Morning Tidings

Tag: firms

  • ED Raids Vivo & Other Chinese Firms in Money Laundering Case: Report

    New Delhi: The Enforcement Directorate (ED) on Tuesday conducted raids at nearly 40 locations in Uttar Pradesh, Madhya Pradesh, Bihar, and in southern states, in connection with a prevention of money laundering case linked to Vivo and associated Chinese firms. Sources said the office of Vivo and the premises of a few other Chinese firms were raided as part of a case under Prevention of Money Laundering Act, 2002. Vivo V25 Pro, Vivo V25 Price, India Launch Timeline & Specifications Leaked Online: Report.

    The CBI has also been probing the case and lodged a separate first information report (FIR). In a statement to IANS, Vivo said that it is cooperating with the authorities to provide them with all required information.

    “As a responsible corporate, we are committed to be fully compliant with laws,” a company spokesperson said.

    In April, the ED seized Rs 5,551.27 crore of Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act (FEMA) connection with the illegal outward remittances made by the company.

    The company had released a statement then saying, “We have studied the order from the government authorities carefully. We believe our royalty payments and statements to the bank are all legit and truthful. These royalty payments that Xiaomi India made were for the in-licensed technologies and IPs used in our Indian version products. It is a legitimate commercial arrangement for Xiaomi India to make such royalty payments. However, we are committed to working closely with government authorities to clarify any misunderstandings.”

    On March 3, the Income Tax Department had said that they conducted raids against the Chinese firms dealing in telecom products and learnt that the companies were involved in tax evasion through fake receipts. The I-T department had detected suppression of income of Rs 400 crore at that time.

    The raids were conducted in the second week of February across India and in the National Capital Region. The searches had revealed that the Chinese firms had made inflated payments against the receipt of technical services from its related parties outside India. The assessee companies could not justify the genuineness of obtaining such alleged technical services in lieu of which payment had been made as also the basis of determination of consideration for the same.

    The search action had further revealed that the various firms had manipulated its books of account to reduce the taxable income in India through creation of various provisions for expenses, such as provisions for obsolescence, provisions for warranty, doubtful debts and advances, etc., which have little or no financial rationale. During the investigation, the groups had failed to provide any substantial and appropriate justification for such claims. The company had said that they were working with authorities to clarify all misunderstandings.

    (The above story first appeared on Morning Tidings on Jul 06, 2022 09:21 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Chinese Tech Firms Pledge To Ban NFTs, Cryptocurrency Marketplaces

    Beijing, July 4: Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces.

    According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation. Platforms that sell digital collectibles “shall require real-name authentication of those who issue, sell and buy” the assets and “only support legal tender as the denomination and settlement currency”, according to the document signed by China’s biggest tech firms.

    “Do not contain financial assets or unlicensed financial products, including securities, insurance, credit and precious metals, in blockchain-supported goods,” it added. In April this year, the National Internet Finance Association of China, the China Banking Association, and the Securities Association of China issued a joint statement to prohibit the use of NFTs in the issuance of financial assets. Cryptocurrency Exchange Vauld Suspends All Withdrawals, Trading & Deposits.

    The new initiative called on tech firms not to “set up a centralised marketplace” for bidding, matching, or anonymous NFT trading. The Chinese government banned Bitcoin mining in July last year. It has plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY). The country banned all cryptocurrency transactions last September and barred foreign crypto exchanges from operating within the country in 2018.

    (The above story first appeared on Morning Tidings on Jul 04, 2022 05:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • US Abortion Ruling: Google, Other Tech Firms Allow Employees To Relocate to States Where Abortion Is Legal

    San Francisco, June 25: With the US Supreme Court overturning its 50-year-old landmark Roe v. Wade decision which granted women a constitutional right to abortion, tech companies have told employees that they can apply for “relocation without justification” and the firms will do everything to support employees and their dependents.

    Google’s chief people officer Fiona Cicconi sent an email to employees, saying that Googlers can “apply for relocation without justification” and that people in charge of the relocation process “will be aware of the situation” in assessing their requests.

    “If you need additional support, please connect 1:1 with a People Consultant. We will be arranging support sessions for Googlers in the US in the coming days. These will be posted to Googler News,” the letter read. US Supreme Court Strikes Down Abortion Rights: President Joe Biden Says ‘Young Women Carrying Child As Consequence of Incest Hit Hardest by the Ruling’.

    Microsoft told TechCrunch that it will “do everything (it) can under the law” to support its employees and their dependents in accessing healthcare regardless of where they live across the US.

    Microsoft will continue to pay travel expense assistance for “lawful medical services” where access to care is “limited in availability in an employee’s home geographic region”.

    Airbnb said that its “US healthcare coverage supports reproductive rights, and we have taken steps to ensure that our employees have the resources they need to make choices about their reproductive care”. Ride-hailing platform Lyft also expanded its funds to cover drivers in other states.

    YouTube CEO’s Comment on Abortion Ruling:

    “We believe access to healthcare is essential and transportation should never be a barrier to that access. This decision will hurt millions of women by taking away access to safe and private reproductive healthcare services,” a Lyft spokesperson was quoted as saying.

