Billionaire Mukesh Ambani for the second year in a row drew zero salary from his flagship firm Reliance Industries. 
In June 2020, Mukesh D Ambani, the Chairman and Managing Director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
He continued to forgo his salary in 2021-22 as well.
Despite not taking any salary in 2020-21, the Asia's richest man has seen consistent rise in his net worth. In the past one week, his wealth surged $6.2 billion to $83.2 billion, Bloomberg Billionaire Index shows. Amabni holds 49.14 per cent stake in Reliance Industries.

Mukesh Ambani took zero salary for the second year in a row; here's why

No salary for Ambani, find out why

Ambani had kept his annual salary from his flagship firm capped at Rs 15 crore for 12th year till FY'20

India's second richest man Mukesh Ambani for the second year in a row drew zero salary from his flagship firm Reliance Industries.&nbsp;
In June 2020, <a href="https://www.editorji.com/business-news/mukesh-ambani-takes-zero-salary-for-the-second-year-in-a-row-here-s-why-1659957170572">Mukesh Ambani</a>, the Chairman and Managing Director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
<a href="https://www.editorji.com/business-news/don-t-pay-find-out-why-75-000-brits-will-stop-paying-their-power-bill-1660016159417">Reliance to bring Balenciaga to India</a>
He continued to forgo his salary in 2021-22 as well.
Despite not taking any salary in 2020-21, Ambani has seen consistent rise in his net worth. In the past one week, his wealth surged $6.2 billion to $83.2 billion, Bloomberg Billionaire Index shows. Ambani holds 49.14 per cent stake in Reliance Industries.

There is a war of words on Twitter between crypto giant Binance and homegrown Wazirx which as left 15 million of the users confused and possibly in the lurch. What happened?Binance, the world’s largest crypto exchange by trading volume, said on Friday it doesn’t own India-based platform. This came as a surprise to many including WazirX who had disclosed the same over 2 years ago. The TriggerBinance issued the statement hours after the Enforcement Directorate (ED) on Friday said it had frozen bank balances of Rs 64.67 crore belonging to WazirX.What is the Binance & WazirX connectionBinance CEO Zhao released a series of tweets clarifying that Binance doesn’t own any equity in Zanmai Labs and only provides wallet services to WazirX as a technology solution.Turning Back TimeBUT WAIT! Many netizens are then confused by the much publicised images from 2019 where Binance CEO and the top team at WazirX posed together while detailing in a bolg how platform users would be able to buy cryptocurrencies using Indian rupees. What's WazirX's Stand?Nischal Shetty, the co-founder of WazirX crypto exchange stood his ground as he battled with the Binance CEO on Twitter. Stating that Binance owns WazirX domain name and Binance has root access of AWS servers and all the Crypto assets and profits.
How are users impacted?Binance provides wallet services for WazirX as a tech solution and as Zhao tweeted has the ability to shut down wallet services. Binance chief sent a panic wave throught the users as  he said  WazirX should transfer their funds to Binance.The heart of the issue remains the ED watch on WazirX. The Directorate of Enforcement (ED) on Friday conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX, and issued a freeze order on its bank accounts. To distance themselves further Binance CEO informed its followers on Twitter “The WazirX founding team maintained control of the operations of the platform,” Zhao wrote. “We (Binance) were never given data or control of users, KYC, etc. We would love to work with ED to fix these issues in WazirX.”
 

Explained Binance vs Wazirx: The cryptic crypto ownership & the ED angle 

WazirX in war with Binance: Words to Wallets, what's at stake?

Zhao also tweeted that Binance could shut down WazirX if it wanted.

