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New Delhi, As we gloat over reports how the US and European countries have started to tame the social media platforms in regard to anti-trust market practices, users privacy and the spread of fake news, <keyword id="1781932" type="COMPANY" weightage="20" keywordseo="Big-Tech">Big Tech</keyword> firms had their own iota of controversies in India in 2020, generating enough political heat in the process. The biggest controversy came in August when the Wall Street Journal reported on the blatant biases of <keyword id="736869" type="COMPANY" weightage="20" keywordseo="Facebook-India">Facebook India</keyword>'s team, headed by their <keyword id="5729070" type="POSITION" weightage="20" keywordseo="public-policy-chief">public policy chief</keyword> for the country, Ankhi Das. The report alleged that the top leadership at Facebook's India office refused to apply the company's own rules to politicians from the ruling party, despite clear violations of Facebook's policies against incitement to violence, hate speech and misinformation. Following the report, the Congress raised the issue of what it calls "unholy nexus" of the ruling BJP with Facebook and WhatsApp. Shashi Tharoor, the head of the Parliamentary Standing Committee on Information Technology (IT), called on Facebook to respond to allegations of ignoring hate speech in favour of the ruling party. Union IT Minister Ravi Shankar Prasad also wrote a hard-hitting letter to Facebook CEO Mark Zuckerberg, blaming the Facebook India management of alleged bias against people supporting the right-of-centre ideology. The minister said that as a <keyword id="10498524" type="UNKNOWN" weightage="20" keywordseo="transnational-digital-platform">transnational digital platform</keyword>, Facebook must not only be fair and neutral, but also "visibly seen to be so, to users of diverse beliefs and ideologies". Later, deposing before the Joint Parliamentary Committee (JPC) on personal data protection Bill 2019, Das was asked how much funds are spent by the social media giant on data safety. The Facebook executives were also questioned on the quantum of its revenue as well as the profit they are making in India. A coalition of 41 civil rights groups also demanded that Facebook India should immediately place its public policy head Ankhi Das on a leave of absence pending a full audit of the company and an investigation into her statements as reported in The Wall Street Journal. The political heat resulted in Das quitting the company in October "to pursue her interest in public service". Another WSJ report this month alleged that Facebook discussed banning Bajrang Dal and termed it a dangerous organisation but did not act considering the safety of the employees. Congress leader Rahul Gandhi took to Twitter and said: "Further confirmation that BJP-RSS control Facebook in India." However, no stern action was taken on Facebook. Micro-blogging platform Twitter stirred a major controversy in the second half of the year when it showed Ladakh as part of China. Twitter had to apologise to a parliamentary panel in a letter, stating that it will fix the issue of geo-tagging Ladakh as part of China and Ladakh will be added as a region administered by India as a union territory. The micro-blogging platform sent the letter to the panel's chairperson Meenakshi Lekhi and apologised for the geo-tag error. A joint committee of Parliament led by BJP MP Lekhi which has 20 members from the Lok Sabha and 10 from the Rajya Sabha, had issued summons to Twitter, seeking an explanation in form of an affidavit. Taking strong exception to the "misrepresentation" of India's map, the government also wrote a letter to the Twitter CEO Jack Dorsey, saying that any attempt by the platform to disrespect the sovereignty and integrity of India, which is also reflected by the maps, was totally unacceptable. In a separate incident, after courting controversy for wrongly showing Jammu and Kashmir as part of China, Twitter said it resolved this particular geo-tag issue. Several netizens also asked the IT minister and the government to take action against <keyword id="749437" type="COMPANY" weightage="20" keywordseo="Twitter-India">Twitter India</keyword> as the controversy erupted amid India's border standoff with China in Ladakh. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Facebook and Twitter stir up hornet's nest in India in 2020

<ul class="summary-list"><li>Facebook is scaling back its cryptocurrency project Libra.</li><li>The ambitious plan to build a new transnational digital currency faced a wave of criticism and regulatory scrutiny.</li><li>On Thursday, it announced it would be linked to individual currencies and have additional oversight by watchdogs. </li><li>It is now seeking approval from Switzerland's markets watchdog.</li></ul>Facebook is scaling back its beleaguered cryptocurrency project Libra in an attempt to win regulatory approval.The Silicon Valley-based social networking giant's ambitious digital currency will now be linked to individual currencies and overseen by global watchdogs, it announced on Thursday. The prospect of Facebook's 2.5 billion users adopting Libra had led to intense scrutiny from global regulators, with many worried its launch could erode national control over money.Libra's governing body, which is seeking the go-ahead from Switzerland's markets watchdog, said on Thursday that it will now offer "stablecoins" backed by single currencies, as well as a redesigned token based on these currency-pegged coins.The original plan was for Libra, which was unveiled last June, to be backed by a wide mixture of currencies and government debt. But central banks and regulators feared it could destabilize monetary policy, facilitate money laundering and erode users' privacy, with some threatening to block it.In response, the Libra Association, which will issue the coin and govern its network, said a "college" of central banks, regulators and enforcement agencies from more than 20 countries set up by Swiss watchdog FINMA will have a say in its bid to be licensed as a payments service provider in Switzerland.The Geneva-based Libra Association declined to give details of the body's membership and it was not immediately clear how major regulators would respond to Libra's updated plans.Libra, which had planned to launch by the end of June, now aims to do so between mid-November and the end of the year, Dante Disparte, its head of policy and communications, said.Some countries, including France and Germany, had said they would seek to block Libra's launch, while other global bodies scrambled to set out rules for stablecoins. Until the advent of Libra, these had been a niche aspect of cryptocurrencies and barely featured on the regulatory radar.Bitcoin, the biggest digital currency, is little-used in payments or commerce, in part because of its extreme volatility, and remains largely unregulated.Libra's most prominent original backers, including payments giants Mastercard, Visa, and PayPal ditched the project in the wake of the scrutiny.The project was also announced in the wake of numerous scandals affecting Facebook - from Cambridge Analytica's misappropriation of tens of millions of data to the social network's role in spreading hate speech that fueled genocide in Myanmar - and the company's already tarnished reputation stoked some critics' suspicions of Libra.<h2>Libra is adding additional safeguards</h2>Libra said it will now offer stablecoins based on a still-undecided line-up of individual currencies. It cited stablecoins based on the dollar, euro and sterling as possible examples.Alongside these, Libra said it will also offer a revamped "Libra Coin," a composite of some of the single-currency tokens, potentially for use in cross-border remittances."We're retaining the construct of a multi-currency Libra, but it's fundamentally changed, streamlined and simplified relative to the original one," said Christian Catalini, head economist at Calibra, Facebook's digital wallet that will offer Libra via its Messenger and WhatsApp messaging platforms.Libra also said it would bolster protections for the Libra Coin's reserve in case of "extreme market distress". The reserve will hold liquid assets with short-term maturity and low credit risk and a capital buffer, the level of which is undecided.Another change is that Libra plans to strengthen safeguards on money laundering or terrorist financing. The Association will register with the U.S Treasury's Financial Crimes Enforcement Network (FinCEN) as a money services business, a move that would come with heightened record-keeping ad reporting requirements.Central banks have accelerated their research on issuing their own digital currencies, known as CBDCs, in response to Libra, with China closest to launching one as issuance by Western central banks remains a distant prospect.Adding to Libra's original goals of bringing financial services to people who lack access to banks, Libra said the redesign would now help governments transform payments systems.The revamp could allow governments to "directly integrate" any future CBDCs into its network, Libra said.Do you work at Facebook? Contact Business Insider reporter Rob Price via encrypted messaging app Signal (+1 650-636-6268), encrypted email (robaeprice@protonmail.com), standard email (rprice@businessinsider.com), Telegram/Wickr/WeChat (robaeprice), or Twitter DM (<a href="https://twitter.com/robaeprice">@robaeprice</a>). Use a non-work device to reach out. We can keep sources anonymous. PR pitches by standard email only, please.

