The division`s operating loss narrowed by 45% to $3.1 billion in 2021.

Alphabet Chief Executive Sundar Pichai told analysts that Cloud is exploring how to support clients that want to use blockchain, one of several emerging technologies that proponents view as crucial to kickstarting a new era of online innovations.

Alphabet also reported a quarterly sales record during the holiday season for its Google Pixel smartphones, despite what Pichai called "extremely challenging" supply constraints.

Alphabet`s quarterly profit was $20.6 billion, or $30.69 per share, beating expectations of $27.56 per share and marking a fourth straight quarter of record profit. The profit benefited from unrealized gains from Alphabet`s investments in startups, and the company also got a $2 billion boost last year from extending the useful life of its servers and networking gear.

For the 2021 year, Alphabet`s profit increased 89% to $76 billion.

Alphabet`s total costs in 2021 increased 27% to $178.9 billion as the company began to resume its pre-pandemic pace of hiring and construction. The company also noted increased legal fees, costs from a one-time bonus of $1,600 to all employees https://www.reuters.com/article/google-bonus-idCNL4N2ST4F5, and a rise in charitable contributions as it matched increased giving by employees.

Numerous lawsuits accusing Google of anticompetitive conduct in the advertising and mobile app store markets continue to be one of the company`s biggest challenges.

Google already has said its efforts to lower Play app store fees to assuage some of the concerns will hurt revenue.

Alphabet`s cash hoard grew by nearly $3 billion in 2021 to $139.6 billion, with another $50 billion going to buying back shares.

The operating loss for Other Bets, a unit that includes self-driving technology company Waymo and other non-Google ventures, was $5.3 billion in 2021, widening from $4.5 billion in 2020. The company offered no 2022 financial outlook for the unit.

Google parent Alphabet Inc reported record quarterly sales that topped expectations on Tuesday, as its internet advertising business surged on consumers using Google search as they shopped online and advertisers upping their marketing budgets.

Google parent Alphabet Inc reported record quarterly sales that topped expectations on Tuesday, as its internet advertising business surged on consumers using Google search as they shopped online and advertisers upping their marketing budgets. Alphabet`s shares jumped more than 8% in after-hours trading, also rising on the company`s announcement that it would undertake a 20-to-one stock split. The results were the latest to reinforce that the global trend toward a more digital economy has made Big Tech companies resistant to small-market shocks. While concerns about rising inflation, COVID-19 variants and supply-chain shortages have rattled Wall Street and hurt sales at some businesses, the companies that control key gateways to e-commerce, hybrid work and streaming entertainment have not seen a dip since the early days of the pandemic. Alphabet`s sales jumped 32% to $75.3 billion in the fourth quarter, for a third straight quarterly sales record and topping the average estimate of $72 billion among financial analysts tracked by Refinitiv. Consumers dove into Google search looking for apparel and hobbyist items, while retail, finance, entertainment and travel advertisers raised marketing budgets, Google`s chief business officer, Philipp Schindler, said on an earnings call. Analysts said Google, which generates more revenue from internet ads than any other company, is proving that its growth is unstoppable for the foreseeable future. "The pandemic has handily accelerated the world’s reliance on digital advertising," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown. "Sitting through traditional TV advert breaks or reading billboards suddenly feels completely archaic in the age of streaming and mobile phone addiction." Shares of Alphabet rose 8.6% in after-hours trading, to $2,990.10, erasing their losses for the year-to-date. Shares of competitors in online ads including Facebook owner Meta Platforms Inc, Twitter Inc, Trade Desk Inc and Snap Inc all rose as well. Under the planned 20-for-one stock split, investors as of July 1 will receive 19 additional shares for each one held. The split, which is subject to shareholder approval, will make the stock more affordable and potentially eligible for inclusion in more market indexes. Shares of Apple Inc and Tesla Inc rallied in 2020 after splits, but increasingly brokerages such as Robinhood Markets allow purchases of fractional shares, diminishing some benefit of the tactic. Banner year For the 2021 full year, Alphabet`s sales rose 41% to a record $258 billion. Sales had grown just 13% in 2020, the slowest rate in over a decade, after advertisers slashed spending in the first few weeks of the pandemic. Across both 2021 and 2020, Google`s advertising business, including YouTube, accounted for 81% of Alphabet`s revenues. Companies including Amazon.com Inc and ByteDance`s TikTok have been taking small pieces of Google`s share of the global advertising market. But market forecasters do not expect major slippage in Google`s leading position. Google`s secondary businesses, including Cloud, also have been lifting overall sales. Google Cloud, which serves clients such as online shopping software maker Shopify Inc, increased quarterly revenue by 45% to $5.5 billion, above estimates of $5.4 billion. The division`s operating loss narrowed by 45% to $3.1 billion in 2021. Alphabet Chief Executive Sundar Pichai told analysts that Cloud is exploring how to support clients that want to use blockchain, one of several emerging technologies that proponents view as crucial to kickstarting a new era of online innovations. Alphabet also reported a quarterly sales record during the holiday season for its Google Pixel smartphones, despite what Pichai called "extremely challenging" supply constraints. Alphabet`s quarterly profit was $20.6 billion, or $30.69 per share, beating expectations of $27.56 per share and marking a fourth straight quarter of record profit. The profit benefited from unrealized gains from Alphabet`s investments in startups, and the company also got a $2 billion boost last year from extending the useful life of its servers and networking gear. For the 2021 year, Alphabet`s profit increased 89% to $76 billion. Alphabet`s total costs in 2021 increased 27% to $178.9 billion as the company began to resume its pre-pandemic pace of hiring and construction. The company also noted increased legal fees, costs from a one-time bonus of $1,600 to all employees https://www.reuters.com/article/google-bonus-idCNL4N2ST4F5, and a rise in charitable contributions as it matched increased giving by employees. Numerous lawsuits accusing Google of anticompetitive conduct in the advertising and mobile app store markets continue to be one of the company`s biggest challenges. Google already has said its efforts to lower Play app store fees to assuage some of the concerns will hurt revenue. Alphabet`s cash hoard grew by nearly $3 billion in 2021 to $139.6 billion, with another $50 billion going to buying back shares. The operating loss for Other Bets, a unit that includes self-driving technology company Waymo and other non-Google ventures, was $5.3 billion in 2021, widening from $4.5 billion in 2020. The company offered no 2022 financial outlook for the unit.

Google propels record Alphabet revenue, driving shares up 8%

Pakistan Cricket Board Chairman Ramiz Raja said on Wednesday that Pakistan Cricket Board would collapse if Indian government wanted, pointing to sizeable revenue International Cricket Council (ICC) gets from Indian markets.

Raja pointed out that PCB received 50 per cent of its funding from the ICC and the ICC raises 90 per cent of its money from Indian markets. In a way, Raja said that Indian businesses were keeping Pakistan cricket going. If Indian prime minister decided to stop funding, he said, Pakistan cricket would collapse.

"ICC funding means that the body conducts tournaments and distributes the money among member boards," he said as quoted by Pakistani news outlet Dawn.

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Ramiz Raja was speaking in front of Senate Standing Committee on Inter-Provincial Coordination.

During his briefing to the committe, Raja informed that New Zealand cricket board was rescheduling tour due to pressure from Pakistan.

New Zealand cricket team had come to Pakistan last month after a gap of 18 years to play three ODIs and five Twenty20 Internationals. However, minutes before the first ODI was to be played, New Zealand team opted out of the tour. They said that a 'security threat' was behind the decision but did not give more details.

Pakistan Cricket Board Chairman Ramiz Raja said on Wednesday that Pakistan Cricket Board would collapse if Indian government wanted, pointing to sizeable revenue International Cricket Council (ICC) gets from Indian markets.

Pakistan Cricket Board Chairman Ramiz Raja said on Wednesday that Pakistan Cricket Board would collapse if Indian government wanted, pointing to sizeable revenue International Cricket Council (ICC) gets from Indian markets. Raja pointed out that PCB received 50 per cent of its funding from the ICC and the ICC raises 90 per cent of its money from Indian markets. In a way, Raja said that Indian businesses were keeping Pakistan cricket going. If Indian prime minister decided to stop funding, he said, Pakistan cricket would collapse. "ICC funding means that the body conducts tournaments and distributes the money among member boards," he said as quoted by Pakistani news outlet Dawn. Also Read | If Pakistan beat India in T20 World Cup, PCB to get blank cheque: Ramiz Raja reveals investor's BIG claim Ramiz Raja was speaking in front of Senate Standing Committee on Inter-Provincial Coordination. During his briefing to the committe, Raja informed that New Zealand cricket board was rescheduling tour due to pressure from Pakistan. New Zealand cricket team had come to Pakistan last month after a gap of 18 years to play three ODIs and five Twenty20 Internationals. However, minutes before the first ODI was to be played, New Zealand team opted out of the tour. They said that a 'security threat' was behind the decision but did not give more details.