    An Uber spokesperson said that the company “reiterated to employees that Uber’s insurance plans in the US already cover a range of reproductive health benefits, including pregnancy termination and travel expenses to access healthcare”.

    “We will also continue to stand behind drivers, reimbursing legal expenses if any driver is sued under state law for providing transportation on our platform to a clinic,” the company said. US Abortion Ruling Could Mean Loss of Other Rights, Says Canada PM Justin Trudeau.

    Twitter has, however declined to comment. Following the Supreme Court’s decision on Friday, abortion rights will now be determined individually by the 50 states. Sixteen states and the District of Columbia have state laws protecting abortion and will remain unaffected by the Supreme Court order.

    About 17 states do not have any explicit laws either upholding abortion rights or prohibiting abortion, according to one study and nearly half of all 50 states are expected to make abortion difficult or impossible.

    (The above story first appeared on Morning Tidings on Jun 27, 2022 11:25 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • To start production of remedieswear to meet demand: pharma firms

    To start production of remedieswear to meet demand: pharma firms

    There are seven manufacturers of Remediswear in the country.

    Several manufacturers of Remedsvir, which are being used in the treatment of COVID-19, said they have started producing the drug to meet its growing demand across the country.

    In view of the increasing demand for the drug due to the spike in COVID-19 cases, the center on Sunday prohibited Remedisvir injection and export of its active drug ingredients (APIs) until the situation improves in the country.

    A spokesperson for Zydus Cadila stated, “The current spike in COVID-19 cases has led to greater demand for Remedisvir. We are currently producing Remedisvir at our three facilities. To meet the demand, we have expanded from the first 5 Has ramped up production. ” -6 lakh vials in a month, 10-12 lakh vials in a month, which we will increase to 20 lakh vials in a month. “The supply situation will become more stable in a few weeks, the company said.

    Dr. Reddy’s laboratories said that every effort was being made to ensure that its remedieswire reached as many patients as possible in India.

    “We are accelerating production and bringing to market a liquid product that is faster to manufacture and supply. We have also reduced our MRP by 50%, so that price does not hinder access, And to have more number of patients. Access it, “Dr Reddy said in a statement.

    The company expects the market situation to improve in the next few weeks.

    Dr. Reddy’s said, “We will continue in our effort to provide medicines wherever necessary, and whenever they are needed.”

    Rakesh Bamzai, President – India, Emerging Asia and Access Markets and Commercial Expansion and Biosimilar – Emerging Markets, Viatris (formerly called Mylan), said: “We are committed to meeting patient needs in India and ensuring access to it. Lea is partnering closely with the government. Serious pharmaceutical firm Sun Pharmaceutical Industries said it is expanding capacity for Remedisvir to meet demand growth in partnership with Syngene.

    “Sun Pharma has already increased production and is now manufacturing Remedisvir at two plants. To help boost our production, it was recently decided to add another manufacturing site. We are in a constant position Monitoring and are continuously working to ensure patients across India. A SunV spokesperson said that for COVID-19 drugs.

    The spokesperson said that the company is manufacturing and distributing rendezvir in India.

    Pharma firm Cipla has also said that it has increased the production of remedieswear significantly since the last wave of the epidemic.

    “We have increased the production of Remedisvir by 2x since the last wave of the pandemic, to meet demand. Given the unprecedented demand for the drug, we have now increased our capabilities through our network.”

    There are seven manufacturers of Remediswear in the country.

    “They have an installed capacity of about 38.80 lakh units per month,” the Ministry of Health and Family Welfare said on Sunday.

    The department of medicine has approached domestic manufacturers to increase production of the drug.

    The center said on Tuesday that doctors should ensure the “rational and prudent” use of the antiviral drug Remedisvir, underlining that it is to be given only to serious COVID-19 patients in hospitals and its use in home settings Not to be done.

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  • The survey shows that 59% of firms have an eye on

    The survey shows that 59% of firms have an eye on

    As the economy went on a recovery path following last year’s steep decline, a study showed that 59% of companies in India intend to give employees a salary increase in 2021.

    According to Genius Consultants ’10th Hiring, Attrition and Competition Trend 2021-22′, the scenario of increments “welcomes with 59% of companies saying that increment is on the card, which will be between 5-10%, while 20% increments will be less than 5%. ”The study was carried out online in February and March among 1,200 firms.

  • The survey shows that 59% of firms have an eye on

    Avoid selective revelations in the COVID-19 era, SEBI tells firms

    Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI), has highlighted the need for adequate level of disclosures, risk assessment, sound digital infrastructure and high standards of data security during the COVID-19 era.

    Addressing the 14th Corporate Governance Summit organized by the Confederation of Indian Industry (CII), Mr. Tyagi stated that SEBI has issued a advisory notice disclosing the impact of the COVID-19 crisis.

    He said that companies should avoid selective disclosures when disclosing material information. “Since the onset of the COVID-19 epidemic, corporate boards around the world are facing complex new problems to deal with, with their attendant uncertainties and restrictions,” he said. “Corporate governance is increasingly being discussed on areas such as uncertainty, crisis management and stability,” he said.

