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In India, the account holders in the Employees Provident Fund (EPF) must add a nominee by December 31. Employees will forfeit various benefits if this is not done.

Only nominated members have access to EPF savings in the event of a subscriber's untimely death. Subscribers can nominate several nominees and set the percentage of each nominee's share of the prize pool.

Subscribers must have an active Universal Account Number (UAN) and Aadhaar details seeded to their EPF account in order to use EPFO's online nomination service. 
 
<a href="https://www.wionews.com/business-economy/gst-rule-change-indians-will-have-to-pay-more-for-these-items-in-2022-440470">Also read | GST rule change: Indians will have to pay more for these items in 2022</a>

Almost every salaried person in India has an Employees Provident Fund Organization account, which provides a source of income after they retire.&nbsp;

Every month, a portion of the employee's income is deducted and credited to him or her after retirement. Every month, the employee's employer provides the same amount of money.&nbsp; 
 
<a href="https://www.wionews.com/business-economy/india-online-payment-rules-to-change-on-january-1-what-you-need-to-know-439307">Also read | India online payment rules to change on January 1: What you need to know</a>

However, if an employee fails to update his or her nominee information by December 31, he or she will lose all benefits, including pension and insurance money, beginning in January 2022.

"It is critical for subscribers to register nominations to care for their spouse, children, and parents and to safeguard them through online PF, pension, and insurance," said EPFO in a statement.&nbsp;

The purpose of filing a nomination is to ensure benefits for the PF account holder's dependents in the event of his or her death.

If an account holder suffers a loss, the nominee will be eligible for benefits from the insurance and pension plans.

(With inputs from agencies)

In India, the account holders in the Employees Provident Fund (EPF) must add a nominee by December 31. Employees will forfeit various benefits if this is not done.

In India, the account holders in the Employees Provident Fund (EPF) must add a nominee by December 31. Employees will forfeit various benefits if this is not done. Only nominated members have access to EPF savings in the event of a subscriber's untimely death. Subscribers can nominate several nominees and set the percentage of each nominee's share of the prize pool. Subscribers must have an active Universal Account Number (UAN) and Aadhaar details seeded to their EPF account in order to use EPFO's online nomination service. Also read | GST rule change: Indians will have to pay more for these items in 2022 Almost every salaried person in India has an Employees Provident Fund Organization account, which provides a source of income after they retire. Every month, a portion of the employee's income is deducted and credited to him or her after retirement. Every month, the employee's employer provides the same amount of money. Also read | India online payment rules to change on January 1: What you need to know However, if an employee fails to update his or her nominee information by December 31, he or she will lose all benefits, including pension and insurance money, beginning in January 2022. "It is critical for subscribers to register nominations to care for their spouse, children, and parents and to safeguard them through online PF, pension, and insurance," said EPFO in a statement. The purpose of filing a nomination is to ensure benefits for the PF account holder's dependents in the event of his or her death. If an account holder suffers a loss, the nominee will be eligible for benefits from the insurance and pension plans. (With inputs from agencies)

New Provident Fund rule: EPF benefits to stop if you do not complete this by December 31

The United States auto safety agency has stepped up its probe into engine fires that have plagued some Hyundai Motors and Kia Motors vehicles for more than six years.

US regulators to step up investigation into Kia, Hyundai engine fire probe

A Foxconn iPhone factory in India at the centre of a mass food-poisoning incident will extend a week-long closure by an extra three day. The production is expected to restart on Thursday.

Foxconn India iPhone plant extends closure

As the Omicron COVID-19 variant rages across the United States Apple has closed its stores to indoor customer traffic at its New York City retail locations.

Apple closes New York City stores amid surge in Omicron COVID-19 variant

The new year, 2022, will bring a slew of changes to India's Goods and Services Tax (GST). The government had previously announced the revisions, which will take effect on January 1, next Saturday.&nbsp;

The amendments include the requirement for e-commerce operators to pay tax on services such as passenger transportation and restaurant services delivered through them.

In addition, the rectification in the inverted duty structure in the footwear and textile sectors will take effect on Saturday, with all footwear, regardless of price, subject to a 12% GST, and all textile products, excluding cotton, including premade garments, subject to a 12% GST. 
 
<a href="https://www.wionews.com/business-economy/india-online-payment-rules-to-change-on-january-1-what-you-need-to-know-439307">Also read | India online payment rules to change on January 1: What you need to know</a>

Clothing and footwear will also become more costly

From January 1, 2022, finished goods such as clothes, footwear, and textiles will be more expensive, when the Union government raises the GST on such items from 5% to 12%.&nbsp;

The GST rate on clothing costing up to Rs 1,000 per piece has been increased from 5% to 12%.&nbsp;

Textile rates, which include woven fabrics, synthetic yarn, blankets, tents, and accessories like tablecloths and serviettes, have also been raised from 5% to 12%.&nbsp;

The GST rate on footwear (costing up to Rs 1,000 per pair) has also been increased from 5% to 12%.

Auto rides booked through Ola and Uber are expected to become more expensive

In the new year, auto rickshaw rides booked through app aggregators like Ola and Uber will also become more expensive. From&nbsp;January 1, the Union government announced that ride firms would pay a 5% GST on vehicle rides booked online, abolishing an existing exemption. Tax-free auto rides will continue to be available on the streets.

While Uber understands the need to raise funds, the firm has urged the government to reconsider the tax, which will have an impact on vehicle drivers' wages as well as the government's digitalisation strategy.

Food delivery apps like Swiggy and Zomato charge GST

Beginning January 1st, food delivery apps, rather than restaurants, will be required to collect and pay 5% GST to the government.

There will be no additional tax burden on the end customer as a result of this procedural adjustment.

Previously, eateries were responsible for paying the GST. According to the government, instead of restaurants, the tax would now be paid by aggregators like Zomato and Swiggy, preventing income leakage.

(With inputs from agencies)

The new year, 2022, will bring a slew of changes to India's Goods and Services Tax (GST). The government had previously announced the revisions, which will take effect on January 1, next Saturday.

The new year, 2022, will bring a slew of changes to India's Goods and Services Tax (GST). The government had previously announced the revisions, which will take effect on January 1, next Saturday. The amendments include the requirement for e-commerce operators to pay tax on services such as passenger transportation and restaurant services delivered through them. In addition, the rectification in the inverted duty structure in the footwear and textile sectors will take effect on Saturday, with all footwear, regardless of price, subject to a 12% GST, and all textile products, excluding cotton, including premade garments, subject to a 12% GST. Also read | India online payment rules to change on January 1: What you need to know Clothing and footwear will also become more costly From January 1, 2022, finished goods such as clothes, footwear, and textiles will be more expensive, when the Union government raises the GST on such items from 5% to 12%. The GST rate on clothing costing up to Rs 1,000 per piece has been increased from 5% to 12%. Textile rates, which include woven fabrics, synthetic yarn, blankets, tents, and accessories like tablecloths and serviettes, have also been raised from 5% to 12%. The GST rate on footwear (costing up to Rs 1,000 per pair) has also been increased from 5% to 12%. Auto rides booked through Ola and Uber are expected to become more expensive In the new year, auto rickshaw rides booked through app aggregators like Ola and Uber will also become more expensive. From January 1, the Union government announced that ride firms would pay a 5% GST on vehicle rides booked online, abolishing an existing exemption. Tax-free auto rides will continue to be available on the streets. While Uber understands the need to raise funds, the firm has urged the government to reconsider the tax, which will have an impact on vehicle drivers' wages as well as the government's digitalisation strategy. Food delivery apps like Swiggy and Zomato charge GST Beginning January 1st, food delivery apps, rather than restaurants, will be required to collect and pay 5% GST to the government. There will be no additional tax burden on the end customer as a result of this procedural adjustment. Previously, eateries were responsible for paying the GST. According to the government, instead of restaurants, the tax would now be paid by aggregators like Zomato and Swiggy, preventing income leakage. (With inputs from agencies)

GST rule change: Indians will have to pay more for these items in 2022

The Indian government said on Monday that 5G services will be available in 13 locations throughout the country next year.

