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<ul class="summary-list"><li>YouTube launched a gifting feature for its vertical livestreams, mirroring TikTok's model.</li><li>ByteDance, which owns TikTok, has dominated e-commerce in China.</li></ul>YouTube is adding a "gifting" feature for vertical livestreams that allows users to purchase digital gifts for streamers, similar to a feature that fuels livestream sales on TikTok.Creators who receive the gifts through the program will earn "rubies," which are redeemable for one cent each, the company said in its announcement this week.TikTok's LIVE Gifts feature operates similarly. It lets app users purchase "coins" that can be used to buy virtual gifts of monetary value for livestreaming creators. Creators on TikTok who receive the gifts can also earn "diamonds," which the company <a target="_blank" class="editor-rtfLink" href="https://support.tiktok.com/en/live-gifts-wallet/tiktok-live/live-gifts-on-tiktok">rewards based on the popularity</a> of the livestream. Users can use diamonds to obtain "reward payments" from TikTok in the form of money or virtual items.E-commerce through livestreaming platforms has become a lucrative and competitive channel for revenue. In 2022, total US e-commerce sales exceeded $1 trillion, Forbes reported. Live shopping accounted for about $20 billion of that. Livestream e-commerce in the United States is expected to grow to $68 billion by 2026, according to Statista, a data research firm.TikTok parent company ByteDance has dominated livestreaming e-commerce in China through TikTok's sister app, Douyin. Douyin generates <a target="_blank" class="editor-rtfLink" href="https://affiliate.insider.com?h=e54b484532789f314b635c6d0830451432638ce3089beed16d5b0b23d8dfe87c&amp;postID=6736796a12ccc579828c6ef5&amp;postSlug=youtube-gifting-feature-tiktok-livestream-e-commerce-competition-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiktok-parent-bytedances-e-commerce-volume-surged-in-2022-internal-data-show">hundreds of billions</a> in annual sales, primarily through influencer livestreams. Over the last few years, ByteDance has expanded its e-commerce footprint into the rest of the world's markets through TikTok.The TikTok Shop also lets creators <a target="_blank" class="" href="https://partner.us.tiktokshop.com/">partner with the app</a> to sell their own products and other products through affiliate links. Last month, TikTok <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10">gathered 300 TikTok Shop partners</a> in a hotel near its office in Culver City, California, for its first e-commerce summit in the United States. The creators participated in feedback sessions with TikTok staffers and shared ideas on influencer affiliate marketing, with live selling the focus of the event, five attendees previously told Business Insider.Google is also looking to expand its own shopping feature. YouTube Shopping allows creators to make "collections" of products that viewers can purchase. YouTube shopping is available in the United States and China, and Google expanded the feature to Indonesia this week, the company said in a release.To grow its market share, Google is incentivizing creators to get in on YouTube's new gifting feature early. The company said eligible creators can receive a 50% bonus on received gifts of up to $1,000 for the next three months.Gifts on vertical YouTube livestreams will appear as an overlay on the livestream video, "enhancing the live experience and creating a new way for you and your viewers to interact and have fun," Google said.

YouTube has added a 'gifting' feature to its vertical streams, ramping up the competition for livestream e-commerce

New Delhi [India], August 9 (ANI): Union Minister of Commerce &amp; Industry <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword> stated that the leather and <keyword id="21599313" type="General" weightage="20" keywordseo="Footwear-industry" source="keywords">footwear industry</keyword> of the country has the potential to raise employment in the sector from the current 40 lakh to 1 crore. The minister stated it while inaugurating the 8th <keyword id="22718849" type="General" weightage="20" keywordseo="India-International-Footwear-Fair" source="keywords" meta.keywordsubtype="org" meta.entityname="India International Footwear Fair" meta.hostid="261" meta.entityid="India International Footwear Fair">India International Footwear Fair</keyword> in Delhi on Thursday. He highlighted that the leather and footwear industry has the ability to expand its market domestically and abroad. "We have the world market to capture. We need self-confidence, open mind to accept change" said Goyal. The minister also added that the implementation of Quality Control Orders (QCOs) will help prevent substandard, low-cost leather product imports and help save the Indian Footwear industry from unfair competition. He stated QCOs will help inculcate a spirit of quality among the domestic manufacturers, enabling India to become a world-class manufacturer of quality footwear. On liberalising the QCO guidelines, Goyal said that the Centre will give retailers two years to dispose of the existing footwear stock post application of the order. He also noted that fashion footwear manufacturing up to 72,000 pairs will not have to go through QCOs. Minister Goyal asserted that India is poised to become the market leader in the world. He also expressed hope for the footwear industry to become the world's largest manufacturer. Currently, India is the 2nd largest manufacturer and 9th largest exporter of footwear. The Minister also said that a target of USD 50 billion in exports by 2030 is achievable. He pointed out that QCOs don't apply to exports but the exporters have to meet the quality requirements of their clients. The Minister urged the industry to leverage the Free Trade Agreements (FTAs), especially with ASEAN and European countries and work towards making Indian brands global. Earlier the minister also highlighted that micro and small units under <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords">MSME</keyword> would continue to be exempted from the purview of QCOs. (ANI)

