swedna

[swedna]

Markets regulator Sebi has barred four individuals in connection with manipulation in the issuance of global depository receipts by Birla Cotsyn (India) Ltd back in 2010. Currently, Birla Cotsyn (India) Ltd (BCIL) is facing liquidation proceedings under the Insolvency and Bankruptcy Code. In a 55-page order passed on Tuesday, Sebi banned four former individuals -- P V R Murthy, Yashovardhan Birla, Y P Trivedi and Mohandas Adige -- who were associated with the company. While a three-year ban has been imposed on Murthy, Birla will face a ban for two years. Trivedi and Adige have been barred from the securities market for one year each. In September 2019, the National Company Law Tribunal (NCLT) ordered the commencement of liquidation of BCIL under the Insolvency and Bankruptcy Code. Against this backdrop, Sebi said present the present proceedings initiated against the company stands disposed of. "However, in the event that the order for liquidation passed by the NCLT is reversed in appeal, the noticee No. 1 (BCIL) shall be restrained from accessing the securities market..." for three years from the date of such reversal of liquidation order, the watchdog noted. Sebi had conducted an investigation into the issuance of Global Depository Receipts (GDRs) by various companies, including BCIL. In March 2010, BCIL issued 9.69 million GDRs worth USD 24.99 million. It was found that Vintage was the only entity that subscribed to the GDRs and the subscription amount was paid by obtaining a loan from EURAM (European American Investment Bank), as per the order. BCIL provided security towards the loan obtained by Vintage through a pledge agreement signed between BCIL and EURAM Bank in February 2010. Under the pact, BCIL pledged GDR proceeds against the loan availed by Vintage for subscription of its GDRs, according to Sebi. Further, the regulator said the pledge agreement was signed by Murthy, then a director of BCIL who was authorised by a board resolution in December 2009. The company had also approved opening of a bank account with EURAM Bank for the purpose of receiving the GDR proceeds. Birla, Trivedi and Adige had also attended that board meeting, as per the regulator. The three individuals were also directors during the period when the corporate announcement were made by BCIL, which were false and misleading to the extent that its GDR issue was successfully allotted whereas the same was subscribed by only Vintage, according to Sebi. The regulator noted that the announcement conveys that there was considerable demand for its GDRs in the overseas market and the same were successfully subscribed. Thus, the investors in India were made to believe that BCIL has acquired a good reputation in terms of investment potential and, therefore, foreign investors have successfully subscribed to the GDR issue, it added. The watchdog also said the act of BCIL in making misleading announcements regarding its GDR issue resulted in fraud under the prohibition of fraudulent and unfair trade practices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#Sebi

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At a time when most sectors in the economy are struggling to find their feet due to the virus induced slowdown, the country’s largest private sector lender, HDFC Bank, has said that its business is back to pre-covid levels and that it sees a great future for itself going ahead, as it has managed to build a strong balance sheet and a strong brand. "If you talk to the automobile industry, steel industry, FMCG industry, see the semi-urban India, rural India, motorcycle segment, gold loan segment, tractor segment and the online market places, the growth is pretty good. However, there are also some sector which will take a little longer," said Aditya Puri, MD&CEO, HDFC Bank. "We are confident about the future. We have achieved pre-covid levels. And in a few segments, we will exceed the pre-covid levels." Echoing these sentiments, Anup Bagchi, Executive Director, ICICI Bank said that as far as the bank's customers are concerned, the overall spends is at 90 per cent of pre-covid levels and if adjusted for travel and tourism, it is above pre-covid levels in September. The e-commerce segment is seeing around 130-140 per cent spends of the pre-covid levels. And the bank is expecting a 40-45 per cent jump in spends during the festive season due to pent up demand. Normally, the lender sees around 30 per cent growth in its business during festive season. To boost consumer spending ahead of the festive season, both HDFC Bank and ICICI Bank have come up with sops for their customers, aimed at not only reviving demand and credit growth for the banking sector, but also improving the top-line for various merchants and partners associated with these banks. Both the banks are offering a range of offers that include spend offers, which is typically done on credit, debit, or pre-paid cards. The festive season sops also include special deals on various categories of loans such as auto loans, personal loans and other consumer loans. HDFC Bank launched its ‘Festive Treats 2.0,’ where it has tied up with retail brands to offer discounts, cashbacks and extra reward points on both in-store and on-line purchases. E-commerce majors such as Amazon, TataCliq, Myntra, Pepperfry, Swiggy and Grofers will offer special deals during this time for HDFC Bank customers. The bank has also tied up with hyper-local stores and 'kiranas'. In the loans segment, the bank is offering 50 per cent off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans. Similarly, ICICI Bank has also tied up with leading e-commerce companies so that its customers can avail various offers on categories such as electronics, apparels, jewellery, health & wellness, grocery, food ordering, automobile and others. On top of that, the bank is offering, attractive interest rate on home loans, lower processing fees, tailor made EMIs in auto loans, no cost EMI on consumer finance loans. ALSO READ: Big Billion Days to create 70,000 seasonal jobs in festive season: Flipkart “The festive offers are available for retail consumers as well as business customers with discounts on processing fee on loans, reduced EMIs, gift vouchers and more benefits. The Bank has tied up with leading brands to present these offers to its customers”, the bank said. Parag Rao, Country Head – Payment Business & Merchant Acquiring Services at HDFC Bank said “Consumers have held back on purchases during the lockdown and there is a lot of pent up demand that has built up in the system. In the past 2-3 months we have seen renewed customer interest and buying patterns. We see this continuing through the festive season as well. HDFC Bank is expecting to do better than last year in the festive season. Last year, the bank did the highest ever disbursal of two-wheeler loans through ‘Festive Treats’. They also disbursed highest ever personal loans, and saw highest-ever spends through debit, credit cards. “This year, we believe, that it will be bigger and better than last year because we have more number of partners and brands”, Rao said. Last year, a lot of business for the bank was generated by walk-ins in to the branches. This year, however, lesser footfalls of wall-ins into the branch is expected but all of that has actually shifted to online. Few days ago, country’s largest lender State Bank of India (SBI) has also come out with its festive season offers wherein it will waive off processing fee for customers applying for car, personal and gold loans through digital banking platform YONO. It will also give a concession of upto 10 basis points (bps) on home loans. It is offering the lowest interest rate starting from 7.5 per cent to customers opting for car loans. They will also get 100 per cent on-road finance on select models, SBI said in a statement.

