Author: Nazim Khan

Telegram says it added 25 million users in 3 days globally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Messaging service Telegram said it has added 25 million new users over the past 72 hours, days after it surpassed the 500 million monthly active user mark.

The surge in new users took place after Facebook-owned messaging service WhatsApp rolled out a new policy outlining terms through which it could transfer data to its parent company.

“The new users are from across the globe – 38 percent from Asia, 27 percent from Europe, 21 percent from Latin America and 8 percent from MENA,” the company said in a statement.

“This is a significant increase compared to last year, when 1.5M new users signed up every day,” Telegram’s CEO and Founder Pavel Durov said in a recent blog post. “We’ve had surges of downloads before, throughout our 7-year history of protecting user privacy. But this time is different.”

Also read: Companies accessing your data can surprise in ways you don’t expect: Signal’s Acton

Durov added that people no longer want to exchange their privacy for free services. “They no longer want to be held hostage by tech monopolies that seem to think they can get away with anything as long as their apps have a critical mass of users,” he said.

With half a billion active users and accelerating growth, Telegram said it had become the “largest refuge for those seeking a communication platform committed to privacy and security. We take this responsibility very seriously. We won’t let you down.”

The company added that it has been consistent when it comes to defending private and to improve its apps.

“For those of you who just joined and are wondering what Telegram stands for, I’d like to quote:

You – our users – have been and will always be our only priority. Unlike other popular apps, Telegram doesn’t have shareholders or advertisers to report to. We don’t do deals with marketers, data miners or government agencies. Since the day we launched in August 2013 we haven’t disclosed a single byte of our users’ private data to third parties. We operate this way because we don’t regard Telegram as an organization or an app. For us, Telegram is an idea; it is the idea that everyone on this planet has a right to be free.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SPEED TAKE: US Capitol violence was years in the making, and shouldn’t surprise anyone

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After pro-Donald Trump protestors stormed the US Capitol in a violent attack protesting what they believe are rigged US election results, the turn of events shouldn’t surprise anyone.

Since his entry into politics, Trump has used paranoia to get his supporters to believe that enemy forces are out to get him and them for their noble attempts to restore America to an imaginary hallowed past. The enemies are moving targets: from immigrants and minorities to establishment politicians, deep-state lobbies and rival countries.

Also Read: Analysis: Trump’s rage ignites mob assault on democracy

Trump has also shown a disregard for truth and the rule of law, and has demonstrated a propensity for megalomania, as is evident in his baseless claims questioning the US election result.

Many, including Republicans, believe Trump needs to be held accountable for inciting what could have easily been labelled a coup attempt had it taken place in a third-world country. A string of Trump officials have resigned in protest and reports say lawmakers are considering invoking the 25th Amendment to remove Trump from office 13 days before his term ends.

Also Read: Democratic process cannot be allowed to be subverted through unlawful protests: PM Modi on riots in US

And then you will have Trump and his core supporters, who will rationalise the violence in various ways: ranging from a natural outpouring to protest a rigged election, to enemy forces (such as the radical left) engineering the violence to defame him.

To those who supported Trump all along and now suddenly express dismay at his actions (and this could include social media platforms who are yet to know where to draw the line between hate speech/falsehoods and freedom of expression), this is similar to how the historian Yuval Noah Harari explains the rise and fall of Nazism. Humans can only encourage extremism to the point where it becomes too hideous to publicly endorse or condone.

Others who continue to believe in Trump’s righteousness just have a higher tolerance threshold for ugliness. They will believe violence, such as one saw overnight, justifies the means to the end. Till it won’t.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Are COVID-19 vaccines effective against new coronavirus strain? Here’s what we know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Just as the world seemed to be turning the corner in its fight against the COVID-19 pandemic, a new mutation in the novel coronavirus has started to make things look bleaker again, as several countries imposed fresh lockdowns to curb fresh transmission.

But before one looks to cancel yearend plans (or if you’re an investor, consider booking profits on your portfolio), it’s important to understand what has happened.

Science fiction movies have created a fear of virus “mutations” that threaten to wipe out the population but scientists point out that viruses change all the time as part of their evolutionary process. These changes take place in order to help the virus survive, and by way of natural selection, most changes die out while a select few help it to propagate.

Also, most of these changes do not have any impact on the effects the viruses produce in the host, or on the efficacy of the treatments to combat them.

In fact, the SARS-COV-2 virus has seen thousands of small changes. At a structural level, the WHO has identified six structures, or “clades” as they are called, along with 14 subclades, of the COVID-19 virus. In fact, SARS-COV-2 is known to change more slowly compared to other RNA viruses.

