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<ul><li>The <keyword id="23134822" type="General" weightage="100" keywordseo="Amazon-Great-Indian-Festival" source="keywords">Amazon Great Indian Festival</keyword> 2024 is now live for Prime users.</li><li>The sale brings offers across a wide range of products, allowing you to grab them at their best prices.</li><li>Here’s everything you need to know about the Amazon Great Indian Festival sale.</li></ul> The ongoing Amazon Great Indian Festival 2024 sale is now live for <keyword id="20197203" type="General" weightage="20" keywordseo="Amazon-Prime" source="keywords">Amazon Prime</keyword> users. The sale brings amazing deals across a wide range of products including smartphones, tablets, laptops, wearables, home appliances, apparel and more. The Great Indian Festival is one of the biggest annual sales that the e-commerce giant hosts each year. Amazon is currently offering discounts, exchange offers, no-cost EMI options and more across a wide range of products. <h2>Bank offers</h2>In addition to the discounts offered by Amazon, you can avail of an additional 10% instant discount on SBI debit cards and credit cards. <h2>New launches</h2>Amazon has announced that several new products will be launched on the platform during the sale, including smartphones, audio devices, TVs, home appliances, apparel and more. <h2>Best deals on Amazon Great Indian Festival sale</h2>Let’s look at some of the best deals during the Amazon Great Indian Festival 2024: Samsung Galaxy S24 5G <cmsannotation type="cmsannotation" annotationid="B0CS5ZZMN8" comment="amazoncard" text="B0CS5ZZMN8">B0CS5ZZMN8</cmsannotation> If you are in the market for a powerful and reliable Android smartphone, the Samsung Galaxy S24 5G is an excellent option. It features a 6.2-inch Full HD+ Dynamic AMOLED display with a 120Hz refresh rate. It is powered by the Exynos 2400 chipset coupled with 8GB RAM and up to 512GB of internal storage. It features a triple camera setup at the back and comes with a 12MP front camera. It is powered by a 4,000mAh battery and comes with 25W charging support. The phone is currently available for ₹62,999, down from its original price of ₹74,999. Apple iPhone 13 <cmsannotation type="cmsannotation" annotationid="B09G9BL5CP" comment="amazoncard" text="B09G9BL5CP">B09G9BL5CP</cmsannotation> If you are looking to purchase an iPhone without burning a hole in your pocket, the iPhone 13 is currently available at a discounted price. The iPhone 13 features a large 6.1-inch Super Retina display and is powered by the powerful A15 Bionic chipset. The device features a dual camera setup at the back consisting of a 48MP primary camera and is equipped with a 12MP selfie camera. The iPhone 13 128GB variant is currently available for ₹41,999, down from its original price of ₹59,900. OnePlus Nord CE 3 5G <cmsannotation type="cmsannotation" annotationid="B0C9QS5G2R" comment="amazoncard" text="B0C9QS5G2R">B0C9QS5G2R</cmsannotation> If you are in the market for an affordable smartphone, the OnePlus Nord CE 3 5G is a good option despite being slightly old. It features a 6.7-inch Full HD+ AMOLED display with a 120Hz refresh rate. It is powered by the Snapdragon 782G chipset coupled with 8GB RAM and 128GB of internal storage. The device features a triple camera setup at the back and comes with a 16MP selfie camera. It is powered by a large 5,000mAh battery and comes with 80W fast charge support. The OnePlus Nord CE 3 5G is currently available for ₹16,999, down from its original price of ₹26,999. Sony Bravia TV KD-65X74K <cmsannotation type="cmsannotation" annotationid="B09WN3SRC7" comment="amazoncard" text="B09WN3SRC7">B09WN3SRC7</cmsannotation> The Sony Bravia Smart LED Google TV KD-65X74K is a good option if you are in the market for a premium television for your home. It features a huge 65-inch, delivering an immersive viewing experience, vibrant colours, and excellent picture quality. It comes with the company’s X1 4K processor and MotionFlow XR100 technology. It is currently available for ₹72,990, down from its original price of ₹1,39,900. OnePlus Pad <cmsannotation type="cmsannotation" annotationid="B0BY2ZZ4SJ" comment="amazoncard" text="B0BY2ZZ4SJ">B0BY2ZZ4SJ</cmsannotation> The OnePlus Pad is worth considering if you are looking for a powerful tablet with a high refresh rate. The tablet supports the company’s keyboard and case, allowing you to get work done on the go easily. It features an 11.6-inch 2.8K LCD display with a 144Hz refresh rate. It is equipped with the MediaTek Dimensity 9000 chipset, coupled with up to 12GB RAM with 256GB storage. The OnePlus Pad comes with a 13MP rear camera and an 8MP selfie camera. It is powered by a 9,510mAh battery with 67W fast charging support. It is currently available for ₹31,890, down from its original price of ₹39,999. Asus VivoBook 16 <cmsannotation type="cmsannotation" annotationid="B0CHMZRC89" comment="amazoncard" text="B0CHMZRC89">B0CHMZRC89</cmsannotation> The Asus VivoBook 16 is a good laptop, worth considering if you are looking for an affordable option. It is a thin and light laptop that features a 16-inch Full HD+ display. The laptop from Asus is powered by a 13th-generation Intel Core i9 chipset coupled with 16GB RAM and a 512GB SSD. The laptop comes with Windows 11 and offers Office 2021. It comes with several I/O ports that make it a good option. The laptop is currently available for ₹69,990, down from its original price of ₹1,16,990. Orient Electric 1200mm Aerosense BLDC Ceiling Fan <cmsannotation type="cmsannotation" annotationid="B0DH4LNMVR" comment="amazoncard" text="B0DH4LNMVR">B0DH4LNMVR</cmsannotation> For those looking to get a smarter fan during the sale, the Orient Electric Aerosense BLDC ceiling fan is a good option. It is a smart fan that comes with a BLDC Motor. The fan can be controlled using a remote or through the company’s app, allowing you to easily use it without having to get up. It offers an airflow capacity of 245 CMM and has a wattage of 40 Watts. It is available in three colour options – Ash Wood, Honeymaple Wood and White. Sony WF-C500 <cmsannotation type="cmsannotation" annotationid="B09PC695Q9" comment="amazoncard" text="B09PC695Q9">B09PC695Q9</cmsannotation> Sony is another popular name when it comes to audio products. The Sony WF-C500 is a good option if you are looking for reliable true wireless earbuds. It comes with a compact form factor and fits snugly in your ear. The earbuds come with IPX4 water resistance support, allowing you to use them outdoors and during workouts. It offers a 20-hour battery life and a 10-minute charge offers an hour of playback. It is currently available for ₹3,988, down from its original price of ₹8,990. JBL Flip 6 <cmsannotation type="cmsannotation" annotationid="B09V7WS4PP" comment="amazoncard" text="B09V7WS4PP">B09V7WS4PP</cmsannotation> The JBL Flip 6 Bluetooth speaker is one of the must-have devices if you often find yourselves hosting parties or get-togethers. It is a powerful speaker that is waterproof, allowing you to carry it with you to pool parties. The Bluetooth speaker offers over 12 hours of music playback on a single charge and comes with Google Assistant and Siri support. The speaker is IP67 rated for water and dust resistance, allowing you to easily carry it with you outdoors. It is available for ₹8,999, down from its original price of ₹13,999. Echo Dot 5th gen <cmsannotation type="cmsannotation" annotationid="B09B8XJDW5" comment="amazoncard" text="B09B8XJDW5">B09B8XJDW5</cmsannotation> If you are in the market for an affordable smart speaker, the Echo Dot 5th Gen is a good option. It can stream songs from platforms like Prime Music, Spotify, Apple Music and more. It can set alarms, check the weather, set reminders, check cricket scores and more. The device supports English and Hindi voice commands. Keeping privacy in mind, the device also comes with a mic-off button. It is currently available for ₹4,449, down from its original price of ₹5,499. Boat Stone 1450 Bluetooth speaker <cmsannotation type="cmsannotation" annotationid="B09SJ32HQZ" comment="amazoncard" text="B09SJ32HQZ">B09SJ32HQZ</cmsannotation> The Boat Stone 1450 is another good option if you are looking for a portable Bluetooth speaker. The Boat Stone 1450 features an easy-to-carry design and comes with dynamic RGB LEDs. It is also IPX5 water resistant, so be it your party hall or the poolside, you can use it everywhere. It features 40W RMS speakers, which are loud and definitely add a punch to your tunes. They feature connectivity ports like an AUX port and a USB port. The 3,600mAh battery offers you up to five hours of playtime on a single charge. The Boat Stone 1450 is currently available for ₹4,499, down from its regular price of ₹8,999. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

