Chinese smartphone maker <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> on Friday said the ongoing investigations and allegations in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> could take a long period of time to settle, and the company could receive judgments or enter into "settlements that may adversely affect its operating results or cash flows". The company, which registered around 20 per cent drop in its global sales at $10.31 billion in the June quarter (Q2), said that "it is not practical to quantify" related financial effects (of India probes) "at this stage". "The management assessed the aforesaid matters related to <keyword id="2210169" type="General" weightage="80" keywordseo="xiaomi-india" source="Orion">Xiaomi India</keyword>, taking into consideration opinions from professional advisors and concluded Xiaomi India has valid grounds to respond to the relevant Indian authorities," the group said in its quarterly financial statement. In April, the Enforcement Directorate (ED) had said they seized Rs 5,551.27 crore of Xiaomi India, lying in the bank accounts under the provisions of Foreign Exchange Management Act, in connection with the illegal outward remittances made by the company. Finance Minister Nirmala Sitharaman had informed the Rajya Sabha, in the recent Monsoon session, that five cases of customs duty evasion have been registered against Xiaomi India by the Directorate of Revenue Intelligence (DRI). The company said in its quarterly results that since December 2021, Xiaomi India has been involved in various investigations and notifications initiated by relevant Indian authorities including the Income Tax Department, the Directorate of Revenue Intelligence and the Directorate of Enforcement "in relation to compliance of relevant income tax regulations, custom duties regulations as well as foreign exchange regulations". Xiaomi India further received an order on August 11, "whereby certain of its bank deposits were continued to be restricted, alleging Xiaomi India has inappropriately deducted certain costs and expenses, including purchase costs of mobile phones and royalty fees paid to third parties as well as companies within the Group". The government is looking into cases of alleged tax evasion by three Chinese mobile companies -- OPPO, Vivo India and Xiaomi. A show-cause notice demanding Rs 4,403.88 crore has been served to OPPO Mobiles India Ltd based on an investigation conducted by the DRI. The DRI also detected customs duty evasion of around Rs 2,217 crore by Vivo India. For Chinese enterprises that originally tried to make India an overseas product-processing centre, if it is indeed increasingly difficult and unprofitable to operate in the country, then withdrawing from India is also an available option, state-run Global Times said earlier this month. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/there-is-a-yawning-gap-between-the-confidence-of-consumers-and-businesses/articleshow/93662752.cms">There is a yawning gap between the confidence of consumers and businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tiktoks-in-app-browser-on-ios-includes-code-that-can-monitor-your-keystrokes-and-taps/articleshow/93662878.cms">TikTok’s in-app browser on iOS includes code that can monitor your keystrokes and taps</a>

Xiaomi is worried that investigations in India might affect it cash flows, operating results

<ul><li><keyword id="874458" type="General" weightage="100" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> is reportedly being investigated by the Enforcement Directorate (ED).</li><li>The ED is investigating the company’s compliance with the country’s foreign exchange laws.</li><li><keyword id="1677962" type="General" weightage="20" keywordseo="manu-kumar-jain" source="Orion">Manu Kumar Jain</keyword>, the former managing director of Xiaomi India has reportedly been summoned.</li></ul>Xiaomi has once again come under the scanner in India and the company’s former India managing director and current global vice president, Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate (ED). According to a Reuters <a href="https://www.reuters.com/business/media-telecom/exclusive-india-agency-summons-former-xiaomi-head-investigation-sources-2022-04-12/">report</a>, the financial agency is currently investigating whether the company’s business practices conform with India’s foreign exchange laws. The above report, citing two sources familiar with the investigation, revealed that the company has been under investigation since February. The report further added that Jain was recently summoned by the ED to appear before its officers. The source added that Jain, who is based in Dubai, was recently in India, however, the purpose of his visit was not known. “Xiaomi is a law-abiding and responsible company. We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information,” a Xiaomi spokesperson said in a statement to Business Insider. <cmsannotation type="cmsannotation" annotationid="Not the first time Xiaomi has come under scrutiny in India" comment="subhead" text="Not the first time Xiaomi has come under scrutiny in India">Not the first time Xiaomi has come under scrutiny in India</cmsannotation> This is not the first time that the Chinese smartphone maker has come under scrutiny. It was also under investigation by the Income Tax department and <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> were conducted at some of its premises, along with other companies like Oppo and OnePlus. The ED is reportedly investigating the company’s existing business structure between Xiaomi India, its manufacturers and its parent company in China. More particularly, the investigation is regarding the flow of funds between Xiaomi India and its parent, based in China. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x-fold-foldable-new-smartphone-launched/articleshow/90802333.cms">Vivo X Fold launched - Samsung gets a powerful rival in the foldable segment</a> <a href="https://www.businessinsider.in/tech/news/new-android-malware-silently-take-control-of-your-phone/articleshow/90799603.cms">This new Android malware sits silently on your phone to remotely take control of your device</a>

Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate

<ul><li><keyword id="11121339" type="General" weightage="100" keywordseo="metaverse" source="Orion">Metaverse</keyword> has many benefits but it also has several issues that need to be sorted. </li><li>In the Metaverse world, ransomware could turn out to be one of the biggest threats. </li><li>No one knows where the Metaverse game is heading, but it truly represents a paradigm shift, on par with the introduction of the World Wide Web and the rise of social media.</li></ul>Metaverse refers to the combination of virtual and augmented reality, which is frequently referred to as "extended reality." The ability to be represented by one or more avatars that can exist across platforms is one of the many implications of the Metaverse. Its widespread adoption for enterprises is proven by data - Meta Platforms, formerly Facebook, recorded a whopping $<a href="https://www.statista.com/topics/8652/metaverse/#topicHeader__wrapper">118 bn</a> in revenue in 2021. However, enterprises need to be wary of some intrinsic issues associated with this new technology. Is Metaverse the Pandora's box of digital trouble? The Metaverse can be beneficial in many respects, while also raising many issues. Here is a list of some of the biggest dangers posed by the Metaverse: <ul><li>Identity theft: In the real world, identity theft is already a multibillion-dollar industry - a report published recently estimated losses from identity theft at <a href="https://www.globenewswire.com/news-release/2022/03/29/2412099/0/en/Identity-Fraud-Losses-Total-52-Billion-in-2021-Impacting-42-Million-U-S-Adults.html">$24 billion</a> in 2021 in the US. Many experts are worried that if rigorous security measures are not adopted, identity theft in the Metaverse may become even more easier.</li></ul><ul><li>Unauthorised data collection: Virtual reality has the potential to push unauthorised data collection to a level that may be beyond user expectations.</li></ul><ul><li>Ransomware attacks: In the Metaverse world, ransomware could turn out to be one of the biggest threats as one's Metaverse profile tends to have a lot more information than any regular social media profile, including highly sensitive data.</li></ul><ul><li>Changing the way people view the real world: Stanford University researchers have concluded that both virtual reality and augmented reality, two of the foundations of the Metaverse world, can influence how individuals see the real world. This could turn out to be a huge risk in the future.</li></ul><ul><li>Harassment and cyberbullying: Cyberbullying is a severe menace to teenagers and young adults even today, and Metaverse will only worsen this situation. The Metaverse experience will seem as real as the physical world. Hence, pain and suffering will likewise be real and profound.</li></ul><ul><li>Mental health impact: Malicious people in the Metaverse world may hypothetically insert visuals that may cause motion sickness or even epileptic convulsions. Such situations can impact the mental health of people negatively.</li></ul><ul><li>Attacks using social engineering: Mentally manipulating someone into giving sensitive information is known as social engineering. Due to the immense amount of personal data that would be stored in the Metaverse, it might become a gold mine for hackers trying to sell personal data on the Dark Web.</li></ul> Making the metaverse safe Awareness and education will form the foundation for the metaverse security management. One can have the best security system in the world, but it won't be of much help if the operator doesn't know how to operate it or is irresponsible. So, how can we fight these risks on the Metaverse? These are some ways: <ul><li>In-depth vetting: New applications, like today's internet, have the potential to wreak havoc on our digital life. In a metaverse setting, however, the damage can become even more disastrous with the sheer amount of sensitive data that would be stored. We will need to develop measures to have all new applications checked for malicious code.</li></ul><ul><li>Platform compatibility: One of the most significant issues is the lack of interoperability and uniformity among the many metaverse platforms. This needs to be fixed.</li></ul><ul><li>Safety and awareness: Identity fraud and theft remain one of the top metaverse risks, hence being cautious is a must. The metaverse will seek far more personal information than the basic Google accounts. Aside from credit cards and bank account details, Meta has been reportedly gathering biometric data, which includes the users’ pupil movements to body poses, and this data is being used to create avatars and hyper-targeted advertisements. Hence, awareness is a must.</li></ul> No one yet knows where the metaverse is heading, but the fact is that it truly represents a paradigm shift, on par with the introduction of the World Wide Web in the 1990s and the rise of social media in the early 2000s. The metaverse is a double-edged sword and it’s in our hands to work out the weaknesses in the system and use it to our collective advantage. There is a fair bit of work that we need to do to lift the clouds of uncertainty and wipe away the security risks associated with the metaverse. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-moves-delhi-hc-challenging-freezing-of-its-bank-accounts-by-ed/articleshow/92750274.cms">Vivo moves Delhi HC challenging freezing of its bank accounts by ED</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/this-startup-does-what-most-cas-cant-compute-crypto-taxes-and-16000-indians-are-waiting-in-line/articleshow/92748629.cms">This startup does what most CAs can’t – compute crypto taxes; and 16,000 Indians are waiting in line</a>

