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The European Union&#39;s ruling that Apple Inc must pay a huge tax bill to Ireland was clearly based on facts and existing rules and was not a decision aimed against the United States, European Commission president Jean-Claude Juncker said today. 
 
Last week, the&nbsp;European Union antitrust regulators said Ireland gave illegal tax benefits to Apple worth up to 13 billion Euros ($14.5 billion). 
 
They then ordered Apple to pay the said amount in taxes to the Irish government. 
 
The EU ruled that Ireland gave undue tax benefits to Apple which is illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses.&nbsp; 
 
Apple&#39;s chief executive Tim Cook last week described the ruling as &quot;total political crap&quot;, but France and Germany have come out to back Brussels on the decision. 
 
Juncker said that the EU Commission investigations on taxation have mainly targeted European companies. 
 
(WION with inputs from agencies) 
&nbsp;

Last week, the EU ordered Apple to pay up to 13 billion Euros ($14.5 billion) in taxes to the Irish government

The European Union's ruling that Apple Inc must pay a huge tax bill to Ireland was clearly based on facts and existing rules and was not a decision aimed against the United States, European Commission president Jean-Claude Juncker said today. Last week, the European Union antitrust regulators said Ireland gave illegal tax benefits to Apple worth up to 13 billion Euros ($14.5 billion). They then ordered Apple to pay the said amount in taxes to the Irish government. The EU ruled that Ireland gave undue tax benefits to Apple which is illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses. Apple's chief executive Tim Cook last week described the ruling as "total political crap", but France and Germany have come out to back Brussels on the decision. Juncker said that the EU Commission investigations on taxation have mainly targeted European companies. (WION with inputs from agencies)

EU's Juncker says Apple tax decision is clearly based on facts and existing rules

At present, the number of annual non-cash transactions per person in India stands at just six. According to the World Payments Report, Finland, with 451 non-cash transactions per person in 2013, is ranked first. The United States comes second with 390. China also had 50 non-cash transactions per person in 2013. Compared to India, China has pulled ahead in its attempt to switch to a non-cash economy.

The &lsquo;Pocket&rsquo; app of ICICI bank, Axis Bank&rsquo;s Axis pay, Bank of Maharashtra&rsquo;s MahaUPI, Federal Bank&rsquo;s Lotza are now available for downloading. These are the new Unified Payments Interface-enabled (UPI-enabled) apps launched on Playstore. In a few months&rsquo; time, these will be available on iOS as well. The National Payments Corporation of India (NPCI), which initiated and designed UPI, has approved 21 Indian banks to launch their UPI apps.

UPI, in a way, is a better and improved version of the present mobile/e-payment tool, IMPS (Immediate Payment Service). UPI enables an individual to transfer funds from one account to another in two simple steps. After downloading the app of any bank, UPI generates a virtual payment address (VPA) that is unique to each account. While transferring money to any other account, one just needs to know the VPA of that account. One needs to authenticate it with a password and it&rsquo;s done.

Similarly, if someone wants to buy a book online, the e-commerce site will ask for the purchaser&rsquo;s VPA to receive the amount, then authenticate the transaction with a password and complete the payment process. Thus, a person need not fill his/her card details or follow a two password and an OTP process for buying anything online. Similarly, there is no requirement of any account number, IFSC (swift) code, branch name, etc. for doing an account to account transfer.

Another important feature of UPI is that one doesn&rsquo;t need to use the app of the bank in which a person holds the account. The UPI app of any bank can be used for any account in another bank. One can also link multiple accounts in multiple banks to one UPI app.

The Interface will be in competition with the existing online tools such as Net banking, NEFT, RTGS, etc. and will increase the competition within the banks as well. This may improve the efficiency of the banks. However, with UPI, one can do a transaction to the tune of a maximum of 100,000 Indian Rupees ($1500 approximately).

Will it make the Indian economy cashless?

UPI is being perceived as a major step towards pushing India in the direction of a cashless economy. However, in order to use UPI, one needs to have a bank account. According to a report by the Bank of India, 41 per cent of the population in India does not access banking facilities, of which 40 per cent is in urban areas and 61 per cent in rural areas. New Delhi has recently launched a scheme called Jan Dhan Yojana that aims to bring banking to the masses. But while the number of accounts has increased, reports suggest that most of the new accounts are lying dormant.

Also, UPI requires one to have a smartphone, internet connection and basic digital literacy. Last year, this journalist went on a field survey in the central Indian state of Madhya Pradesh. The interaction was mainly with people of three income classes in villages just 20 kilometres from the city of Bhopal. People across the income classes carried smartphones but they had never heard about google or e-mail. The phone was just used for calling, messaging and watching videos on youtube. So, there is a large section of the Indian population which has bank accounts and smartphones but are not literate enough to use the UPI app.

But the UPI app may push several digitally and financially literate people to move more towards a world of cashless transactions. Also, in the long run, it may benefit small businesses such as corner stores, cloth shops etc. Currently, a fraction of the 10 million plus retailers in India accept card payments. As of today, only 0.6 million do. Since, both the number of transactions and the value of transaction in a small retail shop per day is low, it is expensive for them to maintain card payment gateway. However, with UPI, they can now easily do cashless transactions at a very low cost. According to a NPCI report, it is less than Rs 0.45 for each UPI transaction.

So, a cashless economy may be a distant dream as of now but a less-cash economy is certainly a distinct possibility.

How will it impact the e-wallet industry?

There are two types of e-wallets in India with their differing business models. One is like that of ItzCash that accepts physical cash at its centres, converts it into digital currency, safekeeping in a wallet and then transferring it to any part of the country. According to Naveen Surya, the managing director of ItzCash, &ldquo;Our businesses won&rsquo;t get affected due to UPI. We cater to the unbanked section of the population, mainly daily wage earners, agriculture labourers, etc. Since the prerequisite for using UPI is having a bank account, it won&rsquo;t affect us.&rdquo;

However, there are other types of e-wallets such as Paytm, freecharge, mobikwik, instamojo etc. where an individual transfers money from his bank account to the wallet to make payments for cab rides, movie tickets, etc. With UPI, people can easily bypass these e-wallets unless they have an incentive. The incentives mean discounts, rewards or cashbacks from the e-wallet companies. But that is unsustainable in the long run. Right now, NPCI has approved UPI only for banks.

According to Ruchir Kanakia, head, business development &amp; operations, Instamojo, &quot;It is too early to say what will be the impact of UPI on the mobile wallet industry. But UPI is better for sure. One does not need to give personal details to transact through UPI and it will hopefully bring more people online. How much it will impact us remains to be seen.&quot;

How many people know about UPI?

For the success of any new platform, awareness is essential. People should know about it. While WION was trying to contact banks for a quote, this reporter talked to five individuals of five different banks who were into retail banking. None of them knew about UPI. The retail bankers communicate with account holders in the banks and usually apprise them of new developments. So, it is important that all 21 banks first make their employees aware about UPI.

(ItzCash is part of Essel Group, the company that owns and operates WION and www.wionews.com)

&nbsp;

&nbsp;&nbsp;

At present, the number of annual non-cash transactions per person in India stands at just six

At present, the number of annual non-cash transactions per person in India stands at just six. According to the World Payments Report, Finland, with 451 non-cash transactions per person in 2013, is ranked first. The United States comes second with 390. China also had 50 non-cash transactions per person in 2013. Compared to India, China has pulled ahead in its attempt to switch to a non-cash economy. The ‘Pocket’ app of ICICI bank, Axis Bank’s Axis pay, Bank of Maharashtra’s MahaUPI, Federal Bank’s Lotza are now available for downloading. These are the new Unified Payments Interface-enabled (UPI-enabled) apps launched on Playstore. In a few months’ time, these will be available on iOS as well. The National Payments Corporation of India (NPCI), which initiated and designed UPI, has approved 21 Indian banks to launch their UPI apps. UPI, in a way, is a better and improved version of the present mobile/e-payment tool, IMPS (Immediate Payment Service). UPI enables an individual to transfer funds from one account to another in two simple steps. After downloading the app of any bank, UPI generates a virtual payment address (VPA) that is unique to each account. While transferring money to any other account, one just needs to know the VPA of that account. One needs to authenticate it with a password and it’s done. Similarly, if someone wants to buy a book online, the e-commerce site will ask for the purchaser’s VPA to receive the amount, then authenticate the transaction with a password and complete the payment process. Thus, a person need not fill his/her card details or follow a two password and an OTP process for buying anything online. Similarly, there is no requirement of any account number, IFSC (swift) code, branch name, etc. for doing an account to account transfer. Another important feature of UPI is that one doesn’t need to use the app of the bank in which a person holds the account. The UPI app of any bank can be used for any account in another bank. One can also link multiple accounts in multiple banks to one UPI app. The Interface will be in competition with the existing online tools such as Net banking, NEFT, RTGS, etc. and will increase the competition within the banks as well. This may improve the efficiency of the banks. However, with UPI, one can do a transaction to the tune of a maximum of 100,000 Indian Rupees ($1500 approximately). Will it make the Indian economy cashless? UPI is being perceived as a major step towards pushing India in the direction of a cashless economy. However, in order to use UPI, one needs to have a bank account. According to a report by the Bank of India, 41 per cent of the population in India does not access banking facilities, of which 40 per cent is in urban areas and 61 per cent in rural areas. New Delhi has recently launched a scheme called Jan Dhan Yojana that aims to bring banking to the masses. But while the number of accounts has increased, reports suggest that most of the new accounts are lying dormant. Also, UPI requires one to have a smartphone, internet connection and basic digital literacy. Last year, this journalist went on a field survey in the central Indian state of Madhya Pradesh. The interaction was mainly with people of three income classes in villages just 20 kilometres from the city of Bhopal. People across the income classes carried smartphones but they had never heard about google or e-mail. The phone was just used for calling, messaging and watching videos on youtube. So, there is a large section of the Indian population which has bank accounts and smartphones but are not literate enough to use the UPI app. But the UPI app may push several digitally and financially literate people to move more towards a world of cashless transactions. Also, in the long run, it may benefit small businesses such as corner stores, cloth shops etc. Currently, a fraction of the 10 million plus retailers in India accept card payments. As of today, only 0.6 million do. Since, both the number of transactions and the value of transaction in a small retail shop per day is low, it is expensive for them to maintain card payment gateway. However, with UPI, they can now easily do cashless transactions at a very low cost. According to a NPCI report, it is less than Rs 0.45 for each UPI transaction. So, a cashless economy may be a distant dream as of now but a less-cash economy is certainly a distinct possibility. How will it impact the e-wallet industry? There are two types of e-wallets in India with their differing business models. One is like that of ItzCash that accepts physical cash at its centres, converts it into digital currency, safekeeping in a wallet and then transferring it to any part of the country. According to Naveen Surya, the managing director of ItzCash, “Our businesses won’t get affected due to UPI. We cater to the unbanked section of the population, mainly daily wage earners, agriculture labourers, etc. Since the prerequisite for using UPI is having a bank account, it won’t affect us.” However, there are other types of e-wallets such as Paytm, freecharge, mobikwik, instamojo etc. where an individual transfers money from his bank account to the wallet to make payments for cab rides, movie tickets, etc. With UPI, people can easily bypass these e-wallets unless they have an incentive. The incentives mean discounts, rewards or cashbacks from the e-wallet companies. But that is unsustainable in the long run. Right now, NPCI has approved UPI only for banks. According to Ruchir Kanakia, head, business development & operations, Instamojo, "It is too early to say what will be the impact of UPI on the mobile wallet industry. But UPI is better for sure. One does not need to give personal details to transact through UPI and it will hopefully bring more people online. How much it will impact us remains to be seen." How many people know about UPI? For the success of any new platform, awareness is essential. People should know about it. While WION was trying to contact banks for a quote, this reporter talked to five individuals of five different banks who were into retail banking. None of them knew about UPI. The retail bankers communicate with account holders in the banks and usually apprise them of new developments. So, it is important that all 21 banks first make their employees aware about UPI. (ItzCash is part of Essel Group, the company that owns and operates WION and www.wionews.com)

India?s Unified Payment Interface: All you need to know

Samsung has said it will suspend sales of its latest smartphone Galaxy Note 7 as reports of exploding batteries threatens its reputation. 
 