Pakistan Cricket Board can collapse if Indian government wants: Chairman Ramiz Raja

Twitter&nbsp;Inc on Thursday reported higher&nbsp;revenue&nbsp;growth than Wall Street had&nbsp;expected, as the social media platform rolled out&nbsp;ad&nbsp;targeting&nbsp;improvements&nbsp;to help brands reach potential customers.

Shares&nbsp;of&nbsp;Twitter&nbsp;rose&nbsp;5%&nbsp;to $73 in trading after the bell.

Since the start of the year,&nbsp;Twitter&nbsp;has raced to introduce products in new areas like audio-only chat rooms and newsletter publishing in an effort to turn around years of business stagnation and reach its goal of doubling annual&nbsp;revenue&nbsp;by 2023.

Advertising&nbsp;revenue&nbsp;totalled $1.05 billion, up 87% from the year-ago quarter, and beat Wall Street estimates of $909.9 million.

Twitter&nbsp;has worked to improve the effectiveness of its&nbsp;ads, introducing 2,500 new topic categories during the quarter to help users find content they're interested in, all of which provides more&nbsp;ad&nbsp;targeting data back to&nbsp;Twitter, the company said on a conference call with analysts.

"We get great signal about what people are most interested in, where they are or the places they care about," said&nbsp;Twitter&nbsp;Chief Financial Officer Ned Segal during the call.

<a href="https://www.wionews.com/sports/completely-ridiculous-norwegian-womens-beach-handball-team-fined-for-not-playing-in-bikinis-twitter-explodes-399449">Also read |&nbsp;'Completely ridiculous': Norwegian women's beach handball team fined for not playing in bikinis; Twitter explodes</a>

Those&nbsp;improvements, along with higher demand from&nbsp;advertisers seeking to reach consumers as countries reopen from pandemic restrictions, helped propel&nbsp;ad&nbsp;revenue,&nbsp;Twitter&nbsp;said.

The strong results from both&nbsp;Twitter&nbsp;and its tech peer Snap Inc, which reported quarterly&nbsp;revenue&nbsp;growth of 116% on Thursday, shows "that the overall digital&nbsp;ad&nbsp;market is on fire right now, with the reopening further strengthening&nbsp;advertisers' budgets," said Ygal Arounian, a research analyst at Wedbush Securities.

Twitter&nbsp;reported 206 million monetisable daily active users (mDAU), its term for users who are served&nbsp;advertising, for the second quarter ended June 30, matching analyst&nbsp;targets&nbsp;of 205.9 million users, according to IBES data from Refinitiv.

Its U.S. user base declined by 1 million over three months from the previous quarter due to a lighter news cycle in the United States,&nbsp;Twitter&nbsp;said, with total users worldwide in line with Wall Street&nbsp;targets.

Total&nbsp;revenue, which also includes&nbsp;revenue&nbsp;the company earns from data licensing, rose 74% year-over-year to $1.19 billion, beating analyst estimates of $1.07 billion.

Future Investments

The San Francisco-based company now expects headcount and total costs and expenses to grow at least 30% for the full year, up from its previous guidance of 25%, as it invests in its engineering and product teams.

Chief Executive Jack Dorsey, a longtime proponent of bitcoin, said during the earnings call the digital currency "is a big part" of&nbsp;Twitter's future and could be used for ecommerce transactions on the platform or to tip popular content creators.

Twitter&nbsp;added that new privacy controls that Apple Inc implemented in April, which are designed to limit digital&nbsp;advertisers from tracking iPhone users without their consent, had&nbsp;a lower-than-expected impact on&nbsp;revenue&nbsp;in the second quarter.

The full impact of Apple's changes have yet to be seen, and some concerns still linger, Arounian said.

Twitter&nbsp;forecast third quarter total&nbsp;revenue&nbsp;to be between $1.22 billion to $1.3 billion, roughly in line with or slightly ahead&nbsp;of consensus analyst estimates of $1.17 billion.

On an&nbsp;adjusted basis,&nbsp;Twitter&nbsp;earned 20 cents per share during the second quarter, well above the estimate of 7 cents.

Twitter Inc on Thursday reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements to help brands reach potential customers.

Twitter Inc on Thursday reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements to help brands reach potential customers. Shares of Twitter rose 5% to $73 in trading after the bell. Since the start of the year, Twitter has raced to introduce products in new areas like audio-only chat rooms and newsletter publishing in an effort to turn around years of business stagnation and reach its goal of doubling annual revenue by 2023. Advertising revenue totalled $1.05 billion, up 87% from the year-ago quarter, and beat Wall Street estimates of $909.9 million. Twitter has worked to improve the effectiveness of its ads, introducing 2,500 new topic categories during the quarter to help users find content they're interested in, all of which provides more ad targeting data back to Twitter, the company said on a conference call with analysts. "We get great signal about what people are most interested in, where they are or the places they care about," said Twitter Chief Financial Officer Ned Segal during the call. Also read | 'Completely ridiculous': Norwegian women's beach handball team fined for not playing in bikinis; Twitter explodes Those improvements, along with higher demand from advertisers seeking to reach consumers as countries reopen from pandemic restrictions, helped propel ad revenue, Twitter said. The strong results from both Twitter and its tech peer Snap Inc, which reported quarterly revenue growth of 116% on Thursday, shows "that the overall digital ad market is on fire right now, with the reopening further strengthening advertisers' budgets," said Ygal Arounian, a research analyst at Wedbush Securities. Twitter reported 206 million monetisable daily active users (mDAU), its term for users who are served advertising, for the second quarter ended June 30, matching analyst targets of 205.9 million users, according to IBES data from Refinitiv. Its U.S. user base declined by 1 million over three months from the previous quarter due to a lighter news cycle in the United States, Twitter said, with total users worldwide in line with Wall Street targets. Total revenue, which also includes revenue the company earns from data licensing, rose 74% year-over-year to $1.19 billion, beating analyst estimates of $1.07 billion. Future Investments The San Francisco-based company now expects headcount and total costs and expenses to grow at least 30% for the full year, up from its previous guidance of 25%, as it invests in its engineering and product teams. Chief Executive Jack Dorsey, a longtime proponent of bitcoin, said during the earnings call the digital currency "is a big part" of Twitter's future and could be used for ecommerce transactions on the platform or to tip popular content creators. Twitter added that new privacy controls that Apple Inc implemented in April, which are designed to limit digital advertisers from tracking iPhone users without their consent, had a lower-than-expected impact on revenue in the second quarter. The full impact of Apple's changes have yet to be seen, and some concerns still linger, Arounian said. Twitter forecast third quarter total revenue to be between $1.22 billion to $1.3 billion, roughly in line with or slightly ahead of consensus analyst estimates of $1.17 billion. On an adjusted basis, Twitter earned 20 cents per share during the second quarter, well above the estimate of 7 cents.

Twitter beats revenue targets with ad improvements, shares jump 5%

Egypt’s Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 billion in the previous year despite the coronavirus pandemic’s effect on world trade as well as a six-day blockage by a giant Ever Given cargo ship.

Egypt’s Suez Canal reports record revenue despite Ever Given ship blockage

Most big US banks are expected to report a stunning rebound in quarterly profits next week. With feared pandemic loan losses, they are failing to materialize even as trading income slumps and lending revenue stalls on low-interest rates and weak demand.

World Business Watch: US banks to see big jump in second-quarter profits before normalcy in results

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China. 
 
Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data. 
 
"The company expects that the app takedown may have an adverse impact on its revenue in China," the company said in a statement. 
 
In its filing&nbsp;from June, Didi reported revenue of about 42.2 billion yuan ($6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from China mobility division while about 800 million yuan came from international business. 
 
Didi has a dominant position in the online ride-hailing business in China and operates in 4,000 locations across 16 countries. 
 
Didi said it will strive to rectify any problems, and will protect users' privacy and data security. 
 
The company also said once the app is taken down from app stores, new users will no longer be able to download the app in China, although existing users, who had installed the app prior to the takedown may continue using it. 
 