Leather and footwear industry can create 1 crore jobs: Piyush Goyal

<ul class="summary-list"><li>The US faces a "deep and immediate <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword>" if its access to <keyword id="12048018" type="UNKNOWN" weightage="60" keywordseo="taiwan" source="Orion">Taiwan</keyword> chips are cut, said Commerce Secretary <keyword id="13561760" type="UNKNOWN" weightage="60" keywordseo="gina-raimondo" source="Orion">Gina Raimondo</keyword>.</li><li>The US buys 90% of the leading-edge chips it uses from Taiwan.</li></ul>The US would face a "deep and immediate recession" if the country's access to made-in-Taiwan chips were cut off, Commerce Secretary Gina Raimondo said on Wednesday."If you allow yourself to think about a scenario where the <keyword id="11894425" type="UNKNOWN" weightage="60" keywordseo="united-states" source="Orion">United States</keyword> no longer had access to the chips currently being made in Taiwan, it's a scary scenario," Raimondo told <a href="https://www.cnbc.com/2022/07/20/us-faces-recession-if-cut-from-taiwan-chip-manufacturing-raimondo.html">CNBC's Sara Eisen</a> on Wednesday. "It's a deep and immediate recession. It's an inability to protect ourselves by making military equipment. We need to make this in America."Raimondo's comments came after the <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fsenate-vote-to-test-appetite-for-expanded-chips-bill-11658265660">Senate on Tuesday voted 64-34</a> to advance a $50 billion bill aimed at boosting semiconductor manufacturing in the US."We need a manufacturing base that produces these chips, at least enough of these chips, here on our shores because otherwise we'll just be too dependent on other countries," Raimondo told CNBC.Although many of the chips the US uses are designed at home, the country purchases 90% of leading-edge chips from Taiwan, where they are made. This poses a national security risk as such chips are used in a wide range of applications, including military, Raimondo added."You can't have biotech industry, or artificial intelligence, or quantum computing, or really any innovation without semiconductors," said Raimondo. "Semiconductors are a cornerstone technology necessary to underpin every other innovation-based industry."The Taiwan Semiconductor Manufacturing Company accounts for about 90% of the world's chip output, according to <a href="https://www.reuters.com/investigates/special-report/taiwan-china-chips/">Reuters,</a> citing industry estimates.This poses a risk to US national security as China claims self-governing Taiwan as its territory and <a href="https://www.cfr.org/backgrounder/china-taiwan-relations-tension-us-policy-biden">Beijing has not ruled out using military force</a> to "reunify" with the island.Tensions between the US and China ratcheted up after President Joe Biden said in May that the US would <a href="https://www.businessinsider.com/biden-us-would-use-military-if-china-attacked-taiwan-2022-5">defend Taiwan militarily</a> if China attacked the island. An unnamed White House official later said Biden's comments were not out of line with the existing US policy on China that "has not changed."The US is already facing <a href="https://www.businessinsider.com/recession-risk-inflation-federal-reserve-economy-outlook-wall-street-prediction-2022-7">recession risks</a> due to decades-high inflation rates and the Federal Reserve's interest rate hikes, which make it more expensive to buy big-ticket items like property and cars.