There is a war of words on Twitter between crypto giant Binance and homegrown Wazirx which as left 15 million of the users confused and possibly in the lurch.&nbsp; What happened? Binance, the world&rsquo;s largest crypto exchange by trading volume, said on Friday it doesn&rsquo;t own India-based platform WazirX. This came as a surprise to many including WazirX founders who had announced the acquistion&nbsp; 2 years ago.&nbsp; The Trigger Binance issued the statement hours after the Enforcement Directorate (ED) on Friday said it had frozen bank balances of Rs 64.67 crore belonging to WazirX. What is the Binance &amp; WazirX connection Binance CEO Zhao released a series of tweets clarifying that Binance doesn&rsquo;t own any equity in Zanmai Labs and only provides wallet services to <a href="https://www.editorji.com/business-news/cryptocurrency/explained-binance-vs-wazirx-the-cryptic-crypto-ownership-the-ed-angle-1659947402046">WazirX </a>as a technology solution. Turning Back Time BUT WAIT! Many netizens are then confused by the much publicised images from 2019 where <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance CEO</a> and the top team at WazirX posed together while detailing in a bolg how platform users would be able to buy cryptocurrencies using Indian rupees.&nbsp;
<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-collapse-another-firm-bites-the-dust-files-for-bankruptcy-1657766895890">Crypto collapse: Another firm bites the dust, files for bankruptcy</a> What's WazirX's Stand? Nischal Shetty, the co-founder of WazirX <a href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">crypto </a>exchange stood his ground as he battled with the Binance CEO on Twitter. Stating that Binance owns WazirX domain name and Binance has root access of AWS servers and all the Crypto assets and profits. 
How are users impacted? Binance provides wallet services for WazirX as a tech solution and as Zhao tweeted has the ability to shut down wallet services. Binance chief sent a panic wave throught the users as&nbsp; he said&nbsp; WazirX should transfer their funds to Binance.
<a href="https://www.editorji.com/story/crypto-concerns-ed-issues-show-cause-notice-to-wazirx-1623399711286">Crypto Concerns: ED issues show cause notice to WazirX</a> The heart of the issue remains the ED watch on WazirX. The Directorate of Enforcement (ED) on Friday conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX, and issued a freeze order on its bank accounts. To distance themselves further Binance CEO informed its followers on Twitter &ldquo;The WazirX founding team maintained control of the operations of the platform,&rdquo; Zhao wrote. &ldquo;We (Binance) were never given data or control of users, KYC, etc. We would love to work with ED to fix these issues in WazirX.&rdquo;
&nbsp;

Mukesh Ambani-backed Jio has took its first big step into gaming as it announced an in-house streaming platform -- Jio Games Watch, which allows users to watch and live stream gaming via smartphone, tablet, smart TV, and on the Jio set-top-box.Similar to Twitch, JioGamesWatch will offer game-streaming in an easy-to-use, convenient way. “The platform has set its sights on empowering and enabling creators to go live, with any device, under low Latency, and showcase the best of their content to millions of viewers,” Jio said in a press release.How To Setup Jio Games Watch? Users can download the Jio Games: Play, Win, Stream app on an Android or iOS device via the app store. Users can sign up for the Jio Games Watch service using the Jio number

Jio logs in to gaming; know all about - Jio Games Watch

Jio jumps into gaming

It is an all-in-one app for amazing online games, tournaments and esports for casual gaming enthusiasts, game publishers, and developers

Mukesh Ambani-backed Jio has took its first big step into gaming as it announced an in-house streaming platform -- Jio Games Watch, which allows users to watch and live stream gaming via smartphone, tablet, smart TV, and on the Jio set-top-box. Similar to Twitch, JioGamesWatch will offer game-streaming in an easy-to-use, convenient way. &ldquo;The platform has set its sights on empowering and enabling creators to go live, with any device, under low Latency, and showcase the best of their content to millions of viewers,&rdquo; Jio said in a press release.
<a href="https://www.editorji.com/business-news/bout-over-bots-elon-musk-challenges-twitter-ceo-parag-agarwal-1659930915309">5G auction: bids cross record ₹1.5 lakh cr mark; Jio top bidder</a> How To Setup Jio Games Watch? Users can download the Jio Games: Play, Win, Stream app on an Android or iOS device via the app store. Users can sign up for the Jio Games Watch service using the Jio number

Elon Musk may have wanted to delay the legal batter over Twitter but is keen to expedite a public debate on bots with it's CEO Parag Agarwal. “I hereby challenge @paraga to a public debate about the Twitter bot percentage,” Musk proclaims to all 102 million members of his forum. “Let him prove to the public that Twitter has <5% fake or spam daily users!”Musk went back to use his 'favourite' Twitter tool to poll his followers if they believe in the 5% bot percentage on Twitter. The result as expected were in Musk's favor. The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition.

Bout over bots: Elon Musk challenges Twitter CEO Parag Agarwal 

Musk's new mantra: Public not legal debate with Twitter

Let him prove to the public that Twitter has &lt;5% fake or spam daily users!: Musk said in a tweet.

