Wednesday, June 30, 2021

Twitter site not working for some users; few features inaccessible

 Twitter was down late on Wednesday for multiple users, with most of them reporting issues with the social media platform's website, according to outage monitoring website Downdetector


(Reuters) - Twitter was down late on Wednesday for multiple users, with most of them reporting issues with the social media platform's website, according to outage monitoring website Downdetector.

Twitter said it was working to fix the issue.

More than 6,000 user reports indicated issues with Twitter as of 0140 GMT, about 93% of those being related to its website, according to Downdetector. That number came down to more than 2,600 user reports within an hour.

"Profiles' tweets may not be loading for some of you on the web and we're currently working on a fix", Twitter said in a statement.

Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform.

Legally insufficient: US Facebook critics get preview of long slog ahead

 Critics of Big Tech market power got a preview of the long slog likely ahead in US courts after a federal judge this week dismissed anti-trust lawsuits against Facebook


Critics of Big Tech market power got a preview of the long slog likely ahead in US courts after a federal judge this week dismissed anti-trust lawsuits against Facebook by the Federal Trade Commission and a phalanx of state attorneys general, landing a blow to regulators hoping to rein in the world's largest social networking platform.

Facebook counts 3.45 billion monthly active users across its family of products - Facebook, Instagram, Messenger, and/or WhatsApp - as per its first-quarter data for 2021.

In a 53-page opinion, US District Judge James Boasberg ruled that the lawsuits were "legally insufficient" and did not provide enough evidence to prove that Facebook was a monopoly.

"Although the Court does not agree with all of Facebook's contentions here, it ultimately concurs that the agency's Complaint is legally insufficient and must therefore be dismissed," he wrote.

The ruling goes on to say that the FTC has failed to "plausibly establish" that Facebook has monopoly power.

"The Complaint contains nothing on that score save the naked allegation that the company has had and still has a "dominant share of that market (in excess of 60 per cent)".

"The FTC's Complaint says almost nothing concrete on the key question of how much power Facebook actually had, and still has, in a properly defined antitrust product market," the ruling reads.

"It is almost as if the agency expects the Court to simply nod to the conventional wisdom that Facebook is a monopolist."

'I saw Facebook posts': Vaccine disinformation endangers millions in Asia

 False claims are fueling vaccine hesitancy in pockets, undermining efforts to vaccinate some of the most vulnerable people in Asia.


Though Gerry Casida is on the priority list for a free Covid-19 vaccine in the Philippines because of his asthma, he’s isn’t planning to get the shot any time soon. A video he found on social media of a woman claiming vaccines are being used for genocide helps explain why.

“I’ve read a lot of posts on Facebook about how many died in other countries because of vaccines, and how that’s being concealed,” the construction worker, 43, from Manila said. “My mom also consulted a folk healer, who said the vaccines could affect my heart.”

Millions of people like Casida in some of the worst Covid hotspots in Southeast Asia are in no rush for inoculation or just saying no, swayed by disinformation on social media from both local sources as well anti-vaccination movements in the U.S. Those false claims are fueling vaccine hesitancy in some pockets of the region, undermining efforts to vaccinate some of the most vulnerable people in Asia and end a pandemic that has stalled the global economy.

Despite some of the highest rates of new cases in the world, recent surveys have shown vaccine resistance is prevalent in the region. In the Philippines, 68% of the people are either uncertain or unwilling to take the shots, according to polling company Social Weather Stations. A third of Thais have doubts or refuse to be vaccinated, according to the Suan Dusit Poll, while a separate survey in Indonesia showed nearly a fifth of the population hesitating.

Anti-vaccination propaganda is a big reason for that hesitancy, which has further slowed takeup in countries already struggling with limited supplies. Less than 10% of the population in Thailand and the Philippines have received even one shot.

“It is a polluted media landscape,” Melissa Fleming, the United Nations’ under-secretary-general for global communications, said at a virtual forum in May. “This infodemic has shifted now, and the focus is misinformation on vaccines. It’s about instilling fear in people.”

Highly transmissible Covid Delta variant detected in 96 countries, says WHO

 The Delta Covid-19 variant, first identified in India, has already been detected in 96 countries, 11 more than last week, the World Health Organisation said


The Delta variant, also referred to as a "double mutant" because it carries two mutations, is 55 per cent more transmissible than the Alpha variant (initially detected in the United Kingdom) and will rapidly become the dominant strain of coronavirus globally, said the WHO.

Africa has reported many new outbreaks of the variant as Tunisia, Mozambique, Uganda, Nigeria, and Malawi are among the 11 countries targeted by Delta. The continent has witnessed a "sharp increase" in new cases and deaths, according to the update.

First detected in October 2020, the Delta variant has several spike mutations that increase its transmissibility and its resistance to neutralizing antibodies and possibly even vaccines.

Furthermore, a recent study conducted in Scotland and published in the international medical journal Lancet found that the hospitalization rate for patients infected with the Delta variant of COVID-19 was 85 per cent higher than for those infected with the Alpha variant.

"This particular Delta variant is faster, it is fitter, it will pick off the more vulnerable more efficiently than previous variants," Michael Ryan, executive director of the WHO's Health Emergencies Program, has commented recently.

Floods may be nearly as important as droughts for future carbon accounting

 Stanford University researchers found that photosynthesis -was primarily influenced by floods and heavy rainfall nearly as often as droughts in many locations


In a global analysis of vegetation over more than three decades, Stanford University researchers found that photosynthesis -- the process by which plants take up carbon dioxide from the atmosphere- was primarily influenced by floods and heavy rainfall nearly as often as droughts in many locations.

The paper, published in the journal Environmental Research Letters, highlights the importance of incorporating plant responses to heavy rainfall in modeling vegetation dynamics and soil carbon storage in a warming world.

"These wet extremes have basically been ignored in this field and we're showing that researchers need to rethink it when designing schemes for future carbon accounting," said senior study author Alexandra Konings, an assistant professor of Earth system science in Stanford's School of Earth, Energy & Environmental Sciences (Stanford Earth). "Specific regions might be much more important for flood impacts than previously thought."

More photosynthesis in combination with other factors can enable greater amounts of carbon to be stored in the soil over the long term, according to the researchers. To estimate the presence of photosynthesis, they analyzed plant greenness according to publicly available satellite data from 1981 to 2015.

Because the field of carbon accounting is dominated by research on drought impacts, the co-authors were surprised to find that photosynthesis was affected by flooding so frequently- in about half the regions in the analysis. While drought is known to decrease photosynthesis, wet extremes can either decrease or accelerate the process.

Crypto exchange Binance says sterling withdrawals reactivated after outage

 The exchange's customers said on Tuesday they were unable to deposit or withdraw sterling from the platform, days after regulators in Britain cracked down on some of its activities in the country


By Tom Wilson

LONDON (Reuters) -Binance, one of the world's largest cryptocurrency exchanges, said on Wednesday that sterling withdrawals from its platform had been reactivated, with users also able to buy digital coins with debit and credit cards. The exchange's customers said on Tuesday they were unable to deposit or withdraw sterling from the platform, days after regulators in Britain cracked down on some of its activities in the country.

Binance users had said they were unable to withdraw or deposit sterling via the Faster Payments network - which enables mobile, internet, and other payments between British bank accounts - or bank cards.

