Business

India is attracting funding from investment firms from all around the world, indicating a breakthrough moment for the nation’s entrepreneurs. The analysis was based on information from Tracxn, a startup tracker firm. China’s not-so-great trade barrier is scarcely impeding export profitability. BIS Oxford has published a study outlining trade flows after China imposed a slew of trade obstacles. It appears that those affected by these restrictions or tariffs were more flexible in seeking markets abroad. A prominent example is a coal, which is of demand in China.

211 firms made their debut in India this year, 64 more than the previous year. Kleiner Perkins, the Silicon Valley fund that exited India in 2014, has returned to the battlefield, according to a report. 597 investment firms have done 2,284 deals this year. Concerning the circumstances in China, the study stated that Beijing’s regulation campaign on its IT industry has diminished its attractiveness as Asia’s first-choice destination for foreign investments by international venture funding.

As per Bloomberg, the campaign, which began last November with Jack Ma’s twin behemoths, Ant Group as well as Alibaba Group Holding Ltd., quickly spread to other companies such as Tencent Holdings as well as Didi Global, as Beijing increased monitoring and supervision on anything from antitrust to data security as well as the distribution of wealth. According to Bloomberg, the crackdown caused a sell-off that wiped USD 1.5 trillion from Chinese markets, which witnessed erratic fluctuations with every new official inquiry, rule, and warning. However, India is excelling as a result of its thriving public markets, and the quick adoption of internet services in the aftermath of the COVID-19 outbreak.

At the first edition of HT NxT, business executives from a variety of industries stated that, whereas the availability of cheap financing has frequently been mentioned as a main cause for the entrepreneurial wave, it was the emphasis on technology that helped shape this great success story. In research released in January, industry organization Nasscom and strategic consulting firm Zinnov predicted that India would create 100 new unicorns by 2025. Lately, expansion has been remarkable. There have been several promising IPOs in India this year, one of the most talked-about companies was Nykaa. It had a surprisingly profitable share market debut, which even made its founder the richest self-made female billionaire in India. Factors such as these indicate that India could become the world’s most favorable marketplace for venture capitalists over the next several decades.

In a surprising move, Ford Motors has announced that it has dropped the plan to develop an electric vehicle with startup Rivian. This is despite the fact that Ford invested USD 500 million in the EV startup. These companies had then announced their plans to develop an EV. Later, the companies said that the vehicle developed by them would be for the luxury Lincoln brand of Ford. It was likely to be an SUV. However, that plan was canceled and Ford, at the time, said that it would continue to seek other opportunities where it can collaborate with Rivian. The companies then announced their plan to develop a joint vehicle. However, those plans have been dropped now. According to Ford spokesman Ian Thibodeau, the company would still maintain ties with Rivian, which has now gone public and reached a value of over USD 10 billion. Ford owns a 12 percent stake in the startup. “We have a lot of respect for the EV maker Rivian. Ford even had a very extensive exploratory discussion with Rivian. However, both sides have now mutually decided to not go ahead with any kind of joint vehicle development or platform sharing,” Ford said in a statement. The development has been confirmed by Rivian, which currently enjoys greater market value than Ford.

“Ford is extensively working on its own electric vehicle strategy. At the same time, Rivian vehicles have grown manifold. This is why we have mutually agreed to focus on our own projects and deliveries. This is important to mention that our relationship with Ford has been a very crucial part of our journey. For will continue to be an investor and ally. We share a common of an electrified future,” Rivian said in a statement. After the announcement, shares of Rivian saw a dip of around 2 percent during post-market trading. Ford continues to focus on the development of electric vehicles. It has even manufactured F-150 Lightning and Mustang Mach-E. There are several other electric vehicles of Ford that are in different stages of development. However, it is important to mention that, unlike other automakers, Ford of North America is yet to make any commitment related to an all-electric vehicle future. This is despite the fact that its European division has already announced that they would be going all-electric in the future. General Motors and some automakers have also announced similar things. Several big carmakers are eyeing to add electric vehicles to their lineup. Some of them are even planning to go fully electric by the end of this decade.

Ford CEO Jim Farley had praised Rivian saying it is the “right company with the right strategy.” However, Farley had referenced the growing prominence of the startup in the electric space as the reason behind putting an end to this collaboration. “A lot of things have changed when we compare today’s time with when we had initially invested in Rivian. Both our ability and the direction in which the brand is moving ahead have changed. Also, we are now more certain about what we have to do in the near future. We love the future of Rivian as a company and we still want to invest in the company. But our focus at this point is to develop our own vehicles,” he was quoted as saying. Farley was appointed chief executive officer of the company in October last year. He inherited investment in Rivian and the plan to jointly develop a vehicle from his predecessor Jim Hackett. However, it was under Farley’s leadership when Ford purchased USD 415 million in convertible notes in July from the EV startup. They will become the common stock in June next year. It is pertinent to mention that Troy Design and Manufacturing has a contract with Rivian under which it will supply parts for its R1 vehicle program. Troy is a wholly-owned subsidiary of Ford.

Apple has announced to end work from home. The company is asking its employees to be ready to return to offices. It said that employees worldwide will soon resume work at the office. It has set February 1 as the tentative date for employees to return to offices. The tech giant, however, said that it will adopt a hybrid working model. The company has already sent an internal memo to employees. The company said offices will resume from February 1 with a hybrid work pilot. Under this policy, Apple could allow employees to work remotely for one or two days every week. The memo said that some may have to come to the office for four to five days depending on the role.

According to the memo, employees will have to come to the office on the first three days of the week. On the last two working days of the week, employees can work remotely. Employees who require spending more time in the office according to their project will have to come to the office more than three days. Besides, the iPhone maker has also planned to let employees work remotely for up to four weeks every year. The company had earlier said that it will let employees work remotely for two weeks every year. But now the company has extended it to four weeks. It added that two extra weeks to work remotely will give employees more opportunities to travel.