Elon Musk may have wanted to delay the legal batter over Twitter but is keen to expedite a public debate on bots with it's CEO Parag Agarwal.&nbsp; &ldquo;I hereby challenge @paraga to a public debate about the Twitter bot percentage,&rdquo; Musk proclaims to all 102 million members of his forum. &ldquo;Let him prove to the public that Twitter has &lt;5% fake or spam daily users!&rdquo;
<a href="https://www.editorji.com/business-news/elon-musk-making-up-excuses-to-breach-twitter-deal-1659695119188">Elon Musk making up excuses to breach twitter deal?</a> Musk went back to use his 'favourite' Twitter tool to poll his followers if they believe in the 5% bot percentage on Twitter. The result as expected were in<a href="https://www.editorji.com/business-news/revealed-musk-s-affair-with-google-co-founder-s-wife-1658720889668"> Elon Musk's</a> favor.&nbsp; The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. 
&nbsp;

Tata Motors' EV subsidiary has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore.
As part of the deal, Tata Motors will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement.
The deal also includes transfer of all eligible employees, it added.
FIPL will continue to operate its power train manufacturing facility by leasing back the land and buildings of the power train manufacturing plant from TPEML on mutually agreed terms, Tata Motors said.
TPEML has agreed to offer employment to eligible employees of the plant in the event of FIPL's cessation of such operations, it added.
The government of Gujarat, TPEML and FIPL have already executed a tripartite MoU on May 30, 2022 to support all relevant approvals for the above transaction.
Tata Motors said with its manufacturing capacity nearing saturation, the acquisition is timely and a win-win for all stakeholders.
The Sanand plant has a manufacturing capacity of 3 lakh units per annum which is scalable to 4.2 lakh units per annum.
TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors' existing and future vehicle platforms, the automaker said.
The unit is adjacent to the existing manufacturing facility of Tata Motors Passenger Vehicles Limited at Sanand, which should help in a smooth transition, it added.
“The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors strong aspiration to further strengthen its market position in the passenger vehicles segment and to continue to build on its leadership position in the electric vehicle segment," Tata Motors Passenger Vehicles MD Shailesh Chandra noted.
Ford Motor Company Transformation Officer Steve Armstrong said the  announcement marks an important step forward in the company's ongoing business restructuring in India.
The company in September last year had announced that it would stop vehicle production at its two plants in the country as part of a restructuring exercise.
Both TPEML and FIPL will work together over the next few months to satisfy all the condition precedents and obtain the required regulatory approvals for the closure of the transaction, Tata Motors said.

Tata Motors' EV unit acquires Ford's India factory

Tata Motors' EV unit acquires Ford's India factory, this is what they get. 

Tata Motors next big move for EV

The Sanand plant has a manufacturing capacity of 3 lakh units per annum which is scalable to 4.2 lakh units per annum

Tata Motors' EV subsidiary has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore.
As part of the deal,<a href="https://www.editorji.com/business-news/tata-motors-overtakes-hyundai-to-become-india-s-2nd-leading-car-market-1654233896439"> Tata Motors</a> will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement.
The deal also includes transfer of all eligible employees, it added.
FIPL will continue to operate its power train manufacturing facility by leasing back the land and buildings of the power train manufacturing plant from TPEML on mutually agreed terms, Tata Motors said.
TPEML has agreed to offer employment to eligible employees of the plant in the event of FIPL's cessation of such operations, it added.
The government of Gujarat, TPEML and FIPL have already executed a tripartite MoU on May 30, 2022 to support all relevant approvals for the above transaction.
Tata Motors said with its manufacturing capacity nearing saturation, the acquisition is timely and a win-win for all stakeholders.
<a href="https://www.editorji.com/business-news/ev-on-fire-india-s-top-selling-ev-tata-nexon-catches-fire-1655973094985">EV on fire: India's top selling EV - Tata Nexon catches fire</a>
The Sanand plant has a manufacturing capacity of 3 lakh units per annum which is scalable to 4.2 lakh units per annum.
TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors' existing and future vehicle platforms, the automaker said.
<a href="https://www.editorji.com/partner/car-and-bike/tata-nexon-ev-max-launched-in-india-1652367858099">Tata Nexon EV Max Launched In India; Check price and feature</a>
The unit is adjacent to the existing manufacturing facility of Tata Motors Passenger Vehicles Limited at Sanand, which should help in a smooth transition, it added.
&ldquo;The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors strong aspiration to further strengthen its market position in the passenger vehicles segment and to continue to build on its leadership position in the electric vehicle segment," Tata Motors Passenger Vehicles <a href="https://www.editorji.com/partner/car-and-bike/shailesh-chandra-nominated-for-2022-wca-person-of-the-year-1643058359186">MD Shailesh Chandra</a> noted.
Ford Motor Company Transformation Officer Steve Armstrong said the &nbsp;announcement marks an important step forward in the company's ongoing business restructuring in India.
The company in September last year had announced that it would stop vehicle production at its two plants in the country as part of a restructuring exercise.
Both TPEML and FIPL will work together over the next few months to satisfy all the condition precedents and obtain the required regulatory approvals for the closure of the transaction, Tata Motors said.

