How tech cos make us feel like we own their apps and how that benefits them. Possessions are going out of fashion.
An endless stream of media reports claim millennials – that amorphous mass of people born in the 1980s and 1990s who have grown up with the internet and digital technology – are in favour of accessing rather than owning stuff. How tech cos make us feel like we own their apps and how that benefits them. Camcorder to smartphone era, how lithium-ion batteries transformed tech. In pictures: Launch of India's moon mission Chandrayaan-2 put off. Second moon mission postponed due to technical glitch The launch of Chandrayaan-2, India's second mission to the moon, was postponed after a technical glitch was observed in the launch vehicle system early morning on Monday.
Countdown stopped at 56 minutes, 24 seconds before the launch Media centre in Satish Dhawan Space Centre, Sriharikota Less than an hour before the scheduled lift-off, the Indian Space Research Organisation (Isro) informed of the launch being put off due to the snag. The new schedule will be announced later. The glitch was observed in the launch vehicle system early morning Monday. Amazon Prime Day sale begins today: The best deals and what's on offer.
E-commerce giant Amazon has launched Prime Day sale for its Prime customers.
The sale on the website will last for 2 days, beginning July 15. According to the website, over 1,000 products across the categories have been launched. For early access to the special deals, Amazon is allowing Echo device owners to shop with Alexa starting today. Simply ask, "Alexa, what are my deals? " to know the best deals across categories, the official release notes. Amazon has provided various coupons. Amazon has listed a range of products and offered discounts on them as well. iPhone is heavily discounted on the website. iPhone Xs Max is being sold for Rs 1,04,900. iPhone XS is priced at Rs 94,900, while iPhone XR can be bought for Rs 49,999.
Pak opens airspace for civilian traffic; Indian flights to operate soon. Pakistan opened its airspace for all civilian traffic on Tuesday morning, sources said, effectively removing the ban on Indian flights that were not allowed to use majority of its airspace since the Balakot air strikes in February.
The move is expected to give a major relief to Air India, which suffered a huge financial loss of around Rs 491 crore as it had to re-route its various international flights due to the closure of the Pakistan airspace. "Pakistan has permitted all airlines to fly through its airspace from around 12.41 am today. Indian airline operators will start using normal routes through Pakistan airspace soon," the sources told PTI. I blame past presidents for allowing other nations to steal US jobs: Trump. How the trade war is making manufacturers move supply chains out of China. US manufacturers are shifting production to countries outside of China as trade tensions between the world’s two biggest economies stretch into a second year.
Companies that make Crocs shoes, Yeti beer coolers, Roomba vacuums and GoPro cameras are producing goods in other countries to avoid US tariffs of as much as 25 per cent on some $250 billion of imports from China. Apple Inc. also is considering shifting final assembly of some of its devices out of China to avoid US tariffs.
Furniture-maker Lovesac Co. is making about 60 per cent of its furniture in China, down from 75 per cent at the start of the year. “We have been shifting production to Vietnam very aggressively,” said Shawn Nelson, chief executive of the Stamford, Conn., company. Rising US oil output to outpace slow global demand in next 9 months: IEA. Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday.
The forecasts appear to predict the need for producer club Opec and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for Opec crude to only 28 million barrels per day (bpd) in early 2020. "Market tightness is not an issue for the time being and any rebalancing seems to have moved further into the future," the IEA said in its monthly report. "Clearly, this presents a major challenge to those who have taken on the task of market management," it added, referring to the Organization of the Petroleum Exporting Countries and producer allies such as Russia.
Hong Kong millionaires moving cash to Singapore as political crisis lingers. Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city.
While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest -- one that would have allowed criminal suspects to be transferred to the mainland for trial -- a new tier of wealthy investors are setting up ways to move their money out of the former British colony more quickly, bankers and wealth managers said.