The takedown comes days after Didi made its trading debut on New York Stock Exchange having raised $4.4 billion in an initial public offering. 
 
A senior Didi executive said on Saturday company stores all China user and roads data at servers in the country and it is 'absolutely not possible' that it passed data to the United States. 
 
(With inputs from agencies)

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China.

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China. Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data. "The company expects that the app takedown may have an adverse impact on its revenue in China," the company said in a statement. In its filing from June, Didi reported revenue of about 42.2 billion yuan ($6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from China mobility division while about 800 million yuan came from international business. Didi has a dominant position in the online ride-hailing business in China and operates in 4,000 locations across 16 countries. Didi said it will strive to rectify any problems, and will protect users' privacy and data security. The company also said once the app is taken down from app stores, new users will no longer be able to download the app in China, although existing users, who had installed the app prior to the takedown may continue using it. The takedown comes days after Didi made its trading debut on New York Stock Exchange having raised $4.4 billion in an initial public offering. A senior Didi executive said on Saturday company stores all China user and roads data at servers in the country and it is 'absolutely not possible' that it passed data to the United States. (With inputs from agencies)

Ride hailing firm Didi says app takedown may adversely impact revenue in China

Electric car maker Tesla has made a record profit in the first quarter of this year despite shortages of semiconductor and chips. Tesla has surpassed Wall Street expectations marginally and booked a record income of $438 million.

World Business Watch: Tesla posts record net income, revenue surges by 74%

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.

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The figure represents growth of more than 130 per cent&nbsp;compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private.

ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd.

Tencent, China's leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019.

ByteDance declined to comment.

The growth shows the extent to which eight-year-old ByteDance is capturing digital advertising spend. The bulk of the company's revenue is mainly from advertising on its apps in China including news aggregator Jinri Toutiao as well as Douyin, its domestic version of TikTok, the people said, rather than from TikTok itself.

Before ByteDance emerged, China's ad market had been mainly dominated by e-commerce leader Alibaba Group Holding Ltd, search engine operator Baidu Inc and Tencent.

The market grew 1.9% in January-March from the same period a year earlier to be worth 121.2 billion yuan, showed data from iResearch.

ByteDance's apps enjoyed a huge boost in usage at the height of the COVID-19 pandemic as containment measures saw people practicing social distancing and staying at home. In January, six of the 10 most popular apps on China's iOS App Store were owned by ByteDance, according to app performance tracker App Annie.

ByteDance has recently been valued at $95 billion to $140 billion in the market for private secondary trading, two people told Reuters.

The firm is trying to grow and monetise TikTok and last month named Walt Disney Co's former top streaming executive, Kevin Mayer, as TikTok's new chief executive.

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter. Also read: Now, China halts salmon imports over possible link to Beijing outbreak The figure represents growth of more than 130 per cent compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private. ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd. Tencent, China's leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019. ByteDance declined to comment. The growth shows the extent to which eight-year-old ByteDance is capturing digital advertising spend. The bulk of the company's revenue is mainly from advertising on its apps in China including news aggregator Jinri Toutiao as well as Douyin, its domestic version of TikTok, the people said, rather than from TikTok itself. Before ByteDance emerged, China's ad market had been mainly dominated by e-commerce leader Alibaba Group Holding Ltd, search engine operator Baidu Inc and Tencent. The market grew 1.9% in January-March from the same period a year earlier to be worth 121.2 billion yuan, showed data from iResearch. ByteDance's apps enjoyed a huge boost in usage at the height of the COVID-19 pandemic as containment measures saw people practicing social distancing and staying at home. In January, six of the 10 most popular apps on China's iOS App Store were owned by ByteDance, according to app performance tracker App Annie. ByteDance has recently been valued at $95 billion to $140 billion in the market for private secondary trading, two people told Reuters. The firm is trying to grow and monetise TikTok and last month named Walt Disney Co's former top streaming executive, Kevin Mayer, as TikTok's new chief executive.

TikTok owner ByteDance first-quarter revenue soared to around $5.6 billion: Sources

Star power: How celebrities earn a bomb through advertisements and endorsements

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter.

Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit.

Revenue rose nine per cent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called "revenue product issues."

Shares in Twitter slid as much as 20 per cent in pre-market trade on the disappointing results.

Twitter said revenue was hit by "bugs" which made it harder to deliver targeted advertising, as well as some seasonal factors.

"Unfortunately we had some missteps and bugs," chief executive Jack Dorsey told a conference call.

"These are issues we identified quickly and are working quickly to fix."&nbsp;

Twitter's investor relations team said the issue affected the ability to deliver ads, which make up the bulk of revenue.

"In Q3, we discovered and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion product, impacting our ability to target ads and share data with measurement and ad partners," Twitter's investor relations team tweeted.

"We also discovered that certain personalisation and data settings were not operating as expected. We believe that, in aggregate, these issues reduced year-over-year revenue growth by 3 or more points in Q3."

Chief financial officer Ned Segal said Twitter is working on a fix but that the glitch is expected to have a negative impact in the fourth quarter.

The bugs mainly affected Twitter operations outside the United States, where ad revenue was up just five per cent compared with 11 per cent for the US.

Overall, advertising revenue totalled&nbsp;$702 million, up eight per cent from last year.

Challenges ahead

The results highlight challenges for Twitter, which has struggled to keep pace with rival social platforms as it seeks to remove fake accounts, abusive content and manipulation efforts.

"The miss (on revenue) wasn't just because of tough comparisons, which were expected to dampen their revenue growth, but issues with their ad product. That could impact their performance in the all-important Q4," analyst Jasmine Enberg of eMarketer said.

Twitter boosted the number of "monetisable" daily active users, the new measurement used by the platform, by six million from the past quarter to 145 million.

Twitter has stopped using a count of "monthly active users," which was 330 million earlier this year, in favour of the new measure of daily users on the mobile app or website who see ads in their feeds.

Dorsey said the growth in users represents a "steady refinement of Twitter" as it works to improve the platform and weed out inappropriate content.

"This is an incredibly strong foundation to build upon," he said.

Dorsey said Twitter has improved its automated systems to remove unwanted content, and now takes down more than 50 per cent "proactively" and "without a bystander or first-person report."

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter. Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit.

Twitter shares plunged Thursday after reporting glitches that impacted its ad-targeting ability, pulling down revenue growth in the past quarter. Profit for the third quarter was $37 million, a sharp drop from last year when the online messaging platform was helped by a large tax benefit. Revenue rose nine per cent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called "revenue product issues." Shares in Twitter slid as much as 20 per cent in pre-market trade on the disappointing results. Twitter said revenue was hit by "bugs" which made it harder to deliver targeted advertising, as well as some seasonal factors. "Unfortunately we had some missteps and bugs," chief executive Jack Dorsey told a conference call. "These are issues we identified quickly and are working quickly to fix." Twitter's investor relations team said the issue affected the ability to deliver ads, which make up the bulk of revenue. "In Q3, we discovered and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion product, impacting our ability to target ads and share data with measurement and ad partners," Twitter's investor relations team tweeted. "We also discovered that certain personalisation and data settings were not operating as expected. We believe that, in aggregate, these issues reduced year-over-year revenue growth by 3 or more points in Q3." Chief financial officer Ned Segal said Twitter is working on a fix but that the glitch is expected to have a negative impact in the fourth quarter. The bugs mainly affected Twitter operations outside the United States, where ad revenue was up just five per cent compared with 11 per cent for the US. Overall, advertising revenue totalled $702 million, up eight per cent from last year. Challenges ahead The results highlight challenges for Twitter, which has struggled to keep pace with rival social platforms as it seeks to remove fake accounts, abusive content and manipulation efforts. "The miss (on revenue) wasn't just because of tough comparisons, which were expected to dampen their revenue growth, but issues with their ad product. That could impact their performance in the all-important Q4," analyst Jasmine Enberg of eMarketer said. Twitter boosted the number of "monetisable" daily active users, the new measurement used by the platform, by six million from the past quarter to 145 million. Twitter has stopped using a count of "monthly active users," which was 330 million earlier this year, in favour of the new measure of daily users on the mobile app or website who see ads in their feeds. Dorsey said the growth in users represents a "steady refinement of Twitter" as it works to improve the platform and weed out inappropriate content. "This is an incredibly strong foundation to build upon," he said. Dorsey said Twitter has improved its automated systems to remove unwanted content, and now takes down more than 50 per cent "proactively" and "without a bystander or first-person report."