A Binance spokesperson said withdrawals via the Faster Payments network were reactivated on Tuesday, adding that bank card purchases of crypto were again possible.

Many users complained that Binance had given no information about transactions being blocked, beyond a "down for maintenance" message.

Binance had said the Financial Conduct Authority (FCA) move would not impact services offered on its website, access to which by British residents was unaffected by the crackdown.

Later on Wednesday, the crypto exchange displayed a notice on its Binance.co.uk website stating that Binance Markets Limited, a UK-based company, was not permitted to undertake regulated activities in the country.

Tuesday, June 29, 2021

Suba Group's Click acquires controlling stake in leisure group1589 Hotels

 Click Hotels envisions crossing 3,000 rooms and plans to have a pan India presence by 2021.


Mumbai-based Click Hotels, a part of Suba Group of Hotels, has acquired a controlling stake in Gurgaon-based 1589 Hotels for an undisclosed amount, said people privy to the deal. Mansur Mehta, MD, Suba Group, confirmed the development. With this acquisition, the total number of hotels at the hospitality firm goes up to 50 from the present 15 and the number of rooms goes up to 1800 from the current 400.

The transaction in the budget segment of the hotel comes at a time when quite a few hotels have shut down due to the Coronavirus (Covid-19) pandemic and many have been put up for sale. Close to 40 percent of hotels and restaurants are estimated to have closed permanently, according to the Federation of Hotel & Restaurant Associations of India (FHRAI).“We are in the business segment and don’t have a presence in the leisure markets. Going by the current trend, it seems, leisure segment will recover and grow much faster while the business segment may take a couple of more quarters to get back to normalcy. That is why we thought it makes sense to do this deal,” Mehta told Business Standard.

By 2023, Click Hotels envisions crossing 3,000 rooms and plans to have a pan-India presence. Mehta said he is on the lookout for more acquisitions in the southern and western regions for the same. 1589 Hotel is a budget hotel that owns GenX, RNB, and RNB Select brands and has 1400 rooms with a presence in the majority of the leisure and wedding destinations in north India including Himachal, Rajasthan, and Uttar Pradesh.

Mandatory hallmarking of gold jewellery implemented in 8 Odisha districts

 Odisha Food Supplies and Consumer Welfare Minister Ranendra Pratap Swain Tuesday said that mandatory hallmarking of gold jewellery has been implemented in eight districts of the state


Odisha Food Supplies and

Consumer Welfare Minister Ranendra Pratap Swain Tuesday said that mandatory hallmarking of gold jewellery has been implemented in eight districts of the state.

The districts are Cuttack, Balasore, Bhadrak, Ganjam, Jajpur, Mayurbhanj, Sambalpur and Khurda, of which Bhubaneswar is a part, he said.

Gold hallmarking, a purity certification of the precious metal, had been voluntary so far.

The minister took to Twitter to make the announcement.

"Jewellers will be allowed to sell only 14, 18 and 22 carats of gold jewellery. Gold of additional 20, 23 and 24 carats will also be allowed for hallmarking. Consumers should check hallmarking before purchasing jewellery," Swain tweeted.

The Centre had said that mandatory hallmarking of gold jewellery and artefacts would come into force in a phased manner from June 16, starting with 256 districts across the country.

The Union government has exempted jewellers with an annual turnover of up to Rs 40 lakh from mandatory hallmarking.

It has also been exempted for those who export and re-import jewellery according to the government's trade policy, jewellery meant for international exhibitions, as well as for government-approved B2B (business-to-business) domestic exhibitions.

The mandatory hallmarking will protect people against lower caratage while buying gold jewellery and get the purity as marked on the ornaments.

India's draft space transportation policy gives green push to Isro

 The Indian government will continue to focus on research and development on green fuel, robotic space exploration, and reusable rockets, states the draft National Space Transportation Policy


The Indian government, while encouraging the private players to play a good part in the space sector with policy reforms, will continue to focus on research and development (R&D) on green fuel, robotic space exploration and reusable rockets state the draft National Space Transportation Policy.

The draft policy states that focused research is essential on new propulsion systems based on semi-cryogenic, liquid oxygen-methane, and green propellants.

The Department of Space (DOS) under the Government of India has recently come out with its draft National Space Transportation Policy.

Its space arm -- Indian Space Research Organisation (ISRO)-- is working on green fuel (for rockets and satellites), human space missions, and others. Similarly, private rocket makers are also for green fuel.

The DOS Secretary and ISRO Chairman K.Sivan said the space agency is looking at green propulsion through hydrogen peroxide in its rocket that would take Indians into space under its 'Gaganyaan' mission.

ISRO is also looking at rocket engines powered by hydrogen peroxide as a mono-propellant or as a bi-propellant along with ethanol.

The Indian space agency is also developing another green fuel -- LOX/Methane -- liquid oxygen as oxidizer and methane as fuel.

Godrej holding company hikes stake in Godrej Properties, Agrovet

 With the stake buy in Godrej Properties, Godrej Industries' stake in the company will rise to 47.29 per cent.


In a move to increase stake in the group’s listed companies, Godrej Industries on Tuesday bought 2.53 per cent in Godrej Properties, the realty arm, from six Godrej family trusts for Rs 997.2 crore.

With the stake buy in Godrej Properties, Godrej Industries’ stake in the company will rise to 47.29 per cent. Godrej Industries also bought a 1.63 per cent stake in Godrej Agrovet for Rs 194.3 crore, according to bulk deal data published by exchanges. Godrej Industries’ stake in Godrej Agrovet will go up to 61.53 per cent. The family trusts bought 4.5 per cent in Godrej Industries for Rs 869.4 crore, separately, from Anamudi Real Estates and Godrej Seeds and Genetics, which had a 5.06 per cent stake separately as of March 31.

A spokesperson said the move was aimed at simplifying the holding structure of the group.

“The promoter inter-se share transfers of Godrej Group listed shares strengthen Godrej Industries’ direct shareholding in Group entities and simplify the overall Group holding structure,” the company spokesperson said.

Sources in the know said such deals will be an ongoing exercise for the group which has multiple companies. Members of the Godrej Family have transferred part of their ownership in Godrej Industries into trusts in the past as part of succession planning.

Banks so far lent 90% of Rs 3 trn under emergency credit scheme: Report

 Banks have so far lent 90 per cent of the Rs 3 lakh crore under the emergency credit line guarantee scheme announced last year to help small businesses tide over the pandemic


Banks have so far lent 90 per cent of the Rs 3 lakh crore under the emergency credit line guarantee scheme announced last year to help small businesses tide over the pandemic, according to a report by Crisil.

On Monday, the government expanded the emergency credit line guarantee scheme (ECLGS) by another Rs 1.5 lakh crore, which Crisil feels will help alleviate the potential stress on the asset quality of banks arising from the second wave of the pandemic.

Disbursements under the existing ECLGS have already reached Rs 2.69 lakh crore of the total corpus of Rs 3 lakh crore, which is 89.7 per cent, benefiting almost 10 per cent of the value of banking sector advances and over 60 per cent value of advances to micro, small and medium enterprises, Crisil said in a note on Tuesday.

This, coupled with other steps like loan moratorium and loan resolution framework, has helped contain banks' gross non-performing assets at 7.5 per cent in March 2021, down from 8.2 per cent in March 2020, the agency said.

Even micro, small, and medium businesses, which bore the brunt of the pandemic on their cash flows saw gross NPAs increase by only less than 100 basis points, it noted.