The tech giant is planning a global recall of the phone, according to Yonhap news agency.&nbsp; 
 
&quot;We have received several reports of battery explosion on the Note 7 that was officially launched on August 19...and it has been confirmed that it was a battery cell problem,&quot; Koh Dong-Jin told reporters.
Yonhap news agency&nbsp;had cited an unnamed source and&nbsp;said&nbsp;Samsung&nbsp;is likely to replace the batteries on Galaxy Note 7 smartphones through a recall.
Samsung has so far sold one million units of the Note 7 in countries including South Korea and the US.&nbsp; 
 
Twenty four of them have been confirmed to have faulty batteries, Koh said, adding he was &quot;deeply sorry&quot; over the incident.&nbsp; 
 
Several users have posted photos and videos on social media showing the charred Note 7 with part of its 5.7-inch touchscreen burnt and melted, saying it suddenly caught fire.&nbsp; 
 
The blow to Samsung comes ahead of Apple&#39;s September 7 launch event, where the US-based company is expected to unveil the next generation of iPhones.&nbsp; 
 
(WION with inputs from agencies) 
&nbsp;

Samsung has so far sold one million units of the Note 7 in countries including South Korea and the US

Samsung has said it will suspend sales of its latest smartphone Galaxy Note 7 as reports of exploding batteries threatens its reputation. The tech giant is planning a global recall of the phone, according to Yonhap news agency. "We have received several reports of battery explosion on the Note 7 that was officially launched on August 19...and it has been confirmed that it was a battery cell problem," Koh Dong-Jin told reporters. Yonhap news agency had cited an unnamed source and said Samsung is likely to replace the batteries on Galaxy Note 7 smartphones through a recall. Samsung has so far sold one million units of the Note 7 in countries including South Korea and the US. Twenty four of them have been confirmed to have faulty batteries, Koh said, adding he was "deeply sorry" over the incident. Several users have posted photos and videos on social media showing the charred Note 7 with part of its 5.7-inch touchscreen burnt and melted, saying it suddenly caught fire. The blow to Samsung comes ahead of Apple's September 7 launch event, where the US-based company is expected to unveil the next generation of iPhones. (WION with inputs from agencies)

Samsung suspends Galaxy Note 7 sales, plans global recall over battery explosions

Cab-hailing app Uber has slashed its fares by up to 30 per cent to mark their six-month anniversary in Lahore, Pakistan. 
 
While the base fare and minimum fare remain as before, the company will now charge Rs 6.84 (Pakistan Rupee) per kilometre, down from Rs 13.7 earlier. Even the waiting-per-minute fare has a seen a slight reduction in fares, Pakistan&#39;s English-language daily Dawn reported.&nbsp; 
 
The company expects the revised rates to &quot;boost demand&quot; in the city.&nbsp; 
 
&quot;Uber will not only be more affordable for riders but driver-partners should also earn more through increased demand,&quot; said the company in a press release.&nbsp; 
 
There are over 1,000 taxis working for Uber. However, the world&#39;s largest taxi-dispatching company didn&#39;t outline their strategy as to how they will manage the increased workload. 
 
There have been complaints of not enough Uber cabs in the city. The company started out with 100 cabs but has failed to augment its fleet in commensurate with growing demand in the city.&nbsp; 
 
They have faced difficulties in hiring drivers&nbsp;as many drivers walk in for the job with&nbsp;bogus driving licence.&nbsp; 
 
(WION with inputs from agencies)

The world's largest taxi-dispatching company revised its fares to boost demand and mark their six-month anniversary in the city

Cab-hailing app Uber has slashed its fares by up to 30 per cent to mark their six-month anniversary in Lahore, Pakistan. While the base fare and minimum fare remain as before, the company will now charge Rs 6.84 (Pakistan Rupee) per kilometre, down from Rs 13.7 earlier. Even the waiting-per-minute fare has a seen a slight reduction in fares, Pakistan's English-language daily Dawn reported. The company expects the revised rates to "boost demand" in the city. "Uber will not only be more affordable for riders but driver-partners should also earn more through increased demand," said the company in a press release. There are over 1,000 taxis working for Uber. However, the world's largest taxi-dispatching company didn't outline their strategy as to how they will manage the increased workload. There have been complaints of not enough Uber cabs in the city. The company started out with 100 cabs but has failed to augment its fleet in commensurate with growing demand in the city. They have faced difficulties in hiring drivers as many drivers walk in for the job with bogus driving licence. (WION with inputs from agencies)

Uber slashes fares by 30 per cent in Lahore

Samsung has delayed its premier smartphone's shipments to South Korea due to quality control problems

Samsung Electronics Co Ltd is down to a two-week low on Thursday over concerns of mobile earnings after it delayed shipments of its Galaxy Note 7 smartphone and reports of exploding batteries. Late on Wednesday the tech biggie announced the delays for quality control testing and also said Galaxy note shipments to South Korea’s top three mobile carriers had been stopped for the time being, crushing investor hope for strong second-half mobile earnings. Quality control problems, if confirmed, could be a major blow to the world's top smartphone maker, which was banking on the Galaxy Note 7 to defend sales momentum against the new Apple Inc phones expected to be unveiled on September 7. "Apple is supposed to show off the iPhone 7 next week and this issue (with Samsung) has emerged, so the current state of things do not look good," HDC Asset Management fund manager Park Jung-hoon said. Though a components pick-up will buttress overall profits, Park said mobile operating profit might decline by up to 200 billion won for July-September. The mobile division accounted for about 54 per cent of Samsung Electronics’ January-June operating profit of 14.8 trillion won ($1 = 1,120.8100 won). Hyundai Securities said in a report released that the Galaxy Note 7's problems should be resolved within a "few weeks". (WION with inputs from Reuters)

Delayed shipments of Galaxy Note 7 amid 'battery explosions' threaten Samsung

Telecoms network maker Nokia said on Wednesday the president of its Nokia Technologies unit, Ramzi Haidamus, is leaving the company. 
 
Haidamus was in charge of the firm&#39;s patent business and the recent licensing deal with Finnish company HMD Global, which aims to bring Nokia branded mobile devices back to the market. 
 
Nokia said it has started a search for Haidamus&#39; successor. Brad Rodrigues, currently head of strategy and business development in Nokia Technologies, will assume the role of acting president. 
 
(Reuters)

Haidamus was in charge of the firm's patent business and the recent licensing deal with Finnish company HMD Global

Telecoms network maker Nokia said on Wednesday the president of its Nokia Technologies unit, Ramzi Haidamus, is leaving the company. Haidamus was in charge of the firm's patent business and the recent licensing deal with Finnish company HMD Global, which aims to bring Nokia branded mobile devices back to the market. Nokia said it has started a search for Haidamus' successor. Brad Rodrigues, currently head of strategy and business development in Nokia Technologies, will assume the role of acting president. (Reuters)

Head of Technologies unit to leave Nokia

Zee Entertainment Enterprises Ltd said on Wednesday it has agreed to sell its sports broadcasting business to Sony Pictures Networks for $385 million, as it rejigs its media content delivery businesses. 
 
TEN Sports holds broadcast rights to major cricket boards in South Africa, Pakistan, Sri Lanka and West Indies. It also holds rights for football&#39;s UEFA Champions League, Europa League, French League and English Football Cup among other sports. 
 
&quot;The acquisition of TEN Sports Network will strengthen (Sony Picture Networks&#39;) offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties,&quot; N.P. Singh, chief executive of Sony Pictures Networks India, said in a statement. 
 
Sony, which holds broadcast rights for the cash-rich Indian Premier League Twenty20 cricket tournament, has also won the rights for the FIFA World Cup to be held in Russia in 2018. 
 
Analysts have said that Zee Entertainment, which lacked a sizable presence in the sports category, will see a jump in earnings in the next two fiscal years as it sells off the money-losing venture. 
 
Zee&#39;s sports broadcasting business had revenues of 6.31 billion rupees ($94.21 million) and a loss of 372 million rupees for fiscal year 2016, according to a company statement. 
 
($1 = 66.9750 Indian rupees) 
 
(Reuters)

Zee's TEN Sports holds broadcast rights to major cricket boards in South Africa, Pakistan, Sri Lanka and West Indies

Zee Entertainment Enterprises Ltd said on Wednesday it has agreed to sell its sports broadcasting business to Sony Pictures Networks for $385 million, as it rejigs its media content delivery businesses. TEN Sports holds broadcast rights to major cricket boards in South Africa, Pakistan, Sri Lanka and West Indies. It also holds rights for football's UEFA Champions League, Europa League, French League and English Football Cup among other sports. "The acquisition of TEN Sports Network will strengthen (Sony Picture Networks') offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties," N.P. Singh, chief executive of Sony Pictures Networks India, said in a statement. Sony, which holds broadcast rights for the cash-rich Indian Premier League Twenty20 cricket tournament, has also won the rights for the FIFA World Cup to be held in Russia in 2018. Analysts have said that Zee Entertainment, which lacked a sizable presence in the sports category, will see a jump in earnings in the next two fiscal years as it sells off the money-losing venture. Zee's sports broadcasting business had revenues of 6.31 billion rupees ($94.21 million) and a loss of 372 million rupees for fiscal year 2016, according to a company statement. ($1 = 66.9750 Indian rupees) (Reuters)

Sony Pictures to buy sports channels from India's Zee

Seeking to capitalise on Britons too busy or forgetful to shop for household essentials, retail giant Amazon is bringing its thumb-sized, one-button ordering device to the UK. 
 
From Wednesday, British Amazon Prime customers will be able to order supplies of products such as toilet paper, dishwasher tablets, dog food and coffee at the touch of the wifi-connected Amazon Dash button. 
 
Each device is dedicated to a single product -- toilet roll, for instance -- with the brand&#39;s logo emblazoned on the buttons, which cost 4.99 pounds ($6.53) apiece. So if you wanted the service for two different products, you would need a separate device for each, though customers receive the cost of the device back in the form of a discount on their first order. 
 
Some customers thought the U.S. launch on March 31, 2015, was an April Fool&#39;s joke, said Daniel Rausch, director of Amazon Dash. 
 
But the service, as gimmicky as it may sound, appears to have caught the imagination of household goods manufacturers. 
 
Rausch said that more than 150 brands have joined the scheme in the United States, up from about 20 at launch, and that there has been a threefold increase in customer orders through the devices in the past two months, though the company gave no data on sales numbers. 
 
In Britain, Amazon Dash will launch with 48 brands in the scheme. 
 
The next step for Amazon is to automate the service entirely, so that appliances such as printers, vacuum cleaners and washing machines order new ink, bags and washing powder when they are running low. 
 
Companies including Bosch, Siemens, Samsung and Whirlpool are already working on integrating Dash Replenishment into their products, Rausch said. 
 
