The shares of state-owned <keyword id="64243" type="COMPANY" weightage="20" keywordseo="Oil-and-Natural-Gas-Corporation">Oil and Natural Gas Corporation</keyword> (ONGC) surged 5% on Monday on reports that India is considering a floor price for natural gas produced from local fields. <br /><br />IANS Sources said <keyword id="5219124" type="COMPANY" weightage="20" keywordseo="The-Petroleum-Ministry">the petroleum ministry</keyword> is considering a proposal under which domestic gas will have a floor pricing that would prevent fuel prices from crashing below an identified threshold in the current subdued market conditions and insulate oil and gas explorers like ONGC from a tariff crash. <br /><br />    <div type="image" title="ONGC" msid="78362156" hostid="261"></div><br />CNG and piped natural gas prices could face an increase this festive season if the government implements a new floor price mechanism for gas produced from domestic fields by companies such as Oil and Natural Gas Corporation (ONGC).<br /><br />Talks are on to link gas prices with price Japan-Korea Marker, a benchmark index used to determine LNG tariff in North Asia with a discount. <br /><br />With JKM prices hovering over $ 5 million British thermal units (mmBtu) even with day $ 1 mmBtu discount, the Indian gas floor price under this formula will be close to $ 4 mmBtu. This is much higher than the government administered price of $ 2.39 mmBtu for the April-October, 2020 period. And if implemented, it could increase the cost for all gas consumers.<br /><br />"Nothing has been finalised on having a gas floor price as of now. A panel in the petroleum ministry is looking at various options and the best course would be adopted that has little impact on consumers but also supports oil and gas companies with remunerative and sustainable gas prices." <br /><br />The average cost of gas production for the country's largest public sector oil company ONGC is about $3.7/mmBtu, much higher than the current regulated price of natural gas at $2.39/mmBtu. This is expected to fall further to about $1.9/mmBtu for the next six months beginning October 1 under the current formula, sources said. <br /><br />Lower gas prices is bad news for ONGC as it would mean further suppressed margins and losses. The company is set to lose close to Rs 6,000 crore on low gas prices this year, brokerages have said. <br /><br />Brokerages have put ONGC's FY22E gas price at US$3.6-4.2/mmbtu depending on discount to JKM price if the new floor price is implemented. With Low L NG liquefaction capacity addition ahead, JKM spot futures for FY22-FY26E are expected at US$5.2-5.8/mmbtu vs US$4.7-4.1/mmbtu in FY20-FY21E.<br /><br />Oil minister Dharmendra Pradhan had said earlier that India will phase out price controls in natural gas and make it market-linked soon.<br /><br />(with inputs from IANS)<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-in-india-mazagon-dock-shipbuilders-uti-amc-and-likhitha-infrastructure/articleshow/78293918.cms" data-type="tilCustomLink">Three more IPOs to hit the Indian market next week — Mazagon Dock Shipbuilders, UTI AMC and Likhitha Infrastructure</a><br /><br /></strong><a href="https://www.businessinsider.in/stock-market/news/how-to-check-cams-ipo-share-allotment-status/articleshow/78311094.cms" data-type="tilCustomLink"><strong>CAMS IPO allotment: Here’s how to check share allotment status</strong></a><br />

ONGC surges 5% on reports of domestic gas price hike

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Lucas Jackson/Reuters</span></p><p class="caption">Jack Dorsey (L), CEO of Square and CEO of Twitter, live casts video while standing outside the New York Stock Exchange.</p></div><p></p></div></div>There was a lot of hand-wringing on Wednesday night when digital payments startup <a href="http://www.businessinsider.com/square-finally-sets-its-ipo-price-2015-11">Square set its initial public offering price at $9 per share</a>.</p><p>The price was below the the $11-13 range Square had initially set. That, in turn, was <a href="http://www.businessinsider.com/square-could-be-a-gamechanger-for-tech-ipos-2015-11">well below than the </a><span><a href="http://www.businessinsider.com/square-could-be-a-gamechanger-for-tech-ipos-2015-11">$15.46-per-share price</a> at which it sold stock in its last private funding round.</span></p><p><span><span>The IPO price gave the company a market cap of $2.9 billion at the time of IPO - less than half of the $6 billion private valuation it had in its last round of funding.</span></span></p><p><span><span>In the end, the stock ended up surging </span></span><a href="http://www.businessinsider.com/square-ipo-and-share-price-2015-11">by as much as 60%</a> on Thursday, closing up about 45% at $13.07. As <a href="http://www.bloombergview.com/articles/2015-11-19/square-turns-the-corner-after-a-pretty-shaky-ipo">Bloomberg View's Matt Levine</a> points out, all of Square's shareholders made money.</p><p>But, while things look good now, there's no mistaking that Square's IPO came perilously close to falling flat.</p><p><span>Business Insider tried to find out how Square's price came to be cut by so much. This is what we found out. </span></p><h2><span>Markets, markets, markets</span></h2><p><span></span><span>One person familiar with the matter told us that the pricing of the IPO at $9, below the $11-13 range, had nothing to do with the dual role of <span>Square CEO Jack Dorsey. Dorsey is also the CEO of Twitter.