Apple had planned to reopen the office earlier. But it delayed the decision at least till January next year after the rise in Covid-19 cases in parts of the United States. The surge in cases was mainly due to the widespread of the Delta variant. The government has managed to bring the situation under control by ramping up the vaccination drive. Apple had in August said that it will serve a month’s notice to its employees before asking them to return to offices. The company had earlier announced to reopen the office for three days every year from September. But then it delayed the decision till October. Later, the Cupertino headquartered company postponed the plan too early 2022.

Elon Musk has liquidated USD 5 billion in equities or around 3% of his Tesla ownership, the entrepreneur announced through the documentation on Wednesday, only days after polling Twitter followers regarding selling 10% of his stock. About USD 4 billion of the deal, 3.6 million shares, may be counted against his 10% Twitter promise. An additional USD 1.1 billion, or 934,000 shares, was sold via an options agreement to buy about 2.2 million shares that were already in the works before the election. As per Forbes, his stake in the electric car manufacturing organization accounts for most of Musk’s reported USD 281.6 billion net worth.

Stocks fell by 12% on Tuesday as part of a multi-day selloff that jeopardized the company’s membership in the USD 1 trillion-club circle. On Wednesday, it rebounded by 4.3%. Options-related sales were showcased in September using a trading plan that allows company executives to set up premeditated trades according to a given schedule. The option-related share sales covered relevant owed taxes. A request for information from Tesla was not responded to.

The new share transactions were distinct as well as provided Musk with sizable financial reserves, considering that his fortune is mostly related to his investments in Tesla as well as SpaceX. Musk possesses more than 20 million more stock options that will expire in August 2022. If Elon follows through on his pledge to sell 10% of his stock, this would be a minor disadvantage in the short run, according to Mark Arnold of Hyperion Asset Management, where Tesla is the leading holder in its worldwide portfolio. “But the stock has a high level of liquidity, and it represents a small fraction of total shares issued, so it shouldn’t have a significant influence… “We’re extremely pleased with the business’ prospects,” he stated.

Although Tesla’s market value has dropped by about USD 150 billion this week, ordinary investors have been net buyers of the shares. On Wednesday, 58% of Tesla trading orders on Fidelity’s brokerage platform were for buying rather than selling. As per Vanda Research, individual investors recorded net acquisitions of USD 157 million between Monday and Tuesday. Tesla has already gained upwards of 51% in 2021, owing in large part to an October surge fueled by a deal to sell 100,000 vehicles to car rental provider Hertz. “The business is on fire,” remarked Tim Ghriskey, a senior portfolio manager at New York-based investment firm Ingalls & Snyder.

To say the very least, Nykaa’s (formally, FSN E-Commerce Ventures) share market launch on November 10 exceeded all expectations. On the Bombay Stock Exchange, the corporation’s shares concluded at ₹2,206.70 a share (BSE). This marks a 96% gain over the initial offering price of ₹1125 per unit. On November 10, Nykaa’s market valuation increased to ₹1,04,438.88 crore, putting it far ahead of several consumer businesses such as Marico as well as Berger Paints India. Of course, these businesses aren’t quite alike. Nykaa is an online store that is profitable but at a far lower rate than several other consumer enterprises.

According to Karan Taurani, an expert at Elara Securities (India), “businesses like Nykaa are in the aggregating game, while consumer corporations market their brands.” Nykaa, on the other hand, is a one-stop store for numerous companies, and its scalability is enormous.” Many analysts believe that the potential for the development of internet/digital enterprises is vast. “It is worth emphasizing that various consumer-related enterprises are not likely to expand at 40-50% every year and they are largely offline plays,” stated Nitin Rao, creator of Alpha Ideas. in, an investment blog. Nykaa’s estimated potential rate of growth is substantially higher in contrast, and it is a digital bet.”

The COVID-19 pandemic has expedited the implementation of electronic portals, and firms like Nykaa stand to prosper as a result. Nykaa is an Indian multi-brand Beauty & Personal Care (BPC) portal with a strong presence in this market. It entered the fashion market in 2018 as Nykaa Fashion. “Furthermore, the Chinese government’s digital repression will push foreign investors to explore alternative possibilities, and as a result, they may find the Indian market appealing,” Rao remarked. It also helps because Nykaa is profitable, as opposed to other internet companies such as Zomato (an online food delivery service) or One97 Communications (Paytm).

Nykaa’s net income in FY21 was ₹62 crore, with an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of 6.6%. Thankfully for shareholders, the forecast for margins is positive. “We estimate Nykaa can maintain a CAGR of roughly 35% in sales and 50% in EBITDA over the next several years with double-digit margins,” Prabhudas Lilladher Pvt. Ltd. analysts stated in research on October 26.  For context, Nykaa’s earnings climbed at a CAGR of 48% between FY19 and FY21. During the same timeframe, the Gross Merchandise Value (GMV) CAGR was around 57%. While these indicators are promising, it comes without mentioning that Nykaa’s values are exorbitant.

Elara’s anticipated target value for Nykaa’s stock 5 years from now, depending on FY27 revenue estimates, is ₹1880 per share. Nykaa’s stock price has now crossed this level. Considering Elara’s expected revenues for FY27, the stock now trades at a market valuation to revenue ratio of around 8X. “Shareholders would have to monitor the implementation in the clothing category, the success of which would be essential for values ahead,” Taurani says. Investors must also keep a careful watch on the rate of expansion. On Thursday, when the wider markets were down, Nykaa’s shares slid around 1% to ₹2187 per unit on the BSE at 12.51 p.m.

