StartupTalky

Tag: News 📰

  • What is Startup Visa and How can Entrepreneurs benefit from it

    During the administration of Donald Trump, the United States of America had barred a lot of Visas and had bought a lot of regulations on the immigration by the foreigners to the country. People from all around the world found it difficult to immigrate into the United States under the Trump administration.

    Recently Joe Biden has reopened the doors for the foreign entrepreneurs through startup visas. Let’s look at what exactly is a startup visa.

    What is Startup Visa
    Eligibility for Startup Visa
    Views on IER
    Immigrant Entrepreneurs in the US
    Other advantages of the Startup Visa
    How will it affect US Economy
    FAQ

    What is Startup Visa

    The door for the foreign entrepreneurs to enter the United States of America has been reopened under the administration of Joe Biden. The US Department of Homeland Security (DHS) had announced that it is withdrawing a proposed rule which was issued under the administration of Trump.

    The withdrawn proposed rule was to remove the International Entrepreneur Rule (IER) which is more commonly known as the Startup visa programme.

    IER is also known as startup visa. This will act as a permit for the foreign entrepreneurs to enter the country and stay in the country for a period of 2.5 years and also has a possibility of another extension for a similar period of time.

    Eligibility for Startup Visa

    IER or the Startup visa will let entrepreneurs who are qualified which will be based on certain conditions such as funds raised which should be a minimum of USD 250,000 if it is from a qualified US investor or USD 100,000 which should be through government grants.

    If they meet the above criteria the entrepreneurs will obtain the immigration parole. The immigration parole will let the entrepreneurs to temporarily enter the country to stay, build and develop their startup even without having a green card or a working visa.

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    Top Countries with most number of Startups
    Top Countries with most number of Startups

    Views on IER

    DHS has stated that the withdrawal of the policy is an effort of the Biden’s administration to ensure that all the ways available under the law should be available for the ones who are trying to come to the US which includes the qualified entrepreneurs who would come to the US grow their startups that would benefit the country by growing their business and creating new jobs for the workers.

    Fiona McEntee who is a Chicago based immigration attorney has conveyed that, she is thrilled that the Biden administration has decided to implement the IER and added that the current immigration system does not provide an option for the foreign entrepreneurs to enter the Country which provides a competitive disadvantage and IER is expected to fill that gap. She added that the country will have to do what it can in order to retain the innovative immigrant entrepreneurs.

    Immigrant Entrepreneurs in the US

    Bobby Franklin who is the President and CEO of the National Venture Capital Association has said that the immigrant entrepreneurs in the country have made huge contributions to the economy of the US. The entrepreneurs have created some of the major companies in the country such as Moderna and Pfizer which have successfully developed vaccines for Covid-19.

    He added that by implementing IER the Biden Administration has unlocked a way for job creation which would help US in remaining as a global leader in innovation.

    Other advantages of the Startup Visa

    The foreign entrepreneurs even the ones from India will have an added advantage because of IER. Other than the advanced technology that is available in the United States even when the founders of the company are present in the same country, the US investors would have a comfort level.

    Hence, with a US base, the access for funding and the future for the growth of startups especially the tech-based startups would be much more easier. It is a win-win situation for both the parties.

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    How will it affect US Economy

    According to an early representation made by the National Venture Capital Association and other associations to the DHS, the IER is expected to create more than 4.29 lakh jobs in the first 10 years which would account for more than USD 25 billion in the form of additional wages and will also inject the indirect value of around USD 18 billion to the US economy.

    FAQ

    Which countries have startup visa?

    Australia, Austria, Canada, Chile, Denmark, Estonia and France are some of the top countries that have Startup Visa.

    Which country is best for entrepreneurs?

    Japan, Germany, United States, and United Kingdom are some of the best countries for entrepreneurs.

    Which country has most successful startups?

    United States, China, India, and UK are some of the countries with most Unicorn startups.

    Conclusion

    Countries such as Canada, UK and Israel already have a separate category of visas for foreign entrepreneurs. The IER was originally created at the end of Obama’s administration but was later stopped under the Trump administration.

  • Why did Alibaba saw a loss for the first time in years?

