A look at the headlines in this sector right now:

  1. Twitter to shut down Bengaluru engineering centre, lay off 20-60 employees: The staff who will be effected are part of ZipDial, the mobile communications startup the company had acquired for around $35 million last year.
  2. Seven telecom operators deposit Rs 14,653 crore for upcoming spectrum auction: Mobile frequencies in seven bands — 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2,500 MHz — will be up for sale from October 1.
  3. Google launches Trips, a free travel app that works in offline mode: It will also act as a city guide for more than 200 places across the globe and can make personalised recommendations.
  4. Facebook hires ex-Yahoo, Snapdeal executive Anand Chandrasekaran to boost growth of Messenger app: The 38-year-old, who joined Airtel in 2014, is credited with launching its Wynk music app and Airtel Money.
  5. India's banking sector will be 'stable' for the next 12 to 18 months, says Moody's: The ratings agency said the industry was moving beyond the worst of its bad loans cycle.
  6. ONGC Videsh Limited asked to pay Rs 6,100 crore as service tax: The amount was calculated based on foreign currency expenditure that was reported by the company between April 2006 and March 2010.
  7. Sensex, Nifty close lower on cautious sentiments ahead of US Fed, Bank of Japan meetings: While the American central bank is expected to keep its interest rates unchanged, investors are looking for indications of a hike in the future.