Gurugram, Bengaluru, Kolkata, Mumbai, Chandigarh, Delhi, Jamnagar, Ahmadabad, Chennai, Hyderabad, Lucknow, Pune, and Gandhi Nagar are among these cities.

Bharti Airtel, Reliance Jio, and Vodafone Idea are conducting 5G trials in the 700 MHz, 3.5 GHz, and 26 GHz bands. In the sectors of education, enterprise, mobility, and security, the organisations have also presented India-specific use cases.

The Telecom Regulatory Authority of India (Trai) has also produced a consultation paper to solicit input from the sector on a variety of spectrum auction concerns, including pricing, value, and rollout obligations.&nbsp; 
 
<a href="https://www.wionews.com/technology/5g-wireless-services-could-wreak-havoc-with-flights-warn-us-airlines-437248">Also read | 5G wireless services could wreak havoc with flights, warn US airlines</a>

Last month, Ashwini Vaishnav, the minister of communications, announced that the 5G spectrum auction would take place in April-May 2022.&nbsp;

However, because Trai is anticipated to present its recommendations only in March, the auction is likely to be postponed until July.

The actual deployment would be dependent on industry readiness, but the government has expressed interest in launching on Independence Day.

Telecom service providers have asked the government to maintain 5G spectrum pricing low so that the industry can participate fully.&nbsp; 
 
Watch | Tech It Out: Is 5G safe to use?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-it-out-is-5g-safe-to-use-390118/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Companies have advised the government that access to appropriate low-cost spectrum and flexible payment terms are critical for them to plan their investments.

As an alternative to the widely used 3GPP standard, the government is promoting the creation of an indigenously produced 5G standard known as the 5Gi.&nbsp;

The Indian Institute of Technology produced the indigenous 5G testbed, which was supported by the government. The project is expected to be completed by the end of December.

(With inputs from agencies)

The Indian government said on Monday that 5G services will be available in 13 locations throughout the country next year. Gurugram, Bengaluru, Kolkata, Mumbai, Chandigarh, Delhi, Jamnagar, Ahmadabad, Chennai, Hyderabad, Lucknow, Pune, and Gandhi Nagar are among these cities.

The Indian government said on Monday that 5G services will be available in 13 locations throughout the country next year. Gurugram, Bengaluru, Kolkata, Mumbai, Chandigarh, Delhi, Jamnagar, Ahmadabad, Chennai, Hyderabad, Lucknow, Pune, and Gandhi Nagar are among these cities. Bharti Airtel, Reliance Jio, and Vodafone Idea are conducting 5G trials in the 700 MHz, 3.5 GHz, and 26 GHz bands. In the sectors of education, enterprise, mobility, and security, the organisations have also presented India-specific use cases. The Telecom Regulatory Authority of India (Trai) has also produced a consultation paper to solicit input from the sector on a variety of spectrum auction concerns, including pricing, value, and rollout obligations. Also read | 5G wireless services could wreak havoc with flights, warn US airlines Last month, Ashwini Vaishnav, the minister of communications, announced that the 5G spectrum auction would take place in April-May 2022. However, because Trai is anticipated to present its recommendations only in March, the auction is likely to be postponed until July. The actual deployment would be dependent on industry readiness, but the government has expressed interest in launching on Independence Day. Telecom service providers have asked the government to maintain 5G spectrum pricing low so that the industry can participate fully. Watch | Tech It Out: Is 5G safe to use? Companies have advised the government that access to appropriate low-cost spectrum and flexible payment terms are critical for them to plan their investments. As an alternative to the widely used 3GPP standard, the government is promoting the creation of an indigenously produced 5G standard known as the 5Gi. The Indian Institute of Technology produced the indigenous 5G testbed, which was supported by the government. The project is expected to be completed by the end of December. (With inputs from agencies)

5G services to be rolled out in these 13 Indian cities first. Check the list

In latest tightening of rules, Chinese regulator National Development and Reform Commission (NDRC) said that domestic companies from sector off-limits to foreign direct investment (FDI) would have to seek permission before listing shares outside mainland. The new rules would apply to internet news companies and others in sectors in which FDI is restricted or prohibitted.

The NDRC announced the new rules on Monday in a statement. The statement also included an updated annual "Foreign Investment Negative List" that outlines business sectors where foreign direct investment is banned or restricted.

The new rules now apply that list to companies issuing shares overseas for the first time, and come as China is tightening scrutiny over offshore share sales.

Chinese companies in sectors prohibited for foreign investment "should get clearance from relevant Chinese regulatory bodies, if they seek share sales and list in overseas markets," the NDRC said, plugging a regulatory loophole.

In addition, "foreign investors must not participate in the operation and management of the companies" and their holdings are to be capped at 30%, in line with the rules regulating locally-listed companies.

The latest Negative List includes prohibited sectors such as compulsory education institutions, news organizations and rare earth minerals.

Additionally, overseas investment in industries ranging from publishing, nuclear power stations and telecom is restricted.

Many Chinese companies use a so-called variable interest entity (VIE) structure to float overseas, skirting the foreign investment restrictions in areas such as media and education. read more

The NDRC statement comes just days after China's securities regulator published draft rules requiring filings by companies seeking offshore listings to ensure they comply with Chinese laws and regulations. read more

Under the new filing system, VIE-structured companies will still be allowed to list as long as they are compliant.

"The NDRC statement goes hand in hand with the filing system," and will likely restrict the use of VIEs, said Zhan Kai, a lawyer at East &amp; Concord Partners. Kai was quoted by Reuters

However, China's Ministry of Commerce framed the new rules as a gesture of policy relaxation.

"China is exploring ways to allow companies in sectors off-limits to foreign investment to list overseas under certain conditions, expanding investment channels for foreign investors," the ministry said in a separate statement.

(With inputs from agencies)

In latest tightening of rules, Chinese regulator National Development and Reform Commission (NDRC) said that domestic companies from sector off-limits to foreign direct investment (FDI) would have to seek permission before listing shares outside mainland.

In latest tightening of rules, Chinese regulator National Development and Reform Commission (NDRC) said that domestic companies from sector off-limits to foreign direct investment (FDI) would have to seek permission before listing shares outside mainland. The new rules would apply to internet news companies and others in sectors in which FDI is restricted or prohibitted. The NDRC announced the new rules on Monday in a statement. The statement also included an updated annual "Foreign Investment Negative List" that outlines business sectors where foreign direct investment is banned or restricted. The new rules now apply that list to companies issuing shares overseas for the first time, and come as China is tightening scrutiny over offshore share sales. Chinese companies in sectors prohibited for foreign investment "should get clearance from relevant Chinese regulatory bodies, if they seek share sales and list in overseas markets," the NDRC said, plugging a regulatory loophole. In addition, "foreign investors must not participate in the operation and management of the companies" and their holdings are to be capped at 30%, in line with the rules regulating locally-listed companies. The latest Negative List includes prohibited sectors such as compulsory education institutions, news organizations and rare earth minerals. Additionally, overseas investment in industries ranging from publishing, nuclear power stations and telecom is restricted. Many Chinese companies use a so-called variable interest entity (VIE) structure to float overseas, skirting the foreign investment restrictions in areas such as media and education. read more The NDRC statement comes just days after China's securities regulator published draft rules requiring filings by companies seeking offshore listings to ensure they comply with Chinese laws and regulations. read more Under the new filing system, VIE-structured companies will still be allowed to list as long as they are compliant. "The NDRC statement goes hand in hand with the filing system," and will likely restrict the use of VIEs, said Zhan Kai, a lawyer at East & Concord Partners. Kai was quoted by Reuters However, China's Ministry of Commerce framed the new rules as a gesture of policy relaxation. "China is exploring ways to allow companies in sectors off-limits to foreign investment to list overseas under certain conditions, expanding investment channels for foreign investors," the ministry said in a separate statement. (With inputs from agencies)

China: Companies in certain sectors to need permission before offshore listing

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals.

"We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder. The legal battle is being fought in various forums: at the NCLT, the High Courts and the Supreme Court," In the note titled 'VOTE RECOMMENDATIONS FOR 2021 ANNUAL GENERAL MEETING InGovern said.