    Alibaba Group Holding Limited which is also known as Alibaba group is a Chinese based technology company. The company was founded in the year 1999 and has its headquarters located in Zhejiang. Alibaba group specializes in e-commerce, internet, technology and retail sectors. The company has recorded a loss for the first time ever, so let’s look at the reason behind it.

    Results of Alibaba
    Reason for the Loss
    The shares of Alibaba
    FAQ

    Results of Alibaba

    The top e-commerce platform of China Alibaba had recorded a loss of 7.66 billion yuan on 13 May 2021 for its first quarterly results. This is the first time the company has recorded a loss in its history after going public in the year 2014.

    The company has recorded an annual revenue of 930 billion yuan for the year ending March 2022 which is more than what they had estimated that is 982.25 billion yuan.

    There was an increase in the core commerce revenue of the company of around 72% which was amounted to 161.37 billion yuan in the fourth quarter. But the company’s cloud computing has seen a slow in its growth which had reduced by 58% to 37 % compared to the previous year to 16.8 billion yuan. This is considered to be the most weakest growth since the year 2016.

    The overall revenue of the company has seen an increase with 187.4 billion yuan for the fourth quarter when compared to the Refinitiv forecast of 180.41 billion.

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    Reason for the Loss

    The main reason for the recorded loss by the company is considered to be the regulations bought in by the Chinese regulators. The regulatory crackdown in China had led to the suspension of one of the biggest IPO of the affiliate company of Alibaba Group, Ant group where the IPO was estimated to be USD 37 billion.

    Other than that, the company was fined by the Chinese regulators on the basis of anti-competitive business practices with a fine of USD 2.8 billion. The fine had led to an operating loss in the fourth quarter of around 7.66 billion yuan.

    The slow growth in the cloud computing sector is due to a top customer which had a huge presence outside of China in the cloud computing business of Alibaba. The company had conveyed that the customer had ended its business for non-product related reasons which led to the slower growth.

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    The shares of Alibaba

    The US listed shares of Alibaba group had seen a fall of around 3% in the choppy market even though there was an increase in the revenue of the company as the pandemic had forced people to depend more on the e-commerce solutions and would help the company recover easily from its losses.

    It is seen that since the shares of Alibaba group had hit a record high in October, the US listed shares have fallen more than 30% as the founder Jack Ma had delivered a speech in Shanghai where he criticized the financial regulators of China.

    Brock Silvers who is the Chief Investment Officer at the Hong-Kong based Adamas Asset Management has said that the fall in the share price of Alibaba reflects that there is anxiety amongst the investor community in regards to the regulation.

    He added that the company has currently faced a huge regulatory risk, which has now become a threat to the entire technology sector.

    Daniel Zhang who is the Chief Executive officer had conveyed in an earnings call that the penalty decision had motivated them to reflect on the relationship between the economy of the platform and society, as well as their commitments and their social responsibilities.

    FAQ

    Who owns Alibaba now?

    SoftBank Group is the major shareholder of Alibaba.

    Who is the current CEO of Alibaba?

    Daniel Zhang is the current CEO of Alibaba.

    Is Alibaba bigger than Amazon?

    Amazon is vastly larger than Alibaba.

    Conclusion

    Alibaba group is one of the largest and successful e-commerce groups in China. As of 2020, the company has around 779 million active subscribers.

  • Reasons why Shifts saw a surge of 5300% in their share value?

    SHIFT which is a software testing company that is based in Japan has seen an increase in its stock price of around 5,300%. The CEO of the company has shared the secret behind the surge in the stock price of the company. Let’s look at the reason for this bull run in the stock price of the company.

    History of Shift
    Business Model of Shift
    Rise in Shift’s Shares
    The Strategy of Shift behind the surge of Stock price
    View Points about Shift
    FAQ

    History of Shift

    Shift was established in the year 2005 by Tange. He was grown up in an ordinary family in the Southwest Japan and started the company after completing his master’s in mechanical engineering and spending more than 5 years in working for a consulting firm.

    Before entering the software testing business in 2009, Shift was involved in advising companies on how to improve their profits. Tange had conveyed that he would want to change the perception towards the job of software engineering from considering it as a second-rated job by increasing their pay.