($1 = 0.7638 pounds) 
 
(Reuters)

British Amazon Prime customers will be able to order supplies at the touch of the wifi-connected Amazon Dash button

Seeking to capitalise on Britons too busy or forgetful to shop for household essentials, retail giant Amazon is bringing its thumb-sized, one-button ordering device to the UK. From Wednesday, British Amazon Prime customers will be able to order supplies of products such as toilet paper, dishwasher tablets, dog food and coffee at the touch of the wifi-connected Amazon Dash button. Each device is dedicated to a single product -- toilet roll, for instance -- with the brand's logo emblazoned on the buttons, which cost 4.99 pounds ($6.53) apiece. So if you wanted the service for two different products, you would need a separate device for each, though customers receive the cost of the device back in the form of a discount on their first order. Some customers thought the U.S. launch on March 31, 2015, was an April Fool's joke, said Daniel Rausch, director of Amazon Dash. But the service, as gimmicky as it may sound, appears to have caught the imagination of household goods manufacturers. Rausch said that more than 150 brands have joined the scheme in the United States, up from about 20 at launch, and that there has been a threefold increase in customer orders through the devices in the past two months, though the company gave no data on sales numbers. In Britain, Amazon Dash will launch with 48 brands in the scheme. The next step for Amazon is to automate the service entirely, so that appliances such as printers, vacuum cleaners and washing machines order new ink, bags and washing powder when they are running low. Companies including Bosch, Siemens, Samsung and Whirlpool are already working on integrating Dash Replenishment into their products, Rausch said. ($1 = 0.7638 pounds) (Reuters)

Amazon Dash one-button device arrives in Britain

First regular commercial flight in more than 50 years from the United States to Cuba took to skies today as the two nations look forward to improving ties.&nbsp; 
 
A JetBlue Airways Corp passenger jet, packed with 150 passengers including US transportation secretary Anthony Foxx, JetBlue chief executive officer Robin Hayes touched down in Cuba&#39;s Santa Clara.&nbsp; 
 
Regular air service&nbsp;was severed&nbsp;during&nbsp;the&nbsp;Cold War, and&nbsp;charter flights have been&nbsp;only air links&nbsp;since.&nbsp; 
 
JetBlue Flight 386 started from Fort Lauderdale in Florida a few minutes after 1400 GMT and landed in central Cuba&#39;s Santa Clara in less than half an hour.&nbsp; 
 
&quot;It&#39;s a new day for Cuba travelers and one we have thoughtfully prepared for. We are proud to usher in a new era of Cuba travel with affordable fares and great service,&quot; JetBlue&#39;s executive vice president Marty St George told AFP. 
 
This is the first of many air carriers that will be serving Cuba in the following months. Many of these trips will be aimed at or near hot tourist destinations in Cuba. 
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<h5>Mark Gale, director of operations for the airport, told AFP it was one of the &quot;great moments in history,&quot; likening it to the moon landing or the fall of the Berlin Wall.&nbsp;</h5>
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L?zaro Chavez, a 49-year-old pharmacist who lives in Miami and returns frequently to his homeland, told Reuters before boarding the plane he was taking the flight for two reasons. &quot;One, I am going to see my family. Two, I want to be on this historic flight.&quot; 
 
Mark Gale, director of operations for the airport, told AFP it was one of the &quot;great moments in history,&quot; likening it to the moon landing or the fall of the Berlin Wall.&nbsp; 
 
However, Reuters reports that despite exceptions to the ban, citizens of the United States of America are not allowed to visit Cuba as tourists. Also, President Obama is yet to convince Congress to lift a longstanding trade embargo on Cuba. 
 
US airlines have added ample capacity and increased their budget for their trips in short run, industry consultant Robert Mann told Reuters. 
 
Havana, however, is yet to receive a permission of twenty daily trips. Meanwhile, Camaguey, Cayo Coco, Cayo Largo, Cienfuegos, Holguin, Manzanillo, Matanzas, Santa Clara and Santiago de Cuba are some of the cities that will land regular flights. 
 
The flights will take off from Miami, Fort Lauderdale, Chicago, Minneapolis and Philadelphia from these Cuban cities. 
 
The airlines involved in the initiative include American Airlines, Frontier Airlines, JetBlue Airways, Silver Airways, Southwest Airlines and Sun Country Airlines, according to the US department of transportation. 
 
(WION with inputs from AFP, Reuters)

Regular air service?was severed?during?the?Cold War, and?charter flights have been?only air links?since

First regular commercial flight in more than 50 years from the United States to Cuba took to skies today as the two nations look forward to improving ties. A JetBlue Airways Corp passenger jet, packed with 150 passengers including US transportation secretary Anthony Foxx, JetBlue chief executive officer Robin Hayes touched down in Cuba's Santa Clara. Regular air service was severed during the Cold War, and charter flights have been only air links since. JetBlue Flight 386 started from Fort Lauderdale in Florida a few minutes after 1400 GMT and landed in central Cuba's Santa Clara in less than half an hour. "It's a new day for Cuba travelers and one we have thoughtfully prepared for. We are proud to usher in a new era of Cuba travel with affordable fares and great service," JetBlue's executive vice president Marty St George told AFP. This is the first of many air carriers that will be serving Cuba in the following months. Many of these trips will be aimed at or near hot tourist destinations in Cuba. Mark Gale, director of operations for the airport, told AFP it was one of the "great moments in history," likening it to the moon landing or the fall of the Berlin Wall. L?zaro Chavez, a 49-year-old pharmacist who lives in Miami and returns frequently to his homeland, told Reuters before boarding the plane he was taking the flight for two reasons. "One, I am going to see my family. Two, I want to be on this historic flight." Mark Gale, director of operations for the airport, told AFP it was one of the "great moments in history," likening it to the moon landing or the fall of the Berlin Wall. However, Reuters reports that despite exceptions to the ban, citizens of the United States of America are not allowed to visit Cuba as tourists. Also, President Obama is yet to convince Congress to lift a longstanding trade embargo on Cuba. US airlines have added ample capacity and increased their budget for their trips in short run, industry consultant Robert Mann told Reuters. Havana, however, is yet to receive a permission of twenty daily trips. Meanwhile, Camaguey, Cayo Coco, Cayo Largo, Cienfuegos, Holguin, Manzanillo, Matanzas, Santa Clara and Santiago de Cuba are some of the cities that will land regular flights. The flights will take off from Miami, Fort Lauderdale, Chicago, Minneapolis and Philadelphia from these Cuban cities. The airlines involved in the initiative include American Airlines, Frontier Airlines, JetBlue Airways, Silver Airways, Southwest Airlines and Sun Country Airlines, according to the US department of transportation. (WION with inputs from AFP, Reuters)

Maiden commercial flight from US to Cuba takes to skies

India&#39;s fiscal deficit in the first four months of the 2016-2017 financial year stood at 3.93 trillion Rupees ($58.69 billion), or 73.7 per cent of the annual budgeted target , official data revealed today.&nbsp; 
 
Missing expectations but raising hopes of an interest rate cut, the economic growth slowed sharply in the first quarter. &nbsp; 
 
The deficit was 69.3 per cent during the same period a year ago. Net tax receipts in the first four months of 2016-17 fiscal year were 2.22 trillion Rupees. 
 
According to the statistics ministry, gross domestic product expanded 7.1 per cent year-on-year in the three months from April-June, down from the stellar growth of 7.9 per cent in the preceding quarter, the AFP reported.&nbsp; 
 
The Indian government received 18.2 per cent of the estimated income from revenue and non-debt capital during the four months, the PTI said.&nbsp; 
 
The numbers also fell short of economists&#39; expectations. Most economists had predicted a slight slowdown in GDP growth to around 7.6 per cent for the quarter.&nbsp; 
 
However, the AFP report further underlined that India retained its place as the world&#39;s fastest-growing major economy, with growth having outpaced Asian rival China for more than a year. 
 
&quot;We were hoping for a stronger number,&quot; Shubhada Rao, chief economist at Yes Bank in Mumbai told AFP news agency, adding that sluggishness in the construction and mining sectors had weighed on growth. 
 
&quot;There is room for one rate cut from the central bank,&quot; she said. 
 
After the government in January 2015 revised its base year to 2011-12 and introduced new methods of calculating expansion which it said were closer to international standards, India&#39;s rosy GDP figures have been drawing questions.&nbsp; 
 
Ashutosh Datar, economist at IIFL Institutional Equities, described the growth figure as &quot;disappointing&quot;. 
 
&quot;We expected it to remain stable at 7.6 or 7.7 percent,&quot; he said while talking to AFP.&nbsp; 
 
(WION with inputs from agencies)&nbsp; 
&nbsp;

Missing expectations but raising hopes of an interest rate cut, the economic growth slowed sharply in the first quarter

India's fiscal deficit in the first four months of the 2016-2017 financial year stood at 3.93 trillion Rupees ($58.69 billion), or 73.7 per cent of the annual budgeted target , official data revealed today. Missing expectations but raising hopes of an interest rate cut, the economic growth slowed sharply in the first quarter. The deficit was 69.3 per cent during the same period a year ago. Net tax receipts in the first four months of 2016-17 fiscal year were 2.22 trillion Rupees. According to the statistics ministry, gross domestic product expanded 7.1 per cent year-on-year in the three months from April-June, down from the stellar growth of 7.9 per cent in the preceding quarter, the AFP reported. The Indian government received 18.2 per cent of the estimated income from revenue and non-debt capital during the four months, the PTI said. The numbers also fell short of economists' expectations. Most economists had predicted a slight slowdown in GDP growth to around 7.6 per cent for the quarter. However, the AFP report further underlined that India retained its place as the world's fastest-growing major economy, with growth having outpaced Asian rival China for more than a year. "We were hoping for a stronger number," Shubhada Rao, chief economist at Yes Bank in Mumbai told AFP news agency, adding that sluggishness in the construction and mining sectors had weighed on growth. "There is room for one rate cut from the central bank," she said. After the government in January 2015 revised its base year to 2011-12 and introduced new methods of calculating expansion which it said were closer to international standards, India's rosy GDP figures have been drawing questions. Ashutosh Datar, economist at IIFL Institutional Equities, described the growth figure as "disappointing". "We expected it to remain stable at 7.6 or 7.7 percent," he said while talking to AFP. (WION with inputs from agencies)

India's fiscal deficit reaches 74% of full-year target in July

Africa&#39;s biggest economy Nigeria has slid into recession, first time in 20 years, as revealed by the country&#39;s official data. 
 
The gross domestic product of the country has fallen by 2.06 per cent after shrinking 0.36 in the first quarter, the Nigerian Bureau of Statistics (NBS) said today.&nbsp; 
 
While non-oil sector declined due to a weaker currency,&nbsp;lower prices dragged the oil sector down, the NBS further stated.&nbsp; 
 
The oil sector has announced a double-digit decline after rebels attempted a series of attacks in Southern Nigeria, AFP reported.&nbsp; 
 
During the oil boom, sales of oil at high prices had made Nigeria the biggest economy in Africa, the AFP report says.&nbsp;

But when the price of crude crashed from more than $100 a barrel in June 2014 to below $50 today, Nigeria&#39;s economy collapsed.

The crisis was compounded by President Muhammadu Buhari&#39;s unorthodox decision to prop up the naira at 197-199 to the dollar causing foreign currency reserves to tank. 
 
A slump in crude prices, Nigeria&#39;s mainstay, has hammered public finances and the naira currency, causing chronic dollar shortages. Crude sales account for around 70 per cent of government revenues. 
&nbsp;
Investors in dilemma&nbsp; 
 
&quot;The Nigerian economy contracted more deeply than we had expected in the second quarter,&quot; said Razia Khan, chief economist, Africa at Standard Chartered bank. 
 
&quot;With a wider current account deficit it remains important for Nigeria to maintain a credible policy response, in order to attract much-needed stabilising inflows,&quot; she added. 
 
International investors are now having second thoughts about putting money into the country, which has led to a fall in import of capital, as reported by NBS. 
 
&quot;It&#39;s really, really grim,&quot; John Ashbourne, Africa economist at research firm Capital Economics, told AFP.&nbsp; 
 
&quot;Investors want to see some direction from Buhari, there is a sense that the policies they have implemented so far aren&#39;t working,&quot; said Ashbourne, in a telephone interview from London.&nbsp; 
 
&quot;Nigeria is very dependant on foreign investment to improve the infrastructure and get the economy back on track, we need investor confidence,&quot; he said.&nbsp; 
 
&quot;People are staying away because they don&#39;t have any faith that things are turning around.&quot;&nbsp; 
 
The Nigerian government, however, is optimistic about the year. 
 
