China exempted from Apple’s ‘private relay’ privacy feature in iOS15

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June 9, 2021

At its annual software developer conference, Apple unveiled plenty of new privacy features.

Users’ web browsing behaviour can be disguised from Apple, internet providers, and advertising via a feature called “private relay.”

Apple has been pressed to reduce the amount of data it collects from its users.

However, due to legal considerations, the functionality will not be available to customers in China, one of the company’s most important regions.

It’s the latest privacy concession made by the Internet giant in China, accounting for 15% of its revenue.

China’s Internet is tightly regulated, and its citizens are subjected to an enormous surveillance apparatus.

Several countries, including Belarus, Colombia, Egypt, Kazakhstan, Saudi Arabia, South Africa, Turkmenistan, Uganda, the Philippines, and China, will be unable to use the feature.

Later this year, the function will most likely be in the markets.

Apple also unveiled a slew of new privacy features in iOS 15, the company’s latest iPhone operating system.

Users will see which apps are gathering information, and some apps, like Mail, will mask IP addresses to prevent monitoring.

The new features are likely to hurt social media businesses like Facebook, Google, and Twitter, whose business models rely on personalised advertising based on user data.

France has fined Google $268 million for unfair internet ad treatment

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June 9, 2021

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France’s anti-trust watchdog fined Google 220 million euros (USD 268 million) on Monday for abusing its “dominant position” in the Internet advertising market, an unprecedented measure, according to the authority.

The Competition Authority stated that Google’s practises are “especially severe” since they “penalise Google’s competitors” in specific markets and publishers of mobile sites and applications.

According to the statement, “a corporation in a dominant position is subject to a particular obligation, that of not undermining.”

According to the statement, Google, based in Mountain View, California, did not contest the facts and instead chose to settle by offering modifications. Isabelle de Silva, the authority’s head, called the ruling unprecedented. “It’s the world’s first decision to dig into the intricate mathematical auction mechanisms that underpin internet display advertising,” she said.

SBI report suggests the cost of mobility restrictions and lockdowns estimates to be Rs 1.5 trillion

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June 9, 2021

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According to a State Bank of India’s economic wing report, the strict mobility limitations and lockdowns imposed across important Indian cities will stifle economic growth and result in a financial loss of Rs 1.5 trillion (SBI).

A total loss of Rs 1.5 trillion is predicted, with Maharashtra, Madhya Pradesh, and Rajasthan accounting for 80% of the total. Dr Soumya Kanti Ghosh, the group chief economic adviser at SBI, wrote, “Maharashtra alone accounts for 54 percent.”

In light of this, SBI has cut its GDP forecasts for fiscal 2021-22. (FY22). The revised FY22 accurate GDP prediction (down from 11%) and nominal GDP projection (up from 14.3%) are now at 10.4% and 14.3%, respectively (earlier 15 per cent).

“Overall, we foresee a loss of sequential momentum in Q2-2021, but once the second wave passes (we expect July-September), pent-up demand should be released in the following quarters. Moreover, the economy should benefit from faster vaccinations after June, the lagged impact of easy financial conditions, front-loaded fiscal activism, and strong global growth.” Sonal Varma, managing director, and chief India economist at Nomura, wrote a recently co-authored note with Aurodeep Nandi.

Fuel Price Hike: Pradhan blames it on the Global Crude Oil price

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June 9, 2021

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The Union Minister for Petroleum and Natural Gas blamed the recent rise in global crude oil prices to increase India’s petrol prices Monday. Noting that gasoline and diesel have recently grown more expensive, Pradhan stated that it is up to the GST Council to decide whether fuel should be included in the Goods and Services Tax, which many feel would result in significant price reductions.

“The cost of petroleum products has increased. The main reason is that the world price of crude oil has surpassed USD 70 (per barrel). Because India imports 80% of its oil, this has a detrimental impact on Indian consumers “he stated

The minister was replying to a reporter’s question regarding the recent increase in fuel prices. In Gandhinagar, he witnessed the signing of a Memorandum of Understanding (MoU) between the Gujarat government and the Indian Oil Corporation (IOC) on the expansion of the IOC’s refinery in Vadodara.

When asked about his position on including fuel in the GST regime to protect citizens from rising prices, Pradhan replied he supports the notion. “The worldwide market controls the price of this commodity. As a sector in-charge, I believe that fuel should be included in the GST. However, it will only be implemented once members of the GST council have reached an agreement. The GST Council would make a collective decision on the matter “he stated.

Earlier in the day, Congress leader Rahul Gandhi lashed out at the government over rising gasoline prices, claiming that “waves of tax collection epidemic” are on the way. His comments came as petrol prices in some cities surpassed Rs 100, and Delhi was on the verge of doing so.

Congress has criticized the government over rising gasoline and diesel costs. In addition, the opposition party has demanded that petrol and diesel be included under the GST scheme.