    For example, for a service that would be charged in the market for 3 million yen would be charged 2.5 million yen by the company. This strategy helped them win more clients and the engineers who would get paid around 400,000 yen for their work would be paid 700,000 yen by Shift. This was possible by cutting down the middlemen.

    Yusuke Santo who is a software developer of a company acquired by Shift has said that his salary had jumped more than 70% post the acquisition. He said that Shift was a huge turning point in his career. Shift has acquired more than 14 firms from the year 2015 with an increase in their number of permanent engineers from 228 to 3,308.

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    Business Model of Shift

    Tange has conveyed that his business model is an attempt to remove the inefficiencies in the software industry of Japan. The subcontractors take cuts from the top industry and later pass on the work to the lower companies which reduces the pay of the engineers.

    He also said that it is a step to taking a break from the Mergers and Acquisition strategy of buying a business in order to reduce the cost. He conveyed that he is on a mission to rescue the young employees and would want to create a fair working environment through the Mergers and Acquisitions.

    Rise in Shift’s Shares

    The shares of Shift Inc. have seen a rise of more than 5,300 % since the day it went public in the year 2014. The company is considered to have shown the second-best performance in the benchmark of the Tokyo stock index.

    The market capitalization of the company has seen an increase to around USD 2.3 billion, where Tange holds 33 % of the stock which has a valuation of about USD 745 million.

    The market size of IT Industry in Japan
    The market size of IT Industry in Japan

    The Strategy of Shift behind the surge of Stock price

    The CEO of the company Masaru Tange has shared the strategy where he says that increasing the pay of his engineers is the secret behind the surge in the stock price of his company. He conveyed that he acquired smaller firms and increased the pay of the workers. This is the ultimate strategy that boosted the share price of the company.

    The company would acquire other businesses that are at the bottom of the supply chain industry and increased the salary of their engineers. He communicated that he is able to do so and charge competitive prices from the company’s clients by cutting down the company’s that act as a middleman in the outsourcing process.

    He added that having more workers in your company leads to an increase in the number of sales.

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    View Points about Shift

    According to Go Saito who is an analyst has conveyed that increasing the number of engineers leads to an increase in the revenue as the company will be able to do more business. The sales of the company can be derived by multiplying the number of engineers and the unit price for engineers.

    He also conveyed that the company has a highly qualified human resource as they have created a framework of skill developed engineers. In the year August 2020 the revenue of the company had increased to 28.7 billion yen compared to 208 million yen 3 years back.

    The company forecasts an increase in its revenue this fiscal year to 45 billion yen and is expecting to reach 100 billion yen by the end of 2025. The CEO of the company has said that the company is the best in its field in Japan.

    FAQ

    Who is the founder of Shift?

    the Founder of Shift is Masaru Tange who founded the company in 2005.

    What does Shift Inc. do?

    Shift is a software testing company, headquartered in Tokyo.

    What is the revenue of Shift?

    The revenue of Shift was ¥28,712,177 thousand in 2020.

    Conclusion

    The shares of Shift haven’t fallen much and the most recent was during the month of October where the company had seen a fall of around 22% as investors had sold high-technology stocks. Even after the fall in shares, the company is estimated to be trading more than 80 times the estimated earnings.

  • Why Zhang Yiming is Stepping down as ByteDance’s CEO?

    Byte Dance which is a parent company of popular short-video app TikTok which has a huge market worldwide. The popular application was banned in India and was about to be banned in the United States. Recently the founder of TikTok and the CEO of ByteDance had announced that he is going to quit from his positions as a CEO. Let’s look at the reason why he decided to quit from the post of CEO of ByteDance?

    About ByteDance
    Why Zhang Yiming is Stepping down as Bytedance’s CEO?
    Who will be the Next CEO of ByteDance?
    FAQ

    About ByteDance

    ByteDance is an international internet technology company that is based in China. The company was founded in the year 2012 and has its headquarters in Beijing and it is legally domiciled in the Cayman Islands.

    ByteDance is the developer of TikTok and Douyin who are video sharing social networking services. In the year 2017, the company had acquired Musical.ly which was a famous social media startup and combined it with TikTok.

    As of 2018 the company had around 800 million daily active users. As of March 2021, the company has a valuation of more than USD 250 billion.

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    Why Zhang Yiming is Stepping down as Bytedance’s CEO?