</span></span></p><p><span><span>Dorsey himself echoed that sentiment in an<span> </span><a href="http://www.buzzfeed.com/mathonan/square-ceo-jack-dorsey-theres-going-to-be-a-bunch-of-noise#.iv3DRjrLp">interview with BuzzFeed on Thursday</a>, where he said that his double role was not at the forefront of investors' minds, but rather something that occasionally came up as investors were walking out of a meeting.</span></span></p><p>This person instead put the pricing below range down to market conditions, which is a finance-world way of saying that investors were concerned about the broader market, and demanded a lower valuation. </p><p>Square filed its <a href="http://www.businessinsider.com/square-files-for-ipo-2015-10">S1 on October 14</a>, and while the stock market volatility of August has dampened down, there has been plenty of debate over public market and private market valuations. That was added to earlier this month when Fidelity wrote down the <a href="http://www.businessinsider.com/fidelity-wrote-down-the-value-of-its-snapchat-stake-by-25-2015-11">value of its stake in Snapchat</a>.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/metadata/Index/Bloomberg-San-Francisco/5be20e301c2c4e5480f35c8e077498db/25/0">Jeff Chiu/AP</a></span></p><p class="caption">Square (and Twitter) CEO Jack Dorsey.</p></div><p></p></div></div></p><p>The CBOE Volatility Index, known as VIX, has also had a bumpy 10 days, hitting a high of 20.6 on Friday 13 November. Equity deals getting progressively harder as the VIX, which gauges expectations of volatility, gets higher. </p><p>Square isn't the only company to have been caught out. <span>Tinder-owned Match also priced on Wednesday night at the bottom of its range</span><span>, as did email security firm</span><span> Mimecast. </span>Last week, Loan Depot pulled its own initial public offering citing "market conditions".</p><h2><span>Pros and cons</span></h2><p><span>Square then faced a decision over whether to push ahead at a lower valuation, or postpone the deal.</span></p><p><span>Companies are never happy when their companies price lower than the initial range. That was true of Square's management too, according to the person we spoke to. </span></p><p><span>But they recognized the unfavorable market conditions and accepted them. </span></p><p><span>The person said that Square had to weigh the benefits of pulling out of the deal against the six months of work they put in and the opportunity to get into the public markets and have an "incredible" shareholder base.</span></p><p><span>It was a hard decision for management, the person said, but importantly, they were only selling about 7% of the company in the IPO. They might have made a different decision if they were selling 40% or 50% of the company.</span></p><p>Dorsey was asked this morning on CNBC whether he agreed with a Fred Wilson blog which said that sometimes "you just need to get the deal done". </p><p>He said: "He's absolutely right. It's all about getting the business and accelerating the business and that's what we cam here to do today and we did it."</p><p>Square did not return messages seeking comment in time for publication.  </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/facts-twitter-jack-dorsey-ceo-2015-6">The full story of Jack Dorsey is much more awesome than you realize</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="gyZ2ptdTozPFw5g_VY4mVcCrCjDI1DMb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Why Square wound up pricing its IPO so low

<p><em>This story was originally sent to thousands of professionals just like you in this morning's IoT INSIDER daily newsletter.  Don't be left in the dark while your competition gets ahead each morning. <strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_MI-mobile-news-2015-6-17&amp;utm_campaign=CtgrPr_nlsa">Learn more about our 7-day FREE trial now </a><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_MI-mobile-news-2015-6-17&amp;utm_campaign=CtgrPr_nlsa">»</a></strong></em></p><p>Nest announced the launch of the Nest Cam, the first new product the smart thermostat company has launched since it was acquired by Google. The Nest Cam is the result of another Google acquisition: its $555 million purchase last year of Dropcam.</p><p>The new camera is an updated version of Dropcam's, with improved resolution and night vision, and can be placed around the home for security monitoring. The camera will start shipping next week and will be priced at $199.</p><p><strong><em>Finding this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends, start your day with the IoT</em></strong><strong><em> INSIDER. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_ECI-buy-button-2015-6-16&amp;utm_campaign=CtgrPr_nlsa"> Get 7-days FREE » </a></em></strong></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Along with the new camera,<strong> </strong>Nest also announced a partnership with home insurers Liberty Mutual and American Family to give customers who own Nest products up to a 5% discount on their premiums.</p><p>Nest also announced a new app that will allow Nest products to work together. For instance, if the Nest smoke alarm senses a problem, it can tell the Nest thermostat to turn off the heating system in case of carbon monoxide. Nest will be pushing software updates to its smart thermostats and smoke alarms for that integration.</p><p>Nest's smart thermostat and security camera give it a foothold in the two smart home product categories we think will grow the fastest: smart home energy and smart home security.</p><p>Here are other stories you need to know from today's IoT INSIDER:</p><ul><li>CONSUMER DEMAND FOR SMART HOME PRODUCTS FALLING</li><li>FITBIT'S IPO A BIG SUCCESS</li><li>TESLA PARTNERS WITH LEADING BATTERY TECH RESEARCHER</li><li>MOBILE DATA WILL BE HEAVILY RELIANT ON WI-FI BY 2019</li><li>PLANS FOR THE APPLE WATCH 2 LEAKED</li></ul><p>Don't miss another day of breaking developments! Stay ahead of the curve and gain insight into the latest news &amp; trends. Join thousands of other professionals who start the day with IoT INSIDER. <strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_MI-mobile-news-2015-6-17&amp;utm_campaign=CtgrPr_nlsa">Try it FREE for 7 days now »</a></strong></p>

