التصنيف: Business

Business

Pay By Reliance Jio UPI-Powered Payment Process

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Reliance Jioannounced its entrance in the UPI-powered payment space. It offered this facility to over 370 million customers through an app update. Available only to selected customers in the beginning, Jio’s UPI payment facility will soon be available for others.

Reliance Jio’s UPI-payment facility

Mukesh Ambani led telecom company is eying into the flourishing market of UPI-payment. Presently this market is ruled by Google Pay, PhonePe, Paytm and several others. Jio would be the first in the telecom companies and second in payment banks to start UPI-payment service. It already has a wallet service called JioMoney. The UPI option has been integrated in the main app MyJio and it works similar to others.

Users will be asked to sign up to get virtual payment address (VPA) with UPI handle @Jio. They would require providing their mobile numbers and debit card numbers attached with their bank accounts for generating UPI PIN. It is anticipated that the new service would be rolled out with the brand name JioPay. Presently Reliance provides autopay facility under JioPay. Under this service, the users are allowed to recharge their phone numbers five-days in advance before their recharges are due or after exhausting 90% data.

WhatsApp working on UPI-payment

The Facebook-owned instant messenger has been in talks with the government to launch its payment service but it is yet to receive a nod from NPCI. There is uncertainty over data localization and other regulatory hurdles. UPI-payment space has grown 3x in 2019 and the battle is expected to further intensify with entrance of new players including Jio and WhatsApp.

Source: https://bit.ly/2RFallF

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Business

IMF World Economic Outlook: India Growth Would Impact Global Growth Story

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Gita Gopinath of the International Monetary Fund (IMF) said that India would have an effect on the global growth story. She further maintained that India had already pushed the global forecast down by 0.1%. She’s the Chief Economist of the IMF.

India projection of IMF

The world body has slashed India’s growth forecast in its World Economic Outlook released in Davos, Switzerland. It sees India’s growth to remain at 4.8% but it is 1.3% lesser in three months. Ms. Gopinath said that IMF revised the global growth down for 2019 by 0.1% considering the size of the Indian economy and its impact on global growth. She further said that the vast majority of the downgrade was from India.

Issue with India growth

Ms. Gopinath minced no words in highlighting the issue ailing the Indian economy. She said that the biggest issue was in the financial space. She indicated the stress in the financial sector, especially in non-bank financial corporations. The weakness in credit growth is visible and there appears to be an increased risk in lending in the markets. Also, there had been a weakness in rural income growth. But there was the hope of recovering GDP by up to 6.5% by 2021. The monetary and fiscal stimulus and subdued oil prices could support growth.

IMF on social unrest

The IMF report highlighted the link between social unrest and the erosion of trust in established institutions. Also, there was a lack of representation in governance structures. Ms. Gopinath said that nations should protect the vulnerable so that they weren’t left behind in the growth story.

Source: https://bit.ly/37gnR67

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Business

Jeff Bezos Announced $1 Billion Investment In India By Amazon

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Amazon chief JeffBezos announced $1 billion (£770m) investment in India. He said that the investment would be used to digitalize small and medium businesses. It would help the businesses to operate and sell their products online.

Jeff Bezos in India

He was in New Delhi to attend a company event where he said that the 21st Century was going to be the Indian century. He was on his three-day visit to India. While addressing the audience at the event, he said that democracy had dynamism, energy and growth.

Mr. Bezos said that Amazon would export goods worth $10 billion from India by 2025. Also, he underlined that the online retail giant had already committed its $5.5 billion investment in the country.

Jeff Bezos met with protests

Thousands of small traders from 300 cities registered their protest against Amazon that they alleged to have a negative impact on their businesses in the local market. They said that the retail giant was driving them out of market by offering lucrative discount offers and promoting a few big sellers on his platform.

Ecommerce market in India

India’s ecommerce market is presently dominated by Amazon and Flipkart that is owned by US retail giant Walmart. Also, Mukesh Ambani is preparing to launch his ecommerce website in competition to Amazon and Flipkart. Mukesh Ambani’s Jiomart would take advantage of its large mobile phone consumer base to expand its reach.

Source: https://bit.ly/2FSCn7W

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Business International News & Politics

The US-China Took First Concrete Step Towards Defusing Trade War

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The United States and China signed a trade truce after nearly two decades of conflict. This truce came as a big breather for the global businesses that had been suffering losses due to the trade war between the two dominant economic powers of the world.

The US-China trade deal

Beijing would import an additional $200 billion in US products over two years and it would include additional $32 billion in agricultural goods. The current import would be bigger than the purchases of 2017 before Trump launched an offensive on China.

