Apple to make iPhones in Bengaluru

Breaking News – The world’s most valuable company Apple is looking at Bengaluru to set up an iPhone manufacturing plant, as it looks to replicate its China success in the fastest growing smartphone market in the world.

Apple is turning to Taiwanese contract manufacturer Wistron, which will utilise PC-maker Acer’s facility, a top government source confirmed. Wistron was spun off as a separate legal entity from Acer in 2002, focusing on the original device manufacturer market.

“They have taken an Acer facility here. The initial plan is to make iPhones for the domestic market and then we can look at exports,” said a government official, who did not want to be named. “The domestic manufacturing policy is clear.. they will be entitled for all incentives under that,” the official added.

Wistron has, in the past, won contracts to build Apple’s affordable iPhone 5c and iPhone SE models. According to a recent report in Chinese publication Economic Daily News, Wistron would be the third assembler of iPhones for upcoming models, joining Pegatron and Foxconn.

Wistron’s board approved the proposal for the Bengaluru unit early this week and it would take around four months to begin production, another official said.

Foxconn, another Taiwanese firm, is also looking at setting up factories for Apple in India, but has not firmed up any plans.(Read More)

Post demonetisation: UP elections will be the real test for Modi and BJP

Breaking news – In the normal course, politics is a careful, cautious and calibrated profession. When in the government, politicians tend to turn even more conservative and risk-averse. Given this context, the demonetisation announcement by Prime Minister Narendra Modi does not fit the conventional mould. Why did he go ahead with it? What were his motivations?

As even his opponents have been forced to concede today, the economy had been repaired significantly in the past two years. The fiscal health of the government was an ocean apart from the profligacy of the UPA years. Foreign investment had picked up. Consumption was slowly beginning to regain lost ground. Domestic private sector investment and job creation remained a problem, but there was hope that the passage and implementation of the Goods and Services Tax (GST) would indicate a more broad-based recovery by 2019, when Modi led the BJP into its re-election campaign.

Modi was in as sweet a spot as is possible for an Indian prime minister in mid-term. Why then did he plunge into this massive disruption, one that was unprecedented in a healthy as opposed to a collapsing or inflation-assaulted economy and the consequences of which could be guessed and surmised but never accurately forecasted? The answer lies in a single word: belief.(Read More)

Immediately return confidential papers: Tata Sons to Mistry

 

Breaking News – After accusing former chairman Cyrus Mistry of breaching confidentiality rules, Tata Sons on Thursday asked the ousted chairman to return all classified papers and sign an undertaking within 48 hours that he would not disclose such information in future.

In the second legal notice in three days, Tata Sons alleged that Mistry had “wrongfully and dishonestly” taken confidential information out of the company premises without consent.

It asked him to “immediately return to the company all confidential information” in his possession and “not retain copies” of the same.

Asking him to cease from use or disclosure of confidential information, the holding company of the $103-billion salt-to-software group also asked Mistry to sign an undertaking within 48 hours that he “shall preserve the confidentiality of all the confidential information and not use or disclose” to anyone, including affiliates, relatives and family members.(Read More)

Deadline for depositing your old Rs 500, Rs 1,000 notes ends today

 

Breaking News -The deadline to deposit old Rs 500 and Rs 1,000 notes in banks ends on Friday. From next week onward, those still holding the scrapped currency can deposit it only with the Reserve Bank of India till March 31, 2017.

After March 31, holding demonetised notes would be illegal and could invite hefty fines, according to an ordinance passed by the Union Cabinet on Wednesday.

Prime Minister Narendra Modi is expected to address the nation on Saturday after his self-imposed deadline of 50-days for the situation to return to normal ends.

While some people are hoping for an extension in the deadline, the government maintained it had no plans to do so.

Modi had on November 8 announced that Rs 500 and Rs 1,000 rupee notes would no longer be legal tender.(Read More)

Demonetisation: As Indian tourists stay home, Dubai’s gold trade suffers

 

Breaking News – Demonetisation’s impact has travelled all the way to Dubai as Indian tourists are avoiding foreign tours since November. Among popular destinations, Dubai has been one of the easiest, nearest and cheapest. The immediate casualty has been gold demand in Dubai by Indian tourists.

Dubai’s famous Gold Souq, a prime market for the yellow metal and similar to India’s Zaveri Bazar in Mumbai or Manek Chok in Ahmedabad, which houses many prominent wholesale and retail jewellers, has seen a plunge in gold jewellery demand from Indian tourists.

Demonetisation – Buying jewellery from Dubai was lucrative for Indian tourists due to the trustworthy purity of gold and ease of using unaccounted money by buying Dubai’s currency, the Dirham, with some premium in the hawala market. Further, Customs duty of 10 per cent can be avoided when reasonable jewellery is worn by tourists.

A Dubai-based jeweller, who runs a chain of jewellery shop including a show room in Dubai’s gold souq, said on the condition of anonymity that “Indian tourists’ share in Dubai gold demand is around 15-20 per cent and that has been affected.” He said that the overall flow of Indian tourists has come down in Dubai. Other than jewellery, electronic gadgets like costly cell phones, laptops and DSLR cameras etc are the other items on an Indian tourist’s shopping list in Dubai.(Read More)

2016: Demonetisation, piracy disappoint Bollywood box office result

 

Breaking News – Only eight out of the approximately 230 Hindi films released in 2016 surpassed the glorified Rs 100 crore ($14.5 million) club in India, giving the industry only an average tally of around Rs 2,700 crore, according to industry insiders.