Facebook is scaling back its digital currency project Libra as it tries to win regulatory approval

Welcome to our new Payments Insights newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. 
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<div class="KonaFilter image-container float_right" style="width:400px"><div class="image">Apple</div></div>KIDS SPEND LIKE CRAZY ON THE APP STORE, APPLE FOOTS THE BILL. Yesterday, Apple agreed to a settlement with the Federal Trade Commission that will cost the company $32.5 million in app store refunds - just a drop in the bucket for Apple.
The plaintiffs in the case alleged that Apple made it too easy for kids to rack up obscene bills on the app store. The problem was that the app store failed to make users enter their password every time they made a purchase.
The rapid growth of e-commerce and mobile commerce give rise to a host of ethical question surrounding how online payments systems should be designed. On the one hand, reducing the friction of checkouts with features like Amazon's "1-Click" leads to lower basket abandonment rates, which is good for online retailers. And less hassle at checkout is generally considered good by consumers as well. On the other hand, the case highlights the fact that there may be such a thing as an overly slick checkout. (<a href="http://www.washingtonpost.com/blogs/the-switch/wp/2014/01/15/ftc-announces-settlement-with-apple-over-kids-apps/" target="_blank">Washington Post</a>)
SQUARE COURTS LARGE RETAILERS. Square CEO Jack Dorsey wants retailers to reinvent the receipt. He thinks merchants should send out digital receipts that can be used to communicate with consumers after they leave the store. The idea of using receipts to push offers to consumers isn't really new. Dorsey's real point is that he wants retailers to use the Square app for more than simply payments. The idea is to make Square more attractive to large retailers. Large retailers process more transactions than small ones, which means more money for Square. (<a href="http://www.paymentssource.com/news/square-ceo-dorsey-urges-retailers-to-reinvent-the-receipt-3016614-1.html" target="_blank">Payments Source</a>)
MASTERCARD EXPANDS IN AFRICA. Yesterday, MasterCard and Ecobank Transnational Incorporated (ETI) announced a partnership that will give MasterCard access to Ecobank customers in a further 23 countries in Africa. The deal expands MasterCard's reach to 60% of the population of the continent. This means more competition for direct carrier billing companies that have struck partnerships with telecoms in regions where it is difficult for people to access credit. Direct carrier billing companies allow users to add the cost of transactions to their mobile bills, so they can serve as a replacement to credit cards. As more credit becomes available in these countries, direct carrier billing becomes less of a necessity. (<a href="http://newsroom.mastercard.com/press-releases/more-than-60-of-africas-population-to-gain-access-to-electronic-payments-across-28-countries/" target="_blank">MasterCard</a>)
EBAY IS LAUNCHING A NEW MARKETPLACE FOR MERCHANTS. There aren't many details out yet, but eBay is reportedly launching a new platform for brands to sell directly to consumers, according to TechCrunch via Macquarie Capital. The service is expected to launch in early spring. Merchants can already sell their products to consumers on eBay, but the new service would be oriented specifically towards business-to-consumer commerce as opposed to peer-to-peer commerce. . (<a href="http://techcrunch.com/2014/01/15/report-ebay-to-launch-the-plaza-a-new-brand-focused-online-mall-for-retail-goods/" target="_blank">TechCrunch</a>)
WELCOME TO PAYMENTS INSIGHTS. We hope you are enjoying this newsletter. Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get it every morning in your inbox. Please email <a href="mailto:johnh@businessinsider.com">johnh@businessinsider.com</a> or BI Intelligence director <a href="mailto:mballve@businessinsider.com" target="_blank">mballve@businessinsider.com</a> with news and tips.
PAYMENTS STARTUP ANNOUNCES $15 MILLION IN NEW FUNDING. The Palo Alto-based WePay focuses on setting up online payment platforms for event registration and ticketing, invoicing, donations, mobile payments, and e-commerce. The Series C funding brings the company's total funding to $35 million. Co-founder of Discover and former Morgan Stanley CEO Phil Purcell led the funding round. (<a href="http://techcrunch.com/2014/01/16/after-a-pivot-wepay-raises-15m-to-focus-on-payments-api-for-marketplaces-crowdfunding-sites-and-others/" target="_blank">TechCrunch</a>)
COINBASE STRENGTHENS THE SECURITY OF ITS BITCOIN EXCHANGE. The Silicon Valley-based Bitcoin exchange, Coinbase, has made a number of moves to make trading Bitcoin safer. The company now stores 97% of the bitcoins it holds offline, according to a company blog post. In addition, the safe deposit boxes where data for these bitcoins is stored requires two keys to open. These keys are held in different countries so that access to the bitcoins requires multiple parties to coordinate. Providing security for bitcoins is key to getting users to adopt them as a method of transaction. This is because bitcoin transactions are relatively anonymous, so if they are stolen or lost, it's nearly impossible to recover them. If Bitcoin continues to grow in popularity, we expect a whole industry to spring up around securing bitcoins. (<a href="http://blog.coinbase.com/post/73364231652/security-updates-on-coinbase" target="_blank">Coinbase</a>) 
GLOBAL PAYMENTS COMPANY SEES 40% TRANSACTION GROWTH IN 2013. San Francisco-based payments processor Ayden today announced that it processed $14 billion in payments in 2013, up from $10 billion in 2012. Payments made from mobile devices accounted for 19.5% of total payments processed. The news comes on the heels of the company's announcement of former Netflix/PayPal executive Kamran Zaki as President. (<a href="https://www.adyen.com/adyen-processed-14-billion-in-payment-transactions-in-2013-achieving-40-growth-over-last-year/" target="_blank">Ayden</a>)
ANDREESSEN HOROWITZ PARTNER SAYS A BITCOIN COULD BE WORTH $100,000. Chris Dixon draws an analogy between the value of bitcoins today and the value of domain names in the 90's. Dixon says the best Internet investment someone could have made in the 90's was buying domain names which now regularly sell for thousands of dollars. So it is with Bitcoin, he argues. Because the number of bitcoins that can be created is limited, they are scarce. So as more people jump on board, the value of bitcoins will appreciate.
On the other hand, domain names have proven utility because they are needed to create websites. It's not clear that Bitcoin will have the same type of utility since there are so many other ways to buy things. Demand is important for Bitcoin to be adopted as a payments network because demand ultimately determines what bitcoins can be traded for. If demand for Bitcoin is high and relatively constant, merchants will be more likely to accept Bitcoin as a method of transaction. Dixon owns less than half a Bitcoin himself - take that how you will. (<a href="http://www.wired.com/wiredenterprise/2014/01/chrisdixon/?cid=co17092674" target="_blank">Wired</a>)
Here's what else BI Intelligence subscribers are reading...
<a href="https://intelligence.businessinsider.com/the-target-data-breach-could-change-payments-2014-1">Here Are Four Ways The Target Data Breach Could Change Payments</a>
<a href="https://intelligence.businessinsider.com/debit-cards-dominate-noncash-transactions-in-the-us-2014-1">Debit Cards Take By Far The Largest Share Of Non-Cash Transactions In The U.S.</a>
<a href="https://intelligence.businessinsider.com/usage-of-mobile-messaging-and-social-apps-increased-more-than-200-last-year-2014-1">Mobile App Usage Exploded In 2013, Led By Messaging And Social</a>
<a href="https://intelligence.businessinsider.com/how-tech-and-mobile-centric-players-are-transforming-the-credit-card-processing-industry-2014-1">How Tech- And Mobile-Centric Players Are Transforming The Credit Card Processing Industry</a>
 Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

