Month: October 2023

Tata Comm aims $1 bn US business in 3 years

New Delhi: Tata Communications Ltd aims to grow its US business to $700 million-1 billion in three years, making it the company’s largest business after India, a top executive said.

Integration of its acquisition of The Switch Enterprises that has premium clients, and the contribution of enterprise clients and hyperscalers to its connectivity business are expected to drive the growth.

“After India, the US will turn out to be the second biggest market for us,” Amur S. Lakshminarayanan, managing director and chief executive officer said in an interview. He pointed to the hyperscalers and service providers it works with, and its acquisitions of Switch and Kaleyra in the US.

“Our ambition would be how we make the US business to be $700 million-1 billion business kind of a size in the medium term, which is three years,” he said.

While the company now segregates revenues for India and the international markets, it will begin to provide individual revenues for large international markets including the US in the coming quarters.

In FY23, Tata Communications posted a revenue of 18,201 crore and for the six months ended September 2023, it recorded a revenue of 9,857 crore.

Lakshminarayanan said the US market’s current contribution to overall revenue was far below $500 million, the halfway mark of the revenue expected from the American business in three years.

However, he intends to increase the share of revenue coming from international markets where it now holds a challenger position in the communications platforms and connected infrastructure solutions, with high-value, prestigious clients such as Formula One and banks.

“We are seeing increasing traction with customers across all our platforms, after the acquisitions,” he said.

Tata Communications is also investing in AI in products and solutions such as voice platforms that it provides to enterprises, where

Sparks Street: 6 businesses vandalized early Wednesday morning

Ottawa police have arrested one person after several businesses on Sparks Street were vandalized early Wednesday morning.

The Sparks Street BIA says six businesses had storefront windows and doors smashed overnight.

Ottawa police tell CTV News Ottawa that police arrested an individual around 2:20 a.m. He is facing several counts of mischief to property and appeared in court Wednesday. Police did not identify him.

Plywood was installed on the damaged windows and doors.

“We understand how difficult it can be to run a business in these trying times,” the Sparks Street BIA said on the social media site X, “and the last thing we want is for our dedicated business owners to have to deal with this. We are deeply frustrated by this and will do everything in our power to ensure the safety of businesses.”

Mike Liberty, owner of Ottawa Souvenirs, said he was devastated to see all the stores with broken windows.

“You know, we’re trying to drum up business as much as we can and with this, we had to open the store at 11:30 instead of 9:30. So, not good for business,” he said.

Ottawa Souvenirs was one of the six businesses that had its window smashed. Liberty said he’s at least happy with how quickly the plywood was put in place.

“I’m very happy with the management on Sparks Street because they acted immediately,” he said. “I was under impression that it was going to take a few days to get a glass in the window, but, like, today, the day of.”

The windows are being replaced with temporary glass. Two-pane glass is expected in the next three to four weeks, Liberty says.

“I’m very happy it’s this fast. I’ll be able to do

Microsoft’s A.I. Investment Stabilizes Its Cloud Business

Microsoft on Tuesday reported strong sales in its latest quarter, showing that its corporate customers have been shaking off jitters about spending heavily in the uncertain economy.

The results also showed early signs that the company’s investments in generative artificial intelligence were beginning to bolster sales, most notably reversing what had been slowing growth of the company’s important cloud computing product.

The company had $56.5 billion in sales in the three months that ended in September, up 13 percent from a year earlier. Profit hit $22.3 billion, up 27 percent. The results beat analyst expectations and Microsoft’s own estimates.

Microsoft had told investors that A.I. wouldn’t start producing meaningful results until after the start of 2024, when more products became widely available. The company and its competitors are racing to put generative A.I. into nearly every product they offer. Microsoft is seen by many companies as a leading A.I. provider, thanks to its partnership with — and $13 billion investment in — the start-up OpenAI, which introduced the chatbot ChatGPT almost a year ago.

Microsoft’s flagship cloud computing product, Azure, grew 29 percent, up from 26 percent in the previous quarter. About three percentage points of Azure’s growth came from generative A.I. products, including the access Microsoft provides to OpenAI’s GPT-4 language model, more than the company had told investors to expect.