Royal Dutch Shell has decided to give up its dual share structure and move its head office to the United Kingdom from the Netherlands. The company is also moving its tax residence to Britain. The decision comes as the oil giant was pushed away by Dutch taxes. The decision of Shell to ditch royal designation has sparked mixed reactions from both sides of the North Sea. This is mainly because the company enjoyed the royal designation for almost 114 years. The oil and gas supermajor will now be known as Shell Plc. The company has been long questioned about its dual structure from investors. It also faced climate pressure in court and has been actively working on reducing dependency on fossil fuels. The Anglo-Dutch firm has been working on restructuring its business. It said the move would strengthen the company’s competitiveness. “The decision will definitely strengthen our competitiveness. It will also accelerate both shareholder distributions. The most important thing is that it will help in the delivery of its strategy to become a net-zero emissions business,” the company shed. It was in 2005 when Shell was incorporated in the United Kingdom with dual-class shares and Dutch tax residency. Recently, another big Dutch company did the same thing. Unilever had picked the UK as its home.

Shell has described the move as necessary simplification. However, the Dutch government said that it was an “unpleasant surprise.” The Dutch government also said that it was in talks with the top management of the oil company over the consequences of this decision. “The government deeply regrets that a major oil company wants to shift its head office away from the Netherlands. We are discussing with the top officials of the company about the implications of the move, how it will affect jobs,” said Stef Blok, Dutch Economic Affairs and Climate Minister. Blok said that the multinational firm has assured that the consequences of the decision to move its head office will only be limited to the relocation of a few executives. Once the decision is implemented, the chief executive and chief financial officer of the company would move to London. There are others too who are surprised by the decision of Shell to move to London from the Hague. Shell has announced its plan to shift base, but it will need approval from shareholders. For this, 75 percent of shareholders need to vote in favor of the decision during the general meeting. The meeting has been scheduled for December 10.

Shell said that it had no option but to take this step to simplify its corporate structure. This is because the present structure may not be sustainable in the long run, the firm had said. “Also, the decision will present value of the company more clearly to shareholders.” Shell chairman Andrew Mackenzie said that the move will not only normalize our share structure but it will also place us in a better position to seize opportunities. The company took this decision after it lost a landmark case in May that was brought by climate activists. In its ruling, the company was asked by the Hague District Court to deepen its planned greenhouse gas emission cuts in order to align with the Paris climate deal. The Paris climate deal aims to limit global warming to 1.5 degrees Celsius. The court clearly ordered Shell to cut its carbon emissions by a net 45 percent by 2030. The court’s decision was hailed as a victory for the planet. However, Shell said that it would appeal against the ruling. Also, Shell is facing other issues. The most important was a call given by activist investor Third Point to break the firm into multiple companies. Shell had hit back, saying the businesses work better together. Several big firms are under pressure to simplify their structures. Toshiba, General Electrics, and Johnson & Johnson have already announced their plans to split into separate companies.

The National Highway Traffic Safety Administration (NHTSA) has said that a whistleblower has been awarded a record USD 24 million for providing key information related to the safety of vehicles manufactured by Hyundai and Kia. The whistleblower revealed that Hyundai and Kia moved very slowly to address issues linked with Theta II engines. The companies did this despite the fact that engines were prone to catching fire or could freeze up. The whistleblower was an ex-employee of Hyundai. Kim Gwang-ho said that deliberately moved slow on recalling more than 1 million vehicles with faulty engines. Kim was a motor engineer at the South Korean motor company.

Law firm Constantine Cannon said that the award given to Kim is the biggest ever to any whistleblower in the auto sector globally. It must be noted that Constantine Cannon had represented Kim. Also, this is the first time when NHTSA has paid an award to any whistleblower. The announcement comes at a time when the US Department of Transportation along with the NHTSA is planning to propose regulations in the automotive whistleblower program that was created in 2015 by Congress. NHTSA also said in a statement that the award given to Kim is the maximum percentage that has been allowed to by law.

“Whistleblowers have been playing a very important role in bringing information to NHTSA. The information shared is usually related to serious safety problems. Most of the time the agency is not aware of those things,” said NHTSA’s Deputy Administrator Steven Cliff. Kim had brought the issues to the notice of the regulator in 2016. Kim sighted an internal report of Hyundai to inform NHTSA that the Korean company failed to take enough measures to address the engine fault. NHTSA later found that the automaker delayed recalling affected vehicles. Also, it provided wrong information about the faults. It was in 2020 when US units of Kia and Hyundai agreed to pay penalties after NHTSA said that both companies failed to recall vehicles on time.

Amazon has already planned to invest USD 10 billion in building a satellite network to provide broadband internet. Amazon is working on the Project Kuiper program under which it will provide an internet facility. The company said that it will provide internet in areas where there is very little option of setting up towers. Amazon has already sought approval for deploying two prototype satellites. These satellites have been named KuiperSat-1 and KuiperSat-2. They are expected to be launched by the end of 2022. Now, the tech giant has sought approval for deploying 4,500 additional satellites. This will take the total number of satellites that it plans to deploy to 7,774. It is now awaiting final approval from the Federal Communications Commission.

In its filing, Amazon said that the network of satellite it is setting up will provide internet connectivity to households, businesses, hospitals, and government agencies around the globe. This will include areas where there is no reliable broadband. “Countries are working to improve internet connectivity, but the fact is that only 51 percent of the global population is online. This number is even lower in developing countries. Around 44 percent population of developing countries have access to the internet,” the company said. The company has already got approval for Project Kuiper. The approval was granted in 2020. Amazon will have direct competition with the Starlink network, being developed by Starlink. There are other competitors too in the field.