Twitter tumbles as 'bugs' hit revenue growth

Italy is readying a new tax on digital companies in its 2020 budget, as it seeks alternative revenues that will allow it to scrap a scheduled increase in sales tax, two coalition sources told on Monday.

The levy will oblige multinational web-based giants to pay a 3 per cent levy on internet transactions, the sources said, adding that some changes were possible due to ongoing negotiations among the ruling parties.

The scheme is expected to yield around 600 million euros each year, and will apply to companies with annual global revenues worth at least 750 million euros and digital services exceeding 5.5 million euros in Italy.

The plan is broadly in line with proposals from the Paris-based Organisation for Economic Cooperation (OECD), which last week urged governments to redraw rules for taxing global giants.

Rome is struggling to find resources to avoid a hike in sales tax worth some 23 billion euros ($26 billion), due to kick in from January, which could hurt already weak domestic demand.

The coalition of the anti-establishment 5-Star Movement and the centre-left Democratic Party has to send the draft budget to the European Commission by October 15.

Italy and fellow European Union members have long complained about the way Facebook, Google and other web giants collect huge profits in their countries but pay taxes of a few million euros per year at most.

Big internet firms have pushed tax rules to the limit as they can shift earnings to low- or no-tax locations such as Ireland, regardless of where their customers are.

Italy originally set out plans for a web tax in 2018 under the previous coalition of 5-Star and the right-wing League, but that government collapsed in August this year and the levy was never implemented.

The new scheme will take effect from January, sources said. It will operate under a "self-assessment taxation regime" by which the companies submit a calculation of the amount owed. This will be subject to possible checks by the Italian authorities.

If the European Union manages to introduce common rules for a web-tax covering the whole 28-nation bloc, Italy will adjust its own plan accordingly, they added.

Rome has asked the European Commission to present a proposal on minimum taxation for companies across Europe, Economy Minister Roberto Gualtieri told a parliamentary hearing on October 8.

Italy is readying a new tax on digital companies in its 2020 budget, as it seeks alternative revenues that will allow it to scrap a scheduled increase in sales tax, two coalition sources told on Monday.

Italy is readying a new tax on digital companies in its 2020 budget, as it seeks alternative revenues that will allow it to scrap a scheduled increase in sales tax, two coalition sources told on Monday. The levy will oblige multinational web-based giants to pay a 3 per cent levy on internet transactions, the sources said, adding that some changes were possible due to ongoing negotiations among the ruling parties. The scheme is expected to yield around 600 million euros each year, and will apply to companies with annual global revenues worth at least 750 million euros and digital services exceeding 5.5 million euros in Italy. The plan is broadly in line with proposals from the Paris-based Organisation for Economic Cooperation (OECD), which last week urged governments to redraw rules for taxing global giants. Rome is struggling to find resources to avoid a hike in sales tax worth some 23 billion euros ($26 billion), due to kick in from January, which could hurt already weak domestic demand. The coalition of the anti-establishment 5-Star Movement and the centre-left Democratic Party has to send the draft budget to the European Commission by October 15. Italy and fellow European Union members have long complained about the way Facebook, Google and other web giants collect huge profits in their countries but pay taxes of a few million euros per year at most. Big internet firms have pushed tax rules to the limit as they can shift earnings to low- or no-tax locations such as Ireland, regardless of where their customers are. Italy originally set out plans for a web tax in 2018 under the previous coalition of 5-Star and the right-wing League, but that government collapsed in August this year and the levy was never implemented. The new scheme will take effect from January, sources said. It will operate under a "self-assessment taxation regime" by which the companies submit a calculation of the amount owed. This will be subject to possible checks by the Italian authorities. If the European Union manages to introduce common rules for a web-tax covering the whole 28-nation bloc, Italy will adjust its own plan accordingly, they added. Rome has asked the European Commission to present a proposal on minimum taxation for companies across Europe, Economy Minister Roberto Gualtieri told a parliamentary hearing on October 8.

Italy readies 'web tax' in its 2020 budget: Sources

Alphabet Inc shares rose about 8 per cent&nbsp;after the company reported quarterly results that eased investors' concerns about growth challenges facing its <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwi795iK0NLjAhVdnI8KHd4yA3EQFjADegQIEBAC&amp;usg=AOvVaw0DjuqZIq45MxG5qQMQLYOz">Google</a> advertising business.

Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwin3vee0NLjAhUJuY8KHX4XCmoQFjAJegQIABAC&amp;usg=AOvVaw3oWENcDFaT7j5nwu9RI2L3">Facebook Inc</a> a day earlier, offered no worrisome guidance about increasing regulatory scrutiny.

The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years.

In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide.

Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&amp;P 500 broadly.

Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack.

Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before.

"We understand there will be scrutiny," and "we will engage constructively," he said.

WEAKENING CONCERNS

Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv.

The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago.

Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business.

Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful.

Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash.

Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years.

Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!"

Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share.

Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter.

Alphabet in its earnings release on Thursday did not mention any government investigations.

Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US&nbsp;Department of Justice's antitrust review of large internet companies.

Reuters reported last month that the US&nbsp;Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour.

Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses.

On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business. Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player Facebook Inc a day earlier, offered no worrisome guidance about increasing regulatory scrutiny. The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years. In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide. Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&P 500 broadly. Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack. Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before. "We understand there will be scrutiny," and "we will engage constructively," he said. WEAKENING CONCERNS Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv. The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago. Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business. Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful. Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash. Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years. Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!" Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share. Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter. Alphabet in its earnings release on Thursday did not mention any government investigations. Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US Department of Justice's antitrust review of large internet companies. Reuters reported last month that the US Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour. Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses. On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet's revenue rebounds easing doubts on growth

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US&nbsp;technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

The United States has put Huawei on an export blacklist citing national security issues, barring US&nbsp;suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.

Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment,&nbsp;Bloomberg said.

The company is said to have rewarded a number of employees for helping it accelerate revenue despite US&nbsp;ban, Bloomberg added.

Huawei declined to comment on the Bloomberg report.

Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban.

The firm has denied its products pose a security threat.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

Huawei Technologies Co Ltd's revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter. The United States has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval. Huawei's revenue growth of 30% in the first half is a slowdown from 39% in the first three months of 2019 but is up sharply from 2018. It has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment, Bloomberg said. The company is said to have rewarded a number of employees for helping it accelerate revenue despite US ban, Bloomberg added. Huawei declined to comment on the Bloomberg report. Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban. The firm has denied its products pose a security threat.

Huawei first-half revenue up about 30% despite US ban

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday.

The revenue in May 2019 is 2.21 per cent higher than the monthly average of GST revenue in fiscal 2018-19, which is Rs 98,114 crore.

Of this, Central GST in May 2019 was Rs 17,811 crore, States GST Rs 24,462 crore and Integrated GST Rs 49,891 crore (including Rs 24,875 crore collected on imports) and cess is Rs 8,125 crore (including Rs 953 crore collected on imports).

The government settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as regular settlement.

The total revenue earned by the Centre and state governments after regular settlement in May 2019 works out to Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST.

The total number of GSTR 3B returns filed for April up to May 31 is 72.45 lakh, according to an official statement.

An amount of Rs 18,934 crore has been released to the states as GST compensation for February and March.

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday.

Gross revenue on account of Goods and Services Tax (GST) in May totalled Rs 100,289 crore, up by 6.67 per cent from Rs 94,016 crore in the corresponding period of last year, the government said on Saturday. The revenue in May 2019 is 2.21 per cent higher than the monthly average of GST revenue in fiscal 2018-19, which is Rs 98,114 crore. Of this, Central GST in May 2019 was Rs 17,811 crore, States GST Rs 24,462 crore and Integrated GST Rs 49,891 crore (including Rs 24,875 crore collected on imports) and cess is Rs 8,125 crore (including Rs 953 crore collected on imports). The government settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in May 2019 works out to Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST. The total number of GSTR 3B returns filed for April up to May 31 is 72.45 lakh, according to an official statement. An amount of Rs 18,934 crore has been released to the states as GST compensation for February and March.

GST revenue collections cross Rs 1 lakh crore in May

<a href="https://www.google.com/url?q=https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590&amp;sa=U&amp;ved=0ahUKEwiBu--y9MnhAhUOY48KHbzbDJMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0gfyJ0M7_GliGQQErJNKH8">Uber </a>Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors.

The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Here are how the two companies compare on key metrics from Uber's filing:

REVENUE

Uber had $11.3 billion in 2018 vs Lyft $2.2 billion.

Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft.

Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent.

MARKET SHARE

Uber has lost market share but remains the leader.

Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States.

ADJUSTED EBITDA

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years.

Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

Lyft lost $950 million in 2018 on the same basis.

MONTHLY ACTIVE USERS

Uber has 91 million monthly active users compared to Lyft's 18.6 million.

Uber's number includes customers of additional services beyond ride sharing.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72. Here are how the two companies compare on key metrics from Uber's filing: REVENUE Uber had $11.3 billion in 2018 vs Lyft $2.2 billion. Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft. Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent. MARKET SHARE Uber has lost market share but remains the leader. Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States. ADJUSTED EBITDA Both Uber and Lyft lose money though Uber has trimmed its losses in recent years. Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017. Lyft lost $950 million in 2018 on the same basis. MONTHLY ACTIVE USERS Uber has 91 million monthly active users compared to Lyft's 18.6 million. Uber's number includes customers of additional services beyond ride sharing.

How Uber and Lyft compare on key financial metrics

Jyotiraditya Scindia says, ''Lower tax is best way to increase revenue''

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company.

"Due to better and efficient utilisation of aircraft fleet, the passenger revenue increased from Rs 4,615 crore in third quarter of 2017-18 to Rs 5,538 crore in the third quarter of 2018-19," the official said.

The official added that the number of passengers has increased to 55.27 lakh during the quarter from 53.28 lakh in the year-ago period. "This shows that passengers have increased by around 4 per cent...But our ASKM (available seat kilometres) has increased at a much faster rate," the official said.

ASKM indicates the passenger-carrying capacity of an aircraft. It is arrived at by multiplying the number of seats occupied by the distance travelled by aircraft in kilometres during a particular period.

The loss-making Air India is estimated to have a debt burden of over Rs 48,000 crore and the government's efforts for strategic disinvestment of the carrier failed in May last year.

The official said passengers in December increased by 4 per cent but the revenue from them increased by 23 per cent during the month.

"In the third quarter, total 15 new flights were started by the company," the official added.

Speaking about the Air India's woes, Civil Aviation Minister Suresh Prabhu Friday said future revenues of the company cannot service its "massive" debt and this legacy issue has to be segregated from the current challenges of the national carrier.

"If you feel that future revenues can actually service the debt, it is not possible for the simple reason that the debt is so massive," Prabhu said Friday during a live stream held on 'Flying for All: Global Aviation Summit 2019'.

Air India earns 65 per cent of its revenues from international routes, while the remaining comes from the domestic network.

"Also, the cost of interest on the debt, when you try to service it from your revenues, Air India can never be in profit. Therefore, we have to address the debt issue. We are proactively working with the Ministry of Finance to make it happen," Prabhu added.

Air India has been making losses since the merger with Indian Airlines in 2007. The airline has a fleet size of around 122 aircraft currently.

"We have prepared a plan... We are trying to professionalise the entire management of Air India, right from the CEO (chief executive officer) downwards so that there will be a proper management structure so that Air India can reach to newer heights," he said.

"But anybody, who comes in, will ask this question 'how do I deal with the legacy'. The same question I had to address when I took over as a minister. The same question, Air India's new managing director or the new CEO or new board of directors would have to address - how do I deal with the past?" he added.

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company.

While Air India's passenger count rose by only 4 per cent in the December 2018 quarter, its revenue from passengers increased by 20 per cent on the back of better aircraft utilisation, said a senior official of the company. "Due to better and efficient utilisation of aircraft fleet, the passenger revenue increased from Rs 4,615 crore in third quarter of 2017-18 to Rs 5,538 crore in the third quarter of 2018-19," the official said. The official added that the number of passengers has increased to 55.27 lakh during the quarter from 53.28 lakh in the year-ago period. "This shows that passengers have increased by around 4 per cent...But our ASKM (available seat kilometres) has increased at a much faster rate," the official said. ASKM indicates the passenger-carrying capacity of an aircraft. It is arrived at by multiplying the number of seats occupied by the distance travelled by aircraft in kilometres during a particular period. The loss-making Air India is estimated to have a debt burden of over Rs 48,000 crore and the government's efforts for strategic disinvestment of the carrier failed in May last year. The official said passengers in December increased by 4 per cent but the revenue from them increased by 23 per cent during the month. "In the third quarter, total 15 new flights were started by the company," the official added. Speaking about the Air India's woes, Civil Aviation Minister Suresh Prabhu Friday said future revenues of the company cannot service its "massive" debt and this legacy issue has to be segregated from the current challenges of the national carrier. "If you feel that future revenues can actually service the debt, it is not possible for the simple reason that the debt is so massive," Prabhu said Friday during a live stream held on 'Flying for All: Global Aviation Summit 2019'. Air India earns 65 per cent of its revenues from international routes, while the remaining comes from the domestic network. "Also, the cost of interest on the debt, when you try to service it from your revenues, Air India can never be in profit. Therefore, we have to address the debt issue. We are proactively working with the Ministry of Finance to make it happen," Prabhu added. Air India has been making losses since the merger with Indian Airlines in 2007. The airline has a fleet size of around 122 aircraft currently. "We have prepared a plan... We are trying to professionalise the entire management of Air India, right from the CEO (chief executive officer) downwards so that there will be a proper management structure so that Air India can reach to newer heights," he said. "But anybody, who comes in, will ask this question 'how do I deal with the legacy'. The same question I had to address when I took over as a minister. The same question, Air India's new managing director or the new CEO or new board of directors would have to address - how do I deal with the past?" he added.

Air India's passenger revenue grows by 20% in Q3 of 2018-19

<a href="http://www.wionews.com/india-news/23-goods-and-services-to-get-cheaper-from-january-1-as-reduced-gst-rates-kick-in-187607">GST collection</a> dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month.&nbsp;

The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement.

Compensation released to states for August-September stood at Rs 11,922 crore.&nbsp;

Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore.

The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement, it said.&nbsp;

The total revenue earned by the central government and state governments after regular settlement in December is Rs 43,851 crore for CGST and Rs 46,252 crore for SGST, the ministry added.&nbsp;

The Goods and Services Tax (GST) collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October and Rs 97,637 crore in November.&nbsp;

The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement.

GST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month. The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at Rs 11,922 crore. Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore. The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement, it said. The total revenue earned by the central government and state governments after regular settlement in December is Rs 43,851 crore for CGST and Rs 46,252 crore for SGST, the ministry added. The Goods and Services Tax (GST) collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October and Rs 97,637 crore in November.

GST collection drops to Rs 94,726 crore in December

Bihar Deputy Chief Minister Sushil Kumar Modi Friday said the state government has collected around Rs 15,466 crore in taxes from 2017 to November 2018, which is 38 per cent higher compared from last fiscal year for the same period.

Speaking at Aranya Bhawan during an inauguration of training programme meant for newly recruited officers of Bihar Finance Service, Sushil said: "The revenue collection for the financial year 2018-19 is Rs 27,000 crore and so far, we have achieved a target of Rs 15,466 crore till November, which is an increase of 38 per cent as compared to last fiscal year for the same period," he said.

Stressing that the strength of tax-payers has seen a remarkable growth of 3.87 lakh against 1.69 lakh registered during VAT regime, Sushil stated that out of 3.87 lakh, 2.18 lakh are new tax-payers.

"In order to provide relief to small taxpayers, the GST council may soon enhance the limit of Rs 20 lakh turnover to Rs 75 lakh under composition scheme. We are also planning to bring composition scheme for service providers who have the turnover of Rs 50 lakh and reduce tax on goods in the construction sector from existing 12 and 18 per cent to 5 per cent," he added.

Talking about the taxes levied on auto and cement sectors, he asserted that the GST Council is considering a plan to reduce the 28 per cent tax rate on cement and auto parts as the average monthly collection of GST has witnessed an increase in tax collections, which was earlier set at Rs 89,700 crore (2017-18) and now kept at Rs 97,100 crore for 2018-19.

Praising Prime Minister Modi for implementing GST in the country, Sushil said that it is the biggest indirect tax reforms after independence.

Before the implementation of GST, around 17 different types of taxes were levied which have been now included in the GST.

GST has put an end to the check-posts system across the country and it has turned the concept of "one nation, one tax, one market" into reality.

