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  • Who is Arun Raste – The New MD & CEO of NCDEX

    On 26 April 2021, the Securities and Exchange Board of India (SEBI) has approved an appointment of the new Managing Director and CEO of the National Commodity and Derivatives Exchange Ltd (NCDEX). The new Managing Director and CEO of National Commodity and Derivatives Exchange Ltd is Arun Raste. Let’s look at who is Arun Raste, the new MD and CEO of NCDEX.

    Who is Arun Raste
    Education of Arun Raste
    Seminars
    What is NCDEX
    FAQ

    Who is Arun Raste

    Arun Raste is currently working as the Executive Director of the National Dairy Development Board (NDDB) of India. He is also serving as the director on the board of Indian Immunological Limited which is based in Hyderabad and also the director on the board of Mother Dairy Fruit Vegetable Pvt Ltd. Which is based in Delhi.

    He had earlier worked with companies such as Kotak Mahindra Bank, IDFC Bank, ACC Cement, NABARD and also a non-profit NGO IRFT.

    Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others
    There was a recent news headlines which said SEBI has slapped INR 25 crore fineon Ambani’s due to the 2000 case over the allegation of violation of thetakeover code regulations. Let’s look at the below article to get a clearunderstanding about the regulation and the reason for imposing the fine.…
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    Education of Arun Raste

    He has done a bachelor’s degree in economics and also a master’s degree in economics. He also holds a post-graduation diploma in marketing management.

    He has an interest in the areas such as BoP finance, Business Strategy, CSR, marketing, Corporate Planning and NGO management.

    Seminars

    He was invited by the United States State Department for ‘The International Visitor Leadership programme’(IVLP). He has also been part of various conferences and seminars which include the ones at UNCTAD, World Social Forum, IFAT Conference, WTO ministerial, Toyo University Tokyo, Kindai University Nara Japan, PSE Group in European Parliament, Murdoch University Perth Australia, and so on.

    He has also published various research papers in National and International Journals.

    Now he has been appointed as the Managing Director and CEO of National Commodity and Derivatives Exchange (NCDEX) for a period of 5 years.

    What is NCDEX

    National Commodity and Derivative Exchange is a commodity exchange platform in India. It is an online commodity exchange platform that provides the market participants a platform to trade in commodities and derivatives.

    NCDEX was founded in the year 2003 and has its headquarters located in Mumbai, India. NCDEX is a public limited company that is fully owned by the Government of India. NCDEX has offices in other places which include Delhi, Hyderabad, Jaipur, Kolkata, Indore and Ahmedabad.

    What is NCDEX
    What is NCDEX

    NCDEX is an leading agricultural commodity exchange in India. It offers value chain services for the entire post-harvest agricultural commodities.

    Some of the key investors of NCDEX include National Stock Exchange of India Ltd, National Bank for Agriculture and Rural Development, Life Insurance Corporation of India, Oman India Joint Investment Fund, Investcorp Private Equity Fund, Build India Capital Advisors LLP, Indian Farmers Fertilizer, Cooperative Ltd, Punjab National Bank and Canara Bank.

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    FAQ

    What is MCX and Ncdex?

    NCDEX is predominantly an exchange with leadership in the agri commodity segments, while MCX has leadership in the area of gold, metals and oil.

    Where is Ncdex located?

    NCDEX headquarters are located in Mumbai and offers facilities to its members from the centres located throughout India.

    What is full form Ncdex?

    National Commodity & Derivatives Exchange Limited is full form of NCDEX.

    Conclusion

    Earlier in this month Vijay Kumar who was the former Managing Director and the CEO of NCDEX had left the position from the exchange after the completion of his extended term. Later, SEBI had appointed Arun Raste as the new CEO and MD of NCDEX.

  • What is Stablecoin and How is it better than Bitcoin

    Stablecoins are gaining popularity in the recent years. As of May 2020 Stablecoins, were worth USD 10 billion. In certain countries like Brazil, people are preferring stable coins to their national currencies. That is during uncertain economic conditions. Let’s look at the below article for the meaning of stable coins and is stable coins better than bitcoins.

    What are Stablecoins?
    List of Stablecoins
    Real-world Applications of Stablecoins
    Why is it better than bitcoin?
    FAQ

    What are Stablecoins?

    Stablecoins are a new group of cryptocurrencies. The name itself gives the meaning which says stable. Stablecoins are cryptocurrencies that attempt to offer stability in the price movement. They are backed by a reserve asset.

    It is a cryptocurrency that is tied to an outside asset such as U.S Dollar, Gold, or any other asset to stabilize the price. Stablecoins have gained fiction as they attempt to offer the best of both the worlds such as the privacy of payments of cryptocurrencies and the instant processing plus the volatility-free stable valuations of fiat currencies.

    The popularity of stable coins has risen so far that the headlines of the crypto market in recent months have Stablecoins in it. They are primarily developed to minimize the volatility of the price.

    List of Stablecoins

    Fiat-collateralized Stablecoins

    This type of Stablecoins is the ones which have its underlying value derived from a fiat currency or in simple words the Stablecoins are pegged towards certain country’s currency such as U.S Dollar, Euro, Yen, etc.

    One of the well-known fiat collateralized stable currency is Tether which is shortly known as USDT. This Stablecoin is pegged to the value of the U.S dollar in the ratio 1:1. This means that 1 Tether is equal to the value of 1 U.S Dollar.

    Another example of a well-known Stablecoin is Gemini which is shortly known as GUSD. This Stablecoin is pegged to the value of the U.S dollar in the ratio 1:1. This means that 1 Gemini is equal to the value of 1 U.S Dollar.