#HDFC

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Flourish Ventures, a global fintech venture capital fund with investments across South Asia, today published the fourth country report in its five-part series tracking the economic struggles of gig workers during the COVID-19 pandemic. The survey reveals that nearly 90 per cent of Indian gig workers have lost income during the pandemic. These workers often enjoyed above-average earnings before the pandemic, but more than a third surveyed were making less than Rs 5,000 (approximately USD 68) per month by August. This research also highlighted the potential of Fintech to serve their unmet financial needs and improve their financial security - especially as nearly all intended to remain on digital platforms for gig workers. This survey of 770 ridesharing drivers, delivery workers, and housecleaners using digital platforms was conducted in August 2020, as COVID-19 cases were surging across in India. Flourish's series The Digital Hustle: Gig Worker Financial Lives Under Pressure has also surveyed Brazil, Indonesia, South Africa, and is fielding a final installment in the United States. Key Findings * Incomes have collapsed since the lockdowns. While most Indian gig workers earned over Rs 25,000 per month (approximately USD 340) before the pandemic, by August nearly nine in 10 were making less than Rs 15,000 per month (USD 200). More than a third of gig workers were making about USD 2.3 per day or less. * Indian gig workers have been resilient: If they lost their main source of income, Flourish found that 47 per cent of gig workers could not cover their expenses for a month without borrowing money - although the fact that 52 per cent could manage for more than a month indicates greater financial resilience than we found in other markets. * Many are taking painful action: 44 per cent have already borrowed, 45 per cent have cut consumption, 83 per cent have used their savings, and 57 per cent have acted on the loan moratorium to reduce or halt payments on their debts. * Government aid has alleviated some hardship: Of those surveyed, 42 per cent received food or financial aid from government COVID-19 relief. Those who have were over four times less likely to say they have lost hope. * Despite real fears about the health risk, 61 per cent of respondents were more concerned about their ability to work. Concern for their livelihoods outweighed gig workers' worries about even their access to basic needs (17 per cent) or their family's health (12 per cent). * Most gig workers worry about their future. While immediate cash flow was a moderate concern, at least 61 per cent of respondents' top concern was saving for old age or paying off debt. "Gig workers have been hurting as the COVID-19 crisis has persisted in India, even when they had a financial cushion in the form of government aid or personal savings," said Tilman Ehrbeck, managing partner at Flourish. "This research reveals most are concerned for their financial future. At Flourish, our hope is that the same digital platforms which enabled the gig economy can connect workers to new sources of income and better financial tools for security in this crisis and beyond." Those Hardest Hit As Flourish has found in other countries, ridesharing drivers in India were hit hardest by the COVID-19 economy. Fully 90 per cent reported a loss of income, compared to 72 per cent of house cleaners. Because India's digital gig economy is dominated by men, fewer women were surveyed. In Indonesia, female gig workers fared the same as men since the pandemic; in India women were more likely to lose income. As in most countries, the pandemic has affected urban centers more severely than rural areas - and this may be even more pronounced in India. One house cleaner surveyed said, "I returned to my village. I am concerned about going back to Mumbai because everyone seems to have the disease there, but I don't have an option because there's no work here. We have to find a way to make money." Sources of Resilience Compared with other countries surveyed in The Digital Hustle series, India provided more generous government aid. In addition to receiving government aid, 57 per cent of workers surveyed temporarily halted payments on existing loans as part of the federal loan moratorium. Indian gig workers also seemed to have a larger personal savings cushion than those in other countries. At least 83 per cent have used savings to get through the crisis. In India, 52 per cent of respondents said, if they lost their primary income, they could last at least a month without borrowing. In Brazil, Indonesia, and South Africa, less than 27 per cent of respondents could say the same. Fintech and gig workers' financial futures While 45 per cent of Indian gig workers have cut spending, about the same proportion (44 per cent) have borrowed money in the pandemic. Most are concerned with their ability to pay down debt and plan for the future. The need to manage strained day-to-day cash flows, and better prepare for the future, could be served by Fintech solutions, as gig workers are already digitally connected. A mobile app could aggregate all of a gig worker's earnings derived from different sources and nudge workers to regularly put aside small amounts of money into a digital account for future use - such as for debt instalments. Digital platforms could also provide them with small ticket credit to purchase supplies, fill up fuel tanks or learn new skills when needed. Survey Methodology Flourish partnered with research firm 60 Decibels and local partners Avail Finance and Unitus Capital to conduct the online survey of 770 gig workers in August 2020. Of these respondents, 322 were ridesharing drivers, 307 were delivery workers, and 141 were house cleaning workers. To view the full report and access the underlying data, visit: https://flourishventures.com/perspectives/the-digital-hustle-gig-worker-financial-lives-under- pressure-india-spotlight-2020/ As part of The Digital Hustle: Gig Worker Financial Lives Under Pressure, Flourish began tracking the experiences of gig workers in five key markets across the globe in May 2020. With each study, Flourish aims to better understand the economic impact of COVID-19 on gig workers, further helping fintech entrepreneurs serve the most vulnerable consumers by examining their changing financial needs. This story is provided by VRPR Digital. ANI will not be responsible in any way for the content of this article. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#Flourish