The note adds, "On December 23, 2021, the company put out a statement that the Bombay High Court rejected the ad-interim prayers of the Plaintiff. However, the Court directed that the result of the proposed Annual General Meeting of the Company to be held on December 30, 2021, shall be subject to the outcome of the final hearing of the Interim Application filed by the Plaintiff in the Suit. The matter has been adjourned to February 3, 2022."

"Our view is that unless the court battles play out, the management and operations of the company should be viewed by shareholders as ongoing," the InGovern note added.

Proposals – Management &amp; InGovern Recommendations

1 -Adoption of Standalone Accounts and Consolidated Accounts: FOR

"We note that shareholders have approved the qualifications made in FY2019-20, and that there are NO significant changes in ownership in the past year. We note in many instances that content valuations can be very subjective. Considering no new adverse audit qualifications, we recommend shareholders vote FOR the proposal," InGovern said.

2-Re-appointment of Mr. Ashok Mathai Kurien liable to retire by rotation: FOR

"We recommend shareholders vote FOR this proposal," InGovern said.

3 -Ratification of Remuneration of Cost Auditors for FY2021-22: FOR

"There are no concerns regarding this proposal. We recommend shareholders vote FOR the resolution," InGovern said.

Recently, promoter Group Company of Dish TV had filed an application before the Bombay High Court in the share transfer matter. The company urged the HC to not allow the transfer of shares till the completion of the hearing.

As per Dish TV, an attempt is being made by Yes Bank to take control of Dish TV's board of directors by proposing a shareholder EGM to make changes to the board. However, till recently, it has not made any open offer in this area.

The Ministry of Finance, Yes Bank, and the Securities and Exchange Board of India (SEBI) have been included as parties to the dispute in an application filed with the Bombay High Court. Exchanges, Catalyst Trusteeship, and Dish TV have also been added to the list of parties.

Catalyst Trusteeship and Yes Bank have been the subject of an investigation. Aside from that, IDBI Trusteeship has been the subject of an investigation.

The promoter firm claims in its application that Yes Bank is attempting to seize control of Dish TV and that this must be halted.

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals. "We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder.

In what comes as a big win for Dish TV in the Yes Bank matter, Proxy advisory firm InGovern has advised investors to support Dish TV AGM proposals. "We note that these proposals are coming up for shareholder vote in the background of an ongoing dispute between the company and two sets of shareholders – the promoters and Yes Bank, as the largest shareholder. The legal battle is being fought in various forums: at the NCLT, the High Courts and the Supreme Court," In the note titled 'VOTE RECOMMENDATIONS FOR 2021 ANNUAL GENERAL MEETING InGovern said. The note adds, "On December 23, 2021, the company put out a statement that the Bombay High Court rejected the ad-interim prayers of the Plaintiff. However, the Court directed that the result of the proposed Annual General Meeting of the Company to be held on December 30, 2021, shall be subject to the outcome of the final hearing of the Interim Application filed by the Plaintiff in the Suit. The matter has been adjourned to February 3, 2022." "Our view is that unless the court battles play out, the management and operations of the company should be viewed by shareholders as ongoing," the InGovern note added. Proposals – Management & InGovern Recommendations 1 -Adoption of Standalone Accounts and Consolidated Accounts: FOR "We note that shareholders have approved the qualifications made in FY2019-20, and that there are NO significant changes in ownership in the past year. We note in many instances that content valuations can be very subjective. Considering no new adverse audit qualifications, we recommend shareholders vote FOR the proposal," InGovern said. 2-Re-appointment of Mr. Ashok Mathai Kurien liable to retire by rotation: FOR "We recommend shareholders vote FOR this proposal," InGovern said. 3 -Ratification of Remuneration of Cost Auditors for FY2021-22: FOR "There are no concerns regarding this proposal. We recommend shareholders vote FOR the resolution," InGovern said. Recently, promoter Group Company of Dish TV had filed an application before the Bombay High Court in the share transfer matter. The company urged the HC to not allow the transfer of shares till the completion of the hearing. As per Dish TV, an attempt is being made by Yes Bank to take control of Dish TV's board of directors by proposing a shareholder EGM to make changes to the board. However, till recently, it has not made any open offer in this area. The Ministry of Finance, Yes Bank, and the Securities and Exchange Board of India (SEBI) have been included as parties to the dispute in an application filed with the Bombay High Court. Exchanges, Catalyst Trusteeship, and Dish TV have also been added to the list of parties. Catalyst Trusteeship and Yes Bank have been the subject of an investigation. Aside from that, IDBI Trusteeship has been the subject of an investigation. The promoter firm claims in its application that Yes Bank is attempting to seize control of Dish TV and that this must be halted.

Boost to Dish TV! Proxy advisory firm InGovern advises investors to support Dish TV AGM proposals

China Evergrande Group has said that it had made initial progress in resuming construction work with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.

China's Evergrande reports progress in work on construction projects

The United Arab Emirates (UAE) government has told some of its biggest business families that it plans to remove their monopolies on the sale of imported goods.

UAE government plans to scrap some family business monopolies

Japan's retail sales rose faster than expected in November, due to decreasing COVID-19 cases in the month, which have encouraged shoppers to ramp up spending on goods and services.

Japan retail sales gain 1.9% in November

Britain’s Cairn Energy Plc has withdrawn lawsuits against the Indian government and its entities in the US and UK in the retro tax case.

Cairn Energy withdraws cases from US, UK in retro tax case

US retail sales rose 8.5% during this year's holiday shopping season from November 1 to December 24, powered by soaring e-commerce sales.

US retail sales rise 8.5% in holiday season as online shopping booms

The Tamil Nadu government has formally requested the local unit of Taiwanese hardware manufacturing firm Foxconn, to provide better basic amenities for its workers. Among the facilities enlisted as part of the suggestions were - better hostels, spacious living areas, adequate bathrooms and toilets, potable water, living spaces with proper ventilation and overall improved infrastructure in hostels/dormitories.&nbsp;

This comes nearly a week after hundreds of Foxconn workers protested and blocked the crucial Chennai-Bengaluru highway, as over 150 women workers had fallen sick after consuming the food provided in the hostels.&nbsp;

According to the protestors, there were long-standing issues between the management and the contractual workers, which the management allegedly refused to address or resolve. Among the issues highlighted were the basic living facilities, better working conditions, hygienic food and water etc.

According to the government, they are keen on bringing investments and job opportunities to the state, but are also keen on voicing out for the welfare of workers (especially women). In line with this, top government officials, including IAS and IPS officers had met with representatives of Foxconn on Thursday and offered suggestions.&nbsp;

Among the points highlighted to the company were, District Collector's certificate of approval for the living spaces provided to workers, provision of hygienic meals that are cooked within the premises of the hostel, ensuring timely approval of emergency leave for contractual workers and also utilising services of manpower agencies for seeking replacement/backup workforce to make up for those absent.&nbsp;

According to the government, the company had agreed to implement the suggestions and has also expressed its intention to expand its operations and offer more job opportunities.&nbsp;

Nearly 14,000 men and women are employed in the Foxconn unit that manufactures electronic components, iPhones for Apple and handsets for other leading smartphone brands.

Many of the women workers are staying in the nearby dormitories. It was after consuming their meals from one such dormitory that over 150 workers were affected by food poisoning and had to be taken to nearby hospitals for treatment.&nbsp;

According to workers, the management did not offer any response when queried about the health condition of women workers who were admitted to the hospital.&nbsp;

There were also rumours of a few women workers having died, owing to food poisoning. This is said to have been a major trigger for the protest. However, the government authorities formally dismissed the claims of workers having died and assured action against rumour mongers.

The Tamil Nadu government has formally requested the local unit of Taiwanese hardware manufacturing firm Foxconn, to provide better basic amenities for its workers.