A major Asian wealth manager said it has received a large flow of new money in Singapore from Hong Kong over recent weeks, requesting not to be identified due to the sensitivity of the issue. One Hong Kong private banker said the majority of the new queries he receives aren’t coming from the super-rich, most of whom already have alternative destinations for their money, but from individuals with assets in the $10 million to $20 million range. After China, Nike supplier Eclat to exit Vietnam as trade war heats up. The new normal of global trade is that there are few safe harbors.
That’s the lesson Eclat Textile Co. is learning. The sportswear supplier to Nike Inc. and Lululemon Athletica Inc. exited China in 2016 as conditions weren’t ideal for manufacturing, deciding instead to bulk up in Vietnam. Now, as the global trade war heats up, Eclat finds itself vulnerable again and needs to move beyond Vietnam. “Judging from the global situation, the most important thing now is diversification,” Chairman Hung Cheng-hai said in an interview. “Clients also want us to diversify risks and don’t want production bases to be in one country.
Deutsche Bank's 18,000 job cuts tip of the iceberg for the finance industry. Deutsche Bank caused a recent stir with the seemingly sudden announcement that it would cut 18,000 jobs – one fifth of its global staff.
It is part of a reorganisation designed to return the bank to its core business of corporate banking, private banking and asset management. Most of the job losses will be in the global equity traders and investment banking division Deutsche Bank stated in an announcement made on July 7. Some may read the bank’s problems as the result of a bad strategy, bad execution, bad luck, or a combination of these three. I, however, think that the German bank’s problems reflect the profound transformations currently taking place in the financial industry in general, and in investment banking especially. Let me start by saying that the value of the financial industry is not easy to justify in terms of social and economic benefits. This means Deutsche Bank destroyed US$15,370 per employee, per year. A new financial order. World Bank orders Pakistan pay $5.8 bn damages to Chilean-Canadian miner. A World Bank arbitration court has ordered the Pakistani government pay damages of $5.8 billion to Tethyan Copper, a joint venture between Chile's Antofagasta Plc and Canada's Barrick Gold, the Chilean miner said late on Friday.
Tethyan Copper discovered vast mineral wealth more than a decade ago in Reko Diq, at the foot of an extinct volcano near Pakistan's frontier with Iran and Afghanistan. The deposit was set to rank among the world's biggest untapped copper and gold mines. The company said it had invested more than $220 million by the time Pakistan's government, in 2011, unexpectedly refused to grant them the mining lease needed to keep operating. Hong Kong turmoil has millionaires eyeing other wealth havens. Private bankers are being flooded with inquiries from investors in Hong Kong who are worried about the long-term effects of the political crisis in the Chinese city. While the Hong Kong government has shelved the controversial law that sparked the latest round of unrest — one that would have allowed criminal suspects to be transferred to the mainland for trial — a new tier of wealthy investors are setting up ways to move their money out of the former British colony more quickly, bankers and wealth managers said.
A major Asian wealth manager said it has received a large flow of new money in Singapore from Hong Kong over recent weeks, requesting not to be identified due to the sensitivity of the issue. One Hong Kong private banker said the majority of the new queries he receives aren’t coming from the super-rich, most of whom already have alternative destinations for their money, but from individuals with assets in the $10 million to $20 million range. Cryptocurrencies not money, their value is based on thin air: Donald Trump.
Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was "not money" and warning that those wishing to join the trade would have to abide by banking regulations. "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump tweeted. He added that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity. Dubai to offer free 30-day alcohol licence for non-Muslim tourists aged 21+ Dubai will now offer a free 30-day alcohol licence for tourists, a move that ensures visitors will not be penalised for breaking the law, the media reported on Friday.
The free alcohol tourist licence is valid only to visitors who are non-Muslim and 21 years and over, the Khaleej Times reported. Alcohol retail outlet Maritime and Mercantile International (MMI), a subsidiary of the Emirates Group, has a separate segment on its website instructing tourists on the process of applying for the license. Trade War may force China to shut down more factories, say supplier. The world’s largest supplier of consumer goods says China’s factories are getting “urgent and desperate” as worried U.S. retailers accelerate a move out of the country amid heightened trade tensions. China will see more factory shutdowns as the trade war that’s roiled the global supply chain exacerbates an exodus, said Spencer Fung, chief executive officer of Li & Fung Ltd. The company, which designs, sources and transports consumer goods from Asia for some of the world’s biggest retailers including Walmart and Nike, is being pushed by American clients to shift production out of China.