On the Rs 7,500 crore credit guarantee scheme announced for loans given to microfinance institutions for on-lending, Crisil said it will enhance funding access for the microlenders, and also ensure increased credit flow to their small borrowers as they were unable to borrow from other avenues in the formal financial ecosystem.

After sinking billions, Walmart, Amazon haven't learnt their place in India

 India is effectively muzzling the two leading US players. and it's tilting the balance in favor of offline commerce, away from digital startups that are India's best bet for rebuilding the economy.

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The list of what e-commerce platforms aren’t allowed to do in India has been growing for some time, but the latest prohibition on flash sales has simply gone too far. If the rules get implemented, the entire business model of Amazon.com Inc. and Walmart Inc. could come unstuck before their investments in a market of 1.4 billion people can grow to a rewarding size.

While a lofty public purpose can always be tacked on as an afterthought to the most draconian of regulations, in this case, the fig leaf is thinner than usual. It’s hard to see how “significantly reduced prices, high discounts or any other such promotions or attractive offers” for a period of time “limit customer choice, increase prices and prevent a level playing field.”

The real driving spirit behind the consumer affairs ministry’s new draft guidelines, currently open for public comment, may lie elsewhere. In the garb of checking manipulative behavior by online marketplaces, India is effectively muzzling the two leading U.S. players. It’s also tilting the balance in favor of offline commerce, and away from digital startups that are India’s best bet for rebuilding the pandemic-ravaged economy.

Amazon and Walmart are dominant but in a tiny corner. Overall e-commerce is only 4% of India’s $800 billion retail markets. Yet they’re supposedly exerting such a baleful influence on the natural flow of goods that they must be reined in by, in effect, instructing Amazon not to sell its Made in India Fire TV Sticks — a media streaming device — on its local e-commerce website. Ditto for Walmart. Its physical wholesale operation in the country may not be able to hawk a shirt on Flipkart, the online marketplace it acquired for $16 billion in 2018. And this is when the American retailer is trying hard to blend in. It plans to triple exports from India to $10 billion by 2027 and will float Flipkart in the local equity market.

The Flipkart purchase was Walmart’s most expensive, and perhaps the smoothest moment in its long and turbulent quest to establish a toehold in the country. Soon after the deal, Mukesh Ambani, India’s richest businessman, announced his own ambitious e-commerce plan for linking small independent stores with customers of his then-nascent 4G telecom service. That network now has 420 million-plus subscribers. Ambani is also India’s largest operator of physical stores.

Monday, June 28, 2021

When do electric vehicles become cleaner than combustion-engine cars?

 the production of a mid-sized EV saloon generates 47 grams of CO2 per mile during the extraction and production process. By comparison, a similar gasoline vehicle generates 32 grams per mile


By Paul Lienert

DETROIT (Reuters) - You glide silently out of the Tesla showroom in your sleek new electric Model 3, satisfied you're looking great and doing your bit for the planet.

But keep going - you'll have to drive another 13,500 miles (21,725 km) before you're doing less harm to the environment than a gas-guzzling saloon.

That's the result of a Reuters analysis of data from a model that calculates the lifetime emissions of vehicles, a hotly debated issue that's taking center stage as governments around the world push for greener transport to meet climate targets.

The model was developed by the Argonne National Laboratory in Chicago and includes thousands of parameters from the type of metals in an electric vehicle (EV) battery to the amount of aluminum or plastic in a car.

Argonne's Greenhouse Gases, Regulated Emissions, and Energy Use in Technologies (GREET) model is now being used with other tools to help shape policy at the U.S. Environmental Protection Agency (EPA) and the California Air Resources Board, the two main regulators of vehicle emissions in the United States.

Jarod Cory Kelly, the principal energy systems analyst at Argonne, said making EVs generates more carbon than combustion engine cars, mainly due to the extraction and processing of minerals in EV batteries and production of the power cells.

ONGC's improved earnings outlook for 12-18 months to support deleveraging

 The rating agency has revised Brent crude oil price expectations for the rest of 2021 to $65 per barrel from $60 per barrel earlier


Rating agency Standard and Poor's on Tuesday said state-owned Oil and Natural Gas Corporation Ltd's (ONGC) improved earnings outlook for the next 12-18 months will support deleveraging.

"We expect the India-based company to benefit from favorable crude oil prices over FY22 (year ending March 31, 2022)," S&P said in a statement.

"It is rated at "BBB-/Stable". Our 'BBB-' issuer credit rating on ONGC remains constrained by the sovereign credit rating on India (BBB-/Stable/A-3)," the agency added.

The rating agency has revised Brent crude oil price expectations for the rest of 2021 to $65 per barrel from $60 per barrel earlier. This forecast is significantly higher than about $43 per barrel that ONGC realized in FY21.

The higher crude prices, along with a modest 5-7 per cent growth in the company's production volume, should push its EBITDA up by 20-25 per cent to about Rs 85,000 crore during FY22.

"We estimate the company's debt-to-EBITDA ratio will strengthen to about 1.6x during this period, from about 1.9x in FY21," the agency added.

ONGC will maintain prudent capital investments over FY22, largely funded with operating cash flows. The company showed good flexibility in scaling back investments over FY21 amid challenges due to the Covid-19 pandemic. Its capital expenditure fell to about Rs 43,000 crore in FY21 from close to Rs 55,000 crore in the previous year.

Microsoft expected to roll out Windows 11 OS on October 20: Report

 Microsoft, which unveiled Windows 11 last week, might roll out the OS on October 20, the media reported.


A screenshot showed a Microsoft Teams message from Stevie Bathiche of the Surface Team to Microsoft's head of Windows and Devices, Panos Panay, saying "can't wait for October!".

And the official promo materials from Microsoft on the Windows 11 website feature the date October 20 in the taskbar, GSMArena reported.

Earlier, the company said that the new OS will be a free upgrade for Windows 10 users and will start rolling out "this holiday".

According to the company, Windows 11 is made for gamers as it unlocks the full potential of the system's hardware, putting some of the latest gaming technology to work.

With a high-performance NVMe SSD and the proper drivers, Windows 11 can soon load new games faster than ever thanks to a breakthrough technology called DirectStorage, which we also pioneered as part of the Xbox Velocity Architecture featured in the Xbox Series X and Xbox Series A, the company said.

The company introduced Chat from Microsoft Teams integrated into the taskbar.

With this, users can instantly connect through text, chat, voice or video with all of their personal contacts, anywhere, no matter the platform or device they're on, across Windows, Android or iOS.

Google takes down maps targeting hundreds of Thais accused of opposing king

 Google took down two Google Maps documents on Monday that had listed the names and addresses of hundreds of Thai activists who were accused by royalists of opposing the monarchy


By Fanny Potkin and Panu Wongcha-um

SINGAPORE/BANGKOK (Reuters) - Google took down two Google Maps documents on Monday that had listed the names and addresses of hundreds of Thai activists who were accused by royalists of opposing the monarchy, the technology company said.

Thai royalist activist Songklod "Pukem" Chuenchoopol told Reuters he and a team of 80 volunteers had created the maps and planned to report everyone named on them to police on accusations of insulting the monarchy.

A spokesperson for Alphabet's Google said by email "the issue is now fixed", and noted: "We have clear policies about what's acceptable for user-generated My Maps content. We remove user-generated maps that violate our policies."