    Zhang Yiming was the founder of TikTok and he is currently the CEO of ByteDance. He is one of the major pioneers behind making the tech giant successful and making it one of the biggest names in Chinese tech.

    Yiming had announced that he will be stepping down from the post of CEO. He had announced that in an internal memo sent to the employees on 19 May 2021. The major reason for stepping down from the position as mentioned is that he lacks some of the skills required by an ideal manager.

    He added that, he is more interested in analyzing the principles related to the market and organizations and to leverage these theories which will help in reducing the works related to management rather than managing people.

    He also conveyed that he would prefer reading and day dreaming than running the tech giant. He added that he would transition to a new role by the end of 2021 where he would concentrate on long-term strategy, social responsibility and corporate culture.

    Zhang Yiming on stepping down as ByteDance's CEO
    Zhang Yiming on stepping down as ByteDance’s CEO

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    Who will be the Next CEO of ByteDance?

    Zhang Yiming has conveyed that he will be handing the position of CEO to Liang Rubo who is co-founder and the HR head of ByteDance. In order to ensure a smooth transition, the two men are looking forward to working together for the next 6 months.

    According to the memo received by the employees, Yiming has communicated that Liang Rubo would be better with his strengths in management, organization and social engagement.

    Liang Rubo had prior experience as he was the head of the R&D of Lark and Efficiency Engineering and he currently is the head of HR and marketing role as the company had scaled up at an incredible level on a global basis.

    FAQ

    How much is Zhang Yiming worth?

    The net worth of Zhang Yiming is 3600 crore.

    When was ByteDance founded?

    ByteDance was Founded in 2012.

    Who is CEO of ByteDance?

    The new CEO of ByteDance is Liang Rubo.

    Conclusion

    This is considered to be another big change in the upper management as the TikTok CEO had quit back in 2020 just 4 months after he was appointed to the new position. The popular social network application is being banned in India and there is no information about the lifting of the ban.

  • Why did China ban Cryptocurrencies Transactions and How it affected the market?

    One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.

    About the Ban on Cryptocurrency by China
    Earlier Restrictions by China on Cryptocurrency
    The Recent Regulations of China on Cryptocurrency
    Impact of the Regulation by China on the Businesses of Cryptocurrency
    FAQ

    About the Ban on Cryptocurrency by China

    The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.

    Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.

    Earlier Restrictions by China on Cryptocurrency

    The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.

    In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.

    Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.

    The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.

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    The Recent Regulations of China on Cryptocurrency

    Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.

    Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.

    The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).

    The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.

    China Ban on Cryptocurrency
    China Ban on Cryptocurrency

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    Impact of the Regulation by China on the Businesses of Cryptocurrency

    The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.

    Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.

    After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.

    The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.

    FAQ

    What did China say about Cryptocurrency?

    The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.

    Why is Cryptocurrency banned in China?

    China banned Cryptocurrency to curb money laundering.

    No, It is not legal to buy Bitcoin in China.

    Conclusion

    Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.

  • Why Elon Musk is not launching his own Cryptocurrency?

    Elon Musk is an American entrepreneur and a Business Magnate. He is the founder, Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage investor of Tesla, founder of the Boring company and also the co-founder of Nueralink and OpenAI.

    He is one of the richest men in the world. Elon Musk has been posting a series of tweets on the major cryptocurrencies such as Bitcoin and Dogecoin from the past few months. Let’s look at why Elon Musk is not launching his own cryptocurrency.

    Why Elon Musk is known as Father of Dogecoin?
    Elon Musk’s View on Cryptocurrencies
    Reason Why Elon Musk is not launching his own Cryptocurrency
    Elon Musk’s Tweet
    FAQ

    Why Elon Musk is known as Father of Dogecoin?

    Elon Musk is regarded as the father of Dogecoin. He was the major reason for this volatile meme currency to increase its market capitalization and for a lot of users to invest their money into it. He has also promoted bitcoin and Dogecoin through a several number of tweets on his twitter platform.

    He has also had a lot of optimistic views about the cryptocurrencies especially bitcoins and dogecoins. He had posted a tweet where he conveyed that there are a lot of chances that cryptocurrencies will be the future currency on the planet.