With the UK announcing that a new variant of the virus (termed VUI 202012/01, for Variant Under Investigation, year 2020, month 12, variant 01), which appears to spread faster than other variants, scientists believe that while the new strain warrants close scrutiny, there is no evidence yet that it is deadlier.

Will existing COVID-19 vaccines work against the new strain?

Scientists know that developing a vaccine against a particular virus is sort of working against a moving target, so that is built into their design, Brian Labus, assistant professor in the School of Public Health at the University of Nevada, told Healthline.

The various vaccines that have been developed so far have been tested against a broad range of the novel coronavirus.

“So there is every reason to think that the vaccines will still work against this new strain, though obviously that needs to be tested thoroughly,” Ewan Birney, deputy director general of the European Molecular Biology Laboratory, told The Guardian.

“Up to now, I don’t think there has been a single variant that would be resistant. This particular variant in the U.K., I think, is very unlikely to have escaped the vaccine immunity,” Dr Moncef Slaoui, the chief science adviser for the U.S. government’s vaccine distribution effort, said Sunday on CNN’s “State of the Union” adding that the possibility that new strains will be resistant to existing vaccines are low but not “inexistent”.

Besides, as some experts point out, some of the vaccines, such as Moderna’s, have been based on the experimental mRNA method, and repurposing the vaccine to fight against the new strain, should it be prove to be resistant to existing vaccines, will not be difficult.

Meanwhile, experts say till the impact of the new strain become clear, the best approach for the public would be to exercise social distancing, wear masks and wash hands frequently.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BACKSTORY: How Kent founder’s kids helped usher in RO water purifiers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mahesh Gupta never intended to get into the business of making water purifiers. In fact, he never even had one at his home till he was suggested one by a doctor.

A mechanical engineer from IIT Kanpur, Gupta was content running a small enterprise in oil conservation.

“This was around 1997-98. I thought the water supply in our home was good so I never felt the need to have a purifier,” he recalled in an interview with CNBC-TV18’s Mangalam Maloo. (Watch the part of the interview above from 2:36 minutes.)

But as it happened, Gupta’s children would periodically fall sick. He went to see a doctor.

“The doctor told me it was a good idea to have a water purifier because the water supply could be contaminated [leading the children to fall sick often],” Gupta said. “I realized he was right and set out to buy one.”

Thanks to Gupta’s engineering knowledge, he had a good idea about the water purification process as he hit the market to buy the best one.

“But when I inquired on what kind of water purifiers were available, they were all based on the mechanism of a UV lamp killing the bacteria,” he said.

He asked the salespersons how the purifiers would filter the water if it had dissolved impurities. “They said the purifier will not be able to remove that,” Gupta said.

He knew that the reverse osmosis process could remove impurities dissolved in water but he couldn’t find a single water purifier model in the country based on the technology.

“I had a small oil conservation business. So I had the setup ready [to make an RO-based water purifier]. So I decided to import the components and make one for myself,” Gupta said.

He was happy with his efforts in making an RO-based water purifier and the edn result. That’s when the idea of starting an RO purifier venture took root.

“I couldn’t find an RO water purifier in the market. I thought there must be others who may also want or need one. Let me start this as a small business,” Gupta said.

That was then. Today, Gupta’s company, Kent, is among the top players in the Rs 5,000-crore plus water purifier market, and its RO purifiers are among the most highly-rated.

But the journey wasn’t without its share of struggles.

“In 1998, when we launched it, the price of our RO water purifier was Rs 20,000 against a UV purifier, which was available for Rs 3,000. It was very difficult to sell at that price,” Gupta recalled.

Two, Kent was not a known brand and Gupta did not have much of a track record to show.

“People said what if you sell it and disappear from the market. Who will service the product then? So it was difficult to convince people to buy it but we kept going,” he said.

What encouraged Gupta to keep at it?

“In the first year, we sold only about 200 pieces, but whoever bought our purifiers, they would swear by the product and the quality of the purified water. That gave me confidence,” he said.

“I thought: If I find the product useful and these 200 guys find it useful, at some time, we will certainly be successful,” he said.

(Watch video for the full interview)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained: Myths and facts on the Future-Amazon legal dispute

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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American retail giant Amazon is attempting to block the takeover of the assets of Future group by Reliance Retail. It has obtained an emergency injunction from a Singapore arbitrator for an interim stay on the scheme of arrangement for Future’s slump sale of assets to Reliance for nearly Rs 25,000 crore. Future group, which is in a deep financial crisis, has requested the Delhi high court to ask Amazon to stop interfering in the approval process for the asset sale scheme.

