Big tech's behind-the-scenes bets get bigger as Covid-19 slows economy

Many companies are retreating. But Amazon, Apple, Facebook, Google and Microsoft are placing bets to get even bigger.

Even as Facebook grappled this month with an internal revolt and a cascade of criticism over its refusal to take action on President Trump’s inflammatory posts, the social network was actively making other bets behind the scenes.

Late one Tuesday, as attention was focused on how Facebook might handle Mr. Trump, the Silicon Valley company said in a brief blog post that it had invested in Gojek, a “super app” in Southeast Asia. The deal, which gave Facebook a bigger foothold in the rapidly growing region, followed a $5.7 billion investment it recently pumped into Reliance Jio, a telecom giant in India.

The moves were part of a spending spree by the social network, which also shelled out $400 million last month to buy an animated GIF company and which is spending millions of dollars to build a nearly 23,000-mile undersea fiber-optic cable encircling Africa. On Thursday, Facebook confirmed that it was also developing a venture capital fund to invest in promising start-ups.

Other technology giants are engaging in similar behavior. Apple has bought at least four companies this year and released a new iPhone. Microsoft has purchased three cloud computing businesses. Amazon is in talks to acquire an autonomous vehicle start-up, has leased more airplanes for delivery and has hired an additional 175,000 people since March. Google has unveiled new messaging and video features.

Even with the global economy reeling from a pandemic-induced recession and dozens of businesses filing for bankruptcy, tech’s largest companies — still wildly profitable and flush with billions of dollars from years of corporate dominance — are deliberately laying the groundwork for a future where they will be bigger and more powerful than ever.

Facebook takes on Amazon with online shopping, commerce venture Shops

The Facebook chief executive officer announced a handful of updates Tuesday signaling the company's commitment to online shopping and commerce.

Facebook is making another run at building a shopping empire — and this time it has the direct involvement of the company’s most important executive, Mark Zuckerberg.

The Facebook chief executive officer announced a handful of updates Tuesday signaling the company’s commitment to online shopping and commerce, one of the areas he highlighted as a priority for this year.

The main product, called Shops, is a new version of an existing Facebook feature with a similar name, and will let retailers upload product catalogs to their Facebook page or Instagram profile.

Users can find these Shops directly from the retailer’s page, or by clicking on an ad that will redirect them to a Shop inside Facebook instead of the retailer’s own website.

ALSO READ: Covid-19 crisis: Donald Trump threatens permanent freeze on WHO funding

Eventually, Zuckerberg says, these Shops will be accessible across the Facebook family, including Messenger and WhatsApp, giving retailers a way to reach Facebook’s nearly 3 billion users with one product catalog.

“This is really the first very major push that we’re going to be making into that next step around commerce,” Zuckerberg said in an interview Monday.

He also highlighted the importance of Shops for small businesses, almost all of which are operating exclusively online during the Covid-19 pandemic. The “vast majority” of Facebook advertisers are small businesses, Zuckerberg said, so ensuring they can operate is important to Facebook’s business as well.

Fake websites to emails, fraudsters see opportunities in Covid-19 crisis

Fraudsters see opportunities in these uncertain times.

Never have we been so attractive as targets for fraudsters and scammers as we are right now. That’s because the uncertainty around the coronavirus pandemic has created more opportunities for robocallers, hackers and other thieves.

For one thing, millions of people are filing new claims for unemployment benefits and awaiting stimulus checks. So when a phone call or an email from someone purporting to be a bank or a government official comes in, it is tougher for us to ignore. Plus with so many people being required to work from home, our personal tech devices have become an attractive target for those looking to infiltrate businesses.

While there is little data about the extent of such shadowy activities, security experts said they had seen an increase in scams invading our inboxes, phones and websites. Last month, the Federal Trade Commission issued a warning, advising people to not respond to digital communications from those claiming to have information about checks from the government, among other schemes. “It’s a Pandora’s box of opportunities that they can leverage,” said Sam Espinosa, an executive at Next Caller, which develops technology to detect fraudulent calls. “The first time you’re dealing with unemployment may not be the time you’re thinking, ‘This is a fraudster.’”