The Tamil Nadu government has formally requested the local unit of Taiwanese hardware manufacturing firm Foxconn, to provide better basic amenities for its workers. Among the facilities enlisted as part of the suggestions were - better hostels, spacious living areas, adequate bathrooms and toilets, potable water, living spaces with proper ventilation and overall improved infrastructure in hostels/dormitories. This comes nearly a week after hundreds of Foxconn workers protested and blocked the crucial Chennai-Bengaluru highway, as over 150 women workers had fallen sick after consuming the food provided in the hostels. According to the protestors, there were long-standing issues between the management and the contractual workers, which the management allegedly refused to address or resolve. Among the issues highlighted were the basic living facilities, better working conditions, hygienic food and water etc. According to the government, they are keen on bringing investments and job opportunities to the state, but are also keen on voicing out for the welfare of workers (especially women). In line with this, top government officials, including IAS and IPS officers had met with representatives of Foxconn on Thursday and offered suggestions. Among the points highlighted to the company were, District Collector's certificate of approval for the living spaces provided to workers, provision of hygienic meals that are cooked within the premises of the hostel, ensuring timely approval of emergency leave for contractual workers and also utilising services of manpower agencies for seeking replacement/backup workforce to make up for those absent. According to the government, the company had agreed to implement the suggestions and has also expressed its intention to expand its operations and offer more job opportunities. Nearly 14,000 men and women are employed in the Foxconn unit that manufactures electronic components, iPhones for Apple and handsets for other leading smartphone brands. Many of the women workers are staying in the nearby dormitories. It was after consuming their meals from one such dormitory that over 150 workers were affected by food poisoning and had to be taken to nearby hospitals for treatment. According to workers, the management did not offer any response when queried about the health condition of women workers who were admitted to the hospital. There were also rumours of a few women workers having died, owing to food poisoning. This is said to have been a major trigger for the protest. However, the government authorities formally dismissed the claims of workers having died and assured action against rumour mongers.

India: Provide better facilities for workers, Tamil Nadu govt tells iPhone assembly unit Foxconn

From January 1, 2022, the way Indians use their credit/debit cards and transact at ATMs will change.

There has been a significant increase in internet penetration across the country, which opens the door for cybercrime.

As a result, the Reserve Bank of India (RBI) has advised all merchants and payment gateways not to store client card credentials within their database or server in order to ensure that customers make secure online payments.

To fulfil the instructions, the RBI decided to extend the deadline for non-bank payment aggregators and payment gateways by six months, till December 31, 2021, as a one-time measure, to allow payment system providers and participants to develop workable alternatives, such as tokenisation.&nbsp;

What is Tokenisation and how is it different from the present system?&nbsp;

Tokenisation refers to the substitution of an alternative code termed a "token" for the actual card details, allowing online purchases to be made without revealing important information to cyber criminals.&nbsp;

At present, the 16-digit card number, the card expiry date, the CVV, and an OTP or transaction PIN are all required for online debit/credit card transactions.

For successful online card transactions, these details must be appropriately given to merchants or companies.

But from January 1, the RBI's new rule makes it explicit that retailers and organisations must destroy such information from their databases and replace it with tokenization, which replaces actual card details with a unique alternate code known as a token.

Each card combination will yield a different token.

A card user can have their card tokenised by a merchant or service provider by submitting a request on the token requestor's app.

The tokenisation procedure, according to the RBI, would help make online card transactions more secure because merchants will not be aware of a customer's actual debit and credit card details.&nbsp;

Is tokenisation a safer option?

A tokenised card transaction is considered safer by the RBI because the real card details are not shared with the merchant during transaction processing.

According to the central bank, the authorised card networks will hold the real card data, tokens, and other necessary elements in a secure mode.&nbsp;

ATM transactions that exceed the permitted limit are subject to an additional fee

In June of this year, the Reserve Bank of India (RBI) allowed banks to increase charges for cash and non-cash ATM transactions beyond the free monthly acceptable limit.

With effect from January 1, 2022, customers who exceed the monthly limit of free transactions will be charged Rs. 21 instead of Rs. 20.

Customers will be entitled to five free financial and non-financial transactions each month from their own bank's ATMs.

They would also be able to use other bank ATMs for three free transactions in metros and five free transactions in non-metros.&nbsp; 
 
(With inputs from agencies)

From January 1, 2022, the way Indians use their credit/debit cards and transact at ATMs will change. There has been a significant increase in internet penetration across the country, which opens the door for cybercrime.

From January 1, 2022, the way Indians use their credit/debit cards and transact at ATMs will change. There has been a significant increase in internet penetration across the country, which opens the door for cybercrime. As a result, the Reserve Bank of India (RBI) has advised all merchants and payment gateways not to store client card credentials within their database or server in order to ensure that customers make secure online payments. To fulfil the instructions, the RBI decided to extend the deadline for non-bank payment aggregators and payment gateways by six months, till December 31, 2021, as a one-time measure, to allow payment system providers and participants to develop workable alternatives, such as tokenisation. What is Tokenisation and how is it different from the present system? Tokenisation refers to the substitution of an alternative code termed a "token" for the actual card details, allowing online purchases to be made without revealing important information to cyber criminals. At present, the 16-digit card number, the card expiry date, the CVV, and an OTP or transaction PIN are all required for online debit/credit card transactions. For successful online card transactions, these details must be appropriately given to merchants or companies. But from January 1, the RBI's new rule makes it explicit that retailers and organisations must destroy such information from their databases and replace it with tokenization, which replaces actual card details with a unique alternate code known as a token. Each card combination will yield a different token. A card user can have their card tokenised by a merchant or service provider by submitting a request on the token requestor's app. The tokenisation procedure, according to the RBI, would help make online card transactions more secure because merchants will not be aware of a customer's actual debit and credit card details. Is tokenisation a safer option? A tokenised card transaction is considered safer by the RBI because the real card details are not shared with the merchant during transaction processing. According to the central bank, the authorised card networks will hold the real card data, tokens, and other necessary elements in a secure mode. ATM transactions that exceed the permitted limit are subject to an additional fee In June of this year, the Reserve Bank of India (RBI) allowed banks to increase charges for cash and non-cash ATM transactions beyond the free monthly acceptable limit. With effect from January 1, 2022, customers who exceed the monthly limit of free transactions will be charged Rs. 21 instead of Rs. 20. Customers will be entitled to five free financial and non-financial transactions each month from their own bank's ATMs. They would also be able to use other bank ATMs for three free transactions in metros and five free transactions in non-metros. (With inputs from agencies)

India online payment rules to change on January 1: What you need to know

In terms of the number of new unicorns, India had a fantastic year.

Only the United States and China were ahead of it, and it surpassed the United Kingdom.

There were 54 unicorns from India, up from 33 the year before.

With a valuation of $21 billion, India's most successful unicorn is edtech behemoth Byju's.

It is ranked 15th in the world.

The Hurun Research Institute's Global Unicorn Index 2021 is a ranking of the world's start-ups that were created in the 2000s, have a market capitalization of at least a billion dollars, and are not publicly traded.

The deadline for submissions was November 30.&nbsp;

According to Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, countries with the most unicorns have a more dynamic economy.

At least one unicorn can now be found in 42 economies, up from just 25 just two years ago.

However, Russia, Saudi Arabia, and Poland are among 160 countries where no unicorns have been discovered.

Mexico, the Netherlands, the Bahamas, Belgium, Chile, the Czech Republic, Denmark, Norway, Senegal, Thailand, Turkey, the United Arab Emirates, and Vietnam are among the thirteen countries that have produced unicorns for the first time.&nbsp; 
 
ByteDance is the most valuable company in the world, valued at $350 billion, followed by Ant Group at $150 billion, SpaceX at $100 billion, finch Stripe at $95 billion, Klarna at $46 billion, Canva at $40 billion, InstaCart at $39 billion, Databricks at $38 billion, Cainiao at $34 billion, and Revolut at $33 billion.

(With inputs from agencies)

In terms of the number of new unicorns, India had a fantastic year. Only the United States and China were ahead of it, and it surpassed the United Kingdom. There were 54 unicorns from India, up from 33 the year before.