More than 18,000 organizations are using Microsoft’s Azure OpenAI services, Satya Nadella, the company’s chief executive, said in a call with investors. He said that included customers who had not used Azure before.

“Azure again took share as organizations took their workloads to our cloud,” Mr. Nadella said.

Investors sent Microsoft’s share price up about 4 percent in after-hours trading. The company said that sales could increase as much as 8.7 percent in the current quarter, exceeding investor

Canada news industry body backs Google’s concerns about online news law

FILE PHOTO: The logo of Google LLC is seen at the Google Store Chelsea in New York City

The logo of Google LLC is seen at the Google Store Chelsea in New York City, U.S., January 20, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing Rights

OTTAWA, Oct 12 (Reuters) – A Canadian news industry body on Thursday lent support to some of Google’s concerns about a new law that aims to make large internet companies share advertising revenue with news publishers in the country.

Alphabet’s (GOOGL.O) Google has made a “good faith articulation of legitimate concerns” that the Canadian government should address while finalizing rules to implement the law, said News Media Canada (NMC), which represents Canada’s top newspapers, including the Globe and Mail and the Toronto Star.

“We are in agreement with many of the issues they have raised,” NMC Chief Executive Officer Paul Deegan said in a statement first reported by the Globe.

The Online News Act, part of a global trend to make internet giants pay for news, passed the Canadian parliament in June and the government is finalizing rules that are expected to be released by a Dec. 19 deadline.

Canada tried addressing tech companies’ concerns about the law in draft rules released in September, but Google and Meta Platforms META.O were not convinced.

Google has raised concerns about the law establishing links to news stories as the basis of payment and said the proposed regulations did not address problems like imposing potentially uncapped liability on the company and limits on how it can support the news industry.

“We are aligned that there should be a firm ceiling, rather than a floor on financial liability,” Deegan said in the statement.

NMC also agrees with Google that eligible news publishers must have an online presence and that non-monetary measures such as training and product can be part of the remuneration, Deegan said.

“We will continue to

US business activity ticks up while euro zone gauge fans recession fears

WASHINGTON/LONDON Oct 24 (Reuters) – U.S. business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday, underscoring the diverging path for central bankers in the two regions and fanning fears the bloc may slip into recession.

In the United States, the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures.

S&P Global said its flash U.S. Composite Purchasing Managers Index tracking both the manufacturing and service sectors rose to 51.0 in October – one point above the 50 level that separates expansion and contraction – from a final September reading of 50.2.

It was the highest level since July in the latest sign the U.S. economy is withstanding the surge in interest rates spurred by the Federal Reserve’s campaign to beat back inflation. Growth has persisted all year even as most economists until recently had expected the Fed’s 5.25 percentage points of rate hikes since March 2022 to trigger a recession and a rise in joblessness.

Later this week the Commerce Department will offer up its scorecard of economic activity for the third quarter, with economists polled by Reuters estimating gross domestic product growth was the swiftest in nearly two years in the period from July through September. The S&P Global survey suggests that momentum has carried over into the start of the fourth quarter.

“Hopes of a soft landing for the U.S. economy will be encouraged by the improved situation seen in October,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement. “The S&P Global PMI survey has been among the most downbeat economic indicators in recent months, so the upturn in U.S. output growth

Stellantis to Become a Strategic Shareholder of Leapmotor with €1.5 Billion Investment and Bolster Leapmotor’s Global Electric Vehicle Business

  • Leveraging the strengths of both companies, Stellantis and Leapmotor give birth to a strategic global relationship that aims at creating a highly competitive and highly efficient EV mobility powerhouse in China and around the world
  • Companies intend to establish the Leapmotor International joint venture designed to accelerate and expand global sales of Leapmotor’s high-tech, cost-efficient products by leveraging Stellantis’ extensive assets and commercial know-how around the globe 
  • Leapmotor is among the fastest growing Chinese pure-play new energy vehicles (NEVs) tech leaders with a unique vertical integration model and full-suite of in-house R&D and manufacturing capabilities  
  • Stellantis is one of the largest mobility companies, ranking among the most profitable and efficient automakers worldwide 
  • Stellantis will leverage Leapmotor’s tech-first EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, while remaining open to exploring further synergies with its partner
  • Stellantis’ investment enables it to acquire approximately 20% equity stake, making it a significant shareholder and giving it two Board of Directors seats

