Month: July 2018

Apple re-building its Maps platform to offer better navigation tool

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

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To offers its users a better navigation tool, Apple is reportedly re-building its Maps platform by using data collected by iPhones and a fleet of cars parked with sensors and cameras.

The new product will launch in San Francisco and the Bay Area with the next iOS 12 beta and will cover Northern California by autumn, Techcrunch reported on Saturday.

The updated maps, which have been in the making for four years now, will eventually be available on all versions of iOS, it added.

Besides making the maps more visually rich, Apple is designing them to be more responsive to changes in roadways and construction and give users a detailed view of various things on their way including more detailed ground cover, foliage, pools and pedestrian pathways.

“We have been working on trying to create what we hope is going to be the best map app in the world, taking it to the next step. That is building all of our own map data from the ground up,” Apple’s Senior Vice President Eddy Cue was quoted as saying.

Apple’s Maps has been a major concern for users since the very beginning of its launch. Despite its efforts to patch holes from time to time, many users felt the maps had scope for improvement.

Eventually, Apple will no longer rely on third-party data to provide the basis for its maps, which has been one of its major pitfalls from the beginning, the Techcrunch report added.

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

10 lakh traders to protest against Walmart-Flipkart deal

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

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Nearly 10 lakh traders will protest at about 1,000 places across the country  against US retail giant Walmart’s proposed acquisition of 77 percent stake in home-grown retailer Flipkart in a $ 16-billion deal, traders’ body CAIT has said.

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal alleged that the “e-commerce market place has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into all kinds of malpractices including predatory pricing, deep discounting and loss funding.”

Khandelwal claimed that at a time when there is no policy for e-commerce, it would be a cake walk for Walmart to circumvent the FDI policy Press Note No 3 of 2016.

He said CAIT has already filed our objections in Competition Commission of India and if need arises it shall challenge the deal in the court of law.

“However, we expect government to intervene and take suitable action in accordance with various announcements of Prime Minister Narendra Modi to uplift small businesses in the country. This deal will directly affect small traders of the country who will not be able to compete with Walmart,” Khandelwal said.

The commerce and industry ministry notifies FDI policies through press notes. Press Note 3, which was released in 2016, enlists guidelines for foreign direct investment in e-commerce sector.

It also articulated that no discounting is allowed and that no inventory ownership directly or indirectly is allowed by e-commerce marketplaces.

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

Market Outlook: Rupee movement, macro-data insight to drive equity market

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

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The Indian rupee’s movement, coupled with fluctuations in global crude oil prices, are expected to drive investor sentiments on the key domestic equity indices during the upcoming week.

Besides, equity market participants will monitor the monthly automobile sales data along with production figures for eight core industries (ECI) in June and the direction of foreign fund flows to gauge economic performance.

“The next week will be dominated by global markets’ sentiments, especially in the emerging markets and their currencies, the Indian rupee’s movements and the RBI (Reserve Bank of India) r government’s actions on this will be closely monitored,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

“The sentiments towards sectors deriving USD revenue are expected to be positive. The large cap and quality bias in stock markets would continue, with the mid and small caps valuations not attractive enough for nibbling. Any fresh salvos fired in the ongoing global trade wars could dampen the sentiment.”

Lately, high crude oil prices and geopolitical developments have weakened the Indian rupee, which depreciated to touch its all-time low during the week just ended at the 69 per US dollar mark.

It closed at 68.47, weaker by 63 paise from its previous week’s close of 67.84 per greenback.

“Over the next couple of months, USD/INR may build a base between 67 and 69 on spot, before heading towards 71/72 before the FY19 draws to a close. Over the next week, a range of 67.80 to 68.80 can play out,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,380.94 crore during the week under review.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 528.41 crore, or $79.66 million, in the week ended on June 29.

Apart from the rupee’s movement, investor sentiments will be driven by the monthly automobile sales figures as well as the ECI data and purchasing mangers index (PMI) readings.

On technical charts, further upsides are seen in the National Stock Exchange (NSE) Nifty 50 during the initial period of next week.

“Technically, with the Nifty holding above the crucial supports of 10,550 points and bouncing back smartly on Friday, the bulls do seem to have an upper hand for the initial part of the coming week,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

“Further upsides are likely once the immediate resistances of 10,733 points level are taken out. Crucial supports to watch for any weakness are at 10,612 points.”

On a weekly basis, both the key Indian equity indices — S&P Bombat Stock Exchange (BSE) Sensitive Index (Sensex) and NSE Nifty 50 — declined for the first time in last five-weeks, as escalating trade war concerns along with rising crude oil prices and a weak Indian rupee eroded investor sentiments.

Consequently, the barometer 30-scrip Sensex of the BSE fell by 266.12 points or 0.75 percent to close at 35,423.48 points.