In terms of the number of new unicorns, India had a fantastic year. Only the United States and China were ahead of it, and it surpassed the United Kingdom. There were 54 unicorns from India, up from 33 the year before. With a valuation of $21 billion, India's most successful unicorn is edtech behemoth Byju's. It is ranked 15th in the world. The Hurun Research Institute's Global Unicorn Index 2021 is a ranking of the world's start-ups that were created in the 2000s, have a market capitalization of at least a billion dollars, and are not publicly traded. The deadline for submissions was November 30. According to Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, countries with the most unicorns have a more dynamic economy. At least one unicorn can now be found in 42 economies, up from just 25 just two years ago. However, Russia, Saudi Arabia, and Poland are among 160 countries where no unicorns have been discovered. Mexico, the Netherlands, the Bahamas, Belgium, Chile, the Czech Republic, Denmark, Norway, Senegal, Thailand, Turkey, the United Arab Emirates, and Vietnam are among the thirteen countries that have produced unicorns for the first time. ByteDance is the most valuable company in the world, valued at $350 billion, followed by Ant Group at $150 billion, SpaceX at $100 billion, finch Stripe at $95 billion, Klarna at $46 billion, Canva at $40 billion, InstaCart at $39 billion, Databricks at $38 billion, Cainiao at $34 billion, and Revolut at $33 billion. (With inputs from agencies)

India beats UK, creates third-highest number of unicorns in 2021

Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) on Tuesday announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and thirdparty approvals.

Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.

SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc. (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, which would eventually equal approximately 2.11% of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86% of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15% stake.

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Mr. Punit Goenka will lead the combined company as its Managing Director &amp; CEO. The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, Mr. N.P. Singh. On closing, Mr. Singh will assume a broader executive position at SPE as Chairman, Sony Pictures India (a division of SPE) reporting to Mr. Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development.

The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players.

As part of the definitive agreements, the promoters (founders) of ZEEL have agreed to limit the equity that they may own in the combined company to 20% of its outstanding shares. This construct does not provide the promoters (founders) of ZEEL any pre-emptive or other rights to acquire equity of the combined company from the Sony Group, the combined company or any other party. Any shares purchased by the promoters (founders) of ZEEL, must be in compliance with all applicable laws including any pricing guidelines.

Commenting on this development, Mr. Punit Goenka, MD &amp; CEO, ZEE Entertainment Enterprises Ltd. said, “It is a significant milestone for all of us, as two leading media &amp; entertainment companies join hands to drive the next era of entertainment filled with immense opportunities. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms. I am immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, that swiftly led us to this point within the stipulated timelines. This merger presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena. I look forward to working with the guidance of the esteemed members of the combined company’s board to unlock the potential of this merger, and I wish N.P. Singh all the best in his new role at SPE. His contribution to the Indian media &amp; entertainment industry has been invaluable. I am most certain that our collective wisdom, rich experience and expertise will lead to a more value accretive and exciting company for our shareholders and employees, and a more engaging one for our customers and partners.”

“Today marks an important step in our efforts to bring together some of the strongest leadership teams, content creators, and film libraries in the media business to create extraordinary entertainment and value for Indian consumers,” said Mr. Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development. “I want to thank Punit and his team at ZEEL and the small army of people at SPE and SPNI who have worked so hard to get us to this point. I especially want to thank N.P. Singh, who presented us with the idea to explore this merger well over a year ago. N.P. has done extraordinary work building SPNI to what it is today, and we look forward to continuing our work with him in his new role after closing.”

MD &amp; CEO, SPNI, Mr. N.P. Singh, added, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the Board of the new merged company, it will be my endeavour to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.”

SPE was advised on this transaction by Morgan Stanley, KPMG Corporate Finance, and Shardul Amarchand Mangaldas &amp; Co. ZEEL was advised by KPMG, JP Morgan, Trilegal and Boston Consulting Group.

Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) on Tuesday announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) on Tuesday announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and thirdparty approvals. Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc. (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, which would eventually equal approximately 2.11% of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86% of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15% stake. #BreakingNews | बोर्ड से सोनी पिक्चर्स के साथ मर्जर को मंजूरी#SonyZeeMerger | @AnilSinghvi_ | @deepdbhandari pic.twitter.com/3V0F2ShW1x — Zee Business (@ZeeBusiness) December 22, 2021 × Mr. Punit Goenka will lead the combined company as its Managing Director & CEO. The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, Mr. N.P. Singh. On closing, Mr. Singh will assume a broader executive position at SPE as Chairman, Sony Pictures India (a division of SPE) reporting to Mr. Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development. The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players. As part of the definitive agreements, the promoters (founders) of ZEEL have agreed to limit the equity that they may own in the combined company to 20% of its outstanding shares. This construct does not provide the promoters (founders) of ZEEL any pre-emptive or other rights to acquire equity of the combined company from the Sony Group, the combined company or any other party. Any shares purchased by the promoters (founders) of ZEEL, must be in compliance with all applicable laws including any pricing guidelines. Commenting on this development, Mr. Punit Goenka, MD & CEO, ZEE Entertainment Enterprises Ltd. said, “It is a significant milestone for all of us, as two leading media & entertainment companies join hands to drive the next era of entertainment filled with immense opportunities. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms. I am immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, that swiftly led us to this point within the stipulated timelines. This merger presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena. I look forward to working with the guidance of the esteemed members of the combined company’s board to unlock the potential of this merger, and I wish N.P. Singh all the best in his new role at SPE. His contribution to the Indian media & entertainment industry has been invaluable. I am most certain that our collective wisdom, rich experience and expertise will lead to a more value accretive and exciting company for our shareholders and employees, and a more engaging one for our customers and partners.” “Today marks an important step in our efforts to bring together some of the strongest leadership teams, content creators, and film libraries in the media business to create extraordinary entertainment and value for Indian consumers,” said Mr. Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development. “I want to thank Punit and his team at ZEEL and the small army of people at SPE and SPNI who have worked so hard to get us to this point. I especially want to thank N.P. Singh, who presented us with the idea to explore this merger well over a year ago. N.P. has done extraordinary work building SPNI to what it is today, and we look forward to continuing our work with him in his new role after closing.” MD & CEO, SPNI, Mr. N.P. Singh, added, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the Board of the new merged company, it will be my endeavour to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.” SPE was advised on this transaction by Morgan Stanley, KPMG Corporate Finance, and Shardul Amarchand Mangaldas & Co. ZEEL was advised by KPMG, JP Morgan, Trilegal and Boston Consulting Group.

Sony, ZEEL sign definitive agreements for merger; Punit Goenka will lead combined company as its MD & CEO

The benchmark equity indices on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) extended their losses on Monday afternoon, trading nearly 3% lower, following the lead of their worldwide peers, which fell as raging global Omicron infections threatened to disrupt economic recovery.

At 1:05 p.m., the S&amp;P BSE Sensex was down 1,793.76 points (3.15%) to 55,217.98, while the Nifty 50 was down 550.35 points (3.24%) to 16,434.85.

Watch:&nbsp;Gravitas -&nbsp;&nbsp;Omicron spooks Indian markets

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The entire Sensex index was trading in a sea of red.

Some of the largest laggards in the afternoon session of trade were Bajaj Finance, Tata Steel, IndusInd Bank, State Bank of India (SBI), NTPC, Bajaj Finserv, Mahindra &amp; Mahindra (M &amp; M), Larsen &amp; Toubro (L &amp;T), and Kotak Mahindra Bank.&nbsp;

(With inputs from agencies)

The benchmark equity indices on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) extended their losses on Monday afternoon, trading nearly 3% lower, following the lead of their worldwide peers, which fell as raging global Omicron infections threatened to disrupt economic recovery.