In a survey by Next Caller last week, 37 per cent of the respondents said they believed they had been targeted by fraud and scams related to the coronavirus, up from 32 per cent last month. In addition, 44 per cent said they felt more vulnerable to fraud now that their businesses were allowing them to work from home. I talked to security experts about some of the most prominent scams and ways we can protect ourselves. Here’s a guide of what not to fall for.

Now, students can improve their English with this skill on Amazon Alexa

This skill, now available on Amazon Alexa-supported devices, brings with it a whole collection of stories, fun facts, trivia, quizzes and rewards.

Amazon Alexa now has a new skill to help enhance students enhance their English vocabulary through listening and comprehension. The new skill, powered by publishing platform Pearson India and called MyPedia, is now available on all Amazon Echo smart speakers, Echo Show smart displays, and the Alexa app for smartphones. It brings with it a whole collection of stories, fun facts, trivia, quizzes and rewards that make English learning easy and fun.

The MyPedia skill is designed to enhance the interest of students in the English language. The stories used in the skill can inspire them to be authors and be imaginative while writing in English. The skill’s simple voice interface can enable students to learn in an interactive manner, at their own pace

To get started, enable the skill and say "Alexa, open MyPedia", or simply "Alexa, I want to learn English".

“Our teams are constantly working to add new features and experiences so that the Alexa voice service is more relevant and useful for users. Today we are delighted to add the capability of learning English with the Pearson MyPedia skill. The combination of interactive learning and the simplicity of voice interactions with Alexa will make this a fun experience for users of all age groups", said Puneesh Kumar, country manager for Alexa Experiences and Devices, Amazon India.

“We have worked with Amazon Alexa team to build Pearson MyPedia skill that will help learners improve their English language abilities through storytelling. The skill can supplement reading and writing of the English language in a new, effective, and fun way”, said Ramesh Subbarao, Vice President – Portfolio, South Asia, Pearson.

Cybersecurity experts come together to fight coronavirus-related hacking

One of four initial managers of the effort, Marc Rogers, said the top priority would be working to combat hacks against medical facilities and other frontline responders to the pandemic.

An international group of nearly 400 volunteers with expertise in cybersecurity formed on Wednesday to fight hacking related to the novel coronavirus.

Called the Covid-19 CTI League, for cyber threat intelligence, the group spans more than 40 countries and includes professionals in senior positions at such major companies as Microsoft Corp and Amazon.com Inc .

One of four initial managers of the effort, Marc Rogers, said the top priority would be working to combat hacks against medical facilities and other frontline responders to the pandemic. It is already working on hacks of health organizations. Also key is the defense of communication networks and services that have become essential as more people work from home, said Rogers, head of security at the long-running hacking conference Def Con and a vice president at security company Okta Inc.

ALSO READ: Coronavirus: IT firms ask clients abroad to allow staff to work from home

The group is also using its web of contacts in internet infrastructure providers to squash garden-variety phishing attacks and another financial crime that is using the fear of Covid-19 or the desire for information on it to trick regular internet users. "I've never seen this volume of phishing," Rogers said. "I am literally seeing phishing messages in every language known to man."

Phishing messages try to induce recipients to enter passwords or other sensitive information on websites controlled by the attackers, who then use the data to take control of bank, email or other accounts.

Rogers said the group had already dismantled one campaign that used a software vulnerability to spread malicious software. He declined to provide details, and said that in general the group would be reluctant to reveal what it was fighting. Rogers said law enforcement had been surprisingly welcoming of the collaboration, recognizing the vastness of the threat.

Covid-19 impact: Amazon won't require sellers to repay loans until April 30

Merchants of popular items from toys to apparel have worried that the temporary ban on stocking goods in Amazon warehouses.

Amazon.com Inc on Wednesday said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic. The world's largest online retailer notified sellers that its programme known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said.

The programme has offered sums between $1,000 (846.5 pounds) and $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon.

