The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm.

Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.5 percent.

Things were going great for Lu Zhongfang and her son Li Yongxin, the ed-tech company's founders. Their combined fortune reached $21 billion dollars at one point of time.&nbsp;

But Covid-19 and its economic consequences played spoilsport. The rising uncertainty around private jobs led to the Chinese looking for more stable career options. Bureaucracy is considered one such career option, where people have lifetime job security.&nbsp;

Consider these numbers: in November 2019, 1 million Chinese citizens appeared for filling 24,000 jobs. Three years later, nearly 2.6 million candidates sat for the examinations to secure 37,000 jobs.&nbsp;

This was a classic case of high demand and low supply. Initially, this conundrum worked well for the company. The company's policy of ensuring up to 100 percent fee refund to subscribers who fail the examination helped it woo more customers.

But refund policy also triggered the company's downfall. The average fee refund rate in 2019 stood at 44 percent, which rose to 70 percent by 2022, as per a Bloomberg report.&nbsp;

The business losses of the last two years have impacted the billionaire duo's net worth. From a peak of $21 billion, it has now fallen to less than $1 billion. The billionaire duo have also started selling their shares, in a bid to raise cash and keep the company operations running. Their company reported a loss of $346 million in 2021 and of $158 million last year, media reports said.&nbsp;

The situation may worsen for the ed-tech company. As per reports, over 11 million Chinese students are expected to graduate and enter the job&nbsp;market this year. Given the uncertain economic situation in China, many of them may probably sit for the exam to enter government services.&nbsp;

The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm. Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.

The promise of refunding candidates who fail the government examination turned out to be the greatest undoing of a Chinese ed-tech firm. Offcn Education Technology Co built a fortune helping Chinese students prepare for the tough examination to join several government department, which is considered among the toughest in the world, with a success rate of about less than 1.5 percent. Things were going great for Lu Zhongfang and her son Li Yongxin, the ed-tech company's founders. Their combined fortune reached $21 billion dollars at one point of time. But Covid-19 and its economic consequences played spoilsport. The rising uncertainty around private jobs led to the Chinese looking for more stable career options. Bureaucracy is considered one such career option, where people have lifetime job security. Consider these numbers: in November 2019, 1 million Chinese citizens appeared for filling 24,000 jobs. Three years later, nearly 2.6 million candidates sat for the examinations to secure 37,000 jobs. This was a classic case of high demand and low supply. Initially, this conundrum worked well for the company. The company's policy of ensuring up to 100 percent fee refund to subscribers who fail the examination helped it woo more customers. But refund policy also triggered the company's downfall. The average fee refund rate in 2019 stood at 44 percent, which rose to 70 percent by 2022, as per a Bloomberg report. The business losses of the last two years have impacted the billionaire duo's net worth. From a peak of $21 billion, it has now fallen to less than $1 billion. The billionaire duo have also started selling their shares, in a bid to raise cash and keep the company operations running. Their company reported a loss of $346 million in 2021 and of $158 million last year, media reports said. The situation may worsen for the ed-tech company. As per reports, over 11 million Chinese students are expected to graduate and enter the job market this year. Given the uncertain economic situation in China, many of them may probably sit for the exam to enter government services.

Chinese tycoons lose $20 billion as company's student refund policy backfires

Australian Competition and Consumer Commission (ACCC) on Monday began court proceedings against Fitbit LLC, a Google-owned consumer electronics and fitness company for not complying with the country's consumer laws.

Australian Competition and Consumer Commission (ACCC) on Monday began court proceedings against Fitbit LLC, a Google-owned consumer electronics and fitness company for not complying with the country's consumer laws. According to the competition regulator, Fitbit did not act in accordance with Australian Consumer Law when between May 2020 and February 2022 it said consumers were not entitled to a refund unless they returned the product within 45 days of shipment of the purchase. WATCH | WION Business News | Australian regulator takes Fitbit to court × Moreover, Fitbit informed consumers that they weren't eligible for second device if they had availed a replacement device earlier and the original two-year 'limited warranty period' of the device had expired. "All consumers have automatic consumer guarantee rights that cannot be excluded, restricted or modified. The consumer guarantee rights exist in addition to any warranties offered by manufacturers," said Gina Cass-Gottlieb, chairman of ACCC. "Products must be of acceptable quality, and retailers must provide a remedy for faulty goods which include a repair, replacement or refund, depending on the circumstances," she added. Read more: Australia to bring legislation for tougher penalties on hackers for data breaches Notably, under Australian Consumer law consumers are not bound by an arbitrary 45-days window to return the product to be liable for a refund. However, this is not the first time that Fitbit has found itself entangled in a legal controversy. In 2018, the company was given a federal court-enforceable undertaking in 2018 after breaking similar laws. Read more: Meta ordered to sell GIPHY for the second time by UK antitrust watchdog Through the federal court action ACCC is attempting to impose penalties on Fitbit for repeat offence and bring it under a compliance programme. (With inputs from agencies) WATCH WION LIVE HERE:

Google-owned Fitbit sued by Australian competition regulator for misleading consumers

The Delhi High Court on Thursday allowed half-marathon in Delhi to go ahead on November 19 after the organisers told the court that they have put in place a refund policy for those who want to opt out.

<a href="http://www.wionews.com/india-news/pollution-levels-high-court-issues-notice-to-delhi-government-over-half-marathon-24172">The organisers also assured the court that they are taking measures in case of any medical emergencies,</a> reports new agency ANI.

<a href="http://www.wionews.com/india-news/indian-medical-association-writes-to-delhi-cm-asking-him-to-cancel-airtel-delhi-half-marathon-23638">The Delhi High Court had earlier issued notice to the Delhi government,</a> the Delhi Pollution Control Committee (DPCC), organisers of the half marathon event and the Delhi Police on a letter by the Indian Medical Association (IMA) requesting the court to postpone the event, scheduled for November 19, as the air quality in the national capital is &ldquo;unsafe and poor&rdquo;.

Noting the urgency of the present air pollution, a bench of Justice S Ravindra Bhat and Justice Sanjeev Sanchdeva sought the reply of authorities by November 6. Earlier, the IMA had written a letter to Acting Chief Justice Gita Mittal and Chief Minister Arvind Kejriwal seeking directions to postpone the event.

Procam International, who are conducting the race, had, however, said they are concerned about the current pollution level in the city, but believe the situation would stabilise before race day. In all, as per the organisers, 35,000 runners will be participating in the race.

The organisers also assured the court that they are taking measures in case of any medical emergencies

The Delhi High Court on Thursday allowed half-marathon in Delhi to go ahead on November 19 after the organisers told the court that they have put in place a refund policy for those who want to opt out. The organisers also assured the court that they are taking measures in case of any medical emergencies, reports new agency ANI. The Delhi High Court had earlier issued notice to the Delhi government, the Delhi Pollution Control Committee (DPCC), organisers of the half marathon event and the Delhi Police on a letter by the Indian Medical Association (IMA) requesting the court to postpone the event, scheduled for November 19, as the air quality in the national capital is “unsafe and poor”. Noting the urgency of the present air pollution, a bench of Justice S Ravindra Bhat and Justice Sanjeev Sanchdeva sought the reply of authorities by November 6. Earlier, the IMA had written a letter to Acting Chief Justice Gita Mittal and Chief Minister Arvind Kejriwal seeking directions to postpone the event. Procam International, who are conducting the race, had, however, said they are concerned about the current pollution level in the city, but believe the situation would stabilise before race day. In all, as per the organisers, 35,000 runners will be participating in the race.

High court allows Delhi Half-Marathon to go ahead on November 19

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