The benchmark equity indices on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) extended their losses on Monday afternoon, trading nearly 3% lower, following the lead of their worldwide peers, which fell as raging global Omicron infections threatened to disrupt economic recovery. At 1:05 p.m., the S&P BSE Sensex was down 1,793.76 points (3.15%) to 55,217.98, while the Nifty 50 was down 550.35 points (3.24%) to 16,434.85. Watch: Gravitas - Omicron spooks Indian markets The entire Sensex index was trading in a sea of red. Some of the largest laggards in the afternoon session of trade were Bajaj Finance, Tata Steel, IndusInd Bank, State Bank of India (SBI), NTPC, Bajaj Finserv, Mahindra & Mahindra (M & M), Larsen & Toubro (L &T), and Kotak Mahindra Bank. (With inputs from agencies)

Sensex down nearly 1,800 points, Nifty below 16,500 amid weak global cues

SenseTime, a Chinese artificial intelligence start-up, has revived its initial public offering, proceeding with Hong Kong listing on Monday (December 20).&nbsp;

The decision comes a week after it was blacklisted by the United States over accusations of racial profiling via its facial recognition technology. The implication is that the company's technology helped identify or do suveillence of Uyghur Muslims, thereby assisting China's &nbsp;alleged human rights abuses and genocide in the Xinjiang region.&nbsp;

The company has filed a revised listing with the Hong Kong stock exchange on Monday.&nbsp;The trading is expected to start on December 30.&nbsp;

"Due to the dynamic and evolving nature of the relevant US regulations, we have required to exclude US investors," the company wrote.

Bloomberg News reported that SenseTime had secured about $512 million from nine cornerstone investors, including state-backed Mixed-Ownership Reform Fund and Shanghai Xuhui Capital Investment Company.

The company is still planning to hit the pre-blacklisting $767 million target with 1.5 billion shares at HK$3.85 to HK$3.99 per share.

Why did the US blacklist SenseTime?&nbsp;

US accuses SenseTime of being part of China's "military-industrial complex" that provides technology for mass surveillance in Xinjiang.&nbsp;

It says SenseTime has developed and deployed facial recognition software that can determine a person's ethnicity, including whether someone looks Uyghur.

SenseTime refuted the blacklisting, saying that the accusations were unfounded and emphasised that the company was "caught in the middle of geopolitical tension".

SenseTime, a Chinese artificial intelligence start-up, has revived its initial public offering, proceeding with Hong Kong listing on Monday (December 20). The decision comes a week after it was blacklisted by the United States over accusations of racial profiling via its facial recognition technology.

SenseTime, a Chinese artificial intelligence start-up, has revived its initial public offering, proceeding with Hong Kong listing on Monday (December 20). The decision comes a week after it was blacklisted by the United States over accusations of racial profiling via its facial recognition technology. The implication is that the company's technology helped identify or do suveillence of Uyghur Muslims, thereby assisting China's alleged human rights abuses and genocide in the Xinjiang region. The company has filed a revised listing with the Hong Kong stock exchange on Monday. The trading is expected to start on December 30. "Due to the dynamic and evolving nature of the relevant US regulations, we have required to exclude US investors," the company wrote. Bloomberg News reported that SenseTime had secured about $512 million from nine cornerstone investors, including state-backed Mixed-Ownership Reform Fund and Shanghai Xuhui Capital Investment Company. The company is still planning to hit the pre-blacklisting $767 million target with 1.5 billion shares at HK$3.85 to HK$3.99 per share. Why did the US blacklist SenseTime? US accuses SenseTime of being part of China's "military-industrial complex" that provides technology for mass surveillance in Xinjiang. It says SenseTime has developed and deployed facial recognition software that can determine a person's ethnicity, including whether someone looks Uyghur. SenseTime refuted the blacklisting, saying that the accusations were unfounded and emphasised that the company was "caught in the middle of geopolitical tension".

China AI firm whose facial recognition tech helps in racial profiling relists IPO in HK after US crackdown

Micron Technology shares headed higher after the memory chip company posted strong results, while providing better-than-expected forecasts for the current quarter.

Micron shares rise on strong quarter 1 results

As a "precautionary measure," Royal Enfield recalled 26,300 Classic 350 motorcycles manufactured between September 1, 2021 and December 5, 2021 owing to a potential brake malfunction.

The Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Road Transport and Highways were notified by Royal Enfield today.&nbsp;

According to a press release from the company, an unusually strong braking stress applied to the rear brake pedal could cause damage to the response bracket.

This could result in exceptional braking noise as well as a possible reduction in braking efficiency in extreme conditions.&nbsp; 
 
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According to Royal Enfield, the problem is limited to the single-channel ABS, rear drum brake Classic 350 bikes manufactured between September 1, 2021, and December 5, 2021.

To reinforce the brake reaction bracket of the swing arm, the Chennai-based manufacturer has decided to recall almost 26,300 single-channel ABS and rear-drum-brake-equipped Classic 350 motorcycles. 
 
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Consumers whose motorbike Vehicle Identification Number (VIN) number falls within the above-mentioned manufacturing period will be contacted by Royal Enfield service teams and local dealerships.&nbsp;

Customers can also check by visiting the official Royal Enfield website, contacting their nearest RE workshop, or calling 1800210007.&nbsp;

"At Royal Enfield, we have robust and rigorous testing and development protocols, and we adhere to global validation standards of quality and durability. However, issues like this can arise under specific, extreme riding conditions, and we are committed to resolving this at the soonest, with minimum inconvenience for our customers, " the company said.

(With inputs from agencies)

As a "precautionary measure," Royal Enfield recalled 26,300 Classic 350 motorcycles manufactured between September 1, 2021 and December 5, 2021 owing to a potential brake malfunction.

As a "precautionary measure," Royal Enfield recalled 26,300 Classic 350 motorcycles manufactured between September 1, 2021 and December 5, 2021 owing to a potential brake malfunction. The Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Road Transport and Highways were notified by Royal Enfield today. According to a press release from the company, an unusually strong braking stress applied to the rear brake pedal could cause damage to the response bracket. This could result in exceptional braking noise as well as a possible reduction in braking efficiency in extreme conditions. According to Royal Enfield, the problem is limited to the single-channel ABS, rear drum brake Classic 350 bikes manufactured between September 1, 2021, and December 5, 2021. To reinforce the brake reaction bracket of the swing arm, the Chennai-based manufacturer has decided to recall almost 26,300 single-channel ABS and rear-drum-brake-equipped Classic 350 motorcycles. Consumers whose motorbike Vehicle Identification Number (VIN) number falls within the above-mentioned manufacturing period will be contacted by Royal Enfield service teams and local dealerships. Customers can also check by visiting the official Royal Enfield website, contacting their nearest RE workshop, or calling 1800210007. "At Royal Enfield, we have robust and rigorous testing and development protocols, and we adhere to global validation standards of quality and durability. However, issues like this can arise under specific, extreme riding conditions, and we are committed to resolving this at the soonest, with minimum inconvenience for our customers, " the company said. (With inputs from agencies)

Royal Enfield recalls 26,300 units of Classic 350 due to potential brake issue

European markets closed sharply lower amid the rapid spread of the omicron Covid-19 variant which triggers stricter containment measures across the continent.

European, Asian markets close lower as omicron worries intensify

India has approved a $10 billion incentive plan to attract&nbsp;semiconductor&nbsp;and display manufacturers, Union Minister Ashwini Vaishnaw said&nbsp;on Wednesday, as part of a deepening push to establish the country as a global electronics production hub.

Under the plan, the government will extend fiscal support of up to 50 per cent of a project's cost to eligible display and&nbsp;semiconductor&nbsp;fabricators.

Israel's Tower&nbsp;Semiconductor, Taiwan's Foxconn and a consortium from Singapore have shown interest in setting up chip factories in India while Vedanta Group was keen to set up a display plant, a government source told Reuters.

Tower, Foxconn and Vedanta did not immediately respond to requests for comment.

"The program will usher in a new era in electronics manufacturing by providing a globally competitive incentive package to companies in&nbsp;semiconductors and display manufacturing as well as design," the government statement said.

The drive comes as some companies look to diversify their manufacturing bases beyond China due to the ongoing trade war between Washington and Beijing and is a sign India is trying to move up the electronics value chain.

India's plan to incentivise&nbsp;semiconductor&nbsp;manufacturing also comes at a time when automakers and tech companies around the world are grappling with a global chip shortage.

New Delhi also approved an incentive plan to support 100 local firms working on integrated circuit and chipset designs.

