Here are the top trending news from the world of technology. News that we feel every tech enthusiast should keep a tab on.
Facebook is shutting down its live shopping feature
Facebook has decided to tame down its e-commerce aggression by deciding to permanently shut down its live shopping feature. The live shopping feature will not be available on Facebook from 1st October. After 1st October Facebook users won’t be available to sell any products through live streaming events. The social media giant had introduced the live shopping feature in the year 2018 with an aim to cash on the social commerce boom. However, things didn’t quite pan out as per the plan. Reports also claim withdrawing this feature will help the social media giant to focus more on its short video product ‘Reels’ and compete better with TikTok.
LIC is now a fortune 500 company
The recently listed public insurance company LIC has now broken into the coveted list of the Fortune 500 companies. In fact, LIC is now the most top ranked Indian company in this coveted list, ranking at 98th position while India’s largest private company Reliance has been ranked at 104th position in the latest list of fortune 500 companies. Although LIC stocks have been struggling since its debut, its profit and revenue numbers are still quite flattering. The public insurance behemoth boosts an annual revenue of $97 Bn and profit of nearly $553 Mn. Indian Oil, Tata Motors and SBI were other Indian companies that got featured in the list of Fortune 500 companies.
Airtel to Rollout 5G services this month
India’s wait for 5G connectivity may finally get over in matter of few weeks. India’s No 2 telecon company Airtel has announced that it is rolling out its 5G service across India as early as this month. This means Airtel is likely to beat its arch rival Reliance Jio in 5G launch. Although unconfirmed reports claim that Mukesh Ambani may announce about Jio’s 5G launch on 15th August (i.e. on the eve of India’s independence day), there is still no official word from Reliance Jio. Mukesh Ambani’s Reliance Jio emerged as the topmost bidder in the recently concluded 5G spectrum auction, spending nearly Rs 88,000 crore in the auction.
Now buy ‘live ticket’ events on TikTok
Short video app TikTok has launched an in-app feature that will allow it users to directly book ticket for live events. The popular short video app has partnered with American company Ticketmaster for this feature. However, initially this feature will be available only for select users before it is rolled out for the global. Ticketmaster has also partnered with video messaging app Snapchat for a similar feature. But this latest announcement by TikTok surely won’t create any buzz in the Indian market since TikTok is officially banned in India.
Uber officially exits from Zomato
According to Reuters, ride-hailing major Uber has finally sold its 7.8% stake in the foodtech delivery Zomato. The ride-hailing company raked nearly $392 Mn through this sale. Badly hit by the pandemic, Uber India’s balance sheet has been almost bleeding. In fact, the situation for Uber in India has turned so bad that there were rumors that it was holding talks with its rival Ola for a possible merger. But both companies later denied these reports. As for Zomato, the foodtech delivery company is going for a major some major and drastic change. The company is planning to set up a umbrella organization and appoint multiple CEOs for its subsidiary companies.