Similarly, the wider Nifty50 of the NSE closed the week in the red. It ended at 10,714.30 points — down 107.55 points or 0.99 percent — from its previous close.

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

GST led to improved efficiency, moderated retail inflation, says CII survey

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

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A survey of over 200 businesses on the one year of GST has said 83 percent respondents see the new indirect tax regime a step in the right direction and 65 percent are satisfied with its overall implementation, despite some ‘teething problems’. According to a CII report on the transition to the Goods and Services Tax (GST), its implementation led to increased efficiency for businesses by reducing their transportation time, on account of absence of state barriers.

Significantly, one-third of the respondents witnessed a downward movement in the wholesale prices of their supplies, whereas nearly 30 per cent witnessed a fall in the retail prices of supplies, amid concerns that the tax regime may lead to a spike in inflation.

A majority of respondents witnessed no change in their supply prices.

“GST has had a moderating impact on retail price inflation, which may have risen to higher level without the new tax regime,” CII Director General Chandrajit Banerjee said.

He said the business community has given a thumbs up to the GST regime, a year into the system.

“The survey also indicates a positive impact of GST on employment as well as on the demand for goods and services. Given that it is the biggest tax reform of independent India, one must compliment the government on its efficient and transparent administration despite some teething problems,” Banerjee said.

The survey found that respondents were largely satisfied with implementation of the e-way bill.

On product coverage under the GST, a majority of 87 per cent of the respondents indicated that the products manufactured by them have been listed or classified under GST.

Respondents were largely satisfied with the tax rates and the exemptions provided on the supply of goods and services. They showed a high level of comfort with the provisions on valuation, as a majority of 72 per cent were either fully or somewhat satisfied with the provisions, according to the survey.

Many businesses who took part in the survey also reported satisfaction with the process for payment of taxes and interest under the GST and felt that the maintenance of records is also simpler.

“The survey has confirmed the fact that filing of returns and payment of tax is much easier and simpler under the new regime, as also the maintenance of records,” Banerjee said.

In relation to demand, 78 per cent of respondents witnessed either an increase or no change in the demand for goods post GST implementation while the same number was 90 per cent for services.

The survey was based on responses from over 200 firms of varying sizes, with 46 per cent having an annual turnover of over Rs 100 crore, 29 per cent with a turnover between Rs 5 crore to Rs 100 crore, 11 per cent having a turnover between Rs 1.5 crore to Rs 5 crore and 13 per cent with a turnover of less than Rs 1.5 crore.

Moreover, 75 percent of the firms belong to the manufacturing sector while the remaining 25 percent are from the services segment.

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

GST collections rose to Rs 95,610 crore in June, says Finance Secretary

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

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GST revenue mop-up rose to Rs 95,610 crore in the month of June, as against Rs 94,016 crore in the previous month, Finance Secretary Hasmukh Adhia said today. In April 2018, the collections from Goods and Services Tax (GST) were over Rs 1.03 lakh crore.

“It’s (Rs 1 lakh crore) not the norm still. We hope to bring it (GST revenue) to the level of Rs 1 lakh crore (every month),” Adhia said while addressing the GST-Day celebrations here.

He said the average monthly collection in the previous fiscal has been Rs 89,885 crore.

Adhia also said if bogus bills are not issued, then revenues would improve further in the coming months.

Adhia also acknowledged the efforts of stakeholders, officers and businesses in making GST, which was rolled out on July 1 last year, a success.

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

Deadline to end fumigation of imported crops extended for six months

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

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India has extended by six months to the end of 2018 an exemption to its policy forcrop cargoes to be fumigated with methyl bromide, a move that should facilitate continued imports of pulses and wheat.

The Indian government has issued a letter announcing the exemption would be extended to December 31, Jade Dyson, head of the Singapore office of grain trade association Gafta, said in a Twitter post showing a copy of the document.

An Indian government official later confirmed the document was correct.

Methyl bromide was once widely used as a pesticide but is now banned or restricted in most parts of the world, including in countries that supply India with certain crops.

The Indian authorities have granted several exemptions to their methyl bromide rule in order to allow imports.

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

Audi’s sale of diesel, petrol vehicles in India to be equal by 2020, says company official

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

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German luxury carmaker Audi expects its sales of diesel and petrol vehicles in India to be equal by 2020 against the backdrop of an accelerating trend of customer preference changing from the former to the latter, according to a senior company official. Audi India is now offering both diesel and petrol options in all of its models, except in its sports car models which are available only in petrol engine option.

“There has been a shift from diesel to petrol in the auto industry. In our case also the trend is clearly visible,” Audi India Head Rahil Ansari told PTI.

In 2015, diesel vehicles accounted for 90 percent of Audi’s sales in India with the rest 10 percent coming from petrol vehicles, he added.