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    Non-Collateralized stablecoins

    Non-collateralized Stablecoins are not backed by any asset classes. These Stablecoins run on certain algorithms which will manage the supply and demand of these coins and keeps the prices stable. Some examples for Non-Collateralized Stablecoins are CarbonUSD which is also known as Carbon and kUSD which is also known as Kowala.

    Types of Stablecoins
    Types of Stablecoins

    Commodity-Collateralized Stablecoins

    Some Stablecoins are backed to certain precious metals such as gold, metals, or commodities such as oil. These Stablecoins are known as commodity-collateralized Stablecoins.

    One of the well-known commodity-collateralized Stablecoin is Digix that has its short form as DGX which is backed by the commodity Gold. This means that 1 DGX is equal to 1 gram of Gold on the ETH network.

    One of the other examples of commodity-collateralized Stablecoins is Tiberius Coin which has its short form as TCX. The Stablecoins are backed by the combination of 7 different metals which is commonly used in the development of hardware technologies. The idea behind pegging it towards the 7 metals is as these metals are extensively used to make technology will indirectly increase the value of TCX.

    Crypto-Collateralized Stablecoins

    These are stable coins which are pegged against different cryptocurrencies. Crypto-collateralized Stablecoins will always be in the 1:1 ratio through over-collateralization.

    BitUSD is a well-known Stablecoin which is crypto-collateralized token, that is collateralized towards a cryptocurrency named Bitshares.

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    Real-world Applications of Stablecoins

    Day-to-day currency

    Stablecoins can be used as fiat currency that can be used as a mainstream payment. It has an additional benefit of being a virtual coin. It is legally backed and secured as well. These are also very useful for overseas payment as no conversions of fiat currencies and can be used irrespective of the country or place.

    In streamlining P2P payments

    You can use Stablecoins as an ideal payment option for loan payments, rent payments, subscriptions and more as it is irreversible, traceable and transparent.

    Protection from local currency crashes

    On an average the prices of goods keep doubling every few weeks. Stablecoins are used as a replacement to maintain fiat currencies from crashing in value.

    Stablecoins will offer notable solution to all these problems by allowing them to quickly exchange their fiat currency into a stable currency. Thus, it prevents them from further price drops.

    Why is it better than bitcoin?

    Stablecoins provide stability and it is one of the major reasons why it is better than bitcoins as the world looks at stability. Stablecoins also ensure faster transfer of money across different locations. Stablecoins can also replace fiat currencies in certain countries where their currencies are unstable.

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    FAQ

    What is an example of a Stablecoin?

    Tether (USDT) is a Stablecoin, So named because it “tethers” itself to the value of the USD, Tether is the most well-known Stablecoin in the crypto world. It’s backed by gold, traditional currency and cash equivalents.

    What is Stablecoin used for?

    Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity’s price such as gold.

    Can Stablecoins increase in value?

    Fiat-backed stablecoins are considered to be the most stable of stablecoins, but this stability doesn’t make them a very profitable long-term investment and their value is unlikely to increase significantly over time.

    Conclusion

    We may see stablecoins demand increasing in the future and will even be able to see much more stablecoins coming up in the future.

  • How did Upstox suffer a data breach and What does it mean for the users

    Upstox is the leading discount broker in the country. Upstox was formerly known as RKSV technologies. Upstox is backed by some of the top investors in the country which include Tiger Global and Ratan Tata. The company has nearly 30 Lakh users making it the second-largest stockbroker in the country.

    Over the last few years, Upstox has increased its client base and ramped up its operations because of the easy availability of Smart Phones and cheap data prices. Recently Upstox had signed up with the Board of Cricket in India to be one of the sponsors of the Indian Premier League (IPL)

    The company has announced and passed on an alert to their customer of the data breach. Let’s look at the further details of the data breach.

    How Upstox suffered a Data breach
    Measures taken by Upstox
    Measures taken by Upstox for the customers
    Funds and Securities of the customers
    FAQ

    How Upstox suffered a Data breach

    Retail broking firm and one of the leading discount brokers of the country Upstox had alerted its customers that there has been a data breach in the company. They have told that details such as contact data and KYC details of the customers have been breached.

    A spokesman of the company through an email statement had said that the hackers’ group has put the sample of the data on the Dark Web. The spokesman of the company added on saying that for now, the company is not exactly sure about the certainty of the number of customers whose data has been exposed.

    It is estimated that around 25 lakhs of its customers KYC data and contact numbers have been gained access by the hackers. This incident has happened in the midst of data breaches in some of the leading domestic companies and global giants such as LinkedIn, Facebook and Mobikwik.

    Upstox Data breach
    Upstox Data breach

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    Measures taken by Upstox

    The company has said that they had received receipts of emails that claimed unauthorized access to their databases. In response to it, the company has appointed a leading international cyber-security firm that will investigate the possibilities of the data breach of KYC details of customers. They would investigate on the KYC data stored in third-party data warehouse systems.

    The spokesman of the company has added that as a proactive measure the company has taken steps to initiate multiple security enhancements which will particularly concentrate on the third-party warehouses.

    The company has also taken steps to increase real-time monitoring to 24/7 and adding an additional ring-fencing to its network said the spokesman of the company.

    He added that the company has ensured to restrict the access to the databases which has impacted in the breach. The company has also added multiple security enhancements at all third-party warehouses.

    Upstox has taken measures to speed up its bug bounty programme to encourage the ethical hackers to stress-test its systems and protocols. This is a step taken by the company where it makes ethical hackers to hack into their systems to understand the vulnerabilities and identify the problems in the safety of the company’s data. This activity will be undertaken from time to time in regular intervals.