The Amazon Great Indian Festival 2024 – Best deals and offers

<keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> is on high alert following the death of a 14-year-old boy from <keyword id="20824677" type="General" weightage="20" keywordseo="malappuram" source="keywords">Malappuram</keyword> district due to the <keyword id="21881533" type="General" weightage="100" keywordseo="Nipah-virus" source="keywords">Nipah virus</keyword>. To prevent the situation from escalating further, the central government has stepped in to assist the <keyword id="73082" type="General" weightage="20" keywordseo="kerala-government" source="Orion">Kerala government</keyword> and safeguard the public. A zoonotic illness, the <keyword id="20197512" type="General" weightage="20" keywordseo="nipah" source="keywords">Nipah</keyword> virus,infection is transmitted from animals like pigs and fruit bats to humans, as well as through contaminated food and contact with an infected person. The World Health Organisation (WHO) has even flagged the virus as a priority pathogen due to its epidemic potential. The boy from Malappuram showed symptoms of acute encephalitis syndrome (AES) and was initially treated in Perinthalmanna before being transferred to a higher health centre Kozhikode. The National Institute of Virology (NIV) in Pune subsequently confirmed the <keyword id="22489646" type="General" weightage="20" keywordseo="Nipah-virus-infection" source="keywords">Nipah virus infection</keyword>. In response, the Indian Council of Medical Research (ICMR) sent monoclonal antibodies for patient management and a mobile Biosafety Level-3 (BSL-3) laboratory for testing additional samples from contacts. Unfortunately, the boy's “poor general condition” prevented the administration of the antibodies. <cmsannotation type="cmsannotation" annotationid="Health ministry advises Kerala to take four immediate public health measures" comment="subhead" text="Health ministry advises Kerala to take four immediate public health measures"><keyword id="19896140" type="General" weightage="20" keywordseo="health-ministry" source="keywords">Health ministry</keyword> advises Kerala to take four immediate public health measures</cmsannotation> The 14-year-old’s demise in Malappuram has triggered an urgent public health response from the Centre, with the Union health ministry advising Kerala to take four immediate health measures to ensure public safety. They are as follows: 1. Active Case Search: The state government should begin active case searches within the family of the confirmed case, the neighbourhood and other areas with similar topography to identify any additional cases. This proactive approach will help in early detection and containment. 2. Contact Tracing: The state should trace contacts the identified case had over the past 12 days. This includes monitoring these contacts for symptoms and taking steps to prevent further spread of the virus. Detailed records of interactions and movements of the infected individual will be crucial. 3. Quarantine and Isolation: Contacts of the confirmed case should be strictly quarantined, and any suspects showing symptoms should be isolated. This measure is essential to contain the virus and prevent it from spreading within the community. 4. Sample Collection and Testing: Samples from potential contacts and suspects should be collected and transported for laboratory testing. This ensures early detection and allows for a swift response to any new cases that may arise. To assist the Kerala government, a multi-member joint outbreak response team from the National ‘<keyword id="15536661" type="General" weightage="20" keywordseo="One-Health-Mission" source="Orion">One Health Mission</keyword>’ will be deployed. This team will help investigate the case, identify epidemiological linkages and provide technical support. <div type="Article" hostid="261" msid="111771996" title="What is the Chandipura virus that has already claimed the lives of 6 children in Gujarat?" mstype="2" mssubtype="0"></div>Meanwhile, Kerala Health Minister Veena George has confirmed that an additional 60 people have been identified as high-risk for contracting the disease. Amid this situation, residents in vulnerable areas have been instructed to take precautions, such as wearing masks in public and avoiding hospital visits. The Nipah virus has been linked to dozens of deaths in Kerala since its first report in 2018. The state has faced multiple outbreaks, with the most recent occurring in 2023 in Kozhikode district.

