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Launch Date of Libra Coin Still In Doubt By Mark Zuckerburg

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In a recent interview, Mark Zuckerberg, CEO of Facebook, refused to provide any comments on the expected launch of the Libra Coin, a cryptocurrency, that was scheduled to be launched in 2020. This cryptocurrency project was started by Facebook in  2017 and was aimed to function as a global digital currency in competition to Bitcoin but with added features.

Talking in an interview with Nikkei on Thursday, Zuckerberg was asked about the expected date of the stablecoin’s (Libra Coin) arrival, to which he replied:

“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But right now I’m really focused on making sure that we do this well.”

The white paper of Libra Coin was released in June this year and since then the critics have been behind the project and have periodically. It was posed that it will pose financial stability risks but it can also be used as a payment method for crimes and will increase the financial crimes. It will pose a threat to sovereign currencies, and most countries have called for the project to be put on a halt.’

Zuckerburg gave a statement that this project, Libra, is been taken care of very cautiously by Facebook as he addressed that these projects are “sensitive for the society” and are meant to be very accurate and flawless.

The company, Facebook terms Libra project as a “Game – Changer” for the market and for the public, it will be a disruption for the existing financial payment system across the world.

Some of these systems were built in the 1960s and 70s, and while they’ve received upgrades since then, they often live on top of legacy, fragmented infrastructure.

said Zuckerberg, in the interview

The firm says that there is a need for so many intermediaries across the payment system, and Libra will prove to be a direct payment option, removing the need of these intermediaries. This will allow money to be flowing “real-time” across the world. He also added that it will also reduce the transaction costs and will be a great payment system.

Still, the question remains that when will be the Libra coin announced to be released. Let us know your views on this and if you believe that Libra will be a successful project in the comments section.

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Zomato acquire Uber Eats India in an all-stock deal

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Zomato acquire Uber Eats
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Uber Eats India has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99% i.e around Rs 2,485 crore ($350 million) in an all-stock deal.

Since launching in India in 2017, Uber Eats has struggled so much to gain market share and came third after Swiggy and Zomato. All three online food ordering have spent heavily on deals and discounts to attract customers in a highly competitive market.

 Now, Zomato will not absorb Uber Eat employees, which means they will either be absorbed in Uber’s other verticals or could face lay-off. There’s less clarity on their future roles right now. The entire deal is worth around $350 million.

This acquiring deal of Uber India by Zomato will be an attractive this will also help them  to crack Swiggy’s stronghold in the southern states. After this acquiring Uber Eats will seize to exist as a separate Uber brand in India now and all its customers will be automatically redirected to Zomato’s app. While Swiggy is little ahead of Zomato in the food delivery space right now, Uber Eats coming onboard with Zomato will try more hard to take on Swiggy, and the combined entity will capture around 50-55 per cent market share.

When it comes to the Indian food delivery market, UberEats is a distant third in comparison to its rivals Zomato and Swiggy that gets 2-2.5 million orders every day. On the other hand, UberEats only gets 2,50,000-3,00,000 orders per day. As for the value of the order, on an average UberEats witnesses $2 per order as compared to $3-4 per order for Swiggy and Zomato.

Zomato CEO said in a statement “With our expansion to 550+ cities over the last year, our continued focus on user experience and our commitment to operating excellence, we have demonstrated our ability to execute on a variety of parameters”.

Zomato has operations across 24 countries and serves more than 70 million users every month.

 

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Airtel joins Google Cloud to offer its G Suite services in India

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Airtel joins Google cloud with an aim to provide the needs of millions of Indian businesses in a rapidly digitizing economy. Airtel and Google Cloud on Monday announced a partnership that will allow the telecom operator to offer G Suite to small and medium-sized businesses (SMBs) in the country.

Airtel and Google Cloud are sharing same vision for delighting customers with great products. India with its growing economy and adoption of digital services offers one of the biggest opportunities to serve customers with innovative solutions. Gopal Vittal, MD and CEO of Bharti Airtel, said ” We are happy to strengthen our relationship with Google Cloud and building products and services together aimed at changing Indian businesses”.

The agreement will provide both huge opportunities for growth in India, which also helps India to ranks amongst the fastest-growing economies. Further Thomas Kurian, CEO of Google Cloud said “Indian companies are making a massive transformation to the cloud and we’re thrilled to partner with Airtel to support this transition. The combination of G Suite’s collaboration and productivity tools with Airtel’s digital business offerings will help accelerate digital innovations for thousands of Indian businesses”.

G Suite is a set of apps like – Gmail, Docs, Drive, Calendar and more which bring people together and help them work smarter and safer. On the other hand, Airtel currently serves over 2,500 large businesses and over 500,000 Small and Medium Business and technology startups across India.

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World Economic Forum: Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit

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Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit
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The World Economic Forum Annual Meeting 2020, will held on January 20-24, with aim to  focus on establishing stakeholder capitalism as a way of addressing the world’s greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis facing today.

As the rich and powerful person from across the globe assemble this week at Swiss ski resort to discuss about  sustainable world’, over 100 CEOs as also some union ministers and chief ministers from India would also be present there alongwith filmstar Deepika Padukone and Sadhguru.  Deepika will talk about mental health and other issues, Sadhguru will hold morning meditation sessions at the summit  attended by over 3,000 world leaders.