“That has changed from last year to 70:30 and that trend is clearly also changing and we are aiming at a mix of 50:50 by 2020,” Ansari said.

Audi India had sold 7,876 units in 2017, up 2 percent from 7,720 units sold in 2016.

He said the change in customer preference in favour of petrol option is due to the decreased price differential between petrol and diesel fuels.

From around Rs 20 in 2012, the difference in petrol and diesel duel prices has gone below Rs 10 at present.

Ansari said the total cost of ownership of petrol vehicle is now “not a concern” as compared to a diesel vehicle for customers.

With a view to tap on the increasing preference for petrol vehicles, he said Audi India has completed introduction of petrol variants in all of its models.

Last week, the company had launched petrol variant of its popular SUV, Q5 with price starting at Rs 55.27 lakh.

Audi India sells a range of vehicles, including sedans A3, A4, A5, A6, A7 and SUVs such as Q3, Q5 and Q7.

Commenting on the outlook of future fuel technologies, Ansari said, “From 2020 onwards you will see a larger shift towards electrification. Alternate fuels, battery electric vehicles will also come but not so quickly.”

He further said, “The trend for petrol will also increase but it is a question of time that the electric mobility will be successful in India.

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

FPIs outflow hits 10 year high at Rs 48,000 crore in first half of 2018

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

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Overseas investors have pulled out nearly Rs 48,000 crore from Indian capital markets in the first six months of 2018, making it the steepest outflow in a decade, following high crude oil prices and trade war worries. They withdrew a net sum of Rs 41,433 crore from the debt markets, besides, a net amount of Rs 6,430 crore from equities during January-June period of the year, taking the total outflow to Rs 47,836 crore, latest update with depositories showed.

This was the biggest outflow since January-June 2008, when foreign portfolio investors (FPIs) had pulled out Rs 24,758 crore from the capital markets — equity and debt.

Moreover, the latest withdrawal is much higher than than the outflow of Rs 41,216 crore witnessed in the entire 2008 — during global financial crisis.

Interestingly, this is only the second time, when FPIs had taken bearish stance on the capital markets in the first six months of the year.

“FPI outflow and inflow is dependent on many macro and micro factors. Our macros are very closely linked to price of crude oil, which is the largest import bill for India. Increase in crude oil leads to an increased current account deficit and high domestic inflation.

“Rising current account deficit is putting pressure on INR exchange rates and higher domestic inflation will put upward pressure on interest rates. Weaker exchange rates and higher interest rates make dollar return weaker for FPIs, which leads to withdrawal of funds,” said Reliance Securities Head of Retail Broking Rajeev Srivastava.

Besides, US interest rates are on rise, which further incentivises withdrawal of foreign liquidity, Srivastava added.

Echoing similar views, R Sreesankar, co head-equities at Prabhudas Lilladher said: “We already run trade deficit and in addition we are importing roughly 85 per cent of crude requirement, any increase in global crude prices will have a further impact on trade deficit and more importantly the Rupee with everything else reaming as normal. This also adds up to the pressure”.

It has been a bumpy ride this year as far as FPI flows are concerned and the fluctuations in net flows at times have been massive, thus making the entire proposition unpredictable.

While in January, FPIs invested a net sum of Rs 22,272 crore in the capital market. However, in February they were net sellers to the tune of Rs 11,674 crore. On the other hand, they again turned positive in March and put in Rs 2,662 crore.

However, they took bearish stance in April and the momentum continued till June. Over the past three months, overseas investor withdrew Rs 61,000 crore.

“Undoubtedly, this year has been extremely unfavourable from FPI flow perspective. This could be attributed to multiple factors. There has been significant outflow from India focused offshore funds and exchange traded funds (ETFs) which contributes a significant portion towards FPI flow,” Morningstar India Senior Analyst Manager Research Himanshu Srivastava said.

Moreover, he said that India is currently fraught with higher crude prices and depreciating Indian currency.

“The expectation is that the currency may depreciate even further if US Federal Reserve continue to hike rates. The increasing interest rates in the US does not augur well for the emerging economies like India and lead foreign investors to shift their focus to US,” Srivastava said.

Broadly, India has to offer a better risk-reward profile, as against comparable countries, to foreign investors to attract their investments. Currently, with the challenges Indian economy is facing, it seems FPIs have chosen to look for other alternatives, he added.

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

Maruti Suzuki reports 36.3% increase in total sales in June

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

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The country’s largest car maker Maruti Suzuki India (MSI) today reported a 36.3 per cent increase in total sales at 1,44,981 units in June as against 1,06,394 units in the year-ago month. The firm’s domestic sales stood at 1,35,662 units, up 45.5 per cent from 93,263 units in June last year, MSI said in a statement.