A version of one of the maps seen by Reuters included the names and addresses of nearly 500 people, many of the students, together with their photos in university or high school uniforms. It had received over 350,000 views.

The faces of those named had been covered by black squares with the number 112, in reference to the article under the country's criminal code which makes insulting or defaming the monarchy punishable by up to 15 years in prison.

Neither map could be accessed when Reuters tried to open them late on Monday.

Songklod said that he and the team of volunteers sought to highlight those they accused of breaking that law.

boAt forays into personal grooming category with sub-brand MISFIT

 To introduce an exciting range of grooming and personal care products, lifestyle consumer tech brand boAt on Monday announced its entry into the personal grooming category with MISFIT.


To introduce an exciting range of grooming and personal care products, lifestyle consumer tech brand boAt on Monday announced its entry into the personal grooming category with MISFIT.

The company unveiled MISFIT T50, a trimmer, that is available at an introductory price of Rs 899 on the Flipkart and boAt website.

"After having established our leadership in earwear and wearable category, we are all set to strengthen our lifestyle portfolio under the MISFIT' brand," Aman Gupta, Co-Founder boAt, said in a statement.

"With MISFIT, we want to bring in a fresh approach to the personal care category by designing products specifically for the Millennials," Gupta added.

T50 comes with skin-friendly titanium-coated blades, which are corrosion-resistant and offer a smooth and safe trimming experience devoid of any roughness, scratching, or irritation on the skin.

These blades are easily detachable and can either be washed or just cleaned with a brush in a jiffy. A long-lasting 160-minute lithium battery ensures that your battery woes do not come in the way of you looking your best.

The MISFIT T50 has 40 length settings with 0.5 mm precision, which will always give you an even and defined trim for any look that suits your mood.

Your desired beard style, from a stubble to a consistent beard is only trim away with the multiple length setting comb function of the T50, the company said.

40% fewer migrant children held at largest emergency shelter in US

 The number of migrant children housed at Biden administration's largest emergency shelter for those who crossed the US-Mexico border alone has dropped by more than 40 percent since mid-June


The number of migrant children housed at the Biden administration's largest emergency shelter for those who crossed the US-Mexico border alone has dropped by more than 40 percent since mid-June, a top US official said Monday, touting progress at the facility that has been criticized by child welfare advocates.

Health and Human Services Secretary Xavier Becerra told reporters that 790 boys are now housed at Fort Bliss Army base in El Paso, Texas, and the last girl left Monday. He did not say whether all the girls were reunited with relatives in the US, were sent to licensed facilities, or if some were transferred to another unlicensed, emergency shelter that the government has opened as record numbers of unaccompanied children cross the border.

In mid-June, the administration reported about 2,000 boys and girls were at the Fort Bliss facility amid child welfare advocates' concerns about inadequate conditions at the large-scale facility.

Becerra said his agency, which is responsible for caring for migrant children, is now evaluating whether some of the emergency shelters can be closed. But he declined to say whether Fort Bliss would be among them.

Because we've been successful in managing the flow, we are prepared to begin the demobilization of several of our emergency intake sites, Becerra said.

Sunday, June 27, 2021

Twitter appoints California-based Jeremy Kessel as India Grievance Officer

 Jeremy Kessel is the Global Legal Policy Director of Twitter


Twitter on Sunday appointed California-based Jeremy Kessel as the new Grievance Officer for India, as required under the new Information Technology Rules, 2021, hours after Dharmendra Chatur quit from the post, Bar and Bench reported.

His appointment, however, is not seen to be in line with new IT rules guidelines, which mandate that the grievance redressal officer should be a resident of India.

Kessel is the Global Legal Policy Director of Twitter.
The development comes at a time when the micro-blogging platform has been engaged in a tussle with the Indian government over the new social media rules. The government has slammed Twitter for deliberate defiance and failure to comply with the country's new IT rules.

The new rules, which came into effect on May 25 mandate social media companies to establish a grievance redressal mechanism for resolving complaints from the users or victims.

All significant social media companies, with over 50 lakh user bases shall appoint a grievance officer to deal with such complaints and share the name and contact details of such officers.

The big social media companies are mandated to appoint a chief compliance officer, a Nodal Contact Person, and a resident grievance officer. All of them should be residents in India.

Twitter in response to the final notice issued by the government on June 5 had said that it intends to comply with the new IT rules and will share details of the chief compliance officer. In the meantime, the microblogging platform had appointed Chatur as interim resident grievance officer for India.

According to a government official, the company has lost legal protection as an intermediary and will be legally held responsible for all content posted by its users on the platform.

NTPC declares its Energy Compact Goals for sustainability at UN dialogue

 National Thermal Power Corporation (NTPC) has become the first energy company in the energy domain in India to declare its Energy Compact Goals as part of the UN High-level Dialogue on Energy (HLDE).


National Thermal Power Corporation (NTPC) Limited, India's largest power generating company under the Ministry of Power, has become the first energy company in the energy domain in India to declare its Energy Compact Goals as part of the UN High-level Dialogue on Energy (HLDE).

As per the official release by the ministry, NTPC has set a target to install 60 Giga Watts (GW) of renewable energy capacity by 2032. India's largest power producer is also aiming at a 10 percent reduction in net energy intensity by 2032.

NTPC is among the few organizations globally to declare its Energy Compact Goals.

Further, NTPC has declared that it will form at least 2 international alliances/groups to facilitate clean energy research and promote sustainability in the energy value chain by 2025.

The targets were unveiled in the recently held 'Ministerial Thematic Forums for the HDLE' event. The commitment from NTPC has been made public on the UN's website as well.

United Nations is set to convene a high-level dialogue in September 2021 to promote the implementation of the energy-related goals and targets of the 2030 Agenda for Sustainable Development.

NTPC has been taking various steps in increasing its green energy portfolio by adding significant capacities of Renewable Energy (RE) sources.

The company had earlier planned to have a minimum of 32 GW capacity through RE sources constituting nearly 25 per cent of its overall power generation capacity by 2032. This development will prove to be a huge boost for the nation's largest energy producer that will catapult its position in the green energy map of the country.

Microsoft says new breach found in probe of suspected SolarWinds hackers

 Microsoft said an attacker had won access to one of its customer-service agents and then used information from that to launch hacking attempts against customers


By Joseph Menn

SAN FRANCISCO (Reuters) -Microsoft said on Friday an attacker had won access to one of its customer-service agents and then used information from that to launch hacking attempts against customers.

The company said it had found the compromise during its response to hacks by a team it identifies as responsible for earlier major breaches at SolarWinds and Microsoft.

Microsoft said it had warned the affected customers. A copy of one warning seen by Reuters said the attacker belonged to the group Microsoft calls Nobelium and that it had access during the second half of May.

"A sophisticated Nation-State associated actor that Microsoft identifies as NOBELLIUM accessed Microsoft customer support tools to review information regarding your Microsoft Services subscriptions," the warning reads in part. The U.S. government has publicly attributed the earlier attacks to the Russian government, which denies involvement.

When Reuters asked about that warning, Microsoft announced the breach publicly.

After commenting on a broader phishing campaign it said had compromised a small number of entities, Microsoft said it had also found the breach of its own agent, who it said had limited powers.

The agent could see billing contact information and what services the customers pay for, among other things.