Nipah virus: Health Ministry instructs Kerala to enforce four immediate safety measures following 14-year-old's death

Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

<ul class="summary-list"><li>Amazon won partial dismissal of an FTC lawsuit alleging illegal monopoly practices.</li><li>The FTC accused Amazon of stifling competition by coercing sellers to use its service.</li></ul>Amazon just won a partial dismissal of a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-prime-ftc-suit-how-insider-investigation-led-to-crackdown-2023-6">Federal Trade Commission lawsuit</a> that accused it of operating an illegal monopoly.In September 2023, the FTC sued <a target="_blank" class="" href="https://www.businessinsider.com/amazon-return-office-push-remote-work-morale-wfh-2024-9">Amazon </a>for stifling competition by punishing vendors who sell their items cheaper on rival platforms and for forcing sellers to use Amazon's own fulfillment service. The competition watchdog <a target="_blank" rel="" href="https://www.businessinsider.com/ftc-questions-amazon-competitors-amid-potential-antitrust-probe-2019-6">started investigating Amazon in 2019</a> over its business practices.On Monday, a federal judge in Seattle partially granted Amazon's earlier motion to dismiss the case, <a target="_blank" class="" href="https://www.reuters.com/legal/amazon-wins-partial-dismissal-us-ftcs-antitrust-lawsuit-2024-10-01/">Reuters reported</a>, citing court records. In December, the e-commerce giant asked the judge to dismiss the case. At the time, <a target="_blank" class="" href="https://www.businessinsider.com/amazon">Amazon</a> said its practices were standard for all retailers and the FTC had failed to identify harm to consumers.But the FTC can continue to pursue claims that the judge did not dismiss, per Reuters.The FTC and Amazon did not immediately respond to a request for comment sent outside regular business hours.The lawsuit is one of several FTC investigations into Amazon in recent years, as the federal government takes a harder line against Big Tech companies, including Amazon, Meta, Google, and Nvidia.Last year, the agency <a target="_blank" class="" href="https://www.businessinsider.com/amazon-prime-ftc-suit-how-insider-investigation-led-to-crackdown-2023-6">sued Amazon in another case, saying it lured unwitting customers</a> into <a target="_blank" rel="" href="https://www.businessinsider.com/amazon-is-investigating-prime-team-gender-bias-allegations-2021-6">Prime</a> subscriptions and created a "labyrinthine" process to cancel it. The company "knowingly duped millions of consumers," the FTC said <a target="_blank" rel="noopener nofollow" href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.323520/gov.uscourts.wawd.323520.1.0_1.pdf">in its complaint,</a> filed in federal court in Washington state.The FTC is also investigating the <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-amazon-execs-signal-messaging-app-ftc-investigation-2024-4#:~:text=Amazon's%20top%20executives%20used,of%20its%20disappearing%20message%20feature.">company's use of Signal</a>, an encrypted messaging app, and how its executives used a disappearing messages feature that may have destroyed information relevant to the agency's investigation.<h2 id="bdd16c8e-02cf-4fa5-a144-3a91ee92bc99">Big Tech crackdown</h2>The partial dismissal comes amid <a target="_blank" class="" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">a wave of lawsuits</a> brought on by the US government against Big Tech. Under the Biden administration, the FTC has been examining deals more closely and pushing for more <a target="_blank" rel="" href="https://www.businessinsider.com/how-amazon-forces-customers-to-pay-more-ftc-lawsuit-2023-9">aggressive competition policies.</a>In August, a federal judge <a target="_blank" rel="" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">described Google as a monopoly</a> and said that Alphabet's deals to make Google the default search engine on other platforms violated competition laws while accruing billions of dollars in revenue. The Department of Justice is now mulling whether to seek a breakup of the company, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-08-13/doj-considers-seeking-google-goog-breakup-after-major-antitrust-win">Bloomberg reported</a> in August.The same month, the agency was reportedly <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-doj-investigation-runai-big-tech-crackdown-antitrust-acquisition-competition-2024-8">investigating Nvidia's acquisition</a> of an Israeli AI startup called Run:ai and how the chipmaker pressured cloud providers to buy multiple products.Earlier this year, the DOJ sued <a target="_blank" rel="" class="" href="https://www.businessinsider.com/apple-antitrust-lawsuit-justice-department-2024-3">Apple </a><a target="_blank" href="https://www.businessinsider.com/apple-antitrust-lawsuit-justice-department-2024-3">in an antitrust lawsuit,</a> saying the company illegally maintained a smartphone monopoly by "delaying, degrading, or outright blocking" other technology in the market.In 2022, the FTC repeatedly tried to block Microsoft's acquisition of Activision Blizzard, a leading video game developer. The agency said that the $69 billion deal would suppress competition in gaming.The US government has also filed similar recent <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-lawsuit-alleges-long-waits-service-centers-high-repair-prices-2023-3">lawsuits against Tesla</a> and <a target="_blank" rel="" href="https://www.businessinsider.com/ruling-ftc-meta-facebook-lawsuit-instagram-whatsapp-can-proceed-2022-1">Meta</a>.