&quot;It is likely the second half will be better than the first half of 2016,&quot; said presidential economic advisor Adeyemi Dipeolu in a statement.&nbsp; 
 
&quot;As the emphasis on capital expenditure begins to yield results... the growth rate of the Nigerian economy is likely to improve further.&quot;&nbsp; 
 
(WION with inputs from agencies)

A slump in crude prices, Nigeria's mainstay, has hammered public finances and the naira currency, causing chronic dollar shortages

Africa's biggest economy Nigeria has slid into recession, first time in 20 years, as revealed by the country's official data. The gross domestic product of the country has fallen by 2.06 per cent after shrinking 0.36 in the first quarter, the Nigerian Bureau of Statistics (NBS) said today. While non-oil sector declined due to a weaker currency, lower prices dragged the oil sector down, the NBS further stated. The oil sector has announced a double-digit decline after rebels attempted a series of attacks in Southern Nigeria, AFP reported. During the oil boom, sales of oil at high prices had made Nigeria the biggest economy in Africa, the AFP report says. But when the price of crude crashed from more than $100 a barrel in June 2014 to below $50 today, Nigeria's economy collapsed. The crisis was compounded by President Muhammadu Buhari's unorthodox decision to prop up the naira at 197-199 to the dollar causing foreign currency reserves to tank. A slump in crude prices, Nigeria's mainstay, has hammered public finances and the naira currency, causing chronic dollar shortages. Crude sales account for around 70 per cent of government revenues. Investors in dilemma "The Nigerian economy contracted more deeply than we had expected in the second quarter," said Razia Khan, chief economist, Africa at Standard Chartered bank. "With a wider current account deficit it remains important for Nigeria to maintain a credible policy response, in order to attract much-needed stabilising inflows," she added. International investors are now having second thoughts about putting money into the country, which has led to a fall in import of capital, as reported by NBS. "It's really, really grim," John Ashbourne, Africa economist at research firm Capital Economics, told AFP. "Investors want to see some direction from Buhari, there is a sense that the policies they have implemented so far aren't working," said Ashbourne, in a telephone interview from London. "Nigeria is very dependant on foreign investment to improve the infrastructure and get the economy back on track, we need investor confidence," he said. "People are staying away because they don't have any faith that things are turning around." The Nigerian government, however, is optimistic about the year. "It is likely the second half will be better than the first half of 2016," said presidential economic advisor Adeyemi Dipeolu in a statement. "As the emphasis on capital expenditure begins to yield results... the growth rate of the Nigerian economy is likely to improve further." (WION with inputs from agencies)

Nigerian economy falls into recession, first time in 20 years

China&#39;s Volvo Car Group will hire about 400 engineers over the next year to boost safety, self-driving and electrification technology, Reuters reported. 
 
The recruitment process is one of its largest so far, the manufacturer said. 
 
The recruited engineers will be mostly based at its research and development centre in Gothenburg, in western Sweden. 
 
The step comes after Volvo has experienced an increase in sale of its latest models and wants to strengthen its hold on the premium car market. 
 
&quot;With the recruitment drive, Volvo further strengthens the automotive cluster in Western Sweden and establishes it as an emerging hub for automotive software engineering&quot;, Volvo told Reuters. 
 
Volvo, fomerly owned by Ford Motor Co. but taken over by China&#39;s &nbsp;Zhejiang Geely Holding Group Co in 2010, will also be opening a research and development center in the southern Sweden university town of Lund with 35 employees next month. 
 
(WION with inputs from Reuters)

The step comes after Volvo has experienced an increase in sale of its latest models and wants to strengthen hold on the premium car market

China's Volvo Car Group will hire about 400 engineers over the next year to boost safety, self-driving and electrification technology, Reuters reported. The recruitment process is one of its largest so far, the manufacturer said. The recruited engineers will be mostly based at its research and development centre in Gothenburg, in western Sweden. The step comes after Volvo has experienced an increase in sale of its latest models and wants to strengthen its hold on the premium car market. "With the recruitment drive, Volvo further strengthens the automotive cluster in Western Sweden and establishes it as an emerging hub for automotive software engineering", Volvo told Reuters. Volvo, fomerly owned by Ford Motor Co. but taken over by China's Zhejiang Geely Holding Group Co in 2010, will also be opening a research and development center in the southern Sweden university town of Lund with 35 employees next month. (WION with inputs from Reuters)

Volvo Car to hire 400 employees for research and development in Sweden

Mitsubishi Motors Corp overstated the fuel economy on eight of its vehicle models, in addition to four others the embattled Japanese automaker admitted to earlier this year, the Nikkei newspaper reported on Tuesday. 
 
Japan&#39;s transport ministry, which had been investigating the fuel economy on Mitsubishi models including the Pajero SUV, would report its findings as early as Tuesday, the Nikkei said, citing an unnamed source. 
 
The Nikkei said the company would likely withdraw the affected vehicles from the market to revise its catalogues, a process which could take about two to three weeks. Compensation to customers was a possibility, it added. 
 
Both Mitsubishi and the transport ministry declined to comment on the report. Shares in the automaker slipped 0.8 per cent in early trade. 
 
Japan&#39;s sixth-largest automaker has been struggling to recover after admitting in April that it had falsified the fuel economy on two of its minivehicle models, along with two similar models produced for Nissan Motor Co. 
 
The scandal led to a suspension of sales for nearly three months, and prompted a slump in Mitsubishi`s market value. The company sought financial assistance from Nissan, which agreed to buy a controlling one-third stake for $2.2 billion. 
 
An internal investigation has uncovered poor communication, slack governance and pressure on resource-starved engineers as the root of Mitsubishi&#39;s problems.&nbsp; 
 
Mitsubishi said last month that the resulting slump in domestic sales led to a 75 per cent plunge in first-quarter operating profit, while the company said it booked an extraordinary loss of 125.9 billion Yen ($1.24 billion) in the first quarter as a result of the cheating. 
 
(Reuters)

The Japanese automaker is struggling to recover its image after admitting in April that it had falsified fuel economy on four other models

Mitsubishi Motors Corp overstated the fuel economy on eight of its vehicle models, in addition to four others the embattled Japanese automaker admitted to earlier this year, the Nikkei newspaper reported on Tuesday. Japan's transport ministry, which had been investigating the fuel economy on Mitsubishi models including the Pajero SUV, would report its findings as early as Tuesday, the Nikkei said, citing an unnamed source. The Nikkei said the company would likely withdraw the affected vehicles from the market to revise its catalogues, a process which could take about two to three weeks. Compensation to customers was a possibility, it added. Both Mitsubishi and the transport ministry declined to comment on the report. Shares in the automaker slipped 0.8 per cent in early trade. Japan's sixth-largest automaker has been struggling to recover after admitting in April that it had falsified the fuel economy on two of its minivehicle models, along with two similar models produced for Nissan Motor Co. The scandal led to a suspension of sales for nearly three months, and prompted a slump in Mitsubishi`s market value. The company sought financial assistance from Nissan, which agreed to buy a controlling one-third stake for $2.2 billion. An internal investigation has uncovered poor communication, slack governance and pressure on resource-starved engineers as the root of Mitsubishi's problems. Mitsubishi said last month that the resulting slump in domestic sales led to a 75 per cent plunge in first-quarter operating profit, while the company said it booked an extraordinary loss of 125.9 billion Yen ($1.24 billion) in the first quarter as a result of the cheating. (Reuters)

Mitsubishi Motors overstated fuel economy on eight more models: Japan daily

The European Union is expected to order Apple on Tuesday to pay billions of Euros in back taxes in Ireland in one of its largest such cases after ruling that sweetheart tax deals for the US tech giant were illegal. 
 
The bloc&#39;s competition watchdog, Margrethe Vestager, will hold a press conference at 1000 GMT in which sources told AFP she is set to announce the European Commission&#39;s findings on the case. 
 
Brussels launched an inquiry three years ago into tax breaks that Ireland offered iPhone-maker Apple, in one of a series of anti-trust cases targeting major US corporations that have angered Washington. 
 
A European source speaking on condition of anonymity said they &quot;understand it could be billions&quot; that Apple is expected to repay. 
 
Apple and Ireland are both expected to appeal against any decision which rules that the highly competitive tax breaks that Dublin offered to the Silicon Valley giant amounted to illegal state aid. 
 
Apple has had a base at the southern city of Cork since 1980 and employs 5,000 people in Ireland, through which it routes its international sales, avoiding billions in corporation taxes. 
 
Apple CEO Tim Cook, in a Washington Post interview published August 13, said he hoped to &quot;get a fair hearing&quot; on the matter. 
 
&quot;If we don&#39;t, then we would obviously appeal it,&quot; he added. 
 
&#39;No bias against US&#39; 
 
The US stepped up its fight last Wednesday against the commission&#39;s crackdown on tax avoidance by Apple and other multinational companies, accusing it of unilateralism and overstepping its mandate. 
 
In a white paper, the US Treasury said the commission probe into alleged special tax treatment that certain EU countries gave Apple, Amazon, Starbucks and Fiat Chrysler &quot;undermines the international tax system.&quot; 
 
The EU has made taxes a core issue since the LuxLeaks scandal in which it was revealed that European Commission president Jean-Claude Juncker&#39;s native Luxembourg gave companies huge tax breaks while he was prime minister. 
 
In October Brussels ordered US coffee giant Starbucks and Italian automaker Fiat to each repay up to 30 million Euros ($34 million) in back taxes to the Netherlands and Luxembourg respectively. 
 
But the Apple case is set to dwarf those by the virtue of the company&#39;s huge turnover. 
 
A US Treasury spokeswoman declined to comment on a possible ruling Tuesday from the commission. 
 
The US has acknowledged the problems around the issue of multinational firms obtaining state aid, in the form of secret and extremely lucrative tax breaks, from Ireland, Belgium and Luxembourg for setting up business in those countries. 
 
But it said those deals were made under international treaties and accepted tax practices.&nbsp; 
 
Last week the European Commission denied it was targeting US companies in particular and said that EU rules do not allow national tax authorities to give tax breaks to some companies that are not available to others. 
 
&quot;There is no bias against US companies,&quot; it said in a statement. 
 
Washington has also expressed concern about EU anti-trust cases targeting tech giant Google alleging that it has unfairly suppressed &nbsp; 
 
(AFP)

Apple has a base in Ireland through which it routes its international sales, avoiding billions of Euros in corporation taxes

The European Union is expected to order Apple on Tuesday to pay billions of Euros in back taxes in Ireland in one of its largest such cases after ruling that sweetheart tax deals for the US tech giant were illegal. The bloc's competition watchdog, Margrethe Vestager, will hold a press conference at 1000 GMT in which sources told AFP she is set to announce the European Commission's findings on the case. Brussels launched an inquiry three years ago into tax breaks that Ireland offered iPhone-maker Apple, in one of a series of anti-trust cases targeting major US corporations that have angered Washington. A European source speaking on condition of anonymity said they "understand it could be billions" that Apple is expected to repay. Apple and Ireland are both expected to appeal against any decision which rules that the highly competitive tax breaks that Dublin offered to the Silicon Valley giant amounted to illegal state aid. Apple has had a base at the southern city of Cork since 1980 and employs 5,000 people in Ireland, through which it routes its international sales, avoiding billions in corporation taxes. Apple CEO Tim Cook, in a Washington Post interview published August 13, said he hoped to "get a fair hearing" on the matter. "If we don't, then we would obviously appeal it," he added. 'No bias against US' The US stepped up its fight last Wednesday against the commission's crackdown on tax avoidance by Apple and other multinational companies, accusing it of unilateralism and overstepping its mandate. In a white paper, the US Treasury said the commission probe into alleged special tax treatment that certain EU countries gave Apple, Amazon, Starbucks and Fiat Chrysler "undermines the international tax system." The EU has made taxes a core issue since the LuxLeaks scandal in which it was revealed that European Commission president Jean-Claude Juncker's native Luxembourg gave companies huge tax breaks while he was prime minister. In October Brussels ordered US coffee giant Starbucks and Italian automaker Fiat to each repay up to 30 million Euros ($34 million) in back taxes to the Netherlands and Luxembourg respectively. But the Apple case is set to dwarf those by the virtue of the company's huge turnover. A US Treasury spokeswoman declined to comment on a possible ruling Tuesday from the commission. The US has acknowledged the problems around the issue of multinational firms obtaining state aid, in the form of secret and extremely lucrative tax breaks, from Ireland, Belgium and Luxembourg for setting up business in those countries. But it said those deals were made under international treaties and accepted tax practices. Last week the European Commission denied it was targeting US companies in particular and said that EU rules do not allow national tax authorities to give tax breaks to some companies that are not available to others. "There is no bias against US companies," it said in a statement. Washington has also expressed concern about EU anti-trust cases targeting tech giant Google alleging that it has unfairly suppressed (AFP)

European Union to charge Apple with multi-billion Euro tax in Ireland

India&#39;s Central Board of Direct Taxes (CBDT) has entered into 20 unilateral advance pricing agreements (APAs) with Indian taxpayers on Monday and Tuesday. 
 