Apple's Latest Settlement Has Big Implications For The Design Of Digital Checkouts

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul class="summary-list"><li>A Chinese hacker group stole at least $20 million from the US government, the Secret Service says.</li><li>These funds were meant for COVID-19 relief, the Secret Service told NBC on Monday.</li></ul>A group of Chinese hackers stole at least $20 million in COVID-19 relief funds from the US government, the Secret Service said on Monday.A Secret Service spokesman <a href="https://www.nbcnews.com/tech/security/chinese-hackers-covid-fraud-millions-rcna59636" target="_blank" rel="noopener">told NBC News</a> that APT41, a <a href="https://www.hhs.gov/sites/default/files/apt41-recent-activity.pdf" target="_blank" rel="noopener">Chinese state-sponsored cyber criminal group</a>, was responsible for stealing millions of dollars from the government coffers. These funds included small business loans and unemployment relief in more than a dozen states, the spokesman told NBC.The Secret Service also told NBC in a statement that it considers APT 41 a "Chinese state-sponsored, cyberthreat group that is highly adept at conducting espionage missions and financial crimes for personal gain."A <a href="https://www.mandiant.com/resources/blog/apt41-us-state-governments" target="_blank" rel="noopener">March report from </a><a href="https://www.mandiant.com/resources/blog/apt41-us-state-governments" target="_blank" rel="noopener">Mandiant</a><a href="https://www.mandiant.com/resources/blog/apt41-us-state-governments" target="_blank" rel="noopener">, a cybersecurity firm</a>, revealed how the <a href="https://apnews.com/article/technology-business-china-united-states-hacking-ffa2120239eb687ce1979bf9599dfea5" target="_blank" rel="noopener">computer networks of at least six state governments were hacked by APT41 in 2021</a>."The United States is target No. 1 because we are competitor No. 1," Nathaniel Fick, the head of the state department's cyberspace and digital policy bureau, told NBC. "It's a really comprehensive, multi-decade, well-considered, well-resourced, well-planned, well-executed strategy."Roy Dotson, a pandemic fraud recovery coordinator at the Secret Service, also told NBC that he thought it was likely that APT41 targeted funds in all 50 states. On <a href="https://edition.cnn.com/2022/12/05/politics/secret-service-china-hackers-covid-fraud/index.html" target="_blank" rel="noopener">CNN</a> on Monday, Dotson also said APT41 is a "notable player" in the "more than 1,000 ongoing investigations involving transnational and domestic criminal actors defrauding public benefits programs." Speaking to <a href="https://www.reuters.com/technology/chinese-hackers-stole-millions-worth-us-covid-relief-money-secret-service-says-2022-12-05/" target="_blank" rel="noopener">Reuters</a>, representatives from China's Washington embassy said China has "firmly opposed and cracked down on all forms of cyber theft and hacking." The embassy called hacking accusations against China "groundless." Representatives for the Secret Service and the Chinese embassy in Washington did not immediately respond to Insider's requests for comment.<h2>Maryland mounts retaliation against security threat</h2>At least one US state has moved to retaliate against Chinese entities they suspect could pose a security threat. <a href="https://governor.maryland.gov/2022/12/06/governor-hogan-announces-emergency-directive-to-prohibit-use-of-tiktok-china-and-russia-based-products-and-platforms-in-state-government/">Maryland</a> issued an emergency directive on Tuesday banning state agencies from using TikTok, as well as other Chinese and Russian technology including those from Huawei, ZTE, Alibaba, Tencent, and Kaspersky.Products from these companies "present an unacceptable level of cybersecurity risk to the State," and the state has a "reasonable belief that they participate in activities including collecting sensitive personal information inappropriately, cyber-espionage disinformation or misinformation campaigns, and surveillance of government entities," Maryland's top information security officer said in the directive.A TikTok spokesperson told Insider the concerns driving <a href="https://www.businessinsider.com/mike-gallagher-calls-for-tiktok-ban-says-app-digital-fentanyl-2022-11">such bans</a> are "largely fueled by misinformation.""We are disappointed that the many state agencies, offices, and universities that have been using TikTok to build communities and connect with constituents will no longer have access to our platform," the spokesperson said.Huawei, ZTE, Alibaba, Tencent, and Kaspersky did not immediately respond to Insider's requests for comment.

Chinese hackers stole at least $20 million in US COVID-19 relief cash, the Secret Service says

<ul><li>British cosmetics brand The <keyword id="13496722" type="General" weightage="80" keywordseo="body-shop" source="Orion">Body Shop</keyword> has had a presence in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> for over 16 years now and it looks at India as a critical market.</li><li>We talk to <keyword id="812268" type="General" weightage="50" keywordseo="vishal-chaturvedi" source="Orion">Vishal Chaturvedi</keyword>, Vice President, The <keyword id="6362988" type="General" weightage="100" keywordseo="body" source="Orion">Body</keyword> Shop India who walks us through the brand's journey in India so far, its strategies that have helped it grow here and its plans for the future.</li></ul> Over the last few years, and especially in the last 2 years of the pandemic, there has been a change in the beauty industry. Despite the setback due to the pandemic, the beauty industry is going back towards normalcy. Attractive social media marketing, beauty influencers and e-commerce platforms have brought brands closer to consumers. While 2 years back, most of us would not be comfortable buying cosmetics online, the pandemic changed that, and it will help the larger market in the long-run. Another change the pandemic brought about in the minds of consumers is a move towards using brands that use more natural ingredients in their products. Consumers are also choosing to opt for brands that have a larger brand purpose. British-born, ethical cosmetics company The Body Shop has been in India for the past 16 years. It was one of the early brands that attracted consumers due to its range of naturally-inspired cosmetics and toiletry products. For years, the brand has been pioneering the philosophy that business can be a force for good, and has been launching new standards of ethics in business. In the past few years, the brand has seen healthy growth in India. While its presence on ecommerce platforms like Nykaa and now on Myntra and Amazon helped it take its products closer to its consumers, it also adopted strategies like 60 minute door-to-door delivery and WhatsApp shopping to cater to mass customers. To understand the brand’s journey in India more closely, we spoke to Vishal Chaturvedi, Vice President, The Body Shop India. He told us how the brand has fared in India in the last 16 years, its strategies that have helped it grow here and its plans for the future. Excepts: Q) Walk us through The Body Shop's journey in India. It's been 16 years since the brand entered the Indian market. How have things been? Over the years, the beauty industry has changed a lot, especially in last two years. Beauty is now breaking standard norms and redefining it as an approach to self-expression. encouraging more about ‘How you feel’ in your skin and hence breaking standard beauty norms. There is a rapid rise of beauty technology, product innovations &amp; modes of selling. It’s also noteworthy that the millennials &amp; Gen-Z are driving the change. Digital transformation and emergence of technology has driven reach and penetration. Physical retail stores continue to be the heart of consumer experience, sensorial experience, education and trust operated by human connection. Our omni-channel strategy has helped address the new emerging scenarios to address customer queries and reach them at their convenient channel. Further, consumers are actively seeking product knowledge, source of ingredients, packaging details and identifying with the brand’s core purpose. Issues related to sustainability, inclusivity, adaptability, empathy and relevance are evaluated while making purchase decisions. At the Body Shop, we have targeted focus with a robust omni-channel strategy including an overall digital and offline presence. Bringing touch-and-feel of products to digital portals and experiential stores with technology will be the beacons for the future. Further, it’s our quest to advocate for Profit with Principles while being accessible and affordable. In these times of great social and environmental inequity, we believe that our purpose has ability to bring change. Q) What has The Body Shop's marketing strategy in India been? The beauty segment has become very cluttered in the last few years. How has the brand made a place for itself in the clutter? The Body Shop is a disruptive beauty brand with an edge in the Indian market. We have constantly researched &amp; provided for the changing market trends while keeping the customer at the forefront and helping the planet. Community Programs: Our commitment to be a purpose-driven business has kept grounded to our activist roots. There is credible work done around plastics, tackling waste, packaging &amp; sustainability. World’s first community fair trade program is the core of our DNA for over 40 years. Similarly, we have worked on social activism raising the voice of less privileged communities and dealt with environmental impacts of plastic waste effectively. Communication Channels: In current times, the lines are blurring between digital &amp; physical. Beauty shopping is not restricted to one and in fact, the integration of two is a must to cater audience needs. We have focused our energies on servicing our consumers swiftly as well as digitally enabling our site to deliver an experience at par to that of our stores. Other steps include free samples of consumers’ choice on every order; Live Chats with personal skincare experts and AI driven product recommendations. Collaborations: Evidently, influencer collaborations enhance the content engagement. It also gives a window to reach audiences in varied demographics&amp; geographies. Our Chief Brand Advocate, Sanya Malhotra is self-made, independent, outspoken personality with very strong cinematic choices truly inspiring the young women of the country. She also leads The Body Shop’s SWAD (Squad with a difference) with faces from different backgrounds who come together and fuel our fight for fairer, beautiful world. Third Party Channels: Our collaboration with Nykaa for the past 8 years has proved to work wonders. And now with Amazon and Myntra we’ve made our way to even the remotest corners of the country. After the pandemic, to cater to mass customers, we started door-to-door delivery in 60 minutes and launched WhatsApp shopping. All these initiatives are working in our favor to place ourselves in the cluttered market. Q) The pandemic has thrown a lot of challenges to retail brands across the globe. How did you navigate these challenging times? The pandemic has been a period of learning for the brand. It gave us the time and chance to carefully evaluate consumer behaviour and outlook in order to plan strategically for the future. We were able to understand our customer’s needs better. We have learned to be agile and nimble. Despite the economic magnitude of the lockdown, the beauty industry may have proven to be reasonably resilient with the new emerging normal. In the past two years of the new-normal, the consumers adapted to new channels and wellness routines. Personal hygiene and beauty trends had an uptick because people spent more time on themselves. The increased awareness around beauty and self-care presented the brand with a great niche and campaigns like 'Self Care Sunday' or 'Spa at Home' were very well received by the audience. We also revamped our digital presence by building a consumer-friendly digital store that is complete with cutting-edge technology and a user-first interface. In an attempt to reach customers, we expanded our social media presence with tools to assist hands-on product experience. Digital and social channels have been at the forefront of consumer engagement Anytime, Anywhere shopping service for customers, via Social commerce, WhatsApp Shopping, Assisted Sales, Home delivery, going beyond Express Delivery to 2 hours’ delivery, Expert Chats, Live video consultations and so on. Technology played a vital role in navigating through these times by helping our customers make the right decision in absence of product touch &amp; feel experience. As a result, we are now catering an addition of 5000+ pin codes, we’re now serving over 30,000 pin codes across the country. Q) How are you expanding your retail presence? What are your