CAIT to PM Modi: E-commerce firms monopolising market by violating FDI policy; poor action hurting MSMEs

The Modi government had last year asked the e-commerce companies with FDI to maintain a report to confirm compliance.

Ease of Doing Business for MSMEs: Big e-commerce companies having deep pockets are leaving no stone unturned in monopolizing the e-commerce business and retail trade of India with their malpractices and violating FDI policy, traders’ body Confederation of All India Traders (CAIT) said in a letter to Prime Minister Narendra Modi on Sunday. CAIT, which has been campaigning against Amazon and Flipkart for years now alleging unethical business practices by them, said that the absence of concrete action against e-commerce companies

Paytm to not charge any fee on wallet payments for merchants; move to benefit 1.70 crore users

Paytm has a user base of 17 million or 1.7 crore merchants.

In an effort to de-clutter the digital payments ecosystem and augment the use of online payments, Paytm has announced that merchants will now be allowed to receive unlimited payments through its Paytm Wallet at a 0% fee, along with UPI and Rupay Cards. “With this, we aim to benefit more than 17 million (1.7 crore) merchants who can enjoy a 0% fee on all their digital payments with direct settlement in their bank accounts,” paytm said in a blog on its website. Paytm is one of the largest

Sino-US trade war: Foxconn to shift some Apple production from China to Vietnam

Foxconn is planning to shift its assembling facilities from China to Vietnam. (Bloomberg Photo)

Apple is planning to diversify its location of facilities to reduce the impact of Sino-U.S trade war. Hence Foxconn that manufactures iPads and other Apple devices is planning to shift its assembling facilities from China to Vietnam at Apple Inc request, said a person close to the development.

According to a report by Reuters, Foxconn is building assembling facilities for Apple tabs and MacBooks at a plant in Bac Giang province, northeast of Vietnam. The plant will come online in the first half of 2021. The

Listed companies post bumper profits despite lockdown; manufacturing firms steal the show

Manufacturing companies made bumper profit despite a contraction of Rs 96,100 crore in net sales, and Rs 1.3 lakh crore in operating expenses.

Listed companies in India have managed to generate bumper profits despite the lockdown to arrest the spread of the coronavirus pandemic. Nearly four thousand listed companies reported combined profits of Rs 1.5 lakh crore in the fiscal’s second quarter July-September, which is the highest profit made by all listed companies in any quarter, the Centre for Monitoring Indian Economy (CMIE) said. It is 30.9 per cent higher than the previous best record of Rs 1.18 lakh crore

Nasscom: Over 50% tech startups see revenue reaching pre-Covid level in 6 months, cash in hand improves

43 per cent startups, up from 8 per cent in the previous survey, have a runway of over six months to operate.

India’s technology startups’ outlook towards post-pandemic recovery has improved in the past four-five months. More than 53 per cent of technology startups in India are now expecting their revenue to reach the pre-Covid level in less than six months, according to the second Startup Pulse Survey by Nasscom released on Wednesday. The trade body for the technology industry – Nasscom had released the first Startup Pulse survey back in May, to gauge the impact of Covid on technology

Cars24 is India’s latest unicorn with $200 million funding round led by DST Global

Cars24 said its annual transactions exceeded 2,00,000 units along with a 4X jump in website engagement. (Image: Bloomberg)

Online platform to sell second-hand cars CARS24 has raised a $200 million Series E funding round led by DST Global with participation from existing investors including Exor Seeds, Moore Strategic Ventures, and Unbound. The company is the latest addition to the growing list of unicorns in India with its valuation crossing the hallowed $1-billion mark in the current round. The investment will be deployed towards technology and product innovation apart from scaling new business verticals, the company said on Monday. It claimed

You should definitely change your password now if it is on this list

Time taken by cybercriminals to bust open some of the most common passwords is less than a second.

Cybercrime generates news headlines quite often these days with hackers targeting major corporation or a computing system of government agencies for vested interests. But cyberattack can be an individual issue as well as cybercriminals track individuals relentlessly as they do to large companies. Having a full-proof password is the primary and most important step to secure your confidential information and ensure safe browsing. The letters, symbols you use in your password should be chosen mindfully to keep your online account safe. NordPass,

SoftBank’s Masayoshi Son says he was ‘so stupid’ to miss funding Amazon because of lack of money

Son said that accepting mistakes would help him learn from them and become smarter. (REUTERS/Neil Hall)

Before Jeff Bezos took his company public back in 1997, SoftBank’s Founder and Chief Executive Masayoshi Son had an opportunity to become an early investor in now e-commerce behemoth. However, he couldn’t become one because he simply didn’t have enough money back then. “I am so stupid. Don’t embarrass me. I am so much regretting (about it in) my life,” Son said in an interview at The New York Times’ Dealbook conference earlier this week. Son had met Bezos before Amazon’s IPO

Bank credit grows as consumers shop in festive season; risk aversion, low demand still a barrier

Government-backed guarantee loan scheme (ECLGS) also played a major role in the sequential improvement in the bank credit.

Higher consumer spendings during the festive season have supported the bank credit growth in the fortnight ending-6 November 2020. The overall credit growth in the banking sector increased marginally compared to the previous fortnight, which indicates that consumers had started purchasing with the arrival of the festive season, said a report by Care Ratings. It rose to 5.7 per cent in the fortnight, compared with 5.1 per cent growth in the previous two fortnights, showed the latest RBI data. Banks had

Autonomous IT may keep cyber criminals at bay; here’s how it’s better for cyber-defense 

Autonomous IT is akin to a self-driving car – not just spotting obstacles on the road, but going further – like switching lanes to avoid them

By Raghunath S and Sriram Rajan

To ensure data is secure, any organization needs the right combination of skill variety and flawless execution. And Artificial Intelligence (AI) helps make this possible. AI is a game-changer in warding off cyber-threats and shielding critical data, and hence it can be pivotal in keeping cyber-criminals at bay. 

Though IT systems typically use a number of automatic processes, they mostly operate sans any real awareness of the IT