Facebook owned messaging giant WhatsApp announced on Wednesday that it now has two billion users globally. Reiterating its stance on encryption in the global announcement, WhatsApp said strong encryption is a necessity in modern life and that it will not compromise on security because that would make people less safe. WhatsApp did not share market […]
Automakers not getting many cab rides now
Illustration: Rahul Awasthi A slowdown in the app-based cab aggregator space has hurt the sales of cars and utility vehicles to the segment, which fell to their lowest level in five years in 2019. Several automakers have arrangements with car aggregators such as Ola and Uber to sell vehicles to drivers who join their platforms. […]
Prolonged slide in financial health of Indian firms comes to end
By Rahul Satija The lingering effects of India’s shadow banking crisis and slowing economy have left companies’ financial health around the worst levels in years, but one gauge shows the prolonged deterioration has at least halted for now. Care Ratings Debt Quality Index, which tracks credit metrics of 1,604 rated firms on a scale of […]
China factory closures may leave online retailers’ shelves empty
Illustration: Rahul Awasthi Amazon and Flipkart, the country’s two largest web retailers, are likely to see an impact on overall sales due to the prolonged closure of factories in China on account of the coronavirus outbreak, analysts and industry insiders told ET. A supply crunch in smartphones, televisions, large appliances and consumer electronics, which comprise […]
SoftBank profit wiped out by Vision Fund losses, second fund scaled back
Quarterly profit at SoftBank Group Corp was almost wiped out as the Japanese technology giant was hit for a second straight quarter by losses at its $100 billion Vision Fund. Wednesday’s dismal results could further dampen investor enthusiasm for founder Masayoshi Son‘s big bets on untested start-ups. While Son told a news conference SoftBank had […]
CCI doesn’t have prima facie proof, Amazon tells HC
Illustration: Rahul Awasthi Amazon on Wednesday argued in front of a Karnataka High Court Judge that the Competition Commission of India (CCI), which is currently probing the company and its chief rival Flipkart over alleged business malpractices, did not have prima facie evidence to order the investigation into it. The company said that the CCI […]
Hundreds of Chinese firms seek billions in loans amid coronavirus outbreak
More than 300 Chinese firms including Meituan Dianping, China’s largest food delivery company, and smartphone maker Xiaomi Corp are seeking bank loans totalling at least 57.4 billion yuan ($8.2 billion) to soften the impact of the coronavirus, two banking sources said. The firms, including China’s dominant ride hailing service provider, Didi Chuxing Technology Co, Megvii […]
Samsung withdraws cashback scheme with Amazon Pay after offline retailers protest
Samsung India has withdrawn its consumer promotion with Amazon’s digital payment service, Amazon Pay, for smartphones after huge protest from offline cellphone retailers that the offer would mean hooking the customer to Amazon and mandatory registration of retailers in the marketplace which would ultimately hurt their business. According to two senior industry executives, the Korean […]
Airbnb suspends bookings in Beijing for rest of February
Airbnb said on Monday it has suspended bookings in Beijing until Febreuary 29 as death toll from the coronavirus outbreak in China exceeded 900. “In light of the novel coronavirus outbreak and guidance from local authorities for the short-term rental industry during this public health emergency, bookings of all listings in Beijing with check-in from […]
Engaging closely with academia, civil society to enrich platform: TikTok
TikTok on Monday said it is working with academia and civil society to enhance engagement, and enrich and empower the short-video platform. TikTok, which is owned by Chinese firm ByteDance, said it is also harnessing the power of artificial intelligence to show relevant content to the users. “We look at best practices, work with academia […]