    Elon Musk’s View on Cryptocurrencies

    While a lot of financial managers and investors have always been pessimistic about these digital coins and always regarded them as a bubble, Elon Musk on the other hand always stayed optimistic. Even Tesla has bought bitcoins worth billions of dollars.

    The company had also started accepting bitcoin as a payment method for purchasing their products. But recently they had stopped accepting this cryptocurrency.

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    Reason Why Elon Musk is not launching his own Cryptocurrency

    The main reason which was quoted by the company for the stoppage of accepting bitcoins as a payment gateway was due to the environmental harm caused by the digital coin. This was a major controversy against the billionaire as he was the one who promoted it and later claimed that bitcoins were causing a lot of pollution.

    Elon Musk had posted a tweet which conveyed that the company will no longer accept bitcoins as a payment method as mining bitcoins require a lot of electricity and the major source of electricity is from coal and this leads to a lot of pollution and due to the reasons regarding sustainability.


    He had also conveyed that the company Tesla will not sell any of their bitcoins and the company would start accepting cryptocurrency as a payment method as soon as the bitcoin miners would move to a sustainable source of energy.

    Environmental Sustainability can be one of the major reasons for Elon Musk to not launch his own cryptocurrency. But Elon Musk had conveyed that they were looking for other cryptocurrencies that use less than 1% of bitcoins energy for transactions.

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    Elon Musk’s Tweet

    A twitter user had recently asked Elon Musk, why he was not creating his own cryptocurrency from the scratch which would do everything he requires technically and have a lot of dev support and wouldn’t have a high concentration of ownership initially.

    Elon Musk had replied to the tweet saying that, if only Dogecoins won’t be able to do it, he said he would look in for creating another one.


    FAQ

    What Cryptocurrency does Elon Musk like?

    Elon Musk actively supports volatile cryptocurrency Dogecoin.

    Did Elon Musk sell Bitcoin?

    Elon Musk Clarified that Tesla has not sold its Bitcoin, but Tesla has stopped taking Bitcoin as a mode of payment for its cars.

    Does Elon Musk invest in Cryptocurrency?

    Elon Musk has actively supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog.

    Conclusion

    Elon Musk had recently promoted Dogecoin while hosting a live show on the TV. Dogecoin is the fourth largest cryptocurrency in the market and has increased more than 659 % during the year. However, Elon Musk considers that the digital coin has a long way to go.

  • How to Send money from US to India or Singapore using Google Pay

    Google Pay is a digital payments app that is a subsidiary of Google. Google Pay is a digital wallet that was initially released in the year 2015. It is one of the most commonly used digital wallets in India. Recently the company has announced that it would let users to send money through Google Pay from US to India and Singapore. Let’s look at the further details of this new feature offered by Google Pay.

    Google Pay Announcement
    Banks that are eligible to Transfer money through Google Pay
    Limitations of Money Transfer through Google Pay
    Steps to Transfer money from US to India through Google Pay
    FAQ

    Google Pay Announcement

    Google Pay has announced that it would let users in the United States to send money to their friends, family and relatives in India and Singapore. This is an official mark of the entry of Google Pay into the remittance service market.

    According to World Bank, India is one of the biggest overseas remittance receivers even though in the year 2020 the country had seen a drop in the remittance received of around 9% to INR 5,58,100 crores due to the global economic slowdown and the coronavirus pandemic.

    There has been a rapid growth in the foreign remittances with the increase of migrant workers in the developed countries across the globe.

    Banks that are eligible to Transfer money through Google Pay

    Google has partnered with Western Union and Wise in order to provide the new service through the Google Pay app. Google had conveyed in a blog post that Western Union will offer free transfers while sending money through Google Pay until the 16th of June.

    Google has also conveyed that Wise will provide free transfer only for the first time the customer sends money through Wise on transfers up to USD 500 (around INR 36,700). However, Google has not yet officially announced the exact transfer fee that will be charged by the service provider after their series of free transfers.

    Limitations of Money Transfer through Google Pay

    One of the major limitations of this new foreign transfer feature or service provided by Google Pay is limited only to two countries that is India and Singapore. However, the tech giant has conveyed that by the end of the year they have plans to expand their services to around 280 countries globally.