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    Measures taken by Upstox for the customers

    The company has taken an abundant caution towards the security of the customers. The company has taken the initiative to provide a secured password reset through OTPs for all its customers. The company has said that they take the safety of customers very seriously.

    The CEO of the company Ravi Kumar has said that this time the company has strongly fortified its systems to the most highest standards to ensure higher safety.

    The company has always made the customers to use unique passwords that are strong. They have ensured that the customers would change their passwords in regular intervals and stressed on not to share their OTPs with anyone.

    The company has said that it has also taken steps to warn the customers about the online frauds and to double-check the legitimacy of the links and senders. They have asked the customers to keep a check on the OTPs they receive and the ones they have requested.

    Upstox has always asked its customers to report and alert the service providers if they notice such activities.

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    Funds and Securities of the customers

    The spokesperson of Upstox has said that, the funds and securities of all Upstox customers are safe and have been protected by the company.

    Ravi Kumar who is the CEO and Co-founder of the company has also tweeted about it saying that funds and securities of the customers are protected and kept safe by the company.

    FAQ

    Is Upstox funded by Ratan Tata?

    Yes. Upstox is an online discount stock broker backed by funding from Mr. Ratan Tata. He held 1.33% stake in the company As of Jan 2020.

    Who is owner of Upstox?

    Founders of RKSV Securities (Changed to Upstox Later) are Ravi Kumar, Raghu Kumar and Shrinivas Viswanath are the owner of Upstox.

    Is Upstox SEBI registered?

    Yes, It is registered with the Securities & Exchange Board of India (SEBI) as a stock broker.

    Conclusion

    These are the steps taken by Upstox regarding their data breach.

  • Can Epic Games win the Legal Battle Against Apple

    A trial is being set for May 2021 for the lawsuits and legal filings between Apple and Epic Games. We may finally be able to see a conclusion for the lawsuits and filings.

    There have been a couple of lawsuits between these two corporations. All the issues started over when epic games found a way to avoid paying 30% of fees charged by Apple on its app store. Let’s look at all the lawsuits and legal filings which has happened to date by Apple and Epic Games.

    Epic Games Circumvention
    Fortnite Delisted from Stores
    Epic Games Response to Apple
    Epic Games sues Apple
    Microsoft’s support for Epic Games
    Judgment by the U.S Court
    The Next Trial
    FAQ

    Epic Games Circumvention

    The entire issue started back on 13 August 2020, when Epic Games had introduced an update for its gaming app Fortnite on iOS and Android devices. The new update gave the users an option to purchase V-bucks directly from Epic Games rather than doing it through App store on iOS devices or the play store for Android devices.

    Generally, when you purchase anything on the app store or Google play store, Google and Apple will charge 30% as a transaction fee. But with the new update for Epic Games gaming application, they had found a way to avoid paying 30% transaction fees to both Google and Apple.

    This reduced the price for users to purchase V-bucks at a cheaper price as they dint have to pay 30% of the transaction fee to Apple or Google.

    Fortnite Delisted from Stores

    Apple responded quickly. They gave an incredibly quick response on the same day that is 13 August 2020. Apple immediately delisted Fortnite from the app store. Soon after that, even Google followed the same by removing the app from the Google play store.

    It was an unexpected move from Apple as the company was taking its major source of revenue from one of the most popular games in the world.

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    Epic Games Response to Apple

    In no time Epic Games had released a response for Apple’s delisting. A 1984 Fortnite video was aired by Epic Games on the same day in which Fortnite Parodied an Apple ad. The ad communicated a warning of the big corporations having dominance over life.

    1984 video is considered to be a statement from Epic Games. It was positioning itself as a corporation that can fight another corporation against its dominance in the market. After the delisting of Fortnite Epic Games took the fight directly to Apple.

    Registered users of Fortnite worldwide
    Registered users of Fortnite worldwide

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    Epic Games sues Apple

    Epic Games filed a lawsuit against Apple in California. Epic Games strongly stated that it would build launch its own app storefront on the iOS devices. Epic Games stated that they felt obliged to charge extra for their V-bucks due to the extra transaction fees charged by App store.

    Epic’s lawsuit is concentrated on launching its own app storefront on iOS devices. This is expected to be a separate from Apple’s app store and this would open opportunities for other developers as well.

    Microsoft’s support for Epic Games

    Microsoft had indicated its support for Epic Games lawsuit against Apple. This was mainly concentrated on Apple’s decision to block Epic Games from accessing the Unreal engine and updating it for iOS devices.

    Microsoft alleged that this would have a really big impact on the games on iOS devices and that relied on the Unreal engine. It meant that the games which used Unreal Engine will not receive any more updates.

    Microsoft Backed Epic Games
    Microsoft Backed Epic Games

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    Judgment by the U.S Court

    Later in August, a judge ruled in favor of Apple but for a temporary point of time. The U.S district court Judge ruled that Apple did not have to immediately reinstate Fortnite into their app store.

    The Judge also stated that Apple could not stop Epic Games from accessing the Unreal Engine. The Judge provided permission for Epic Games to continue providing updates for its Unreal Engine, even though Fortnite was not reinstated in the app store.

    The Next Trial

    It was later announced that Epic Games and Apple would move to the court for the next trial which will be held on 3 May 2021. This trial will be concentrated on exploring Apple’s dominance as a monopoly over the distribution of apps.

    The trial would be in the limelight for the reasons such as whether one of the most popular games in the world would return back or will ever be able to return back to the iOS devices.