Is Metaverse a ticking technology bomb?

(Eds: Adds stats on samples, Oppo and Vivo's statement) Noida (UP), May 18 () Thirty-one people tested positive for COVID-19 in Uttar Pradesh's Gautam Buddh Nagar on Monday, pushing the total number of coronavirus cases to 286 in the district, officials said. Nine of the new patients are workers of Chinese phone maker Oppo and two construction workers at a factory site of its sister-concern Vivo in Greater Noida, the officials said. Eight of the Oppo workers are locals, while one is from Ghaziabad, they said. Also, 15 contacts of a 39-year-old man, who works at a media firm in Noida Sector 16A and was detected with the infection on May 15, have been found positive on Monday, District Magistrate Suhas L Y said. "The man lives in Delhi's Laxmi Nagar but works at Zee Media office in Sector 16A Noida. He was found COVID-19 positive on May 15. His 51 contacts were tested at Max Lab in Delhi. His 15 contacts, who are employees in the same organisation, residing in Gautam Buddh Nagar have tested positive," the DM said in a statement. Another 13 contacts of the man who reside in Delhi, Faridabad and Gurgaon have tested positive for coronavirus and the administrations of their respective districts were doing the needful, as per protocols. Among other patients are five contacts of a man from Sector 5 Harola village, who was earlier detected with the infection and a 40-year-old woman from Sector 78 Noida, he said. "Total 1,679 test results were obtained on Monday of which 1,648 were negative and 31 positive. Total 286 positive cases have been recorded so far. Three patients were discharged on Monday, taking the number of recoveries so far to 194 and active cases are 87," according to the statement. Guatam Buddh Nagar adjoining Delhi in western UP has so far recorded five deaths -- all males aged above 60, according to officials. The number of samples collected till Monday stood at 8,245, according to the official statement. Oppo has got 3,321 employees tested for COVID-19 at a private lab in Gurgaon, Haryana and result of 1,581 of them have been sent to the health department, Gautam Buddh Nagar, while others were awaited, it stated. Vivo got 18 employees tested at a private lab in Gurgaon, Haryana and 16 of them resulted negative, while two positive, the administration said. Specific areas of the premises of Oppo and Vivo in Greater Noida and Zee Media office in Noida have been sealed for sanitisation work, according to the statement. A Vivo spokesperson said, "No Vivo employee has tested positive till date and we are taking all precautionary measures adhering to all government guidelines." "Our current operational factory, 15 kms away from the construction site, is running at 30 per cent of its capacity as per the norms stated by Greater Noida authorities," the spokesperson added. Oppo said in a statement that it places the safety of all its employees and citizens at the forefront. "We had not only undertaken COVID-19 tests for all employees at the manufacturing facility in Greater Noida but also suspended all operations at the plant. We are undertaking stringent measures to keep the employees safe," the company said Oppo also said that it has started screening more than 3,000 workers who have to join work and also approached the government for the test. KIS TDS RHL