He further said that several parts of the world saw a surge in prices after the introduction of GST, however, India is the only country, which witnessed fall in prices of various products after the implementation of GST.&nbsp;

Bihar Deputy Chief Minister Sushil Kumar Modi Friday said the state government has collected around Rs 15,466 crore in taxes from 2017 to November 2018, which is 38 per cent higher compared from last fiscal year for the same period.

Bihar Deputy Chief Minister Sushil Kumar Modi Friday said the state government has collected around Rs 15,466 crore in taxes from 2017 to November 2018, which is 38 per cent higher compared from last fiscal year for the same period. Speaking at Aranya Bhawan during an inauguration of training programme meant for newly recruited officers of Bihar Finance Service, Sushil said: "The revenue collection for the financial year 2018-19 is Rs 27,000 crore and so far, we have achieved a target of Rs 15,466 crore till November, which is an increase of 38 per cent as compared to last fiscal year for the same period," he said. Stressing that the strength of tax-payers has seen a remarkable growth of 3.87 lakh against 1.69 lakh registered during VAT regime, Sushil stated that out of 3.87 lakh, 2.18 lakh are new tax-payers. "In order to provide relief to small taxpayers, the GST council may soon enhance the limit of Rs 20 lakh turnover to Rs 75 lakh under composition scheme. We are also planning to bring composition scheme for service providers who have the turnover of Rs 50 lakh and reduce tax on goods in the construction sector from existing 12 and 18 per cent to 5 per cent," he added. Talking about the taxes levied on auto and cement sectors, he asserted that the GST Council is considering a plan to reduce the 28 per cent tax rate on cement and auto parts as the average monthly collection of GST has witnessed an increase in tax collections, which was earlier set at Rs 89,700 crore (2017-18) and now kept at Rs 97,100 crore for 2018-19. Praising Prime Minister Modi for implementing GST in the country, Sushil said that it is the biggest indirect tax reforms after independence. Before the implementation of GST, around 17 different types of taxes were levied which have been now included in the GST. GST has put an end to the check-posts system across the country and it has turned the concept of "one nation, one tax, one market" into reality. He further said that several parts of the world saw a surge in prices after the introduction of GST, however, India is the only country, which witnessed fall in prices of various products after the implementation of GST.

Bihar government collected 38% more tax than last year: Sushil Kumar Modi

The Arunachal Pradesh government has created a record of a total revenue generation of Rs 1,598.49 crore in 2017-18, reaching a new high in the last 30 years, a senior official said Friday.

The revenue generation had crossed the Rs 1,000 crore mark for two consecutive years since Arunachal Pradesh attained statehood in 1987, he said.

The revenue generation was Rs 1,253.57 crore in 2016-17, registering an increase of Rs 326.39 crore from its previous collection that stood at Rs 927.23 crore, the official said.

"There has been a visible improvement in the work culture in the last two years. The Team Arunachal mantra has ignited minds of the employees to deliver goods to the people of the state. This has resulted in multiplying the state revenue collection," the official said.

The BJP government in the state is making an all-out effort to reach the Rs 2,000 crore mark in 2018-19, he said.

The source of revenue generation by the state government includes share of central taxes, state taxes among others.

"Due to the concerted effort and hard work of the state government and its dedicated officers the revenue generation has shot up," he said.

Chief Minister Pema Khandu had said at a recent meeting, "The state has witnessed faster change, greater transparency and unprecedented development in all sectors."&nbsp;

The Arunachal Pradesh government has created a record of a total revenue generation of Rs 1,598.49 crore in 2017-18, reaching a new high in the last 30 years, a senior official said Friday.

The Arunachal Pradesh government has created a record of a total revenue generation of Rs 1,598.49 crore in 2017-18, reaching a new high in the last 30 years, a senior official said Friday. The revenue generation had crossed the Rs 1,000 crore mark for two consecutive years since Arunachal Pradesh attained statehood in 1987, he said. The revenue generation was Rs 1,253.57 crore in 2016-17, registering an increase of Rs 326.39 crore from its previous collection that stood at Rs 927.23 crore, the official said. "There has been a visible improvement in the work culture in the last two years. The Team Arunachal mantra has ignited minds of the employees to deliver goods to the people of the state. This has resulted in multiplying the state revenue collection," the official said. The BJP government in the state is making an all-out effort to reach the Rs 2,000 crore mark in 2018-19, he said. The source of revenue generation by the state government includes share of central taxes, state taxes among others. "Due to the concerted effort and hard work of the state government and its dedicated officers the revenue generation has shot up," he said. Chief Minister Pema Khandu had said at a recent meeting, "The state has witnessed faster change, greater transparency and unprecedented development in all sectors."

Arunachal Pradesh touches record high revenue generation

Political differences came into open at the <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">GST Council meeting </a>on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside.

Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, sources said.&nbsp;

The GST Council after much haggling agreed to cut rates on 23 items of common consumption, which will have an annual revenue implication of Rs 5,500 crore.

Sources said ministers of the opposition-ruled states argued that if a rate cut is to be done at this juncture, then the Centre should agree to compensate states for revenue loss on account of GST implementation for a period beyond the stipulated five years.

Kerala, sources said, said that with revenues not increasing, the time is not right to cut rates.

West Bengal, which had said that it wanted an 18 per cent rate for goods other than luxury and sin goods, in Saturday's meeting said that this was not the time for a rate cut.

However, BJP-ruled Assam pointed out that all opposition ministers in their speeches say that Goods and Services Tax (GST) rates should be lowered to 18 per cent from 28 per cent, but participating in the GST Council deliberation they oppose rate cuts.&nbsp;

The BJP minister demanded that the position taken by all the state ministers in the Council meetings be put in the minutes of the meeting so that it can be compared with their public speeches in future.

Finance Minister Arun Jaitley is understood to have intervened to say that only the views expressed by ministers during the Council meeting should be taken into consideration.

Sources said state ministers finally agreed to discuss and go by the suggestions made by the fitment committee or officers committee on rate cut.

The GST Council, chaired by Union Finance Minister and comprising his state counterparts, Saturday decided to cut rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates would be applicable from January 1, 2019.&nbsp;

In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.

Briefing reporters after the Council's meet, Jaitley said the average monthly revenue under GST has risen from Rs 89,000 crore in the last fiscal, to around Rs 95,000-96,000 crore in the current fiscal.&nbsp;

Also, compensation to be paid to the states has come down in the current fiscal.

He said a Group of Ministers would be set up to study the data of those states which are not showing improvement of revenues post GST implementation. The GoM would take expert assistance from NIPFP.

States which have shown improvement in tax collection included Andhra Pradesh, Uttar Pradesh, West Bengal and Tamil Nadu while laggard states included Punjab, Himachal Pradesh and Uttarakhand.&nbsp;

Also while consuming states like North East have shown improvement in revenue, manufacturing and consuming states like Maharashtra and West Bengal have shown significant improvement.&nbsp;

Political differences came into open at the GST Council meeting on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside.

Political differences came into open at the GST Council meeting on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside. Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, sources said. The GST Council after much haggling agreed to cut rates on 23 items of common consumption, which will have an annual revenue implication of Rs 5,500 crore. Sources said ministers of the opposition-ruled states argued that if a rate cut is to be done at this juncture, then the Centre should agree to compensate states for revenue loss on account of GST implementation for a period beyond the stipulated five years. Kerala, sources said, said that with revenues not increasing, the time is not right to cut rates. West Bengal, which had said that it wanted an 18 per cent rate for goods other than luxury and sin goods, in Saturday's meeting said that this was not the time for a rate cut. However, BJP-ruled Assam pointed out that all opposition ministers in their speeches say that Goods and Services Tax (GST) rates should be lowered to 18 per cent from 28 per cent, but participating in the GST Council deliberation they oppose rate cuts. The BJP minister demanded that the position taken by all the state ministers in the Council meetings be put in the minutes of the meeting so that it can be compared with their public speeches in future. Finance Minister Arun Jaitley is understood to have intervened to say that only the views expressed by ministers during the Council meeting should be taken into consideration. Sources said state ministers finally agreed to discuss and go by the suggestions made by the fitment committee or officers committee on rate cut. The GST Council, chaired by Union Finance Minister and comprising his state counterparts, Saturday decided to cut rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates would be applicable from January 1, 2019. In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore. Briefing reporters after the Council's meet, Jaitley said the average monthly revenue under GST has risen from Rs 89,000 crore in the last fiscal, to around Rs 95,000-96,000 crore in the current fiscal. Also, compensation to be paid to the states has come down in the current fiscal. He said a Group of Ministers would be set up to study the data of those states which are not showing improvement of revenues post GST implementation. The GoM would take expert assistance from NIPFP. States which have shown improvement in tax collection included Andhra Pradesh, Uttar Pradesh, West Bengal and Tamil Nadu while laggard states included Punjab, Himachal Pradesh and Uttarakhand. Also while consuming states like North East have shown improvement in revenue, manufacturing and consuming states like Maharashtra and West Bengal have shown significant improvement.