Google is now one step closer to taking over your connected home with the launch of Nest Cam

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword> has decided to simplify the risk management framework for validating Know Your Customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) records through KYC Registration Agencies (<keyword id="19966556" type="General" weightage="20" keywordseo="KRAs" source="keywords">KRAs</keyword>), a move that will ensure ease of transacting for <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword>, experts said on Wednesday. Under the new framework, KRAs can now verify PAN, name, address, email, and mobile number from official databases. If these details are found to be in order, they will be considered validated records, Ankit Ratan, Co-founder &amp; CEO, Signzy said. <br /><br /> "The new framework is expected to address challenges faced by many investors while also ensuring the verification of investors' digital identities. With a growing number of investors embracing digital platforms for investment, verifying digital identities has become increasingly important," he added. <br /><br /> The exchanges, depositories, and relevant intermediaries are tasked with implementing necessary technical changes in their systems by May-end. <br /><br /> Mutual fund houses, broking firms, and portfolio management service providers will need to implement robust compliance tools and risk management frameworks to safeguard <keyword id="21669354" type="General" weightage="20" keywordseo="investor-data-privacy" source="keywords">investor data privacy</keyword> and security. This will help ensure that all investors are onboarded after identity verification. <br /><br /> KRA involves entities such as CAMS KRA, BSE KRA, NSE KRA, among others. These agencies are responsible for maintaining the KYC details of individuals, typically gathering information from brokers, exchanges, and intermediaries. <br /><br /> On Tuesday, Sebi simplified the risk management framework for ease of transacting by clients based on the feedback received from the stakeholders in the securities market. Simplifying the guideline, the regulator has modified the circular issued in October 2023. <br /><br /> In October last year, the verification process underwent an update, invalidating proofs of address such as ration cards, electric bills, or scanned Aadhar cards. <br /><br /> Presently, the mandate requires KRAs to verify certain attributes of client records within two days of receiving the KYC record, including Permanent Account Number (PAN), name, and address. <br /><br /> "Going forward, the client's records verified by KRAs with official databases (Income Tax Department database on PAN, Aadhaar XML, Digilocker or M-Aadhaar) will be considered 'validated records'. Individuals with invalid documentation will not be permitted to trade in the securities market," Feroze Azeez, Deputy CEO of Anand Rathi Wealth, said. <br /><br /> This initiative by Sebi serves to safeguard investor interests in securities and foster the development and regulation of securities markets, representing a significant step forward in consumer protection, he added. <br /><br /> Signzy Ratan said that Sebi's move will ensure the protection of investor interests in the capital market and promote the development of security markets. It represents a significant step towards enhancing digital trust and creating a secure digital environment for investors.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank">Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6</a></b>

Sebi eases Know Your Customer (KYC) compliance guidelines

South Korean tech firm LG aims to grow its presence in the affordable smartphone market in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and recently launched <keyword id="10393313" type="PERSON" weightage="20" keywordseo="k42">K42</keyword> with quad rear cameras and a 4,000mAh battery.<br /><br />The smartphone sports a military-grade certified build that is said to have passed nine different categories of the US military defense standard testing, including high and low temperature, <keyword id="10984797" type="UNKNOWN" weightage="20" keywordseo="temperature-shock">temperature shock</keyword>, vibration, shock and humidity, among others.<br /><br />The affordable device is priced at ₹10,990 for the lone 3GB RAM+64GB storage variant and comes with a 2-year extended warranty along with a free one-time screen replacement.<br /><br />We used the recent offering from LG for around a week and here is what we think about the phone.