Amazon bought an indirect stake in Future Retail, a listed entity. It did so by acquiring a 49 percent stake in Future Coupons, which in turn owns a 9.83 percent stake in Future Retail. Future Coupons received Rs 1,431 crore from Amazon and it invested the exact same amount in Future Retail for the 9.83 percent stake.

In this explainer, Nazim Khan dispels some of commonly-held myths around the dispute:

Myth: Future Retail’s shareholding agreement among itself, Kishore Biyani Group and Future Coupons, as well as the Future Coupons shareholding agreement among itself, Amazon and KB Group are part of a single integrated transaction.

Fact: Amazon is not a party to the Future Retail shareholder agreement and Future Retail is not a party to the Future Coupons shareholder agreement. The Future Coupons shareholder agreement clearly states that Amazon’s investment is in Future Coupons only and there’s no agreement or understanding whatsoever in relation to the acquisition of shares or voting rights in, or exercising control over, Future Retail. Also, Future Coupons, the promoters and Amazon otherwise do not intend to act in concert with each other in any way whatsoever.

Myth: In its suit, Future Retail has not challenged the Singapore Emergency Arbitrator’s order. The order injuncts Future Retail from proceeding with the scheme. The court cannot intervene in any manner.

Fact:  Future RetaiL participated in the Emergency Arbitrator’s proceedings ‘without prejudice’ to their argument that the arbitration agreement in Future Coupons shareholding agreement shall not apply to them, since they are not a party to that agreement.

Future Retail has challenged the exercise of jurisdiction by Singapore International Arbitration Centre (SIAC), and the SIAC is yet to take a view on it. So the Emergency Arbitrator’s order is not final in that regard. The Emergency Arbitrator’s proceedings and order are not recognised by India’s Arbitration Act.

Clause 25.1 of the Future Coupons shareholder agreement mandates that the agreement shall be governed and construed in accordance with laws of India i.e. the Arbitration Act. Clause 25.2.1. only mentions that the arbitration will be conducted in accordance with SIAC Rules. Needless to say, this means that, SIAC Rules will also be applicable, subject to it being consistent with the Arbitration Act.

Myth: Since the parties (Amazon and Future Group) have accepted SIAC Rules under which the definition of Arbitral Tribunal includes emergency arbitration, the interim award of the Emergency Arbitrator would be akin to an order under Section 17 of the Arbitration Act and binding on Future Retail.

Fact: SIAC Rules (in relation to the Emergency Arbitrator and its proceedings) as long as not consistent with Indian laws i.e. the Arbitration Act, will not be applicable for India seated arbitration proceedings, governed by Indian laws.

Myth: As long as the Emergency Arbitrator’s order is not challenged and set aside lawfully, it will continue to be binding.

Fact: The concept of Emergency Arbitration and relief(s) from Emergency Arbitration are not provided for in any manner in the Arbitration Act. If Amazon wants to rely on the Emergency Arbitrator’s order, the onus is on Amazon to seek its enforcement lawfully.

Myth: The Emergency Arbitrator’s order is an award and is legal and binding. Amazon’s decision not to enforce it formally has no bearing on whether the award is valid or not. Lack of enforcement never detracts from the binding nature of the award.

Fact: Amazon has not stated any reason as to why they have not sought to enforce the Emergency Arbitrator’s order. Till such time the Emergency Arbitrator’s order is upheld lawfully, it cannot be relied upon.

Myth: Conflating of the Future Retail shareholder agreement and Future Coupons shareholder agreement does not amount to giving control to Amazon. The rights given to Amazon are in the nature of investor protective rights and does not amount to control. Future Retail having agreed to these covenants cannot now allege that it is a transfer of control and are in violation of FDI policy, etc.

Fact: The material rights of Future Coupons over the management and affairs of Future Retail, in terms of the Future Retail shareholder agreement, have been surrendered to Amazon in the Future Coupons shareholder agreement and are being exercised by Amazon. Also, under clause 13.1.1 of the Future Coupons shareholder agreement, Amazon dictates the manner in which the entire promoters shareholding should be voted on the reserved matters in Future Retail shareholder agreement. Thus, the voting rights of each and every person [i.e. all of the Kishore Biyani Group having shares in Future Retail], as regards any and all reserved matters pertaining to Future Retail, are subject to Amazon’s prior consent.