The 50th annual meeting of World Economic Forum beginning from Monday. US President Donald Trump, Britain’s Prince Charles, German Chancellor Angela Merkel, Afghanistan’s Ashraf Ghani and Pakistan Prime Minister Imran Khan would be also attending the meeting.

The Geneva-based International organisation for public-private partnership has said that  “The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focusing on making stakeholder capitalism and also discussing about world’s greatest challenges like income inequality and political polarization to the climate crisis we face today”.

The main aim of this meeting is to give a soild meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.

From India industry leaders like Gautam Adani, Rahul and Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran of Tata Group, Uday Kotak, Rajnish Kumar of SBI, Anand Mahindra, Sunil and Rajan Mittal, Ravi Ruia, Pawan Munjal, Nandan Nilekani and Salil Parekh of Infosys, C Vijayakumar of HCL Tech, Ajay Piramal, Rishad Premji, Ajay Singh and Pirojsha Godrej are registered.

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Doubling investments on Amazon Prime Videos in India, says Jeff Bezos

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Amazon Prime Video is getting good response in India than anywhere else, that is why the company CEO Jeff Bezos has said  he will rise its investment for the streaming service in India .

“In Japan, Germany and in America also Prime Video is doing well.  But India is doing much better than other countries”. Bezos said this on 16 January. He also said  “the world is witnessing a golden age of television, and i want Amazon to be the most talent friendly studio in the world and India features prominently in this plan.

Bezos met Bollywood celebrities at a gathering where he talked with superstar Shah Rukh Khan and director Zoya Akhtar.

The streamer, which rivals Netflix and Hotstar, also unveile seven more shows. The shows are Dilli, Bandish Bandits, Paatal Lok, Gormint, Mumbai Diaries-26/11, The Last Hour and Sons of Soil- Jaipur Pink Panthers, will soon be joining its exclusive Indian content slate.

Bezos said ” A person should not try for a successful formula in entertainment. Storytelling is an incredibly difficult art because people always looking for something new”.”This is one of those businesses which really takes human creativity. I want Amazon Studios to be all over the world. When you look at TV series today, they are really good in terms of content. They’re as good as the very best movies have ever been. And now we’re getting the best storytellers and actors to come and do work”.

“One of the hardest things that humans do is tell creating, engaging, inspiring stories. When you get it right, it can change the world,” he said further.

Amazon Prime has signed up with the majority of Indian production houses and stars for dedicated series and shows. Bezos was also meet some corporate person. Bezos added that “the Prime membership, which comes with free shipping from Amazon, has also proved great for the e-commerce service”.These are the reason we made a decision to increase in our Prime Video investments here” he said. The number of hours that people watched Prime Video had grown by six times in just two years in India, he added.

Bezos came to India on 15 January made a commitment to invest $1 billion in India over the next few years, calling it India’s decade which we have entered in.  Union Commerce Minister Piyush Goyal on 16January said that Amazon has not done any favor by committing the money.

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Jeff Bezos’s $1 Billion MSME Push Welcomed With Protests By Local Traders

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Amazon’s CEO Jeff Bezos plans to invest around $ 1 billion to help small businesses online in India and also plans to use Amazon’s size, scope, and scale to export $10 billion of Indian goods by 2025. On the other hand, angry Indian vendors plan protests against Jeff Bezos as the authorities have launched an anti-trust investigation into e-commerce platforms like Amazon and Wallmart owned Flipkart.

Jeff Bezos came down to India for a business meeting focused on the maiden edition of Amazon’s micro, small and medium enterprises(MSME). This comes in at the moment when the Competition Commission of India(CCI) on Monday announced an investigation into Amazon and Flipkart on several complaints that claim that there have been tie-ups and deep discounting practices with preferred sellers which have probably killed small businesses.

Bezos donned the traditional Indian attire to showcase his company’s commitment to be a long-term partner of India. The firm proposed investment to assist and digitize around 10 million MSMEs by providing training and enrolling MSMEs into Amazon’s programs. Along with this, Amazon will assist them to be able to work on cloud technology through specialized offers at low costs from Amazon Web Services.

Amazon also confirmed it would fully cooperate with the investigation and was confident that its operations were legal. But traders across the country planned protests during the visit demanding the government to take action against Amazon. Several merchants have accused these e-commerce giants of breaking and disregarding foreign investment rules while giving billions of dollars into discounts that have forced many traditional traders to lose their businesses.

Amazon in the past five years has invested around $5 billion in India. They even also announced to expand it’s Amazon Easy Programme and ‘I Have Space’ Programme to support local neighborhood shops as well as Kiranas. This will look into helping shops and kiranas to set up kiosks to provide guidance to customers helping them choose the right products, place orders and earn commission on sales.

These protests were actively planned in 300 cities by The Confederation of All Indian Traders that represents around 70 million small businesses. Though the CCI said that it would report within 60 days, inquiries might take much longer time as usual. Last year, Google was fined $21 million USD by CCI for abusing Google’s dominant position for creating a search bias.

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