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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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<a href="https://twitter.com/hashtag/BreakingNews?src=hash&amp;ref_src=twsrc%5Etfw">#BreakingNews</a> | बोर्ड से सोनी पिक्चर्स के साथ मर्जर को मंजूरी<a href="https://twitter.com/hashtag/SonyZeeMerger?src=hash&amp;ref_src=twsrc%5Etfw">#SonyZeeMerger</a> | <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> | <a href="https://twitter.com/deepdbhandari?ref_src=twsrc%5Etfw">@deepdbhandari</a> <a href="https://t.co/3V0F2ShW1x">pic.twitter.com/3V0F2ShW1x</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1473485339574472706?ref_src=twsrc%5Etfw">December 22, 2021</a></blockquote>
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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

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-omicron-spooks-indian-markets-investors-lose-over-usd130-billion-in-a-day-438558/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

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. 
 
<img alt="Royal Enfield" data-entity-type="file" data-entity-uuid="b5851b68-12f6-4c21-81c8-30bfbc413269" src="//cdn.wionews.com/sites/default/files/inline-images/bullet.JPG" />

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

Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company.

The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value.

Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc and Amazon.com Inc that benefited from people and businesses relying heavily on technology during the pandemic.

By comparison, Apple's move from $1 trillion to $2 trillion took two years.

"It's now one of the more richly valued companies in the market, which shows the dominance of U.S. technology in the world and how confident investors are that it will remain in Apple’s hands," said Brian Frank, a portfolio manager at Frank Capital who sold his long-standing position in Apple in 2019 as the stock's valuation rose. "It seems like the stock has priced in every possible good outcome."

Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company's revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company.

Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company's expansion into new products and markets.

"Tim Cook has done an amazing job over the past decade, taking Apple's share price up over 1,400%," OANDA analyst Edward Moya said.

Apple shares have returned 22% per year since the 1990s, while the S&amp;P 500 has returned less than 9% annually in the same period.

(With inputs from agencies)

Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company.

Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company. The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value. Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music. The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc and Amazon.com Inc that benefited from people and businesses relying heavily on technology during the pandemic. By comparison, Apple's move from $1 trillion to $2 trillion took two years. "It's now one of the more richly valued companies in the market, which shows the dominance of U.S. technology in the world and how confident investors are that it will remain in Apple’s hands," said Brian Frank, a portfolio manager at Frank Capital who sold his long-standing position in Apple in 2019 as the stock's valuation rose. "It seems like the stock has priced in every possible good outcome." Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company's revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company. Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company's expansion into new products and markets. "Tim Cook has done an amazing job over the past decade, taking Apple's share price up over 1,400%," OANDA analyst Edward Moya said. Apple shares have returned 22% per year since the 1990s, while the S&P 500 has returned less than 9% annually in the same period. (With inputs from agencies)

Apple approaches USD 3 trillion market value mark

Direct-to-home television service provider&nbsp;Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30.

In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors.

Under Indian regulations, such a move should have triggered an open offer.

In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price.

 
YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020.&nbsp;

YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares.

 
Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company.

“The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI.&nbsp;

"If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.”

The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.”

Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.”&nbsp;

The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board.

“The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board. The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30. In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors. Under Indian regulations, such a move should have triggered an open offer. In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price. YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020. YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares. Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company. “The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI. "If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.” The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.” Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.” The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board. “The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Dish TV moves India's securities regulator SEBI against Yes Bank for violating takeover regulations

Italy's antitrust watchdog said that it had fined Amazon with 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, it is considered one of the biggest penalties imposed on a US tech giant in Europe.

Italy fines Amazon record $1.3 billion for abuse of market dominance

In a move to lower emissions and promote electric cars, the US government plans to end purchases of gas-powered vehicles by 2035 in a move to lower emissions and promote electric cars under an executive order signed by President Joe Biden.

US government to go electric by 2035, move aims to lower emissions, promote EVs

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.

The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.

<a href="https://www.wionews.com/world/embattled-chinese-firm-evergrande-braces-for-debt-deadline-434542">Also Read:&nbsp;&nbsp;Embattled Chinese firm, Evergrande, braces for debt deadline</a>

Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments.

Real estate behemoth&nbsp;Evergrande&nbsp;has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt.

On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating.&nbsp;

Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds.

Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become.&nbsp;

The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout&nbsp;should it collapse.

Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid.&nbsp;

Questions have swirled over whether&nbsp;Evergrande&nbsp;is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy.

But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades.

After&nbsp;Evergrande&nbsp;said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis.

A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities.

Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of&nbsp;Evergrande".

Kaisa is China's 27th-largest real estate firm, a minnow compared to&nbsp;Evergrande.&nbsp;But its default will do little to calm investor nerves.

According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer.

Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

&nbsp;

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector. The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation. Also Read: Embattled Chinese firm, Evergrande, braces for debt deadline Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments. Real estate behemoth Evergrande has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt. On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating. Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds. Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become. The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout should it collapse. Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid. Questions have swirled over whether Evergrande is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy. But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades. After Evergrande said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis. A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities. Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of Evergrande". Kaisa is China's 27th-largest real estate firm, a minnow compared to Evergrande. But its default will do little to calm investor nerves. According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer. Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

Evergrande defaulted on over $1.2 billion worth bond debt: Fitch

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits.&nbsp;

A statement by Kellogg's read: "We are disappointed that the tentative agreement for a master contract over our four U.S. cereal plants was not ratified by employees."

"The prolonged work stoppage has left us no choice but to hire permanent replacement employees in positions vacated by striking workers. These are great jobs and posting for permanent positions helps us find qualified people to fill them," the statement added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/to-avert-regulatory-actions-apples-ceo-inked-275-billion-deal-with-chinese-officials-says-report-435010">To avert regulatory actions, Apple’s CEO inked $275 billion deal with Chinese officials, says report</a>

As per reports, the workers have been on strike for over two months. They are raising their voices against unpaid overtime, extended shifts etc. Trevor Bidelman, who is the president of BCTGM Local3G told The Guardian.&nbsp;

Bidelman said, "This is after just one year ago, we were hailed as heroes, as we worked through the pandemic, seven days a week, 16 hours a day. Now apparently, we are no longer heroes."&nbsp;

Reports have also claimed that the temporary replacements were already been working at the company's cereal plants in Michigan, Nebraska, Pennsylvania and Tennessee.&nbsp;

Ken Hurley, the head of labour relations at Kellogg's, said in a video the company posted on its official website that Kellogg's has tried to address the unio's main concerns about its two-tiered pay system, wages and benefits in its offer.&nbsp;

"We don't have weekends, really. We just work seven days a week, sometimes 100 to 130 days in a row. For 28 days, the machines run, then rest three days for cleaning. They don’t even treat us as well as they do their machinery." Hurley added.&nbsp;

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits.

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits. A statement by Kellogg's read: "We are disappointed that the tentative agreement for a master contract over our four U.S. cereal plants was not ratified by employees." "The prolonged work stoppage has left us no choice but to hire permanent replacement employees in positions vacated by striking workers. These are great jobs and posting for permanent positions helps us find qualified people to fill them," the statement added. ALSO READ | To avert regulatory actions, Apple’s CEO inked $275 billion deal with Chinese officials, says report As per reports, the workers have been on strike for over two months. They are raising their voices against unpaid overtime, extended shifts etc. Trevor Bidelman, who is the president of BCTGM Local3G told The Guardian. Bidelman said, "This is after just one year ago, we were hailed as heroes, as we worked through the pandemic, seven days a week, 16 hours a day. Now apparently, we are no longer heroes." Reports have also claimed that the temporary replacements were already been working at the company's cereal plants in Michigan, Nebraska, Pennsylvania and Tennessee. Ken Hurley, the head of labour relations at Kellogg's, said in a video the company posted on its official website that Kellogg's has tried to address the unio's main concerns about its two-tiered pay system, wages and benefits in its offer. "We don't have weekends, really. We just work seven days a week, sometimes 100 to 130 days in a row. For 28 days, the machines run, then rest three days for cleaning. They don’t even treat us as well as they do their machinery." Hurley added.

Kellogg's permanently replacing most of 1,400 workers who were striking as contract is rejected

Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange.

Trading in shares of Chinese developer Kaisa suspended: Report

China Evergrande Group has set up a risk management committee as the cash-strapped property developer inches closer to a debt restructuring that has loomed for months over global markets. The group shares were up by 7% in early trading.

China's Evergrande shares up over 7%, inching towards debt restructuring

Australia's Qantas Airways Ltd expects to reach more than 115% of its pre-COVID domestic capacity levels by April as Australian state borders open.

Qantas expects to reach 115% of pre-COVID domestic capacity levels by April

The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take into account the effects of its record $490 billion stimulus package.

Japan govt considering lifting FY2022 economic growth forecast