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The media and entertainment sector, which was badly hit due to the disruptions caused by the COVID-19 pandemic, is expected to rebound to touch a revenue of Rs 1,86,600 crore in 2021-22, due to acceleration of digital adoption among users across geographies, according to a report. The sector should recover and post a 33 per cent growth in 2021-22, following a contraction of 20 per cent in 2020-21, which still implies a loss of around two years of growth, said KPMG in India Partner and Head (Media and Entertainment) Girish Menon. He was quoting the KPMG Media and Entertainment (M&E) report, 'A year off script: Time for resilience', which examines the performance of the M&E sector during a particularly challenging period. The two areas that offer encouragement are the continued economic growth of India and the universal acceleration of digital adoption among users across geographies, he said. "As per our revised estimates, India could be home to a billion digital users by 2028 rather than the earlier projected 2030 timeline," he added. Menon added that there have been several structural changes to digital behaviour on account of the experience of the lockdown resulting in a new homogeneity among users. "It is our belief that many of these changes will translate into a more democratic and sophisticated digital citizen within the country." According to the report, the overall revenue of the sector during 2019-20 stood at Rs 1,75,100 crore that is expected to contract to Rs 1,40,200 crore during the current financial year and recover to Rs 1,86,600 crore in 2021-22. There will be a deeper integration of digital technology across the M&E value chain from content production to distribution. Technology adoption could, however, face some challenges in terms of skill development and the shift to a digital-first mindset but will result in operational cost savings and potentially lower lead times over the longer term, Menon said. India was already experiencing a slowdown in economic activity even prior to the outbreak of COVID-19 in March, and the onset of the global pandemic and ensuing lockdown dealt a severe blow to the Indian economy, the report said. The M&E sector has been affected but to varying degrees like the outdoor entertainment formats (films and events), and traditional media (print and TV to some extent) have been badly impacted as people stayed indoors and advertising spends dried up, it said. Digital advertising, over-the-top (OTT) and gaming fared much better, with massive spikes in digital consumption during the lockdown across geographies and socio-economic classes, it said. The digital advertising spends are now set to overtake those on TV by 2020-21, which is an important milestone and turning point in the evolution of media and entertainment in India, the report said. "The distinction among segments of M&E has become more pronounced with the lockdown. Marketing spend has moved perceptibly towards digital media and away from traditional segments like print, radio and to some extent TV," KPMG in IndiaPartner and Head (Technology, Media and Telecom) Satya Easwaran added. Easwaran added that a greater reliance on subscription and other paid options as well as the development of a credible digital business model are going to be inevitable for these traditional media segments. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#COVID-19