The US would face a 'deep and immediate recession' if made-in-Taiwan chips were cut off, US commerce secretary says

<ul class="summary-list"><li>Russia's trade with the US hit a 30-year low earlier this year amid Western economic sanctions against Moscow. </li><li>Commerce between the two countries totaled $4.38 billion during January-October – down 70% from the year-earlier period. </li></ul>The war in Ukraine is reshaping Russia's economic ties with the world.The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China has surpassed $200 billion this year and is on track to hit an all-time high.<a href="https://www.census.gov/foreign-trade/balance/c4621.html" target="_blank" rel="noopener">According to the United States Census Bureau</a>, the value of trade between Russia and the US totalled 277.3 million in July this year – the lowest since March 1993. That also marked a collapse of almost 90% from levels reported at the end of 2021, shortly before President Vladimir Putin ordered the invasion of Ukraine.US-Russia trade totaled $4.38 billion in the first 10 months of 2023, a 70% slump from the same period of 2022.American sanctions against Moscow in response to the Ukraine war have largely fueled the slide in bilateral trade, as the West seeks to economically isolate the Kremlin in retaliation for its aggression.The measures have dealt a heavy blow to the Russian economy - with a crippling impact on its <a href="https://www.insider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2?_gl=1*tpgjq7*_ga*MTY0OTQ1MjIyNS4xNjU2NTA4ODQ3*_ga_E21CV80ZCZ*MTY5NTE5OTk4NC4xODQuMS4xNjk1MjAwNTI5LjQxLjAuMA.." target="_blank" rel="noopener">key energy trade</a> - causing <a href="https://markets.businessinsider.com/news/currencies/russian-economy-current-account-surplus-drops-85-war-ukraine-putin-2023-8">the nation's current-account surplus to plummet 85%</a> during the January-July stretch of this year, from the same period of 2022.One of the biggest new themes to emerge amid Moscow's struggles with Western sanctions is the nation's growing economic dependency on China – for everything from selling oil to buying consumer goods.Trade between Russia and China totaled $218 billion during the first 11 months of 2023, surpassing a $200-billion goal for the year earlier than expected, Chinese customs data showed.Russia is now the world's No. 1 buyer of Chinese cars, after western manufacturers such as General Motors, Ford, and Mercedes-Benz exited the country in response to the war.<a href="https://www.businessinsider.com/russia-economy-imports-chinese-cars-rise-540-percent-putin-2023-7?r=US&amp;IR=T">Imports of Chinese cars saw a stunning 543% surge in the first half</a> of this year to $4.6 billion in value, from the same period of 2022, the Russian news website RBC reported in July, citing figures from the Chinese customs department.This article was originally published on September 20, 2023.

Russia's trade with the US plummets to a 3-decade low while its commerce with China surges past $200 billion

