The World Opinion

Category: Economy

  • Instagram Has Massive Child Exploitation Problem But No Arrest For Zuckerberg: Musk | Economy News

    New Delhi: Tesla and SpaceX CEO Elon Musk on Sunday came out in support of Telegram Founder Pavel Durov, saying Mark Zuckerberg should instead be arrested for “massive child exploitation” problem on his Meta-owned Instagram. The billionaire reacted after Russian-born Pavel Durov, founder and owner of the popular encrypted messaging app Telegram, was arrested in France over numerous charges related to his platform, and faces up to 20 years in prison if convicted.

    Musk said that Meta Founder March Zuckerberg has “already caved into censorship pressure”. “Instagram has a massive child exploitation problem, but no arrest for Zuck, as he censors free speech and gives governments backdoor access to user data,” the X owner posted.

    Because he already caved into censorship pressure.

    Instagram has a massive child exploitation problem, but no arrest for Zuck, as he censors free speech and gives governments backdoor access to user data. https://t.co/RTTGIaD0gA https://t.co/iPb5NIxIJN
    — Elon Musk (@elonmusk) August 25, 2024

    He further said that “It’s 2030 in Europe and you’re being executed for liking a meme”. “It is vital to the support of free speech that you forward X posts to people you know, especially in censorship-heavy countries,” the tech billionaire mentioned. In February this year, Zuckerberg apologised to the families of victims of online child sex abuse during a Senate hearing on Capitol Hill.

    POV: It’s 2030 in Europe and you’re being executed for liking a meme https://t.co/OkZ6YS3u2P


    — Elon Musk (@elonmusk) August 24, 2024

    The billionaire entrepreneur told parents that “I’m sorry for everything you have all been through. No one should go through the things that your families have suffered”. “And this is why we invest so much and we are going to continue doing industry-wide efforts to make sure no one has to go through the things your families have had to suffer,” he added.

    In May this year, Musk said that Zuckerberg-run Meta is “super greedy” at taking credit for advertisers who run campaigns on its platform. The X owner replied that “we are terrible at claiming credit, and Meta is super greedy at claiming credit.”

    The rivalry between Musk and Zuckerberg is well known. They were apparently set for a “cage fight’ some time back — dubbed as the fight of the century. However, the much-anticipated showdown between the duo was cancelled.

  • Hyundai Motor, Kia EVs Receive Top Ratings In Major Global Crash Safety Tests | Auto News

    Seoul: Electric vehicle (EV) models produced by South Korea’s Hyundai Motor and Kia have received top ratings in major global car crash safety tests, the automakers said on Sunday. 

    According to the companies, five Hyundai and Kia EV models utilising the E-GMP, Hyundai Motor Group’s proprietary EV platform, achieved the highest rating of five stars in the European New Car Assessment Programme, reports Yonhap news agency.

    The models are the Genesis GV60, Hyundai’s Ioniq 5 and Ioniq 6, and Kia’s EV6 and EV9. The same models also received top-tier ratings in crash evaluations conducted by the Insurance Institute for Highway Safety (IIHS) in the United States.

    The GV60, Ioniq 5, Ioniq 6 and EV6 were awarded the prestigious Top Safety Pick (TSP) Plus rating, while the EV9 earned the Top Safety Pick rating, indicating high levels of safety.

    In last year’s IIHS crash evaluations, 20 Hyundai Motor Group vehicles achieved TSP or higher ratings, marking the highest number among global automotive groups. The recently launched Kia EV3, which also utilizes the E-GMP platform, has not yet undergone safety evaluations in Europe and the U.S.

    “Hyundai Motor Group will continue to invest significant efforts in research and development to ensure the highest level of safety for passengers in all aspects,” a group official said.

    Meanwhile, automotive companies in South Korea are pushing forward with their new electric vehicle launch schedules despite public concerns over EV safety, with key players actively campaigning to debunk unsubstantiated myths surrounding safe charging practices.

    The latest fears surrounding EVs began after a spontaneous fire that began in a parked Mercedes-Benz EV wiped out an entire underground parking garage inside an apartment complex in Incheon, 27 kms west of Seoul, while damaging over 100 cars.

    Hyundai Motor and Kia said that their EV batteries are designed to be safe even when charged to 100 per cent, with the internal battery management system monitoring and controlling any issues that may arise.

  • Nine Of Top 10 Valued Firms Add Rs 95,522 Cr To Market Valuation; Reliance, TCS Lead Gainers | Economy News

    New Delhi: The combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers.

    Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 on Friday. Last week, the BSE benchmark jumped 649.37 points or 0.80 per cent.

    The market capitalisation (Mcap) of Reliance Industries surged by Rs 29,634.27 crore to Rs 20,29,710.68 crore. The valuation of TCS jumped Rs 17,167.83 crore to Rs 16,15,114.27 crore and that of Hindustan Unilever by Rs 15,225.36 crore to Rs 6,61,151.49 crore.

    The Mcap of Bharti Airtel rallied by Rs 12,268.39 crore to Rs 8,57,392.26 crore and that of ICICI Bank by Rs 11,524.92 crore to Rs 8,47,640.11 crore. ITC soared Rs 3,965.14 crore to Rs 6,32,364.24 crore, while State Bank of India added Rs 2,498.89 crore to Rs 7,27,578.99 crore.

    In addition, the valuation of Life Insurance Corporation of India jumped by Rs 1,992.37 crore to Rs 6,71,050.63 crore and that of Infosys by Rs 1,245.64 crore to Rs 7,73,269.13 crore.

    However, the mcap of HDFC Bank plunged by Rs 4,835.34 crore to Rs 12,38,606.19 crore. Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.

  • Work-Life Balance, Fewer Flexible Work Options, Pose Challenge For Women At Job Front: Report | Economy News

    New Delhi: Fewer flexible work options, work-life balance and family responsibilities pose substantial challenges for women trying to re-enter the workforce and are the main reasons for quitting their jobs, according to a report. A survey by Naukri.com has revealed that work-life balance poses a significant concern, as 39 per cent of the women respondents cited it as a key reason for leaving their jobs.

    “These issues pose substantial challenges for women trying to re-enter the workforce, with 41 per cent identifying a lack of flexible work options and 35 per cent highlighting family responsibilities as significant barriers to continuing with their jobs,” the report said.

    The report is based on a survey conducted by online recruitment company Naukri.com among job seekers registered on its platform. The report found that 73 per cent of women interviewed said equal opportunities exist for both men and women in employment and leadership positions, and 79 per cent of men agreed that both genders get equal chances at workplaces.

    Despite a majority of respondents viewing that workplaces offer equal opportunities to both genders, the report revealed that 24 per cent of women felt men have better growth prospects compared to only 8 per cent of men holding the same view.

    On the other hand, 13 per cent of men interviewed said women have better opportunities at the workplace, however, only 3 per cent of women shared this opinion. “Our report highlights an encouraging trend towards gender equality in the workplace, with 73 per cent of women recognising that equal opportunities do exist today.

    “It also reveals lingering challenges in areas of work-life balance and career advancement, underscoring the need for strategic interventions by industry to ensure continued progress,” Naukri.com Chief Business Officer Pawan Goyal told PTI.

    Even the gender pay gap remains an area of concern, with 31 per cent of women perceiving unequal compensation relative to 16 per cent of men. It also found that 53 per cent of respondents said that salary compensation is entirely equal for both genders in the same role.

  • Big News For Central Government Employees: Pensions Hiked To This Much Under Unified Pension Scheme | Economy News

    New Delhi: Union Cabinet approves assured 50 per cent of salary as pension for govt employees under Unified Pension Scheme. The Narendra Modi-led central government has decided to replace the New Pension Scheme (NPS) with this new plan. The scheme will come into effect on April 1, 2025.

    The decision was confirmed in a recent Union Cabinet meeting. According to Minister Ashwini Vaishnaw, the Unified Pension Scheme (UPS) will ensure a pension of 50 per cent of the average monthly basic salary over the past 12 months, aiming to provide better financial security for government employees.

    #WATCH | Union Minister Ashwini Vaishnaw says, “Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension…50% assured pension is the first pillar of the scheme…second pillar will be assured family… pic.twitter.com/HmYKThrCZV
    — ANI (@ANI) August 24, 2024

    Under this scheme, a dearness allowance will be attached to the pension to help offset the impact of inflation. Further, employees will receive a lump sum payment at the time of retirement. This payment will be an accumulated amount earned during their service which will be a fixed portion of their monthly salary and will increase with every six months of service.

    If an employee has worked for at least 25 years, they will receive a pension of at least 50 percent of their average salary from the last 12 months before retirement. In case of the pensioner’s death, their family will receive 60 per cent of the pension amount. Further, if someone leaves their job after 10 years, they will receive a pension of Rs 10,000.

    23 Million Employees To Benefit

    Approximately 2.3 million central government employees will benefit from this new Unified Pension Scheme. Employees will have the option to choose between the NPS and the UPS. The Unified Pension Scheme will also include benefits linked to inflation indexing.