The two companies are enthusiastically working on the project. Amazon has accused Starlink of not taking several government-imposed rules seriously. It must be noted that Blue Origin of Amazon founder Jeff Bezos and SpaceX of Elon Musk are rivals in the private space launch business. Blue Origin had recently challenged NASA’s decision to award USD 2.9 billion Artemis contract to SpaceX. While Amazon is planning to deploy it satellites, SpaceX has already employed more than 1,700. Meanwhile, Boeing to has sought approval to deploy such satellites. Boeing has plans to deploy its satellites in V-band. This will allow Boeing to provide internet at a higher speed. But the drawback is that it runs the risk of interference. This is mainly because of its higher frequency. This is why other companies are not focusing on V-band right now. They have plants of expansion in this band but only in the future. But providing internet from these satellites is definitely going to take quite some time. Users will have to wait at least a couple of years before they will have access to the internet from these satellites.

In a setback for Blue Origin, the US Court of Federal Claims has dismissed a lawsuit brought up by Jeff Bezos’ company against the National Aeronautics and Space Administration. The lawsuit was filed as Blue Origin was not happy with the US space agency for awarding the USD 3 billion lunar lander contract to SpaceX earlier this year. Federal Judge Richard Hertling has put an end to over a month-long battle that started with Blue Origin suing NASA. Soon after the judgment, the space agency has said that the work on the project with SpaceX will soon start. “There will be more opportunities for companies in the future where they will get to partner with NASA in its effort to establish a long-term presence of humans at the Moon,” the US space agency said. It must be noted that these initiatives are being taken under NASA’s Artemis program. Reacting to the judgment, a Blue Origin spokesperson said that the company tried to highlight the important safety issues and that must still be addressed. “There are serious safety issues with the procurement process of the Human Landing System procurement. This must still be addressed. An unprejudiced procurement process along with a sound policy is very crucial for returning astronauts safely to the Moon through the US space agency’s public-private partnership model. We are committed to ensuring that the Artemis program of NASA becomes a success,” the spokesperson said.

Bezos personally commented on the judgment. In a tweet, Bezos said that the company respects the judgment of the CFC but he said that ‘it was the decision they wanted.’ His tweet clearly hints that the company is not planning to appeal the decision any further. Hertling has issued a short ruling in which he noted that the motion for judgment moved by the Bezos’ company has been denied. The opinion is yet to be published. It is likely to be released on November 14 after all the properties involved in the lawsuit will propose which parts of the judgment they want to be redacted. Blue Origin was expecting to be part of NASA’s ambitious and much-awaited plan. In order to take the project forward, the US space agency had awarded the contract worth USD 2.9 billion to build Human Landing System to SpaceX. As part of the contract, SpaceX will use its Starship rocket to land astronauts on the lunar surface for the Artemis program. Earlier, the US space agency had publicly hinted that it would choose two companies for the contract. It hinted that the move would keep some competition and redundancy. After initial screening, the US space agency had narrowed to three companies – SpaceX, Blue Origin, and Dynetics. However, it took everyone by surprise by announcing just one company for the contract.

SpaceX had asked for USD 2.9 billion for the project. Commenting on its decision to go with only one company, the space agency had said that it was because of the lack of funding for its lunar lander program. This was apparently because of the lower-than-expected allocations for the Artemis program from Congress. However, the appeal was denied by the GAO in late July. This leads to Bezos to take the issue with the US Court of Federal Claims. NASA had halted the work on the contract with SpaceX during the lawsuit. But now the space agency is all set to resume the work on the HLS contract. The decision comes at a time when the company is having an equal share of success and scrutiny. Also, Bezos has increased his involvement in the company after stepping down from the post of chief executive officer of Amazon. The company has two successful crewed flights of New Shepard to its credit. But at the same time, it has been facing a lot of soaring employee turnover. But the company continues to work towards making the company achieve the vision of Blue Origin. The vision of Blue Origin is to make it possible for millions of people to live and work in space so that they can benefit Earth. In October, the company had announced Orbital Reef, a private space station. This will be developed in partnership with a consortium of space companies.

Ever since the outbreak of the coronavirus vaccine, there has been misinformation related to the highly infectious disease. The misinformation became widespread as soon as the rollout of vaccines started. Facebook has been taking several steps to curb misinformation on the social media platform. With the Food and Drug Administration officially giving a green signal for Covid-19 vaccines for kids between the ages of five and 11, Facebook has announced that it will roll out stricter policies to curb the spread of misinformation related to vaccines for children. The social media giant has taken several steps to put restrictions on Covid-19 related misinformation. But it had no policy that was specifically related to kids. Meta, the brand new identity of Facebook, in a blog post said that it decided to partner with the World Health Organisation and Centers for Disease Control and Preventions to tackle any misinformation related to the Covid-19 vaccine of children. The company will take strict measures to stop the spreading of misinformation on its platform. There move comes as there were several posts that claimed that there are other Covid-19 treatments available for kids. Facebook has made it clear that all such posts will be removed instantly.

Meta said that it will keep an eye on misinformation being shared on the platform. It will include everything related to Covid-19. From claims about it, efficacy to misinformation like vaccines can seriously harm or even kill children. This will include posts that claim that Covid-19 vaccines are unsafe, untested, or ineffective for children. Additionally, it will provide in-feed reminders about locations where citizens can find vaccines for children. These feeds will be available in English and Spanish languages. According to Facebook, it has removed more than 20 million feeds containing misinformation related to Covid-19 and vaccine misinformation from both Instagram as well as Facebook since the beginning of the pandemic. The company also said that it has taken down around 3,000 pages, accounts, and groups from its platform. However, these claims are totally opposite of what was clear from the leaked internal documents from Facebook. The leaked documents, also known as Facebook Papers, showed that how unprepared the social media giant was when it comes to tackling misinformation related to coronavirus and vaccines. Had it been prepared to fight misinformation related to the pandemic, it might have rolled out campaigns much earlier. This could have helped Meta in filtering more misinformation related to Covid-19 and vaccines for both adults and children.