<ul class="summary-list"><li>In an interview with "Fox &amp; Friends" on Monday, President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> once again blamed <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> for the <keyword id="159360" type="ORGANIZATION" weightage="60" keywordseo="United-States-Postal-Service">United States Postal Service</keyword>'s ongoing financial crisis.</li><li>Though the <keyword id="195495" type="COMPANY" weightage="60" keywordseo="USPS">USPS</keyword> does subsidize Amazon deliveries by charging the ecommerce giant lower rates and handling costly last-mile rural deliveries, it can't afford to lose their business.</li><li>The agency reported a record net loss of $2.2 billion between April and June.</li><li>Democratic policymakers said in March that the USPS was slated to run out of funds by the end of the summer. </li></ul>President Donald Trump is once again blaming Amazon for the demise of the United States Postal Service. In an interview with "Fox &amp; Friends" on Monday, Trump reignited his attack against the ecommerce juggernaut, stating that Amazon is killing the USPS.The remark is one of a series of recent snipes the president has made at Amazon, including <a href="https://www.businessinsider.com/trump-slams-amazon-demise-usps-2020-4">back in April when he placed fault on</a> "internet companies that give their stuff to the Postal Service" in response to claims he tried to cut USPS funding from the $2 trillion coronavirus stimulus bill. "Amazon and other companies like it, they come and they drop all of their mail into a post office," Trump said on "Fox &amp; Friends. "They drop packages into the post office by the thousands and then they say, 'Here, you deliver them.' We lose $3 and $4 a package on average. We lose massive amounts of money."The president began firing shots at Amazon <a href="https://www.cnbc.com/video/2018/04/03/trump-post-office-losing-billions-on-amazon.html">back in 2018</a>, when he said the company had cost the USPS "billions," and has since doubled down on the argument in recent months.While the USPS does, in fact, subsidize Amazon deliveries by charging below market rates, the relationship between the agency and the ecommerce company is very complex, as previously reported by <a href="https://www.businessinsider.com/amazon-usps-rural-packages-deliveries-2020-5">Business Insider's Rachel Premack in May</a>.Though Amazon is its own largest delivery service, the USPS has been integral to completing last-mile deliveries in low populated rural areas. Morningstar analysts previously told Business Insider that delivering a package to a rural community is "exponentially" more expensive and costs Amazon an estimated 1.5-to-4 times more than in urban areas. <div type="image" title="USPS coronavirus" height="2000" width="2667" msid="77602320" hostid="261"></div>As such, Amazon has constructed delivery centers primarily in urban areas or highly populated communities, and enlisted the help of the USPS to deliver items to more remote regions.Ultimately, the USPS has no choice but to accept Amazon's business — not only because of its Universal Service Obligation under the government requires it to serve all parts of the country, but also because turning away from the company would mean losing a significant chunk of its already dwindling revenue. "It's extremely common for largely fixed cost businesses to appear to 'make a loss' on their largest customer, because the alternative, of losing that customer, would have a worse profit outcome than serving them at a lower price," Nicholas Farhi, a partner at OC&amp;C Strategy Consultants, told Business Insider's Premack in May. Farhi added: "This is especially true at roughly the scale of the relationship Amazon has with USPS. Amazon is a big enough chunk of USPS revenues that, if USPS lost it, it would materially reduce their revenues without materially reducing their fixed costs."In March, Democratic policymakers said the agency was slated to run out of funds by the end of the summer, a timeline that puts universal mail-in voting in the November presidential election in peril.The USPS reported a record net loss of $2.2 billion between April and June as a result of the coronavirus and its impact on the national economy. While newly appointed Postmaster General Louis DeJoy — a top donor to Trump who took the helm of the USPS in May — has implemented a series of cost-cutting measures and leadership changes, <a href="https://www.businessinsider.com/postal-workers-are-squeezing-between-mail-parcels-in-dispatch-rooms-2020-8">USPS workers are bearing the brunt</a> in lost overtime pay and slashed salaries, and Democrats are investigating mail delays.

Trump reignites feud with Amazon over USPS financial woes – but the relationship between the ecommerce giant and government agency is far more complicated

<ul class="summary-list"><li>The US and <keyword id="12048018" type="UNKNOWN" weightage="60" keywordseo="taiwan" source="Orion">Taiwan</keyword> have committed to supporting supply chains for chips.</li><li>The framework comes amid heightened tensions between <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and Taiwan.</li></ul>The US and Taiwan have set up a new trade and investment framework as the island's tensions with China escalate.The <keyword id="11893017" type="UNKNOWN" weightage="60" keywordseo="technology" source="Orion">Technology</keyword> Trade and Investment Collaboration (TTIC) framework was announced in a December 6 <a href="https://www.commerce.gov/news/press-releases/2021/12/secretary-commerce-gina-m-raimondo-holds-introductory-call-taiwan">call</a> between US Commerce Secretary Gina Raimondo and Taiwan's Minister of Economic Affairs Wang Mei-hua. The TTIC's goal is to develop commercial programs and to strengthen critical supply chains, according to a <a href="https://www.commerce.gov/news/press-releases/2021/12/secretary-commerce-gina-m-raimondo-holds-introductory-call-taiwan">press release</a> from the US Department of Commerce.In the call, Raimondo and Wang "committed to identifying other steps to support semiconductors and other critical supply chains.""Working together, we can build business connections and generate further investments which will ultimately create good-paying jobs, strengthen critical supply chains, and deepen our overall economic relationship," Raimondo said in the call.The partnership comes amid escalating tensions between China and independently governed Taiwan, which Beijing views as a breakaway province. China's air force has been <a href="https://www.businessinsider.com/china-military-aircraft-toward-taiwan-in-largest-show-of-force-2021-10">entering</a> Taiwanese airspace frequently in recent months and staging military exercises near the island, prompting fears of a military conflict.On Wednesday, Assistant Secretary of Defense Ely Ratner told the Senate Foreign Relations Committee that "bolstering Taiwan's self-defenses is an urgent task." Ratner referred to China's actions as "destabilizing" and "intentionally provocative," according to a <a href="https://www.foreign.senate.gov/imo/media/doc/120821_Ratner_Testimony1.pdf">transcript</a> of his statement.Taiwan's free-market economy is "integral" to the world, added Ratner."Indeed, our economy — like many others around the world — has come to count on Taiwan as a critical supplier of high-technology, including semiconductors," said Ratner.Taiwan is the world's largest semiconductor producer, with one firm — <a href="https://markets.businessinsider.com/news/stocks/tsmc-taiwan-china-asia-tech-crackdown-taiwan-semi-valuation-2021-08">TSMC</a> — accounting for over half of the global supply of made-to-order chips. In a July earnings call, TSMC chairman Mark Liu addressed fears over a potential invasion of Taiwan."Everybody wants to have a peaceful Taiwan Strait. Because it is to every country's benefit, but also because of the semiconductor supply chain in Taiwan, no one wants to disrupt it," Liu said, according to a <a href="https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2021-10/44ec4960f6771366a2b992ace4ae47566d7206a6/TSMC%202Q21%20transcript.pdf">transcript</a> of the earnings call.