The trade war resulted in soyabeen exports to China reducing to only $3 billion from $12 billion in 2017. Due to the export slump, the Trump administration had to pay $28 billion to farmers as aid in the last two years. But leading economists are questioning whether the US farmers would be able to meet the growing demand for soyabeen.

Twice-yearly dialogue process is also restored in the deal. Previous US administration used to conduct the dialogue regularly before Trump scrapped the process.

Trump said the deal was momentous

US President Donald Trump said that he took a momentous step that was never taken before with China. He signed a deal with China’s Vice Premier Liu He. The Chinese Vice Premier said that deal was good for China, the Us and the world at large.

Trump said that the negotiations were tough but he was righting the wrongs of the past. He even thanked the Chinese Vice Premier and said that he would visit China soon.

Source: https://bit.ly/3721Jw3

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Banking National

25 Crore Workers From 10 Central Trade Unions Call For 24-Hour Nationwide Bandh On January 8

HT News

The Centre of Indian Trade Unions (CITU) has called for Bharat Bandh against the disinvestment, privatisation and labour reform policies of the central government. According to CITU, ten central trade unions were supporting its cause.

CITU calls for a nationwide strike

CITU said that it had been over four years since the last Indian Labour conference took place in August 2015. In the last conference, the government created a Group of Ministers to consider the 12 point-charter of demands of the labour unions. But nothing happened after that meeting. It further said that the government started selling Public Sector Undertakings and natural resources to strengthen the failing economy.

Worker’s demand

The 24-hour strike is called to oppose privatization policies of the central government and present a 12-poing common demand like working-class on pay hike, fixing of the minimum wage, social security and uniform five-day week.

Services affected by Bharat Bandh

Banking services are more likely to get affected by the nationwide strike but private sector banks are likely to work as usual. But the transport sector is likely to get the maximum impact of the strike. According to SBI, only a few members of its unions are participating in the Bandh. Also, BJP-affiliated Bhartiya Mazdoor Sangh won’t participate in the strike.

Government on nationwide strike

The government has warned those participating in the strike of consequences the 24-hour strike. Their wages would be cut and they could face disciplinary action. The Ministry of Personnel has prohibited government employees from participating in the strike.

Source: https://bit.ly/2sOJGe8

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Business News & Politics

PM Modi Calls Mukesh Ambani, Ratan Tata And Others To Revive Economy

HT News

In the run-up to budget 2020-21, PM Narendra Modi met the top industrialists of the country to brainstorm ideas to strengthen the GDP that has plummeted to the lowest levels in the six-years.

PM meets industrialists

PM Modi called Reliance chairman Mukesh Ambani, Tata patriarch Ratan Tata, Mahindra Group chairman Anand Mahindra, telecom boss Sunil Bharti Mittal, Gautam Adani and others to hiss office to discuss the economic condition of the country and find ways to boost the economy that has dropped to 4.5% according to the latest GDP data of July-September quarter. Also, the slump in the manufacturing sector and consumption played a crucial role in slowdown.

Measures taken to check slowdown

• Corporate tax slashed to 22% from 30% in September

• The tax rate for new manufacturing units was also slashed to 15%

• Bank recapitalization

• Merger of 10 public sector banks into 4

• Support for auto industry

• Plans for infrastructure projects

• Tax benefits for startups

Corporate tax was reduced to attract foreign direct investment. With these deductions, India became on par with other Asian countries. Also, RBI eased policy rates in the last year in a series of rate cuts since February 2019.

Source: https://bit.ly/2QRJoLu

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Business Fashion & Lifestyle

10gm Gold Costs 90,800 Pakistani Rupees In Pakistan

HT News

Plagued with starvation and inflation, Pakistan has already become hollow and now it is staring at another problem. After vegetable, petrol, and diesel, the gold prices are touching the sky in Pakistan.

Gold price in Pakistan

In Pakistan, one tola gold costs 90,800 Pakistani rupees but in India, it costs around Rs. 41,395. One tola is equal to 10gm. Gold prices are fluctuating due to the Iran-America conflict. On Friday, the gold prices saw an increase of Rs. 1,150. According to Don newspaper, the gold price has increased by Rs. 23,000 since January 2019.

Gold price in India

The price of 24-carat gold remained between 41,000 to 41,270 per 10gm on the last trading day. The 22-carat gold jewelry also jumped to Rs. 41,120 per 10 gm. A Ginni that weighs 8gm also increased by Rs. 100 and crossed Rs. 30,900 mark.

Iran has warned the US of revenge for killing its commander Major General Qasim Sulemani, who was also the chief military officer of Iran in an airstrike. Fearing a war between the two nuclear-armed nations, investors are considering gold to be a safe investment and for this reason, the bullion prices are touching new height every day.