Lenskart's launches Vision Fund for select startups in eye-care space

 To invest $2 million in each enterprise, nurture innovations disrupting eyewear, eye-care and omnichannel retail


Omni-channel D2C eyewear brand Lenskart has announced plans to invest up to $2 million each in startups that are synergistic to the eyewear, eye-care and omnichannel retail sectors. The fund has a corpus of $20 million.

Apart from capital infusion, Lenskart would be providing the enterprises market access via 700-plus retail stores and online channels across India, Singapore, Middle East, and the US, the company said in a press release.

The release said access to Lenskart’s vertically integrated supply chain, technology stack for facilitating omnichannel retail, and tech expertise in building futuristic technologies for eyewear will provide select startups the right ecosystem to build consumer-centric, technology-led, disruptive products and services.

That apart, the senior leadership team at Lenskart will mentor the enterprises to navigate challenges during the early phase of business building.

Speaking on the launch, Peyush Bansal, founder, and CEO of Lenskart said “We have traversed the challenging journey as a startup to become a unicorn. We believe it’s time to give back to the ecosystem and support exceptional entrepreneurs by helping them build scalable enterprises.”

Since the initiative is designed to help startups scale, Lenskart will select early-growth stage ventures with clear in-market evidence of traction and customer adoption.

Focus sectors for investing include D2C eyewear and eye care brands, technologies enabling access to vision care, eye testing technologies, omnichannel retail solutions across logistics, supply chain, merchandising, marketing, in-store automation, and deep tech solutions for eyewear, retail, and e-commerce.

Chinese automaker Great Wall Motor aims to sell 4 million cars in 2025

 China's top pickup truck maker Great Wall Motor is targeting sales of 4 million vehicles a year in 2025, Chairman Wei Jianjun said on Monday


BEIJING (Reuters) - China's top pickup truck maker Great Wall Motor is targeting sales of 4 million vehicles a year in 2025, Chairman Wei Jianjun said on Monday.

Great Wall, which sold 1.1 million cars last year, aims for 80% of its annual sales in 2025 to be new energy vehicles, including battery-electric, plug-in hybrid, and hydrogen fuel cell vehicles.

Baoding-based Great Wall is building a car plant in China with BMW for electric vehicles.

Great Wall's revenue is forecast to reach 600 billion yuan ($92.86 billion) in 2025, Wei said during a briefing on the company's strategy at its headquarters.

($1 = 6.4612 Chinese yuan renminbi)

 

A $27 billion pile of stressed debt looms over India's new bad bank

 The new institution, which is set to start operations by end of June, is likely to handle stressed debt worth $27 billion over time, which would be about a quarter of the non-performing debt load


A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles but market participants say it’s a long path ahead.

The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth 2 trillion rupees ($27 billion) over time, according to a BloombergQuint report. That would be about a quarter of the nation’s non-performing debt load. By housing bad loans of many lenders under one roof, the entity should help speed up decision-making and improve bargaining power when resolving these assets.

But for India to overcome its struggles with bad debt and stabilize the financial system of Asia’s third-largest economy, more fundamental problems with insolvency laws introduced in 2016 need to be addressed, investors say. Their confidence in the country’s bankruptcy reforms has been shaken as creditors’ recovery rates fall, delays in closing cases increase, and liquidations exceed resolutions in the insolvency courts.
Market participants will be watching whether the bad bank focuses on actually resolving the assets rather than keeping them as a warehouse and whether its team includes appropriate industry and turnaround experts.

“The proposed bad bank is useful as a one-time clean-up exercise of the bad loans that are pending resolution for years now,” said Raj Kumar Bansal, managing director at Edelweiss Asset Reconstruction Co. “But it’s not a long-term solution in dealing with the stressed assets,” he said, adding that bankruptcy reform is key.

Thursday, June 24, 2021

RIL to invest Rs 75,000 cr in clean energy, build 4 giga factories: Ambani

 Five years after disrupting the telecom space with the launch of Jio, Reliance Industries Ltd (RIL) on Thursday announced yet another game-changing move — a mega entry into green energy.

The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

It will also set up a platform for renewable energy project finance to source long-term global capital for investment in these sectors.

The three-pronged plan will cumulatively involve an investment of Rs 75,000 crore over three years, Mukesh Ambani, chairman, RIL, announced during its annual general meeting (AGM) on Thursday. The AGM was also addressed by his wife, Nita Ambani, and his children, Akash and Isha.

Response to the RIL stock was, however, not so enthusiastic. It was the top loser among index stocks and ended 2.35 percent lower at Rs 2,153.35 on the BSE. Some of this decline can be attributed to the stock’s 12 per cent rise in the past one month. In comparison, the S&P BSE Sensex was up 3.3 per cent during this period.

Under the plan, RIL will set up a Dhirubhai Ambani Green Energy Giga Complex, spanning 5,000 acres, in Jamnagar, Gujarat, at Rs 60,000 crore while another Rs 15,000 crore will be invested in value chains, partnerships, and future technologies, including upstream and downstream industries.

RIL will create a capacity of producing solar power of 100 Gw in 10 years. The ambition is stunning as India’s installed capacity of solar power is now 40 Gw (including ground-mounted and rooftop).

“Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem,” said Ambani.

Piaggio Vehicles reopens its two-wheeler dealerships across India

 Piaggio Vehicles on Thursday announced the reopening of its two-wheeler dealerships across India, which had shut operations due to a massive increase in coronavirus infection cases between April and mid-May across the country.


Piaggio Vehicles on Thursday announced the reopening of its two-wheeler dealerships across India, which had shut operations due to a massive increase in coronavirus infection cases between April and mid-May across the country.

The decision to reopen the dealerships comes following the announcement of the lockdown opening guidelines from authorities, Piaggio Vehicles Pvt Ltd (PVPL) said in a release.

PVPL is a wholly-owned subsidiary of the Italian auto major Piaggio Group. Its India product portfolio comprises iconic Vespa and Aprilia scooters besides small commercial vehicles.

We have been working together with our dealers in navigating through the second wave of COVID-19. Also, keep in mind the possible anxiety of our customers during the lockdowns we have announced an extension of the original equipment warranty and free service that expires during the lockdown period, said Diego Graffi, Chairman and Managing Director, Piaggio India.

The Piaggio dealerships have now geared up to address all vehicle sales and service requirements with utmost precaution as per lockdown opening guidelines, he added.

The company said that for the well-being of its employees and customers, it has ensured the sanitation of its dealerships. Also, specific guidelines such as contactless greetings, using hand sanitizers, maintaining social distancing will also be followed in conducting business.

Customers can visit or call up the dealerships as per local government lockdown guidelines or can book Vespa and Aprilia online as well, it stated.

Consumers can also avail of special offers in sales and service of Vespa and Aprilia scooters across all the dealerships, which are operating and test ride these vehicles.

LIC Housing Finance to raise over Rs 2,334 cr from LIC as equity capital

 LIC will infuse equity capital worth about Rs 2,334.70 crore in its subsidiary LIC Housing Finance by picking up an additional stake in the company


LIC will infuse equity capital worth about Rs 2,334.70 crore in its subsidiary LIC Housing Finance by picking up an additional stake in the company.

LIC Housing Finance (LIC HFL) will issue shares at Rs 514.25 apiece to its promoter Life Insurance Corporation of India (LIC) on a preferential basis.