Taiwan, the world's biggest chip-maker, just set up a new trade framework with the US amid tensions with China

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li">Trump’s order bars the use of telecoms equipment made by companies deemed a threat to US national security, threatening Huawei.</li><li class="generic-article__summary--li content--li">Move would stymie Huawei’s efforts to expand into critical 5G market, giving US a chance to play catch-up.</li></ul>US President Donald Trump signed an executive order on Wednesday declaring a national emergency, barring the use of telecommunications equipment made by companies that are deemed a threat to national security, clearing the way for an outright ban on products made by Huawei. The Executive Order did not name China or Chinese companies specifically. However, separately, and soon after the order was signed, the US Commerce Department did just that. The Commerce Department <a href="https://www.scmp.com/news/china/article/3010403/us-commerce-department-places-chinas-huawei-and-70-affiliates-trade" class="link-text">added Huawei and 70 affiliates to its “Entity List”</a> after it concluded that the Chinese company was engaged in activities “contrary to US national security or foreign policy interests”. Inclusion in the list means that a US company, person or government agency purchasing Huawei equipment now requires a specific license “to export, reexport and/or transfer (in-country).” The US government claims Huawei’s equipment poses a security risk because the company might acquiesce to demands from Beijing to allow access to networks and private user data – claims that the company and its chief executive, Ren Zhengfei, have <a href="https://www.scmp.com/tech/big-tech/article/3007649/huawei-fights-back-against-claim-research-paper-it-government-funded" class="link-text">repeatedly denied</a>. Meanwhile, Trump’s order says foreign adversaries are taking advantage of the US by exploiting vulnerabilities in the information and communications technology and services sector. “This Executive Order declares a national emergency with respect to the threats against information and communications technology and services in the United States and delegates authority to the Secretary of Commerce to prohibit transactions posing an unacceptable risk to the national security of the United States or the security and safety of United States persons,” the White House said in a statement.

Trump orders national emergency on information security; Commerce Department follows with Huawei restrictions

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"> that barred the use of telecoms equipment made by companies that are deemed a threat to national security. A Commerce Department spokesman said late on Thursday that the export order against Huawei takes affect immediately, according to Reuters. Earlier, Commerce Secretary Wilbur Ross, in an interview with Bloomberg Television and Radio, said the order would go into effect on Friday. Huawei, a major purchaser of US technology that is critical to its position as a leading provider of 5G, or fifth generation, telecoms equipment, said the Trump administration’s actions were in no one’s interest. “It will do significant economic harm to the American companies with which Huawei does business, affect tens of thousands of American jobs and disrupt the current collaboration and mutual trust that exist on the global supply chain,” the company said in a statement. “Huawei will seek remedies immediately and find a resolution to this matter. We will also proactively endeavour to mitigate the impacts of this incident,” the statement said. </li></ul>