  • Why Cognizant Sues Indian Tech Giant Infosys in US Court; Know the Reason Here | Technology News

    Cognizant vs Infosys In US Court: US-based software company Cognizant TriZetto has filed a lawsuit against Indian tech giant Infosys in a Texas federal court, accusing Infosys of stealing confidential information related to its healthcare insurance software.

    This comes 8 months after Infosys sent a missive to Cognizant accusing the US-based IT firm of unfair employee poaching. However, Infosys has denied all allegations levelled by Teaneck-based rival Cognizant’s subsidiary Cognizant TriZetto in Texas federal court. 

    Cognizant, headquartered in New Jersey and with 70% of its employees in India, claims that Infosys unlawfully extracted data from its databases and used this information to develop and market competing software. 

    Cognizant’s software includes TriZetto’s Facets and QNXT, used by healthcare insurance companies to automate administrative tasks. According to the complaint by Cognizant, Infosys misused TriZetto’s software to create “Test Cases for Facets,” which improperly repackaged TriZetto’s data into an Infosys product. Notably, the companies are locked in a closed combat even in the market with both companies approaching $20 billion in revenue. 

    Cognizant has requested the court to award an unspecified amount in monetary damages and to issue an order directing Infosys to cease the misuse of its trade secrets. Moreover, you will be surprised to know that the Cognizant’s Chief Executive Officer Ravi Kumar S is an Infosys veteran, having served as its president and deputy Chief Operating Officer for over nine years, with the stint ending in October 2022. 
     
    Just two before this saga, Cognizant appointed Rajesh Varrier to replace former Cognizant India Chairman and Managing Director Rajesh Nambiar, who will assume the role from October 1, 2024.  

  • Hero Launches New Bike At Just Rs 83,598: All You Need To Know | Auto News

    2024 Hero Glamour Details: Hero MotoCorp, the country’s largest two-wheeler manufacturing company, launched the updated Glamour at a starting price of Rs 83,598, ex-showroom, Delhi. This was the pricing of the base drum variant, while the disc variant costs Rs 87,598, ex-showroom, Delhi. 

    2024 Hero Glamour: Color Scheme

    The 2024 Hero Glamour introduces a new Black Metallic Silver color option, adding to the existing Black Sports Red, Candy Blazing Red shades, and Black Techno Blue, all available in both variants. 

    The new color scheme (Black Metallic Silver) features a triple-tone finish with sporty red highlights on the fuel tank, side panels, and suspension, black on the headlight, fuel tank, and fender, and silver on the side panels and tail section. Additionally, the updated model includes new hazard lights.

    2024 Hero Glamour: Features

    However, the design remains unchanged, retaining elements like the bikini fairing, large fuel tank, black 5-spoke alloy wheels, and single-piece seat. It offers a digital instrument cluster, USB charging port, and idle start-stop system, with the console displaying real-time mileage, fuel level, speed, trip meter, and more.

    It gets a 240mm disc/130mm drum brake at the front and a 130mm drum brake at the rear.

    2024 Hero Glamour: Engine

    No changes have been made to the engine. The 2024 Glamour continues with its 125cc single-cylinder, air-cooled engine producing 10.87PS and 10.6Nm of torque. With a conventional telescopic fork at the front and dual shock absorbers at the rear, the suspension setup remains the same.

  • Himachal To Launch New Flight Routes Connecting Chandigarh, Kullu, Dharamshala | Mobility News

    Himachal To Launch New Flight Routes: In a bid to further boost tourism in the state, the Himachal Pradesh government is set to introduce new flight routes connecting Chandigarh, Kullu and Dharamsala, officials said on Friday. According to the officials, the government is already in discussions with airlines and other stakeholders to launch flights on these routes.

    The direct flight between Kullu and Dharamshala is expected to significantly benefit the tourism sector, addressing a long-standing demand from visitors, a statement issued here said. Chief Minister Sukhvinder Singh Sukhu emphasised the government’s commitment to attracting high-end tourists to the state. 

    “Strengthening air connectivity was crucial to achieving our tourism goals and reducing travel time and costs for tourists is essential,” he said. “Himachal Pradesh is blessed with breathtaking landscapes and has immense potential for tourism. Systematic development of tourism infrastructure would not only increase tourist footfalls but also bolster the local economy,” CM Sukhu said.