    The other reasons would include whether Epic games would be able to maintain their access towards the Unreal Engine and whether a third-party apps storefront can be launched on the iOS devices other than the app store.

    FAQ

    Why was Epic Games removed from app store?

    Epic Games took the unfortunate step of violating the App Store guidelines that are applied equally to every developer and designed to keep the store safe for our users. As a result their Fortnite app has been removed from the store.

    Is Fortnite banned on Apple?

    Apple has banned the popular mobile game Fortnite amid a legal battle with its publisher, Epic Games, but the iPhone maker’s customers may soon be able to resume playing the title.

    What is V bucks?

    V bucks is an in-game currency that can be spent in Fortnite Battle Royale, Creative, and Save the World modes.

    Conclusion

    We will have to wait and look forward for the next trial to analyze all the answers and solutions for the above reasons and this lawsuit of Apple and Epic Games is expected to have a really huge consequence to be faced throughout the gaming industry.

  • Reasons Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others

    There was a recent news headlines which said SEBI has slapped INR 25 crore fine on Ambani’s due to the 2000 case over the allegation of violation of the takeover code regulations. Let’s look at the below article to get a clear understanding about the regulation and the reason for imposing the fine.

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997
    What Happened with the Ambani family?
    Adjudication Order and SEBI
    Fine To be Paid by Ambani Family
    SEBI and Ambani
    FAQ

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997

    According to the Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997, If a company’s promoter group acquires more than 5% of the voting rights in the company, during a financial year. Then the company will have to make an open offer to the minority investors which will give them an option to exit the company if required.

    What Happened with the Ambani family?

    SEBI has fined the Ambani family which include Mukesh Ambani, Nita Ambani, Anil Ambani, Tina Ambani and the various other firms linked to the Ambani group. It is because they have been alleged for violation of the takeover code regulations in 2000.

    The case is because of the increase in the promoter stake of the Reliance Industries Ltd. (RIL) which is during January 2000. The promoter stake in the company was increased after the conversion of various warrants which was issues during 1994.

    In January 2000, the promoter stake of Reliance Industries Ltd (RIL) had increased to 6.83% from the maximum limit of 5% according to SEBI. Securities Exchange Board of India has even alleged that the company or the promoter group had failed to make an offer to the minority investors providing them an opportunity to exit the company.

    SEBI has said that the promoter group of Reliance Industries Ltd had failed to make an open offer as required under the norms issued.

    SEBI has said that in the instant case the violation was not just committed for a particular year or once and for all but it continues till date, that is even now the promoters of Reliance Industries have the majority voting rights in the company.

    Total debt of Reliance Jio Infocomm Limited from financial year 2017 to 2020
    Total debt of Reliance Jio Infocomm Limited 

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    Adjudication Order and SEBI

    In an 85-page adjudication order it was written that the violation of the statutory provisions by which the acquisitions of securities giving the notices that is the Ambani family has provided enhanced control by the exercise of voting rights, etc.

    Which is a disobedience against the regulation and these are violations which are being continued so long as the voting rights are acquired by violating the letter and the spirit of the law.

    SEBI has said that the notices have been alleged because they have been failed to make a public announcement, when they were acquiring more shares of the company to increase the promoter holdings. This has led the other shareholders to be deprived of their statutory rights and opportunity to exit from the target company.

    This has led the promoter group of Reliance Industries Ltd to breach the provisions of Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997. All these charges against the notices will make the instant matter grave.

    The SEBI order has said that it has been difficult to ascertain the value of the unfair advantage made by RIL promoter group due to this violation.

    SEBI had said that while determining the amount of penalty they have not found any amount which can be expressed as figures or any data which can be used to record the gain received by the promoter group because of this violation and the amount of loss which has been caused to the minority shareholders in the company as a result of the default that was committed.

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    Fine To be Paid by Ambani Family

    Under Section 15H of the SEBI Act which was amended in October 2002, a maximum penalty of INR 25 crore or three times the number of profits made out of the failure is allowed.

    The Regulator has said that the penalty of INR 25 crore will have to be paid together by the 34 individuals who are named in the SEBI order which includes the mother of Mukesh Ambani and Anil Ambani and even the children of Mukesh Ambani and Anil Ambani. The amount is said to be paid within 45 days.

    SEBI and Ambani

    In November 2020, in reply to the regulator SEBI said the Ambani family that the issue of warrants and the issue of shares on conversion of warrants were not to subject to SEBI’s Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997.

    The Reliance promoter group had responded to SEBI saying that the initiation of the adjudication proceedings in the particular case with a large misappropriate delay was unreasonable, arbitrary and causes substantial prejudice to the notices.

    FAQ

    What is the number of Mukesh Ambani in world richest person?

    Reliance Industries (RIL) Chairman Mukesh Ambani is the eighth richest person in the world with a fortune of $83 billion, according to the Hurun Global Rich List 2021.

    Who is the CEO of Jio?

    Atul Kansal is the current CEO of Jio.

    How much did Ambani earn in lockdown?

    According to the Oxfam report, Ambani earned Rs 90 crore per hour during the coronavirus pandemic.

    Conclusion

    The market regulator had issued the show cause notices (SCN) regarding this matter in February 2011. That is almost 11 years after the allegation of violation.

  • Everything you Need to know about recent Facebook Data leak

    On 2 April 2021, around 533 million Facebook users data were leaked in a low level hacking forum. The published information includes Phone numbers and personal data. The data was leaked online and uploaded for free in low level hacking forums.

    The data breach was found by the co-founder and the Chief Technical Officer of Hudson Bay, Alon Gal. Hudson Bay is a cybersecurity firm. He found the cache of the leaked data online on 3 April 2021.