This fiscal year, the Center is expected to raise the COVID-19 vaccine budget to $6 billion

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June 9, 2021

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After the prime minister gave free doses to all adults, two government sources told Reuters that India might increase spending on COVID-19 shots by more than a quarter this fiscal year, to up to 450 billion rupees ($6.18 billion).

In a Monday speech to the country, Prime Minister Narendra Modi said that from June 21, the federal government would cover the expense of immunising all adults. His prior policy of requiring individual governments to pay for immunisations for anyone under 45 was widely disliked.

According to the sources, the government will spend up to 450 billion rupees on COVID-19 vaccines this fiscal year.

Three hundred fifty billion rupees was previously budgeted. According to one source, part of the raise could be attributable to higher-than-normal expenses for domestically manufactured shots.

The country is now employing the AstraZeneca NSE 0.05 per cent vaccine produced by the Serum Institute of India and a Bharat Biotech-developed vaccine. In the middle of this month, Russia’s Sputnik V will be commercially launched. Modi’s policy decision reflected a push to contain a COVID-19 pandemic, killed hundreds of thousands of people in India and resulted in the world’s second-highest infection rate.

It came after weeks of criticism following a failed vaccine rollout that only reached about 5% of India’s estimated adult population of 950 million people.

India Inc to offer a 9.5 per cent salary hike this year

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June 9, 2021

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Employees in India are likely to receive a 9.5 per cent wage increase this year, which is lower than the previous year. Still, top performers will receive hefty raises as employers focus on performance.

According to Aon Hewitt’s annual Salary Increase report, wage increases will decrease by 9.5 per cent on average across industries. In 2016, it was 10.2 per cent. The progressive deceleration of pay hikes in recent years (from 15.1 per cent in 2007 to 9.5 per cent in 2017) and a greater emphasis on performance indicated that India’s wage budgets were “greying.”

“While this is a slight reduction from 2016, it indicates India Inc’s maturity in the face of global and Indian economic and political circumstances. This includes, but is not limited to, Brexit, recent US government changes, and the much-discussed demonetisation “According to the poll, which looked at data from over 1000 organisations, performance and critical talent are becoming increasingly important to businesses.

Pay disparities between elite and ordinary performers have also widened, with necessary talent earning 1.8 times as much as an average performance. Furthermore, firms rely on various programmes for crucial personnel management, including career development, learning and development, international and functional mobility, and leadership access, among others.

India continues to lead the Asia-Pacific area despite a year-on-year decrease in pay increases.

“Business performance has been impacted by political changes and economic difficulties. However, this year’s pattern shows a progressive slowing of pay growth and a greater emphasis on productivity and Performance—basically a ‘greying’ of India’s compensation budgets “, Anandorup Ghose, partner at Aon Hewitt India, stated. “In the last five years, India has witnessed good numbers in terms of income rises, more than 11%,” Ghose continued.

However, during the following few years, and possibly in the future, we will not see such high numbers.” In 2017, industries like health sciences, professional services, chemicals, entertainment media, automotive, and consumer items were expected to see double-digit compensation increases.

They have, however, reduced their actual spending from 2016. Meanwhile, overall attrition is ‘under control,’ but essential talent attrition has increased significantly. India has one of the lowest total attrition rates in the emerging market segment, at 16.4%. Since 2015, the figure has been stable. At the same time, critical talent decline jumped from 7.3% in 2015 to 12.3% in 2016.

Bitcoin drops to $36,279 USD as China freezes crypto-related accounts

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June 8, 2021

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Bitcoin sank to $36,279.11 on Monday after China prohibited multiple accounts related to cryptocurrencies on Weibo, China’s Twitter-like social media network, with a notice stating that each account violates laws and norms. On Sunday midnight, June 6, Bitcoin was trading at $35.946.06.

‘Woman Dr. bitcoin mini’ was one of the crypto pundits or key opinion leaders (KOL) who got blocked. “It’s a Judgment Day for crypto KOL,” she wrote last on Weibo.

According to NYU Law School’s adjunct professor Winston Ma, China’s Supreme Court will likely issue a judicial interpretation linking illegal crypto operations to Chinese criminal law.

These rules are likely, according to Ma, who wrote the book “The Digital War,” since the Chinese government does not want a “Chinese Elon Musk” to exist in the Chinese crypto market. Due to the extreme ambiguity surrounding China’s digital currency rules, Bitcoin has been volatile.

“Uncertainty about China crypto rules remains a headwind,” said Jonathan Cheeseman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “So far, it’s been quite piecemeal, focused on mining, new issuance, and retail influencers.” Cheeseman added.

Xinhua, a Chinese news outlet, has also increased its coverage of digital currency. Crypto being a loosely regulated asset, is frequently used for black market trading, money laundering, arms smuggling, gambling, and drug trafficking.