plans for this year? Post pandemic the dynamics have changed. Large parts of our customers have moved towards online shopping but retail stores are the heart and soul of our brand. With things now opening up again, we are geared up to provide an even better shopping experience to our customers. The need for human connection is now stronger than before and the consumers will look for sensorial experience, physical interaction, engagement, touch &amp; feel of the products and seek personalized consultation at the stores. With this vision, we are moving ahead to open 25 new stores in 2022 in various locations. Our future plans include bringing the activism in the very heart of the brand, that is retail stores. We are excited to launch the new Activist Workshop stores where customers c<a name="_GoBack"></a>an explore and discover how they ‘can fight for a fairer and more beautiful world’. On the product front, we aim to turn completely Vegan by 2023. Additionally, we are constantly focused on making our product packaging 100% recyclable thus reducing our environmental impact. Q) How are you going deeper into the country? What kind of sales are you witnessing from smaller cities? Are you also focusing more on increasing your offline presence in Tier II and Tier III cities? Rising awareness amongst consumers, increased incomes coupled with explosion in the presence of digital platforms the demand from Tier II &amp; III cities has increased manifolds. Customers believe in buying less but buying quality. The appetite to spend in these smaller cities is increasing and customers are becoming more conscious about what to use for their skin and body. Additionally, post pandemic, a great chunk of people have shifted back to their hometowns from metro areas. However, they are still looking for their favourites for personal use. Keeping up with the need of our customers we have a robust plan of opening 25 new stores in FY 2022. 70% of these stores will be opened in other Tier II cities like Indore, Bhopal, Patna and Shimla. Q)Over the past few years, there has been a movement towards cruelty-free products. How has this helped you build your brand narrative? Since its inception in 1976, The Body Shop is a cruelty free brand. We believe and fought the cause that animals should not be used for cosmetic testing. Therefore, all the ingredients are ethically sourced and have never been tested on any animal. The Body Shop passionately believes that no animal should be harmed in the name of cosmetics and that animal testing on products and ingredients is outdated, cruel and unnecessary. This is why The Body Shop and Cruelty Free International partnered to deliver the largest and most ambitious campaign ever to seek a global ban on the use of animals to test cosmetic products and ingredients. In June 2017, The Body shop India launched itsForever Against Animal Testingcampaign with Cruelty Free International and became the first international beauty brand to campaign against animal testing in cosmetics globally. Additionally, all our products are 100% Vegetarian and over 60% of our products are 100% Vegan. This includes best-selling ranges such as the Tea Tree skincare range, Himalayan Charcoal Purifying Glow Mask, Body Yogurts and now the iconic Body Butters launched in November 2021. All our new launches are 100% Vegan. Our new haircare range is certified by The VEGAN society and packaged with fully recycled plastics The Vegan Society takes an extremely thorough approach to certification and contact is made with every supplier and manufacturer of raw materials within the product catalogue. For The Body Shop, that’s over 3,700 raw materials. Once each raw material has been meticulously investigated, each product is reviewed in totality to make sure it is fully compliant. Only then does a product receive Vegan Trademark certification. We are working toward 100% of all Products becoming Vegan by 2023 keeping in line with our commitment to reduce impact on planet. The Body Shop is one the first cosmetics brands to prohibit testing on animals, and also the first company to introduce Fair Trade to the beauty industry. Our customers appreciate the environmental friendliness &amp; social stand of the company and identify with The Body Shop in consequence. Q) What gives you an edge over other brands in the segment? We are not just a brand but a legacy. Years before The Body Shop opened its 1st store in India, The Body Shop International has had a long commitment to India and its communities. <keyword id="2755263" type="General" weightage="50" keywordseo="anita-roddick" source="Orion">Anita Roddick</keyword> had a connection to and faith in India. We were way ahead of many of our competitors today, to enter and make a mark in the market. With our constant efforts, we are able to sustain that relationship with our customers. We believe in assisting them in the best possible ways by understanding their needs and providing them with products that are economical and can be used guilt-free. Q) You say the brand remains staunchly feminist, one that advocates for the right of women and girls everywhere. Can you give me a few examples of the things you have done in this regard in India? In sync with the vision of our founder, The Body Shop champions equality and serves as a voice for young girls and women across the globe. We’re committed to advocate for equal rights, self-love and body acceptance as few of many social causes we fight for. Through our activism, we campaign to make the world a fair and safe place for women and girls. ●In March 2021, we started a mission to end period shame in collaboration with CRY. #DropthePword aimed at raising awareness about Periods, Period Shame, and the impact of Period Shame on India's girls &amp; women. Through this partnership, we aimed to normalize the conversation around periods and raise funds towards menstrual health and education efforts for communicating deeply affected by the pandemic. We aimed to provide menstrual health awareness, education, and free menstrual products to 10,000+ people across 4500 households. ●In October 2020, The Body Shop India partnered with Plastics for Change (PFC) India Foundation to launch project N.A.R.I (Nutrition, Ability, Retraining, Inclusion).The objective of this project was to support female empowerment and sustainability with our focus on female waste pickers, who were the invisible frontline Covid19 warriors. We have raised funds to support these women by voluntary customer donations and an equal amount was donated by us. ●With Stop Sex Trafficking of Women and Young Children, we engaged with our customers, friends, and family across the globe, we have raised awareness and funds. We were elated when India ratified the United Nations Convention against Transnational Organized Crime including Prevention and Punishment of Trafficking, particularly Women and Children. Q) Going ahead, what will your areas of focus be to capture a bigger market share in India? How important is the Indian market for the brand in the global scheme of things? India is a country of diverse people and that is its biggest strength. We have a great diversity of faces, skin tones, beauty regimes, rituals, preferences, and regional beauty traditions, which is a unique opportunity for us. They are also well aware about the ingredients, heavily relying on digital and social media platforms and growing consumption of do-it-yourself (DIY) content. Affordability is key for the customers while demanding high levels of product innovations. As a result, we are investing in video content and reinforce it with a good-quality website. Also, we plan to leverage technology to mimic offline experiences. We use more plant-based and recycled plastic which encourages people to reuse, recycle and repurpose. Our long-term goal is to create a circular packaging strategy, which involves recycling or repurposing all of our product packaging. The customers are being transparently educated about ingredients, packaging and sustainability efforts via Omni channel strategy. Our competitive pricing strategy for India is part of an ambitious plan to expand its reach to more people and smaller cities in quick time. This makes us more affordable and more accessible amongst the millennials across the Tier II and III cities.