Airline SpiceJet seems to be in fresh trouble after videos emerged of passengers walking on the tarmac at the Delhi airport. The incident occurred due to a delay in arrival of buses to take passengers from the flight to the terminal, as per sources quoted by news agency PTI.
The SpiceJet flight in question was a Hyderabad-to-Delhi flight which landed at 11:24 pm on 6 August. India's civil aviation regulator DGCA is investigating the incident, according to PTI.
While passengers reportedly said that buses did not arrive for 45 minutes, SpiceJet said that the delay was only brief, and once the buses arrived, all passengers, including the ones who were walking, travelled on the coaches to the terminal building. SpiceJet said that its staff had asked the passengers not to walk on the tarmac.
Passengers walking on the tarmac is considered a security risk. The tarmac has demarcated paths for vehicles only.
SpiceJet is currently operating 50% of its flights. The curbs were imposed by the Directorate General of Civil Aviation after SpiceJet flights suffered 8 incidents of technical malfunction between 19 June and 5 July 2022. The restrictions have been imposed for 8 weeks.

Viral video puts SpiceJet in more trouble? Passengers walk on tarmac amid bus delay, DGCA probing: report

The SpiceJet flight in question was a Hyderabad-to-Delhi flight which landed at 11:24 pm on 6 August.

Airline SpiceJet seems to be in fresh trouble after videos emerged of passengers walking on the tarmac at the Delhi airport. The incident occurred due to a delay in arrival of buses to take passengers from the flight to the terminal, as per sources quoted by news agency PTI.
The<a href="https://www.editorji.com/business-news/spicejet-flight-malfunction-9th-incident-in-24-days-1657625763706"> SpiceJet flight </a>in question was a Hyderabad-to-Delhi flight which landed at 11:24 pm on 6 August. India's civil aviation regulator <a href="https://www.editorji.com/india-news/dgca-begins-2-month-long-special-audit-of-airlines-1658641935928">DGCA</a> is investigating the incident, according to PTI.
While passengers reportedly said that buses did not arrive for 45 minutes, SpiceJet said that the delay was only brief, and once the buses arrived, all passengers, including the ones who were walking, travelled on the coaches to the terminal building. SpiceJet said that its staff had asked the passengers not to walk on the tarmac.
<a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881">Scindia holds meeting, safety issues and concerns taken up with DGCA</a>
Passengers walking on the tarmac is considered a security risk. The tarmac has demarcated paths for vehicles only.
<a href="https://www.editorji.com/business-news/another-spicejet-plan-faces-malfunction-aborts-take-off-1659066210573">Another SpiceJet plane faces malfunction, aborts take-off</a>
SpiceJet is currently operating 50% of its flights. The curbs were imposed by the Directorate General of Civil Aviation after SpiceJet flights suffered 8 incidents of technical malfunction between 19 June and 5 July 2022. The restrictions have been imposed for 8 weeks.
ALSO WATCH: <a href="https://www.editorji.com/business-news/another-spicejet-plan-faces-malfunction-aborts-take-off-1659066210573">Another SpiceJet plane faces malfunction, aborts take-off</a>

As the future of Twitter is at stake, the social media giant said the notion Elon Musk was "hoodwinked" into inking a $44 billion buyout deal defies reason and the facts.
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April to buy the San Francisco-based company.
The company accused Musk of contriving a story to escape a merger agreement that he no longer found attractive.
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts. 

Elon Musk making up excuses to breach twitter deal? 

