IKEA will help suppliers in India, China, and Poland in making the transition to sustainable energy

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June 14, 2021

IKEA, the Swedish home furnishings retailer, announced on Thursday that it would establish a programme in India, Poland, and China this year to assist suppliers in making the transition to 100% renewable energy. IKEA said in a statement that under this plan, the business would invest in and help nearly 1,600 direct suppliers.

Throughout the whole value chain, IKEA strives for 100% renewable energy. According to the company, these suppliers will save 670,000 tons of carbon per year by switching to renewable electricity, which is around 3% of the total climate impact of the IKEA value chain.

India is one of IKEA’s largest purchasing countries, with roughly 50 suppliers.

The programme contributes to IKEA’s long-term goal of becoming climate positive by 2030 by cutting greenhouse gas emissions more than the value chain emits while growing the company.

Currently, IKEA suppliers cannot generate all of their renewable electricity on-site; the bulk must be purchased from the grid. IKEA will provide a complete package of support to suppliers who want to generate renewable energy on-site and buy the rest from the grid through this initiative.

IKEA presently uses 51% renewable energy in its stores, offices, warehouses, factories, and other businesses.

Pay more at other bank ATMs as the RBI raises the interchange fee

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June 14, 2021

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With effect from August 1, 2021, the Reserve Bank of India (RBI) has increased the interchange fee per transaction at ATMs (automated teller machines) from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions.

In a statement, the RBI stated, “The recommendations of the Committee have been comprehensively examined. It is also observed that the last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014. A substantial time has thus elapsed since these fees were last changed.”

The customer charge ceiling/cap, which was previously Rs 20 per transaction, has now been raised to Rs 21 per transaction. This hike will take effect on January 1, 2022, to account for the more significant interchange outlay for banks.

RBI also mentioned,” These instructions shall also apply to transactions done at cash recycler machines, other than for cash deposit transactions.”

Customers are still eligible for five free transactions per month from their bank’s ATMs, including both financial and non-financial transactions. They are also eligible for free transactions from other bank ATMs, including financial and non-financial transactions, up to three in metro areas and five in non-metro regions.

Using other banks’ ATMs in addition to these free transactions will now be more expensive. Private banks and white label ATM operators have been requesting an increase in the interchange fee to Rs 18 for years.

The RBI’s revisions are based on the recommendations of a committee established in June 2019 under the chairmanship of the Indian Banks’ Association’s Chief Executive to review the full spectrum of ATM charges, with a particular focus on the interchange structure for ATM transactions.

British authority to investigate Amazon’s usage of data

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June 14, 2021

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Britain’s competition authority considers a formal antitrust probe into e-commerce company Amazon.com Inc, citing three unidentified people familiar with the issue.

The Competition and Markets Authority has been looking into Amazon’s operation for months, with the regulator focused on how the online retailer utilizes the data it obtains on its platform.

The regulator has also looked at how Amazon chooses which merchants display in the key ‘purchase box,’ which is the white panel to the right of a product where customers click to add it to their basket.

According to the sources, an investigation into Amazon could focus on whether the business favours merchants that also use its logistics and shipping services when selecting who has access to the buy box and its Prime users.

The investigation was anticipated to cover similar terrain to inquiries currently underway in the European Union. Two investigations against Amazon are presently underway in Brussels: one is looking at how the business is exploiting data to promote its products at the expense of competitors. The other is looking into the criteria for using the purchase box.

India is still an excellent long-term investment prospect, says Deloitte global CEO

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June 13, 2021

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India was hit by the extraordinarily virulent Delta pressure of Covid. However, the country remains a great holiday destination for long-term global clients, according to Deloitte’s global CEO Punit Renjen.

“Over the long arc of time, and the long investment horizon, India is a very attractive destination. And it is attractive because the fundamentals are attractive: the talent pool, the demographics, the consumer base, the democratic tradition,” Renjen, who was born in India, revealed it in an interview.

Even though India appears to be struggling to cope with the aggressive second wave, global businesses like Deloitte have not changed their investment plans.

Over the next few years, Deloitte plans to increase its presence in India. Deloitte is also planning to hire between 75,000 and 100,000 more workers, according to Renjen.

“I think the numbers on the second wave are coming down drastically, which is a very positive sign. We should hope that the third wave doesn’t come, but we must prepare for it,” he said.

Renjen, who has led a large firm like Deloitte through the Black Swan event, believes that the return-to-normalcy path for businesses might be a three-step process. He explained, “The way to look about it is on a continuum, the first thing you have to do is respond. The second is how you begin your recovery. The next point to consider is how you set up the process to succeed. As a result, react, recover, and thrive.”

Oyo, Airbnb, EaseMyTrip, and Yatra collaborate to form a tourist industry organization

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June 13, 2021

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Oyo, Airbnb, EaseMyTrip, and Yatra, among other hospitality and travel companies, have teamed up to form the Confederation of Hospitality, Technology, and Tourism Industry (CHATT).

Travel and tourism technology companies previously underrepresented in any country’s mainstream tourist trade groups have banded together to form CHATT, a new organization. While Union Tourism Minister Prahlad Singh Patel formally inaugurated the association via a virtual conference, the Ministry of Tourism’s complete top brass gathered to bless the newly formed industry association and assure representation in the ministry’s industry consultation process.

CHATT services and advantages will be available to all members, including year-round programs, signature business events, and access to the travel-tech ecosystem. ACCORDING TO THE NEW ASSOCIATION’S EXECUTIVES, the CHATT will reflect the voice of those segments of the business that are primarily micro and small and thus overlooked in the Indian tourism sector, according to the new association’s executives, while defining the organization’s vision and objective.