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Arvind Lifestyle Brands Ltd, a wholly-owned subsidiary of Arvind Fashions Ltd (AFL), and Gap Inc have decided to mutually terminate their franchise business relationship in India. "Due to circumstances post the corona pandemic, both companies agreed that a mutual termination was in both companies' best interest. As next steps, both companies will work out modalities regarding transition of the Gap business. Arvind Lifestyle Brands Limited has appointed an Investment Bank to find a buyer for the Gap business," said a regulatory filing by Arvind Fasions. The Gap business delivered revenues of Rs 182 crore (4.7 per cent of AFL's consolidated turnover) with a PBT loss of Rs 34 crore in FY2020. The company has entered into a binding agreement on September 29 with Gap Inc to terminate the franchise business relationship in India. The companies are working out modalities regarding transition of the Gap business in India and the closure period will become clear over time. --IANS san/vd (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#Arvind

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Mandarin Oriental Hotel Group, the London Stock Exchange-listed hospitality firm and The Oberoi Group have got into a long-term strategic alliance, Oberoi Hotels and Resorts said in a statement. As part of the alliance, the two groups will be collaborating jointly across a range of initiatives. The partnership creates a platform for the two to collaborate while retaining their brands' unique identity and heritage. The alliance enhances the global reach of both groups, providing guests with increased choice in breadth across the globe as well as depth in India. Members of Mandarin Oriental and Oberoi One, the brands’ respective recognition programmes, will have privileged access to over 50 luxury hotels in sought-after destinations, where they will receive superior recognition, exclusive experiences and offers, as well as invitations to bespoke event, the company said. “We have long been ‘fans’ of Mandarin Oriental,” said Vikram Oberoi, Managing Director and Chief Executive Officer of EIH Limited, the flagship company of The Oberoi Group. “Our brands complement each other extremely well as do our organisations values and culture. This exciting alliance will allow guests to experience new destinations and experiences in the legendary styles for which both companies are renowned.” ALSO READ: Oberoi Group, Mandarin Oriental Hotel enter into strategic alliance Tapping into the expertise of both brands, the alliance will work together to create unique culinary and wellness experiences and will also collaborate on innovation, sustainability and colleague learning and development. Joint efforts across these areas will provide synergies for both brands enabling both to further evolve the meaning of luxury hospitality. “We are delighted to launch this innovative partnership with The Oberoi Group, setting the stage for us to push the boundaries of luxury hospitality. The Oberoi Group has a long established history and a wealth of expertise in providing exemplary service and I am confident that by working together both organisations will grow and create further differentiation in the industry that our guests will value. We look forward to working with The Oberoi Group to continue to develop and deepen this special partnership.” said James Riley, Mandarin Oriental’s Group Chief Executive.

#Oberoi

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The deadline for filing "belated, revised' Income Tax returns has been extended from September 30 to November 30, said the government on Wednesday. The date is being extended for the "genuine difficulties" taxpayers face in the Covid-19 pandemic, said the Central Board of Direct Taxes on Twitter. The last date for filing tax returns for AY 2019-20 is being extended for the fourth time for the pandemic. The date was first revised till June 30, then July 31, and then till September 30. The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.18 lakh crore to over 33 lakh taxpayers in 6 months till September 29, said news agency PTI. This include personal income tax (PIT) refunds amounting to Rs 32,230 crore issued to 31.75 lakh taxpayers, and corporate tax refunds amounting to Rs 86,094 crore to over 1.78 lakh taxpayers during this period. "CBDT issues refunds of over Rs 1,18,324 crore to more than 33.54 lakh taxpayers between 1st April, 2020 to 29th September,2020. Income tax refunds of Rs 32,230 crore have been issued in 31,75,358 cases & corporate tax refunds of Rs 86,094 crore have been issued in 1,78,540 cases," the Central Board of Direct Taxes (CBDT) tweeted. The government has emphasised on providing tax-related services to the taxpayers without any hassles during the pandemic and to that end has been clearing up pending tax refunds. (With inputs from PTI.)

#Income Tax

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India's fiscal deficit in the five months to end August stood at Rs 8.7 trillion ($117.98 billion), or 109.3% of the budgeted target for the current fiscal year, government data showed on Wednesday. Net tax receipts were Rs 2.84 trillion, while total expenditure was Rs 12.5 trillion, the data showed, indicating the government was facing a fall in tax receipts amid a rise in spending to combat the impact of the coronavirus. The deficit is predicted to exceed 8% of GDP in the 2020/21 fiscal year that began in April, economists said, from initial government estimates of 3.5, mainly due to a sharp economic contraction triggered by the pandemic.