Amazon just won a partial victory against the FTC

<ul class="summary-list"><li>Electricity and labor headwinds slow Amazon's data center buildout.</li><li>The company's predicament highlights challenges faced by the broader cloud industry.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/amazon-big-tech-cash-king-wall-street-wants-a-piece-2024-10">Amazon</a> is spending heavily on <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-energy-centers-water-energy-land-2023-10">data centers</a> to support booming <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ai-sales-machine-aws-google-microsoft-pressure-pay-speed-2024-9">AI</a> workloads, putting it on pace to build 240 new facilities by 2040, according to one estimate.These plans are increasingly running into physical constraints that are slowing the buildout, according to an internal document, people familiar with the matter, and emails obtained through a public-records request."Across the AMER region, we are experiencing headwinds in power, zoning and permitting, water, and workforce/labor that are providing challenges to our long-term capacity growth," the internal document stated, referring to the Americas market, Amazon's largest.As the biggest cloud provider, Amazon's predicament highlights broader <a target="_blank" href="https://www.businessinsider.com/ai-data-energy-centers-water-energy-land-2023-10">problems</a> facing the tech industry as generative <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ai-sales-machine-aws-google-microsoft-pressure-pay-speed-2024-9">AI</a> upends the status quo. While more companies want access to cloud computing for AI initiatives, there's only so much power, water, and labor available to support these services.It's not just an Amazon problem. Sequoia Capital general partner David Cahn recently predicted data center delays across the sector."The need for more power and a better functioning grid was clear before AI," he wrote in a blog post. "Now, it is becoming urgent."<h2 id="4e19455f-0a20-458d-a775-e305cc9aed23">Energy demand is growing</h2>It may be natural for a company like Amazon, one of the largest and fastest-growing data center operators, to face these challenges when it is expanding at breakneck speed.Marc Wulfraat, president of consulting firm MWPVL, told BI that Amazon is probably rolling out even more than 240 data centers in coming years. That's because the cloud giant also leases space in buildings shared with other companies. Collectively, this building spree amounts to almost 75 million gross square feet of space, according to his estimates. That's the equivalent of roughly 27 Empire State Buildings.In an email to BI, Amazon's spokesperson said customers' energy demand "continues to grow," and the company is continuously working on ways to "efficiently build and operate data centers" to meet their needs."Nobody knows better than we do that building data centers is exceptionally complex, and by embracing that challenge, we've become really good at it over the years," the spokesperson added. "We're confident we can continue to build at a rapid pace to provide the cloud capacity our customers will need."<h2 id="3ffef594-735b-4945-a7b0-176832400209">Doubts about electricity supply</h2>Power might be the most scarce resource. US data center electricity consumption is forecast to triple by 2030, according to <a target="_blank" rel=" nofollow" href="https://www.linkedin.com/posts/bcg-on-energy_the-impact-of-genai-in-electricity-activity-7112787574032674816-uDEX/">Boston Consulting Group</a>, much of it to power generative AI. Bernstein Research recently <a target="_blank" href="https://www.businessinsider.com/ai-data-centers-us-power-grid-gpu-nvidia-cerebras-amazon-2024-7">estimated</a> that electricity demand for AI data centers could exceed supply in just two years without action.At Amazon, electricity shortages have been a major concern and a topic of almost every leadership meeting in recent years, according to the people familiar with the matter.Amazon is experiencing power-supply issues in Oregon, Ohio, and Northern Virginia, according to the internal document from May. For example, it noted that PacifiCorp, Amazon's Portland-based utility partner, has electricity shortfalls and generation constraints forecasted until 2030.This is leaving Amazon with unpredictable energy supply in some markets and a possible loss of "bridging" solutions that help maintain power during the early stages of construction."With the utility power headwind, we are seeing continued risk driven by transmission constraints as well as unexpected changes to committed/available generation, gaps in promised vs delivered incremental power, and potential loss of bridging power as utility infrastructure projects are delayed," the document explained.<h2 id="e085ef5b-5190-4456-935c-6cab05b23795">'Zombie' data centers</h2>In some markets, so-called "zombie" data centers exist. That's a term used by some Amazon employees who spoke with Business Insider about the electricity-supply problems.These facilities are also described internally as "operationally blocked" because the data centers can sometimes sit idle as they don't have access to enough power to run them, according to the people familiar with the matter.Amazon's spokesperson told BI the company is not familiar with these terms, but said there are a "very small number of cases" where the company decides to complete data center construction before building power is available. "These situations are all managed as part of the standard course of business," the spokesperson added.<div type="image" title="AWS CEO Matt Garman" height="4320" width="6751" msid="114502575" hostid="261" sizebytes="742626"></div>Amazon Web Services CEO Matt Garman recently spoke publicly about challenges related to AI data center buildouts, including accessing enough GPUs and power.During a podcast interview in August, he said customer demand is "mind boggling," which is requiring "a lot of investment.""We're probably going to be tight for the next little bit of time," Garman added.