“U.S. clients are definitely very, very worried,” Fung said in an interview with Bloomberg. “Everyone is making razor-thin margins already and most people have a huge percentage in China. So if the biggest source increases the price by 25%, they are worried,” he said, referring to the scale of tariffs threatened on all Chinese imports to the U.S. by President Donald Trump. Singapore economy shrinks in Q2 as global trade woes worsen. Growth in export-reliant Singapore suffered a surprise sharp contraction in the second quarter, official data showed Friday, sending a stark warning that US-China trade tensions are hurting the global economy. The city-state's gross domestic product shrank an annualised 3.4 per cent, sharply down from 3.8 per cent growth in the first three months of the year and well off forecasts of a slight expansion. On a year-on-year basis, it expanded just 0.1 per cent, the trade ministry said, marking the slowest rate since the global the global financial crisis in 2009 and also well short of estimates.
With its heavy dependence on foreign trade, Singapore is often seen as an indicator of the global economy's health. The dismal figures were the latest signs that trade tensions between Washington and Beijing are having a major impact on export-reliant economies across the world. A social media 'summit' at White House but Facebook, Twitter not invited. China says US trade row can be resolved through 'dialogue of equals' China and the United States can find a way to resolve their trade dispute if each other's concerns are taken into consideration, the commerce ministry said on Thursday.
Thousands are targeted as US prepares to raid undocumented migrant families. IBM $34-billion bet can help it catch up with Amazon and Microsoft. China can create its own Goldman Sachs, if Beijing curbs its instincts. An age-old question has reared its head again: Why can’t China create a globally competitive investment bank in the mold of Goldman Sachs Group Inc or Morgan Stanley? Investors may find it hard to dodge India's plan to tax the super rich. Overseas investors may struggle to circumvent India’s plan to tax the very rich as the option proposed by the tax authorities to sidestep the levies isn’t easy to implement. With frightened investors wiping off Rs 2.9 trillion ($42 billion) from the benchmark S&P BSE Sensex since the budget on July 5 through Wednesday, tax officials have suggested that global funds convert themselves from trusts -- a structure followed by several foreign funds that invest in India -- to corporates as a way to avoid paying the higher surcharge.
The devil’s in the detail. “Under General Anti-Avoidance Rules, tax authorities can question the move and even deny tax benefits to an entity if the change in the structure is purely led with an intention to avoid tax,” said Punit Shah, a partner at Mumbai-based tax consultants Dhruva Advisors LLP. Rockets to satellites: Moon landing innovations that changed life on Earth. Why moon landings footage would have been impossible to fake in 1969. How a heavy hand of censorship is stifling China's lucrative movie industry. At $993 bn, Amazon just a whisker away from touching $1 trn valuation again. In mini trade war between Japan and South Korea, China may be the winner. Pakistan economy critical, facing major challenges due to weak growth: IMF.
China accounted for around 67% of India's bulk drug imports in FY19. No country caps on Green Cards: US House passes bill; India to benefit. The US lawmakers Wednesday passed a bill aimed at lifting the present seven per cent country-cap on issuing Green Cards, a move which would benefit thousands of highly-skilled Indian IT professionals. Budget 2019 lacks meaningful fiscal consolidation plan: Fitch Ratings. Deposits under PM Modi's flagship Jan Dhan Yojana cross Rs 1 trillion.
Connaught Place 9th most expensive office location; Hong Kong tops chart. Inside labour hubs in India's capital: Fewer jobs, more unemployed workers. Modi govt needs more than tax breaks to make India an investment hub. Note ban's impact on Indian economy overstated: Former US Fed vice-chairman. Facebook's plan for a digital currency draws ECB warning on regulation. HIV test compulsory before marriage? Goa is considering, says health min. Air India unions oppose privatisation bid, demand meeting with govt.