    Another important point to be noted is that the foreign transfers through the Google Pay app are limited to individual users. This means that the new feature doesn’t let the individuals from the United States transfer money to any business organizations in India or Singapore.

    Another important point to be noted is that users from India will not be able to transfer money to the United States. This feature or service will be available for the US users using Google Pay app.

    Steps to Transfer money from US to India through Google Pay

    Here are the steps to be followed for the users who would want to send money from the US to India or Singapore.

    Step 1 – To send money through Google Pay, firstly you will have to search the user on the Google Pay app.

    Step 2 – Tap the pay button and choose either Western Union or Wise.

    Step 3 – You will have to ta continue and see the exact amount of money that the recipient will receive.

    Step 4 – Again Tap continue and choose how would you want the recipient to receive the money, you will be able to choose between UPI or through cash pickup.

    FAQ

    Does Google pay require a bank account?

    Yes, Google Pay requires a bank account.

    Is Google pay available in USA?

    Google Pay is available in USA and You can also send money from US to India.

    Can I send money from USA to India using Google pay?

    Google Pay will now let users in the US to send money to their friends and families in India and Singapore.

    Conclusion

    The new service would enable the tech giant to mark a spot in the foreign remittance market. The company plans to expand to more than 200 countries and territories to Western Union and around 80 countries through Wise by the end of this year.

  • What is “Hire to Fire” Policy and why Amazon would do that?

    Amazon.com is an American based e-commerce and technology giant. It is one of the big 5 companies in the United States in the tech sector. Amazon is considered to be the world’s most valuable brand and the most influential economic and cultural force in the world.

    Recently Amazon’s managers have accused the company of hiring employees on the Hire to Fire Policy. Let’s look at what exactly is Hire to Fire policy and how Amazon is involved in it.

    What is Hire to Fire Policy?
    Amazon Managers about Hire to Fire policy
    What is URA Goals?
    Amazon Employees on Social Forums
    FAQ

    What is Hire to Fire Policy?

    Certain people who have been claiming to be working in Amazon have been posting allegations against the company on various social media forums conveying that the company is involved in a Hire to Fire policy.

    The company has been hiring employees just to fire them within a year. A recent report from several managers working with the e-commerce giant has conveyed that they have to do it in order to meet their annual targets.

    Here the managers hire people internally or externally whom they intend to fire within a year. These people are hired just to meet the annual turnover targets which are called Unregretted Attrition (URA).

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    Amazon Managers about Hire to Fire policy

    Amazon has a goal to fire a certain percentage of its employees on a yearly basis. Three Managers of the company had revealed that they were facing a lot of pressure to meet the goal that they had to hire the people just to fire them later.

    A manager had conveyed that they hire people in order to meet the goals and fire them later just to protect the rest of the team. This practice is informally been called as hire to fire.

    What is URA Goals?

    Every manager is said to have a URA target and a URA target is the % of employees which the company wouldn’t regret firing one way or the other. Even the most senior Amazon executives including the CEO Andy Jassy are said to closely maintain their URA target.

    There was an example quoted by the publication where Amazon Web Services teams which fell short to achieve their URA goals in 2020 and were forced to make up the difference in the year 2021. However, an Amazon spokesperson had denied that the company hires employees with the intention of firing them. He also added that the company does not use the phrase Hire to Fire.

    Number of Amazon.com employees
    Number of Amazon.com employees

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    Amazon Employees on Social Forums

    Since the report was published there has been a lot of discussion about these in social forums. The Amazon employees have started speaking about the practice on online forums.

    On the Hacker News Forum of Y Combinator, a person who claimed to be working as a principal software engineer at Amazon conveyed that the company’s weakest link was its managers. He added that there are very few managers who have the technical knowledge and a lot of them who lacked technical depth and also added that a lot of capable engineers are being fired due to these incompetent managers.

    Another user who claimed to be in the manager position had agreed that there is a lot of scope for them to mess up the careers of the people through incompetent practices.

    There was a discussion even on Redditt where some Amazon managers had said that they hire people to fire them later just to meet the internal turnover goal every year.

    FAQ

    How many employees does Amazon have?

    Amazon currently has 1,298,000 employees.

    Is Amazon the largest employer?

    Amazon is the one of the largest employer after Walmart.