    Leaked data
    Previous Data Breach of Facebook
    Various possibilities to misuse the data
    Legal Solution in India
    FAQ

    Leaked data

    According to Alon Gal, all your details on Facebook which include your name, occupation, gender, marital status, relationship status, the date of joining on Facebook, the place where you work, the date of joining your occupation, your Facebook bio, etc. He said in some cases even your Email ids and Phone numbers would have been leaked on the internet.

    It is said that the exposed data includes the personal information of 533 million users across 106 countries. It is estimated that 36 million personal information has been leaked from the U.S, 11 million users personal information has been leaked from the U.K and around 6 million users personal information has been leaked from India, 8 million personal information from Brazil 3.8 million users personal information from Bangladesh, 1.2 million users personal information from Australia, etc.

    These are some of the major countries whose users data have been released on the internet.

    Previous Data Breach of Facebook

    This is not the first time the data from Facebook has been leaked on the internet. In the year 2019 the same data, the data of 419 million users was leaked. It was being sold on telegram an instant messaging platform by charging a fee of $20 per search.

    2019 Facebook Data Leak
    2019 Facebook Data Leak

    Similarly, the data was leaked in the month of June 2020 as well. Now the data has been leaked again and this time anyone who requires the data can access it for free from low level hacking forums. It is easily accessible to any individual who can misuse it.

    Alon Gal has said that he discovered the leaked data in the month of January 2021 for the first time. It was through an advertisement by a hacking forum of an automated bot. The automated bot could provide phone numbers for hundreds of millions of Facebook users in return for a particular amount of money.

    The Motherboard had reported on that bot’s existence during that point of time and also verified that the data was legitimate. He added that if you have a Facebook account then it is extremely likely that the phone number you used for your account was leaked online. Cyber researcher Dave Walker confirmed that Mark  Zuckerberg’s  data was also leaked that revealed that he uses its competitors Signal messaging app.


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    Various possibilities to misuse the data

    The leaked data is easily accessible by anybody on the internet. It can be used on different individuals for various cybercrimes. The details can be used and exploited by advertisers to target their set of customers to push targeted advertisements.

    The data can also be used by hackers to perform hacking attempts or social media engineering attacks. In simple terms, they can use your data to hack your social media profiles. Even an individual with the basic level or underdeveloped data skill can use the leaked data to perform certain Cybercrimes.

    In the year 2018, it was said that the political firm called Cambridge Analytica had mined the data from 50 million Facebook profiles. The firm had mined and gathered the data and later used it to help the political candidate from across the globe to target their candidates and making them win the elections. This was also covered in a Netflix documentary – The Great Hack.

    2018 Facebook-Cambridge Analytica Scandal
    2018 Facebook-Cambridge Analytica Scandal

    This was revealed after the backdrop of the U.S presidential elections of 2016 and the referendum of Brexit.

    According to Alon Gal, the leaked data could provide valuable information to cybercriminals who use people’s information to scam them or impersonate them into handing over their login credentials.

    He also said that the huge information and the phone numbers which are leaked on the internet will lead certain bad actors to easily take advantage of the data.

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    India is yet to have a strict data protection regulatory bill. Several countries in the West have Data Protection Regulation. In India, a bill names the Personal Data Protection bill is yet to be passed in the Lok Sabha. It has been pending since 2019.

    The bill is said to contain certain provisions regarding to the breach of personal data. However, one can rely on sections 43A and 72A of the Information Technology Act of 2000. This article provides compensation in the case of improper disclosure of personal information.

    From a security point of view, there is nothing much Facebook can do about the data leak of the users since it is already leaked on the internet and it has affected the users said, Alon Gal.

    FAQ

    How did Facebook leak data?

    The recent data breach is believed to relate to a vulnerability which Facebook reportedly fixed in August of 2019. While the exact source of the data can’t be verified.

    How to check if your Facebook data was leaked?

    haveibeenpwned.com is a site developed by Australian web-security consultant Troy Hunt, where you can enter your phone number or email address and see the result.

    How does Facebook make money from data?

    Facebook  makes most of its money by serving ads on the social media and messaging platforms it owns — Facebook, Messenger, Instagram, and WhatsApp. Advertisers pay Facebook to make their ads visible to people.

    Conclusion

    Alon Gal added on saying that what Facebook could possibly do is notifying users, so that they could stay cautious on certain phishing schemes or frauds using their personal data.

  • How Major Social media platforms are Rivaling Clubhouse

    Clubhouse has been in the limelight since its launch last year. The app has got 12 million downloads since its launch. It has been extremely popular and is growing rapidly.

    The popularity and the growth of social media app have led the other social media apps in the market to come up with rival apps or new features for the clubhouse. Here is the list of companies that will soon launch rivals for clubhouse.

    Twitter Spaces
    Facebook Clone
    Spotify
    Slack
    Linkedin
    Discord Stage Channels
    Telegram’s Voice Chats 2.0
    FAQ

    Twitter Spaces

    Twitter has launched a new feature on their platform which is called Twitter Spaces. This feature will let users have live audio conversations with their followers. The new feature is still in the beta stage. The social media platform has been collecting feedback from the selected people chosen for the testing.

    The Twitter users on both IOS and Android can now join and talk in the audio conversations which are called spaces. You won’t be able to host your own space unless you are one of the individuals who is selected for the testing stage.

    Facebook Clone

    Facebook is reported to be working on developing a clubhouse rival which is called Facebook Clone. The CEO of the company Mark Zuckerberg had hinted about it during a conversation on clubhouse. According to the New York Times, the work began after the executives of the company had asked their employees to work on developing something similar to Clubhouse. Facebook hasn’t yet released any details about the app.