Technology Minister Ashwini Vaishnaw told a news briefing the plan would help develop "the complete&nbsp;semiconductor&nbsp;ecosystem - from the design of&nbsp;semiconductor&nbsp;chips to their fabrication, packing and testing in the country".

The government said it expected the scheme to create about 35,000 high-quality positions, 100,000 indirect jobs and attract investment worth $8.8 billion.

Prime Minister Narendra Modi's government has offered about $30 billion in incentives to woo some of the world's largest electronics manufacturers to set up shop in India and give the domestic industry a fillip.

The push has already helped make India the world's second-biggest smartphone maker behind China.

It has also helped India win investment commitments from Foxconn, Wistron and Pegatron - three of Apple's top contract manufacturers.

"The government's plan will help bring advanced technology, more employment and bigger investments into India," said A. Gururaj, managing director of Indian contract manufacturer Optiemus Electronics. "It will also help cut expensive tech imports."

Tata Group, one of India's biggest conglomerates, is venturing into the&nbsp;semiconductor&nbsp;business and is in talks with three states to invest up to $300 million to set up a chip assembly and test unit.

India has approved a $10 billion incentive plan to attract semiconductor and display manufacturers, Union Minister Ashwini Vaishnaw said on Wednesday, as part of a deepening push to establish the country as a global electronics production hub.

India has approved a $10 billion incentive plan to attract semiconductor and display manufacturers, Union Minister Ashwini Vaishnaw said on Wednesday, as part of a deepening push to establish the country as a global electronics production hub. Under the plan, the government will extend fiscal support of up to 50 per cent of a project's cost to eligible display and semiconductor fabricators. Israel's Tower Semiconductor, Taiwan's Foxconn and a consortium from Singapore have shown interest in setting up chip factories in India while Vedanta Group was keen to set up a display plant, a government source told Reuters. Tower, Foxconn and Vedanta did not immediately respond to requests for comment. "The program will usher in a new era in electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and display manufacturing as well as design," the government statement said. The drive comes as some companies look to diversify their manufacturing bases beyond China due to the ongoing trade war between Washington and Beijing and is a sign India is trying to move up the electronics value chain. India's plan to incentivise semiconductor manufacturing also comes at a time when automakers and tech companies around the world are grappling with a global chip shortage. New Delhi also approved an incentive plan to support 100 local firms working on integrated circuit and chipset designs. Technology Minister Ashwini Vaishnaw told a news briefing the plan would help develop "the complete semiconductor ecosystem - from the design of semiconductor chips to their fabrication, packing and testing in the country". The government said it expected the scheme to create about 35,000 high-quality positions, 100,000 indirect jobs and attract investment worth $8.8 billion. Prime Minister Narendra Modi's government has offered about $30 billion in incentives to woo some of the world's largest electronics manufacturers to set up shop in India and give the domestic industry a fillip. The push has already helped make India the world's second-biggest smartphone maker behind China. It has also helped India win investment commitments from Foxconn, Wistron and Pegatron - three of Apple's top contract manufacturers. "The government's plan will help bring advanced technology, more employment and bigger investments into India," said A. Gururaj, managing director of Indian contract manufacturer Optiemus Electronics. "It will also help cut expensive tech imports." Tata Group, one of India's biggest conglomerates, is venturing into the semiconductor business and is in talks with three states to invest up to $300 million to set up a chip assembly and test unit.

Indian government approves $10 billion plan to make semiconductor devices

china where countries supported by stronger energy production and a moderation in raw material prices its factory output has grown faster than expected last month.

China's factory output rose 3.8% in November

The concerns over the Omicron Coronavirus variant and fresh travel restrictions have led to a spark in hotel booking cancellations globally. It has been said by online hotel search firm Trivago who said that this is threatening to upend the fragile recovery in tourism.

Coronavirus' fresh travel restrictions have led to a spark in hotel booking cancellations

When China’s leaders came under pressure to answer questions about the health and whereabouts of Peng Shuai, the Chinese tennis star, they turned to a friendly face.

They put Peng on a video call with members of the International Olympic Committee, a global sports organization that for years has turned a blind eye to Beijing’s human rights record. True to their reputation, IOC officials did not ask her about her claim that she had been sexually assaulted by a powerful former Communist Party leader, an allegation that led censors to scrub the details from the Chinese internet.

Perhaps no international organization has a more symbiotic relationship with Beijing. The Chinese government treats its growing success in sports as symbolic of the country’s rise as a global power. The 2008 Beijing Olympics helped transform the world’s image of China, a feat the government hopes to replicate next month when the Winter Olympics begin near the same city.

In return, Beijing provided the IOC with access to 1.4 billion potential sports fans and heaps of money. In 2014, the state broadcaster China Central Television signed a broadcasting deal with the IOC that SportBusiness, a news and data service, estimated to be worth about $550 million. China also brought corporate access, like a sponsorship deal with Alibaba, the e-commerce giant, that Bloomberg reported was worth $800 million.

China’s relationship with the Olympics could be best illustrated by Juan Antonio Samaranch of Spain, who led the IOC for two decades, and the foundation in China that bears his name.

The Samaranch Foundation was founded by his son, Juan Antonio Samaranch Jr., who is also chair of IOC’s coordination committee for the Beijing 2022 Games, and counts the IOC as a founding partner. The foundation, which has all three Chinese IOC members on its board, is devoted to carrying on the elder Samaranch’s legacy of courting China, which had made him something of a hero there.

It has also carried on his legacy of smoothing over China’s troubling conduct. In September 2018, when word was drifting out that as many as 1 million members of largely Muslim minority groups were detained in internment camps and prisons in the western Chinese region of Xinjiang, the foundation organized a charity soccer event there. It has also held events in Tibet, despite long-standing religious suppression there.

“The IOC keeps saying that it’s a politically neutral organization and wants to stay out of politics,” said Yaqiu Wang, a senior researcher at Human Rights Watch in New York. “But it entirely ignores the fact that it has always been used as a political tool by the Chinese government to legitimize its standing and its policies, including crimes against humanity in Xinjiang.”

In written comments, the IOC said the Samaranch Foundation operates independently from the committee. The Samaranch Foundation did not respond to requests for comments.

The IOC has also defended its talks with Peng, a former Olympian, and called criticism “silly.” Thomas Bach, the IOC president, has talked about the importance of “political neutrality” for his organization. “We can accomplish our mission to unite the world only if the Olympic Games stand above and beyond any and all political differences,” he said in a speech.

Jules Boykoff, professor of political science at Pacific University in Oregon, said the IOC’s stance only emboldens Chinese leaders.

“The IOC typically hides behind the thin scrim of political neutrality,” said Boykoff, author of “Power Games: A Political History of the Olympics.” “In the case of Peng Shuai, Bach actively ran political interference for Chinese political authorities.”

He added, “Bach’s willful gullibility in this instance is an important pivot point.”

After the IOC released a statement saying Peng was “safe and well,” several Twitter users commented in Chinese that Bach reminded them of the elder Samaranch, “the old friend of China.” That was my reaction, too.

The IOC has been standing on a moral slippery slope regarding China since the days when Samaranch Sr. was the president from 1980 to 2001. The country credited him with helping Beijing win its bid to host the 2008 Games. His image and voice were so ubiquitous on Chinese TV that he was known as “Grandpa Samaranch” for children growing up in the 1990s and 2000s.

He defended China despite wide-ranging criticism of its poor human rights records and suppression of free speech.

“The Chinese are people who have long memories and know how to demonstrate their deep feelings of loyalty to people who, in difficult times, have stayed at their side,” Samaranch wrote in an opinion essay after the Beijing Olympics in 2008. Headlined, “Why I love and respect China as much as I do,” it was published in a Spanish newspaper, an English-language newspaper in China and the Chinese edition of his biography.

After his death in 2010, China’s then president sent condolences to the IOC and his family, a gesture usually reserved for heads of state. He called Samaranch “the old friend and good friend of the Chinese people” and said China would never forget him. Chinese state media ran many stories commemorating his friendship with China.

China built a Samaranch memorial, including a park, that is the size of 32 American football fields in the port city of Tianjin.