<br /><br />Aesthetically appealing, the K42 sports a smooth grip with distinctive rear design that fits smoothly in the hand, and provides a stable grip with unique wave patterns and UV coating, making it less susceptible to scratches.<br /><br />The K42 comes with a dedicated <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> Assistant button. Pressing the button once instantly launches Google Assistant and pressing it twice launches Visual Snapshot that show weather, schedule and other information.<br /><br />The K42 comes with an ergonomically placed fingerprint sensor on the side for easy one-hand control and unlocking.<br /><br />The LG K42 comes equipped with a super sharp and crisp 6.6-inch HD+ display, designed to be cinematically proportioned for an immersive viewing experience.<br /><br />The display is big and perfect for those who love streaming videos/movies as well as playing games.<br /><br />The LG K42 houses a quad rear <keyword id="9574092" type="UNKNOWN" weightage="20" keywordseo="camera-setup">camera setup</keyword> that includes a 13MP primary sensor and a 5MP secondary sensor with a super-wide-angle lens. The camera setup also comes with a 2-megapixel depth sensor and a 2MP macro shooter. For selfies and video chats, the LG K42 features an 8MP selfie camera sensor at the front.<br /><br />The camera also houses convenience features such as Flash Jump Cut that takes 4 pictures with some intervals, the flash indicates when the camera is going to take a picture so you can pose and be creative.<br /><br />The Time Helper feature made the camera blink its flash to tell us exactly when a picture is about to clicked.<br /><br />The phone comes with an AI Cam feature that uses artificial intelligence (AI) backed algorithms to recommend an optimal camera mode among eight different modes after analysing subjects in the frame.<br /><br />The device is powered by an octa-core <keyword id="6369515" type="LOCATION" weightage="20" keywordseo="MediaTek">MediaTek</keyword> Helio P22 SoC, along with 3GB of RAM. It runs on Android 10 with the LG UX on top.<br /><br />The performance of the device is decent and one would not face any issue while performing the daily tasks.<br /><br />For entry-level gamers, the LG K42 comes preloaded with ‘Game <keyword id="49208" type="PERSON" weightage="20" keywordseo="Launcher">Launcher</keyword>' that helps provide relevant settings for mobile games.<br /><br />The LG K42 packs a 4,000mAh battery. The smartphone lasted for over a day and can even survive to more hours depending on the usage.<br /><br />Conclusion: For ₹10,990, LG K42 is a powerful affordable smartphone with good build.<br /><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-oneplus-9-and-oneplus-watch-to-launch-in-india-today-how-to-watch-live-stream-price-features-and-more/articleshow/81644503.cms">OnePlus 9 Pro, OnePlus 9 and OnePlus Watch to launch in India today – How to watch live stream, price, features and more</a><br /><a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-suryoday-small-finance-bank-ipo-online/articleshow/81647204.cms">Suryoday Small Finance Bank IPO allotment live – how to check allotment, listing date and more</a><br /></strong><a href="https://www.businessinsider.in/tech/apps/news/supreme-court-orders-to-pause-all-cases-against-netflix-amazon-prime-and-others-in-high-courts-across-india/articleshow/81647182.cms"><strong>Supreme Court orders to pause all cases against Netflix, Amazon Prime and others in High Courts across India</strong></a><br />

LG makes a comeback with the affordable K42 smartphone, featuring quad cameras and 4,000mAh battery

<p><em>This story was originally sent to thousands of professionals just like you in this morning's IoT WEEKENDER newsletter.  Don't be left in the dark while your competition gets ahead each morning. <strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa">Learn more about our 7-day FREE trial now </a><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_MI-mobile-news-2015-6-17&amp;utm_campaign=CtgrPr_nlsa">»</a></strong></em></p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>FITBIT'S IPO A BIG SUCCESS:</strong> On Wednesday night FitBit announced its official IPO price of $20 per share. The IPO raised $732 million for the wearables maker, valuing FitBit at $4.1 billion.<strong> </strong>The stock then opened Thursday morning at $30.40 per share, raising that valuation to $6.3 billion. The stock closed Thursday trading at $29.68 per share, a 48% increase from its IPO price.</p><p>The company's initial IPO terms said shares would be priced between $14-$16 per share, but those terms were updated earlier this week, raising the price to between $17-$19 per share. The updated terms also increased the number of shares it would offer from 29.9 million to 34.5 million in response to high demand from investors.</p><p>FitBit is the clear leader in the global wearables market right now, according to a recent <a href="http://www.idc.com/getdoc.jsp?containerId=prUS25658315&amp;utm_source=Triggermail&amp;utm_medium=email&amp;utm_term=BII%20List%20Mobile%20ALL&amp;utm_campaign=Post%20Blast%20%28research%29%3A%20The%20wearables%20market%20before%20Apple%20Watch%20%E2%80%94%20Apple%27s%20connected%20home%20makes%20its%20way%20to%20consumers%20%E2%80%94%20Magic%20Leap%20to%20become%20less%20mysterious">report</a> from the IDC. FitBit shipped 3.9 million devices in Q1 2015, more than 1 million more shipments than any of its competitors. The company sold more than 10 million devices last year, more than doubling the number it sold in 2013.