Meta’s head of health, Kang-Xing Jin said that the partnership with WHO and CDC is part of an ongoing effort. “We have partnered with health authorities as part of an ongoing effort. So it is not about a single update on Facebook. The company will continue to update and clarify its policies. We all also keep on adding new claims related to coronavirus vaccine for children that will be removed from our platforms,” Jin said. Meta has time and again faced the heat for not being able to control the spread of misinformation on its platforms. The problem became more obvious with the spread of the Covid-19 pandemic. Under pressure, Facebook decided to implement a wide range of strict policies to reduce the number of such content. However, there are several who believe that the response by Facebook is too little too late. This is because the hashtag #VaccinesKill was functional as recently as July. It was only in July when Facebook blocked it. US President Joe Biden has accused the company of ‘killing people’ by not being able to check false vaccine claims on its platform. It is pertinent to mention that FDA has given authorization to the mRNA vaccine of Pfizer-BioNTech. The vaccine has been proved to be 90.7 percent effective in controlling coronavirus in children of age group five to 11 years. The child version of the vaccine comes in smaller doses when compared to that with adults. It will be offered as a two-dose shot with the second being administered at a gap of three weeks. No side effects or adverse events were reported during the trials.

The American chief executive officer of Barclays, Jes Staley, has stepped down with immediate effect as British regulators are investigating his relationship with disgraced financier Jeffrey Epstein. The bank said that C S Venkatakrishnan, who is commonly known as Venkat, will take over as CEO. Venkat was promoted last year to run the markets division of the bank. Earlier, he was chief risk officer at Barclays. However, the appointment is subject to regulatory approval. The bank and the outgoing CEO were made aware of the ‘preliminary conclusions’ of a probe by the Financial Conduct Authority (FCA) or the United Kingdom and the Bank of England’s Prudential Regulation Authority (PRA) recently. These preliminary findings are the result of two years of investigation into the matter. The investigation was launched in 2020. The bank also said that investigation was into how Staley had characterized his relationship with late Mr Jeffrey Epstein to the employees of Barclays. The regulators are also investigating how Barclays described that relationship in response to the FCA. However, the bank emphasized that there are no findings in the two-year-long investigation that Staley was aware of any of the alleged crimes of Mr Epstein. This was the main question that cemented Barclay’s stand to support its group chief executive when he was arrested in the summer of 2019.

“Keeping in mind those conclusions and Staley’s intention to contest them, the Board and Staley have reached an agreement that he will be stepping down from his role as Group Chief Executive as well director of Barclays with immediate effect,” the bank said. The development had its impact on the market as the shares of Barclays were trading 1.2 per cent lower after the announcement was made. Wealthy financier and convicted pedophile Epstein was arrested in July 2019. He was charged with sex trafficking by the United States federal prosecutors. However, he hanged himself a month later in a New York jail cell while awaiting trial. Barclays has maintained that the regulatory process still has to run its full course and therefore it will not be appropriate for the bank to make comments on the preliminary conclusions of the investigation. It is worth mentioning that Staley took over as CEO of the bank in October 2015. And Staley has previously said that his relationship with the convicted multimillionaire ended in late 2015. Staley has also said that ‘he regrets his relationship with Epstein.’ Before joining Barclays, Staley worked for more than three decades at JPMorgan. He served as head of JPMorgan’s investment banking division. He came in touch with Epstein in early 2000. At that time he was made head of JPMorgan’s private bank.

“He was already a client of the bank. I just tried to maintain the relationship during my time at JP Morgan. But that ended as soon as left JPMorgan,” Staley had said in February 2020. Staley has told the Barclays board that both were not in contact ever since he became CEO of the bank in December 2015. When asked to comment on the preliminary conclusions, a spokesperson for the FCA and PRA said that ‘regulators are not known for making comments on ongoing investigations or regulatory proceedings.’ There are reports that Staley has told the bank staff in an internal memo that he did not want them to be distracted from his ‘personal response’ to the investigations. “I will not be with all you of you for the next chapter of the banks’ story, but you all must know that I will be cheering your success from the sidelines,” Staley said. This is not the first time when the Wall Street veteran has run into trouble with the UK regulators. He was fined USD 870,000 by the FCA after it emerged that he had tried to identify a whistleblower at Barclays. He had tried to find out the person who had written an anonymous letter that raised concerns about the bank’s senior employee. He had apologized for that and admitted that ‘it was a mistake.’ The bank had clawed back around USD 680,000 from his 2016 pay over the incident.

Spotify has been continuously registering an increase in the number of paid subscribers. The music streaming company now has 172 million paid subscribers. This is up by around 19 percent when compared to the same period last year. Also, the number of paid subscribers has seen an increase of 4 percent when compared to the previous quarter. In the last quarter, the number of paid subscribers was 165 million. The streaming platform has also seen an upward trend in terms of monthly active users. The number of active users in this quarter is 381, which is up from 365 million active subscribers in the last quarter. These figures are in line with what the company we’re expecting in the third quarter.

The growth shows that Spotify continues to be the biggest music streaming platform in the world. Although its competitors Apple Music and Amazon Music are not very regular when it comes to releasing the number of subscribers, data collected by Music Ally has put their subscriber counts at 55 million and 60 million respectively. This is not even half of the number of subscribers Spotify has. Moreover, the company has announced that it is expecting to cross the 400 million monthly active users mark by the end of this year. Also, the company is hopeful of having 177 million premium subscribers at the end of the above-mentioned period.

The other notable thing is that the average revenue per user has increased to USD 5.03 from USD 4.98 in the last quarter. This is equal to a 4 percent year-over-year increase. The average revenue per user has increased as a result of price increases from the company. Overall, Spotify has registered a profit of USD 2.23 million in this quarter. Whereas in the same quarter last year, it had registered a loss of USD 117.3 million. Podcast advertising revenue has also contributed to revenue growth. This has increased to 13 percent from 10 percent of total revenue. The company too has said that it has seen an increase in the number of users engaging with podcasts. The amount of podcasts on Spotify has increased to 3.2 million from 2.9 million. Spotify claims that it is now the number one platform for podcasts in the United States.