    Four flight routes, linking a few popular tourist destinations in the state with other parts of the country, are currently operational. Fights on the Delhi-Shimla-Delhi and Shimla-Dharamsala-Shimla routes operate daily, while the Amritsar-Shimla-Amritsar and Amritsar-Kullu-Amritsar routes are operational thrice a week.

    In addition to expanding flight routes, the Himachal Pradesh government is also developing new heliports to further improve air connectivity for tourists, the statement said. “Rs 13 crore has been allocated for the construction of heliports in Rakkar and Palampur in Kangra district, Reckong Peo in Kinnaur district and another in Chamba district,” it said.

    “The hilly terrain of Himachal Pradesh makes the construction of heliports beneficial,” the chief minister. “These heliports would attract more tourists by saving travel time and they would also provide assistance to local residents in emergencies, if any,” he added.

    The more tourists we attract, the more benefits would accrue to the people of the state, Sukhu said, adding that the state government was adopting a focused approach to establish these heliports, ensuring that each district headquarters was connected to this facility.

    Furthermore, the state government has declared Kangra district as the tourism capital of Himachal Pradesh and is upgrading the necessary tourism infrastructure in the district, the statement said.

  • DGCA Fines Air India For Operating Flight With Non-Qualified Crew Members | Mobility News

    DGCA Fines Air India: The Directorate General of Civil Aviation on Friday imposed a financial penalty of Ninety Lakh rupees on Air India Limited for operating a flight with non-qualified crew members. In addition, a penalty of Rupees Six Lakhs and Rupees Three Lakhs respectively is imposed on the Director Operations and Director Training of Air India.

    Further, the concerned pilot has been warned to exercise caution to prevent such occurrences in future. Air India Limited operated a flight commanded by a non-trainer line captain paired with a non-line-released first officer which has been viewed by the regulator as a serious scheduling incident having significant safety ramifications.

    The incident came to the notice of DGCA through a voluntary report submitted by Air India Limited on 10th July 2024. Taking cognizance of this incident, the regulator undertook comprehensive investigations into Air India Limited operations including examination of documentation and spot check of Air India Limited Scheduling Facility.

    Based on the investigation, it was prima facie revealed that there are deficiencies and multiple violations of the regulatory provisions by several post holders and staff, which could significantly affect safety.

    The concerned commander of the flight and DGCA approved Post Holders of Air India Limited were provided an opportunity to explain their position vide show cause notices (SCNs) dated 22 July 2024. 

    The reply submitted by the concerned failed to provide a satisfactory justification. As such, DGCA has initiated enforcement action in terms of provisions of the extant rules, and regulations and imposed the above penalty.

  • New Revelation About SEBI Chief Madhabi Puri Buch: Same Address Of Consultancy Firm and Auditor Sparks Row | Economy News

    New Delhi: American short-seller firm Hindenburg recently released a sensational report targeting SEBI Chief Madhabi Puri Buch. In its revelations, Hindenburg levelled serious allegations against Buch, accusing her of favouring Adani’s companies for personal gain. Now, another serious accusation has surfaced, raising significant questions about a potential conflict of interest involving SEBI Chairperson Madhabi Puri Buch.

    New Revelation About Madhabi Buch

    According to a Reuters report, it was revealed that during her seven-year tenure, Madhabi Buch continued to receive income from a consultancy firm. Reuters published its report after reviewing public documents. It has now been claimed in a report that the address of the consultancy firm established by Buch is the same as that of the auditor firm responsible for auditing it.

    In other words, the auditors who reviewed the firm’s finances are registered at the same address as Buch’s consultancy. This revelation comes from documents filed with the Registrar of Companies. According to the report, Buch’s firm’s audit was handled by Shah and Savla LLP, and the address is the same as that of Buch’s firm, both located in the Ghatkopar area of Mumbai.

    SEBI Chief Under Scrutiny Again

    The documents referenced in the report are registered with the Registrar of Companies. These include the 2023-2024 balance sheet for Agora Advisory Private Limited, which lists an address in the Ghatkopar area of Mumbai. Interestingly, when the address of the auditing firm, Shah and Savla LLP, was checked, it was found to be the same. Both addresses are in Ghatkopar and mention office number 201. The report also notes that other firms established by Madhabi Buch have the same address listed.

    Husband Managing Firms After Buch’s SEBI Appointment

    Before joining SEBI in 2017, Madhabi Buch had already distanced herself from these firms. Currently, her husband, Dhawal, holds director positions in these companies. However, recent financial disclosures related to these firms have raised serious questions. For context, Madhabi Buch joined SEBI in 2017 and became its chairperson in 2022.