</p><p><strong>FitBit has also been hit with two lawsuits in the last month from rival wearables maker Jawbone</strong>. Jawbone claims that FitBit systematically sole confidential information by hiring away Jawbone's employees. The increased IPO terms indicate that investors aren't too worried about the lawsuits.</p><p><strong><em>Finding this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends, start your day with the IoT</em></strong><strong><em> INSIDER. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa"> Get 7-days FREE » </a></em></strong></p><p><strong><div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/5429660f6bb3f7b92836fb01-960/connectedhomedevicecategories-1.png"></a></div></div></div>NEST CAMERA LAUNCHES: </strong>Nest announced the launch of the Nest Cam, the first new product the smart thermostat company has launched since it was acquired by Google. The Nest Cam is the result of another Google acquisition: its $555 million purchase last year of Dropcam. The new camera is an updated version of Dropcam's, with improved resolution and night vision, and can be placed around the home for security monitoring. The camera will start shipping next week and will be priced at $199.</p><p>Along with the new camera, Nest also announced a partnership with home insurers Liberty Mutual and American Family to give customers who own Nest products up to a 5% discount on their premiums. Nest also announced a new app that will allow Nest products to work together. For instance, if the Nest smoke alarm senses a problem, it can tell the Nest thermostat to turn off the heating system in case of carbon monoxide. Nest will be pushing software updates to its smart thermostats and smoke alarms for that integration. Nest's smart thermostat and security camera give it a foothold in the two smart home product categories we think will grow the fastest: smart home energy and smart home security.</p><p><strong style="line-height: 1.5em;">SMART METERS HELP CALIFORNIA ENFORCE WATER USE RESTRICTIONS DURING DROUGHT: </strong>Some California utilities are starting to roll out smart water meters to help enforce restrictions the state enacted in response to its extreme drought, WIRED <a href="http://www.wired.com/2015/06/smart-water-meters-let-cities-spot-drought-defiers/">reported</a> yesterday. The new restrictions limit the days and times that businesses and residents can water their lawns. Traditional water meters can't tell what time a business or home is using water for such purposes; they just tally up how much water is used each month. So local water utilities have been installing smart water meters at homes and businesses that have been reported for violating the restrictions. The smart meters can report water usage in near real time, allowing utilities to catch violators and fine them.</p><p>The article demonstrates some of the barriers that utility companies face in deploying smart water meters. Utilities usually deploy smart electricity meters to save money from sending employees to perform house calls, but the cost of smart water meters is sometimes too high to justify that savings, according to the report.</p><p>Utility companies also don't have the IT infrastructure (such as data centers or networking infrastructure) in place to support tens or hundreds of thousands of connected smart meters.</p><p>This is forcing smart meter providers to build those resources themselves, according to the WIRED article. For instance, smart meter provider T2, which is piloting smart water meters with authorities in Long Beach, California, uses Verizon's cellular network to circumvent the need for network infrastructure to connect meters. Their meters are also battery-powered, saving the utility the cost of providing electricity for them. And the Long Beach water department didn't need to purchase servers to support the smart meters since T2's solution is hosted in Microsoft's Azure Cloud.</p><p>BI Intelligence estimates that global smart meter installations will grow from 59 million this year to 134 million in 2020, but we expect smart electricity meters to make up the bulk of those installations. However, extreme weather conditions like California is experiencing, and continued water crises in developing countries like India, could spur municipalities to install smart water meters in greater numbers.</p><p><strong style="line-height: 1.5em;"><strong><div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/5524320b6bb3f7652cfc827d-960/bii%20estimated%20number%20of%20smart%20meter%20installations%202015%204%207.png"></a></div></div></div></strong>GOGORO SETS PRICING AND LAUNCH DATE FOR ITS SMART ELECTRIC SCOOTERS: </strong>Connected cars are getting a great deal of attention right now, as they offer the chance to transform transportation in Western countries where cars and trucks dominate road traffic. In Asia's dense mega-cities though, it's gas-powered scooters, not cars, that rule the road. Taiwan-based Gogoro is trying to connect those vehicles while also driving down energy consumption in those heavily polluted megalopolises with its electric Smartscooter. Gogoro <a href="http://www.theverge.com/2015/6/17/8795087/gogoro-pricing-preorder-taipei">announced</a> yesterday that it would start taking orders on for its Smartscooters - priced at $4,100 - in Taiwan later this month.