The Sun Cable export initiative, which is sponsored by two of Australia’s greatest billionaires, has received formal backing from the Indonesian government, opening the door for its transit through the archipelago on its route to Singapore. The project formally called as Australia-Asia PowerLink will require up to $US2.58 billion in domestic investment, according to the Indonesian government in Jakarta. Sun Cable intends to build a solar facility at Tennant Creek in the Northern Territory using 5B’s Maverick technology. The 70-year venture, backed by tech innovator Mike Cannon-Brookes and mining magnate Andrew Forrest, envisions exporting renewable energy generated at a massive solar farm near Tennant Creek in the Northern Territory via a 4200-kilometer underwater cable, supplying clean energy to contend with imported natural gas. A massive battery would power the project, assuring a steady supply of carbon-free energy to the city-state. Sun Cable projected the cost at $30 billion or more on Wednesday, up from $22 billion earlier this year.

According to CEO David Griffin, this is owing to a major expansion of both the solar farm and the batteries, which have been increased to 17-20 gigatonnes and 36-42 gigatonnes-hours, respectively. Sun Cable intends to spend $1 billion in Indonesia throughout the project’s development phase, which will last from 2024 to 2028. Once functional, another $US1.5 billion will be spent, including a maritime maintenance station in Indonesia. The business has obtained a subsea development license and expects to complete the required environmental licensing with the Indonesian government by 2023. “One investment that is fully supported by the government is a renewable energy transmission system,” the Indonesian government said. “The Indonesian government, in partnership with Australia, sponsors one of the world’s largest renewable energy projects, the Australia-Asia PowerLink (AAPowerLink).” The government also expressed hope that the investment will enhance its performance within the ASEAN bloc in terms of meeting carbon-reduction objectives. ASEAN has set an aim of sourcing 23 percent of its energy from renewable sources. The Indonesian government expects that the project would hasten the growth of the country’s fledgling lithium battery sector. “There is a potential to buy electric cells for industrial businesses in Indonesia totaling $US600 million, or around 8.5 trillion rupiahs,” the report stated.

Exports to Singapore are expected to begin in 2028, but the financiers required to complete the project have yet to be found. Because of the project’s magnitude, it has the capacity to push the Asian region’s shift to sustainable technologies, as well as establish a new export sector for Australia, support employment, and the NT and federal economies. However, such an intercontinental underwater cable would be the world’s longest, posing huge engineering problems as well as necessitating cross-border collaboration among national governments. According to Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, the project would have a significant economic impact. Since his re-election to a second five-year term in 2019, Indonesian President Joko Widodo has made courting foreign direct investment a top goal. In the face of strong domestic resistance, his government has sought to remove protectionist policies. The Omnibus Law, which was approved last year, amended labor regulations and introduced a fund for overseas investors to engage in infrastructure. Penny Williams, Australia’s Ambassador to Indonesia, would want to see additional Australian companies follow Sun Cable to Indonesia. “Academic institutions, hospitals, training & development, and even internship possibilities are all part of this endeavor.

According to Mr. Griffin, the initiative aims to “create a step-change in the Indo-potential Pacific’s to realize net-zero aspirations and economic development powered by sustainable energy.” He stated that the project would produce up to $2 billion in exportation for Australia every year, equivalent to the dairy export sector, and would result in more than $8 billion in direct investment in Australia. The project’s previous planned capacity included a 14 GW solar power plant and 30 GWh of storage capacity, however, Mr. Griffin said increasing demand for power in Singapore and the cost advantages from a larger capacity justified the upgrading.

With the holidays just around the corner, retail giants are bracing for the surge in demand. They are also looking to hire additional employees for the busy holiday season. One such company is Walmart which is hiring around 150,000 employees for its stores across the United States. Most of the employees hired by the company would be permanent and full-time, the company said in a blog. Some positions may be filled by part-time workers. The company would also offer extra hours to employees working at various stores during the holiday season.

The announcement comes days after rival Target announced its decision to provide more work hours to its retail employees. These offers are being announced by retailers amid the shortage of manpower in the country. Apart from pay raises, retailers are offering other incentives as well. This is being done to retain the existing workforce and lure more workers. Companies are leaving no stone unturned to make sure that they would have sufficient workers during the holiday shopping season. These retailers usually witness huge footfall during this period, which starts just a day after Thanksgiving and continues into early January.

The retail giant has increased wages three times this year. After this, the average hourly wage being paid to its employees in the United States is around USD 16.40. There are some other benefits that the company is offering. Walmart has recently announced to cover college tuition fees of its employees, just like its rivals. Walmart is also looking to hire 20,000 additional permanent employees for its supply chain facilities. These hiring has been announced as more and more people are adopting curbside pickup and delivery ever since the coronavirus pandemic struck. Almost all the retail companies are facing a shortage of employees and hiring new workers ahead of the festive season is a big task for them. Earlier, Target had announced that it would hire fulfillment experts to improve the support of in-store pickup. These employees will also better the service where store workers bring customer orders to their cars.

As part of its efforts to enhance its influence in the region, China has sought to join a crucial Asia-Pacific trade deal. The announcement comes only one day after a landmark security agreement between the United States, the United Kingdom, and Australia was achieved. The United States established the deal that finally became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to offset China’s hegemony. However, former President Donald Trump withdrew the United States from it in 2017. In a letter to New Zealand’s trade minister, Damien O’Connor, Chinese commerce minister, Wang Wentao stated that China has filed its application to join the free trade agreement.