AMSTERDAM, HONG KONG – Stellantis N.V. and Leapmotor today announced that Stellantis plans to invest ca. €1.5 billion to acquire approximately 20% of Leapmotor, making Stellantis a significant shareholder. The deal also outlines the formation of Leapmotor International, a 51/49 Stellantis-led joint venture that has exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. This will be an industry-first global electric vehicle relationship between a leading automaker and a Chinese pure-play NEV OEM.

The partnership aims to further boost Leapmotor’s sales in China, the biggest market in the world, while leveraging Stellantis’ established global commercial presence to significantly accelerate Leapmotor brand sales in other regions, starting with Europe. Stellantis intends to leverage Leapmotor’s highly innovative, cost-efficient EV ecosystem in China to help meet core Dare Forward 2030 electrification targets,

Google Search, Maps, News now recognises ‘Bharat’ as ‘India’

Google has recently updated its search algorithms to recognise both ‘Bharat’ and ‘India’ as the same country in South Asia. This change is reflected across Google’s products, including Google Maps, Search, Translator, and News. If you go to Google Search and type in ‘Bharat’ you’ll see the icon of the Indian flag and the description- ‘India- Country in South Asia’.

When users search for ‘Bharat’ on Google Maps, it now displays the same results as a search for ‘India’. This is consistent across both the Hindi and English versions of Google Maps. Similarly, if you search ‘Bharat’ on Google News, you’ll see the search result as ‘India’. 

The central government of India has been gradually pushing the use of ‘Bharat’, even for its official communications. In line with this, Google has also started to prefer the use of ‘भारत’ over ‘इंडिया’ in its Hindi language services. For instance, the English-to Hindi-translation now displays ‘India’ in English as ‘भारत’ in Hindi. Other nouns for ‘India’, such as ‘हिंदुस्तान’ and ‘भारतवर्ष’, are also offered by Google Translate.

This change can also be seen as a part of a broader trend toward recognising and respecting local languages and terminologies on digital platforms. It also aligns with recent governmental changes. Last week, a railway ministry proposal to the union cabinet completely replaced “India” with “Bharat” in its entire document. 

Earlier last week, a National Council of Educational Research and Training (NCERT) committee recommended the revision of ‘India’ as ‘Bharat’ in all textbooks.  This also led to political controversy.  So far, no decision has been taken on the use of ‘Bharat’ instead of ‘India’ in CBSE textbooks. 

The inclination towards the use of ‘Bharat’ was highlighted during the G20 Summit held in the month of September, raising speculations about the renaming of ‘India’. An invitation

The Impact of Asian Trade Agreements on American Businesses

ASEAN’s rapid economic growth offers opportunities for American businesses, with a consumer market projected to exceed $4 trillion.

ASEAN’s Economic Growth Opportunities for American Businesses

ASEAN’s rapid economic growth presents a multitude of opportunities for American businesses, with a consumer market that is projected to exceed US$4 trillion and a significant increase in the middle-class segment. This makes the region an attractive destination for market diversification and expansion. To make the most of this potential, it is essential for US businesses and investors to effectively navigate the region’s trade dynamics, regulations, and market trends.

Understanding the Asian Trade Agreements Landscape

ASEAN has actively pursued Free Trade Agreements (FTAs) with various countries, creating a favorable environment for regional economic integration and trade. One noteworthy agreement is the Regional Comprehensive Economic Partnership (RCEP), signed in November 2020. RCEP includes China, Japan, South Korea, the ASEAN nations, Australia, and New Zealand, fostering stronger economic ties and increasing trade opportunities within the region.