Sales of mini segment cars, including Alto and WagonR, witnessed a growth of 15.1 percent at 29,381 units from 25,524 units in June 2017, MSI said.

The auto major further said sales of compact segment cars comprising Swift, Estilo, Dzire and Baleno jumped by 76.7 percent to 71,570 units last month as against 40,496 units in the June last year.

Sales of mid-sized sedan Ciaz declined by 60 percent to 1,579 units during the month as compared to 3,950 units in the same month last year.

Utility vehicles, including Ertiga, S-Cross and compact SUV Vitara Brezza, sales rose by 39.2 per cent to 19,321 units in June, from 13,879 units in the same month of 2017.

Sales of vans — Omni and Eeco — grew by 32.3 per cent to 12,185 units last month as against 9,208 units in the year-ago period.

Exports in June this year dropped by 29 percent to 9,319 units as compared to 13,131 units in the same month last year, MSI said.

The company said sales of its LCV Super Carry witnessed over 7-fold increase to 1,626 units last month as compared to 206 units in June 2017.

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

India ranks 73rd place in terms of money in Swiss banks

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

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India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top. India had slipped to 88th place with a 44 percent plunge in such funds during 2016, but the latest data from the Swiss National Bank (SNB) shows an increase of over 50 percent during 2017 to CHF 1.01 billion (about Rs 7,000 crore).

Pakistan is now placed one place higher than India at 72nd position, down one slot, after 21 percent dips in funds from that country in Swiss banks during 2017.

The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland.

The official figures, disclosed annually by Switzerland’s central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.

It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money in Swiss banks.

Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from next year, while it has already been getting information on accounts where proof of illicit funds can be furnished.

However, the increase in Indians’ money in Swiss banks has already triggered a sharp opposition attack on the government, which in turn has said that it would be wrong to assume that all funds deposited in Swiss banks were ‘black money’ and strong action would be taken against wrongdoers.

The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 percent, though up from 0.04 percent a year ago, of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2017-end.

India was placed at 75th position in 2015 and at 61st in the year before, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The total money held in Swiss banks by foreign clients from across the world rose by about 3 per cent to CHF 1.46 trillion (about Rs 100 lakh crore) in 2017.

In terms of individual countries, the UK continued to account for the largest chunk at about CHF 403 billion (over 27 per cent) of the total foreign money with Swiss banks. The UK saw an increase of over 12 per cent in such funds.

The US remains on the second position despite a dip of about 6 per cent in such funds to CHF 166 billion (11 per cent share of all foreign funds). No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.

Among BRICS countries, India remains to rank the lowest — China at 20th place (CHF 160 billion with an increase of 67 per cent during 2017), Russia at 23rd (CHF 135 billion after 13 per cent fall), Brazil 61st (CHF 1.9 billion after 28 per cent fall) and South Africa 67th (CHF 1.5 billion after 31 per cent dip). Among these five, only China and India saw an increase in their funds.

Others ranked higher than India are: Singapore, UAE, Saudi Arabia, Panama, Japan, Jersey, Australia, Netherlands, Italy, Belgium, Cyprus, Israel, Mexico, Bermuda, Turkey, Kuwait, Marshall Islands, Canada, Thailand, South Korea, Malaysia, Belize, Isle of Man, Indonesia, Seychelles, Gibraltar, Samoa, New Zealand, Philippines, Iran, Kazakhstan and Ukraine.

Those ranked below India were Mauritius (77th place), Bangladesh (95th), Sri Lanka (108th), Nepal (112th), Vatican City State (122nd), Iraq (132nd), Afghanistan (155th), Burkina Faso (162nd), Bhutan (203rd), North Korea (205th) and Palau was last at 214th place.

The total money belonging to the developed countries rose 10 per cent to CHF 876 billion, while those from developing nations rose marginally to CHF 209 billion. The offshore financial centres actually saw a dip of 3 per cent to CHF 378 billion.

India was ranked in top-50 continuously between 1996 and 2007, but started declining after that — 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

In terms of percentage increase, India’s 50 percent rise was 23rd highest. The maximum increase of as much as 4,000 percent was seen by Solomon Islands, followed by over 2,200 per cent for Faroe Islands and 1,200 percent for British Indian Ocean Territory.

The increase was more than 100 per cent for Maldives, Grenada, Turkmenistan, Laos, Lesotho, Qatar, Bonaire, Sint Eustatius and Saba, Federated States of Micronesia, Equatorial Guinea; and Sao Tome and Principe.

Others with higher increase than India’s were Guyana, Mongolia, Barbados, Cote d’Ivoire, South Sudan, Bahrain, Kuwait and Ireland.

The jurisdictions that saw the maximum decline in such funds included Palau, St Helena and Gambia, while North Korea, Bhutan, Macao, Burkina Faso and Iraq also recorded significant dips.

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