#August

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By Abhishek Manikandan and Michelle Price (Reuters) - JPMorgan Chase & Co has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday. The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government's efforts to clamp down on illegal trading in the futures and precious metals market. JPMorgan will pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator. Between 2008 and 2016, JPMorgan engaged in a pattern of manipulation in the precious metals futures and U.S. Treasury futures market, the CFTC said. Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices, according to the settlement. This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as "spoofing." Some of the trades were made on JPMorgan's own account, while on occasions traders manipulated the market to facilitate trades by hedge fund clients, the CFTC said. The bank failed to identify, investigate, and stop the behavior, even after a new surveillance system flagged issues in 2014, the agency said. "The conduct of the individuals referenced in today's resolutions is unacceptable and they are no longer with the firm," said Daniel Pinto, co-president of JPMorgan and CEO of the Corporate & Investment Bank. He added that the bank had invested "considerable resources" in boosting its internal compliance policies, surveillance systems and training programs. In parallel settlements, the bank entered into a Deferred Prosecution Agreement with the Department of Justice and the United States Attorney's Office for the District of Connecticut, staving off criminal prosecution on charges of wire fraud. It also agreed to pay $35 million to settle related charges with the Securities and Exchange Commission, although the bank's payment to the CFTC would offset that fine, it said. In an unusual concession, JPMorgan also admitted wrongdoing in agreeing to the SEC and Justice Dept. settlements. "This record-setting enforcement action demonstrates the CFTC's commitment to being tough on those who intentionally break our rules, no matter who they are. Attempts to manipulate our markets won't be tolerated," said CFTC Chairman Heath Tarbert. The CFTC and Justice Department have taken aim at spoofing in recent years, using sophisticated data analysis tools to spot potential wrongdoing that it could not previously detect. Reuters has reported that around 2017, the agency began using techniques it originally developed to spot healthcare fraud schemes to identify suspicious trading patterns, including by scanning activity on exchanges. "The idea was: let's mine this data source to see who the worst actors are," Robert Zink, a top Justice official who helped lead the effort, told Reuters in May https://www.reuters.com/article/us-usa-doj-trading-insight/traders-beware-u-s-taps-new-tools-to-find-fraud-in-volatile-commodities-market-idUSKBN22X14E. The agency has already charged six JPMorgan traders for manipulating metals futures between 2008 and 2016. On Friday, meanwhile, two former Deutsche Bank AG traders were found guilty https://www.reuters.com/article/us-deutsche-bank-traders-convicted/two-ex-deutsche-bank-traders-convicted-in-u-s-over-fake-orders-idUSKCN26H00X by a federal jury of spoofing, the agency said. (Reporting by Abhishek Manikandan in Bengaluru; additional reporting by Jonathan Stempel, editing by Patrick Graham, Arun Koyyur, Nick Zieminski) (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#JPMorgan

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Perhaps it’s a sign of our times that a potentially landmark battle with antitrust implications is shaping up over digital pickaxes. The court case involving Apple and Epic Games, the maker of the video game Fortnite, is the result of the gamemaker’s rebellion against rules and fees set by Apple in its role of gatekeeper for apps on its iPhones and iPads. What’s the case about? In August, Epic’s billionaire founder, Tim Sweeney, announced that he would no longer abide by Apple’s rule that all purchases of apps and items within apps designed for its iOS-based devices go through Apple’s payment system. After he activated Epic’s own payment system, Apple kicked Fortnite out of its app store. It also threatened to make it hard for developers using Epic’s tools to build games. In response, Epic sued in federal court; it also sued Google over the same issue Apple soon counter-sued. What was Epic unhappy about? That Apple and Google charge fees of up to 30 per cent to developers using their app stores. Consumers spent $50 billion worldwide on the App Store and Google Play in the first half of 2020, according to Sensor Tower estimates. That generated billions of dollars in highly profitable revenue for the companies. Some developers have derided this as an unfair and unwarranted tax, especially since it applies not just to the purchase of an app, but to anything bought within one. Why does Apple do that? Apple says that the App Store’s success is directly related to its iron-clad rules because it spends significant resources to police apps and maintain high quality standards. Its payment system ensures that consumers using the store have a seamless and easy experience and are protected from fraud. But a growing number of developers say Apple is simply finding excuses to maximise profits. What are app makers doing? Spotify, the music-streaming company, and Match Group, which runs dating services including Tinder, joined Epic and 10 other organisations to launch the Coalition for App Fairness to push Apple and Google, to change their app-store rules. The group launched a website outlining 10 “App Store Principles”, including one asserting that developers should not be required to exclusively use a particular app store or payment system. The group also criticised Apple’s 30 per cent cut for most paid apps and subscriptions.