Why is the Serum Institute of India facing a major shortage of vaccine production?

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June 13, 2021

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With a terrible second wave of the coronavirus pandemic sweeping India, concerns are being raised about how the nation — which is home to the world’s largest vaccine production — arrived at this tragic position.

New infections continue to be reported in large numbers in India. It crossed the sad milestone of reporting over 20 million Covid cases on Tuesday, with at least 226,188 people dying due to the virus; however, the recorded death toll is thought to be lower than the actual death toll.

Meanwhile, despite the fact that India ceased vaccine exports in March to focus on local vaccinations, the country’s immunization program is struggling to affect, and supplies are a concern.

The enabling of a vast religious holiday and electoral rallies and the transmission of a highly contagious strain of the virus have been blamed for the high increase in illnesses recorded in India since February.

Prime Minister Narendra Modi and the Bharatiya Janata Party, which he leads, have been chastised for their lack of caution and preparations and have been accused of prioritizing politics and campaigning over public safety.

The government released a statement on Monday denying media allegations that it had placed no new orders for Covid vaccinations since March, claiming that “these media allegations are absolutely wrong, and are not founded on facts.” It stated that it had provided funds to both the SII and Bharat Biotech to deliver vaccinations in May, June, and July.

The beverage industry’s revenues dropped by 29% in 2020

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June 13, 2021

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The pandemic caused havoc on India’s beverages business, with a statewide lockdown lasting more than a month and the following closure of bars, pubs, restaurants, and hotels until early September wreaking havoc on sales of whiskey, beer, rum, and vodka.

According to the most recent statistics from IWSR Drinks Market Analysis, total sales volume fell by over 29% to 474 million cases (of 9 liters each) in 2020, down from 668 million in 2019. Volumes are down for the second year in a row. Due to a slowing economy, which reduced consumer demand, sales were down 3.4 percent in 2019.

In 2020, sales of spirits, including whiskey, gin, vodka, rum, and brandy, fell 20% to 277 million cases. Gin sales were the worst impacted, falling 57 percent to 0.8 million cases as individuals became less gregarious. Beer sales have dropped by nearly 40%.

Because the lockdown fell during the peak season, beer sales, which account for 41% of total national alcohol sales, fell by 39% to 193 million cases. “Beer and RTDs (ready-to-drink) sales plummeted, robbing them of many of the venues and occasions that had fueled growth. The shutdown could not have come at a worse time, especially for beer.

According to IWSR, the category relies on young urban consumers and after-work situations, and the peak season for consumption was about to begin. People drank more at home as institutions stayed closed. According to the research, while the segment rebounded fast in the second half of 2020, the second wave and subsequent lockdowns have dashed prospects of a swift return.

The World Bank estimates global growth of 5.6 per cent in 2021, the highest since 1973

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June 9, 2021

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WASHINGTON: The World Bank has upgraded its global economic estimate for this year, stating that Covid-19 vaccines and tremendous government support in rich countries will propel the world’s most significant growth in nearly five decades. The 189-country anti-poverty organization’s newest Global Economic Prospects study, released Tuesday, predicts that the global economy will rise 5.6 per cent this year, up from the 4.1 per cent it predicted in January.

As a result of the coronavirus epidemic disrupting trade and forcing firms to close and people to stay at home, the world economy dropped by 3.5 per cent last year. With the expected increase, 2021 will be the quickest year of growth since 1973, when it grew 6.6 per cent.

However, the bank believes that the comeback in 2021 will be unequal, with rich countries such as the United States leading the way, able to spend enormous sums of public money to assist their economies: Only a third of developing countries are likely to return to pre-pandemic levels of income per person next year, compared to 90% of prosperous economies.

The World Bank is urging for more Covid vaccinations to be distributed to low-income nations, where vaccination rates have been lacking. The bank projects the US economy to grow 6.8% in 2021, up from its January prediction of 3.5 per cent; the world’s largest economy shrunk 3.5 per cent last year as Covid-19 pulled economic activity to a halt in the spring.

The economy got restored by an aggressive vaccine rollout, cheap interest rates, and massive government investment. China, the world’s second-largest economy and the first to recover from the coronavirus outbreak, is expected to grow at an annual rate of 8.5 per cent in 2021, up from 2.3 per cent last year. The 19 European countries that share the euro currency are predicted to grow by 4.2 per cent this year, reversing a 6.6 per cent dip last year.

The Quad is on schedule to provide 1 billion COVID-19 vaccines to Southeast Asia

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June 9, 2021

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Despite a horrific second wave of the coronavirus pandemic in India, the Quad nations’ pledge to supply a billion Covid vaccines to people in Southeast Asia by 2022 is still on schedule, according to a top White House official. During a virtual meeting in March, leaders of the Quad – Australia, India, Japan, and the United States – decided to donate a billion vaccinations to Southeast Asia.

These vaccines were supposed to be made in India, but due to the second wave of the COVID-19 epidemic, some are questioning if the Quad would fulfill its commitment by 2022.

“I think we’re feeling relatively confident as we head into 2022, but we recognise that what we are facing right now across Asia, in fact, across the world are new strains that spread more rapidly. So even countries that did extremely well through social distancing and masking are now facing outbreaks even with tremendous stringency”, said the White House’s Indo-Pacific strategy director, Kurt Campbell.

He added that the intention is to host an in-person Quad meeting in Washington in the fall. It will be ensured that all relevant measures on the vaccination deliverable are taken with all leaders present.

In response to a question on press reports of the Quad’s expansion, he stated that the focus would be on deepening and broadening familiarity and broadening inside governments.

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

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BRL Editor

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June 9, 2021

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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.

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