Source: https://bit.ly/2QTEdKT

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Business International

Billionaires 2019: The Total Worth Of Billionaires Shrank By $400 billion

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This is the second time in a decade that both the number of billionaires and total wealth shrank. According to latest figures, there are 2,153 billionaires but there were 55 more than a year ago. Also, the 46% (994) of them are poorer than they were in 2018.

Findings of the latest billionaire count

The findings cap the worth of ultra-rich at $8.7 trillion that was $400 billion up in the previous year. Altogether 247 (11%) of the billionaires are dropped out of the ranks since 2009 at the height of global financial crisis.

• Asia-Pacific has 60 fewer 10-figure billionaires


• China has 49 fewer billionaires than 2018

The only nations that witnessed a surge in the number of billionaires are the US and Brazil. In the US, there are 607 new billionaires including 14 of world’s 20 richest people. Jeff Bezos of Amazon is again the Number 1 in the world. He is closely followed by Bill Gates at Number 2.

Newcomers in the list of billionaires

A total of 195 people joined the list of billionaires in 2019. Colin Huang is the richest newcomer. The founder of Chinese discount web retailer Pinduoduo, Colin Huang went public in the US in July. Kylie Jenner, the cosmetics wunderkind, became the youngest billionaire at 21.Other notable newcomers are Spotify’s Daniel Ek and Martin Lorentzon; Juul Labs’ James Monsees and Adam Bowen, Kind Bar’s Daniel Lubetzky. The trend in the billionaire’s list shows that even the rich and the powerful aren’t immune to economic forces and weak stock markets.

Source: https://bit.ly/2slw7lT

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Business

Bill Gates Again Becomes The Richest Man After Jeff Bezos Hit Losses

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Amazon founder and CEO Jeff Bezos is no longer the riches man on the earth. He lost the title of being the wealthiest person of the world to Microsoft co-founder Bill Gates whose current worth is $105.7 billion.

Big loss to Amazon and Jeff Bezos

On Thursday, Amazon reported 7% fall in its shares after the after-hours trading. It cost Jeff Bezos $103.9 billion and his title of the richest man on the earth. He earlier broke the 24-year run of Bill Gates for the top position in 2018 when he was declared as the first man with a net worth of $160 billion. 

According to Forbes, Amazon reported a 26% drop in net income in its third-quarter results. But it was its first profit decline since 2017. Amazon shares dropped to $1,624 per share that is nearly 9% drop in after-hours trading.

It was in 1997 when for the first time Jeff Bezos entered The Forbes 400 list of wealthiest Americans. It happened a year after Amazon went public. At that time, its net worth was $1.6 billion. 

Bill Gates entered the Forbes’ list in 1987 with the net worth of $1.25 billion. But he lost the title be being the richest man to Bezos in 2018. One year later, Gates regained his title. 

Bezos couple divorce

In April, Bezos couple finalized their divorce conditions according to which Jeff Bezos gave MacKenzie Bezos his stocks worth around $36 billion. It was called the biggest divorce settle in the history. 

https://www.hindustantimes.com/business-news/jeff-bezos-loses-world-s-richest-man-title-to-bill-gates/story-2CghirRvuUQ3Li9bhjz31J.html
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Business Real Estate

Top 10 Real Estate Firms In India

HT News

The Indian real estate market has huge potential to grow. There are many places that are yet to be fully developed and there are many real estate companies involved in the development work.

Here’re the top 10 real estate development firms credited for developing malls, shopping centers, upscale residential areas and the Smart Cities in India.

1.DLF

With presence in over 24 major cities including Delhi NCR, DLF tops the list of real estate companies in India. It has been in the construction business for over 70 years.But it is known for bringing a positive shift in the Indian retail sector – developing malls and retail space.

2. Unitech

Unitech is associated with making luxurious projects across the length and breadth of the country. This company has diversified operation in the real estate industry but recently it got strict reprimand from the Supreme Court for failing deliver a high-end residential project Burgandy in the NCR.

3. Supertech

Supertech has been ruling the real estate sector from 25 years with designer homes like “Supernova” designed by Armani/Casa. With a strong presence in the North India, this company has some big plans for expansion. But recently it drew flak from the Supreme Court that asked the National Building Construction Corporation to check whether the company has flouted rules to construction “Emerald Towers” in Noida and encroached upon green belt.

4. Omaxe

Omaxe surprised the real estate players with its striking presence in over 30 cities in a very short span of time. And its projects have been highly appreciated by industry experts. Now the company is aiming to build affordable homes in North India.

5. Oberoi … Read the rest