"Loan repayments will restart on May 1, 2020 ... You will have the same number of remaining payments once repayment resumes," Amazon said in a seller message obtained by Reuters.

More than 20,000 merchants have gotten loans from Amazon, the company said in 2017. By the end of 2019, Amazon stood to receive $863 million from sellers to whom it provided financing through the lending program, according to a company filing. The loans' terms range from three to 12 months, carrying interest rates from 6 per cent to 19.9 per cent.

ALSO READ: Covid-19 impact: Amazon temporarily suspends sale of non-essentials

As Americans turn to online shopping while quarantined, many online sellers, who are small and medium-sized businesses, are facing cash flow constraints amid supply chain and logistics issues caused by the outbreak. EBay Inc , another major online marketplace, said on Wednesday it will defer most selling fees for merchants for 30 days.

Amazon's offer may provide relief to sellers, some of whom could be hard hit by Amazon's recent decision to restrict its US and European fulfilment services to household, medical and other essential goods during the outbreak.

Amazon asks staff to work from home if possible as COVID-19 spreads

The move helps enable greater social distancing and lessen the impact of virus on public transportation.

Amazon Inc has asked its employees in India and other locations around the world to work from home till March-end amid a coronavirus (COVID-19) pandemic.

The move is expected to help enable greater social distancing and lessen the impact of virus on public transportation.

"In light of the ongoing international COVID-19 developments, we are changing Amazon's guidance globally for all corporate offic employees who work in a role that can be done from home, do so through the end of March," a communication letter sent to the employees noted.

However, it may be noted that only employees who with a conducive environment to work at home are being encouraged to go ahead after consulting with respective managers.

Amazon had earlier offered the option to work from home only if there are any symptoms of sickness and ailments.

Over 134,670 coronavirus pandemic cases have been reported worldwide with total deaths crossing 4,973. India reported its first coronavirus death on Thursday even as cases rose to 79. The Delhi government has announced several preventive measures to contain the virus outbreak like shutting down schools, colleges and cinema halls in the national capital. Similar steps were taken by Uttarakhand and Manipur.

Jeff Bezos teams up with Narayana Murthy to enter India's food delivery biz

Amazon's entry in the food delivery business comes at a time when Zomato and Swiggy have started cutting back on discounts.

Amazon is all set to start its food delivery business in India from Bengaluru next month, says a news report in The Economic Times.

The launch of the service, which would be offered as part of either Amazon’s Prime Now or Amazon Fresh platform, could happen as soon as next month. With this, Amazon will take on estabished players such as Zomato and Swiggy.

Executives at two restaurants, who did not want to be named, confirmed that Prione Business Services, a joint venture between Infosys cofounder NR Narayana Murthy’s Catamaran Ventures and Amazon India, has been signing contracts with brands to list on Amazon, offering 10-15% commissions, the report said.

The report points out the e-commerce giant had already started pilot testing its service in select parts of Bengaluru, and by March, it will be rolling out to other parts of the country, says a news report in Dainik Bhaskar

Amazon’s entry into the food delivery market would create new challenges for Prosus Ventures -backed Swiggy, and Zomato, a 10-year-old startup that acquired Uber’s Eats business in India for about $180 million in January.

Amazon's entry in the food delivery business comes at a time when Zomato and Swiggy have started cutting back on discounts.

Last month, Bezos told the audience at an Amazon event in New Delhi that the company plans to invest $1 billion in India.

Global recession likely if COVID-19 becomes pandemic: Moody's Analytics

COVID-19 was first detected in Wuhan in China in December and has since affected thousands of people across the globe.

A global recession is likely if coronavirus becomes a pandemic, and the odds of that are uncomfortably high and rising with infections surging in Italy and Korea, Moody's Analytics said on Wednesday.

"The coronavirus has been a body blow to the Chinese economy, which now threatens to take out the entire global economy," Chief Economist at Moody's Analytics Mark Zandi said.