<h2 id="d47a3f17-b6c1-4c0c-91d9-5918b3a4761f">'Mosquitoes to light'</h2>The company is on the hunt for more energy. It's conducting "power studies" with utility partners to evaluate additional transmission capacity, which could result in more power allocation, according to the internal document.The company is also working on ways to reclaim stranded and retired power, the document said, likely in reference to the practice of redeveloping old power plants that have become inactive for economic or sustainability reasons.Amazon has been more actively seeking partnership opportunities with third-party colocation data center providers, one of the people said. At these facilities, Amazon would simply lease space, transferring the need to secure power to the data centers' owners.Additionally, Amazon has started looking beyond well-established data center markets, such as Northern Virginia and Arizona, and is expanding into newer regions like Indiana. Crowded data center regions are running out of power and other resources, making newer locations <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-centers-energy-cloud-microsoft-chatpgt-amazon-google-2023-7">more appealing</a>.The company is also more aggressively pursuing alternative energy sources. Last week, Amazon <a target="_blank" href="https://www.businessinsider.com/amazon-invests-in-nuclear-for-aws-following-google-and-microsoft-2024-10">unveiled</a> a plan to lead a $500 million funding round to develop small modular nuclear reactors, following an earlier announcement to purchase a nuclear power plant in rural Pennsylvania."It's almost like mosquitoes to light — we are attracted to power," one of the people familiar told BI.Amazon's spokesperson said the company's data center expansion strategy considers several factors, including system resiliency and latency, the availability of renewable energy, and the local government's long-term commitment. Amazon is also constantly seeking ways to make its data centers more energy efficient by using carbon-free resources, in-house processors, and natural air cooling systems, the spokesperson said.<h2 id="82c2fbef-48d1-4af8-8635-cf74ee12697d">Higher costs in Silicon Valley</h2>In some cases, Amazon is paying higher prices to get its new data centers up and running.One example is an Amazon facility in Santa Clara, California, in the heart of Silicon Valley. For the last 2 years, Amazon has held talks with the city of Santa Clara to secure power for a new data center located near Levi's Stadium, the home of the San Francisco 49ers, according to a <a target="_blank" href="https://santaclara.granicus.com/player/clip/2140?view_id=1&amp;meta_id=190407&amp;redirect=true">city council meeting</a> held in July.Amazon is in talks for a 15-year, 20-megawatt proposal for this facility under the condition that the company pays the full cost of the energy, whether it uses the power or not, Manuel Pineda, the chief electric utility officer of the City of Santa Clara, said during the meeting. Amazon will have to pay up to 50% higher rates than normal and will be entitled to additional "financial assurances" to cover any contractual risks, Pineda added.As part of the deal, Amazon also plans to use the 20-megawatt power agreement for a second building on-site, which currently has no electric capacity, according to Pineda.Amazon's spokesperson told BI that this arrangement has not been finalized, and the project is progressing as expected.<div type="image" title="AWS Santa Clara data center planning slide" height="586" width="1056" msid="114502585" hostid="261" sizebytes="101810"></div><h2 id="5e7acce5-2a9c-4e0c-873a-74b683e1b0a3">Amazon escalates Santa Clara delays</h2>Amazon appears to be dealing with further delays in Santa Clara. On August 28, an AWS employee wrote to a city official about another facility, a former Owens Corning factory the company purchased in 2023. The email discussed delays at the site and noted that the problems are raising concerns internally at Amazon."Delays as significant as this unfortunately impact our ability to serve our customers which has resulted in escalation," said the email, which was obtained by BI through a public-records request.The next day, another Amazon employee wrote to a Santa Clara city official. "This is time sensitive," the staffer said. "AWS executives are highly concerned about the constant push in the results."<h2 id="a5ae3cc3-4484-42c7-a232-b1135b2bd3e0">'Straining' water infrastructure</h2>Another problem is water supply. A growing number of data centers rely on water instead of air to cool the servers and other equipment inside the facilities. This liquid-cooling technology <a target="_blank" href="https://www.businessinsider.com/arizona-running-out-of-water-data-centers-blame-microsoft-google-2023-6">requires a lot of water</a>.Amazon is "straining local jurisdictions' existing infrastructure" for water in some regions and is "dependent on long-term infrastructure upgrades or building our own solutions" to mitigate the issue, the internal document stated.There are zoning and permitting problems, too. Some local jurisdictions are not supporting the re-zoning of industrial property for data center use and have stricter environmental regulations, the document explained. Amazon is "working proactively" with local municipalities to solve these challenges, as they can impact its "future capacity options," the document added.Amazon is "one of the world's most water efficient operators" and its data centers are much more water efficient than the industry average, the company's spokesperson told BI.<h2 id="74b62895-25bd-411f-8890-035613989c55">'Lack of available skilled labor'</h2>An even bigger problem may be a lack of skilled electricians to build and run these data centers, according to the internal document and people directly involved in these Amazon projects.Electrical work is a major part of data center construction. But Amazon has struggled to find enough people to do the jobs, especially in rural areas, these people said. Amazon has talked to local colleges, general contractors, and labor unions in certain markets to increase the supply of electricians, one of the people said.<div type="image" title="amazon data center oregon" height="3072" width="4608" msid="114502582" hostid="261" sizebytes="883326"></div>A <a target="_blank" href="https://www.cnbc.com/2024/07/27/americas-demand-skilled-electricians-boom.html">shortage of skilled electricians</a> is a growing industry problem. According to last year's <a target="_blank" href="https://datacenter.uptimeinstitute.com/rs/711-RIA-145/images/2023StaffingSurvey.Report.12152023.pdf">Uptime Institute Data Center Staffing Survey</a>, more than half of respondents said they struggled to fill open positions due to demand outstripping supply."For workforce/labor, we are seeing a lack of available skilled labor," Amazon's internal document stated. "Which requires us to prioritize where we allocate these resources, and we are becoming increasingly reliant on more expensive travelling [primarily] electricians."Amazon's spokesperson shared <a target="_blank" href="https://www.aboutamazon.com/news/workplace/our-upskilling-2025-programs">blog posts</a> detailing its <a target="_blank" href="https://aws.amazon.com/government-education/workforce-development/aws-fiber-optic-fusion-splicing/">training programs</a> in this space, adding, "AWS has established a number of workforce development programs and collaborations with education institutions to help ensure a strong pipeline of talent."Do you work at Amazon? Got a tip?Contact the reporter, Eugene Kim, via the encrypted-messaging apps Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a>) or email (<a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a>). Reach out using a nonwork device. Check out Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">source guide</a> for other tips on sharing information securely.

Amazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortages 

<ul class="summary-list"><li>Jeff Bezos recently decided to stop presidential endorsements by the Washington Post.</li><li>In leaked messages, Amazon employees are divided, with some supporting his call.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/amazon-jeff-bezos-encrypted-messaging-auto-delete-ftc-antitrust-2024-5">Jeff Bezos</a>'s recent decision to stop presidential endorsements by the Washington Post <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-washington-post-subscriptions-cancel-president-endorse-2024-10">sparked a backlash</a> that lost the newspaper more than <a target="_blank" href="https://www.washingtonpost.com/style/media/2024/10/29/washington-post-cancellations-number/">250,000 subscriptions</a>.The WaPo situation has also become a <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-washington-post-endorsement-presidential-media-trust-why-2024-10">hot-button issue</a> among some employees inside <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon</a>, the company Bezos founded and ran until 2021, according to dozens of internal Slack messages obtained by Business Insider.While several Amazon employees criticized the change, some staff supported Bezos's controversial call.One worker commended Bezos for being willing to share his point of view while noting that the timing of his <a target="_blank" href="https://www.washingtonpost.com/opinions/2024/10/28/jeff-bezos-washington-post-trust/">opinion piece</a> was not ideal. This person wrote that it's the type of leadership transparency that Amazon has been missing since Bezos's departure in 2021, citing the company's <a target="_blank" href="https://www.businessinsider.com/amazon-office-policy-aws-ceo-employees-rto-five-days-2024-10">recent decision</a> to bring employees back into the office <a target="_blank" href="https://www.businessinsider.com/amazon-workers-blast-strict-rto-mandate-five-days-week-2024-9">without adequate explanation</a>."These are things I expect a leader to do," the employee wrote in one of the Slack messages obtained by BI. "I'm starting to realize that most leaders aren't like this."Another Amazon worker wrote that Bezos should have more right-leaning editorials in the Post to reduce the perception of bias.Bezos drew a firestorm of criticism after the Washington Post, the publication he's owned since 2013, announced last week that it <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-owned-washington-post-wont-endorse-presidential-candidate-2024-10">would stop endorsing presidential candidates</a> going forward. The Washington Post has long endorsed Democratic candidates, and some saw the move as a way to curry favor with Donald Trump in case he wins next month's US election.Spokespeople at Amazon and Washington Post didn't respond to requests for comment on Wednesday.<h2 id="7052c326-3f44-440d-931c-dae3386d451b">'Credibility boost'</h2>Bezos, in an <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-washington-post-endorsement-presidential-media-trust-why-2024-10">opinion piece</a> on Monday, said there was "no quid pro quo of any kind" in his decision and said he is against presidential endorsements because they "do nothing to tip the scales of an election" and only create "a perception of bias."Some Amazon employees agreed, according to the Slack messages obtained by BI."If any news organization stopped endorsing candidates, I'd be more inclined to give them a read because I'd view that as a credibility boost," one worker wrote.Other Amazon employees said it was "silly" and "sad" to see so many Washington Post readers cancel their subscriptions over the endorsement issue. They said those readers were only willing to accept news articles that conform to their political views, preventing them from seeing a wider world."These biases lead to a distortion of what is actually happening (both on the left and the right) and I think is bad for the country," one of the Amazon staffers wrote.<h2 id="c7e012c8-babb-4ace-8101-aee0cf7b29ce">'Suspicious and worrisome'</h2>Still, some of Amazon employees who weighed in on the company's internal Slack were suspicious of Bezos's true motivation.These workers said the timing of the decision, coming weeks before the election, was concerning. One employee called it "suspicious and worrisome." Trump is leading some election polls and has a history of playing favorites as president, which gives Bezos a "clear justification" to shy away from any kind of endorsement, one of the employees wrote."If they continue to not endorse people as the years go by, then maybe I'll accept this as the inflection point of a new policy," another Amazon worker wrote. "As it is now, I don't buy this editorial."Other Amazon employees were more blunt, saying they were going to cancel their own Washington Post subscriptions. One staffer wrote that it was "unthinkable" for the Post not to endorse a presidential candidate, given that "endorsements are a primary function of print journalism.""Disappointing, see ya WaPo — no longer a top 3 resource for me, if your directive is to prop your owners interests," another Amazon employee wrote.<h2 id="d247dfd7-763a-47c2-bb10-7abc3debad55">'Not right for a business'</h2>Some employees had a snarkier view, pointing to the fact that Blue Origin's CEO Dave Limp met with Trump on the same day of WaPo's decision. Bezos owns Blue Origin, a space company that works closely with the government. Bezos said in his op-ed that the meeting was impromptu and had no connection to the endorsement.Other employees provided some possible solutions for Bezos. One person suggested the Post write two separate opinion pieces endorsing each candidate, and letting the readers decide. Some employees compared Bezos's remarks to recent comments by Amazon cloud CEO Matt Garman, who <a target="_blank" class="" href="https://www.businessinsider.com/amazon-employees-open-letter-aws-ceo-office-return-rto-2024-10">faced backlash</a> after saying nine out of 10 employees he's talked to are excited about the company's push to return to the office full time.One employee criticized Bezos and Garman for presenting opinions as facts."Presenting their opinions as fact is not right," this person wrote. "It's not right for a business and it's not in line with the 'great responsibility' principle that we are 'supposed' to follow."Do you work at Amazon? Got a tip?Contact the reporter, Eugene Kim, via the encrypted-messaging apps Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a>) or email (<a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a>). Reach out using a nonwork device. 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Amazon employees speak out about Jeff Bezos's WaPo decision, with some supporting his call, leaked messages show

Tuesday, April 2: Exaggerated claims of unbelievable results with the use of consumer products are not new in the Indian advertisement industry. But, the law of the land does explicitly prohibit and punish misleading advertisements from time to time. One such case is grabbing headlines of late. <keyword id="20083249" type="General" weightage="20" keywordseo="baba-ramdev" source="keywords">Baba Ramdev</keyword> and <keyword id="20752072" type="General" weightage="20" keywordseo="acharya-balkrishna" source="keywords">Acharya Balkrishna</keyword>, co-founder and managing director of <keyword id="19980518" type="General" weightage="100" keywordseo="patanjali" source="keywords">Patanjali</keyword>, respectively, appeared before the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> today for a hearing regarding a case involving misleading advertisements. So, what exactly happened? <cmsannotation type="cmsannotation" annotationid="A case of false and misleading advertisements" comment="subhead" text="A case of false and misleading advertisements">A case of false and misleading advertisements</cmsannotation> The case began in November last year when the Supreme Court, responding to a petition by the Indian Medical Association (IMA), cautioned <keyword id="6406649" type="General" weightage="20" keywordseo="patanjali-ayurved" source="Orion">Patanjali Ayurved</keyword> against airing "false" and "misleading" claims in its advertisements about medicinal products. The IMA cited several ads that allegedly portrayed allopathic medicine and doctors negatively, claiming that companies producing ayurvedic medicines made disparaging remarks to deceive the public. Despite the Supreme Court's cautionary stance and prohibition on advertising products claiming to treat specific ailments under the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, Ramdev and Balkrishna reportedly conducted a press conference, once again making misleading claims about Patanjali's ability to cure various conditions permanently. Subsequently, on February 27, the Supreme Court expressed dissatisfaction with Patanjali's continuous dissemination of false advertisements regarding medicinal cures and issued notices to the company, questioning why contempt proceedings should not be initiated. It also chastised the government for not taking action and “sitting with their eyes shut”. On March 21, the Court summoned Baba Ramdev and Balkrishna to personally appear before it on April 2 to address their failure to respond to the contempt notice regarding misleading advertisements about medicinal cures. <cmsannotation type="cmsannotation" annotationid="What’s the latest update?" comment="subhead" text="What’s the latest update?">What’s the latest update?</cmsannotation> In today's hearing, the Supreme Court criticised Ramdev and Balkrishna for their "absolute defiance" in failing to submit proper affidavits of compliance and for disregarding legal directives. The Court also rebuked Patanjali's MD for describing the Drugs and Cosmetics (Magic Remedies) Act as "archaic". Noting that Patanjali's advertisements are in the "teeth of law" of the land, the Court warned Ramdev to prepare for potential consequences. Justices Hima Kohli and Ahsanuddin Amanullah, presiding over the bench, declined to acknowledge the apology extended by Patanjali last month. Subsequently, Ramdev's attorney, reportedly with folded hands, reiterated that both Ramdev and Balakrishna were extending a personal and unconditional apology before the court. Finally, the Court has granted Ramdev and Balkrishna a final opportunity to file affidavits in one week and mandated their presence at the next hearing on April 10.

