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Amazon faces web issues globally on Prime Day

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Amazon Prime Day

New Delhi, July 17: Shoppers in the US and elsewhere in the world are struggling to access e-commerce giant Amazon’s website as one of its biggest annual sales, Prime Day, got underway.

Many reported the platform had crashed as soon as the two-day sale day began on Monday, showing them only an error message that read: “sorry, something went wrong on our end”, reports the BBC.

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The issues are centred on the US but occurring on other continents too.

DownDetector.com, which tracks outages, most of the outages are centred on the US. However, it was also reported in Europe, Africa, South America, Russia, Asia and Australasia.

Others also reported experiencing problems with Amazon’s video streaming services and its virtual assistant Alexa.

In a tweet, Amazon said it was working to resolve the issues.

According to reports, users have experienced errors on both the desktop site and the mobile app, the BBC reported.

Some saw an error page featuring the “dogs of Amazon” and were unable to enter the site, while others could not enter specific product pages.

Many were unable to complete purchases at checkout, while others reported that the “deals” page and “Shop all deals” button had disappeared from the site.

Many shoppers reacted with irritation on Twitter.

Amazon launched Prime Day in 2015 and by 2017 it was its second biggest shopping day.

The 36-hour event was projected to break records again this year, with industry analysts estimating the company could make at least $3.4 billion in sales.

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Rupee devalues to record low of 70 to a USD; recovers

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trade deficit widens

Mumbai, Aug 14 (IANS) Geo-political pressures, along with outflows of foreign funds and high crude oil prices dragged the Indian rupee to its lowest ever intra-day level of over 70 against a US dollar on Tuesday.

On Tuesday morning, the Indian currency plunged to 70.08 — the lowest ever — against the greenback.

However, a likely intervention by the Reserve Bank of India and stabilisation in the global currency markets pared the rupee’s early fall.

At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.

“A near 4 per cent intra-day rebound in the Turkish Lira, on the back of talks between NSA from USA and Turkish Ambassador to US, was not enough to prevent the rupee from sliding past 70 handle against the greenback,” said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.

“RBI intervention has kept the pair below 70 since then on spot. However, demand from offshore speculators and also demand from importers have not allowed the rupee to appreciate.”

Banerjee pointed out the trend in USD/INR for the rest of the week will be dictated by the trend in greenback against major currencies like Euro and GBP.

Recent US-imposed sanctions and tariffs on Turkey has had an impact on its and other emerging market currencies over fears of further global protectionist measures.

“Since currencies of emerging and developed markets are falling, the RBI is not intervening aggressively in the market. It is intervening selectively to contain volatility,” Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers, told IANS.

“Since 70 level has been breached today we may see importers rushing to buy dollars on every dip in the USD/INR. On the other hand exporters may avoid selling dollars at current levels as the rupee is depreciating sharply.”

Apart from global cues, outflow of foreign funds from the Indian equity and bond markets has had an adverse impact on the rupee.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 378.84 crore.

“The swift move past 69 happened due to Foreign Institution Investor (FII) outflows and the need to hedge existing short dollar positions in the market, driven by global market sentiment rather than actual importer demand,” said B. Prasanna, Group Executive and Head for Global Markets Group, ICICI Bank.

“On a medium term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners. However there could be a minor reversal of this depreciation on a short term basis when the global situation stabilises.”

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Pune’s Cosmos Bank cyber attack : Hackers used International Visa Debit Cards

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Mumbai, Aug 13 : On the issue of cyber attack on India bank, Cosmos Bank Chairman Miland Kale said that hackers used 450 International Visa Debit Cards and conducted 12000 transactions and siphoned off Rs 94.42 crore from the Cooperative bank in just 2 hours 13 minutes.

“Using 450 International Visa Debit Card, 12000 transactions took place in 2hrs 13min from ATMs and other locations across 21 countries on Saturday. It is a big criminal racket,” Milind Kale, Cosmos Bank Chairman, said.

“In India,2800 false transactions of Rs 2.5Cr using 400 debit cards took place. It’s an international attack on banking system. No customer account affected, dummy cards were used and switching system of the bank was hacked” he added.

Probe is underway as Cosmos Cooperative Bank Ltd was cyber-attacked twice, on Saturday and on Monday, according to an FIR lodged by an official of Cosmos Bank with Chaturshringi Police Station.

Suspected hackers siphoned off Rs 94.42 crore from the Cosmos Cooperative Bank Ltd — the second oldest and second biggest cooperative bank in India — to various foreign and domestic bank accounts, police said on Tuesday.

The complaint said the first attack took place on August 11 between 3 p.m. and 10 p.m. and on August 13 around 11.30 a.m., affecting its headquarters on Ganeshkhind Road.

A police officer said that during those hours, some unknown persons hacked into the ATM Switch (servers) at the headquarters and acquired the sensitive data of its Visa and RuPay debit card customers.

As per tentative estimates, the hackers siphoned off Rs 78 crore by 12,000 Visa card transactions and transferred it out of the country, including bank accounts in Hong Kong.

Another amount of Rs 2.50 crore from 2,849 transactions was transferred within India, details of which were being investigated, said the police.

Before the bank could react, in a fresh attack on Monday (August 13), the hackers initiated SWIFT transactions and transferred Rs 13.92 crore to the accounts of a company, ALM Trading Ltd, with Hang Seng Bank, Hong Kong. The amounts were soon withdrawn from that bank.

 

 

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India’s wholesale inflation eases to 5.09% in July

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New Delhi, Aug 14: India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a rise of 5.77 per cent in June, official data showed here on Tuesday.

The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had risen 1.88 per cent during the corresponding month in 2017.

IANS

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