#Apple

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As the world awaits Apple to announce the launch date for its much-awaited and slightly-delayed iPhone 12, new reports have emerged that claim the first shipment of final units is going out to distributors on October 5. According to Apple insider and tech analyst Jon Prosser, the shipment includes "iPhone 12 mini 5.4 (definitely the final marketing name) in 64GB/128GB/256GB and iPhone 12 6.1 (64GB/128GB/256GB)." "Event on October 13, as I mentioned before," he said in a tweet late on Tuesday. He claimed that the first iPhones to hit the stores are going to be the iPhone mini, which is the 5.4-inch version and the 6.1-inch iPhone 12 Max. Apple is expected to launch four new devices under the iPhone 12 series. All four models are expected to feature OLED displays and 5G support, as another analyst Ming-Chi Kuo claimed previously. Apple is expected to launch its new iPhone 12 series in South Korea earlier than its usual schedule. According to officials at local telecom operators, they are preparing to sell the iPhone 12 in late October or early November, reports Yonhap news agency. Foreign tech reviewers predicted that the iPhone 12 could be unveiled on October 13 and go on sale on October 23 in select markets. Apple is expected to release four models of the iPhone 12 -- the 5.4-inch iPhone 12 Mini, the 6.1-inch iPhone 12, the 6.1-inch iPhone 12 Pro and the 6.7-inch iPhone 12 Pro Max. Recently, it was revealed that the upcoming iPhone 12 could cost somewhere between $699 to $749 while the iPhone 12 Max could be priced around $799-849. The Pro and Pro Max models are expected to be priced between $1,100 to $1,200. --IANS na/ (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

#Apple

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Google on Tuesday said all apps that sell digital goods within Play Store have to use its billing system, which allows the tech giant to collect a percentage of in-app purchases as a fee. The firm said it was only providing clarity on its billing policy as there was some confusion.Google's clarification comes as the firm faces accusations of having anti-competitive policies worldwide, most recently by Fortnite-maker Epic Games, which has sued the firm after being banned from the Play Store. Closer home, Paytm last week slammed the tech giant’s policies after its app, too, was delisted from the app store. “We want to be sure our policies are clear and up to date so they can be applied consistently and fairly to all developers,” said Sameer Samat, vice-president for product management at Google, in a blog post. Policy not new The tech giant clarified that this policy is not new and Google Play billing has always taken a 30 per cent commission on these transactions. This will only apply to less than 3 per cent of developers with apps on Play Store, as 97 per cent are already using Google Play billing. Non-compliant apps that may require technical work to integrate the billing system have been given a year (until September 30, 2021) to complete any needed updates. Play’s billing system is not required for apps that sell physical goods, for example, ride-hailing services, or apps that don’t require any transactions. For new apps submitted to the Play Store, this policy comes into effect from January 20, 2021, and includes categories such as fitness, game, dating, education, music, video, and other content subscription services. Google said its Play Store continues to help Indian developers scale and reach wider audiences. Consumer spending on apps and games created by Indian developers doubled year to date, compared to the corresponding period last year. Indian developers also saw growth of more than 80 per cent in consumer spending from users outside of India, compared to the corresponding period last year. Row with Paytm Noida-based Paytm last week accused the firm of making policies that are over and above the laws of the country after its app was briefly delisted from the Play Store for violating Google’s policy on sports-betting activities.Asked about the issue, Purnima Kochikar, director, Google Play, said the incident shows “we need to continue to have this dialogue, clarify and apply our policy uniformly and equitably”. Kochikar said the company has an active conversation with all the developers and the firm is trying its best not to disrupt the user experience. “We have had multiple conversations (with Paytm) and we will continue to do that, because at the end of the day, Paytm is an important partner,” said Kochikar. “We know a lot of our users use Paytm and we will continue the conversation.” Paytm had launched a UPI cashback and scratch cards campaign on September 11. Its payments app was delisted on September 18 from Play Store. Paytm had said Google, too, regularly runs similar scratch card campaigns in India. However, Google had said offering cashback and vouchers alone do not constitute a violation of its gambling policies.