RCEP, with its wide-ranging membership, plays a significant role in shaping the Asian trade agreements landscape. It seeks to boost finishing of products and enhance investment into countries like Cambodia, Laos, and Myanmar. American businesses and investors need to stay informed about these trade agreements and understand their implications to capitalize on the expanding economic opportunities in the ASEAN region.

ASEAN’s Efforts in Regional Economic Integration and Trade

The Association of Southeast Asian Nations (ASEAN) is a regional organization that comprises 10 member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. ASEAN was established in 1967 with the aim of promoting economic growth, social progress, cultural development and regional stability among its members.

One of the main objectives of ASEAN is to achieve regional economic integration and trade liberalization. This means creating a single market and

Top news of week: RIL board appointments, Mamaearth IPO, Israel-Gaza war, Navy veterans get death penalty and more

Wagh Bakri scion Parag Desai, 49, dies after attack by street dogs

Parag Desai, the Executive Director of the Wagh Bakri Tea Group, which owns the Wagh Bakri tea brand, passed away on 23 October. Desai fell outside his residence and suffered a brain haemorrhage on October 15 as he was trying to escape street dogs that had attacked him. Read more

Shareholders approve appointment of Isha, Akash and Anant Ambani to RIL board

The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors. The resolutions were passed through postal ballot. Read more

Mamaearth issue to open on 31 October

Honasa Consumer, which operates Mamaearth, will launch its three-day initial public offering (IPO) on 31 October, according to its draft prospectus. Mamaearth is looking to raise 365 crore in primary capital, and offer 41,248,162 equity shares for sale. Read more

Paytm CEO Vijay Shekhar Sharma launches 30 crore fund for AI, EV startups

Paytm founder and chief executive Vijay Shekhar Sharma has launched a 30-crore ‘VSS Investments Fund’ to invest in Indian artificial intelligence (AI) and electric vehicle (EV) startups. The total size of the Sebi-approved, Category II Alternate Investment Fund (AIF) is 20 crore with a green-shoe option of 10 crore, bringing the total corpus to 30 crore. Read more

Byju’s CFO Ajay Goel steps down, returns to Vedanta

Byju’s chief financial officer Ajay Goel, who was brought on board to improve the edtech’s financial compliance has quit in six months, in a jolt for the company that has attempted to streamline its finances. He will join Vedanta Ltd, his previous employer, on 30 October. Read more

Centre imposes floor price on onion exports to ensure domestic availability amid

Goldman Sachs brings $100 million rural small business investment program to Arkansas

Goldman Sachs 10,000 Small Businesses announced Friday (Oct. 27) it has expanded its $100 million “Investment in Rural Communities” initiative to Arkansas and is making a $20 million commitment to Community Development Financial Institution (CFDI) Hope Enterprise Corporation to foster job creation and help catalyze economic growth across the region.

The new initiative, which first launched in North Dakota in September, is an extension of Goldman Sachs’ successful 10,000 Small Businesses program, which it says has served over 14,000 businesses across the country for more than a decade by providing access to education and capital. The initiative plans to reach rural small business owners in 20 states in the next five years.

“We are thrilled to expand our 10,000 Small Businesses program by partnering with the University of Arkansas – Pulaski Technical College and Hope Enterprise Corporation,” said Goldman Sachs Chairman and CEO David Solomon. “Through our work together, we can provide rural entrepreneurs with the resources, education and access to capital they need to create jobs and grow the economy.”

As part of the $100 million commitment of the initiative, Goldman Sachs is partnering with Hope Enterprise Corporation to provide support to rural small business owners in Arkansas and across the region. In addition to investing in CDFIs to provide loans to small businesses, the broader initiative also provides funding for the 10,000 Small Businesses education program at local community colleges and capacity-building grants to support access to capital.

“Access to capital is a top priority for small business owners across the country,” said Hope Enterprise Corporation Bill Bynum. “We look forward to our continued partnership with Goldman Sachs to provide the financial stability that growing businesses need to thrive – in Arkansas and other under-resourced rural communities across the South.”

Survey data released by Goldman Sachs last