    The SEBI chief said, “An important area during this epidemic which was amidst uncertainty was the need to provide adequate level of disclosures to stakeholders about the health and performance of the company,”. “The company board should ensure that adequate disclosures are made available to the stakeholders and there is no uniformity of information,” he said. Mr. Tyagi said that the disclosures should include the impact of COVID-19 on business, performance and financials. It is important to ensure that when listed entities disclose material information related to the impact of COVID-19, they should not resort to selective disclosures, taking into account the principles governing disclosures.

    Noting that risk assessment has emerged as another major issue, he said that company boards should consider the right risks by staying active in their risk assessment activities.

    “This includes focusing on newly emerging risks, regrouping resilience and preparing the organization for any future events that may result in commercial disruption similar to the COVID-19 epidemic,” he said.

    He said that the constitution and role of Risk Management Committees (RMCs) of the top 1,000 listed entities were also revised.

    In consideration of the separation of the roles of the chairman of the board and the MD / CEO of a listed company, he stated that it would provide a better and more balanced governance structure by enabling more effective supervision of management and not to undermine the promoter’s position For. .

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  • The survey shows that 59% of firms have an eye on

    ‘Gas firms are hurt by the low prices fixed by the government.’

    Rating agency ICRA said that the production of natural gas is a loss deal for most of the sectors for Indian upstream producers, as the price of gas set by the government remains at its lowest level.

    Domestic gas price for the six months commencing 1 April has been notified at $ 1.79 per million British thermal units, the lowest since the institution of the revised Rangarajan formula.

    In addition, the price range for gas from deep water, ultra-deep water, high temperature and high pressure areas has been set at $ 3.62 per million BTUs for April-September 2021-22 which is 10.8% lower than the ceiling in October-October. For March 2020-21.

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  • The survey shows that 59% of firms have an eye on

    Mobikwik claims all user firm’s data ‘safe, secure’

    Payments App operator Mobikwik said on Monday that its users’ and company’s data was “completely safe and secure” in the wake of media reports, and social media posts on Twitter alleged that critical information about your customer (KYC) data Thea has been leaked and is available for online purchase.

    “Some media-purported so-called researchers have repeatedly tried to produce fabricated files to waste our organization’s precious time,” Mobikwik said in a statement. “We conducted a thorough investigation and there were no security lapses. Our user and company data is completely safe and secure, ”said a company spokesperson.

    On 26 February, Internet security researcher Rajasekhar Rajaharia tweeted: “Again !! The card data of 11 crore Indian cardholders, including personal details and KYC soft copies (PAN, Aadhaar, etc.), have been allegedly leaked from the company’s servers in India. 6 TB KYC data and 350 GB compressed myascal dump. “Although that tweet did not have a company name.

    On Monday, hacker handle Elliot Alderson tweeted: “Probably the biggest KYC data leak in history. Congratulations to Mobikwik… ”.

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  • Traditional Firms Laggingan Cyberspace: Expert

    Traditional Firms Laggingan Cyberspace: Expert

    Pharma majors, banking and insurance firms have started demanding cyber insurance and crime insurance cover after the recent spurt in cyber abstinence, with even traditional and construction companies lagging behind, officials said in a reinsurance brokerage Have said

    Vijay Thiagarajan, CEO of Bharat Re-Insurance Brokers Pvt Ltd, said, “There have been many instances of cyber theft during the epidemic, which relate to data theft, fake money transfers, securities or stocks.” Limited

    TL Arunachalam, head of cyber and emerging risk practice in re-insurance in India, said, “We have started talking to about 40 Indian firms to get cyber insurance and crime insurance cover.

    Traditional companies, Mr. Arunachalam said, were slow on the issue, as they were prioritizing the protection of physical assets against vulnerabilities, cargo in transit, employee safety and money in transit.

    “Whenever there was a cyberback, they simply switched servers and systems and started operations using back-up data,” he said. “It is time cyber criminals are taken seriously,” he said.

  • ‘India Fintech valuation may reach $ 160 billion’

    ‘India Fintech valuation may reach $ 160 billion’

    According to a report, India’s financial technology firms are poised to become triple-valued over the next five years, valuing $ 150-160 billion by 2025.

    The report was unveiled on Saturday that the Boston Consulting Group (BCG) and FICCI have described the study’s findings to shape the value-generating potential and identify the imperatives for India’s fintech development.

    “India is poised to realize a fintech sector valuation of $ 150–160 billion by 2025, which translates to incremental value-generating capacity of approximately $ 100 billion. To fulfill this ambition, India’s fintech sector will require investments of $ 20-25 billion over the next five years.

    There are over 2,100 fintech firms in India, 67% of which have been set up in the last 5 years alone. The industry is valued at $ 50-60 billion.

    The industry’s growth has been uninterrupted by the epidemic since January 2020 with the emergence of three new unicorns and five new Soonicorns ($ 500 million + valuation).

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