31 fresh COVID-19 cases reported in Gautam Buddh Nagar, total rises to 286

(Eds: Recasts throughout, adds Zee Media's statement) Noida (UP), May 18 () Twenty-eight employees of a media house and 11 linked to two Chinese phone-manufacturing companies tested positive for coronavirus in Delhi National Capital Region (NCR) on Monday, officials said. Nine workers of Oppo and two construction workers at the factory site of its sister concern Vivo in Greater Noida tested positive for the infection. Eight of the Oppo workers are in Gautam Buddh Nagar while one is in neighbouring Ghaziabad district, the officials said. Of the 28 employees of Noida Sector 16A-located Zee Media who have tested positive for Covid-19, 15 reside in Gautam Buddh Nagar while 13 are in Delhi, Faridabad and Gurgaon, according to officials. The Zee Media said in a statement it initiated "mass testing" after one of its employee was detected with the COVID-19 infection last Friday. Specific areas on the premises of Oppo and Vivo in Greater Noida and Zee Media office in Noida have been sealed for sanitisation work, Gautam Buddh Nagar District Magistrate Suhas L Y said in statement. Meanwhile, the number of cases in Gautam Buddh Nagar adjoining Delhi in western Uttar Pradesh rose to 286 on Monday with the detection of 31 new patients, excluding those from Ghaziabad, Delhi, Faridabad and Gurgaon. Among other patients in Gautam Buddh Nagar are five contacts of a man from Sector 5 Harola village, who was earlier detected with the infection and a 40-year-old woman from Sector 78 Noida, he added. "Total 1,679 test results were obtained on Monday of which 1,648 were negative and 31 positive. Total 286 positive cases have been recorded so far. Three patients were discharged on Monday, taking the number of recoveries so far to 194 and active cases are 87," he said in a statement. Referring to the spread of COVID-19 from a 39-year-old man in Zee Media, he said, "The man lives in Delhi's Laxmi Nagar but works at Zee Media office in Sector 16A Noida. "He was found COVID-19 positive on May 15. His 51 contacts were tested at Max Lab in Delhi. His 15 contacts, who are employees in the same organisation, residing in Gautam Buddh Nagar have tested positive," he added. Another 13 contacts of the man who reside in Delhi, Faridabad and Gurgaon have tested positive for coronavirus and the administrations of their respective districts were doing the needful, as per protocols. Gautam Buddh Nagar has so far recorded five deaths -- all males aged above 60, according to officials. The number of samples collected till Monday stood at 8,245, according to the official statement. Oppo has got 3,321 employees tested for COVID-19 at a private lab in Gurgaon, Haryana and result of 1,581 of them have been sent to the health department, Gautam Buddh Nagar, while others were awaited, it stated. Vivo got 18 employees tested at a private lab in Gurgaon, Haryana and results of 16 of them were negative, while two were positive, the administration said. A Vivo spokesperson said, "No Vivo employee has tested positive till date and we are taking all precautionary measures adhering to all government guidelines." "Our current operational factory, 15 kms away from the construction site, is running at 30 per cent of its capacity as per the norms stated by Greater Noida authorities," the spokesperson added. Oppo said in a statement that it places the safety of all its employees and citizens at the forefront. "We had not only undertaken COVID-19 tests for all employees at the manufacturing facility in Greater Noida but also suspended all operations at the plant. We are undertaking stringent measures to keep the employees safe," the company said. Oppo also said that it has started screening more than 3,000 workers who have to join work and also approached the government for the test. In a statement shared on Twitter, Zee Media said last Friday one of its employees tested positive for COVID-19. "As a responsible organization, we initiated mass testing of all those who could have been in direct or indirect contact with the said individual," it said. "So far, 28 of our team mates have tested positive. Fortunately, most of them are asymptomatic and not complaining of any discomfort. We believe this is because of early diagnosis and pro-active intervention," it added in the statement. "We are following the best practices to break the cycle and contain the infection, in coordination with all government and health authorities. All health protocols and official guidelines are being followed. Our office, newsroom and studios have been sealed for sanitisation. The Zee News team has been shifted to an alternative facility for the time being," Zee Media said. Meanwhile, the testing of the rest of the employees will continue, it said, adding the group has 2,500 employees. "Since Noida has a lot of containment zones, aggressive testing, isolation and treatment is the only way to ensure the safety of our team mates," it added. KIS RHL