</p><p>Gogoro's scooters include 30 sensors that send diagnostic information to owners' smartphones via Gogoro's app and are powered by two 20-pound batteries. When the batteries run low, they can be swapped out at Gogoro's smart recharging stations for fully charged batteries. Gogoro plans to place networks of its charging stations throughout cities in Asia. It already has 32 in Taipei, Taiwan's capital city, as part of the pilot it's running there. It plans to increase that number to 150 by the end of the year. The Smartscooter can travel 62 miles at 60mph on a pair of fully charged batteries.</p><p>Gogoro will need the infrastructure of battery-swap stations in place to expand to new cities. The Smartscooter is also more expensive than gas-powered alternatives, but the company says that over the first two years of ownership the electric Smartscooter costs less than some gas-powered models. Replacing the millions of gas-powered scooters on the streets of Asia's biggest cities with electric ones would help alleviate the air pollution problems in many of those cities.</p><p><strong>TESLA PARTNERS WITH LEADING BATTERY TECH RESEARCHER: </strong>Tesla might have drawn closer to its goal of replacing carbon fossil fuels with lithium ion battery cells this week. The company <a href="http://fortune.com/2015/06/17/meet-teslas-new-weapon-a-battery-scientist/">signed</a> an exclusive agreement with Jeff Dahn, a professor at Dalhousie University in Nova Scotia and one of the world's top lithium ion technology researchers, to apply his research to Tesla's batteries. In exchange Tesla will provide financial support for Dahn and his team of 20 researchers. The partnership will start in June 2016, after Dahn wraps up another project he is working on.</p><p>Dahn will aim to improve Tesla's lithium ion batteries in multiple ways, such as lowering costs to make Tesla products more affordable for consumers, increasing the amount of energy each battery can store, and increasing the lifetime of lithium ion battery cells.</p><p>Those last two objectives are particularly problematic. The easiest way to increase the amount of energy that can be stored in a lithium ion battery is to charge it to a higher voltage. But that decreases the battery's lifetime. If Dahn can find a way to increase the energy a battery can store without decreasing its lifetime, it would make Tesla's battery storage solutions more cost-effective for large-scale applications in energy grids and enterprises. </p><p><strong><div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/545cea1c6bb3f7cd575e46f0-960/iot%20enterprise%20investments%20by%20industry.png"></a></div></div></div>EXAMINING CLAIMS OF AN IoT BUBBLE: </strong>Apple cofounder Steve Wozniak made headlines recently warning investors that he thinks the Internet of Things market is in a bubble phase. The number of startups and solutions in the IoT market is growing fast, but it will take time for consumers to adapt to and trust some IoT technologies, such as self-driving cars, Wozniak explained. However, his claims of a full-blown IoT market bubble are overblown, according to a recent <a href="http://www.usatoday.com/story/money/business/2015/06/12/internet-of-things-bubble-steve-wozniak-the-motley-fool/71120522/">analysis</a> from The Motley Fool.</p><p>The price-to-sales ratios of three IoT companies - Sierra Wireless, Skyworks Solutions, and Invensense - are nowhere near as high as the ratios of internet companies before the dotcom bubble of the late 90's and early 2000's, the article pointed out. Price-to-sales ratios compare a company's stock price to its actual revenues, giving investors a sense of how the market views a company compared to its actual performance. The price-to-sales ratios of the three IoT companies over the last five years were a fraction of the ratios that companies like Cisco and Microsoft had during the dotcom bubble, according to the article. </p><p>The article also pointed out the error in talking about an IoT market bubble. The IoT market covers a vast array of industries and segments including healthcare, manufacturing, and defense, as well as consumer home appliances, cars, and wearables. Some of those markets will develop faster than others. So there may be IoT market bubbles in certain industries, but other industries will likely pick up the slack for IoT adoption.</p><p>Don't miss another day of breaking developments! Stay ahead of the curve and gain insight into the latest news &amp; trends. Join thousands of other professionals who start the day with IoT INSIDER. <strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa">Try it FREE for 7 days now »</a> </strong></p>

Here's what happened in Internet of Things this week

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1FJQ1ETW#/SearchResult&amp;ALID=2C0BF1FJQ1ETW&amp;VBID=2C0BX4I2P0A7&amp;POPUPPN=2&amp;POPUPIID=2C0BF1FJQ15O8">Reuters/Daniel Becerril</a></span></p><p class="caption">Inmates are seen in the Topo Chico prison during a media tour in Monterrey, Mexico.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.businessinsider.com/china-took-action-after-bank-lending-surged-by-record-amount-2016-2">China reportedly raised the reserve requirement ratio for some banks</a>.</strong> The People's Bank of China has reportedly hiked the amount of money some banks are required to hold in reserves, according to Bloomberg. This report surfaces just days after Beijing announced Chinese banks extended <span>2.51 trillion yuan ($390 billion) worth of new loans</span> in January, the largest on record. While no specific details have been announced, the increase is reportedly for banks that lent too quickly during the month.