#Google

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The Supreme Court of India dismissed UPSC Prelims 2020 postponement plea. At the same time, the apex court directed the Centre to consider concessions for those aspirants who are on their last attempt. SC had earlier asked UPSC to file a reply as to why the examination cannot be postponed. Meanwhile, coronavirus patients will not be allowed to appear for the prelims, ruled SC. The family of the 19-year-old Dalit woman, who died in a Delhi hospital a fortnight after she was gang-raped here, alleged on Wednesday that the UP police forcibly cremated the body in the middle of the night. A special court in Lucknow will deliver the much-awaited judgment today in the 1992 Babri Masjid demolition case in which BJP veterans L K Advani and Murli Manohar Joshi are among the accused. The Congress will today hold internal discussions on the seat-sharing arrangements with like-minded parties for the upcoming Bihar Assembly elections. Stay tuned for the latest news of the day.CATCH ALL THE LIVE UPDATESAuto Refresh03:19 PM India posts current account surplus of $19.8 bn as trade deficit narrowsIndia’s current account balance (CAB) recorded a surplus of $19.8 billion (3.9 per cent of GDP) in Q1 of 2020-21. This contrasts with a deficit of $ 15 billion (2.1 per cent of GDP) in April-June 2019 (Q1Fy20). The surplus in April-June 2020 (Q1Fy21) comes on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter (Q4 Fy20), said the Reserve Bank of India in a statement. The surplus was due to a sharp contraction in the trade deficit to $10 billion, as the country’s merchandise imports declined sharply relative to exports on a year-on-year basis. Read more03:03 PM Hathras rape case: Congress demands UP CM's resignationThe Congress Wednesday slammed the BJP government in Uttar Pradesh over the Hathras gang-rape victim's family being allegedly denied the right to properly perform her last rites, demanding Prime Minister Narendra Modi ask for Chief Minister Yogi Adityanath's resignation. "The way she was cremated is a gross violation of her human rights, a Congress spokesperson said in Delhi. The 19-year-old Dalit woman, who died in a Delhi hospital a fortnight after she was gang-raped in Uttar Pradesh's Hathras, was cremated in the early hours of Wednesday, with her family alleging the local police forced them to conduct the last rites in the dead of the night. 02:47 PM NTPC eyes Rs 98,000 cr revenue in FY21NTPC is eyeing Rs 98,000 crore revenue from operations and about 15 million metric tonne of coal output from its mines in the current fiscal year. The state-owned power giant is also aiming 340 BU (billion units) of electricity generation in 2020-21 as part of its Memorandum of Understanding (MoU) with the Ministry of Power, a company statement said. As per the MoU, NTPC will aim to achieve capital expenditure of Rs 21,000 crore and coal production of 15 million metric tonne in the current fiscal year. 02:38 PM BrahMos supersonic cruise missile test-fired off Odisha coast 02:23 PM Govt extends BPCL bid deadline to Nov 16The government has for the fourth time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by one and a half months to November 16. While the Cabinet, in November last year, had approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI) or bids showing interest in buying its stake were invited only on March 7. Initially, the EoI submission deadline was May 2, but it was first was extended up to June 13, then to July 31 and later to September 30. 02:05 PM Jai Shri Ram: Advani on being acquitted from Babri demolition caseVeteran BJP leader LK Advani, who was acquitted by a special CBI court on Wednesday in the Babri mosque demolition case, welcomed the court verdict by chanting 'Jai Shri Ram', and said it came in "footsteps of another order which paved the way for my dream of seeing a Ram Mandir in Ayodhya". Advani, who was the face of the Ram Janambhoomi Movement in 1992, was acquitted along with all other 31 accused in the case. "It is a very important decision and a matter of happiness for us. When we heard the news of the court's order, we welcomed it by chanting Jai Shri Ram, Advani said in a video message.02:00 PM Govt extends FY19 GST annual return filing deadline by 1 monthThe government has extended the deadline for filing GST annual return and audit report for 2018-19 fiscal year by a month till October 31. After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020, the Central Board of Indirect Taxes and Customs (CBIC) tweeted. In May, the government had extended thelast date for filing annual GST return for 2018-19 by three months till September 2020. GSTR-9 is an annual return to be filed by taxpayers registered under the Goods and Services Tax (GST) regime. It consists of details regarding the outward and inward supplies made or received under different tax heads.01:51 PM Amazon creates over 100,000 jobs ahead of festive seasonAmazon India on Wednesday said that it has created more than 1 lakh seasonal job opportunities across its operations network in the country ahead of the festive season. The new associates will join Amazon's existing network of associates and support them to pick, pack, ship and deliver customers' orders safely and efficiently, the company said in a statement. "The new seasonal positions will help elevate its delivery experience and boost the company's fulfilment and delivery capabilities to meet the surge in customer demand this festive season," it said. 01:12 PM UPSC Prelims 2020: Summary of SC directions1. No postponement of UPSC Prelims 20202. UPSC asked to consider granting an extra attempt to candidates who miss the exam due to coronavirus but without extending the upper age limit.01:06 PM Supreme Court dismisses the plea seeking for postponement of the UPSC examination