Opposition-ruled states oppose rate cuts in GST citing revenue consideration

The Government of India is looking for 10 Joint Secretaries from the private sector.&nbsp;

"Government is looking for ten (10) outstanding individuals with expertise in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce," a notification from the Department of Personnel and Training said.&nbsp;

Candidates are expected to be graduates, over 40 years of age, and with a minimum of 15 years of experience in the aforementioned fields.&nbsp;

The 10 applicants who get the jobs will be given three-year contracts, which can be extended up to 5 years.&nbsp;

They will be paid Rs 1.44 lakh to Rs 2.18 lakh a month, over and above which they will be given government housing&nbsp;and, if required, a vehicle.&nbsp;

The last date to apply to the posts is July 30.&nbsp;

There is currently a shortage of Joint Secretary-level officers at the Centre and a Committee of Secretaries (CoS) had last year recommended the lateral entry of professionals to make up the shortfall.&nbsp;

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The 10 Joint Secretaries will be hired in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce

The Government of India is looking for 10 Joint Secretaries from the private sector. "Government is looking for ten (10) outstanding individuals with expertise in the areas of Revenue, Financial Services, Economic Affairs, Agriculture, Cooperation & Farmers’ Welfare, Road Transport & Highways, Shipping, Environment, Forests and Climate Change, New & Renewable Energy, Civil Aviation and Commerce," a notification from the Department of Personnel and Training said. Candidates are expected to be graduates, over 40 years of age, and with a minimum of 15 years of experience in the aforementioned fields. The 10 applicants who get the jobs will be given three-year contracts, which can be extended up to 5 years. They will be paid Rs 1.44 lakh to Rs 2.18 lakh a month, over and above which they will be given government housing and, if required, a vehicle. The last date to apply to the posts is July 30. There is currently a shortage of Joint Secretary-level officers at the Centre and a Committee of Secretaries (CoS) had last year recommended the lateral entry of professionals to make up the shortfall. It's an endeavour to get the best from whichever source available. It's motivated with focus on allowing every Indian citizen a fair chance to ensure their growth depending on their potential: MoS PMO Jitendra Singh on GoI notification for lateral entry of 10 positions as Jt Secy pic.twitter.com/5nuFa9egAj — ANI (@ANI) June 10, 2018 ×

Government of India looking for 10 Joint Secretaries from private sector

Pakistan's Prime Minister Shahid Khaqan Abbasi announced a tax amnesty on Thursday aimed at broadening the government's revenue base in a country where only about 1 percent of the adult population are taxpayers.

Announcing that all 120 million national identity card holders will be assigned tax numbers, Abbasi told a news conference in Islamabad: "If you don't pay taxes, Pakistan will not be sustainable."

Under the amnesty plan, all Pakistanis will be able to declare their unreported income and assets and bring their money into the tax base after paying a 5 percent one-off penalty, Abbasi said. He said Pakistanis living overseas and declaring income or assets would pay a 2 per cent one-time penalty.

Pakistani politicians will be exempted from the amnesty, which will be effective until June 30.

"This is some 2-1/2 months' time you have to benefit from, and after that, you will have to face the law," the prime minister said.

Once the amnesty period expires, Pakistani authorities will use technology to identify and catch tax evaders.

He said only 1.2 million of Pakistan's 208 million people filed income tax returns in the last year, and of them, 500,000 paid zero taxes.

Abbasi said the government was also reducing the tax rate to encourage people to voluntarily sign up. Tax rates on individuals vary in Pakistan but can be as high as 30 percent for salaried individuals and 35 percent for non-salaried individuals.

Pakistan has one of the world's lowest number of taxpayers as a percentage of the population.

Successive governments have promised to rein in tax evasion and boost revenues but have faced fierce resistance to change, including from the many politicians and businessmen believed to be among those dodging payment.

Pakistan's nearly $300 billion economies has recently been showing signs of vulnerability despite surging growth rates above 5 percent, the fastest pace in a decade.

The government has in recent months devalued the rupee, imposed tariffs on imported goods and sought to boost exports to reduce growing balance of payments pressures.

A widened current account deficit has prompted analysts to suggest the country may need an International Monetary Fund bailout in the next 12 months.

Abbasi said he was aware of the challenges.

"We have been in a growth phase. There are current account challenges. We are tackling that," he said.&nbsp

Announcing that all 120 million national identity card holders will be assigned tax numbers, Abbasi told a news conference in Islamabad: "If you don't pay taxes, Pakistan will not be sustainable."

Pakistan's Prime Minister Shahid Khaqan Abbasi announced a tax amnesty on Thursday aimed at broadening the government's revenue base in a country where only about 1 percent of the adult population are taxpayers. Announcing that all 120 million national identity card holders will be assigned tax numbers, Abbasi told a news conference in Islamabad: "If you don't pay taxes, Pakistan will not be sustainable." Under the amnesty plan, all Pakistanis will be able to declare their unreported income and assets and bring their money into the tax base after paying a 5 percent one-off penalty, Abbasi said. He said Pakistanis living overseas and declaring income or assets would pay a 2 per cent one-time penalty. Pakistani politicians will be exempted from the amnesty, which will be effective until June 30. "This is some 2-1/2 months' time you have to benefit from, and after that, you will have to face the law," the prime minister said. Once the amnesty period expires, Pakistani authorities will use technology to identify and catch tax evaders. He said only 1.2 million of Pakistan's 208 million people filed income tax returns in the last year, and of them, 500,000 paid zero taxes. Abbasi said the government was also reducing the tax rate to encourage people to voluntarily sign up. Tax rates on individuals vary in Pakistan but can be as high as 30 percent for salaried individuals and 35 percent for non-salaried individuals. Pakistan has one of the world's lowest number of taxpayers as a percentage of the population. Successive governments have promised to rein in tax evasion and boost revenues but have faced fierce resistance to change, including from the many politicians and businessmen believed to be among those dodging payment. Pakistan's nearly $300 billion economies has recently been showing signs of vulnerability despite surging growth rates above 5 percent, the fastest pace in a decade. The government has in recent months devalued the rupee, imposed tariffs on imported goods and sought to boost exports to reduce growing balance of payments pressures. A widened current account deficit has prompted analysts to suggest the country may need an International Monetary Fund bailout in the next 12 months. Abbasi said he was aware of the challenges. "We have been in a growth phase. There are current account challenges. We are tackling that," he said.

Pakistan declares tax amnesty to broaden income revenue base

Apple on Thursday said its earnings in the final three months of last year set new records, with sales of its flagship iPhone X topping its expectations.

The California-based technology giant reported that profit climbed to $20 billion on revenue that increased 13 percent to $88.3 billion during the period.

&quot;We&#39;re thrilled to report the biggest quarter in Apple&#39;s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup,&quot; said Apple chief executive Tim Cook.

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&quot;iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.&quot;

However, Apple reported that overall iPhone sales in the quarter of 77.3 million were about a million fewer than the same period a year earlier.&nbsp;

But iPhone revenues rose 13 percent from a year ago, suggesting its newer models were gaining traction.

The earnings -- for the first quarter of Apple&#39;s financial year -- come amid concerns over weak demand for the newest and most expensive iPhone X, the 10th anniversary edition of the iconic smartphone.

Revenue growth from iPhone sales rose in all regions, and it was the top-selling smartphone overall in mainland China, according to Cook.

&quot;It was a stellar quarter for iPhone,&quot; Cook said.

&quot;iPhone X was the most popular.&quot;

Apple also forecast revenue of between $60 billion and $62 billion in the current quarter, an outlook less rosy than analysts had expected.

Apple shares dipped and then rose more than three percent to $173.40 in after-market trades that followed release of the earnings figures.

Spotlight off iPhone 
Despite Apple&#39;s spectacular trajectory in the decade since the introduction of the iPhone, the California technology titan is facing challenges on whether it can continue growth.

Apple&#39;s image has been bruised by revelations that it updated its mobile software to slow the performance of old iPhones as batteries weaken from age.