Government ‘sitting with its eyes shut’, says Supreme Court as Patanjali’s misleading advertisement case drags on

<keyword id="23350090" type="General" weightage="100" keywordseo="Healthcare-in-India" source="keywords">Healthcare in India</keyword> is facing a growing crisis as costs continue to rise sharply, increasing by 14% annually, according to the ACKO India <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">Health Insurance</keyword> Index 2024. The report highlights that this double-digit inflation in <keyword id="19909937" type="General" weightage="20" keywordseo="healthcare" source="keywords">healthcare</keyword> is putting immense pressure on individuals and families across the country. "<keyword id="23350091" type="General" weightage="20" keywordseo="healthcare-inflation" source="keywords">Healthcare inflation</keyword> was reported at 14 per cent in India," the report stated, illustrating the persistent increase in healthcare expenses. <h2>Out-of-pocket expenditures</h2>One of the most alarming findings in the report is that 62% of healthcare expenses are paid out of pocket by patients and their families. This has created a significant financial burden, often forcing individuals to turn to loans and borrowings to cover medical costs. The report noted that 23% of hospital charges are financed through borrowings, emphasizing the toll this takes on household financial health. In many cases, these <keyword id="20228812" type="General" weightage="20" keywordseo="out-of-pocket-expenses" source="keywords">out-of-pocket expenses</keyword> are unpredictable and steep, leading to mounting debts for families. As health crises strike unexpectedly, the lack of widespread health insurance coverage is leaving families vulnerable, highlighting the urgent need for better healthcare protection. <h2><keyword id="20699023" type="General" weightage="20" keywordseo="kidney-disease" source="keywords">Kidney disease</keyword> capital: Delhi</h2>Kidney disease has emerged as a growing concern in India, with Delhi being identified as the kidney disease capital of the country. The report states that Delhi NCR had the highest share of health insurance claims related to kidney health, followed closely by Kochi. "Delhi is the capital for kidney disease, followed by Kochi. Delhi NCR had the highest share of claims related to kidney health," the report confirmed, indicating a rising trend in kidney-related issues. Beyond the staggering number of claims, the financial impact of treating kidney diseases has also been brought to light. The average age of patients claiming for kidney and renal problems is 47 years, showing that kidney issues are affecting people at a relatively young age. One of the highest bills for kidney-related treatment in the past year amounted to Rs 24,73,894, showing just how costly these health conditions can be. <h2>Rising <keyword id="19898369" type="General" weightage="20" keywordseo="heart-disease" source="keywords">heart disease</keyword> in major cities</h2>The report also flagged the increasing number of heart disease cases in India's metropolitan cities. Kolkata and Mumbai recorded the highest number of claims related to heart conditions, with hospitalizations for cardiovascular issues like heart attacks rising sharply, particularly among people aged 31 to 50 years. "Kolkata and Mumbai topped the list of metros when it came to disorders of the circulatory system like heart attacks," the report noted, painting a worrying picture of the growing burden of lifestyle diseases in urban India. Poor diets, stress, and lack of exercise are all contributing factors, creating a serious public health challenge for the country. In addition to kidney and heart diseases, the report also highlighted concerns surrounding cancer. The ACKO Index predicts that <keyword id="20418550" type="General" weightage="20" keywordseo="cancer-cases" source="keywords">cancer cases</keyword> are expected to rise by 13% between 2020 and 2025, which, coupled with the already high cost of cancer treatment, adds further strain to the healthcare system. <h2>Expanding health coverage</h2>In response to the growing healthcare challenges, the Indian government has introduced measures aimed at reducing the burden on citizens. On September 11, 2024, the Union Cabinet approved health coverage for all senior citizens aged 70 years and above, under the <keyword id="19913233" type="General" weightage="20" keywordseo="Ayushman-Bharat" source="keywords">Ayushman Bharat</keyword> Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). This scheme will provide health insurance regardless of income level, offering Rs 5 lakh per family per year for secondary and tertiary care hospitalisation. This move is a step forward in protecting senior citizens from catastrophic healthcare expenses, but the need for broader reforms remains critical as the out-of-pocket burden for millions of younger citizens continues to mount. (with inputs from agencies)

Healthcare in India faces massive strain as costs rise by 14% annually; most expenses paid out-of-pocket