This amounts to Amazon taking over control over the management and affairs of Future Retail.

This is in violation of SEBI Substantial Acquisition of Shares and Takeovers rules, which state that no acquirer shall acquire, directly or indirectly, control over a target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company.

Myth: Control can either be de jure (according to rightful entitlement or claim) and de facto (in fact, whether by right or not). In both cases, the key ingredient is positive control. If a party agrees not to do certain acts and deeds, it does not then qualify as de jure and de facto control.

Fact: The rights being claimed by Amazon, would amount to exercise of positive control within the meaning of SEBI SAST, and the same would constitute both de jure and de facto control.

Myth: Under the Foreign Portfolio Investor (FPI) Policy, any foreign investor registered with RBI can invest up to 10 percent in any Indian entity and that includes multi-brand retail trade business. Amazon’s investment is below 5 percent in Future Retail (through its 49 percent stake in FCL). Effectively Amazon’s holding in Future Retail qualifies for and within the FPI threshold.

Fact: Amazon has admitted to the Competition Commission of India that it invested in FCL as FDI in a non-multibrand retail trade business. Foreign portfolio investment technically means any investment made by a person resident outside India through equity instruments in a listed Indian company. Such “foreign portfolio investment” must be made by an FPI defined in Rule 2(u) as “a person registered in accordance with the provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014”.

Myth: The exchange of communication between Future Group and Amazon regarding the disputed transaction with Reliance and Future Retail’s financial turmoil does not amount to Amazon’s acquiescence or consent. It only establishes that Future Retail gave Amazon to understand that some discussions are being pursued, but nothing has fructified.

Fact: The exchange of communication between Amazon and Future Group reveals that Amazon was aware of Future Group’s discussions with Reliance as early as May-June 2020. Also, Amazon was aware of Future Retail’s precarious financial position but did nothing about it till October 2020 when it issued the notice of arbitration.

Reliance also had informed Amazon about its discussions with Future Group, and all that Amazon said was, it was interested in protecting the business agreements with Future Retail.

Amazon cannot invest directly in Future Retail since that would require permission from Government of India, subject to a maximum of 51 percent equity stake, and subject to various related conditions. Amazon’s change of stance is aimed at derailing Future Retail’s scheme of arrangement, in the process pushing the entire Future Group to bankruptcy.

Myth: Reliance Industries is in breach of Amazon’s agreement, and Amazon’s conduct does not amount to interference with the disputed transaction.

Fact: With Rs 1,431 crore in investment, Amazon is trying to kill a Rs 30,000 crore asset, which is what the Future Group is worth.

Future Retail’s scheme of arrangement is pursuant to and under section 230-232 of Companies Act, 2013, which allows a company to enter into a scheme of compromise or arrangement between the company and its creditors or any class of them.  As part of the scheme approval process, three-fourths of shareholders and creditors must approve the scheme, in addition to approvals from SEBI, Competition Commission of India and the National Company Law Tribunal.

The scheme allows for variation of shareholders’ rights, subject to the approval process. Amazon cannot stifle the progress of the scheme through enforcement of contractual rights, in any manner, even if it is considered as a shareholder in Future Retail. In the current case, less so because it does not hold a direct stake.

Amazon’s intent is more directed at ensuring Reliance does not get access to the Future Group’s assets, since that would stifle its competitive advantage.

Myth: In another five weeks, the Arbitral Tribunal will be constituted. The parties can determine their remedies in the arbitration proceedings. Hence, there’s no need for any court’s intervention in the Future Retail suit.

Fact: There’s a concerted effort being made to drag Future Retail into arbitration under the Future Coupons shareholder agreement, to which Future Retail is not a party. If Future Retail is dragged into arbitration, the scheme automatically gets stifled, and that’s the sole agenda of Amazon.  Future Retail’s need of the hour is for the court’s intervention with a mandatory injunction directing Amazon from delaying the scheme.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bihar Election Results: Advantage MGB, and BJP

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The results for the 2020 Bihar Legislative Assembly elections could declare not one but two winners. Exit polls have tipped the RJD-led Mahagathbandhan to eke out a victory but irrespective of the result, the outcome will bolster the prospects of the BJP while relegating its partner JDU to the margins.

Also read: Bihar Exit Polls: Chanakya sees MGB sweep; others say advantage MGB in close contest

Bihar’s politics has undergone a sea change over the past five years. In 2015, arch-rivals Nitish Kumar of JDU and Lalu Prasad Yadav of the RJD came together to successfully stand up to Narendra Modi wave, which threatened to sweep every state citadel in the country.