Here’s how The Body Shop navigated the pandemic and is growing its business in India

Welcome to this week's edition of Trending, the newsletter where we highlight BI Prime's biggest tech stories. I'm Alexei Oreskovic, Business Insider's West Coast bureau chief and global tech editor.If this is your first time here, <a href="http://newsletter.businessinsider.com/join/4np/trending">this is how you can get Trending in your inbox every week</a>.<h3>This week: From the tower of Salesforce to the kingdom of magic, change is in the air</h3>Did someone make Tuesday the official day of CEO goodbyes?Within the span of minutes after the markets closed on Tuesday, Walt Disney CEO Bob Iger and Salesforce co-CEO Keith Block each announced they were stepping down. (If you need a third to make it a trend, Jason Droege, the head of Uber Eats, delivered his adieu by tweet on Tuesday too).Iger has teased his exit from the top job at Disney for years. The surprise was that he finally went through with it. <a href="https://www.businessinsider.com/salesforce-ceo-keith-stong-operator-sudden-exit-oracle-2020-2" target="_blank" rel="noopener">Block, on the other hand, was only 18 months into a co-CEO job</a> alongside Salesforce founder Marc Benioff - a gig that was by all indications supposed to end with Block taking over the candy shop eventually.The timing of these CEO departures is, of course, coincidental. But they say something about the unpredictable nature and dynamics of CEO successions. When you're the boss, it's hard to say goodbye. And that's even more so in the world of tech, where founder-CEOs have more clout (with or without dual-class stock structures) than in other businesses.Whatever the assumptions were about Block being the heir to the Benioff throne, the reality, as Paayal Zaveri reports, <a href="https://www.businessinsider.com/salesforce-co-ceo-keith-block-leaving-analysts-leadership-benioff-2020-2" target="_blank" rel="noopener">is that Benioff and co-founder Parker Harris are still extremely engaged in how the company is run. </a>Benioff may have other interests in philanthropy and public policy, but he's still firing on all cylinders at Salesforce.If it sounds familiar, that's because we've seen this movie before. Larry Ellison is putatively the Chairman and Chief Technology Officer at Oracle, with Safra Catz as CEO (and until recently Mark Hurd, who died in October, serving alongside Catz as co-CEO). These CEO jobs are not just titular. Catz, and Block, truly run major transnational corporations. But the ultimate power at the company lies elsewhere.At one point, Dell had an "Office of the CEO" comprised of Kevin Rollins as chief executive and Michael Dell as Chairman. Michael Dell was said to be preparing for a second act in something new; perhaps politics, people speculated. The second act turned out to be Dell taking over as CEO again, and transforming the PC maker into an enterprise services business. Paayal points to a new crop of rising stars at Salesforce, including ex-Facebook CTO Bret Taylor and Adam Selipsky, the chief of recent Salesforce acquisition Tableau. Some analysts reckon these execs are more suitable heirs to Benioff's freewheeling company and corporate culture than the buttoned-down Block.But I've got a feeling that no matter who has the CEO title, Salesforce will remain a Marc Benioff production for a long time to come.<h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/salesforce-co-ceo-keith-block-leaving-analysts-leadership-benioff-2020-2">The sudden departure of Salesforce co-CEO Keith Block could show how Marc Benioff is preparing a new generation of talent to take the reins at the cloud giant</a></h3><h3>A shopping list for Satya</h3>Speaking of CEO successions, the reign of Satya Nadella has become one of the most remarkable turnaround stories in modern tech history. Microsoft may not have been in imminent danger of collapse, but it was stuck in a funk that even Bill Gates, who served as Chairman during the troubled years prior to Nadella becoming CEO, could not find a way out of. Nadella's transformation of Microsoft is a story that's still being written. Microsoft has evolved from a PC software company to an enterprise cloud computing giant. And the company has made some significant acquisitions, including GitHub and LinkedIn. And analysts expect Satya to keep shopping - to the tune of $2 billion this year, according to one analyst.Ashley Stewart takes a look <a href="https://www.businessinsider.com/microsoft-salesforce-twilio-workday-acquisitions-analysts-2020-2" target="_blank" rel="noopener">at some of the next potential acquisition targets</a> that Microsoft could go after. The list is based on speculation and analysis from people who follow the sector closely - there's nothing to suggest deal discussions are underway with any of these companies. Some of the names on the list are big players themselves, others less so. <h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/microsoft-salesforce-twilio-workday-acquisitions-analysts-2020-2">Here are the 11 companies that experts think Microsoft could try to acquire in 2020, including Salesforce, Twilio, and Workday</a></h3><h3>Here are some of the latest tech highlights:</h3><a href="https://www.businessinsider.com/walmart-starts-inviting-sellers-to-new-walmart-fulfillment-services-2020-2">Walmart just took a big step in its move to break Amazon's control over 3rd-party sellers and is officially letting sellers sign up for its fulfillment service</a><a href="https://www.businessinsider.com/private-equity-firms-have-become-big-players-in-venture-ecosystem-2020-2">Tech startups have a new 'exit' strategy. Why private equity firms have started plowing billions into acquiring startups.</a><a href="https://www.businessinsider.com/tommy-devoss-hackerone-bug-bounty-hunter-2020-2">This ex-con hacker just made over $100,000 in a single day helping companies plug up their cybersecurity</a><a href="https://www.businessinsider.com/chicago-superstars-helps-tech-workers-layoffs-blackhole-2020-2">Suddenly losing her job inspired this marketing pro to start a project to help Chicago's laid-off tech workers find their next gig - and break the shame of layoffs</a><a href="https://www.businessinsider.com/microsoft-mixer-gm-video-meeting-negativity-complain-nag-2020-2">A leaked video shows the head of Microsoft's competitor to Amazon's Twitch telling employees to stay positive, not 'complain and nag'</a><h3>And more goodies from across the BI newsroom:</h3><a href="https://www.businessinsider.com/wework-settlement-woman-threatened-expose-claims-drugs-sex-real-estate-2020-2">WeWork paid over $2 million in cash to a woman who threatened to expose claims of sex, illegal drugs, and discrimination in a horrifying 50-page document</a><a href="https://www.businessinsider.com/billion-dollar-race-to-develop-a-breakthrough-lithium-ion-battery-2020-2">Inside the $1 billion race to develop breakthrough batteries that could store up to 40% more energy and revolutionize our phones, cars, and planes</a><a href="https://www.businessinsider.com/top-new-york-influencers-follow-youtube-instagram-tiktok-fashion-2020-2">The 21 most influential digital creators based in New York who rule Instagram, YouTube, and other social-media platforms</a>That's it for this week. As always, thanks for reading, and remember, if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>.- Alexei<a href="https://www.businessinsider.com/intelligence/bi-intelligence-daily?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=apple&amp;itm_campaign=bi-intelligence-daily"></a>