The outbreak of the virus, officially called COVID-19, was first detected in Wuhan in China in December and has since affected thousands of people across the globe.

"COVID-19 is battering the global economy in numerous ways. Chinese business travel and tourism has all but stopped; global airlines are not going to China and cruise lines are cancelling most Asia-Pacific itineraries. This is a huge problem for major travel destinations, including in the US, where some 3 million Chinese tourists visit each year," Moody's Analytics said.

Chinese tourists to the US are among the biggest spenders of any foreign tourists. Travel in Europe is also sure to be severely impacted as Milan, Italy, the centre of the new infections in that country, is a major travel hub for the Continent.

Shuttered Chinese factories are also a problem for countries and companies fastened into China's manufacturing supply chain. Apple, Nike and General Motors are some prominent American examples.

Shortages of some goods will likely result this spring, meaning higher prices for things we buy at Walmart and on Amazon, it said.

Realme C3 review: Good performance overall, but camera disappoints

This smartphone could be a good option for those looking for a performer, but if you are looking for Instagram-worthy pictures, you might not be impressed.

Technology News : After launching several smartphones last year, Chinese smartphone brand Realme is continuing to bring more smartphones to the Indian market. After the Realme 5i, the company has brought the Realme C3, aimed at those who love to binge-watch movies and web series.

The Realme C3 comes with some notable software and hardware upgrades over the Realme C2, including MediaTek's Helio G70 Processor chipset and a 5,000-mAh battery.

In the first impression, we felt the smartphone was worthy of some praise but we couldn't just do that at its face value, so we used the phone for a few days and here is what we found:

Design and display

The phone's textured back panel is a deviation from the usual gradient design we see in most smartphones these days. Apart from that, the phone is lightweight, despite a 5, 000mAh battery.

The power and volume buttons are on the right and left sides, respectively. But they are very sleek, hence a bit difficult to locate. The phone has a tray for two Nano-SIMs and a microSD card. There are a Micro-USB port, a 3.5mm audio jack, and a loudspeaker at the conventional bottom position.

Despite 195g weight, the Realme C3 feels light. The phone is available in Frozen Blue and Blazing Red colour options.

When it comes to display, the smartphone has a 6.5-inch LCD screen with 1,600 x 720 pixel resolution, 20:9 aspect ratio, and 89.8 percent screen-to-body ratio. The screen has Gorilla Glass 3 protection.

The display may not impress much at first, but it seems fine when you get used to the phone. This smartphone is for those people who watch a lot of web series and shows on their phone. For that, it just fits fine. But you would have to adjust brightness when using it outdoors. Since it doesn't have a Widevine L1 certification, you will not be able to play HD videos on Netflix, Amazon Prime Video, etc.

Overall, it looks like any other smartphone in its price range, but the back panel separates it from others.

AB InBev, Airtel lead second cluster 2 of IIM Ahmedabad placements

Unlike many other B-schools, IIM Ahmedabad follows a cluster system of final placements process where sectors are invited in cohorts at regular intervals.

Consumer goods and consumer services majors AB InBev and Airtel led the second cluster of final placements process for the two-year post graduate programme (PGP) batch of 2020 at IIM Ahmedabad.

Including pre-placement offers (PPOs), while AB InBev made the highest number of offers at eight, Airtel extended seven.

IIM Ahmedabad follows a cluster system of final placements process where sectors are invited in cohorts at regular intervals. The first cluster of the final placement process for the PGP class of 2020 at IIM Ahmedabad comprised six cohorts including advertising & media, consumer goods, consumer services, consumer electronics, general management & leadership as well as retail B2B & B2C.

Among the general management cohort, CK Birla Group made the highest number of offers at six.

Apart from AB InBev and Airtel, the consumer goods, consumer services and consumer electronics cohorts included regular recruiters like Asian Paints, CavinKare, Dabur, ITC, Lenovo, L’Oreal, Nestle, Procter and Gamble, Samsung, Tata Sky and Wipro.