The APA scheme, launched under the Income-tax Act in 2012, allows the tax payers to use a pre-decided method of caculating the transfer price for overseas transactions. It also lets them decide the arms-length price to avoid dispute between taxpayer and taxregulator. 
 
This method and price can be used for a maximum period of five years. 
 
&quot;CBDT entered into 20 unilateral advance pricing agreements... (on) August 29, 2016 and August 30, 2016, with Indian taxpayers. Many of these agreements also have a &#39;Rollback&#39; provision in them,&quot; the Finance Ministry said in a statement. 
 
&quot;Further, the taxpayer has the option to rollback the APA for four preceding years,&quot; it added. 
 
The statement also revealed that the 20 agreements involved taxpayers from various sectors such as Information Technology, Banking and finance, and Insurance among others. 
 
The Central Board of Direct Taxes has signed as many as 98 agreements including these 20 and expects more agreements in the near future. 
 
&quot;A total of 33 unilateral APAs and 1 bilateral APA have already been concluded in five months of the current Financial Year as against 55 in FY 2015-16,&quot; the statement added. 
 
The statement also emphasised that this scheme has attracted various Multi National Enterprises (MNEs) which has led to filing of more than 700 applications over last four years. 
 
(WION with inputs from PTI)

Many of these agreements also have a provision to 'Rollback' for four preceding years, said the Indian finance ministry statement

India's Central Board of Direct Taxes (CBDT) has entered into 20 unilateral advance pricing agreements (APAs) with Indian taxpayers on Monday and Tuesday. The APA scheme, launched under the Income-tax Act in 2012, allows the tax payers to use a pre-decided method of caculating the transfer price for overseas transactions. It also lets them decide the arms-length price to avoid dispute between taxpayer and taxregulator. This method and price can be used for a maximum period of five years. "CBDT entered into 20 unilateral advance pricing agreements... (on) August 29, 2016 and August 30, 2016, with Indian taxpayers. Many of these agreements also have a 'Rollback' provision in them," the Finance Ministry said in a statement. "Further, the taxpayer has the option to rollback the APA for four preceding years," it added. The statement also revealed that the 20 agreements involved taxpayers from various sectors such as Information Technology, Banking and finance, and Insurance among others. The Central Board of Direct Taxes has signed as many as 98 agreements including these 20 and expects more agreements in the near future. "A total of 33 unilateral APAs and 1 bilateral APA have already been concluded in five months of the current Financial Year as against 55 in FY 2015-16," the statement added. The statement also emphasised that this scheme has attracted various Multi National Enterprises (MNEs) which has led to filing of more than 700 applications over last four years. (WION with inputs from PTI)

India enters into 20 advance pricing agreements with country's taxpayers

Qatar international airport will now charge &#39;exit tax&#39; from the passengers while the country adjusts to falling oil prices. 
 
The 35-riyal ($10) levy will be added to the airline prices for tickets issued on and after August 30 and for travel starting on and after December 1. 
 
&quot;The charge is in line with International Civil Aviation Organisation principles to support the development of world leading airports such as HIA,&quot; Hamad International Airport (HIA) said in a statement. 
 
To gain a competitive advantage for business and become regional hubs, Gulf states have avoided levying the airport fees so far, which is common elsewhere in the world.&nbsp; 
 
The gas-rich country has predicted a deficit of more than $12 billion for the year 2016, which is its first in last 15 years. 
 
Officials, however, predict a further deficit in 2017 and 2018 as low natural gas and oil prices weigh on its revenues. Qatar will also be hosting the soccer World Cup in 2022. 
 
The tax amount will be used to &quot;further increase the airport&rsquo;s capacity and invest in new infrastructure&quot;, the statement said. 
 
Various airports in the United Arab Emirates have announced similar taxes this year. 
 
(WION with inputs from AFP and Reuters)

The tax amount will be used to 'further increase the airport?s capacity and invest in new infrastructure'

Qatar international airport will now charge 'exit tax' from the passengers while the country adjusts to falling oil prices. The 35-riyal ($10) levy will be added to the airline prices for tickets issued on and after August 30 and for travel starting on and after December 1. "The charge is in line with International Civil Aviation Organisation principles to support the development of world leading airports such as HIA," Hamad International Airport (HIA) said in a statement. To gain a competitive advantage for business and become regional hubs, Gulf states have avoided levying the airport fees so far, which is common elsewhere in the world. The gas-rich country has predicted a deficit of more than $12 billion for the year 2016, which is its first in last 15 years. Officials, however, predict a further deficit in 2017 and 2018 as low natural gas and oil prices weigh on its revenues. Qatar will also be hosting the soccer World Cup in 2022. The tax amount will be used to "further increase the airport’s capacity and invest in new infrastructure", the statement said. Various airports in the United Arab Emirates have announced similar taxes this year. (WION with inputs from AFP and Reuters)

Doha airport brings in 'exit tax'

Most Asian share markets tumbled on Monday while the US dollar added to gains made after Federal Reserve chair Janet Yellen indicated a US interest rate increase remains on the cards for this year. 
 
European markets also looked set for a weak start, with financial spreadbetters expecting Germany&#39;s DAX to open down 0.7 per cent, and the blue-chip Euro Stoxx 50 to begin the day 0.6 per&nbsp; cent lower. British markets are closed for a holiday. 
 
The broadest index of MSCI, a US-based provider of investment decision support tools to investment institutions worldwide, of Asia-Pacific shares outside Japan extended losses to 1 per cent. 
 
Japan&#39;s Nikkei bucked the trend, closing 2.3 per cent higher, the biggest one-day gain in three weeks, as the yen weakened against the resurgent dollar. 
 
China&#39;s CSI 300 index and the Shanghai Composite slipped 0.2 per cent. Hong Kong&#39;s Hang Seng shed 0.4 per cent. 
 
The case for a US rate hike has strengthened in recent months, with a lot of new jobs being created, and economic growth looks likely to continue at a moderate pace, Yellen said in a speech at the Fed&#39;s annual monetary policy conference in Jackson Hole, Wyoming, on Friday. 
 
While Yellen did not give guidance on what the central bank needs to see before raising rates, she said the Fed already thinks it is close to meeting its goals of maximum employment and stable prices. She described consumer spending as &quot;solid&quot; but noted that US business investment was weak and exports hurt by a strong dollar. 
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<h5>While Yellen did not give guidance on what the central bank needs to see before raising rates, she said the Fed already thinks it is close to meeting its goals of maximum employment and stable prices.</h5>
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Comments by the Fed&#39;s No. 2 policymaker, vice chair Stanley Fischer, following Yellen&#39;s speech also bolstered the case for a hike this year. 
 
Asked on CNBC whether a rate hike in September and more than one policy tightening before year-end should be expected, Fischer said Yellen&#39;s comments were &quot;consistent with answering yes&quot; to both questions, albeit still data-dependent. 
 
Among the first data to be scrutinised will be US consumer confidence for August, due on Tuesday; productivity, manufacturing and construction figures on Thursday; and August non-farm payrolls data rounding out the week on Friday. 
 
Global factory activity surveys will also be released on Thursday. 
 
Traders have modestly raised expectations for US rate increases this year, but remain cautious. 
 
The odds of a hike in September rose to 33 per cent following the comments, from 21 per cent on Thursday, according to CME Group&#39;s FedWatch tool. Traders were pricing in a 59.1 per cent chance of a hike in December, up from 51.8 per cent on Thursday. 
 
&quot;While the move towards another Fed rate hike will likely cause bouts of consternation in investment markets, I don&rsquo;t see the same degree of uncertainty that we saw around last year&rsquo;s Fed rate hike,&quot; Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. 
 
&quot;It&#39;s clear from the Fed&#39;s actions this year that it is aware of global risks, the impact of its own actions on those risks and any potential blow back to the U.S. economy and of the impact of a rising U.S. dollar in doing some of its work for it.&quot; 
 
The comments from Yellen and Fischer dragged Wall Street lower at the close. 
 
But they proved a boon for the US currency, with the dollar index, which tracks the greenback against six global peers, jumping 0.8 percent on Friday. It held steady at 95.552 on Monday. 
 
The dollar rose 0.5 per cent to a two-week high of 102.34 yen on Monday. That followed gains of 1.3 per cent on Friday, its biggest one-day advance in almost seven weeks. 
 
Japanese household spending and retail sales data for July are due on Tuesday. Investors are seeking some sign that Prime Minister Shinzo Abe&#39;s massive stimulus programmes are having an effect, after figures on Friday showed a decline in consumer prices by the most in three years in July. 
 
The euro was flat at $1.120 after tumbling 0.8 per cent on Friday, its biggest one-day slide since July 15. 
 
In commodities, crude prices retreated on the rally in the dollar and concerns about growing output after exports from Iraq in August exceeded July levels. 
 
Iran also said late last week that it would only cooperate in upcoming producer talks in September if other exporters recognized Tehran&#39;s right to regain market share lost during international sanctions that were only lifted in January. 
 
US crude futures dropped 1.5 per cent to $46.95. 
 
Global benchmark Brent crude retreated 1.2 per cent to $49.31. 
 
The stronger dollar also weighed on gold. Spot gold slipped 0.2 per cent to $1,318.10, after earlier touching a five-week low. 
 