Twitter calls Musk’s reasoning “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”

Musk also accused Twitter of breaching their agreement by &ldquo;stonewalling&rdquo; his information requests

It is a battle of a bungled buyout, bots and with billions at stake. As the future of Twitter's sale remains in limbo, the social media giant dismissed the notion the world's richest man Elon Musk was "hoodwinked" into inking a $44 billion buyout deal.&nbsp;
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April. In a court filing, Twitter calls Musk&rsquo;s reasoning &ldquo;a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.&rdquo;
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts.&nbsp; The fate of that acquisition, which Musk agreed to without taking the time to examine the details of Twitter&rsquo;s business, now rests with a Delaware court where Twitter sued to force Musk to complete the deal. The case is scheduled to go to trial on October 17. &nbsp;

After partnership with luxury maisons like Valentino, Manish Malhotra and Abu Jani Sandeep Khosla, Mukesh Ambani-backed Reliance Industries is in another effort to make luxury fashion accessible by bringing Spanish luxury house Balenciaga to India by 2023. 
Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL’s second with the parent group Kering, that houses Balenciaga. 
Founded by Spanish-born Cristóbal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique. 

Reliance to bring Spanish luxury brand, Balenciaga to India by this year

Reliance to bring Spanish luxury brand Balenciaga to India

Get ready to shop at Balenciaga in India

Reliance has been on a dealmaking spree, signing franchise agreements with brands like Valentino, Gap and British coffee and sandwich chain Pret-A-Manager&nbsp;

The House of Ambani is adding one more luxury brand to it's offering. Mukesh Ambani-backed Reliance brands is bringing Spanish luxury house Balenciaga to India.&nbsp; Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL&rsquo;s second with the parent group Kering, that houses Balenciaga.&nbsp;
Founded by Spanish-born Crist&oacute;bal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique.&nbsp;
Reliance Brands Ltd(RBL) has a portfolio of brand partnerships with leading global brands, including Armani Exchange, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Versace, Villeroy &amp; Boch and West Elm.

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better. 
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.LIC topped the list of companies from India, followed by eight other domestic firms. 
Reliance Industries jumped 51 places to 104 on the 2022 list.
Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. 

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

LIC breaks into Fortune 500 joining 8 other Indian firms. Reliance makes a huge leap

Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better.&nbsp;
Recently-listed Life <a href="https://www.editorji.com/business-news/lic-shares-hit-new-record-low-1654504813674">Insurance Corporation (LIC) </a>has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. LIC topped the list of companies from India, followed by eight other domestic firms.&nbsp;
Reliance Industries jumped 51 places to 104 on the 2022 list.
<a href="https://www.editorji.com/business-news/big-job-losses-walmart-lays-off-hundreds-slashes-profit-guidance-1659588670683">Walmart </a>landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever.&nbsp;

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that awaited what next from Beijing, the tension in the tech ecosystem escalated. Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution. 
- Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China- Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI-  U.S. consumes more than $63 billion worth of Taiwanese tech exports - Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet-  Taiwan accounts for more than 90% of the world’s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group-  Most companies that design chips today — Qualcomm, Nvidia and Apple among them — don't actually do the manufacturing, instead relying on companies like TSMC.- If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.- The island manufactures about 25–30% of integrated circuits (ICs) globally - Taiwan’s Foxconn, is the world’s largest contract electronics makes iphone and in contract with Google as well-  Big suppliers of liquid-crystal display panels- The island manufactures about 25–30% of integrated circuits (ICs) globally - No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%

Explained: Why Taiwan tensions is worrying the entire tech ecosystem?

Tensions around Taiwan on the rise, Editorji explains why this 14,000-square-mile island is critical to the global tech ecosystem from iPhones to AI. 

Taiwan, Tension & Tech

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.&nbsp;

As 82-year-old <a href="https://www.editorji.com/world-news/us-house-speaker-nancy-pelosi-leaves-taiwan-after-a-high-tension-visit-1659536532607">Nancy Pelosi</a> landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.
US House Speaker Nancy Pelosi leaves Taiwan after a high-tension visit
Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution.&nbsp;
<ul>
<li>Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China</li>
<li>Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI</li>
<li>U.S. consumes more than $63 billion worth of Taiwanese tech exports</li>
<li>Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet</li>
<li>Taiwan accounts for more than 90% of the world&rsquo;s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group</li>
<li>Most companies that design chips today &mdash; Qualcomm, Nvidia and Apple among them &mdash; don't actually do the manufacturing, instead relying on companies like Taiwan's TSMC&nbsp;</li>
<li>&nbsp;If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.</li>
<li>The island manufactures about 25&ndash;30% of integrated circuits (ICs) globally</li>
<li>Taiwan&rsquo;s Foxconn, is the world&rsquo;s largest contract electronics makes iphone and in contract with Google as well</li>
<li>Globally big suppliers of liquid-crystal display panels</li>
<li>&nbsp;No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%.&nbsp;</li>
</ul>