The General Management and Leadership cohort comprised regular recruiters such as the Aditya Birla Group, CK Birla Group, Reliance Industries Limited and Tata Administrative Services, while the Retail B2B & B2C cohort consisted of firms like Amazon, eShakti and Apparel Group among others. New recruiters, including Colgate and Diageo, also participated in the process.

Having always had a healthy mix of diverse cohorts, a variety of roles were offered across geographies including UAE during the second cluster. In all, consumer goods firms extended the highest number of offers, closely followed by consumer services and general management firms.

Sony HT-S20R soundbar first impression: Unabashedly loud on a strict budget

It sets a new low in price for Sony as they enter a flooded sub-Rs 15,000 market.

Technology News : Sony customers can’t seem to do without a good bass on any budget. And Japanese audio engineers say they have done their door-to-door research to come up with a new soundbar, tailor-made for India (read Bollywood). It also sets a new low in price for Sony as they enter a flooded sub-Rs 15,000 market. I spent some time fiddling with it before it hits the market on February 7. Here's my first impression of it for those eager to place their orders. For the rest of you, a detailed review is coming soon.

The HT-S20R is a three-piece ensemble, which consists of a 2kg soundbar (760 x 52 x86), a 6.9kg subwoofer (192 x 387 x 342) and two rear speakers of about half a kg each.

The soundbar has a neat metallic finish. It's a three-channel —or three-speaker — central piece, which is slightly wider than a 32-inch TV. Even if you place it right in front of the TV, it should not interrupt your view.

The subwoofer, though, will require a strategic placement, preferably at a lesser height than the TV. Sony maintains that a built-in woofer will just not cut it for a real 5.1 channel sound in the price range. The two rear speakers add to the stereo experience -- a car racing across the screen or bullets flying in every direction.

You can connect the soundbar via a single HDMI cable to TVs that support ARC (Audio Return Channel). For older models, there's RCA input — the red, yellow, white cables — and optical input — a lesser-known black cable. You can also just connect the soundbar to your phone via Bluetooth for streaming OTT content and for playing music. And if you'd really like to turn back time, there's a front-facing USB slot on the subwoofer for those who still carry a pendrive in their keychain.

I experienced the maximum output of 600W that HT-S20R claims to deliver and it's deafening in a small room and good enough for a modest living room space. House parties? Check. Still, it's a TV-first soundbar. I watched a scene of Denzel Washington-starrer The Book of Eli during the demo. Great film, by the way. And I noticed that the sound is mapped to deliver clarity in dialogues, very good bass for action sequences and a noticeable surround sound for everything else. But it seems to suffer a little bit in high range frequencies and the treble seems to bring along some distortion at high volumes. It's something you won't even notice in a film playing on a TV screen but maybe when you are listening to a wide range of music. I'll have a more definitive answer when I hear some classic rock on it. Not remastered, of course.

Amazon asks court to pause Microsoft's work on $10-bn Pentagon contract

Amazon blames Donald Trump for bias against the company and for improperly pressuring the Pentagon in the cloud computing contract.

Amazon.com Inc said on Wednesday it filed a motion in court to pause the U.S.

Department of Defense and Microsoft Corp from carrying out an up to $10 billion cloud computing deal until a court rules on its protest of the contract award.

Amazon, originally considered to be the favorite to win the award, had indicated last week that it would file a temporary restraining order to require the Pentagon and Microsoft to hold off beyond initial activities for the contract.

Known as the Joint Enterprise Defense Infrastructure Cloud, or JEDI, the contract is intended to give the military better access to data and technology from remote locations.

In a statement, Amazon's cloud division Amazon Web Services said, "It is common practice to stay contract performance while a protest is pending, and it's important that the numerous evaluation errors and blatant political interference that impacted the JEDI award decision be reviewed."

The procurement process has been delayed by legal complaints and conflict of interest allegations.

Most recently, Amazon has blamed U.S. President Donald Trump for bias against the company and for improperly pressuring the Pentagon.

Defense Secretary Mark Esper has rejected that there was bias and said the Pentagon made its choice fairly and freely without external influence.

