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Apple’s iPhone 11, iPhone SE 2020 gone in a jiffy during India festive sale

Apple iPhone 11 and SE 2020 went flying off the shelves on the first day of the festive sale in India

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Apple iPhone 11 and SE 2020 went flying off the shelves on the first day of the festive sale in India.

On Apple Store Online, iPhone 11 disappeared within a couple of hours as the festive offer opened on October 17.

As part of festive season offers, Apple gave out free AirPods with a limited stock of iPhone 11.

iPhone SE 2020 was another Apple product that was sold faster on ecommerce platforms like Flipkart during the ‘Big Billion Day’ sale.

Some buyers even grabbed the new iPhone SE 2020 for nearly Rs 20,000 after trade-ins and other festive schemes on credit and debit cards.

The iPhone SE 2020 starts from Rs 4,696 a month on EMI or Rs 39,900 before trade-in on Apple Store Online.

The base variant of the iPhone 11 with 64GB internal storage is now available for Rs 54,900, whereas the 128GB and 256GB model costs Rs 59,900, and Rs 69,900, respectively.

Soon after the launch of new iPhone 12 series, Apple slashed the prices for older iPhone models including the hot-selling iPhone XR, iPhone SE (2020) and iPhone 11.

According to Navkendar Singh, Research Director, IDC India and South Asia, this festive season and next few months in India, “iPhone 11 would still do best, followed by iPhone SE 2020, iPhone 12, iPhone 12 Pro and iPhone 12 Mini, in that order”.

Apple has managed to maintain its share well in the off-season period.

With the October 13 launch of the new iPhone 12 series, Apple’s sales are expected to rise but only in November as the launch is later than previous years.

However, the long lifecycle of iPhone 11 series and successful new iPhone SE will help Apple bridge the gap till then, according to Counterpoint Research.

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2nd wave: Fears of slower global recovery, US polls to weaken rupee

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New Delhi, Oct 31 : Fears of a slower global recovery due to rising cases of Covid-19 infections in Europe and the US will cast pressure on the Indian rupee next week.

Additionally, the rupee is expected to get weaker on account of uncertainties prevailing on the back of upcoming US Presidential Election which will be held on November 3.

“The continuation of the pandemic in absence of a vaccine is creating havoc and is playing out in the Fx market. The fear that economic conditions are going to get worse before they get better, is keeping the dollar strong against EM currencies,” said Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services.

“Adding to this mood is the uncertainty of the US presidential election outcome. So, next week the chances of USDINR trading above 74 are higher and expect the spot pair to trade within 73.50-74.50.”

The Indian rupee closed last week at 74.11, its weakest level in two months.

“Next week, US elections will take centrestage. Democratic candidate, Joe Biden is projected to win the race comfortably based on the current polls and leads. Also based on the current polls there is a likelihood the democrats could win both the House and Senate. This will be huge blue sweep for the and that will drive policy changes,” said Devarsh Vakil — Deputy Head of Retail Research at HDFC Securities.

“Their stated economic positions suggest that dollar could weaken in the medium term, which could drive commodities and emerging market equities higher.”

Besides, major economic data points such as automobile sales figures for October and ‘Purchasing Manager Index’ will further guide the currency’s movement.

The foreign fund inflows into the country’s equity markets are greatly influenced by these macro data that show the health of the economy.

Consequently, the flow status of foreign funds also impacts the rupee’s movement.

According to Sajal Gupta, Head, Forex and Rates, Edelweiss Securities: “Just before US elections rupee and equity became wobbly and some people may have booked profits before the event. Rupee has weakend to 74.50 levels. It has traded comfortably above the 74 handle.”

“Expect the rupee to be volatile and trade in wider range of 74 to 75.20 with some more depreciation risk.”

(Rohit Vaid can be contacted at [email protected])

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India extends $1 billion credit line to Central Asian countries for priority projects

Besides the $1-billion line of credit, India offered grant assistance for high impact community development projects to boost socio-economic development in Central Asia.

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India on Wednesday extended a $1-billion line of credit to Central Asian countries for priority projects in connectivity, energy, IT and health care, with the move being perceived as part of New Delhi’s efforts to boost its role as a transparent development partner.

The line of credit was welcomed by ministers of Kazakhstan, Tajikistan, Kyrgyz Republic, Turkmenistan and Uzbekistan during the second meeting of the India-Central Asia Dialogue held via video conference under the chairmanship of external affairs minister S Jaishankar. Acting Afghan foreign minister Haneef Atmar joined the meeting as a special invitee.

The meeting discussed cooperation in political and security matters, and all the countries called for settling the Afghan conflict on the principle of an “Afghan-led, Afghan-owned and Afghan-controlled peace process”, according to a joint statement. The countries also condemned terrorism and reaffirmed their determination to destroy terrorist safe havens, networks, and funding channels.

In a tacit reference to Pakistan, the joint statement said: “They also underlined the need for every country to ensure that its territory is not used to launch terrorist attacks against other countries.”

Jaishankar told the meeting: “India and Central Asia share ancient historical and cultural linkages. We consider Central Asia as India’s ‘extended neighbourhood’.” He added, “We face common challenges of terrorism, extremism, drug trafficking… All these commonalities make us a natural partner in our developmental journey.”

Besides the $1-billion line of credit, India offered grant assistance for high impact community development projects to boost socio-economic development in Central Asia.

The ministers emphasised the importance of connectivity in increasing trade and commerce between India and Central Asia, and appreciated New Delhi’s efforts to modernise Chabahar port in Iran as an important link in trade and transport between markets in Central and South Asia, the joint statement said. The ministers agreed to promote joint initiatives to create regional and international transport corridors.

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Failing to pay property tax by Oct 31 may land Gurugram property owners in trouble

Charitable educational institutions, charitable hospitals and special schools for children, which charge the same fees as government schools and hospitals, are given a 100 per cent exemption.

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Gurugram: Property owners in Gurugram can lose their water and sewage connections if they fail to clear their property tax dues by October 31, officials of the Municipal Corporation of Gurugram (MCG) said on Wednesday.

According to the MCG officials, as per the notification issued by the Haryana government, only three days are left to avail the benefit of exemption in the payment of property tax issued by the MCG.

According to the notification, the government is giving an interest waiver and 25 per cent rebate to those paying their entire property tax dues by October 31.

“We have given a last opportunity to the property owners to pay their dues within the next three days. If they still do not pay their property tax, the process of cutting their sewer and drinking water connections will be initiated by the civic authority from November 1,” MCG Commissioner Vinay Pratap Singh said.

“A special drive to seal commercial buildings will be carried out and the process of auction can also be adopted by sealing the building,” he added.

As per the government notification, property owners who deposit their entire outstanding property tax by October 31 will be given a 25 per cent exemption on property tax from 2010-11 to 2016-17.

“Property owners who have deposited their property tax in the last three years till October 31, will be given an additional 10 per cent rebate along with the regular 10 per cent rebate. Those paying by auto debit mode will get the benefit of an additional 5 per cent discount,” an MCG official said.

Charitable educational institutions, charitable hospitals and special schools for children, which charge the same fees as government schools and hospitals, are given a 100 per cent exemption.

The officials further informed that the civic body has also started an incentive scheme for all the resident welfare associations (RWAs) of the city. Municipal corporations will give an incentive amount of Rs 5 lakh to the RWAs which submit property tax of more than 80 per cent.

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