The partnership proved short-lived: the rivals could get along only so much, and Nitish switched back to the NDA fold a few years barely a few years after he had walked out of it to protest the rise of Narendra Modi, previously considered his equal.

Also read: Bihar election result counting date, exit polls and key races: A ready reckoner

Fast forward to 2020, and Nitish Kumar’s clean image of a strong administrator has suffered – thanks to his playing second fiddle to, in turns, Lalu Prasad Yadav and the BJP. And unlike the RJD, which enjoys the support of the dominant Yadav caste, the Bhumihar Nitish does not belong to a caste with a large voting bloc.

In the other camp, following Nitish’s 2017 switch, Lalu’s RJD appeared to be in completed disarray after the party patriarch was sent to jail in a corruption case. A sibling rivalry ensued between Lalu’s sons, from which emerged his charismatic younger son, the cricketer-turned-politician Tejashwi Yadav.

Also read: Bihar Elections 2020: From cricket to politics, how 31-year-old Tejashwi Yadav played a switch hit

Economically speaking, it was Nitish who was first credited with making a strong attempt at lifting the state from poverty. But over the past few years, while the state GDP has grown faster than the national average, it has suffered from slow agricultural growth as well as high unemployment.

The state’s per capita income is a mere one-third the national average, and agriculture, on which three-fourths of the population is dependent, contributes a mere 18 percent to GDP.

Also read: Bihar Election 2020 Explained: From caste equations to migrant workers, the social variables at play

It also doesn’t help Nitish that he is heading into the election right after the COVID-19 lockdown, which not only resulted in the loss of large number of jobs but also created a migrant crisis, as hundreds of thousands of labourers across the country walked back often thousands of miles to their villages in UP and Bihar.

On the election trail, Tejashwi underlined the lack of employment opportunities as well as the migrant crisis, attracting crowds that would even rival his father in the latter’s prime.

Also read: Bihar Election 2020: When will results be declared and where to watch

And then there is another factor that has queered the pitch for anyone trying to guess which way the wind blows. After the death of LJP’s Ram Vilas Paswan, his son Chirag has taken on Nitish while openly supporting the BJP.

All of this means the BJP-JDU combine faces a tough task in retaining the state. A win will result in another five, possibly listless, years for Nitish Kumar. A loss will only hasten the decline for the JDU, but not the BJP, which will happily cede the space vacated by Nitish.

Also read: Bihar Elections: Why the BJP will win even if NDA loses

Follow our live blog on Bihar assembly election results here for all the latest updates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pfizer, BioNTech say their COVID-19 vaccine is effective, citing Phase 3 data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pharmaceutical firms Pfizer and BioNTech have said their COVID-19 vaccine has proved to be effective in preventing the disease caused by the new coronavirus, putting the candidate ahead of others in the vaccine race.

After discussion with the FDA, the companies decided to analyse 94 cases from the 43,538 cases under study and an independent committee found a vaccine efficacy rate above 90 percent.

The interim analysis indicated that protection was achieved 28 days after the first dose in the two-dose vaccine. No serious safety concerns were reported and the study continues to collect additional safety and efficacy data as planned.

“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Dr Albert Bourla, Pfizer Chairman and CEO.

“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We look forward to sharing additional efficacy and safety data generated from thousands of participants in the coming weeks,” the Pfizer chief added.

Pfizer said the Phase 3 clinical trial of BNT162b2 began on July 27 and has enrolled 43,538 participants to date, 38,955 of whom have received a second dose of the vaccine candidate as of November 8, 2020.

“Approximately 42 percent of global participants and 30 percent of US participants have racially and ethnically diverse backgrounds. The trial is continuing to enroll and is expected to continue through the final analysis when a total of 164 confirmed COVID-19 cases have accrued,” the company said.

The study also will evaluate the potential for the vaccine candidate to provide protection against COVID-19 in those who have had prior exposure to SARS-CoV-2, as well as vaccine prevention against severe COVID-19 disease.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bihar Exit Polls: Chanakya sees MGB sweep; others say advantage MGB in close contest

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Exit polls for Bihar Assembly Elections 2020 have largely forecast a fractured mandate in the eastern state, even though analysts said that visible signs of a mood for change in the state ruled by Nitish Kumar for 15 years mean the opposition Mahagathbandhan could be at an advantage.