(Reuters)

Federal Reserve chair Janet Yellen had indicated a US interest rate increase remains on the cards for this year

Most Asian share markets tumbled on Monday while the US dollar added to gains made after Federal Reserve chair Janet Yellen indicated a US interest rate increase remains on the cards for this year. European markets also looked set for a weak start, with financial spreadbetters expecting Germany's DAX to open down 0.7 per cent, and the blue-chip Euro Stoxx 50 to begin the day 0.6 per cent lower. British markets are closed for a holiday. The broadest index of MSCI, a US-based provider of investment decision support tools to investment institutions worldwide, of Asia-Pacific shares outside Japan extended losses to 1 per cent. Japan's Nikkei bucked the trend, closing 2.3 per cent higher, the biggest one-day gain in three weeks, as the yen weakened against the resurgent dollar. China's CSI 300 index and the Shanghai Composite slipped 0.2 per cent. Hong Kong's Hang Seng shed 0.4 per cent. The case for a US rate hike has strengthened in recent months, with a lot of new jobs being created, and economic growth looks likely to continue at a moderate pace, Yellen said in a speech at the Fed's annual monetary policy conference in Jackson Hole, Wyoming, on Friday. While Yellen did not give guidance on what the central bank needs to see before raising rates, she said the Fed already thinks it is close to meeting its goals of maximum employment and stable prices. She described consumer spending as "solid" but noted that US business investment was weak and exports hurt by a strong dollar. While Yellen did not give guidance on what the central bank needs to see before raising rates, she said the Fed already thinks it is close to meeting its goals of maximum employment and stable prices. Comments by the Fed's No. 2 policymaker, vice chair Stanley Fischer, following Yellen's speech also bolstered the case for a hike this year. Asked on CNBC whether a rate hike in September and more than one policy tightening before year-end should be expected, Fischer said Yellen's comments were "consistent with answering yes" to both questions, albeit still data-dependent. Among the first data to be scrutinised will be US consumer confidence for August, due on Tuesday; productivity, manufacturing and construction figures on Thursday; and August non-farm payrolls data rounding out the week on Friday. Global factory activity surveys will also be released on Thursday. Traders have modestly raised expectations for US rate increases this year, but remain cautious. The odds of a hike in September rose to 33 per cent following the comments, from 21 per cent on Thursday, according to CME Group's FedWatch tool. Traders were pricing in a 59.1 per cent chance of a hike in December, up from 51.8 per cent on Thursday. "While the move towards another Fed rate hike will likely cause bouts of consternation in investment markets, I don’t see the same degree of uncertainty that we saw around last year’s Fed rate hike," Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. "It's clear from the Fed's actions this year that it is aware of global risks, the impact of its own actions on those risks and any potential blow back to the U.S. economy and of the impact of a rising U.S. dollar in doing some of its work for it." The comments from Yellen and Fischer dragged Wall Street lower at the close. But they proved a boon for the US currency, with the dollar index, which tracks the greenback against six global peers, jumping 0.8 percent on Friday. It held steady at 95.552 on Monday. The dollar rose 0.5 per cent to a two-week high of 102.34 yen on Monday. That followed gains of 1.3 per cent on Friday, its biggest one-day advance in almost seven weeks. Japanese household spending and retail sales data for July are due on Tuesday. Investors are seeking some sign that Prime Minister Shinzo Abe's massive stimulus programmes are having an effect, after figures on Friday showed a decline in consumer prices by the most in three years in July. The euro was flat at $1.120 after tumbling 0.8 per cent on Friday, its biggest one-day slide since July 15. In commodities, crude prices retreated on the rally in the dollar and concerns about growing output after exports from Iraq in August exceeded July levels. Iran also said late last week that it would only cooperate in upcoming producer talks in September if other exporters recognized Tehran's right to regain market share lost during international sanctions that were only lifted in January. US crude futures dropped 1.5 per cent to $46.95. Global benchmark Brent crude retreated 1.2 per cent to $49.31. The stronger dollar also weighed on gold. Spot gold slipped 0.2 per cent to $1,318.10, after earlier touching a five-week low. (Reuters)

Most Asia stocks slide on Fed officials' rate comments, dollar firms

Dotcom was arrested in a dramatic police raid on his mansion near Auckland in January 2012

Internet mogul Kim Dotcom launched his appeal against extradition from New Zealand to the United States on Monday arguing for his case to be live-streamed to ensure a fair hearing. The German national, who has permanent residency in New Zealand, faces up to 20 years in jail if convicted in the US of video piracy, which US authorities say cost copyright owners hundreds of millions of dollars. "My lawyers are currently in court making argument for live-streaming of my entire hearing," the Megaupload founder tweeted shortly after the hearing began in the Auckland High Court. He had tweeted last week that Washington "has asked the New Zealand High Court not to allow live-streaming of my global interest copyright hearing. Worried?" Lawyer Ron Mansfield told the court the case raised "unprecedented issues of public and international interest" and it would not be a fair hearing without live-streaming. Dotcom, who was not at the court, was arrested in a dramatic police raid on his mansion near Auckland in January 2012. In December last year, after a nine-week hearing, Judge Nevin Dawson found there was "overwhelming" evidence to support extradition of the 41-year-old and three other Megaupload founders. Dotcom argued Megaupload was a genuine file-sharing site that did its best to police copyright infringement but had 50 million daily users and could not control every aspect of their activity. At its peak, Megaupload was said to be the 13th most visited site on the internet, accounting for four percent of global web traffic. Dotcom, who has accused US authorities of pursuing a vendetta against him on behalf of politically influential Hollywood studios, has announced plans to relaunch his Megaupload empire in 2017, exactly five years after it was shut down. The FBI alleges Megaupload netted more than US$175 million in criminal proceeds and cost copyright owners more than US$500 million by offering pirated (AFP)

Megaupload creator Kim Dotcom demands live-streaming of extradition appeal

Australian Federal court today dismissed climate change concerns raised by Australian Conservation Foundation over Indian mining giant Adani&#39;s plan of building a coal mine. 
 
The Foundation had challenged the Australian government&#39;s approval of a Aus$15.5 billion ($12.5 billion) project in Queensland, home to the Great Barrier Reef.&nbsp; 
&nbsp; 
&quot;Our question was whether Australia&#39;s federal environmental laws protected our Great Barrier Reef from its most serious threat -- climate change,&quot; said solicitor Sean Ryan from the Environmental Defenders Office Queensland. 
 
&quot;We asked the court to scrutinise if the environment minister was required to consider the climate change impacts from the burning of coal from the Carmichael mine, and disappointingly the Federal Court answered no.&quot; 
 
Adani mining plans to produce as many as 60 million tonnes of thermal coal every year by building an open-cut and underground coal mine in the Galilee Basin. 
 
Adani was also charged by Aboriginal group earlier this month. The group said that the mining giant did not have their consent to build the mine. This was also rejected by the court.
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<h5>Adani mining plans to produce as many as 60 million tonnes of thermal coal every year by building an open-cut and underground coal mine in the Galilee Basin.</h5>
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Adani mining plans to produce as many as 60 million tonnes of thermal coal every year by building an open-cut and underground coal mine in the Galilee Basin." target="_blank">&nbsp;</a></div>
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Adani, on the other hand, holds activists responsible for using loopholes in the legal system to delay the project which has all the legal approvals that are required. 
 
&quot;Over six years, there have been multiple approval processes, some two years of cumulative community consultation and submissions as part of those processes, and over ten appeals and judicial processes brought on by activists,&quot; Adani said in a statement. 
 
&quot;There can be no question that there has been more than ample opportunity for consultation, input and appeal and for activists to have their say.&quot; 
 
Adani said it &quot;stands ready&quot; to deliver on its long term future with Queensland, pending the resolution of a small number of outstanding legal challenges. 
 
&quot;As the company has previously indicated, if those issues are finalised, construction can commence in 2017,&quot; it said.
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<h5>&quot;If the Carmichael mine proceeds its coal will create 4.7 billion tonnes of climate pollution over the proposed life of the mine, wiping out Australia&#39;s efforts to reduce pollution and contributing to more frequent and severe bleaching events on the reef.&quot; - Australian Conservation Foundation chief</h5>
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<div class="share-blockquote"><a and="" bleaching="" class="twitter popup" contributing="" efforts="" events="" frequent="" href="http://twitter.com/intent/tweet?text=&quot;If the Carmichael mine proceeds its coal will create 4.7 billion tonnes of climate pollution over the proposed life of the mine, wiping out Australia" more="" on="" pollution="" reduce="" reef.="" s="" severe="" the="" to="">&nbsp;</a></div>
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Kelly O&#39;Shanassy, the Australian Conservation Foundation chief, has said that the will not halt their efforts to stop the mine. 
 
&quot;We are not giving up,&quot; she said. &quot;Poll after poll shows Australians want a healthy reef, not more polluting coal. We&#39;ll do everything we can to stop this mine.&quot; 
 
&quot;Most Australians would be shocked that the government can legally approve the biggest coal mine in Australia&#39;s history, when this year the Great Barrier Reef has suffered the worst coral bleaching on record -- a direct result of global warming,&quot; Kelly O&#39;Shanassy said. 
 
&quot;If the Carmichael mine proceeds its coal will create 4.7 billion tonnes of climate pollution over the proposed life of the mine, wiping out Australia&#39;s efforts to reduce pollution and contributing to more frequent and severe bleaching events on the reef,&quot; O&#39;Shanassy said. 
 
&quot;It is extraordinary that in 2016 a Federal Environment Minister can argue in court that a mega-polluting coal mine will have no impact on the climate and the Great Barrier Reef,&quot; she said. 
 
Adani&#39;s project has been hampered time and again since its launch six years ago. 
 
 
(WION with inputs from PTI, AFP)

The project in Queensland is predicted to have a negative impact on the Great Barrier Reef

Australian Federal court today dismissed climate change concerns raised by Australian Conservation Foundation over Indian mining giant Adani's plan of building a coal mine. The Foundation had challenged the Australian government's approval of a Aus$15.5 billion ($12.5 billion) project in Queensland, home to the Great Barrier Reef. "Our question was whether Australia's federal environmental laws protected our Great Barrier Reef from its most serious threat -- climate change," said solicitor Sean Ryan from the Environmental Defenders Office Queensland. "We asked the court to scrutinise if the environment minister was required to consider the climate change impacts from the burning of coal from the Carmichael mine, and disappointingly the Federal Court answered no." Adani mining plans to produce as many as 60 million tonnes of thermal coal every year by building an open-cut and underground coal mine in the Galilee Basin. Adani was also charged by Aboriginal group earlier this month. The group said that the mining giant did not have their consent to build the mine. This was also rejected by the court. Adani mining plans to produce as many as 60 million tonnes of thermal coal every year by building an open-cut and underground coal mine in the Galilee Basin. Adani, on the other hand, holds activists responsible for using loopholes in the legal system to delay the project which has all the legal approvals that are required. "Over six years, there have been multiple approval processes, some two years of cumulative community consultation and submissions as part of those processes, and over ten appeals and judicial processes brought on by activists," Adani said in a statement. "There can be no question that there has been more than ample opportunity for consultation, input and appeal and for activists to have their say." Adani said it "stands ready" to deliver on its long term future with Queensland, pending the resolution of a small number of outstanding legal challenges. "As the company has previously indicated, if those issues are finalised, construction can commence in 2017," it said. "If the Carmichael mine proceeds its coal will create 4.7 billion tonnes of climate pollution over the proposed life of the mine, wiping out Australia's efforts to reduce pollution and contributing to more frequent and severe bleaching events on the reef." - Australian Conservation Foundation chief Kelly O'Shanassy, the Australian Conservation Foundation chief, has said that the will not halt their efforts to stop the mine. "We are not giving up," she said. "Poll after poll shows Australians want a healthy reef, not more polluting coal. We'll do everything we can to stop this mine." "Most Australians would be shocked that the government can legally approve the biggest coal mine in Australia's history, when this year the Great Barrier Reef has suffered the worst coral bleaching on record -- a direct result of global warming," Kelly O'Shanassy said. "If the Carmichael mine proceeds its coal will create 4.7 billion tonnes of climate pollution over the proposed life of the mine, wiping out Australia's efforts to reduce pollution and contributing to more frequent and severe bleaching events on the reef," O'Shanassy said. "It is extraordinary that in 2016 a Federal Environment Minister can argue in court that a mega-polluting coal mine will have no impact on the climate and the Great Barrier Reef," she said. Adani's project has been hampered time and again since its launch six years ago. (WION with inputs from PTI, AFP)

Australia court dismisses climate change concerns over Adani's mining project

When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. 
 
The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo&#39;s MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. 
 
New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. 
 
This rising risk for bitcoin holders is compounded by the fact there is no depositor&#39;s insurance to absorb the loss, even though many exchanges act like virtual banks. 
 
Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital 
buffer to absorb these losses the way a traditional and regulated bank or exchange would. 
 
&quot;There is a general sense in the bitcoin community that any centralized repository is at risk,&quot; said a US-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. 
 
&quot;So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins,&quot; the trader said. 
 
The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. 
 
&quot;I am skeptical there&#39;s going to be any technological silver bullet that&#39;s going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks,&quot; said Tyler Moore, assistant professor of cyber security at the University of Tulsa&#39;s Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. 
 
His study, funded by the US Department of Homeland Security and shared with Reuters, shows that since bitcoin&#39;s creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. 
 
In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational US banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That&#39;s roughly one per cent of US banks. 
 
Among the world&#39;s stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. 
 
Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a PhD student also at Carnegie. 
 
&nbsp; In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled &ldquo;Beware of the Middleman: Empirical Analysis of Bitcoin-Exchange Risk&rdquo; was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. 
 
In the most recent study, the rate of closure for bitcoin exchanges in Moore&#39;s research edged up to 48 per cent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. 
 
&quot;A 48 per cent closure is not acceptable, but not surprising given that bitcoin is a new technology,&quot; said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. 
 
Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. 
 
Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges&#39; are required to put up. 
 
Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. 
 
Recovering losses 
 
A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy&#39;s Moore said the risk of losing funds stored in exchanges are real. 
 
In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 per cent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. 
 
At Tokyo&#39;s MtGox, customers have yet to recover their investments more than two years after closure. 
 
Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users&#39; digital currencies like banks control customer deposits. 
 
&quot;The big exchanges that hold customer deposits are a big target for hackers,&quot; said ShapeShift&#39;s Voorhees, &quot;and unfortunately most bitcoin exchanges store user funds.&quot; 
 
When customers&#39; checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. 
 
Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. 
 
(Reuters) 
 
&nbsp;

Rising risk is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual bank

When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a US-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. His study, funded by the US Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational US banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly one per cent of US banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a PhD student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled “Beware of the Middleman: Empirical Analysis of Bitcoin-Exchange Risk” was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 per cent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 per cent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. Recovering losses A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 per cent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. (Reuters)

Cyber threat grows for bitcoin exchanges

Central bankers, in charge of the vast bulk of the world&#39;s economy,&nbsp;delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help. 
 
Mired in a world of low growth, low inflation and low-interest rates, officials from the Federal Reserve, Bank of Japan and the European Central Bank said their efforts to bolster the economy through monetary policy may falter unless elected leaders stepped forward with bold measures. 
 
These would range from immigration reform in Japan to structural changes to boost productivity and growth in the US and Europe. 
 
Without that, they said, it would be hard to convince markets and households that things will get better, and encourage the shift in mood many economists feel are needed to improve economic performance worldwide. 
 
During a Saturday session at the symposium, such a slump in expectations about inflation and about other aspects of the economy was cited as a central problem complicating central banks&#39; efforts to reach inflation targets and dimming prospects in Japan and Europe.&nbsp; 
 
ECB executive board member Benoit Coeure said the bank was working hard to prevent public expectations about inflation from becoming entrenched &quot;on either side&quot; - neither too high nor too low. But the slow pace of economic reform among European governments, he said, was damaging the effort. 
 
&quot;What we have seen since 2007 is half-baked and half-hearted structural reforms. That does not help supporting inflation expectations. That has helped entertain disinflationary expectations,&rdquo; Coeure said. 
 
Bank of Japan governor Haruhiko Kuroda said he is in regular talks with Japanese Prime Minister Shinzo Abe about opening Japan to more immigration and other politically sensitive changes needed to improve potential growth, currently estimated at only around one percent annually.&nbsp; 
 
Fed Chair Janet Yellen devoted the final page of her keynote talk on possible monetary policy reforms to a list of fiscal and structural policies she feels would help the economy. 
 
Fiscal policy was not on the formal agenda for the conference, but it was a steady part of the dialogue as policymakers thought through policies for a post-crisis world. One of the central worries is that households and businesses have become so cautious and set in their outlooks - expecting little growth and little inflation - that they do not respond in expected ways to the efforts central banks have made. 
 
That has included flooding the financial system with cash, and voicing a steady commitment to their inflation targets in an effort to make people believe they will be met. 
 
Kuroda acknowledged that household expectations have not moved, and said the BOJ was prepared to continue its battle to figure out how to shift them. In modern monetary theory, households and business expectations are felt to play a defining role in spending and investment decisions, and thus in shaping inflation and growth. 
 
&quot;Japanese inflation dynamics remain vulnerable,&quot; Kuroda said. &quot;It could be that long-term inflation expectations are yet to be anchored in Japan&quot; at the bank&#39;s 2 per cent target. 
 
The concern about expectations is a paradox. The Fed, for example, fought a difficult battle with inflation in the 1970s, hiking interest rates to recession-provoking levels and eventually winning a war of credibility over its ability to rein in price increases. 
 
Some central bankers remain fearful of clipping that cord. 
 
But they also are hunting for ways to jolt the economy out of its doldrums, and a fiscal push is a possible tool. 
 
In a lunch address by Princeton University economist Christopher Sims, policymakers were told that it may take a massive program, large enough even to shock taxpayers into a different, inflationary view of the future. 
 
&quot;Fiscal expansion can replace ineffective monetary policy at the zero lower bound,&quot; Sims said. &quot;It requires deficits aimed at, and conditioned on, generating inflation. The deficits must be seen as financed by future inflation, not future taxes or spending cuts.&quot; 
 
It was not clear whether such ideas will catch on. But there was a broad sense here that the other side of government may need to up its game. 
 
(Reuters)

Mired in world of low growth and inflation, officials said their efforts to boost economy may falter unless elected leaders stepped forward

Central bankers, in charge of the vast bulk of the world's economy, delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help. Mired in a world of low growth, low inflation and low-interest rates, officials from the Federal Reserve, Bank of Japan and the European Central Bank said their efforts to bolster the economy through monetary policy may falter unless elected leaders stepped forward with bold measures. These would range from immigration reform in Japan to structural changes to boost productivity and growth in the US and Europe. Without that, they said, it would be hard to convince markets and households that things will get better, and encourage the shift in mood many economists feel are needed to improve economic performance worldwide. During a Saturday session at the symposium, such a slump in expectations about inflation and about other aspects of the economy was cited as a central problem complicating central banks' efforts to reach inflation targets and dimming prospects in Japan and Europe. ECB executive board member Benoit Coeure said the bank was working hard to prevent public expectations about inflation from becoming entrenched "on either side" - neither too high nor too low. But the slow pace of economic reform among European governments, he said, was damaging the effort. "What we have seen since 2007 is half-baked and half-hearted structural reforms. That does not help supporting inflation expectations. That has helped entertain disinflationary expectations,” Coeure said. Bank of Japan governor Haruhiko Kuroda said he is in regular talks with Japanese Prime Minister Shinzo Abe about opening Japan to more immigration and other politically sensitive changes needed to improve potential growth, currently estimated at only around one percent annually. Fed Chair Janet Yellen devoted the final page of her keynote talk on possible monetary policy reforms to a list of fiscal and structural policies she feels would help the economy. Fiscal policy was not on the formal agenda for the conference, but it was a steady part of the dialogue as policymakers thought through policies for a post-crisis world. One of the central worries is that households and businesses have become so cautious and set in their outlooks - expecting little growth and little inflation - that they do not respond in expected ways to the efforts central banks have made. That has included flooding the financial system with cash, and voicing a steady commitment to their inflation targets in an effort to make people believe they will be met. Kuroda acknowledged that household expectations have not moved, and said the BOJ was prepared to continue its battle to figure out how to shift them. In modern monetary theory, households and business expectations are felt to play a defining role in spending and investment decisions, and thus in shaping inflation and growth. "Japanese inflation dynamics remain vulnerable," Kuroda said. "It could be that long-term inflation expectations are yet to be anchored in Japan" at the bank's 2 per cent target. The concern about expectations is a paradox. The Fed, for example, fought a difficult battle with inflation in the 1970s, hiking interest rates to recession-provoking levels and eventually winning a war of credibility over its ability to rein in price increases. Some central bankers remain fearful of clipping that cord. But they also are hunting for ways to jolt the economy out of its doldrums, and a fiscal push is a possible tool. In a lunch address by Princeton University economist Christopher Sims, policymakers were told that it may take a massive program, large enough even to shock taxpayers into a different, inflationary view of the future. "Fiscal expansion can replace ineffective monetary policy at the zero lower bound," Sims said. "It requires deficits aimed at, and conditioned on, generating inflation. The deficits must be seen as financed by future inflation, not future taxes or spending cuts." It was not clear whether such ideas will catch on. But there was a broad sense here that the other side of government may need to up its game. (Reuters)

Global central bankers send plea for help to governments

The United States online retail giant Amazon is trying out teams with employees who will work 30 hours a week, the Washington Post reported on Friday.&nbsp; 
 
The employees will receive three-quarters of what their 40-hour week counterparts earn, but with the same benefits as them. 
 
&quot;We want to create a work environment that is tailored to a reduced schedule and still fosters success and career growth,&rdquo; Amazon said, according to the report, adding that the conventional full-time schedule may not be a one-size-fits-all model. 
 
The program will only be restricted to certain small teams dedicated to designing technical system, a source told AFP news agency.&nbsp; 
 
Though Amazon allows its employees to work part-time, it has been widely criticised for its stressful working conditions in the past, especially at fulfillment centers where pressure is high to ship purchases to customers quickly and efficiently. 
 
The New York Times had last year created an uproar with a story projecting Amazon&rsquo;s white collar workers as weeping on their desks and going without sleep for days. Amazon had rejected the portrayal, accusing the newspaper of missing out on major elements in its investigation.&nbsp; 
 
(WION with inputs from agencies) 
 
 
 
 
 
 
 
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Though the online giant allows its employees to work part-time, it has been widely criticised for its 'stressful working conditions'

The United States online retail giant Amazon is trying out teams with employees who will work 30 hours a week, the Washington Post reported on Friday. The employees will receive three-quarters of what their 40-hour week counterparts earn, but with the same benefits as them. "We want to create a work environment that is tailored to a reduced schedule and still fosters success and career growth,” Amazon said, according to the report, adding that the conventional full-time schedule may not be a one-size-fits-all model. The program will only be restricted to certain small teams dedicated to designing technical system, a source told AFP news agency. Though Amazon allows its employees to work part-time, it has been widely criticised for its stressful working conditions in the past, especially at fulfillment centers where pressure is high to ship purchases to customers quickly and efficiently. The New York Times had last year created an uproar with a story projecting Amazon’s white collar workers as weeping on their desks and going without sleep for days. Amazon had rejected the portrayal, accusing the newspaper of missing out on major elements in its investigation. (WION with inputs from agencies)

Amazon to experiment with '30-hour work teams'

Social media giant Facebook on Friday said that its &#39;trending&#39; feature, where a few popular news topics are listed on the homepage, will be automated to rely on algorithms that will no longer require people to write descriptions for the most &lsquo;popular&rsquo; topics.&nbsp; 
 
This, according to social media giant, will lessen the risk of personal bias in manipulating what props up on the hot topics&rsquo; list.&nbsp; 
 
The move comes in the wake of allegations made by critics that Facebook&rsquo;s trending section was biased against conservative news outlets. The company has denied the allegations.&nbsp; 
 
&quot;We looked into these claims and found no evidence of systematic bias,&quot; Facebook reiterated in its blog post on Friday, adding that &quot;making these changes to the product allows our team to make fewer individual decisions about topics.&quot; 
 
Instead of the descriptions, the algorithm will allow users to just see the topic which is trending and the number of people talking about it.&nbsp; 
 
Letting a cursor hover over a topic will show &quot;an automatically selected original news story with an excerpt pulled directly from the top article itself.&quot; 
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However, humans will ensure that topics making the news are real-world news and not based on any vague internet trend. That is, they will just verify the quality but not hand-pick the topics to be featured.&nbsp; 
 
&quot;Our investigation has revealed no evidence of systematic political bias in the selection or prominence of stories included in the Trending Topics feature,&quot; Facebook general counsel Colin Stretch said in a letter responding to a query from Republican US Senator John Thune, who chairs the commerce committee. 
 