Since the beginning of the year, Bitcoin has been on a tear, skyrocketing to about $65,000 after receiving support from Tesla creator and CEO Elon Musk and a slew of other investors, including Paul Tudor Jones and Stan Druckenmiller. Since then, the digital currency has lost more than $25,000 and is now trading at $36 279.11.

Hitendra Dave appointed as the CEO of HSBC India

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June 8, 2021

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HSBC announced Hitendra Dave, a bank veteran, as its new chief executive for India on Monday.

According to an official release, Dave succeeded Surendra Rosha, who formerly led the most significant profit-generating division of global banking and markets.

Rosha will also be relocating to Hong Kong as the co-chief executive of HSBC Asia-Pacific, as per the announcement.

After Hong Kong and mainland China, India is the HSBC Group’s third-largest profit provider, with a pre-tax profit of USD 1.024 billion in 2020.

The bank employs 39,000 workers across 26 locations in 14 Indian cities, including those in back-office support for its global operations.

The statement suggested, Dave, who has worked for the bank since 2001 and has progressed through the ranks, will be appointed as the interim CEO of HSBC India once regulatory approval is received.

With USD 593 million in pre-tax earnings in 2020, up from USD 533 million in 2019, the global banking and market segment, which the bank characterises as an emerging markets-led, financing-focused business providing investment and financial solutions more than half of the pre-tax earnings.

Dave had previously served as the bank’s interim CEO before Rosha’s appointment.

Paytm suffered a loss of Rs 1,701 crore for the financial Year of 2021

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June 8, 2021

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Even though the amount was lower than the previous year, One97 Communications Ltd., Paytm’s parent firm, declared another loss for FY21. During the year, both revenue and costs decreased. In FY21, One97 reported a consolidated loss of Rs 1,701 crore, down from Rs 2,942 crore in FY20, according to its annual report given to investors.

In FY21, sales declined 10% to Rs 3,186 crore, with revenue from operations falling 15% to Rs 2,802 crore. Expenses were down 22% at Rs 4,782.95 crore. Marketing and promotional spending decreased to Rs 532.52 crore from Rs 1,397 crore a year ago, helping to reduce costs. Payment processing charges fell to Rs 1,916.78 crore from Rs 2,265.91 crore the previous year.

According to Bloomberg, Paytm is contemplating an initial public offering. There is no mention of these plans in the annual report.

Paytm Payments Bank had a revenue of Rs 1,987.45 crore in FY21 and a total comprehensive income of Rs 18.79 crore, according to the annual report, which also detailed the finances of some of its associates and joint ventures. Last year, the payments bank made a total profit of Rs 2.62 crore on sales of Rs 2,110 crore. Based on its shareholding, the group’s profit share was Rs 9.21 crore.

So yet, neither Paytm General Insurance nor Paytm Life Insurance has reported any revenue. A joint venture called Paytm First Games Pvt. recorded a revenue of Rs 149.33 crore and a loss of Rs 201.93 crore. The company’s share of the loss was Rs 78.16 crore.

According to the annual report, complete depletion of Paytm First Games’ net value occurred due to the net current liabilities. According to a second filing, Paytm Entertainment Ltd. had to offer Paytm First Games a short-term credit of Rs 80.92 crore due to a commercial necessity.

On June 30, the firm plans to conduct its next annual general meeting, during which it would propose voting on a sub-division of each of its existing Rs 10 shares into ten shares for Rs 1.

China overthrows Taiwan as Apple’s most prominent source of supplier

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June 7, 2021

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TAIPEI, June 7, 2021: China currently has more Apple suppliers than any other country, indicating that Washington’s efforts to untangle the United States and China’s supply chains have had little influence on the world’s most valuable tech business.

According to a Nikkei Asia analysis of the Apple Supplier List issued last week, 51 of Apple’s top 200 suppliers in 2020 were situated in China, including Hong Kong, up from 42 in 2018 and pushing Taiwan out of the top rank for the first time. Apple does not provide data for the year 2019. As part of Apple’s goal to diversify its supply chain, Chinese vendors have also assisted the business in expanding production capacity in other Asian countries.

The Apple Supplier List covers 98 percent of the company’s previous fiscal year’s materials, production, and assembly costs.

The report serves as a barometer of Apple’s reliance on suppliers from all around the world, even if it does not publish purchase values for each company.

Apple’s recognition is for its stringent quality controls, and the emergence of Chinese suppliers reflects the country’s expanding manufacturing and technology skills, as well as its low prices.

One Apple supply chain manager told Nikkei Asia, “Most Chinese vendors have very similar techniques.” According to the manager, Chinese suppliers gain business by providing Apple meager costs that non-China suppliers find challenging to conceive. “They’re ready to take on low-margin projects that other suppliers are hesitant to engage on. This manner, they may progressively improve their skills by working with Apple, and then bid for bigger business when the time comes.”

According to the manager, getting into Apple’s supply chain is a “golden ticket” for suppliers to become the greatest in the world.

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