The pollster Today’s Chanakya — known for its largely prescient calls (it has got all elections spot-on except Bihar 2015) — forecast a stunning defeat for the NDA, giving it 55 plus/minus 11 seats, compared to 180 plus/minus 11 seats to the MGB.

While other polls said the MGB, comprising RJD, Congress and Left, could get 120 seats while the NDA, comprising JDU and BJP, could garner 110 seats. The winning alliance will need 122 seats to win in the 243-seat assembly.

Results will be declared on November 10.

The Bihar assembly polls were fought on a completely different plank compared to 2015. That election saw arch-rival Nitish Kumar’s JDU and RJD’s Lalu Prasad Yadav come together to take on the BJP which fought alone banking on the Narendra Modi wave. The duo emerged victorious only to see Nitish switch to the NDA fold a couple of years later.

This year, Nitish faced a steep fall in popularity, and with Lalu in jail in a corruption case, the RJD (and its ally Congress) put up a spirited campaign led by Lalu’s son Tejashwi.

Analysts said the MGB got its caste calculations right, with Nitish being bogged down by anti-incumbency, fuelled by rising unemployment in the state and the state government’s handling of the COVID-19 pandemic.

The controversy of actor Sushant Singh Rajput’s death, too, which the BJP was hoping to play on, appears to have come to nought. Rajput was from Bihar and the BJP has looked to corner the Maharashtra government, where the Congress is in alliance, over the state’s handling of the supposed suicide case.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NPCI gives approval for WhatsApp to ‘go live’ on UPI in phased manner

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Payments Corporation of India has given the go-ahead to WhatsApp to launch UPI services in a graded manner.

The green signal comes after the popular instant-messaging app has been testing its UPI payment service in beta mode with users for more than two years.

NPCI said WhatsApp can expand its UPI userbase “in a graded manner starting with a maximum registered user base of twenty (20) million in UPI.”

Importantly, the go-ahead was given just after NPCI said it had issued a cap of 30 percent of total volume of transactions processed in UPI, applicable to all third-party app providers (TPAPs). This will be with effect from January 1, 2021.

The cap “will help to address the risks and protect the UPI ecosystem as it further scales up,” NPCI said.

The cap of 30 percent will be calculated basis the total volume of transactions processed in UPI during the preceding three months (on a rolling basis).

“The existing TPAPs exceeding the specified cap will have a period of two years from January 2021, to comply with the same in a phased manner,” NPCI said.

The launch of WhatsApp’s payment services marks the culmination of a long journey that included court cases, and concerns over data localisation as well as the risk of monopoly of the ubiquitous app, which has over 400 million users in India.

The UPI payments market is currently dominated by the likes of Google Pay (estimated 40 percent share), PhonePe (40 percent) and Paytm and MobiKwik (combined 20 percent).

WhatsApp Pay has already amassed 1 million users during its trial.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Key takeaways from RIL Q2 results: All-round performance drives earnings

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries beat street estimates to post a quarterly consolidated net profit of Rs 9,567 crore on revenues of Rs 1.1 lakh crore.

Here are the key takeaways from the company’s quarterly results.

– Petchem operational performance witnessed a robust sequential jump as the segment’s EBIT rose 44.3 percent to Rs 4,895 crore from Rs 3,392 crore and EBIT margin expanded by 300 bps to 16.5 percent. Petchem revenue rose 17.7 percent to Rs 29,665 crore.

– Jio’s net profit rose 12.9 percent to Rs 2,844 crore from Rs 2,520 crore while revenue reported a growth of 5.6 percent to Rs 17,481 crore from Rs 16,557 crore when compared quarterly. India’s largest operator now has a customer base of 405.6 million subscribers, after it added 7.3 million in the reported quarter. Jio is now the only operator in the world outside on China to have more than 400 million subscribers.

– The company’s retail business reported a 4.9 percent decline in its revenue at Rs 39,199 crore in the July-September quarter, from Rs 41,223 crore in the year-ago period. Retail revenues were affected as COVID-related disruptions continued to affect business even as the company said things were now getting back to normal.

– “We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in digital services business,” Reliance Chairman and MD Mukesh Ambani said. “Domestic demand has sharply recovered across our O2C business and is now near the pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country.”

– During the quarter, the company raised Rs 1.52 lakh crore as investments in Jio Platforms and Rs 37,710 crore in the retail business.

– “The company supported job creation in the economy during the pandemic-impacted period and generated in excess of 30,000 new jobs during April-September 2020 in consumer businesses and last-mile delivery,” he said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow