Zoom responds to JioMeet; says experience, security and scale make it platform of choice for millions

JioMeet has every ingredient in the book, including a made in India tag.

Zoom has seemingly welcomed Reliance Jio’s foray into the cloud-based video conferencing market. Hours after Jio’s made in India rival JioMeet became widely available for all users, San Jose-headquartered Zoom has sent out a press statement reiterating how it has been seeing “intense” competition since it was established in 2011, and yet it has become the platform of choice for millions around the world. Zoom did not talk about how JioMeet borrows literally “so much” (this is something that’s become the talk of social media, with many

Pine Labs Weighs Bid for Part of Wirecard’s Asia Business

(Bloomberg) — Pine Labs, the Indian payments company backed by Sequoia Capital and Mastercard Inc., is considering a bid for fallen fintech star Wirecard AG’s businesses in Southeast Asia and India, according to people familiar with the matter.

A potential bid is still at an exploratory stage, as there’s no information available yet on the valuation and finances of Wirecard’s Asian operations, said the people, who asked not to be identified as the information is confidential. There’s no certainty that Pine Labs will proceed with a formal bid, the people added.

The sale of Wirecard’s businesses will be clouded by

India bans import of power equipment from China: Check Power Minister’s tough message

The government is planning to levy 15-20 per cent duty that would rise to 40 per cent in a year, to reduce dependence on China.

Amid the nationwide rage to boycott Chinese products after the brutal face-off at Galwan valley, Power Minister R K Singh on Friday said that India will not import power equipment from China. R K Singh urged the state distribution companies to not give orders for supply of equipment to Chinese firms as India will manufacture everything in the domestic market. While giving a tough message against China, R K Singh said that we create jobs

RIL, Kishore Biyani firm speak up on Future Retail stake buy report; check if deal is happening

Reliance Retail operates a network of 11,784 stores and reported a revenue of Rs 38,211 crore in the January-March quarter.

Kishore Biyani-led Future Group and Mukesh Ambani-run Reliance Industries Ltd have issued separate clarifications over media reports which said that RIL is eyeing to buy a stake in Future Retail. Both companies have not denied the possibility of a deal. Future Retail on Thursday said that the company continues to explore and evaluate various opportunities, it said in a BSE filing. “The company continues to explore and evaluate various opportunities or associations in the interest of the company

Vanguard and State Street Are Resisting the Hot New ETF Craze

(Bloomberg) — One of Wall Street’s hottest innovations is being hailed as the potential key to luring trillions of actively managed dollars to the booming market for exchange-traded funds. Yet two of the industry’s biggest players want no part of it for now.

Vanguard Group and State Street Corp. say they’re in wait-and-see mode as active, non-transparent funds take their crucial first steps in the $4.3 trillion U.S. arena for ETFs.

These products come with many of the benefits of traditional ETFs but drastically reduced disclosure requirements. That makes so-called ANTs a likely conduit to bring stock-picking strategies to the

Modi’s free ration scheme fails to take off; 11 states didn’t distribute even 1% foodgrains

Goa and Telangana did not distribute free grains for April and May, while six states and union territories did not distribute the grains in June. (Bloomberg image)

Prime Minister Narendra Modi’s ambitious free ration scheme has failed to take off and make an impact on the ground, as 11 states have distributed less than one percent of the allocated foodgrains. States such as Goa and Telangana have distributed zero foodgrains. Andhra Pradesh, Goa, Gujarat, Jharkhand, Ladakh, Maharashtra, Meghalaya, Odisha, Sikkim, Tamil Nadu, Telangana and Tripura are among the states which distributed less than 1 per cent of the food

Zoom will release a transparency report later this year with details on all governmental requests for user data

July 1 also marks an important chapter in Zoom’s controversy-ridden history.

Zoom said on Thursday that it had made “significant” progress in defining the framework and approach for its first transparency report and that it planned to release it later this year. The transparency report will offer insights on all the governmental requests for user data, records, or content (of Zoom calls or meetings) that Zoom has received so far. CEO Eric Yuan made the announcement in a blog post marking the commencement of Zoom’s 90-day feature freeze period, wherein the San Jose headquartered company focused all its resources on

Wirecard administrator says received inbound interest for assets

FRANKFURT (Reuters) – Wirecard’s administrator said he has received strong inbound interest for the payment firm’s assets and will shortly mandate banks for the sale of individual parts of the company.

“A large number of investors from all over the world have contacted us, interested in acquiring either the core business or business units that are independent of it”, Michael Jaffe said in a statement after a creditor committee meeting late on Tuesday.

Wirecard filed for insolvency last week owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY

Why sharp rise in GST collections in June doesn’t indicate revival in businesses, economy

The revenues for June are 91 per cent of the GST revenues in the same month last year. 

GST collections in the month of June was Rs 90,717 crore, which is nearly three times the collections in April and significantly higher than the collections in May 2020. However, the collections in June do not give more reasons to cheer as it also includes the returns of February, March, and April, along with some returns of May since the government had allowed time relaxation for filing GST returns, according to a statement by the Ministry of Finance. The gross GST revenue

India ban on TikTok sends out strong message, US lawmakers urge Trump Govt to follow suit

India on Monday banned 59 apps with Chinese links

India’s ban on 59 Chinese apps, including the popular TikTok, has been widely noted in the US, including by some prominent lawmakers, who have urged the American government to follow suit as it is believed that the short video-sharing app is a major security risk to the country.

India on Monday banned 59 apps with Chinese links, including TikTok and UC Browser, saying they were prejudicial to sovereignty, integrity and security of the country.

The ban, which comes in the backdrop of India’s current stand-off along the Line of Actual control