</p><p><strong><a href="http://www.bloomberg.com/news/articles/2016-02-19/u-k-retail-sales-surged-most-in-more-than-two-years-in-january">UK retail sales surged</a>.</strong> Retail sales in the UK jumped 2.3% month-over-month in January, easily surpassing the 0.7% gain that was expected by the Bloomberg consensus. The reading was the strongest since January 2014, and was helped by retailers cutting costs to clear out inventories, according to the Office for National Statistics. The British pound is weaker by 0.3% at 1.4288.</p><p><strong><a href="http://www.businessinsider.com/norway-sovereign-wealth-fund-expects-annual-loss-2016-2016-2">The oil crash is crushing the world's largest sovereign wealth fund</a>. </strong>Norway's sovereign wealth fund is expected to see outflows for the first time since 2000 as the country's oil-reliant economy reels from the oil glut. According to Bloomberg, the Norwegian government is expected to withdraw up to <span>80 billion kroner ($10 billion) from its wealth fund throughout 2016. The number marks a huge increase from the government's announcement in October that it planned to spend<span> around 4.9 billion kroner ($570 million) this year to support the economy. In his annual speech on Thursday, the governor of Norway's central bank, Oeystein Olsen said, "<span>The fall in oil prices will reduce Norway's national wealth" and that <span>"...increased spending is not a viable path to follow."</span></span></span></span></p><p><span><span><strong><a href="http://www.reuters.com/article/venezuela-economy-idUSL2N15X0U0">Venezuela released its 2015 GDP and inflation data</a>. </strong>The Central Bank of Venezuela says the Venezuelan economy contracted 5.7% in 2015, and that inflation hit 180.9%. The release comes just a day after the government announced a 6,200% increase in the price of gasoline. </span></span></p><p><strong><a href="http://www.businessinsider.com/nordstrom-earnings-and-outlook-q4-2016-2">Nordstrom gave an ugly outlook</a>. </strong>The retailer announced adjusted earnings of $1.17 per share, missing the $1.21 that was expected. Revenue climbed 5.2% to $4.19 billion, a bit shy of the $4.21 billion that was anticipated by the Bloomberg consensus. However, the worst part of the report was the company's full year EPS forecast <span>of between $3.10 and $3.35, which was well short of the $3.55 that analysts were hoping for. Shares of Nordstrom were down more than 7% in after-hours trade.</span></p><p><strong><a href="http://www.businessinsider.com/michael-corbat-2015-compensation-2016-2">Citigroup's CEO got a big raise</a>.</strong> Michael Corbat, Citigroup's chief executive officer, received a 27% raise for his work in 2015. The $16.5 million pay package was broken down into $9 million of stock compensation, $6 million in cash and $1.5 million in salary. Corbat received a 10% pay cut in 2014.</p><p><strong><a href="http://www.businessinsider.com/r-chinese-online-insurer-zhong-an-plans-2-billion-mainland-ipo-in-2016-ifr-2016-2?IR=T">The largest tech IPO in Chinese history is on the way</a>. </strong>People close to the deal told Reuters, online Chinese insurer Zhong An is planning a $2 billion initial public offering. The IPO would be the largest on the mainland since Guotai Junan Securities raised $4.8 in June. Last year, Zhong An raised $931 million in a deal that valued the company at $8 billion.</p><p><strong>Stocks everywhere are lower.</strong> Japan's Nikkei (-1.4%) paced the decline in Asia and Spain's IBEX (-1.4%) leads the losses in Europe. S&amp;P 500 futures are lower by 9.00 points at 1907.50.</p><p><strong>Earnings reports flow ahead of the opening bell. </strong>Ameren, Deere, Fannie Mae, and VF Corp. are among the names releasing their quarterly reports before markets open.</p><p><strong>US economic data is light. </strong>CPI will be released at 8:30 a.m. ET. The US 10-year yield is down 2 basis points at 1.72%.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cam-newton-carolina-panthers-press-conference-nfl-denver-broncos-super-bowl-2016-2"> Here's the question that prompted Cam Newton to storm out of his postgame press conference</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VoZG5yMDE6VHP_GWa6so3qlVcSAMa9_y" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>India based mobile ad network InMobi has dismissed reports that <a href="http://uk.businessinsider.com/r-google-in-initial-talks-to-buy-indian-startup-inmobi-source--2015-3">Google is lining up a $1 billion bid to acquire the company.</a></p><p>In an email sent to employees, <a href="http://timesofindia.indiatimes.com/tech/tech-news/InMobi-is-not-for-sale-CEO/articleshow/46534144.cms?">reported by The Times of India</a>, InMobi CEO Naveen Tewari said he wanted the company to stay independent.</p><p>It read: "We are building an amazing company and the market space is very huge. Given the level of innovation and disruption we are about to cause, there is no reason to sell."</p><p>The email ended with the line: "If you like the fact that we are not selling, let me hear a big round of applause from the floor."</p><p>The office erupted into applause, The Times of India reports. </p><p>Business Insider has contacted InMobi for comment.