The pact’s administrative headquarters is in New Zealand. As per the Chinese Ministry of Commerce, Mr. Wang and Mr. O’Connor then conducted a conference call to determine upcoming procedures after China’s application. The initial Trans-Pacific Partnership (TPP) was pushed by then-President Barack Obama as an economic union to counter China’s growing dominance in the Asia-Pacific. The United Kingdom formally began discussions to join the CPTPP in June, while Thailand has also expressed willingness in signing the agreement. Joining the CPTPP would be a significant step forward for China, particularly after signing the Regional Comprehensive Economic Partnership (RCEP) with 14 other nations in November 2020.

The RCEP is the world’s biggest commercial bloc, with members including South Korea, China, Japan, Australia, as well as New Zealand. China’s declaration that it has officially sought to join the CPTPP comes only one day after the United Kingdom, the United States, and Australia signed a historic security treaty in an effort to offset Beijing’s dominance in the Asia-Pacific region. This deal will allow Australia to develop nuclear-powered submarines for the first time, utilizing technology shared by the United States and the United Kingdom. According to experts, the agreement, which will also encompass artificial intelligence and other technologies, is Australia’s largest defense collaboration in decades.

Toyota Tundra has been one of the most reliable vehicles ever since it was launched in 1999. It recently got a place as one of the highest quality new full-size pickup in the 2021 JD Power Initial Quality Study. The company has now unveiled an overhauled version of the pickup. Dubbed as 2022 Tundra, the full-size pickup is expected to be available at dealerships later this year. While the bolder look is clearly visible, the vehicle has been updated with new technologies and will be more powerful. But the one thing that is expected to surprise many is the engine providing more power to the pickup truck is not a V-8 engine. Instead, the company is now offering two versions of a 3.5 twin-turbo V-6 engine. Out of the two options, one is a hybrid version that will produce up to 437 horsepower and 583 foot-pounds of torque. When compared to the 2021 Tundra, the overhauled version of the vehicle will be capable of producing up to 56 more horsepower than that offered by the V-8 engine. It will also offer a 45 percent increase in torque than the previous version. The normal engine will generate up to 389 horsepower. Both the versions will be paired with a 10-speed automatic transmission.

Commenting on the new Tundra pickup truck, senior vice president of Toyota’s product development office Mike Sweers said that the company has adopted a fresh transformational approach while developing the new version of its extremely popular vehicle. “We took a fresh transformational approach in the development of new version. We cautiously mull over several things we had previously done,” Sweers said. The company would stop selling the 2021 model of Tundra with an 8-cylinder engine. The reason behind this change is that twin-turbo V-6 engines have proved their efficiency in pickup trucks. Also, several automakers are drifting towards smaller engine configurations. The reason behind it is that smaller engines have higher efficiency. Ford Motor surprised many by introducing such an engine. Termed as Ecoboost, the engine was provided in the company’s best-selling pickup F-150. The engine was such a hit that the American carmaker added other Ecoboost engines to its truck lineup. The trend is getting popular and auto manufacturers are offering alternative powertrains amid an influx of all-electric pickups. Experts feel that customers are now flexible when it comes to alternative powertrains. Customers are not running behind V-8 engines and are happy with alternatives. They are happy as long as the engine and the propulsion system are providing them whatever is required to run their truck.

The company has not released the pricing details as of now. Toyota is expected to reveal these details at a later date. It must be noted that starting price of the 2021 Tundra is USD 38,420. Toyota has shared other details about the pickup truck. The company has said that the top payload capacity of the 2022 Tundra is 1,940 pounds. It will have a maximum towing capacity of 12,000 pounds. This is an increase of 11 percent and 18 percent respectively. The 2022 Tundra will available in several bed lengths and the options would be 5.5 feet, 6.5 feet, and 8.1 feet. Continuing with the trend of offering bigger screens in the vehicles, Toyota has provided a 14-inch touch screen as an upgrade. The company has developed a new audio system that is set to make its debut with the 2022 Tundra. In terms of looks, the Tundra looks bolder and offers a more rugged design. The vehicle has a massive front grille that covers the majority of the front of the vehicle. The vehicle has sleeker headlights.

Ahead of the expected increase in coronavirus vaccine booster shots, CVS Pharmacy is looking to fill 25,000 across the United States. These people will be hired during a one-day hiring event this month. The hiring event will be held on September 24. The hiring by the Woonsocket-based pharmacy chain also comes ahead of annual flu shots. According to the company, the majority of hiring will be for “full-time, part-time and temporary licensed pharmacists, trained pharmacy technicians and nurses.” Apart from these, the company would be also hiring more retail store associates.

The announcement comes close on the heels of recommendations of an advisory panel of the United States Food and Drug Administration. The advisory panel recommended a third booster dose to those above the age of 65 years. The panel said that these people can get the Pfizer-BioNTech coronavirus vaccine as a booster dose. However, the advisory panel was not in the favour of booster shots for every eligible patient and voted against it. Commenting on the hiring, company’s executive vice preside Neela Montgomery said that the CVS always need more staffer during flu season but this year they looking to hire even more.

CVS said the new staff would help in administering Covid-19 booster shots along with supporting flu vaccinations. “While the booster shots are awaiting regulatory approval, the process to vaccinate those who are yet to receive Covid-19 jabs will continue. The new staff will also help patients who are seeking testing at our locations across America,” it said. The companies in the health sector continue to need more staff because of the continued presence of Covid-19. According to data from the Centers for Disease Control and Prevention, 83 per cent of people over the age of 65 are fully vaccinated. This means around 45 million people would be eligible for booster shots. Meanwhile, the number of positive cases is once again on the rise. This time it is mainly because of the more dangerous Delta variant of Covid-19.