China’s Huawei says it will challenge US blacklisting and vows to limit impact on its operations

<ul class="summary-list"><li>The number of people being laid off in the US hit a record low in May, <keyword id="11018" type="COMPANY" weightage="60" keywordseo="Jobs">jobs</keyword> data revealed.</li><li>It suggests companies are keeping hold of their staff amid the huge labor shortage.</li><li>Many companies are struggling to find staff, and have been raising wages as a result.</li></ul>The number of <keyword id="6357067" type="UNKNOWN" weightage="60" keywordseo="Layoffs">layoffs</keyword> in the US hit a record low in May, <a href="https://www.bls.gov/news.release/pdf/jolts.pdf?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioscloser&amp;stream=topp;stream=top">jobs data</a> from the Bureau of Labor Statistics (BLS) showed.It's a sign that companies are clinging onto their workers during a <a href="https://www.businessinsider.com/federal-reserve-labor-shortage-could-last-months-firms-cutting-production-2021-6">severe labor shortage</a>.The layoffs and discharge rate dropped to 0.9% in May, according to the BLS report released Wednesday, a record low dating back to 2001. This means that for every 1,000 workers, nine were laid off. In the accommodation and food services sector, where the <a href="https://www.businessinsider.com/labor-shortage-sign-on-bonus-bonuses-supermarkets-convenience-stores-2021-6?r=US&amp;IR=TIR=T">labor shortage has hit hardest</a>, the rate fell from 1.5% in April to 1.2% in May, according to the report. This is down from 1.8% in May 2020, the report showed.The labor shortage caused some businesses to <a href="https://www.businessinsider.com/federal-reserve-labor-shortage-could-last-months-firms-cutting-production-2021-6">cut operating hours, slash production, and raise prices</a>. Nearly half of US restaurant owners said they <a href="https://www.businessinsider.com/restaurant-owners-labor-shortage-new-staff-afford-rent-workers-poll-2021-5?r=US&amp;IR=TIR=T">struggled to pay their rent</a> in May because staffing shortages reduced their revenues.The number of <keyword id="346323" type="PERSON" weightage="60" keywordseo="Job-Openings">job openings</keyword> in the US rose to over 9.2 million in May, breaking a record for the second consecutive month, the report revealed. There were nearly 4 million more job openings in May than there were the same month a year ago."Demand is high and <keyword id="22943" type="PERSON" weightage="60" keywordseo="employers">employers</keyword> might not be getting the number of hires that they want - so they're holding on to the workers they do have," Nick Bunker, labor market researcher at Indeed, told <a href="https://www.axios.com/layoffs-all-time-low-656979a1-38e0-48d4-b3bb-5ad9b5345aa3.html">Axios</a> on Wednesday.Many US businesses are <a href="https://www.businessinsider.com/economic-outlook-worker-shortage-temporary-labor-market-recovery-unemployment-bofa-2021-4">short-staffed</a> as the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> starts to reopen. The <a href="https://www.businessinsider.com/us-labor-shortage-workers-hiring-chamber-commerce-jobs-emergency-2021-6" target="_blank" rel="noopener noreferrer">US Chamber of Commerce</a> previously called the current labor shortage a "national economic emergency."Some companies told <a href="https://www.federalreserve.gov/monetarypolicy/beigebook202106.htm">the Federal Reserve</a> in June that they blamed the shortage on unemployment benefits, childcare responsibilities, transport issues, stimulus payments, and COVID-19 safety concerns.