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Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees and as per reports, the impacted number of employees could be as high as 600.Operational in 900 cities, India's largest business-to-business e-commerce is cutting costs even as it had recently received $250 mn in a funding notefrom investors such as Microsoft, Nomura, Samena Capital et al. Started by top Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in 2016, IPO-bound Udaan was last valued at $3.1 billion.This makes Udaan the 11th startup to layoff employees just in the month of June. As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Startups Grounded! Latest firing, Udaan laysoff 180 employees

Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees

IPO-bound firm fires 180 employees

As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees and as per reports, the impacted number of employees could be as high as 600. Operational in 900 cities, India's largest business-to-business e-commerce is cutting costs even as it had recently received $250 mn in a funding notefrom investors such as Microsoft, Nomura, Samena Capital et al. Started by top Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in 2016, IPO-bound Udaan was last valued at $3.1 billion.This makes Udaan the 11th startup to layoff employees just in the month of June. As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture! 
An individual by the name of Saptarshi Prakash tweeted a picture of the papers he needed to obtain a Schengen visa, Twitter users were perplexed. 
In the caption, he wrote, “Applying for a tourist visa to one of the most developed countries of the world. This is the amount of paper I am supposed to carry to prove that I have the money to stay there and come back." The image shows a massive bundle of paperwork, which seems to be unending.
In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.
Since uploaded, the image has gone viral and managed to gather over 4K likes.
The amount of documentation astonished users of the internet. Others referred to it as a book manuscript, while some made the comparison to a PhD thesis.

Netizens shocked of paperwork for Schengen visa

Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture! 

 PhD thesis or Swiggy bills? Netizens shocked of paperwork for Schengen visa

<div class="ArticleShow-article-paragraph-18840">In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.</div>
<div>&nbsp;</div>

Have you ever applied for a Schengen visa? If not, then maybe you would think twice after seeing this picture!&nbsp;
An individual by the name of Saptarshi Prakash tweeted a picture of the papers he needed to obtain a Schengen visa, Twitter users were perplexed.&nbsp;
In the caption, he wrote, &ldquo;Applying for a tourist visa to one of the most developed countries of the world. This is the amount of paper I am supposed to carry to prove that I have the money to stay there and come back." The image shows a massive bundle of paperwork, which seems to be unending.
In a follow-up tweet, he said the documents he attached were bank statements, 3 years of Income tax returns, and payslips among other things.
Since uploaded, the image has gone viral and managed to gather over 4K likes.
The amount of documentation astonished users of the internet. Others referred to it as a book manuscript, while some made the comparison to a PhD thesis.

Joining the league of Big Tech companies, photo-sharing platform Snapchat is also planning employee layoffs in the organization. 
According to reports, news comes after the company “recently delivered disappointing earning results” and its stock price plunged following its failure to publish forecast earnings for the third quarter.  
"It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," The Verge said in the report. 
Snap joins companies like Microsoft, Twitter, TikTok, Meta and Google who have either laid off employees or frozen new hirings amid the global economic downturn.
 

Oh Snap! Next round of firing from social media giant Snapchat

It is not just photos or videos that disappear from Snapchat, reports indicate lay offs will lead to employees also suffering the same fate. 

As per the report in The Verge, the job cuts at Snap are coming after the company posted disastrous quarterly results (Q2) amid poor future forecasts.

Snapchat is set to join the firing brigade as the social networking app is reportedly laying off staff after disappointing numbers.&nbsp; The last time Snap did layoffs was in 2018 and currently has over 6000 employees and boasts of 347 million daily users of its popular disappearing photo and video app.&nbsp;
According to reports, news comes after the company &ldquo;recently delivered disappointing earning results&rdquo; and its stock price plunged following its failure to publish forecast earnings for the third quarter.&nbsp;&nbsp; Post the earnings Snap announced that co-founders Evan Spiegel and Bobby Murphy, the company&rsquo;s CEO and CTO, &nbsp; will be paid $1 per year with no additional equity.&nbsp; But that clearly was not adequate&nbsp; "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," The Verge said in the report.&nbsp;
Snap joins companies like Microsoft, Twitter, TikTok, Meta and Google who have either laid off employees or frozen new hirings amid the global economic downturn.