The board of directors of the company in its meeting last week had approved preferential shares up to 4,54,00,000 through a private placement to LIC.

"The issue price of the equity share of the face value of Rs 2 each shall be Rs 514.25 apiece, which is the price calculated as per Sebi regulations, 2018," LIC HFL said in a regulatory filing on Thursday.

LIC's shareholding in the housing financier post the allotment of shares will go up to 45.24 per cent from over 40.31 per cent currently.

The company will seek shareholders' nod for the preference issue to LIC in its extraordinary general meeting next month on July 19.

The scrip of the company ended 1.51 per cent lower at Rs 457.75 apiece on BSE.

Internet seer: Former Buddhist monk preps IPO for crowdfunding startup

 Campfire helps individuals and small groups raise funds online, making it the biggest such business in Japan.


Kazuma Ieiri was bullied at school, too poor to go to university, and spent years in his bedroom as a recluse. More than 20 years later, he’s aiming to take his startup public at a valuation of more than $1 billion.

Campfire Inc., which helps individuals and small groups raise funds online, is seeking to list shares this year at a valuation of as much as 200 billion yen ($1.8 billion), Ieiri said in an interview. It’s a long-anticipated IPO for the popular crowdfunding operator, the biggest such business in Japan.

Ieiri, 42, is one of a growing number of chief executive officers who fell off the typical path to success in Japan but are now making their fortunes in its tech startup scene. Campfire, the third company founded by the Buddhist monk and onetime candidate for Tokyo governor, has funded more than 50,000 projects since it started in 2011.

It’s a remarkable turnaround for a man who learned to code in his bedroom during the years he spent there as a teenager with social anxiety issues.

“I was saved by the internet,” Ieiri said at the company’s headquarters in Tokyo. “I was able to make my voice heard through it.”
The pandemic increased the need for sites like Campfire as cafes, restaurants and small businesses facing downturns in customers used it as a way to supplement revenue. People who found themselves jobless also tapped it to get new ventures off the ground. The company’s gross merchandise volume more than tripled in 2020 from the year earlier to 20 billion yen ($180 million), Campfire said.

6 bills to rein in Big Tech market power hurtle forward in US Congress

 Six bills taking aim at the Big Tech market power are hurtling forward in the US Congress with bipartisan support even as a House panel has pushed forward an ambitious legislative package


Six bills taking aim at the Big Tech market power are hurtling forward in the US Congress with bipartisan support even as a House panel has pushed forward an ambitious legislative package that seeks to rein in Facebook, Google, Amazon, and Apple by targeting their ownership of mighty online platforms in combination with other lines of business that kill competition.

The bills moved forward after a 12-hour all-nighter debate, especially over features that would require online platforms to allow users to communicate across competitor services.

Lawmakers closed shop at 5 a.m. on Thursday on the East Coast.

Supporters of the bills argue that the proposed changes will hand consumers power over how their personal data is extracted and juiced by businesses that rely on these data to drive their predictive models and profits.

"With this package of historic legislation, we have the opportunity to take control of our own destiny to be a global leader in developing rules of the road for the digital economy," Judiciary Committee chair Jerry Nadler said.

"We cannot be complacent and we cannot delay."

These developments come barely a week after President Joe Biden appointed strident Big Tech critic Lina Khan to head the Federal Trade Commission in a sign of a tougher stance against technology companies that have seeped into society in remarkable ways.

3x growth in 5 years, 1 mn jobs: Mukesh Ambani's blueprint for retail biz

 Ambani also outlined a five-point agenda for the division as it sought to be amongst the top 10 global retailers in the next few years


Mukesh Ambani, chairman of Reliance Industries (RIL), will set up more stores, sharpen omnichannel capabilities, and acquire new businesses as he looks to scale up operations of his retail division, the largest organized player in the country.

Addressing shareholders at the company's 44th annual general meeting on Thursday, Ambani, 64, said Reliance Retail was on a "hyper-growth trajectory". It would grow at least "3x in three to five years", providing 1 million jobs to people in the near future.

Ambani also outlined a five-point agenda for the division as it sought to be amongst the top 10 global retailers in the next few years.

"Reliance Retail continues to be among the fastest-growing retailers in the world. To expand the circle of shared prosperity, we will be focusing on five key initiatives, including research, design, and product development capabilities, sourcing ecosystem, supply-chain infrastructure, expanding store footprint multi-fold, and acquiring businesses," he said of the division's future road map.

The RIL chairman, however, chose to steer clear of announcing any listing plans for Reliance Retail, whose 2020-21 (FY21) turnover stood at Rs 1.53 trillion - over 6x the nearest competitor in retail.

Reliance Retail had added 1,500 stores in FY21 and had taken its total store count for the year to 12,711 outlets across multiple formats, including grocery, electronics, and apparel.

The division's earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 9,842 crore in FY21, with Ambani indicating that retail and Jio were together contributing to half of RIL's total Ebitda of Rs 98,000 crore for the year.

Wednesday, June 23, 2021

WHO raises concerns over Sputnik V Covid-19 vaccine manufacturing plant

 WHO has raised concerns over a manufacturing plant responsible for filling the vials with the Sputnik V Covid-19 vaccine?


The World Health Organization (WHO) has raised concerns over a manufacturing plant responsible for filling the vials with the Sputnik V COVID-19 vaccine.

In a statement, Pharmstandard-UfaVITA, a leading pharmaceutical company in Russia, said that the WHO inspectors' attention was focused on only four technical issues mostly related to one of the filling lines, which have all been subsequently fully addressed.

The company said that the WHO did not raise any questions about the safety and efficacy of the produced and finished vaccine as the "Sputnik V" vaccine undergoes strictest double quality output control.

"Moreover, WHO interim inspection did NOT identify any critical issues with the actual vaccine's production, quality, clinical studies, possible side effects, nor with the double quality output control by both the Gamaleya Institute and the Russian health regulator," said Pharmstandard-UfaVITA.

The pharmaceutical company said that it remained fully transparent and will continue with the WHO pre-qualification process while inviting the global health body for another inspection.

It also said that UfaVITA responded to all the questions and concerns raised within 48 hours and both the Russian Ministry of Industry and the Health Ministry confirmed the highest quality of the UfaVITA filling process, the quality of the vaccines and of a double quality output control system in place.

"UfaVITA thanks WHO for recognizing the outstanding quality of "Sputnik V" by raising only a very narrow set of technical questions that have been fully addressed in our response," it said.

US House panel pushes legislation targeting Big Tech's market power

 A House panel pushed ahead with ambitious legislation that could curb the market power of tech giants Facebook, Google, Amazon, and Apple


A House panel pushed ahead Wednesday with ambitious legislation that could curb the market power of tech giants Facebook, Google, Amazon, and Apple and force them to sever their dominant platforms from their other lines of business.

Conservative Republican lawmakers haggled over legislative language and pushed concerns of perceived anti-conservative bias in online platforms but couldn't halt the bipartisan momentum behind the package.

The drafting session and votes by the House Judiciary Committee are initial steps in what promises to be a strenuous slog through Congress. Many Republican lawmakers denounce the market dominance of Big Tech but don't support a wholesale revamp of the antitrust laws.

The Democratic-majority committee made quick work of arguably the least controversial bills in the package, which were approved over Republican objections.