    There was a recent tweet by the engineer of Facebook Alessandro Paluzzi about the mockups which was created by the engineers of Facebook. The leaked mockups show how the app may look like.

    Facebook Audio rooms
    Facebook Audio rooms 


    The mockups look similar to the rival app Clubhouse. The company has told that the leaked images won’t be the exact reflection of its finished product. The new app is expected to provide the features such as broadcast live, creating a video room with friends, start private rooms, etc.

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    Spotify

    Spotify had earlier announced that they were buying Betty Labs which is the creator of Locker Room. Locker Room is a social audio app that is focused on sports. The company has not disclosed the amount spent on acquiring but Spotify has said that it was planning to change the name of the app.

    The app is expected to have the features such as live broadcasts in certain categories like music and cultural programmes. They are also planning to host live discussions with celebrities.

    Slack

    Slack had started to experiment with the audio feature from the last year. They tried to mimic a feature on how workplace teams hold hallway conversations through impromptu. The CEO of Slack, Stewart Butterfield said that the company was taking a page from the clubhouse. He said that through the clubhouse app.

    The new audio feature will be an addition to the existing features and services of Slack.

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    Linkedin

    LinkedIn is also reportedly working on a rival app for clubhouse. However, the company claims that their app would be different from those developed by the other companies. They said instead of concentrating on social connections, the app is expected to focus more on its services that will host conversations which are professional.

    LinkedIn says that the audio feature which is being developed will be for the people who feel that they would want more ways to communicate with their connections.

    Discord Stage Channels

    Discord is a gaming chat app. It gained popularity with the game among us where people use Discord to converse with their teammates. Recently Discord has launched a new feature that is similar to Clubhouse. This feature lets users host audio group conversations.

    Discord Stage Channel
    Discord Stage Channel

    The new service is called Stage Channels. The new feature mainly focuses on the users to host reading clubs, interviews, or karaoke. Stage Channels also have a feature that lets the room moderator to select who speaks as well remove, add or block a particular participant.

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    Telegram’s Voice Chats 2.0

    Recently even the messaging app Telegram has updated its existing live talk service. The new service is called as Voice Chats 2.0 and it has a feature that is similar to clubhouse. The new update lets you host public chats for an unlimited number of people.

    It has a feature that is similar to clubhouse which lets the participant to click a button to raise their hand. This will provide an alert to the chat administers so that they can let you speak.

    FAQ

    What is clubhouse app used for?

    Clubhouse is a social networking app based on audio-chat. Users can listen in to conversations, interviews and discussions between interesting people on various topics.

    Who founded clubhouse?

    Paul Davison is the Co-founder and CEO of Clubhouse.

    Where is clubhouse based?

    Clubhouse is a San Francisco-based app run by the company Alpha Exploration Co.

    Conclusion

    These are some of the apps which have been working or already have launched apps similar to clubhouse. The popularity of clubhouse has let the industry to come up with similar mobile applications or added features to their existing apps.

  • Why LG is Shutting down its Mobile Business after 26 years

    LG is a South Korean company that was one of the leading manufacturers of mobile phones. The company has maintained the No 3 position in the manufacturing of the smartphones for a very long time. The company has been finding it hard to maintain its financial position and to increase the sales of the mobile phones amid the competitors.

    Recently the company has announced that it is going to shut down the mobile phone business. Let’s look at why the company has decided to shut down its mobile phone business.

    Statement released by LG
    Reason for the shut down
    LG Failed to make its mark
    Future of LG customers
    Future of LG Employees
    Future Plans of LG
    FAQ

    Statement released by LG

    On 5 April 2020, LG had announced that it will shut down its mobile phone business. The South Korean firm LG had said in a statement that their Board of Directors had approved the decision to discontinue the business.

    This unsurprising move from the company comes after its statement in the month of January, where LG had told that it was trying to review the direction of their smartphone business. The company has announced that it will close down its mobile business worldwide.

    LG has become the latest legacy phone to exit the mobile phone making business. The company said that it will shut down its mobile phone business by the end of July.

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    Reason for the shut down

    The company has been struggling to compete with the global competitors such as Apple, Samsung, One Plus, and Xiaomi who dominates the mobile phone market. Apple and Samsung are the only brands that have maintained their sales over the years in this market.

    Even the legacy phone brands such as Nokia and Blackberry have faced a lot of struggle and have lost their market domination. LG had failed to keep their products with the competitors and the new players are providing smartphones with better software and Operating systems at a reasonable price.

    In 2007, LG was the fifth biggest smartphone maker globally. This was when the first iPhone was launched and went into sale. In the fourth quarter of 2020, LG couldn’t get ranked in the list of top whereas Huawei which is struggling because of certain US sanctions has managed to be in the fifth position.

    LG Failed to make its mark

    Over the past decade, it became harder to get consumer attention in mobile because of the growth of Android phones. LG had been experimenting with a lot of innovative designs in the last couple of years to attract the consumers.

    LG continuously focused on two segments in the market which were high-end and mid-range smartphones. These two segments have become very competitive in the past decade because of the Chinese smartphone manufacturers such as Huawei, One Plus, Oppo, Xiaomi, and Vivo.

    These companies have been releasing new models with software updates and the latest camera feature phones every often.

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    Future of LG customers

    LG has told that it will continue to sell the smartphones as long as their already manufactured and stored inventory is exhausted. The company also said that it will continue providing services to their existing customers such as software updates, customer support, etc. for a period of time. They said that it would differ from one particular region to another.