28 media house employees, 11 workers linked to Chinese phone-making units test COVID-19 positive

(Eds: Changes headline, adds inputs) Bhubaneswar, Jul 13 () In a major development capable of helping in drug formulations for COVID-19, the Institute of Life Sciences here has successfully established in vitro cultures of the novel coronavirus from the patient samples using vero cells, a top ILS official said on Monday. In vitro culture refers to studies of biological properties in test tubes instead of humans or animals. They are often contrasted to in vivo (in life) studies done inside organisms. Seventeen virus cultures have been established from swab samples originating from different locations of the country with varying virus loads by the ILS, an autonomous institute of the Department of Biotechnology, officials said. The vero cell culture technology is used worldwide to develop inactivated whole cell-based vaccines. The vero cell line is the most widely accepted continuous cell line (CCL) by regulatory authorities and has been used for over 30 years for the production of polio and rabies viruses. "It is a significant development as only three other laboratories from India have reported establishing virus cultures till date," ILS Director Ajay Parida said. This has potential application in testing and screening for possible drug targets, formulations as well as possible use in vaccine development. Cultured SARS-CoV-2 can also be used in developing antibodies or antidotes, testing of antibodies and identification of effective therapeutic agents, he said. Parida expressed confidence that this will be a useful resource for the country in the fight against COVID-19 pandemic as well as for future preparedness. In the long run, these viral cultures will be useful for academicians as well as industry for testing and validating various antiviral products contributing to diagnostic, cure and management of COVID-19 pandemic, he said. These virus cultures have been established by the ILS team led by scientists Soma Chattopadhyay and Gulam H Syed following international protocols and all safety precautions in the Biosafety Level 3 facility, an official said. Studies using genome sequencing approaches are underway for understanding stability and detecting any mutation in established cultures. Vitro culture involves studies conducted with microorganisms, cells outside their usual surroundings, while vero cells are host cells for growing virus. ILS has been supporting the Odisha government in augmenting testing for COVID-19 since April this year and has tested around 45,000 samples from as many as 26 districts of the state. The institute has been selected as one of the 16 in the country for setting up a biorespository of clinical samples for furthering research and development efforts for COVID-19. Apart from ILS, there other institutes - NIV, Pune, Centre for Cellular and Molecular Biology (CCMB), Hyderabad and RMRC, Dibrugarh have reported establishing virus cultures. SKN BDC RHL SK SK