The letter stated that Facebook had updated its terminology and gave reviewers the training that emphasised content decisions were not based on politics or ideology.&nbsp; 
 
&quot;In fact, our analysis indicated that the rates of approval of conservative and liberal topics are virtually identical in Trending Topics.&quot; 
 
Facebook stopped stop relying on external websites and news outlets as its review team became subject to more controls.&nbsp; 
 
Technology news outlet Gizmodo had also reported anonymous allegations that Facebook was deliberately omitting articles with a conservative spin.&nbsp; 
 
(WION with inputs from AFP)

The feature will now rely heavily on algorithms that will lessen the risk of personal bias in what comes up in the trending feed

Social media giant Facebook on Friday said that its 'trending' feature, where a few popular news topics are listed on the homepage, will be automated to rely on algorithms that will no longer require people to write descriptions for the most ‘popular’ topics. This, according to social media giant, will lessen the risk of personal bias in manipulating what props up on the hot topics’ list. The move comes in the wake of allegations made by critics that Facebook’s trending section was biased against conservative news outlets. The company has denied the allegations. "We looked into these claims and found no evidence of systematic bias," Facebook reiterated in its blog post on Friday, adding that "making these changes to the product allows our team to make fewer individual decisions about topics." Instead of the descriptions, the algorithm will allow users to just see the topic which is trending and the number of people talking about it. Letting a cursor hover over a topic will show "an automatically selected original news story with an excerpt pulled directly from the top article itself." Letting a cursor hover over a topic will show "an automatically selected original news story with an excerpt pulled directly from the top article itself." However, humans will ensure that topics making the news are real-world news and not based on any vague internet trend. That is, they will just verify the quality but not hand-pick the topics to be featured. "Our investigation has revealed no evidence of systematic political bias in the selection or prominence of stories included in the Trending Topics feature," Facebook general counsel Colin Stretch said in a letter responding to a query from Republican US Senator John Thune, who chairs the commerce committee. The letter stated that Facebook had updated its terminology and gave reviewers the training that emphasised content decisions were not based on politics or ideology. "In fact, our analysis indicated that the rates of approval of conservative and liberal topics are virtually identical in Trending Topics." Facebook stopped stop relying on external websites and news outlets as its review team became subject to more controls. Technology news outlet Gizmodo had also reported anonymous allegations that Facebook was deliberately omitting articles with a conservative spin. (WION with inputs from AFP)

Facebook to make trending news feature more automated

Virgin group founder and CEO Richard Branson said he thought he was going to die as he recounted the accident he met with while cycling in the British Virgin Islands earlier this week. 
 
The accident happened when Branson was cycling with his children and hit a bump on a road, throwing his bike off a cliff.&nbsp; 
 
&quot;The next thing I knew, I was being hurled over the handlebars and my life was literally flashing before my eyes,&quot; the 66-year-old wrote in a blog post. 
 
Branson injured his cheeks and tore some ligaments.&nbsp; 
 
&quot;I really thought I was going to die,&quot; he said, &ldquo;But the helmet saved my life.&rdquo; 
 
Branson has experienced several such ill-fated incidents in the past. 
 
In 1998, Branson and his co-pilot had to ditch their balloon in the Pacific ocean after low pressure forced the craft down.&nbsp; 
 
An explosion in the Virgin Galactic space tourism venture&rsquo;s SpaceShipTwo in 2014 killed its co-pilot, giving a severe blow to Branson&#39;s project. 
 
Branson said in spite of his injuries, he will take part next month in the biking, hiking and running Virgin Strive Challenge that he was training for. 
 
(WION with inputs from agencies) 
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The accident occurred when Richard Branson was cycling with his children and hit a bump on a road in the British Virgin Islands

Virgin group founder and CEO Richard Branson said he thought he was going to die as he recounted the accident he met with while cycling in the British Virgin Islands earlier this week. The accident happened when Branson was cycling with his children and hit a bump on a road, throwing his bike off a cliff. "The next thing I knew, I was being hurled over the handlebars and my life was literally flashing before my eyes," the 66-year-old wrote in a blog post. Branson injured his cheeks and tore some ligaments. "I really thought I was going to die," he said, “But the helmet saved my life.” Branson has experienced several such ill-fated incidents in the past. In 1998, Branson and his co-pilot had to ditch their balloon in the Pacific ocean after low pressure forced the craft down. An explosion in the Virgin Galactic space tourism venture’s SpaceShipTwo in 2014 killed its co-pilot, giving a severe blow to Branson's project. Branson said in spite of his injuries, he will take part next month in the biking, hiking and running Virgin Strive Challenge that he was training for. (WION with inputs from agencies)

I thought I was about to die, says Virgin CEO Branson after bike accident

Japanese Prime Minister Shinzo Abe told African leaders on Saturday that his country will commit $30 billion in public and private support for infrastructure development, education and healthcare expansion in the continent. 
 
Resource-poor Japan has long been interested in tapping Africa&#39;s vast natural resources, even more so since dependence on oil and natural gas imports jumped after the 2011 Fukushima nuclear disaster shut almost all of Japan&#39;s nuclear reactors. 
 
Abe, in the Kenyan capital Nairobi to attend the sixth Tokyo International Conference on African Development (TICAD), said the package would be spread over three years from this year and include $10 billion for infrastructure projects, to be executed through cooperation with the African Development Bank. 
 
&quot;When combined with investment from the private sector, I expect that the total will amount to $30 billion. This is an investment that has faith in Africa&#39;s future, an investment for Japan and Africa to grow together,&quot; he told a gathering of more than 30 heads of state and government from across Africa. 
 
The $30 billion announced on Saturday is in addition to $32 billion that Japan pledged to Africa over a five-year period at the last TICAD meeting in 2013. Abe said 67 percent of that had already been put to use in various projects. 
 
&quot;Today&#39;s new pledges will enhance and further expand upon those launched three years ago. The motive is quality and enhancement,&quot; he said. 
 
Japan&#39;s overall direct investment in Africa totalled $1.24 billion in 2015, down from about $1.5 billion a year earlier, according to the Japan External Trade Organization, which does not provide a breakdown of sectors. 
 
Its presence in infrastructure projects ranges from roads, ports and airports to power plants. 
 
In comparison, rival China made a single investment of $2 billion in oil-rich Equatorial Guinea in the month of April 2015 alone. 
 
A tranche of Japan&#39;s new package will go towards various power projects to increase production capacity by 2,200 megawatts across the continent, according to the Japanese Foreign Ministry. 
 
Money will also be spent on training 20,000 mathematics and science teachers throughout Africa, as well as 20,000 experts on how to handle infectious diseases. 
 
Chadian President and current African Union Chairman Idriss Deby, attending the summit, urged Tokyo also to support efforts to tackle a lack of security, including that arising from terrorism. 
 
&quot;At the recent African Union Summit, we did say how it was important to mobilise the international community to counter all these scourges,&quot; he said. 
 
&quot;I urge all our partners, and in particular, Japan, to contribute to the African Fund Against Terrorism that was set up and established by the Kigali summit,&quot; Deby said, in reference to an AU meeting held in Rwanda in July. 
 
(Reuters)

'This is an investment that has faith in Africa's future, an investment for Japan and Africa to grow together,' Prime Minister Abe said

Japanese Prime Minister Shinzo Abe told African leaders on Saturday that his country will commit $30 billion in public and private support for infrastructure development, education and healthcare expansion in the continent. Resource-poor Japan has long been interested in tapping Africa's vast natural resources, even more so since dependence on oil and natural gas imports jumped after the 2011 Fukushima nuclear disaster shut almost all of Japan's nuclear reactors. Abe, in the Kenyan capital Nairobi to attend the sixth Tokyo International Conference on African Development (TICAD), said the package would be spread over three years from this year and include $10 billion for infrastructure projects, to be executed through cooperation with the African Development Bank. "When combined with investment from the private sector, I expect that the total will amount to $30 billion. This is an investment that has faith in Africa's future, an investment for Japan and Africa to grow together," he told a gathering of more than 30 heads of state and government from across Africa. The $30 billion announced on Saturday is in addition to $32 billion that Japan pledged to Africa over a five-year period at the last TICAD meeting in 2013. Abe said 67 percent of that had already been put to use in various projects. "Today's new pledges will enhance and further expand upon those launched three years ago. The motive is quality and enhancement," he said. Japan's overall direct investment in Africa totalled $1.24 billion in 2015, down from about $1.5 billion a year earlier, according to the Japan External Trade Organization, which does not provide a breakdown of sectors. Its presence in infrastructure projects ranges from roads, ports and airports to power plants. In comparison, rival China made a single investment of $2 billion in oil-rich Equatorial Guinea in the month of April 2015 alone. A tranche of Japan's new package will go towards various power projects to increase production capacity by 2,200 megawatts across the continent, according to the Japanese Foreign Ministry. Money will also be spent on training 20,000 mathematics and science teachers throughout Africa, as well as 20,000 experts on how to handle infectious diseases. Chadian President and current African Union Chairman Idriss Deby, attending the summit, urged Tokyo also to support efforts to tackle a lack of security, including that arising from terrorism. "At the recent African Union Summit, we did say how it was important to mobilise the international community to counter all these scourges," he said. "I urge all our partners, and in particular, Japan, to contribute to the African Fund Against Terrorism that was set up and established by the Kigali summit," Deby said, in reference to an AU meeting held in Rwanda in July. (Reuters)

Japan pledges $30 billion to Africa over next three years

Canada-based smartphone developer Blackberry Ltd plans to raise about $605 million through convertible debentures. These debentures will be sold to shareholder Fairfax Financial Holdings and various investors. 
 
The company also intends to pay back it&#39;s outstanding debentures worth about $1.25 billion which carry a coupon of 6 per cent on September 2, 2016. 
 
The latest issue of debentures will be due in November 2020 and will carry a coupon of 3.75 per cent. 
 
According to Reuters data, Prem Watsa-led Fairfax owns 8.9 per cent of Blackberry and is the second largest shareholder of the company.&nbsp; 
 
John Chen, Blackberry&#39;s chief executive, is confident about the latest Android-based handset and believes the September targets can turn profitable. 
 
This model provides a combination of Alphabet&#39;s latest software and a broad variety of security and productivity feature applications at budget price.&nbsp; 
 
Blackberry has stopped producing their classic models and is now focused on software, it said last month. This raised questions about the company&#39;s sustenance in the mobile market. 
 
Business analysts have suggested that company to either sell or close down its unit. 
 
BlackBerry&#39;s US-listed shares were little changed at $7.96 in afternoon trading. 
 
(WION with inputs from Reuters)

Prem Watsa-led Fairfax owns 8.9 per cent of Blackberry and is the second largest shareholder of the company

Canada-based smartphone developer Blackberry Ltd plans to raise about $605 million through convertible debentures. These debentures will be sold to shareholder Fairfax Financial Holdings and various investors. The company also intends to pay back it's outstanding debentures worth about $1.25 billion which carry a coupon of 6 per cent on September 2, 2016. The latest issue of debentures will be due in November 2020 and will carry a coupon of 3.75 per cent. According to Reuters data, Prem Watsa-led Fairfax owns 8.9 per cent of Blackberry and is the second largest shareholder of the company. John Chen, Blackberry's chief executive, is confident about the latest Android-based handset and believes the September targets can turn profitable. This model provides a combination of Alphabet's latest software and a broad variety of security and productivity feature applications at budget price. Blackberry has stopped producing their classic models and is now focused on software, it said last month. This raised questions about the company's sustenance in the mobile market. Business analysts have suggested that company to either sell or close down its unit. BlackBerry's US-listed shares were little changed at $7.96 in afternoon trading. (WION with inputs from Reuters)

Blackberry to raise $605 million by issuing debentures to Fairfax, others