    On the request towards the company’s US business on how long will LG provide services to US customers did not receive any reply. A representative of AT&T has told that they are aware of LG shutting down their mobile phone business and added on saying that they would continue to support the people who use LG devices on their network as LG makes this move. This step is taken by AT&T as a commitment towards their customers.

    Number of smartphones sold to end users worldwide
    Number of smartphones sold to end users worldwide

    Future of LG Employees

    It is said that LG will likely lay off some of their workforce. Some of them would probably be transferred to the other sectors of LG’s business. The company has a lot of employees around the world as it has phone manufacturing centers in China, Vietnam, and Brazil.

    The company is trying to repurpose its manufacturing facilities to be used for the manufacture of other products. Even closure of these facilities is a possibility. They said that the status of their workforce that is involved in the phone business will be decided at their local level.

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    Future Plans of LG

    In the coming years, LG is planning to concentrate on leveraging their expertise in the mobile industry and to develop and work on building mobility-related technologies such as 6G to strengthen their competitiveness in various other business areas.

    The company has plans to retain their core technologies that they had developed during the two decades of their mobile manufacturing business. The company is planning to apply it to their existing and future products.

    The company has plans to focus more on its smart home products from smartphones. LG is one of the biggest providers of smart home products globally. The company is further planning to concentrate on electric vehicle components, Artificial Intelligence, robotics, business-to-business products, and other connected devices.

    FAQ

    What does LG stand for?

    The company’s original name was Lucky Goldstar but it has become more synonymous with the company’s tag line “Life’s Good”.

    Is LG going to stop making phones?

    LG has released a statement saying that it is getting out of its mobile phone business to focus on other products and services.

    Is LG is an Indian company?

    No, LG is an South Korean multinational conglomerate corporation founded by Koo In-hwoi.

    Conclusion

    LG’s poor financial performance in their smartphone business and the information regarding it has been public for the past few years. Just like other legacy phones even LG has failed to retain in the mobile manufacturing business and to turn things around.

  • Mastercard to invest $100 million in Airtel Africa’s Mobile Money

    The global payments giant Mastercard has announced that it will invest $100 million in Airtel Africa’s mobile money business which runs under Airtel Mobile Commerce BV (AMC BV). Let’s look at the information regarding the deal and the future plans of the company.

    What is Airtel Mobile Commerce BV
    Recent Investments to Airtel Africa’s mobile money
    Future Plans of Mastercard in Africa
    FAQ

    What is Airtel Mobile Commerce BV

    Airtel Mobile Commerce BV is currently the company that undertakes and controls the major mobile money operations of Airtel Africa. The company also intends to operate and own all the mobile money business in 14 other countries of Africa which are operating under Airtel Africa.

    Airtel Mobile Commerce BV’s services are mainly focused on the unbanked market of the 14 countries of Airtel Africa. Their services include mobile wallet deposits, mobile wallet withdrawals, commercial payments, merchant payments, provision of loans, the opportunity for savings, benefit transfers, virtual credit cards, and international money transfers.

    Currently, the company has around 21 million users for its set of mobile payment services. The company had generated a revenue of $110 million in the recent quarter. They have an underlying EBITDA (Earnings before income, tax, depreciation, and amortization) of $54 million.

    Airtel Mobile Commerce BV operates one of the largest financial services in the continent. It has a valuation of around $2.65 billion.

    Number of customers of Bharti Airtel Limited
    Number of customers of Bharti Airtel Limited

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    Recent Investments to Airtel Africa’s mobile money

    Airtel Mobile Commerce BV received a recent investment of $200 million from TPG’s Rise Fund. The company will own a 7.55% stake in the Airtel Africa’s mobile money service company AMC BV.

    After closing the deal with TPG’s Rise Fund the company had plans to have a discussion on selling additional minority stakes of the company which will be around 25% of the issued share capital. They had plans to sell it to potential investors.

    Airtel Mobile Commerce BV had announced its most recent investor which is the global payments giant Mastercard. Mastercard has announced that it would invest an amount of $100 million in the company. The company will own a 3.775% stake in Airtel Africa’s mobile money business after the completion of the deal.

    The transaction of Mastercard is expected to close in two different portions. The first portion is expected to be closed at $75 million which will be finalized by the next 4 months and an amount of $50 million to be invested in the second phase.

    In addition to the investments, they received from TPG’s Rise Fund and the global payments giant Mastercard, Airtel’s Africa is raising funds by selling off some assets. It is reported that recently the company has sold around 1,400 telecommunication towers to Helios in Madagascar and Malawi. The transaction is expected to be $119 million.

    Both the companies Airtel Africa and Helios to trade tower assets in Chad and Gabon. The details regarding this transaction are not yet disclosed.

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    Future Plans of Mastercard in Africa

    Airtel Africa and Mastercard are two individual firms that are stronger to one another. Both the companies had already got into a deal in 2019. The deal provided an opportunity for Airtel Africa’s 100 million subscribers to receive access to the global network of Mastercard.

    There 2019 partnership did not have any money exchange. In the most recent deal of Airtel Africa and Mastercard has extended their commercial agreements and have signed a new commercial structure that is focused on improving their partnership in different countries around the globe.

    They are planning to concentrate on areas such as issuing of cards, payment processing, payment gateway, merchant acceptance, remittance solutions, etc. amongst the other services provided by the companies.

    The CEO of Airtel Africa Raghunath Mandava said, that they were pleased to welcome Mastercard as an investor in their mobile money business. He also added that, this partnership is a continuation of their strategy to increase the minority shareholding of the company’s mobile money business. He said that they have a further intention of listing the business in the next four years.