Tata Communications under-reported gross revenue between 2006-07 to 2017-18 which led to Rs 645 crore lower levy of licence fee during the period, the Comptroller and Auditor General of India (CAG) said in a report on Monday.
The CAG, in the report, also said the amount needs to be recovered from Tata Communications Ltd (TCL).
"Audit scrutiny of Audited AGR Statements with reference to Profit &amp; Loss Statements and Balance Sheets in respect of NLD, ILD and ISP-IT licenses of TCL for the period from 2006- 07 to 2017-18 revealed that there was an under reporting of Gross Revenue (GR) by Rs 13,252.81 crore and consequent short levy of LF of Rs 950.25 crore," it said.
According to the CAG report, the Department of Telecommunications only levied Rs 305.25 crore as licence fee (LF) on the company.
"After deducting the DoT's assessment of LF of Rs 305.25 crore, the License Fee demanded from TCL by DoT was short by Rs 645 crore for the said period, which needs to be demanded and recovered," the report said.
"Considering minimum rate of 0.15 per cent of AGR for Spectrum charges, the estimated revenue foregone on a very conservative basis was Rs 67.53 crore towards spectrum charges for one carrier of E and V band and the annual expected revenue foregone was Rs 3.30 crore for one Circle alone based on average AGR (adjusted gross revenue) reported by TSPs (telecom service providers) for the year 2020-21," it added.
The E and V bands are expected to match data transmission speed equivalent to optical fibre and are in high demand by telecom operators for expediting rollout of telecom services.
The CAG said the estimated foregone revenue on account of delay in allocation of E and V band spectrum is "only an indicative figure and the expected actual revenue could be higher based on number and bandwidth of the carriers allocated to users." "DoT may take an early decision in consultation with TRAI on allotment/ assignment of spectrum for microwave access and backhaul network in E-band and V-band for providing support to mobile communications, ISP service providers and for effective roll out of 5G services," the report said.
The Cabinet in June had approved partial allocation of spectrum in E-band to the telecom service providers to meet the backhaul demand of telecom operators.

This Tata company under reported revenue: CAG 

This Tata company under-reported revenue causing losses to the Govt as per a CAG report

CAG's scathing revelation about a Tata Group firm

The CAG, in the report, also said the amount needs to be recovered from Tata Communications Ltd

Tata Communications under-reported gross revenue between 2006-07 to 2017-18 which led to Rs 645 crore lower levy of licence fee during the period, the Comptroller and Auditor General of India (CAG) said in a report on Monday.
The CAG, in the report, also said the amount needs to be recovered from Tata Communications Ltd (TCL).
"Audit scrutiny of Audited AGR Statements with reference to Profit &amp; Loss Statements and Balance Sheets in respect of NLD, ILD and ISP-IT licenses of TCL for the period from 2006- 07 to 2017-18 revealed that there was an under reporting of Gross Revenue (GR) by Rs 13,252.81 crore and consequent short levy of LF of Rs 950.25 crore," it said.
According to the CAG report, the Department of Telecommunications only levied Rs 305.25 crore as licence fee (LF) on the company.
"After deducting the DoT's assessment of LF of Rs 305.25 crore, the License Fee demanded from TCL by DoT was short by Rs 645 crore for the said period, which needs to be demanded and recovered," the report said.
"Considering minimum rate of 0.15 per cent of AGR for Spectrum charges, the estimated revenue foregone on a very conservative basis was Rs 67.53 crore towards spectrum charges for one carrier of E and V band and the annual expected revenue foregone was Rs 3.30 crore for one Circle alone based on average AGR (adjusted gross revenue) reported by TSPs (telecom service providers) for the year 2020-21," it added.
The E and V bands are expected to match data transmission speed equivalent to optical fibre and are in high demand by telecom operators for expediting rollout of telecom services.
The CAG said the estimated foregone revenue on account of delay in allocation of E and V band spectrum is "only an indicative figure and the expected actual revenue could be higher based on number and bandwidth of the carriers allocated to users." "DoT may take an early decision in consultation with TRAI on allotment/ assignment of spectrum for microwave access and backhaul network in E-band and V-band for providing support to mobile communications, ISP service providers and for effective roll out of 5G services," the report said.
The Cabinet in June had approved partial allocation of spectrum in E-band to the telecom service providers to meet the backhaul demand of telecom operators.