A measure that would increase the budget of the Federal Trade Commission drew Republican conservatives' ire as an avenue toward amplified power for the agency. The legislation, passed 29-12 and sent to the full U.S. House, would increase filing fees for proposed tech mergers worth more than USD 500 million and cut the fees for those under that level.

A second bill would give states greater powers over companies in determining the courts in which to prosecute tech antitrust cases. Many state attorneys general have pursued antitrust cases against big tech companies, and many states joined with the U.S. Justice Department and the FTC in their antitrust lawsuits against Google and Facebook, respectively, last year. The measure drew many Republican votes and was approved 34-7.

Isro, NOAA-led multinational project endorsed by UN body for innovation

 A multinational project, co-led by Isro and NOAA from the US has been recently endorsed by a UN body for its use of innovative technology, and for fostering trust and collaboration among scientists


A multinational project, co-led by ISRO and NOAA from the US, that aims to improve the accuracy of coastal data based on satellite and land-based observations has been recently endorsed by a UN body for its use of innovative technology, and for fostering trust and collaboration among scientists.

The project is called Committee on Earth Observation SatellitesCoastal Observations, Applications, Services, and Tools (CEOS COAST). Its pilot projects are uniquely capable of using Earth Observation technologies to meet several of the 17 UN-designated sustainable development goals for the Ocean Decade initiative, NOAA said in a statement on Wednesday.

NOAA stands for National Oceanic and Atmospheric Administration. The themes of these projects include disaster risk reduction and coastal resilience among continental shorelines and small island nations.

"Their work will improve the way we study how the sea can affect the land, such as in large-scale flooding events, as well as how land usage affects coastal ecosystems, including but not limited to water quality issues and the root causes of coastal runoff and sediment deposits, it said.

The CEOS COAST has been working collaboratively with stakeholders in industries such as agriculture, construction, and commercial/recreational fishing to support all forms of decision-makers from parents deciding which beach to take their kids to, to sailors navigating the coast, to policymakers taking action on climate change and more, the statement said.

Due to this work, the project was recently endorsed by the International Oceanographic Commission (IOC) as an initial Action of the United Nation's Ocean Decade plan that will span from 20212030, and aims to bring together governments, industry, academics, NGOs, and other stakeholders to study our oceans and develop conservation solutions, NOAA said.

Delta to account for 90% new cases in Europe by end-August: Report

 The Delta variant is more transmissible than other circulating variants


The Delta variant, identified for the first time in India, could account for 90 percent of new Covid cases in the EU in the coming months, the bloc's disease control agency said Wednesday, news agency AFP reported.

“It is very likely that the Delta variant will circulate extensively during the summer, particularly among younger individuals that are not targeted for vaccination," Andrea Ammon, director of the European Centre for Disease Prevention and Control (ECDC), said in a statement.

“The Delta variant is more transmissible than other circulating variants and we estimate that by the end of August it will represent 90 per cent" of new cases in the EU, she added.

According to the AFP article, The ECDC estimates that the Delta variant (B.1.617.2), is 40 to 60 percent more contagious than the Alpha variant (B.1.1.7), first discovered in the UK, which is currently the predominant variant of the novel coronavirus circulating in the EU.

Construction firm fined Rs 77 cr for illegal soil extraction in Maharashtra

 A penalty of Rs 77 crore has been imposed on a private construction company for allegedly extracting 'murum' soil and stones illegally from various sites here in Maharashtra

A penalty of Rs 77 crore has been imposed on a private construction company for allegedly extracting 'murum' soil and stones illegally from various sites here in Maharashtra and using them in the construction of the Mumbai-Nagpur Expressway passing through Jalna, an official said.

A revenue department squad during a recent inspection found that the illegal extraction was done in Jamwadi, Gondegaon, Warud, Nandapur, Shrikrishna Nagar, and Thar areas here, the official said on Wednesday. Tehsildar (revenue officer) Shrikant Bhujbal issued a notice to the private company earlier this month and imposed a penalty of Rs 77 crore on it, he said.

The 701-km long eight-lane Mumbai-Nagpur Expressway, being built at the cost of Rs 55,000 crore, will pass through 10 districts, including Jalna.

Asian shares tread water, markets eye US Fed's inflation statements

 Asian shares marked time on June 24, with China nudging lower, while the United States dollar held below an 11-week high as investors reassessed US Federal Reserve statements on inflation


By Swati Pandey

SYDNEY (Reuters) - Asian shares marked time on Thursday, with China nudging lower, while the U.S. dollar held below an 11-week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% to 695.2 points, off a one-month trough of 685.12 touched earlier this week.

Japan's Nikkei rose slightly to 28,905.5, while Chinese shares were in the red with the blue-chip CSI300 index off 0.3%.

On Wall Street, the Nasdaq closed at a record high on Wednesday, while other major U.S. indexes ended lower alongside European stocks.

The market has whipsawed over the last week, feeling the after-effects of a surprise projection for rate increases as soon as 2023 by the U.S. Federal Reserve which knocked stocks, boosted the dollar and led to the flattening of the U.S. bond yield curve.

Investors are now pricing the first full U.S. interest rate rise for February 2023 compared to December 2022 in the immediate aftermath of the Fed meeting.

Overnight, 10-year Treasury yields remained below 1.5% in muted trading.

"Until bond yields break out in a sustainable fashion, in either direction, it remains very hard to determine which direction stocks are headed in over the near term," JPMorgan analysts wrote in a note.

"Much continues to hinge on the upcoming growth data."

Europe released strong manufacturing activity data on Wednesday, while figures on ISM manufacturing and U.S. non-farm payrolls are due next week.

Tuesday, June 22, 2021

India e-commerce rules cast cloud over Amazon, Walmart and local rivals

 

New Indian e-commerce rules will raise costs for all online retailers but particularly Amazon and Walmart's Flipkart as they may have to review their business structures, senior industry sources said



By Aditya Kalra

NEW DELHI (Reuters) -New Indian e-commerce rules will raise costs for all online retailers but particularly Amazon and Walmart's Flipkart as they may have to review their business structures, senior industry sources told Reuters.

India's Ministry of Consumer Affairs outlined plans on Monday which include limiting "flash sales" by online retailers, reining in a private label push, compelling them to appoint compliance officers and impose a "fall-back liability" if a seller is negligent.

The new rules are expected to have an impact across the board in an e-retail market India forecasts will be worth $200 billion by 2026, with players including from Tata's BigBasket, Reliance Industries' JioMart and Softbank-backed Snapdeal to market leaders Amazon and Flipkart.

The rules are the latest in a growing confrontation https://www.reuters.com/world/india/frequent-run-ins-with-india-govt-cloud-us-tech-expansion-plans-2021-06-11 between U.S. tech giants and New Delhi over a host of policy-related issues which are seen by some as protectionist.

"The rules will have a wider impact on all forms of e-commerce and will increase business costs. Entities, even beyond big players, are analysing the policy and will share concerns with the government," Arjun Sinha, a partner at Indian law firm AP & Partners, told Reuters.

The companies have until July 6 to respond to the proposals, after which time they may be reviewed further or implemented.

HDFC Bank, HDFC Securities to pick up stake in Borderless Softtech

 

HDFC Bank alongwith its subsidiary HDFC Securities will pick up stake worth Rs 6.9 crore in backend software infrastructure development company Borderless Softtech, the bank said on Tuesday.