Indian Army organises commemorative trek to mark 20 years of Kargil war. 3 times higher poverty rates in Indian households with children: Survey. 'What a mess she has created', Trump slams May after leak of damning cables. 150 bunkers ready for Poonch inhabitants, 350 more to be up soon: Officials. US Fed cut may prompt China to lower its policy rate in 4 years: Report. China's buildings are monitoring how people shop, invest, cook and steal. Deutsche Bank's biggest overhaul to cost 7.4 bn euro; 18,000 jobs to go. Hong Kong protesters march again, reaching out to Chinese visitors. Economic 'game changer'? African leaders launch historic free-trade zone. Amazon is turning 25 - here's a look back at how it changed the world.
Bond market rallies after FM proposal to float govt securities overseas. Economic Survey 2019: Private investment in agriculture is falling. 10 key things brokerages expect from first Budget under Modi 2.0. Eco Survey calls for simpler minimum wage system to boost inclusive growth. Economic Survey suggests govt can monetise citizen's data as a public good. Economic Survey 2019: Govt must ensure predictable policy for India Inc. 8% annual growth needed for GDP to touch $5 trn by FY25: Economic Survey.
'Indian' agenda for Modi 2.0: Eco Survey projects 7% GDP growth in 2019-20. Flipkart plans to tap 50,000 MSMEs for expanding in small towns. Economic Survey 2019 Highlights: Bullish on growth despite tepid numbers. Economic Survey 2019: India needs 8% growth to be $5-trn economy by FY25. Budget 2019: The toughest balancing act for India's new finance minister. Budget likely to raise military spending slightly, delaying modernisation. Indian fund managers see earnings revival, eye opportunity in consumption. Budget 2019: After election, it's Modi's key chance to spur waning economy. Services sector activity contracts in June; first time since May 2018: PMI.
Budget 2019: Govt may cut taxes on biz, hike spending for economic growth. Rapid growth of microfinance industry leading to risks of over-borrowing. Budget 2019: MFs want reversal of LTCG tax; seek clarity on toxic assets. Oil edges higher after plunging in worst reaction to Opec in over 4 years. How fixing female malnutrition can boost India's economy by $15-46 billion. Budget 2019: Time for govt to restore its credibility, get numbers right. Business Standard. Business Standard. Need to reduce centrally sponsored schemes to improve spending: N K Singh.
Business Standard. PSU bank recap, growth revival, fiscal prudence: Expectations from Budget. Tatas are keen to buy Jet's grounded fleet, bilateral flying rights. Modi govt to form committee for suggestions on 'one nation, one election' Global data traffic growth largely led by India: Ericsson Mobility Report. Evidence shows Saudi Crown Prince liable for Khashoggi murder: UN probe.
Saudi prince's assets should be targeted for Khashoggi murder: UN expert. Iran rejects tanker attack allegations, says US claims 'unsubstantiated' LinkedIn survey reveals 62% Indians daunted by fast pace of changing skills. Working for long? Why you should not be at work more than 35 hours a week. Rajasthan MP Om Birla chosen as the Speaker of the 17th Lok Sabha. Facebook plans to create global financial system based on cryptocurrency.
These influencers aren't flesh and blood, yet millions follow them. Two Earth-like planets just 12.5 light yrs away, orbiting red dwarf: Study. Seven million jobs formalised between 2015 and 2018, says report. Why the monsoon is key for PM Modi, RBI and the economy? An explainer. Amazon India is the country's most attractive employer brand, says survey. Australia, New Zealand enterprises lead cloud adoption: Infosys research. 50 yrs of Moon landing: Let's not forget, or forsake, the lessons of past. Overall nuclear arms decline but India, Pakistan expanding arsenal: Report. Why an obscure hydrocarbon may be carrying bad news for the global economy. India Inc's advance tax mop-up surges 171% in Q1, Mumbai collection up 133% India's bond rally could stall as investors worry about govt's fiscal math.
Modi 2.0: Groups of secretaries formed for each sector for quick results.