Company News

Amazon India inks two long-term agreements with Future Retail, FCL

The development comes after Amazon had agreed to buy 49% stake in Future Coupons Ltd.

Company News : Amazon India on Monday said it has entered into long-term business agreements with Future Group for expanding the reach of the latter's retail stores and consumer brands through its online marketplace. The development comes after Amazon had agreed to buy 49 per cent stake in Future Coupons Ltd that in turn holds stake in Future Retail Ltd (FRL) last year.

"FRL and Amazon India signed two agreements focusing on key categories - grocery and general merchandise, and fashion and footwear," according to a statement released Monday.

Amazon India will also become the authorised online sales channel for FRL stores, and FRL will ensure participation of its relevant stores and programmes on the Amazon India marketplace, it added.

Besides, Future Consumer Ltd (FCL) has also inked a long-term agreement with Amazon Retail India Pvt Ltd (ARIPL) for distribution of Future Consumer's portfolio of brands online. Some of FCL brands include Tasty Treat, Voom, Dreamery, Karmiq, Mother Earth, Kara, CleanMate and others.

As part of the partnership, FRL will augment existing store-infrastructure at its retail outlets for facilitating seamless packaging and pickup of products ordered online. FRL and Amazon India have already launched this service across 22 stores. Both companies plan on rolling this out across the entire FRL store chain based on agreed timelines.

"FRL will leverage its existing infrastructure, strong product knowledge and extensive brand portfolio resulting in higher store productivity and improved margins," as per the statement.

Currently, FRL attracts over 350 million footfalls across its retail network, and Amazon India's marketplace will enable FRL to reach a wider customer base.

Also, FRL will list on the Amazon Prime Now programme, allowing customers to get food, grocery and general merchandise delivery within two hours in Delhi, Mumbai, Bengaluru, and Hyderabad.

FRL plans to soon list stores like Big Bazaar, and Foodhall in more cites on the Amazon India marketplace.

With billions in pockets, Amzaon, Walmart run into 70 mn Indian shopkeepers

The conflict comes amid a broader global backlash against the breakneck expansion of tech firms.

In the heart of New Delhi’s largest wholesale bazaar, merchants who normally compete with each other have united against a common enemy.

“Amazon, Flipkart!” one merchant after another shouts into a microphone from a small stage in Sadar Bazaar’s central traffic circle. Some 50 other shopkeepers gathered around shout back in unison: “Go back! Go back!”

The sit-in, which created more chaos than usual among the rickshaws, motorbikes and ox-carts plying the market road, was one of as many as 700 protests against Amazon.com Inc. and Walmart Inc. -- owner of local e-commerce leader Flipkart -- that organizers say took place at bazaars across India on a recent Wednesday.

India’s shopkeepers are mobilizing against the global e-commerce giants, alleging they are engaged in predatory pricing in violation of new rules meant to protect local businesses. At stake is the future of retailing in a country with 1.3 billion consumers, where Walmart and Amazon have sunk billions of dollars trying the crack the market and capture its growth potential.

“Amazon and Flipkart are a second version of the East India company,” said Praveen Khandelwal, national secretary of the Confederation of All India Traders at the Delhi protest, referring to the British trading house whose arrival in India kicked off nearly 200 years of colonial rule. “The motive of Amazon and Flipkart is not to do business, but to monopolize and control.”

India’s government in October announced an investigation into the allegations of predatory pricing. Amazon and Walmart said in statements to Bloomberg News last week that their operations comply with Indian laws, and that they act only as a third-party marketplace.

The conflict comes amid a broader global backlash against the breakneck expansion of tech firms -- from protests by taxi drivers against an Uber-clone in Jakarta, to couriers for a Softbank-backed delivery startup creating a bonfire of their backpacks in Bogota in protest of low wages and poor benefits.

Representing about 70 million small merchants who collectively control almost 90 per cent of India’s retail trade, India’s shopkeepers union has shown itself to be a strong political force. The traders are an important part of the voter base of Prime Minister Narendra Modi’s Bharatiya Janata Party.