</p><p>Sources with direct knowledge of the situation had told Business Insider on Wednesday that the deal was off the cards too (although they did confirm that talks had taken place). But the rumored acquisition was the talk of the ad industry earlier this week. We caught up with a bunch of ad tech executives to get their thoughts on the situation.</p><p><span style="line-height: 1.5em;">InMobi is the largest independent mobile <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> player outside of Google and Facebook. The company has more than 900 employees and <a href="http://www.businessinsider.com/hottest-pre-ipo-adtech-startups-2014-3?op=1">Business Insider has previously estimated its revenues at $372 million.</a> The company turned profitable in the fourth quarter,<a href="http://bits.blogs.nytimes.com/2015/03/11/inmobi-plans-to-stay-independent-dismissing-rumors-of-talks-with-google/?_r=0"> according to The New York Times</a>. InMobi claims, in a press release sent to Business Insider last year, that its network reaches 872 million active users, spanning over 200 countries.</span></p><p><span style="line-height: 1.5em;">Of all the adtech executives we spoke to about the potential deal, the intention from Google was clear: It wants to make a land grab in the mobile space, having lost ground since its $750 million AdMob acquisition in 2009.</span></p><p><span style="line-height: 1.5em;">Ario Paparo, CEO of adtech startup Beeswax, told us: "I think there are a couple of factors at work. First, after a very fast start in mobile ads with the AdMob acquisition, Google has lagged significantly behind Facebook and Twitter's MoPub unit of late in attracting developers to AdSense and AdX as their monetization vehicles. Mobile developers are choosing various other SDKs to include in their apps and it takes quite a bit of effort to stay on top."</span></p><h3><span style="line-height: 1.5em;">A Google acquisition of InMobi "is not perfect"</span></h3><p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>Marco Bertozzi, president for global clients at Publicis Groupe's adtech arm Vivaki concurred. InMobi would give Google a chance to scale up  - particularly in regions such as India and Asia where InMobi is strongest - providing advertisers with more reach and data.</span></p><p><span style="line-height: 1.5em;">He added: "My personal opinion is Google wants to jump forward as fast as it can and regain some ground, although not perfect, it will achieve some of those objectives quickly. It is a scale play, Google knows that sometimes this kind of purchase is needed, the idea of building and creating a network is pretty labor intensive as well."</span></p><p><span style="line-height: 1.5em;">The fact that the InMobi purchase "is not perfect" in terms of answering Google's mobile advertising scale challenge was repeated among the adtech execs we spoke to. While everyone we spoke to agreed Google needs to make this kind of acquisition, many found it difficult answering the question: Why InMobi?</span></p><p><span style="line-height: 1.5em;">One senior agency source who asked not to be named questioned why Google would look to buy a company of 900 people, mostly sellers and engineers, when Google has plenty of talented sellers and engineers itself - arguably the best in the business. </span></p><p><span style="line-height: 1.5em;">He also questioned whether InMobi has enough bespoke, patented technology to make a $1 billion deal worthwhile, although he concluded that the appeal may be in the relationships the ad network has with partners and telecoms operators in India - the next burgeoning market for smartphone growth. </span></p><h3><span style="line-height: 1.5em;">"It will be interesting to see what the FTC has to say about this land grab"</span></h3><p><span style="line-height: 1.5em;">An InMobi acquisition would also be a regulatory challenge for Google, according to ChoiceStream's VP of marketing Bill Guild.</span></p><p><span style="line-height: 1.5em;">He told us: "Unlike the acquisition of AdMob which brought Google squarely into the mobile space, this seems like a simple land grab. Based on the scrutiny that the FTC paid to AdMob and the fact that Google today is a much bigger force in the mobile space than it was then, it will be interesting to see what the FTC has to say about this land grab.  Even though InMobi doesn't bring new technology or expertise to Google, the price might be worth it to gain a dominant position in world-wide mobile advertising."</span></p><p><span style="line-height: 1.5em;"><span style="line-height: 1.5em;">With a Google acquisition off the table, InMobi is staying independent for now. Tewari has long-hinted that the company is preparing for an IPO, although that may be some time away as the company has struggled to raise interest from investors beyond Japanese internet company SoftBank. </span><a href="http://www.nextbigwhat.com/softbank-write-down-inmobi-investment-297/">And in 2014, SoftBank wrote down all or a major part of its 2011 $200 million investment in InMobi,</a><span style="line-height: 1.5em;"> according to Next Big What, which did not uncover a reason for the writedown but suggested it could be related to taxation.</span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/police-car-chase-weed-toss-marijuana-pot-arizona-2015-3">Incredible dash-cam video of a car chase shows suspects tossing bales of weed out the window</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xvZnJ2czo4we8mdgZESZ2DxeaFMmxz9w" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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