From Salesforce to Disney, it's hard for some CEOs to say goodbye

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP PhotoFacebook CEO Mark Zuckerberg takes a drink of water as he testifies before a House Energy and Commerce hearing on Capitol Hill in Washington, Wednesday, April 11, 2018, about the use of Facebook data to target American voters in the 2016 election and data privacy.</div></div></div><ul class="summary-list"><li>No, <a href="https://www.businessinsider.com/category/facebook">Facebook</a> should not be allowed to have its own currency.</li><li>The company can't be trusted with the power it has, no sane regulator should give it more.</li><li>As one Senator said, Facebook has allowed "flagrant displays of bull----' on its platform - how can we trust that it will not allow 'flagrant displays of bull----' in its financial transactions?</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul>The United States government shouldn't even be entertaining the idea that Facebook be allowed to create its own currency and financial services arm - Libra and Calibra. The company has done nothing but demonstrate that it cannot be trusted with global financial transactions.In June Facebook announced that it - along with companies like Spotify and Visa - would create a convertible virtual currency (CVC) called Libra to be used on its platform. Facebook would also create a financial services arm called Calibra which would initially offer a digital wallet for Libra and then expand to other banking services like savings and loans. These entities are to be headquartered in Switzerland through a non-profit called the Libra Association.This matter has been a subject in Congressional hearings for a couple of weeks now. But that should all just be a formality - an opportunity for Facebook to make its case to the public, after which a bipartisan group of legislators, the US Treasury Secretary, the Chairman of the Federal Reserve, and every other regulator who has examined this issue can come together and give Facebook the answer it deserves: No.Because of Facebook's size and reach this currency would instantly become "systemic" as they say in the world of banking. That means the platform will immediately have to grapple with all the darkest corners of the financial system, like terrorist financing and money laundering. These are difficult for even developed, sovereign nations.For smaller countries where the currency is weak and limited, there are even more obvious challenges because of Facebook's size. Citizens might turn so much of their currency into Libra that it forces their currency down, for example."Monetary policy might end up being set for areas all over the world by a board of largely Western companies located in California with a pot of hard currency-denominated assets in a potentially unregulated Swiss reserve, rather than by democratically accountable sovereign governments," wrote Matt Stoller, a researcher at anti-monopoly thinktank <a href="https://openmarketsinstitute.org/releases/open-markets-submits-brief-congress-facebook-libra-currency-risks-calls-congress-block-libra/">The Open Markets Institute.</a>On Tuesday Facebook's Head of Calibra, David Marcus, testified before the Senate Banking Committee to assuage Washington's fears about what Silicon Valley could do with all this power. He assured Senators that Libra would comply with anti-money laundering statutes, that it would be regulated by Swiss entities, and that the Calibra wallet would comply with the Bank Secrecy Act.None of that matters - none of Marcus' promises or clarifications or assurances mean anything. Facebook's word is no good. Opposition to Libra has nothing to do with innovation, this is about working with people you can trust.And we know we can't trust Facebook, a few examples:<ul><li>There's that time Facebook <a href="https://www.vox.com/the-goods/2019/1/30/18203803/facebook-research-vpn-minors-data-access-apple">sold third party platforms access to minors' data.</a></li><li>That time it leaked <a href="https://t.co/evfse50KcE">four million users' data.</a></li><li>There are the teens who are suing the company <a href="https://t.co/vsW9hDYcCJ">for profiting from data used to sell them into sex slavery.</a></li><li>There's the <a href="https://t.co/8iQHW1WwiH">horrible way Facebook and its contractors</a> treat the people who are paid to patrol violence and misconduct on the platform.</li><li>And of course, even though Facebook knew that Russian agents had used its platform to spread misinformation during the 2016 election in 2016, it did not admit to the depth and breadth of the problem until 2017.</li></ul>I wouldn't let Facebook water my plants, let alone monitor my banking transactions.<h1>'Flagrant displays of bull----'</h1>During the hearing Marcus kept trying to point out that other companies were also involved in this project. Yes, they gave Facebook $10 million to start the project, but Calibra itself will be wholly owned by Facebook and most of this activity - like almost all social media activity - will take place on Facebook, Instagram or Whatsapp.And if other companies care so much about Libra, why aren't they in Washington taking the heat from just about everyone in town, Democrat or Republican?"Libra raises many serious concerns, privacy, money laundering, consumer protection and financial stability," Federal Reserve Chairman Jerome Powell said in testimony before the House Banking Committee last week.And in a rare, almost freakish show of civility and bipartisanship for 2019's Washington, Congresswoman Maxine Waters (D-CA), the chair of the committee, looked at him with something like satisfaction.The bipartisan lovefest went along the same lines in the Senate on Tuesday as well. They brought up Libra and Calibra's potential to put national security at risk:"This is a new day and age when it comes... carrying around a briefcase of cash, transnational criminals and terrorists don't do that anymore," Senator Cathrine Cortez-Masto (D-NV) told Marcus. "What you're creating right now is an opportunity for them to engage in more money laundering and criminal activity, so know that. To say you're going to comply with AML (anti-money laundering) is one thing, I need to see the specifics." And they discussed Facebook's track record as a platform for bad actors:"60% of your users say they get news from Facebook as their primary source," said Senator John Kennedy (R-TX). "Isn't it true, and I really want your <keyword id="6356002" type="UNKNOWN" weightage="60" keywordseo="opinion">opinion</keyword>, that Facebook has chosen to advance a set of values in which truthful reporting has been displaced by flagrant displays of bulls---... Facebook now wants to control the money supply. What could possibly go wrong?"<div class="KonaFilter image-container display-table"><div><div class="image on-image">C-SPAN</div></div></div>Marcus tried to tell Senator Kennedy that Facebook acknowledges that it worked too slowly to counter bad actors in the past, but that was really all he could say and it wasn't good enough. When transactions are done in a split second there is no time for a company to be slow, not even once.And Marcus' answers don't actually matter anyway. As Senator Martha McSally (R-AZ) pointed out, Facebook has told the world that it would change its behavior before and it has violated those promises time and time again.So to Marcus' statements about Libra and Calibra's data sharing constraints, McSally said: "How do we know this isn't going to change and how do we know you're actually going to do that based on your track record of failing, violating and deceiving in the past?"We don't. So while this has been an interesting exercise - and the bipartisanship in Washington is truly refreshing - no one should be seriously entertaining a Facebook currency. It's can't be trusted.This is an opinion column. The thoughts expressed are those of the author(s). <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-cleaning-robot-review-cleaned-roomba-mop-vacuum-robots-2019-7">I cleaned my entire apartment with 4 of Amazon's highest-rated cleaning robots, but I could've done a much better job myself</a></h3> <div> </div> </div>

It's absurd that we're even entertaining Facebook's Libra currency idea

<keyword id="6354485" type="CITY" weightage="60" keywordseo="mobile">Mobile</keyword> Insights is a daily newsletter from <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MI&amp;utm_content=link&amp;utm_campaign=BIIMobile">BI Intelligence</a> delivered first thing every morning exclusively to <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MI&amp;utm_content=link&amp;utm_campaign=BIIMobile">BI Intelligence</a> subscribers. <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=MI&amp;utm_content=link&amp;utm_campaign=BIIMobile">Sign up for a free trial of BI Intelligence today</a>. 