Jeff Bezos has already pledged USD 10 billion to fight climate change under Bezos Earth Fund. The world’s richest man has now said that he would give USD 1 billion this year to conserve land and aquatic ecosystems. Amazon founder and chairman had started Bezos Earth fund last year and has pledged to donate the above-mentioned amount to activists, scientists, and others who are working to address the issues of climate change. The Amazon founder has set the goal of spending this fund by 2030. Following the announcement of funds for conservation, Bezos is likely to support activists working towards landscape restoration and food system transportation.

According to Bezos Earth Fund, the latest round of grants will be used to ‘create, expand, manage and monitor areas on earth that are protected and conserved.’ The fund is planning to start with the Congo Basin in Central Africa. This has been a key area of biodiversity and carbon stocks. Apart from this, the fund will focus on the tropical Pacific Ocean and tropical Andes Basin. Bezos said that the world was much better 500 years ago and efforts should be made to restore that beauty. “500 years ago, we enjoyed unspoiled forests, breathed fresh air, have clean rivers. Everything was better than today. We can and we must reverse this anomaly,” he said in a statement.

The grant has been announced but it is not clear which organization will get this. But one thing is sure that it would be prioritized in those areas where local communities and indigenous populations are the main focus of the conservation programs. Bezos Earth Fund said that there are certain other things that will be considered while giving the fund. Meanwhile, the fund has announced that it would give around USD 203 million to organizations taking forward climate justice among other causes. The fund will be given by the end of this year. The fund had awarded around USD 791 million in grants last year. This grant was distributed among 16 organizations. Among the prominent names that received the fund are the World Wildlife Fund and the Nature Conservancy.

Arizona has decided to divest state funds from Unilever over its subsidiary’s decision to stop selling its ice cream in Israeli-occupied territories. The decision is a result of anti-Israel boycott laws that bar Arizona from investing in businesses that are taking part in boycotts of Israel. The announcement has been made by Arizona Treasurer Kimberly Yee. The decision announced by Yee was mandated by a 2019 state law. The law prohibits the state government agencies from holding investments or doing business of more than USD 100,000 with any company that boycotts Israel or its territories. The state has already reduced its investment in the company, which owns Ben & Jerry’s, by USD 90 million in June. The state would reduce the investment in Unilever to zero by September 21. The information has been shared with Richard Williams of Unilever Investor Relations via an email sent by Yee. This is when Ben & Jerry’s has maintained that the decision is not a boycott. The company had announced earlier this year that it would stop selling ice cream in east Jerusalem and the West Bank by the end of 2022.

Ben & Jerry’s, which is based in Vermont, said that the company hears and recognizes the concerns shared by its trusted partners and fans. “We strongly believe that this is inconsistent with our values for the company’s ice cream to be sold in the Occupied Palestinian Territory,” the company said in a statement. Arizona seems to be the first state with such laws or regulations that are on the path of being fully divested from Unilever following the decision announced by Ben & Jerry’s. Yee said that an ultimatum was given to Unilever in August. “Unilever was warned about consequences in case it fails to comply with Arizona law. The company chose to face consequences,” Yee said. Under the law, Arizona is not allowed to invest or sign any kind of contract with anyone boycotting Israel. This is defined as any action that is intended to limit the investment in Israel. Commenting on the development, Unilever said the decision does not reflect an endorsement of the BDS movement. “Unilever acquired Ben & Jerry’s in the year 2000. It has always been the part of the acquisition agreement that we recognize and accept the decisions taken by its independent board,” the company said. The ice cream company has been insisting that it is still doing business in the country.

Laura Peterson, public relations manager for Ben & Jerry’s, said that the company is not boycotting Israel. “We are going to stay in Israel despite the fact that the company will no longer sell ice cream in the Occupied Palestinian Territory. We will very much stay in Israel but through a different business arrangement,” Peterson said. The board had earlier said that staying in the occupied territories was ‘inconsistent with the company’s values.” Israel reacted strongly to the development. The country even urged US governors to take strict action against the company under anti-boycott laws. Meanwhile, Illinois warned the company of action after the company’s board decided the move. Similarly, Florida and some other states are taking action against the company. But US groups who have extended support to Israel are divided over the move. They are not sure if taking action against the company would be appropriate. It must be noted that Arizona law was enacted in the year 2016. It was later revised in 2019.

Bill Gates has gained more control over the Four Seasons Hotels and Resorts as his investment firm Cascade has acquired a controlling interest for USD 2.21 Billion. The luxury hotel has announced that Cascade has increased its stake to 71.25 percent from 47,5 percent. As per the deal, Cascade Investments, a private investment firm founded by Gates, has purchased half of the stake belonging to Saudi prince Alwaleed bin Talal. The Saudi prince had collaborated with Gates in 2007 to take the luxury hotel chain and resort private for USD 3.4 billion. This is the first major deal of Gates since he split his fortune with ex-wife Melinda French.

Gates shared ownership of the hotel with the Saudi prince for more than a decade. But now Gates’ investment vehicle is increasing its stakes. The deal values Four Seasons at USD 10 billion. This is including the debt. According to Kingdom Holding Company of the Saudi Prince, it is hopeful of having a gain of USD 1.5 billion on 24 percent stake that it is selling to Gates’ investment firm. Four Seasons was founded by Isadore Sharp in the year 1960. Sharp would continue to have his 5 percent stake in Four Seasons, which now has over 120 hotels and resorts along with 46 residential properties in around 50 countries.

When Gates and Alwaleed bin Talal invested in the company, it was operating 74 hotels, which has now almost doubled. The hotel chain entered public markets in 1997. But the company decided to go private through a transaction under an agreement between Gates’ Cascade, the Saudi Prince’s KHG, and Sharp. Cascade is being looked after by Michael Larson who has a crucial role to play in bolstering the wealth of Gates couple over the year. It is because of Larson that the Gates couple could primarily focus on their philanthropic work. He is the one who is managing USD 50 billion endowments of the Bill & Melinda Gates Foundation.