    What company has the most employees 2020?

    TCS has most number of employees with 448,400 as of 2020.

    Conclusion

    However, this practice is not just seen in Amazon but in a lot of other companies. A user had conveyed that this had earlier happened in Microsoft. A user from a tech company had conveyed that his manager had casually told him that the last spot in a team was for the person they would hire and later fire.

  • Why UN believes India should invest in its Infrastructure to Revive the Economy

    India’s economy has been heavily hit due to the ongoing coronavirus pandemic and before the economy could recover the second wave has taken the country towards a roller coaster ride. The major cities in the country have been under lockdown in order to contain the virus. UN has recently mentioned that investment in infrastructure will help the Indian economy. Let’s look at how that is possible.

    UN’s Solution to India to revive the economy
    Sectors Indian Government should prioritize
    Deficit financing and the Public Sector
    Economy of other countries
    State of India’s Economy
    Requirement for the Indian Economic Recovery
    FAQ

    UN’s Solution to India to revive the economy

    According to a UN expert, India has to heavily invest on its infrastructure if they want to recover from the widespread economic destruction faced by the country due to the coronavirus pandemic. The country will have to invest in infrastructure even if they have to go towards deficit financing.

    Hamid Rashid who is the head of the UN Development Research Branch had conveyed in an interview to IANS TV on 12 May 2021 that, A crisis is always considered as an opportunity and an investment made at the right time in the right sector will create a multiplier effect in recovering the economy and also would make a substantial difference in the lives of people.

    He added saying that seeing India’s condition right now would make us a little despondent but he conveyed that there is a silver lining in their view where he cited the opportunity for the public sectors to invest in vital areas and the signs of progress in containing the virus.

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    Sectors Indian Government should prioritize

    Hamid Rashid continues saying that developing countries like India do not have an option to finance a stimulus programme similar to the US but he added that the country can make proper investments through Public Sector in order to recover the economy.

    He added that the Government will have to prioritize two major sectors health and digital. This is expected to be considered as an opportunity for the government and the Public Sector to increase their investments in the health infrastructure and digital infrastructure. This will create more jobs in the economy and in turn increase the demand for goods and services which will lead to the recovery of the economy.

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    Deficit Financing and the Public Sector

    In India currently, the shortage of oxygen is a huge constraint for India in order to save lives. This is an opportunity to create the right environment so that the businesses can invest more in building the healthcare capacities.

    There is also a need to gaping the digital infrastructure in the country. The countries like India do not have an option to raise taxes in order to meet the infrastructure requirements of the country and hence will have to choose deficit financing. Deficit financing is basically borrowing money from the future.

    Hamid Rashid has said that deficit financing is not a bad idea if the investments are made right. He added that deficit financing is not just necessary but it’s a must. When the businesses can’t take risks, when the private sector or the hospitals can’t take risks, then the only entity that can take risks is the Government.

    So, he said that what we have seen crisis after crisis is Public sector Investments and these investments are the ones that brings countries out of the crisis.

    He also added that with deficit spending one has to be very careful because if the amount is not invested properly then it would create a huge financial burden for the government and this debt balloon will increase over time.

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    Economy of other countries

    He had provided information about the Chinese and the Western economy. China had used investments for economic recovery. He added that the western side approach to fight against the coronavirus pandemic was through creating a demand side support by giving money to the households.

    Whereas China had chosen to increase their investments during the pandemic and it led to the creation of more jobs and now the demand has been increasing and the economy of China has seen a recovery and is expecting a growth rate of 8.2 % this year.

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    State of India’s Economy

    Hamid Rashid’s branch is involved in making the economic forecasts which are used as a base for policy suggestions. The mid-year report which was released on 11 May 2021 has forecast that Indian economy would see a growth of 7.5% this year and would see a rebound of 10.3 % next year.

    When the report was being prepared it was just the beginning of the second wave in the country and if the figures were recalculated right now the growth would be even less optimistic because of certain downside risks.

    He added that there is still a huge opportunity for India for the recovery as they are just starting from a very low base. Last year there was a significant contraction of the economy and this is considered to be the recovering stage. If the pandemic is under control within a month according to assumptions then there would be chances for the growth.