<a href="http://venturebeat.com/2013/03/29/consumers-love-mobile-but-what-about-advertisers-4-top-brands-give-their-views/">Consumers Love Mobile, But What About Advertisers?</a> (VentureBeat) Despite all of the time we spend on our smartphones, mobile advertising trails online advertising. CPMs for mobile remain a fraction of what they are on the Web. Here are the views of some big brands:
<ul>
<li>Pandora: Pandora does 1.5 billion hours a month of streaming, and mobile accounts for 80 percent of those listening hours, according to Dominic Paschel, vice president at Pandora. Rebutting a common complaint, Paschel says advertisers have been willing to try new formats on mobile.</li>
<li>The Weather Channel: Alex Linde, VP of digital and mobile apps at The Weather Channel, says mobile is a critical piece in the future of the company. "Each screen has its place."</li>
<li>Sephora: Brands are themselves launching mobile apps to augment their in-store experiences. “Mobile is increasingly important to Sephora overall,” says Bridget Dolan, VP of Digital Marketing at Sephora.</li>
<li>Trulia: "iPads and tablets have more screen real estate which enables more innovative ad integrations," says Lee Clancy, VP of Consumer Products for Trulia.</li>
</ul>
That all said, CPMs for mobile are still a fraction of what they are on the Web. <a href="http://venturebeat.com/2013/03/29/consumers-love-mobile-but-what-about-advertisers-4-top-brands-give-their-views/">Read &gt;&gt;</a>
<a href="http://www.gomonews.com/guest-post-the-future-for-iad/">The Future For iAd</a> (GoMo News) When Apple unveiled <keyword id="471996" type="COMPANY" weightage="60" keywordseo="iAd">iAd</keyword> back in 2010, it seemed the mobile advertising equivalent of Nirvana. Here was state of the art technology that enabled advertisers to create beautiful in-app rich media ads to target a ready-made community of iOS device users. Three years on and the picture is more complicated. The short answer as to whether iAd has a future has to be, "yes." iAd has a number of rich interactive ad types and is backed by Apple which already has a sizeable footprint, so it will always be attractive to advertisers.The more interesting question is whether iAd will become a dominant mobile advertising platform. <a href="http://www.gomonews.com/guest-post-the-future-for-iad/">Read &gt;&gt;</a>
<div class="image-container float_right" style="width:400px"><div class="image"></div>Google</div><a href="http://venturebeat.com/2013/03/31/screen-size-matters-for-mobile-interface-design/">Screen Size Matters For Mobile Design</a> (VentureBeat) Smart phones, tablets, and smart TVs will soon be powered by the same technology stack — ARM processors running iOS or Android along with their respective app stores. That means the key differentiating feature between these devices will be staring you right in the face — screen size. Screen size matters more than content creators think. For starters, consider research from Google that shows engagement increases with screen size. This makes sense, as people consume content differently on different screen sizes. 4-5” phones are great for checking emails, tweets, social networks, listening to music, and playing casual games like Angry Birds. Consumers surveys show that email is the number one activity on smart phones. <a href="http://venturebeat.com/2013/03/31/screen-size-matters-for-mobile-interface-design/">Read &gt;&gt;</a>
<a href="http://www.cmswire.com/cms/customer-experience/microsoft-and-blackberry-look-to-step-up-the-tablet-battle-020274.php">Microsoft And BlackBerry Look To Step Up Tablet Wars</a> (CMSWire) Various reports suggest Microsoft and BlackBerry will be trying again to compete with the tablet giants. Microsoft has made some changes to its hardware template profiles, which should allow partners to create a new range of tablet devices. The new BlackBerry 10 platform gives it a clean slate to start off with and a company roadmap suggests a tablet will be following on, along with a phablet-type device in the third or fourth quarter after the launch of the Q10 keyboard-phone. Most likely the company will focus on the enterprise. <a href="http://www.cmswire.com/cms/customer-experience/microsoft-and-blackberry-look-to-step-up-the-tablet-battle-020274.php">Read &gt;&gt;</a>
<a href="http://www.worldcrunch.com/tech-science/how-mobile-technology-is-poised-to-revolutionize-healthcare/vitals-smartphone-disease-monitor-digital-health/c4s10742/#.UVlojRnzzNE">Mobile Is Poised To Revolutionize Healthcare</a> (Worldcrunch) It may also turn you into a hypochondriac. "With wireless networks, Internet, connectivity, bandwidth capacities, the huge popularity of smartphones, cloud computing – capable of storing enormous volumes of data – we have a convergence of tools that can be applied to medicine," explains Professor Eric Topol, a cardiologist specialized in genomics and director of the Scripps Transnational Science Institute in La Jolla, California. "We are in the middle of a digital revolution that will shake the world of medicine." Topol notes that there are six billion cell phones in the world. "That’s more than toothbrushes or toilets," he says. <a href="http://www.worldcrunch.com/tech-science/how-mobile-technology-is-poised-to-revolutionize-healthcare/vitals-smartphone-disease-monitor-digital-health/c4s10742/#.UVlojRnzzNE">Read &gt;&gt;</a>
<a href="http://www.business2community.com/infographics/the-most-important-features-of-a-mobile-friendly-website-0451591">The Most Important Features Of A Mobile-Friendly Website</a> (Business2Community) With mobile traffic making up 10 percent of all Internet use the world over (2012 figures), it is becoming increasingly important to understand how mobile users interact with websites on smaller devices and craft mobile experiences accordingly. <a href="http://www.business2community.com/infographics/the-most-important-features-of-a-mobile-friendly-website-0451591">Read &gt;&gt;</a>
<div class="image-container center" style="width:600px"><div class="image"></div><a href="http://community.demandforced3.com/t5/The-Demandforce-Blog/Infographic-Get-Moving-Why-You-re-Already-Losing-if-Your-Site-is/ba-p/8814">Demandforce</a></div>

What Advertisers Really Think About Mobile

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Katharine Viner has been named as the editor of The Guardian newspaper.It means she will become the only female editor of a major <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> national newspaper when she takes up her new role in the summer.Viner replaces Alan Rusbridger, <a href="http://www.businessinsider.com/alan-rusbridger-leaves-the-guaridan-2014-12">who announced he was stepping down from the role in December</a>, having been at the helm since 1995.Viner is currently editor in chief of The Guardian US and has been at the newspaper since she was 26-years-old in 1997. In 2013 she launched Guardian Australia as its editor in chief.Viner <a href="http://www.theguardian.com/media/2015/mar/05/katharine-viner-wins-staff-ballot-for-guardian-editor">won 53% of the votes in an internal Guardian editorial staff ballot</a> held earlier this month on which current staff member should become the next editor. It meant she was guaranteed a place on the shortlist going forward to the next round of interviews held by The Guardian owner The Scott Trust.The other frontrunner for the top role was Ian Katz, editor of the BBC current affairs TV program Newsnight. Prior to joining Newsnight in 2013, he was deputy editor of The Guardian and spent more than 20 years there.The Guardian's parent company, Guardian Media Group, reported a 3% lift in group revenues to £215 million in the year to March 29 2015, according to an unaudited trading update published earlier this month. <a href="http://www.campaignlive.co.uk/news/gated/1337224/">The company told Campaign Magazine</a> it expects its pre-tax losses will remain broadly flat at around £30 million.Here is Katharine Viner's editor candidacy statement, <a href="http://gonuj.org/public/ballot/candidates/katharine_viner.html">given to The Guardian's National Union of Journalists Chapel</a>, outlining the approach she plans to take in editing the paper. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tony-hawk-social-media-strategy-twitter-2015-3">Why Tony Hawk would never let an assistant run his social media accounts</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9nZ2MydDoze4Fv7DQd6PRr92kLy98wJZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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