This, in a year when the central government’s demonetisation move in early November disturbed the projected earnings for some movies, when piracy ate into some films’ business and when some producers got into a tussle with the Central Board of Film Certification (CBFC).

Barring Shah Rukh Khan, whose “Fan” did not prove to be like most of the superstar’s box office wonders, Bollywood other A-listers, including Salman Khan, Aamir Khan and Akshay Kumar, had a bright year with their films raking in the moolah and making it to the Rs 100 crore club.

There is no centralised agency to record Bollywood’s box office numbers. But going by film trade experts and industry sources, Salman registered good returns with “Sultan”, Akshay won the audiences’ hearts with “Airlift”, “Housefull 3” and “Rustom”, and Aamir’s “Dangal” Christmas release added to the festive season’s celebratory mood.(Read More)

Apple’s iPhone, iPad a big hit this holiday season, beat Samsung

Breaking News – The holiday season was a big hit for Apple’s iPhone, as Yahoo-owned research firm Flurry revealed that during the critical shopping period between December 19 to 25, Apple’s iPhone and iPad accounted for 44 per cent of all mobile activations – much higher than Samsung.

The research firm also revealed that Samsung saw its many devices combine to account for 21 per cent of all activations during the period, while Huawei was in third place with three per cent market share, followed by several other manufacturers, including LG and Amazon, at two per cent share each.

According to a report in the Fortune on Thursday, Apple appears to be the single leader during the last week of holiday shopping as the data shared by the Flurry gives a picture from December 19 only, therefore not offering any clear idea about the rest of the holiday shopping season.

Last year, Apple’s devices accounted for 49.1 per cent of all activations during the same period while Samsung last year accounted for 19.8 per cent of all activations.

“Part of Apple’s troubles in 2016 might have been a shift in how consumers are spending money on new mobile devices. Between December 19 and 25, full-size tablets like the iPad Pro or iPad Air 2 only accounted for 9 per cent of all mobile device purchases. In 2013, their share of sales stood at 17 per cent,” the report added.(Read More)

Demonetisation: PM Narendra Modi to address nation before New Year

Breaking News – With the 50-day period for depositing of demonetised notes expiring tomorrow, Prime Minister Narendra Modi is set to address the nation before the dawn of the New Year.

“Prime Minister Narendra Modi is likely to address the nation before dawn of the New Year,” sources said.

However, it was not clear as to whether he would address the nation on Friday or Saturday.

In his address, the Prime Minister may speak about the roadmap post the demonetisation period especially on the steps likely to be taken to ease cash flow that has been a major problem ever since demonetisation took place.

He may also speak on the steps to deal with the problems the economy faces after the demonetisation was announced on November 8.

The Prime Minister in his public meetings in the last few weeks has been urging the people to bear with the pain following the government’s decision and that it would start easing gradually once the 50-day period is over.

On Tuesday, Modi met economists and experts at a meeting in Niti Aayog to discuss the current economic situation.(Read More)

HUL pads up to take on Ramdev’s Patanjali

Breaking News – As Patanjali Ayurved, Baba Ramdev’s pet project to counter growing influence of the multinational corporates in the domestic consumer goods space, continues to bombard the market with new products, rivals are gearing up to throw a tough challenge to the challenger.

Hindustan Unilever (HUL), the largest Fast moving consumer goods (FMCG) firm in the country is latest to join the battle. The FMCG major which already has a vast portfolio of personal care brands — from shampoos and anti-aging creams to toothpastes and deodorants — is set to enter Baba’s den with mass market herbal-natural portfolio. And to counter the surging tide of herbal-natural products in the country, led by Patanjali, HUL is banking on an old horse from its stable–Lever Ayush. It plans to launch a range of personal care products, priced between Rs 30 and Rs 130, under the brand.

Once launched, the range will directly compete with Patanjali’s personal care products that are priced below its competitors’. It has a wide range of such products – from face pack, face wash and winter creams to shaving gel, body lotion and lip balm. According to Ramdev, its current supply fails to feed the market demand and the firm is thus coming up with new manufacturing facilities across the country to meet growing demand.(Read More)

Failed expectations? Tax mop-up may decline in new amnesty scheme

 

Breaking News – The government might receive Rs 5,500 crore as tax by those declaring hitherto undisclosed in the amnesty scheme that closes next March.

The government received Rs 6,800 crore as tax in a scheme that ended in September, lower than the initially expected Rs 7,500 crore.

Those declaring unaccounted wealth till September were allowed to pay 25% of the tax amount in two instalments by November 30 and March 31 and 50% in a third instalment by September 30, 2017. Many evaders paid the entire tax due by using demonetisation Rs 500 and Rs 1,000 notes, an official said. “Many people have overpaid the first instalment.

Some have even paid the full amount due, while others have paid 50% or 70%. They used this as an opportunity to discard their old notes,” the official added.

Those declaring undisclosed income in the previous scheme had to pay 45% of the declared amount as taxes, penalty and surcharge. Although the government earlier said it had verified disclosures of Rs 67,382 crore, declarations of over Rs 10,000 crore were cancelled. This was higher than the Rs 65,250 crore announced by the government a day after the scheme closed.(Read More)