    If the Covid-19 cases increase for several months or for a full quarter then this target would seem very difficult and would see a downfall when the numbers will be updated. He said that if we remain optimistic then a 7.5 % growth rate is still possible.

    India's GDP
    India’s GDP

    Requirement for the Indian Economic Recovery

    The most important element required for the recovery of the Indian economy is considered to be vaccination. This will increase the confidence of the consumers and the businesses as it is very vital for the recovery.

    The news reports create a fear in the minds of people which stops the businesses to invest more as they will have a pessimistic approach and the consumers would not spend more as they feel that there are more bad days coming.

    Hamid Rashid conveyed that this is about managing the expectations and the best way to manage the expectations of the people right now is by ensuring everyone gets vaccinated as soon as possible which will help in the recovery of the economy.

    FAQ

    Is India a mixed economy?

    Yes, India has adopted a mixed economy.

    What is the important sector of Indian economy?

    Agriculture is the most important sector of Indian economy.

    Is Indian economy growing or not?

    India’s economy is estimated to contract by 6.9 per cent due to the coronavirus pandemic.

    Conclusion

    Covid cases in the major cities have been reducing but there is still concern about the infections being spread to the rural areas. Vaccination, social distancing and other measures are expected to work even though it doesn’t create any magic but would help in containing the virus.

  • Who owns the new UK company Elonspace Ltd?

    Elon Musk has been in the limelight since he had gained the title of the world’s richest man. He has been called as the crypto king after his tweet went viral and the shares of the meme-based currency Dogecoin had soared in its value.

    Elon Musk is the CEO of Tesla and SpaceX but recently there was a company named Elonspace being registered in the United Kingdom. Let’s look at the further details of the company.

    What is Elonspace Ltd?
    Who is Elon Musk PhD?
    Location of Elonspace Ltd
    About Companies House
    FAQ

    What is Elonspace Ltd?

    There has been a recent filing on the Companies House which is the official business registrar of the United Kingdom. The newly registered company was a sole proprietorship which was registered under the sole director named Elon Musk PhD and the name of the company was Elonspace Ltd.

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    Who is Elon Musk PhD?

    When they looked at the entry made in the Companies House, the birth month and nationality of the director is the same as that of Elon Musk, Tesla and SpaceX CEO.

    Even though the company and the name of the director sound similar to the real Elon Musk who is the CEO of Tesla and SpaceX both are different individuals. Elon Musk had not completed his PhD and had dropped out of it after two days of his enrollment.

    When looked at the other details such as the UK based location and the country of residence it is different from the original Elon Musk. Hence the company does not seem to be a fake one as the details provided are different.

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    Location of Elonspace Ltd

    The contact address provided by the Elonspace Ltd is located in West London which is a tower building that is used for student accommodation. The registered work entered by the company indicated that it involves in IT, data processing and computer facility management.

    The student accommodation tower used as a correspondence address for Elonspace Ltd. in West London
    The student accommodation tower used as a correspondence address for Elonspace Ltd. in West London

    The real identity of Elonspace Ltd remains unknown as of now. But an interesting fact to be noted is that a new crypto with the same name as the registered company had been promoted on the social media posts.

    It was founded that the cryptocurrency which got promoted on the social media post was during the same week the company had registered with the register. However, the representative of the crypto company had conveyed that they wouldn’t be able to provide any classified information about the company and the owner as it is and would be a violation of their NDA.

    About Companies House

    Companies House is the United Kingdom’s registrar of companies. They also act as an executive agency and the trading fund of Her Majesty’s Government. They are located in Crown Way, Cardiff. It is an executive agency that is sponsored by the Department of Business, Energy and Industrial Strategy.

    All the forms of companies that are permitted by the United Kingdom Companies Act are registered under the Companies House.

    FAQ

    Does Elon musk owns Elonspace Ltd?

    No, Elon musk does not owns Elonspace Ltd.

    Who owns Elonspace Ltd?

    The sole director named under Elonspace Ltd is Elon Musk PhD.

    Where is Elonspace Ltd located?

    Elonspace Ltd is located in West London which is a tower building that is used for student accommodation.

    Conclusion

    There has been no much information available about the newly registered company the crypto token which is spread on the social media. We will have to wait for more information to be provided about the company.