<ul class="summary-list"><li>The court ruling finding Google illegally monopolized search has Big Tech companies on their heels.</li><li>It gives a road map for other antitrust rulings and makes cases easier to bring in the first place.</li></ul>A federal judge's blistering <a target="_blank" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">ruling describing Google as a monopoly</a> should have other big tech companies worried.In the nearly 300-page ruling, US District Judge Amit Mehta wrote that parent company Alphabet's deals to make Google the default search engine on other platforms violated corporate competition laws while accruing billions of dollars in revenue."Google is a monopolist, and it has acted as one to maintain its monopoly," Mehta wrote.The Department of Justice is now mulling whether to seek a potential breakup of the company, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-13/doj-considers-seeking-google-goog-breakup-after-major-antitrust-win">reported</a> earlier this week.Google has previously said it plans to appeal Judge Mehta's ruling, and that the decision "recognizes that Google offers the best search engine, but concludes that we shouldn't be allowed to make it easily available." Business Insider reached out to the company for any further comment.With Google on its heels — the developments are a clear signal to other <a target="_blank" href="https://www.businessinsider.com/google-antitrust-trial-big-tech-future-analysis-2024-5">Big Tech companies that they should be worried</a>.It's not the first time Big Tech has lost an antitrust suit and faced a potential split. Microsoft was ruled a monopoly in the 90s, and while the initial remedy was to break up the company, the tech giant ended up settling.But the Google development is the biggest Big Tech antitrust ruling since then, and Wedbush Securities analyst Dan Ives wrote in an analyst note Wednesday that the decision comes after the industry has gotten stronger under the AI revolution. He told Business Insider that Google's loss gives the Justice Department momentum in its "Big Tech battle.""The Big Tech antitrust drumroll will continue," Ives told BI, adding that "Big Tech has a target on its back."Under President Joe Biden's administration — and in particular, with the appointment of FTC Commissioner Lina Khan — the <a target="_blank" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">US government has taken an aggressive antitrust approach</a> toward major tech companies.In addition to the case against Alphabet that Mehta presided over, the Justice Department and an array of states have brought antitrust lawsuits against <a target="_blank" href="https://www.businessinsider.com/apple-antitrust-lawsuit-justice-department-2024-3#:~:text=The%20US%20Department%20of%20Justice,what%20they%20deem%20anticompetitive%20tactics">Apple for how it treats competitors to its in-house iPhone apps</a>, <a target="_blank" href="http://amazon">Amazon</a> for using its retail dominance to squeeze third-party sellers on its platform, and Meta amid its attempts to dominate the social media market through acquisitions like Instagram and WhatsApp.All of these cases are resource-intensive, have little precedent, and are the most ambitious antitrust lawsuits in decades. One big consequence of the Google ruling is it will give federal agencies a boost of confidence that the risk is worth it, according to former Federal Trade Commission chair William Kovacic."It's a huge shot in the arm to your team," Kovacic, now a professor at the George Washington University Law School, told BI. "And your success in all these other matters involves having more people fully committed and willing to work their fingers to the bone to make this work. Judge Mehta's ruling suggests that the sacrifice, the effort, is worth it."Apple, Meta, and Amazon did not immediately respond to requests for comment.<h2 id="529e4ba3-de45-4723-b58d-c645fcd05336">What is a 'market,' anyway?</h2>To win an antitrust case, plaintiffs need to prove that a particular company illegally dominates a particular market.Often, the cases get stuck on the question of how to define a particular market in the first place.Defendants typically define the market broadly, arguing they're just one fish in a big pond. Plaintiffs try to define the market in narrow terms, arguing the companies are such big fish that they are illegally taking up space in a very small pond.A federal judge previously tossed a lawsuit against Meta over these ambiguities, ruling that regulators didn't sufficiently define the social media market that the FTC alleged Meta monopolized before the regulator <a target="_blank" href="https://www.businessinsider.com/ruling-ftc-meta-facebook-lawsuit-instagram-whatsapp-can-proceed-2022-1">refiled its case</a>.<a target="_blank" href="https://www.documentcloud.org/documents/25042101-judge-amit-mehta-google-alphabet-antitrust-monopoly-decision">Judge Mehta's mammoth Google ruling</a> shows judges exactly how to handle the market-definition puzzle, according to Bill Baer, a former top antitrust lawyer at the Justice Department.The judge used a <a target="_blank" href="https://www.businessinsider.com/microsoft-1990s-antitrust-case-looms-over-apple-2024-3">landmark 2001 United States Court of Appeals decision against Microsoft</a> and demonstrated how its findings could be mapped onto Alphabet's conduct to dominate the search market for Google. That same strategy could be used by other judges overseeing cases against Amazon, Apple, or other tech companies, Baer told BI."That analytical process of figuring out what, in real terms, competes with other things, and not let the defendant kind of throw spaghetti at the wall and see what sticks, is one of the hallmarks of the Google decision," Baer said.Big Tech companies normally hire econometricians to create big, complicated models to define big, complicated markets, according to Rebecca Allensworth, a professor of antitrust law at Vanderbilt University Law School.It's an expensive, resource-intensive approach to defining markets for these cases.Mehta, however, adopted a more commensensical standard, favored by the Justice Department.Instead of complex mathematical models, Mehta looked at internal documents, the conduct of the businesses themselves, and testimony from rival companies to define the "search market" Google monopolized.If other judges follow suit and follow the same standard, it could lower the bar for bringing antitrust lawsuits in the first place."If the bar is you have to prove this to a mathematical certainty, you're just going to throw out a lot of cases," Allensworth said.<h2 id="3cb9553c-a301-4918-a33c-ccbe70c612b4">Big Tech companies may be more cautious about acquisitions</h2>Tech companies may not be rushing to change their entire business models, but the recent court decision could make them more cautious about acquisitions.But the Google ruling doesn't necessarily mean regulators will face success pursuing similar judgments against other tech giants.Wolfe Research analyst Shweta Khajuria told BI Google's lawsuit may be different from other Big Tech players because Google has a "much more dominant presence" in Search than any other company has in its respective categories.Meta still competes with Snapchat and TikTok, Khajuria said. But the Google lawsuit is significant because it's "by far the biggest" antitrust case, and it will serve as a bellwether for other companies, Khajuria said."The underlying takeaway is that no company, no matter how big they are, is above the law," Khajuria said.Emarketer analyst Max Willens isn't convinced that the ruling should make other tech giants concerned. He told BI that the ruling against Google "shouldn't necessarily signal that these other companies" are in bad shape."All of these lawsuits involve very different circumstances," Willens said.Aside from the difference in lawsuits, Willens also said Google will "vigorously defend itself" and appeal the decision, which will probably delay the final verdict by years. Until the final verdict comes out, companies aren't going to preemptively change their businesses, Willens said."It's a change of pace to Big Tech," Willens said. "It's new, but it's not going to cause them to take a measure so drastic that it would impair their businesses."Khajuria also said she doesn't anticipate companies taking proactive action to prevent a similar outcome. However, she said the tech giants might be more cautious about making large acquisitions that could draw attention to them.Ives also said that it's unlikely business models will dramatically change, but he said the decision may push Apple to settle its lawsuit before it goes to court.Ives wrote in a Wedbush note to investors that although the case is expected to last for years, he predicted a <a target="_blank" href="https://www.businessinsider.com/apple-antitrust-lawsuit-doj-timeline-wedbush-2024-3">settlement will likely be reached in the next 12 to 18 months</a>.But it's clear that Judge Mehta's decision in the Alphabet cases has pierced any perception that Big Tech companies — with their high-powered lawyers and massive resources — are invincible in the courts."There's a vibe, and that's really important," Allensworth told BI. "There's a sense that in a very high profile case, by a very thoughtful, legalistic, kind of nonpartisan judge saying that this Big Tech company is a monopolist."A bombshell ruling like that is bound to make the other tech giants sit up straight.

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