The younger Samaranch founded the Samaranch Foundation in 2012 “to secure the Samaranch-China legacy.” It received donations from the IOC, the Chinese Olympic Committee, both the Chinese and the Spanish governments, 10 Chinese companies and others.

One of its bigger donors is sportswear maker Anta, which pledged to continue using cotton from Xinjiang, where forced labor was used amid the government suppression of Uyghurs and other Muslim minority groups. Anta’s chief executive sits on the foundation’s board.

Samaranch Jr. is mentioned as one of the potential successors to Bach in 2025.

The foundation has made it clear where its loyalties lie.

It celebrated the 70th anniversary of the founding of the People’s Republic of China in a 2019 post on its website, calling it a “love letter.” Earlier this year, it organized a nationwide red-themed running race for middle school students for the 100th anniversary of the founding of the Chinese Communist Party.

Samaranch Jr. and the foundation he founded are public and unabashed about their love for China, but he insists that it is better to be “quiet” and “discreet” when it comes to China’s human rights abuses and Peng’s allegation.

When pressed on holding the Games in China, he echoed the committee’s stance that it must separate sports from politics.

“We have to keep that neutrality. It is too precious what we are trying to defend,” he was quoted by The Associated Press as saying last month at an online briefing on the preparations for the Beijing Games. “We are what we are, and we can do what we can do.”

Then during another online media briefing this week, he urged for a “need to be discreet” in Peng’s situation. “Everybody should be concentrating on the well-being of Peng Shuai and not trying to use this for any other purpose,” he said.

“Don’t write it off the silent diplomacy,” he added. “It’s a very powerful tool and we plan to stick to that.”

His father made the argument a long time ago, calling the China critics “alarmists.” If anything, the Chinese government has become a lot more authoritarian after the 2008 Beijing Olympics. But it seems, no matter what, the Chinese government can count the IOC as a friend.

When China’s leaders came under pressure to answer questions about the health and whereabouts of Peng Shuai, the Chinese tennis star, they turned to a friendly face.

When China’s leaders came under pressure to answer questions about the health and whereabouts of Peng Shuai, the Chinese tennis star, they turned to a friendly face. They put Peng on a video call with members of the International Olympic Committee, a global sports organization that for years has turned a blind eye to Beijing’s human rights record. True to their reputation, IOC officials did not ask her about her claim that she had been sexually assaulted by a powerful former Communist Party leader, an allegation that led censors to scrub the details from the Chinese internet. Perhaps no international organization has a more symbiotic relationship with Beijing. The Chinese government treats its growing success in sports as symbolic of the country’s rise as a global power. The 2008 Beijing Olympics helped transform the world’s image of China, a feat the government hopes to replicate next month when the Winter Olympics begin near the same city. In return, Beijing provided the IOC with access to 1.4 billion potential sports fans and heaps of money. In 2014, the state broadcaster China Central Television signed a broadcasting deal with the IOC that SportBusiness, a news and data service, estimated to be worth about $550 million. China also brought corporate access, like a sponsorship deal with Alibaba, the e-commerce giant, that Bloomberg reported was worth $800 million. China’s relationship with the Olympics could be best illustrated by Juan Antonio Samaranch of Spain, who led the IOC for two decades, and the foundation in China that bears his name. The Samaranch Foundation was founded by his son, Juan Antonio Samaranch Jr., who is also chair of IOC’s coordination committee for the Beijing 2022 Games, and counts the IOC as a founding partner. The foundation, which has all three Chinese IOC members on its board, is devoted to carrying on the elder Samaranch’s legacy of courting China, which had made him something of a hero there. It has also carried on his legacy of smoothing over China’s troubling conduct. In September 2018, when word was drifting out that as many as 1 million members of largely Muslim minority groups were detained in internment camps and prisons in the western Chinese region of Xinjiang, the foundation organized a charity soccer event there. It has also held events in Tibet, despite long-standing religious suppression there. “The IOC keeps saying that it’s a politically neutral organization and wants to stay out of politics,” said Yaqiu Wang, a senior researcher at Human Rights Watch in New York. “But it entirely ignores the fact that it has always been used as a political tool by the Chinese government to legitimize its standing and its policies, including crimes against humanity in Xinjiang.” In written comments, the IOC said the Samaranch Foundation operates independently from the committee. The Samaranch Foundation did not respond to requests for comments. The IOC has also defended its talks with Peng, a former Olympian, and called criticism “silly.” Thomas Bach, the IOC president, has talked about the importance of “political neutrality” for his organization. “We can accomplish our mission to unite the world only if the Olympic Games stand above and beyond any and all political differences,” he said in a speech. Jules Boykoff, professor of political science at Pacific University in Oregon, said the IOC’s stance only emboldens Chinese leaders. “The IOC typically hides behind the thin scrim of political neutrality,” said Boykoff, author of “Power Games: A Political History of the Olympics.” “In the case of Peng Shuai, Bach actively ran political interference for Chinese political authorities.” He added, “Bach’s willful gullibility in this instance is an important pivot point.” After the IOC released a statement saying Peng was “safe and well,” several Twitter users commented in Chinese that Bach reminded them of the elder Samaranch, “the old friend of China.” That was my reaction, too. The IOC has been standing on a moral slippery slope regarding China since the days when Samaranch Sr. was the president from 1980 to 2001. The country credited him with helping Beijing win its bid to host the 2008 Games. His image and voice were so ubiquitous on Chinese TV that he was known as “Grandpa Samaranch” for children growing up in the 1990s and 2000s. He defended China despite wide-ranging criticism of its poor human rights records and suppression of free speech. “The Chinese are people who have long memories and know how to demonstrate their deep feelings of loyalty to people who, in difficult times, have stayed at their side,” Samaranch wrote in an opinion essay after the Beijing Olympics in 2008. Headlined, “Why I love and respect China as much as I do,” it was published in a Spanish newspaper, an English-language newspaper in China and the Chinese edition of his biography. After his death in 2010, China’s then president sent condolences to the IOC and his family, a gesture usually reserved for heads of state. He called Samaranch “the old friend and good friend of the Chinese people” and said China would never forget him. Chinese state media ran many stories commemorating his friendship with China. China built a Samaranch memorial, including a park, that is the size of 32 American football fields in the port city of Tianjin. The younger Samaranch founded the Samaranch Foundation in 2012 “to secure the Samaranch-China legacy.” It received donations from the IOC, the Chinese Olympic Committee, both the Chinese and the Spanish governments, 10 Chinese companies and others. One of its bigger donors is sportswear maker Anta, which pledged to continue using cotton from Xinjiang, where forced labor was used amid the government suppression of Uyghurs and other Muslim minority groups. Anta’s chief executive sits on the foundation’s board. Samaranch Jr. is mentioned as one of the potential successors to Bach in 2025. The foundation has made it clear where its loyalties lie. It celebrated the 70th anniversary of the founding of the People’s Republic of China in a 2019 post on its website, calling it a “love letter.” Earlier this year, it organized a nationwide red-themed running race for middle school students for the 100th anniversary of the founding of the Chinese Communist Party. Samaranch Jr. and the foundation he founded are public and unabashed about their love for China, but he insists that it is better to be “quiet” and “discreet” when it comes to China’s human rights abuses and Peng’s allegation. When pressed on holding the Games in China, he echoed the committee’s stance that it must separate sports from politics. “We have to keep that neutrality. It is too precious what we are trying to defend,” he was quoted by The Associated Press as saying last month at an online briefing on the preparations for the Beijing Games. “We are what we are, and we can do what we can do.” Then during another online media briefing this week, he urged for a “need to be discreet” in Peng’s situation. “Everybody should be concentrating on the well-being of Peng Shuai and not trying to use this for any other purpose,” he said. “Don’t write it off the silent diplomacy,” he added. “It’s a very powerful tool and we plan to stick to that.” His father made the argument a long time ago, calling the China critics “alarmists.” If anything, the Chinese government has become a lot more authoritarian after the 2008 Beijing Olympics. But it seems, no matter what, the Chinese government can count the IOC as a friend.

Its human rights record in question, China turns to an old friend