While the iPhone delivered the bulk of revenues, $61.6 billion in the quarter, the key segment of services saw revenue growth of 18 percent to $8.5 billion.

The &quot;other product&quot; segment which includes the Apple Watch and Apple TV, increased 36 percent to $5.5 billion.

Cook spent much of an earnings call with analysts playing up increasing revenue from Apple services, digital content, subscriptions, and products other than iPhones.

The number of Apple devices being used in the world as of January is at an all-time high of 1.3 billion, the ranks having grown 30 percent during the past two years, according to Apple.

&quot;That number speaks to the strength of the product; the loyalty of the customer, the strength of the ecosystem; it also obviously fuels the services business,&quot; Cook said.

While iPhone sales are at the heart of Apple&#39;s money-making machine, the company has taken to spotlighting revenue from the App Store, iCloud, Apple Music, iTunes and other content and services people tap into using its devices.

Where&#39;s the wow? 
Neil Saunders, managing director of research firm GlobalData Retail, saw &quot;worrying trends&quot; behind Apple&#39;s record-breaking quarterly earnings.

The number of iPhones sold declined, and people overall seem to be waiting longer to upgrade to new smartphones, the analyst noted. He saw the slowdown in iPhone sales as a sign that Apple isn&#39;t coming up with the kind of innovations that &quot;wow&quot; consumers.

&quot;We believe that the clear blue water that once existed between Apple and rivals is much diminished,&quot; Saunders said.

&quot;The company has time to reopen the gap, but to do so, it needs to pull something new and unique out of its hat sooner, rather than later.&quot;

Apple said its cash pile grew to $285 billion, with much of that stashed overseas.

The company said last month it would bring back most of its profits from abroad to take advantage of a favorable tax rate in legislation approved by Congress last year.

The repatriation will result in a tax bill of about $38 billion, but also would free up big chunks of money for investment.

The tech giant reported that profit climbed to $20 billion in the final three months of last year

Apple on Thursday said its earnings in the final three months of last year set new records, with sales of its flagship iPhone X topping its expectations. The California-based technology giant reported that profit climbed to $20 billion on revenue that increased 13 percent to $88.3 billion during the period. "We're thrilled to report the biggest quarter in Apple's history, with broad-based growth that included the highest revenue ever from a new iPhone lineup," said Apple chief executive Tim Cook. However, Apple reported that overall iPhone sales in the quarter of 77.3 million were about a million fewer than the same period a year earlier × "iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November." However, Apple reported that overall iPhone sales in the quarter of 77.3 million were about a million fewer than the same period a year earlier. But iPhone revenues rose 13 percent from a year ago, suggesting its newer models were gaining traction. The earnings -- for the first quarter of Apple's financial year -- come amid concerns over weak demand for the newest and most expensive iPhone X, the 10th anniversary edition of the iconic smartphone. Revenue growth from iPhone sales rose in all regions, and it was the top-selling smartphone overall in mainland China, according to Cook. "It was a stellar quarter for iPhone," Cook said. "iPhone X was the most popular." Apple also forecast revenue of between $60 billion and $62 billion in the current quarter, an outlook less rosy than analysts had expected. Apple shares dipped and then rose more than three percent to $173.40 in after-market trades that followed release of the earnings figures. Spotlight off iPhone Despite Apple's spectacular trajectory in the decade since the introduction of the iPhone, the California technology titan is facing challenges on whether it can continue growth. Apple's image has been bruised by revelations that it updated its mobile software to slow the performance of old iPhones as batteries weaken from age. While the iPhone delivered the bulk of revenues, $61.6 billion in the quarter, the key segment of services saw revenue growth of 18 percent to $8.5 billion. The "other product" segment which includes the Apple Watch and Apple TV, increased 36 percent to $5.5 billion. Cook spent much of an earnings call with analysts playing up increasing revenue from Apple services, digital content, subscriptions, and products other than iPhones. The number of Apple devices being used in the world as of January is at an all-time high of 1.3 billion, the ranks having grown 30 percent during the past two years, according to Apple. "That number speaks to the strength of the product; the loyalty of the customer, the strength of the ecosystem; it also obviously fuels the services business," Cook said. While iPhone sales are at the heart of Apple's money-making machine, the company has taken to spotlighting revenue from the App Store, iCloud, Apple Music, iTunes and other content and services people tap into using its devices. Where's the wow? Neil Saunders, managing director of research firm GlobalData Retail, saw "worrying trends" behind Apple's record-breaking quarterly earnings. The number of iPhones sold declined, and people overall seem to be waiting longer to upgrade to new smartphones, the analyst noted. He saw the slowdown in iPhone sales as a sign that Apple isn't coming up with the kind of innovations that "wow" consumers. "We believe that the clear blue water that once existed between Apple and rivals is much diminished," Saunders said. "The company has time to reopen the gap, but to do so, it needs to pull something new and unique out of its hat sooner, rather than later." Apple said its cash pile grew to $285 billion, with much of that stashed overseas. The company said last month it would bring back most of its profits from abroad to take advantage of a favorable tax rate in legislation approved by Congress last year. The repatriation will result in a tax bill of about $38 billion, but also would free up big chunks of money for investment.

Apple says it sold fewer iPhones but made record profit

PepsiCo Inc reported slightly better-than-expected quarterly revenue, helped by strong demand for Frito-Lay snacks and new beverages in North America. 
 
New drinks such as Propel flavoured water and Naked Cold Pressed juice, and snacks under its &quot;Simply&quot; brand helped drive sales, the company said. 
 
Net income attributable to PepsiCo rose to $2.01 billion, or $1.38 per share, in the second quarter which ended on June 11, from $1.98 billion, or $1.33 per share, a year earlier. 
 
Net revenue fell 3.3 per cent to $15.395 billion, slightly beating the average analyst estimate of $15.37 billion, according to Thomson Reuters Institutional Brokers&#39; Estimate System. 
 
Net revenue in the North America Beverages unit, the company&#39;s biggest business, rose one per cent &ndash; the slowest growth since the company started breaking out beverage sales from the region a year ago. 
 
Revenue from the Frito-Lay business, which includes Doritos, Lay&#39;s and the Simply line of snacks, rose three per cent. New snacks launched under the Simply brand included Simply Tostitos black bean chips and Simply Tostitos organic chunky medium salsa. 
 
(Reuters)

New drinks such as Propel flavoured water, Naked Cold Pressed juice, and snacks by the brand 'Simply', helped drive sales

PepsiCo Inc reported slightly better-than-expected quarterly revenue, helped by strong demand for Frito-Lay snacks and new beverages in North America. New drinks such as Propel flavoured water and Naked Cold Pressed juice, and snacks under its "Simply" brand helped drive sales, the company said. Net income attributable to PepsiCo rose to $2.01 billion, or $1.38 per share, in the second quarter which ended on June 11, from $1.98 billion, or $1.33 per share, a year earlier. Net revenue fell 3.3 per cent to $15.395 billion, slightly beating the average analyst estimate of $15.37 billion, according to Thomson Reuters Institutional Brokers' Estimate System. Net revenue in the North America Beverages unit, the company's biggest business, rose one per cent – the slowest growth since the company started breaking out beverage sales from the region a year ago. Revenue from the Frito-Lay business, which includes Doritos, Lay's and the Simply line of snacks, rose three per cent. New snacks launched under the Simply brand included Simply Tostitos black bean chips and Simply Tostitos organic chunky medium salsa. (Reuters)

Thanks to new products, PepsiCo crosses revenue targets

Consulting and outsourcing company Accenture reported an 8.6 per cent rise in quarterly net revenue, driven by higher demand from customers in North America. 
 
The net income attributable to Accenture rose to $897.2 million, or $1.41 per share, in the third quarter ended May 31, 
 
It rose&nbsp;from $793.7 million, or $1.24 per share, year on year. 
 
Net revenue, or revenue before reimbursements, rose to $8.43 billion from $7.77 billion. 
 
(Reuters)

Net revenue rose to $8.43 billion from $7.77 billion in the previous quarter

Consulting and outsourcing company Accenture reported an 8.6 per cent rise in quarterly net revenue, driven by higher demand from customers in North America. The net income attributable to Accenture rose to $897.2 million, or $1.41 per share, in the third quarter ended May 31, It rose from $793.7 million, or $1.24 per share, year on year. Net revenue, or revenue before reimbursements, rose to $8.43 billion from $7.77 billion. (Reuters)

Accenture net revenue rises by 8.6%

revenue

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