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Shares of VA Tech Wabag surged 7 per cent to Rs 204.65 on the BSE in the intra-day trade on Wednesday after the company allotted 5 million equity shares to Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala on preferential basis. VA Tech Wabag, the Indian multinational player in the water treatment industry, had decided to raise Rs 120 crore via preferential issue on August 25.Consequently, the board had approved issue of 7.5 million equity shares at price of Rs 160 per share, the company said in its BSE filing. On Tuesday, the board allotted 5 million shares to Rekha Rakesh Jhunjhunwala, 1.5 million shares to Basera Home Finance, and 1 million shares to Sushma Anand Jain and Anand Jaikumar Jain. READ HERE In the past three months, the market price of VA Tech Wabag has rallied 87 per cent, as compared to 8.6 per cent rise in the S&P BSE Sensex. At 09:50 am, the stock was up 5 per cent at Rs 200 on the BSE, as against 0.26 per cent decline in the S&P BSE Sensex. A combined around 660,000 equity shares had changed hands on the counter on the NSE and BSE till the time of writing o this report.

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Shares of Welspun Corp hit an upper circuit limit of 5 per cent at Rs 113.70 apiece on the BSE on Wednesday, a day after the company announced it has received multiple orders of approximately 147 kilometre-tonne (KMT) valuing close to Rs 1,400 crore. "These orders would be executed from India and will help boost the mill utilisation for our India facilities. The inflow of orders is not only from the domestic Oil & Gas (O&G) and Water business but also from exports. This indicates our strong positioning in all the markets," Welspun Corp said in the press release. With these orders, the company’s order book stands at 755 KMT valued at approximately Rs 6,300 crore, after considering execution up to August 2020, the company said further. At 09:53 AM, the stock was frozen at the upper circuit band on the BSE against Tuesday's close of Rs 108.30. In comparison, the benchmark S&P BSE Sensex was trading 0.22 per cent lower at 37,891 levels. Welspun Corp had hit a 52-week high of Rs 233.70 on February 11, 2020, while its 52-week low level stands at Rs 55, hit on May 22, 2020.

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Shares of Bharat Petroleum Corporation Limited (BPCL) slipped 6 per cent to Rs 363 on the BSE in the intra-day trade on Wednesday after the government extended the deadline to submit expression of interest (EoI) for the company's privatisation to November 16, 2020. The government on March 7, 2020, had issued a Preliminary Information Memorandum document (PIM) for inviting Expression of Interest (EOI) for strategic disinvestment of BPCL. "In view of further requests received from the Interested Bidders (IBs) and the prevailing situation arising out of Covid-19 pandemic, the last date for submission of EoIs is further extended to 16th November, 2020 (by 5.00 PM)," the circular said. CLICK HERE FOR RELEASE. Meanwhile, according to a Reuters report, Rosneft and Saudi Aramco are unlikely to bid in the privatisation of the state-owned refiner. A Rosneft source told the news agency that the company will not buy BPCL, while another source said the Russian oil major would only be interested in BPCL's marketing business which is comprised of fuel depots and more than 16,800 fuel stations. READ MORE The government proposes to sell its entire shareholding in BPCL, comprising 1.149 million equity shares which constitutes 52.98 per cent of BPCL's equity share capital, along with transfer of management control to a strategic buyer as part of its strategic disinvestment (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd), the notice inviting offer had said. At 11:18 am, BPCL was trading 5.5 per cent lower at Rs 365 on the BSE, as compared to 0.19 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped five-fold with a combined 16.3 million equity shares were changing hands on the counter on the NSE and BSE till the time of writing of this report.

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Shares of Advanced Enzyme Technologies hit a fresh 52-week high of Rs 332, ralling 13 per cent on the National Stock Exchange (NSE) on Wednesday, on the back of heavy volumes in an otherwise subdued market. In the past one week, stock of the agricultural products company has zoomed 45 per cent after foreign portfolio investors (FPIs) bought nearly 4 per cent stake in the company via open market. In comparison, the Nifty50 index was up 1 per cent during the period.

On Thursday, September 24, Nalanda India Equity Fund bought 4.19 million equity shares, representing 3.75 per cent stake, in Advanced Enzyme for Rs 111 crore. The FPI purchased shares at Rs 263.80 per share on the NSE via bulk deals, the exchange data show.

On the same day, Advanced Vital Enzymes Private Limited, the promoter of the company, had offloaded 3 million equity shares or 2.69 per cent stake at price of Rs 265 per share on the NSE. Post transaction, Advanced Vital Enzymes stake in the company declined to 11.97 per cent from 14.66 per cent earlier, Advanced Enzyme Technologies said. Name of the other sellers could not be ascertained.

Meanwhile, BSE sought clarification from Advanced Enzyme Technologies on September 30, 2020 with reference to significant movement in price in order to ensure that investors have latest relevant information, and to safeguard the interest of the investors. The company is yet to respond.

At 12:21 pm, the stock was trading 11 per cent higher at Rs 327 on the NSE, as compared to 0.10 per cent gain in the Nifty50 index. A combined 1.95 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

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