The number of Americans laid off from their jobs hit a record low in May, as companies cling onto their workers during the crippling labor shortage

<ul><li>The draft of the <keyword id="3557940" type="PERSON" weightage="20" keywordseo="e-commerce-policy">E-commerce Policy</keyword> for <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> prioritises domestic businesses over foreign firms. </li><li>Raising their concerns, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> have reached out to the <keyword id="6354862" type="UNKNOWN" weightage="20" keywordseo="trump">Trump</keyword> administration to moderate with Indian policymakers. </li><li>Their key issues seem to be the ban of foreign investment in the inventory model of business and the barring of bulk purchases.</li></ul>After rolling out the first ever draft of the Personal Data Protection Bill, the Indian government has taken another step forward by pushing out the draft E-commerce Policy. But, just as there was dissatisfaction on many fronts with the former, the latter hasn’t been too well received either. This is <a href="https://economictimes.indiatimes.com/industry/services/retail/amazon-walmart-may-seek-us-help-on-ecommerce-policy/articleshow/65221086.cms">especially true</a> for foreign firms. In forming a shield over the domestic industry, American e-commerce giants like Walmart and Amazon feel as though they’ve been handed the short end of the stick. They’ve even gone so far as to ask for American policy intervention in the matter in case the final version of the policy isn’t moderated to more preferable terms. Aside from giving domestic entities an advantage, foreign firms are also concerned that once this policy kicks in, business operations will be hampered by the new regulations as it intervenes in day-to-day operations and decision making. <div type="image" title="ecommercepolicy" msid="65228629" hostid="261"></div>

 Bones of contention The primary aim of the E-commerce Policy is to streamline India’s full throttle digital economy and e-commerce businesses. And thus, the draft policy puts India’s interests first and makes no secret of it. From barring lobbying so that e-commerce players can’t ‘directly or indirectly’ influence the price to a localised inventory model, the recommendations of the Suresh Prabhu-led think tank favour domestic business. The main concern for foreign executives seems to be that India is going the ‘Chinese way’. The recommendations stipulate 100% foreign direct investment (FDI) in the marketplace model of retail but no foreign investment in the inventory based model. This basically means that a foreign e-retail platform can only be the conduit between vendors and consumers, but not hold any of the inventory itself. And, on top of that, a single vendor can’t be responsible for more than 25% of the sales on one platform. Another point of dispute is the recommendation says that bulk purchases from ‘related party sellers’ should be restricted because, in the case of branded and white goods, it leads to price distortions in the market. While this may be true, it will be a huge obstacle for <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and Amazon, and their sales strategies. Meanwhile, according to government officials, the aim is to support the Indian e-commerce players without violating the paradigms that are set forth by international trade agreements. While it’s understandable that American businesses looking to invest in India are upset over recent developments, reigning in the Trump administration to stand up against the Indian government protecting the domestic economy seems a little ironic. The US, itself, is <a href="https://www.businessinsider.in/Trumps-all-out-trade-war-is-rattling-Washington-even-his-strongest-allies/articleshow/64407324.cms">raising tariffs</a> to boost its own industries and protect them from foreign competition.

Amazon, Walmart seek US help against India’s new draft E-commerce Policy

<ul class="summary-list"><li><keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> CEO <keyword id="191843" type="PERSON" weightage="60" keywordseo="Tim-Cook">Tim Cook</keyword> envisions a future where Americans cast cast their ballot through their <keyword id="6354606" type="COMPANY" weightage="60" keywordseo="iPhone">iPhone</keyword>.</li><li>"We do our banking on phones. We have our health data on phones," he said. "And so why not?"</li><li>Last week, Cook <a href="https://www.businessinsider.com/tim-cook-condemns-georgia-new-election-law-joins-other-ceos-2021-4">joined a group of executives</a> who criticized a restrictive new Georgia <keyword id="43546" type="EVENT" weightage="60" keywordseo="Voting">voting</keyword> law.</li></ul>Would you feel comfortable voting via iPhone?Apple CEO Tim Cook suggested that concept <a href="https://www.nytimes.com/2021/04/05/opinion/is-apples-privacy-push-facebooks-existential-threat.html">in a new interview with The New York Times</a>, published just days after Cook joined a growing coalition of business leaders who <a href="https://www.businessinsider.com/tim-cook-condemns-georgia-new-election-law-joins-other-ceos-2021-4">criticized a restrictive new Georgia voting law</a>."I would dream of that, because I think that's where we live," Cook said when Swisher asked if the tech would be the answer to some modern voting issues, like fraud. "We do our banking on phones. We have our health data on phones. We have more information on a phone about us than is in our houses. And so why not?"America's voting systems are notoriously low-tech, which stands in glaring contrast to modern systems of banking, commerce, and healthcare."It's pretty arcane," Cook said of America's voting apparatus. "I think we're probably all having the wrong conversation on voting rights. We should be talking about using technology."Read more: <a href="https://www.businessinsider.com/mega-hacks-past-decade-still-doing-damage-2021-3">The 11 biggest hacks and breaches of the past decade that are still causing reverberating damage</a>Incorporating updated technology - like iPhones - in the voting process could expand the reach and accessibility of voting to more Americans, he argued.Of the voting age population in the US, just shy of <a href="http://www.electproject.org/national-1789-present">67% voted in the 2020 presidential election</a> - <a href="https://www.businessinsider.com/election-results-biden-breaks-record-most-votes-won-presidential-candidate-2020-11">the highest percentage of any election in over 100 years</a>."How can we make it so simple that our voting participation gets to 100? Or it gets really close to 100. Maybe we get in the 90s or something," Cook said.Though voting through smartphone could expand accessibility for some voters, cybersecurity experts <a href="https://www.cbsnews.com/news/why-cant-i-vote-on-my-phone/">speaking to CBS News last November</a> listed a number of ways it could also disenfranchise other voters: Security issues, the cost of iPhones, internet access, and voter identification were all among the main issues cited.Got a tip? Contact Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@insider.com">bgilbert@insider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Tim Cook wants Americans to be able to vote on their iPhones