ILS takes major step towards helping in drug formulations for COVID-19

(Eds: Recasting overnight story) New Delhi, Apr 22 () Many appliances and consumer durables manufacturers have decided not to resume manufacturing despite the government relaxing certain guidelines for industries to operate in lockdown 2.0, preferring to wait till the curbs are fully lifted. Companies like Panasonic India, Godrej Appliances, Dixon Technologies and Super Plastronics Pvt Ltd said with retail outlets shut there is no point to start production as there is existing unsold inventory of March at warehouses and dealers. Moreover, in certain states like Karnataka, Telangana, Tamil Nadu and some districts like Noida of Uttar Pradesh, local authorities and governments decided not to allow any manufacturing activities. According to Panasonic India, the company would wait to start production until a favourable market condition returns. "As our factory in Jhajhar, Haryana is in the green zone, we are engaging with the local authorities for permission to start manufacturing in the near future. The issue today is more on the demand side than supply, we have enough inventory with our distributors of our ACs and refrigerators to meet consumer demands," Panasonic India and South Asia President and CEO Manish Sharma told . The objective behind starting operations will be ensuring sustainability over longer term once markets are allowed to operate, he added. "We are prepared for staggered operations with workers coming in batches ensuring social distancing, frequent sanitizing, usage of masks among other initiatives to protect our workforce," Sharma explained. Expressing similar views, Godrej Appliances Business Head and EVP Kamal Nandi said, "Where will I ship my products? There are no retail activities on the ground and moreover, there is enough stocks available with the dealers. There is no point in production at this stage." Nandi said Godrej Appliances would like to wait till May 3, when the lockdown ends, to plan resumption of production as under the current guidelines it has to consider many factors, including accommodating staff at the plant. Companies like LG, Samsung, Dixon and smart phone makers Oppo and Vivo -- which have manufacturing units in industrial zones at Noida and Greater Noida -- have not resumed production as the district administration of Gautam Buddha Nagar has banned all commercial and industrial activities inside the districts. Dixon Technologies, India's largest contract manufacture in the appliance and consumer electronic, has also not started manufacturing at its units as it is still awaiting approvals. When asked whether the company has started its manufacturing operation, Dixon Technologies CMD Sunil Vachani said, "Not yet. We are waiting for the approvals from the Noida Authority." He further said, "Both of our units at Noida and Tirupati fall under red zone. So we are waiting for the approval. We are hoping it to be sooner than later." While, Super Plastronics Pvt Ltd (SPPL), which manufactures TV under the brand name of Thomson and Kodak, said that the new guidelines should be realistic and helpful for the industry. "Currently, we are looking forward to the new notification by the Centre and the state governments and whatever norms the government has decided we will be happy to implement," SPPL CEO Avneet Singh Marwah said. He, however, said all "those notifications and norms should be realistic and the intention of the government should be to give permission to start the manufacturing sites". Meanwhile, Crompton Greaves Consumer Electricals said it has partially resumed its manufacturing at its plants. "… pursuant to the receipt of confirmation/ permission received from the concerned administrative authorities, the company has partially resumed the operations at its plants located at Goa and Vadodara in a phased manner," the company said in a regulatory filing. Earlier, in February and March, the Indian appliances and consumer electronics industry was battling for components as it is largely dependent on China for the sourcing of components and some of the finished goods. According to a study by the industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA) and Frost &amp; Sullivan, the industry had a total market size of Rs 76,400 crore in 2018-19. KRH RKL MKJ DRRDRR

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Xiaomi is worried that investigations in India might affect it cash flows, operating results

IANS

Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate

Rounak Jain

Is Metaverse a ticking technology bomb?

BI India Tech Bureau

31 fresh COVID-19 cases reported in Gautam Buddh Nagar, total rises to 286

PTI

28 media house employees, 11 workers linked to Chinese phone-making units test COVID-19 positive

PTI

ILS takes major step towards helping in drug formulations for COVID-19

PTI

Appliance, consumer electronics makers look at production resumption post lockdown

PTI

Jay-Z and Kendrick Lamar lead with the most 2018 Grammy nominations - here's the complete list of nominees

John Lynch