    The CEO also added that they are working towards strengthening their existing relationship with Mastercard which will help them realize the full potential of their considerable opportunity. This is to improve their financial inclusion in all the countries they are currently operating.

    Airtel Mobile Commerce BV’s plan of selling the minority stake of the company to Ride Fund, Mastercard, and other potential investors is based on the telecom operator Airtel Africa’s belief to raise enough funds to monetize its mobile money business.

    FAQ

    What is Airtel Mastercard?

    The Mastercard virtual card allows Airtel Money customers, to make payments to local and global online merchants that accept Mastercard cards.

    Is Airtel Money wallet safe?

    Airtel Money Wallet is an RBI approved payments wallet.

    Where is the headquarters of Airtel?

    The headquarters of Airtel is located in New Delhi, India.

    Conclusion

    The company’s efforts are to work towards the pursuit of investment opportunities, asset monetization, and ultimately reduction of debt in the company.

  • Why did Yes bank took over Reliance Centre headquarters for 1200 Crores

    There was a recent news where the headquarters of Reliance ADAG group which was headed by Anil Ambani, the Reliance Center, Santacruz, Mumbai was sold to Yes Bank for INR 1,200 crores. Let’s look at the reason and the details for the sale of Reliance’s headquarters.

    What is Reliance Infrastructure
    What is Reliance Centre
    Why did Yes bank took over Reliance Centre
    Sale of the Reliance Centre
    FAQ

    What is Reliance Infrastructure

    Reliance Infrastructure is a Indian-based private sector company. The company was involved in power generation, infrastructure defense, and construction. The company is part of the Reliance Anil Dhirubhai Ambani group.

    The company has undertaken a lot of projects which include power plants, metro rails, airports, toll roads, bridges, and defense. The company has a major shareholding in Reliance Power and Reliance Naval and Engineering Limited.

    Reliance Infrastructure was ranked as the 51st largest corporation in Fortune India’s 500 lists of 2019 and it had the 1st rank in the category of Infrastructure Development.

    Reliance Infrastructure came into existence when it took over an eighty three year old company which was undertaken by the Government which was known as Bombay Suburban Electric Supply (BSES) in the year 2002.

    Reliance Infrastructure was formerly known as Reliance Energy Limited.

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    What is Reliance Centre

    Reliance Infrastructure which is part of Anil Ambani’s group has sold its headquarters to Yes Bank. The amount of the sales is expected to be INR 1,200 crores. The headquarters is located in Mumbai’s Santacruz.

    Reliance Center is a building with high technology office. The building has an area of 695,000 square feet on a plot of 15,514 square meters of land. Anil Ambani had shifted to this office after he had moved out of Reliance’s Ballard Estate Office.

    The experts in the field of Real Estate have that the office has a prime location because the Reliance Center is close to Mumbai’s Western Express Highway.

    Other than this, the office just has a 15-minute drive to Chhatrapati Shivaji International Airport Terminal that is T2 and a 10-minute drive to the Chhatrapati International Airport Domestic Terminal that is T1. The building is a stone’s throw from the Bandra-Kurla Complex business district in Mumbai.

    Total Revenue of Reliance Infrastructure Ltd
    Total Revenue of Reliance Infrastructure Ltd

    Why did Yes bank took over Reliance Centre

    Reliance’s ADAG group which is headed by Anil Ambani is expected to have an exposure of INR 4,000 crores which it has to pay to Yes Bank. Last year, Yes bank had said that last year it had issued a demand notice to the ADAG group to pay the borrowed amount of INR 2,892 crores.

    The demand notice was sent under the SARFAESI ( Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act. The dues had to be paid back by 60 days from the issue of the demand notice.

    Reliance’s ADAG group had failed to pay the dues on time and Yes bank had announced that it was going to take the possession of the building due to non-payment of loans which amounted to INR 2,892 crores.

    It is said that Yes bank had taken possession of the building looking at the Mumbai Airport. With this project, the Reliance Infrastructure has closed 3 different transactions which include the sale of assets. These transactions had taken place in the last 90 days.

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    Sale of the Reliance Centre

    Recently Reliance Infrastructure and Yes Bank announced that they were getting in to a sale transaction where the Reliance Centre, Santacruz, Mumbai will be sold to Yes Bank. Yes Bank which currently operates its business from One Indiabulls center in Central Mumbai is planning to convert the Santacruz office to its Corporate Head Office.

    An official from the company has said that with the sale of Reliance Center, Santacruz, Mumbai Reliance Infrastructure’s debt exposure to YES Bank has been reduced. The debt exposure of INR 2,000 crores from INR 4,000 crores has been reduced.

    FAQ

    What is the net worth of Anil Ambani in 2020?

    As per the reports declared before a UK court in February 2020 that his net worth is zero and he is bankrupt.

    What does Anil Ambani owns?

    Reliance Infrastructure which is an Private Sector Enterprise managing power, defense, construction and infrastructure and Reliance Power.

    How many companies Mukesh Ambani have?

    Mukesh Ambani has 7 companies that are, Reliance Retail, Reliance Life Sciences, Reliance Jio Infocomm Limited, Reliance Petroleum, Network 18, Reliance Industrial Infrastructure Limited, and Football Sports Development Limited.

    Conclusion

    Yes Bank has said that the value of the transaction of the building is expected to be INR 1,200 crores and the entire amount from the sale of Reliance Center, Santacruz, Mumbai is utilized only to pay the debt it owes to Yes Bank. The company official has said that the company is planning to be a debt-free company within 2021.