Washington, US employers slashed 140,000 <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword> in December 2020, the first monthly decline in <keyword id="6355127" type="UNKNOWN" weightage="20" keywordseo="employment">employment</keyword> since April 2020, as recent Covid-19 spikes have stalled the recovery of the <keyword id="6357125" type="DEFINITION" weightage="20" keywordseo="Labour-Market">labour market</keyword>, an official report said. "The decline in payroll employment reflects the recent increase in coronavirus (COVID-19) cases and efforts to contain the pandemic," the Labour Department's Bureau of Labour Statistics (BLS) said in its monthly employment report. The BLS report noted that employment in leisure and hospitality declined by 498,000, with three-quarters of the decrease in food services and drinking places, by 372,000. Since February 2020, employment in leisure and hospitality has been down by 3.9 million, or 23.2%. Employment in private education, meanwhile, decreased by 63,000 in December, the report showed, noting that employment in the industry has fallen by 450,000 since February. Government employment also declined by 45,000 in the month. Since February 2020, government employment overall has been cut by 1.3 million. In December, job losses in leisure and hospitality and in private education were partially offset by gains in professional and business services, retail trade, and construction, according to the Bureau's report. The report also showed that growth in total non-farm payroll employment for October was revised up by 44,000 to 654,000, and the gain for November was revised up by 91,000 to 336,000. Amid widespread Covid-19 shutdowns in March and April last year, 22 million Americans lost their jobs. The latest data showed that the number of <keyword id="6368046" type="UNKNOWN" weightage="20" keywordseo="unemployed">unemployed</keyword> in December remained unchanged at 10.7 million, which is about 5 million higher than pre-pandemic level in February 2020. The unemployment rate, which has been trending down over the past seven months, remained unchanged at 6.7% in December, the report showed, indicating the disruption to the labour market recovery. The unemployment rate in December was down by 8 <keyword id="1648970" type="PERSON" weightage="20" keywordseo="percentage-points">percentage points</keyword> from its recent high in April 2020 but is 3.2 percentage points higher than its pre-pandemic level in February, the Bureau noted. Weekly initial jobless claims have been largely declining in the past few months, but the trend was recently reversed in the weeks ending November 14 and November 21, 2020, and then in the weeks ending December 5 and December 12, 2020. The Services Purchasing Managers' Index (PMI) registered 57.2% in December, 1.3 percentage point higher than the November reading, according to the latest Services ISM Report on Business. The employment index, however, fell by 3.3 percentage points to 48.2%, marking the first contraction after three consecutive months of growth. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">TCS delivers yet another strong quarter with 16% growth in profit as COVID drives tech spending</a> <a href="https://www.businessinsider.in/retail/news/dmart-the-nearly-two-trillion-dollar-indian-retailer-may-post-strong-earnings-watch-out-for-the-progress-on-e-commerce/articleshow/80172629.cms">DMart, the nearly two trillion dollar Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

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