Business Standard

CAIT to launch a nation-wide movement against Amazon and Flipkart

Union Minister Piyush Goyal had last month said the government was looking into alleged predatory pricing by Walmart-owned Flipkart and Amazon.

Business Standard : Traders' body CAIT on Sunday said it will launch a nation-wide movement to protest against e-commerce majors Amazon and Flipkart, alleging that they are flouting FDI policy norms and destroying the country's retail business.

In a statement, the Confederation of All India Traders (CAIT) said, "Both Amazon and Flipkart still continue to sell goods on their portal at predatory pricing, deep discounting, controlling inventory, promoting preferential sellers and influencing prices."

Union Minister Piyush Goyal had last month said the government was looking into alleged predatory pricing by Walmart-owned Flipkart and Amazon.

CAIT Secretary General Praveen Khandelwal criticised the attitude of Amazon and Flipkart and said the traders' body is all set to launch a national movement on this issue soon.

The traders' body has also convened a meeting of its National Governing Council in New Delhi on November 10.

Khandelwal informed about the different phases of the movement and said that on November 13, CAIT delegations will submit a memorandum to all MPs of Lok Sabha and Rajya Sabha across the country. On November 20, dharna will be organised in about 200 cities in all the states of the country.

On November 25, traders' march will be organised in 500 districts of the country and a memorandum will be handed over to district collectors.

On November 28, protest marches will be organised in more than one thousand towns and cities of the country against the unethical business practices of these companies.

On December 2, Traders' rally will be held in all the state capitals in which thousands of traders from across the state will participate and on the same day, the CAIT delegation will submit a memorandum to the chief ministers of all states.

Khandelwal also said that on this issue, a rally of prominent business leaders from all over the country will be held in Delhi around December 10, which will include thousands of traders from all over the country, while in January CAIT will hold a three-day National Traders Convention in the national capital, to be attended by over 10,000 merchants across the country.

Govt probing Flipkart, Amazon over alleged predatory pricing: Piyush Goyal

CAIT had in a letter on Monday urged Goyal to order an audit into the business model of all e-commerce firms.

Business Standard : The government is probing Wal- Mart-owned Flipkart and Amazon over the alleged predatory pricing, commerce minister Piyush Goyal said on Thursday.

Warning of stringent action as per the law for any violation, he said detailed questionnaires have been sent to these companies and their response is awaited. 

According to media reports, the e-commerce majors have grossed up over $3 billion in gross merchandise value during the festive sales held over the past fortnight, which typically see over half of their annual sales.

"E-commerce companies have no right to offer discounts or adopt predatory prices. Selling products cheaper and resulting the retail sector to incur losses is not allowed," Goyal told reporters.

They are also not permitted to own products and sell them, he said and that they are only platforms helping sellers connect with potential buyers. Without specifying the exact transgressions, Goyal said his ministry has received complaints from the traders body CAIT alleging violations of norms by these players.

"A detailed questionnaire has been sent to them. Today or tomorrow, a supplementary questionnaire will also be sent," he said and reminded that he had earlier also warned these e- commerce players.

"We will take stringent action against them, if there is violation of any law in letter or in spirit. The law is clear. Action will be taken as per the law," he said.

The national traders body CAIT had in a letter on Monday urged Goyal to order an audit into the business model of all e-commerce firms and the foreign-owned Amazon and Flipkart in particular. In the letter, CAIT also said since Amazon and Flipkart claim that individual brands are offering discounts, government should convene a meeting with major brands to ascertain the truth.

"The business model of Amazon and Flipkart should be audited by the government to arrive at the real conclusion," it said in the letter.

Following the complaint from the traders body, senior officials of the department for promotion of industry and internal trade had met with Amazon and Flipkart representatives last week.

Goyal scotched rumours that the Railways might exit its ticketing arm IRCTC which had a stellar stock market debut earlier this week following a hugely successful IPO. There is no plan to fully sell IRCTC. This is speculation based on wrong information, he said.