For this, the bank said it has executed an agreement for subscribing 8,108 compulsory convertible cumulative preference shares (CCCPS) of face value of Rs 10 each of Borderless at a premium of Rs 606.60 directly for consideration of Rs 616.60 per piece.

Indirectly, its subsidiary HDFC Securities will acquire 1,03,989 optionally redeemable compulsory convertible cumulative preference shares (ORCCCPS) of Borderless at the same valuation.

The acquisition will happen at a cash consideration of Rs 49,99,392 by HDFC Bank and Rs 6,41,19,617 by HDFC Securities.

Borderless facilitates global fractional investing in US listed stocks, funds and ETFs (exchange traded funds).

"Post investment, bank will hold in aggregate 7.76 per cent of the shareholding of Borderless on a fully diluted basis, directly and indirectly, by way of subscription to 8,108 CCCPS of face value of Rs 10 each fully paid up by itself and 1,03,989 in ORCCCPS of face value of Rs 10 each fully paid up," HDFC Bank said.

Stock of HDFC Bank closed 0.28 per cent down at Rs 1,484.35 apiece on BSE.

Electric vehicle makers laud Gujarat policy, terming it progressive

 

Various companies like Tata Motors, Mahindra and Hero Electric on Tuesday lauded the Gujarat government for bringing a new electric vehicle policy in the state.



Gujarat Chief Minister Vijay Rupani unveiled the 'Gujarat Electric Vehicle Policy 2021', which, according to him, has been designed to see at least two lakh electric vehicles on the state roads in the next four years.

To encourage people to turn to e-vehicles, the state government will provide subsidies ranging from Rs 20,000 to Rs 1,50,000 on the purchase of vehicles under this policy, which will remain effective for four years.

It is estimated that around 1.10 lakh electric two-wheel vehicles, 70,000 three-wheelers and 20,000 four-wheelers will be used in the state in the next four years following the implementation of this policy.

The state government will provide a subsidy of up to Rs 20,000 on the purchase of an electric two-wheeler, Rs 50,000 for a three-wheeler and Rs 1,50,000 on the purchase of a four-wheeler.

We welcome the move by the Gujarat Government, offering incentive support for all categories of electric vehicles. This clearly signals a strong resolve of the government towards a cleaner environment and a sustainable future for the country," Tata Motors President Passenger Vehicle Business Unit Shailesh Chandra said in a statement.

Also, the support extended towards charging infrastructure will accelerate the ecosystem development and bring greater comfort for EV buyers, he added.

Similarly, Mahindra Electric Mobility CEO Mahesh Babu termed the policy as both progressive and comprehensive in nature.

 

 

Dollar in retreat as Powell says Fed won't raise rates on fear of inflation

 

The US dollar remained on the back foot against major peers on Wednesday after a two-day drop as US Fed officials including Chair Powell reaffirmed that tighter monetary policy was still some way off



By Kevin Buckland
TOKYO (Reuters) - The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off.

The dollar index, which measures the greenback versus six rivals, was at 91.775 in early Asian trading, off a two-month high of 92.408 reached at the end of last week.

It has now given up about a third of its sharp gains posted since last Wednesday, when the Fed surprised markets by signalling much earlier rate hikes than investors previously expected.

Overnight, both Powell and New York Fed President John Williams warned that the economic recovery requires more time before a tapering of stimulus and higher borrowing costs are appropriate.

"Latest smoke signals from the Fed ... all point to September as the meeting when the Fed is, on current trends, most likely to declare that substantial further progress towards their goals has been achieved, or is being achieved," Ray Attrill, head of foreign-exchange strategy at National Australia Bank in Sydney, wrote in a client note, forecasting tapering likely won't start until early next year.

"Their comments have seen markets row back somewhat from their largely position-driven convulsions last week."

The euro was little changed on Wednesday at $1.19340, after rebounding from as low as $1.18470 at the end of last week.

The Aussie dollar, often viewed as a proxy for risk sentiment, was largely flat at $0.7546, up from a recent low of $0.7478.

 

 

Does vaccine protect against Delta? Facts to know about Covid-19 variant

 

Vaccination likely slows the spread of all the variants and reduce the odds that new, even more dangerous variants emerge.



The super-contagious Delta variant of the coronavirus is now responsible for about one in every five Covid-19 cases in the United States, and its prevalence has doubled in the last two weeks, health officials said on Tuesday.
First identified in India, Delta is one of several “variants of concern,” as designated by the Centers for Disease Control and Prevention and the World Health Organization. It has spread rapidly through India and Britain.

Its appearance in the United States is not surprising. And with vaccinations ticking up and Covid-19 case numbers falling, it’s unclear how much of a problem Delta will cause here. Still, its swift rise has prompted concerns that it might jeopardize the nation’s progress in beating back the pandemic.

“The Delta variant is currently the greatest threat in the U.S. to our attempt to eliminate Covid-19,” Dr. Anthony S. Fauci, the nation’s leading infectious disease expert, said at the briefing. The good news, he said, is that the vaccines authorized in the United States work against the variant. “We have the tools,” he said. “So let’s use them, and crush the outbreak.”

Here are answers to some common questions about the Delta variant.

Why are people worried about the Delta variant?

Delta, formerly known as B.1.617.2, is believed to be the most transmissible variant yet, spreading more easily than both the original strain of the virus and the Alpha variant first identified in Britain. Public health officials there have said that Delta could be 50 percent more contagious than Alpha, though precise estimates of its infectiousness vary.

Other evidence suggests that the variant may be able to partially evade the antibodies made by the body after a coronavirus infection or vaccination. And the variant may also render certain monoclonal antibody treatments less effective, the C.D.C. notes.

Delta may also cause more severe illness. A recent Scottish study, for instance, found that people infected by the Delta variant were roughly twice as likely to be hospitalized than were those infected with Alpha. But uncertainties remain, scientists said.

“The severe disease piece I think is the one question that really hasn’t been answered yet,” said Dr. Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota.

 

Bitcoin plunges below $30,000, erasing all gains for the year so far

 

Crypto tumbles amid broad China crackdown, energy usage concerns



Bitcoin’s tumble amid a broad crypto crackdown from China has pushed it below $30,000 for the first time since January, pulverising its entire 2021 gain.
The original cryptocurrency has lost more than 50 per cent from its mid-April high of almost $65,000. That compares with a gain of about 12 per cent for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.

“Any meaningful break below $30,000 is going to make a lot of momentum players to throw in the towel,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Therefore, even if Bitcoin is going to change the world over the long-term, it does not mean it cannot fall back into the teens over the short-term.”

Bitcoin dropped to as much as $29,624 on Tuesday, just below last year’s closing price of $28,997. Other cryptocurrencies were hit harder, with Dash tumbling 22 per cent, XRP falling 21 per cent and Litecoin stumbling 18 per cent. Among more volatile DeFi tokens, Prude was down 68 per cent and Manyswap tumbled 60 per cent, according to data on CoinMarketCap.com, while a handful of others showed losses of more than 80 per cent. Meanwhile, Coinbase Pro reported having issues trading Polkadot. Chart-watchers said Bitcoin, which failed to retake $40,000 last week, could have a tough time finding support in the $20,000 range following its drop below $30,000.

Still, Bitcoin had prior to Tuesday breached $30,000 during at least five separate instances this year but recuperated to trade above that level each time. negative press about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have pushed it lower in recent weeks.