As the cost of living crisis set to esclate even further, thousands of Britishers are pledging not to pay their bills starting October 1  "75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK" . Who is organising this protest?Don’t Pay UK is an anonymous group organising the campaign and it hopes enough people will follow suit to put energy companies in “serious trouble”. Why the pledge not to pay in fall?From 1 October, the energy price cap – the maximum amount suppliers can charge in England, Scotland and Wales – will go up, leading to further bill rises for millions of customers. As per the Bank of England from Oct. 1, the average household will pay almost £300 a month for power. The cost of living crisis UK is facing the fastest pace of price rise in over 30 years aas inflation is expected to hit 13%. Responding the price rise Bank of England (BoE) Governor Andrew Bailey hiked interest rates the most in 27 years and warned that risks of a recession are mounting. 

Find out why 75,000 Brits will stop paying their power bill

Don't Pay: Find out why 75,000 Brits will stop paying their power bill

Don't pay: Rising against price rise

75,000 irritated people in the UK have pledged not to pay their electricity bills this fall&nbsp;

As the cost of living crisis is set to escalate even further, thousands of Britishers are pledging not to pay their bills starting October 1&nbsp;&nbsp; "75,000 people have pledged to strike on October 1st! If the government &amp; energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK".&nbsp; Who is organising this protest? Don&rsquo;t Pay UK is an anonymous group organising the campaign and it hopes enough people will follow suit to put energy companies in &ldquo;serious trouble&rdquo;.&nbsp; Why the pledge not to pay in fall? From 1 October, the energy price cap &ndash; the maximum amount suppliers can charge in England, Scotland and Wales &ndash; will go up, leading to further bill rises for millions of customers. As per the Bank of England from Oct. 1, the average household will pay almost &pound;300 a month for power.&nbsp; The cost of living crisis&nbsp; UK is facing the fastest pace of price rise in over 30 years as inflation is expected to hit 13%. Responding the price rise Bank of England (BoE) Governor Andrew Bailey hiked interest rates for the most in 27 years and warned that risks of a recession are mounting.&nbsp;

India, home to the world's second-largest mobile market may ban Chinese smartphone makers from selling cheap mobiles in India. Bloomberg reports quoting unnamed sources that India is considering  restricting Chinese smartphone makers such as  Xiaomi from selling devices cheaper than Rs 12,000. As per data available phones under Rs 12,000 account for over 30% of sales in India, with Chinese companies accounting for up to 80% of the mobiles bought. The latest round of restrictions are a follow up on a series on changes made by the Indian govt after the India-China clash in 2020. After banning over 300 Chinese apps including popular TikTok, New Delhi also subjected Chinese firms operating in the country, such as Xiaomi and rivals Oppo and Vivo, to close scrutiny of their finances, which has led to tax demands and money laundering allegations. Chinese firms have also been excluded from the 5G trials as the new policy ensures telcos use only 'trusted sources'. 

Big blow to China: India may ban cheap Chinese smartphones 

India is set to deliver another blow to China, likely to ban cheap smartphones. 

India post 2020 clashes with China increased scrutiny on Chinese companies in India

India, home to the world's second-largest mobile market may ban Chinese smartphone makers from selling cheap mobiles in India.&nbsp; Bloomberg reports quoting unnamed sources that India is considering&nbsp; restricting Chinese smartphone makers such as&nbsp; <a href="https://www.editorji.com/partner/digit/xiaomi-pad-5-review-better-than-ipad-2021-1658743079709">Xiaomi</a> from selling devices cheaper than Rs 12,000. As per data available phones under Rs 12,000 account for over 30% of sales in India, with Chinese companies accounting for up to 80% of the mobiles bought.&nbsp;
<a href="https://www.editorji.com/world-news/don-t-disturb-our-exchanges-china-after-colombo-delays-its-vessel-s-arrival-over-india-s-concerns-1659976892224">Don't disturb our exchanges: China after Colombo delays its vessel's arrival over India's concerns</a> The latest round of restrictions are a follow up on a series on changes made by the Indian govt after the India-China clash in 2020. After banning over 300 Chinese apps including popular TikTok, New Delhi also subjected Chinese firms operating in the country, such as Xiaomi and rivals Oppo and Vivo, to close scrutiny of their finances, which has led to tax demands and money laundering allegations. Chinese firms have also been excluded from the <a href="https://www.editorji.com/tech-news/gadget-review/samsung-galaxy-m13-5g-review-1659705364503">5G trials</a> as the new policy ensures telcos use only 'trusted sources'.&nbsp;

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