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Bothered by big businesses killing another company: Ratan Tata

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Ratan-Tata

New Delhi, Dec 9 : Ratan Naval Tata, the Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has said that he has always been bothered by big businesses and corporations killing another organisation.

In an interview with YourStory, Tata said that it is important to work for the benefit of others and buying other companies just to bury them has bothered him. Tata added that one should be happy about another company or person’s prosperity which he called, “the closest definition of happiness.”

“Big businesses and corporations think nothing of killing another organisation because it’s competing with their business. Companies are known to buy out other companies just to bury them in a drawer. That has always bothered me. So, if you can live with feeling happy about another company or another person’s prosperity, then that would be the closest definition of happiness,” he said.

Elaborating on the point, Tata said that while some people are good at causing misery, he feels happy by seeing someone else’s happiness.

“Some people excel in seeing or causing misery. I get euphoric in seeing somebody’s happiness. Even if it’s a person selling vegetables on the side of the road, if there’s humour or happiness on their faces, that makes me happy,” he said.

Tata’s advice to the young is that they do the right thing against all odds. “Doing the right thing may be the more difficult option, but it’s still the better option,” he said.

Tata also added in the interview with YourStory that he is worried about the disappointment he might cause by shutting the door on people.

“I just have a problem shutting the door on people. I would like to see them happy. So, to say that I don’t have the time to see someone and think about the disappointment that that might cause, bothers me,” he said.

Tata also gave himself low scores on treating employees fairly because sometimes compromises were required for the organsiation.

On his legacy, Tata said, “It’s been more than a job. It’s been a lifetime because the job has many attributes. One is the job itself and the performance you have for your shareholders and others, and the other is how you treat your employees. How fair (you’ve been).

“I would have a lower score than I would like to have on how fair you’ve been with your employees consciously because there are so many times you have to compromise something in the broader interest of the organisation. It would have been harder, but it would have been the right thing,” he said.

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Vodafone quits Facebook’s Libra cryptocurrency project

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vodafone m pesa

San Francisco, Jan 22 Telecom major Vodafone has joined the list of top companies which have backed out from Facebook’s controversial Libra cryptocurrency project.

Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, Coindesk reported on Tuesday.

The companies have left owing to concerns about heightened regulatory scrutiny and users’ data privacy.

“We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient,” the Libra Association said in a statement.

“The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.

In a six-hour grilling at a House Financial Services Committee hearing, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans.

“As I have examined Facebook’s various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” said California Representative Maxine Waters.

“Facebook’s internal motto was for a long time ‘move fast and break things.’ Mr. Zuckerberg, we do not want to break the international monetary system,” added New York Democrat Nydia VelAizquez.

Libra has failed in its current form, according to the President of Switzerland.

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.

“The project in this form has actually failed,” Maurer was quoted as saying.

The Libra project, which is still in development, aims for the launch of its first version this year.

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Vodafone quits Facebook’s Libra cryptocurrency project

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vodafone

San Francisco: Vodafone has become the latest big player who have decided to quit Facebook’s controversial Libra cryptocurrency project.

Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, coindesk reported on Tuesday.

The companies left owing to concerns about heightened regulatory scrutiny.

“We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient,” the Libra Association said in a statement.

“The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.

Libra has failed in its current form, according to the President of Switzerland.

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.

“The project in this form has actually failed,” Maurer was quoted as saying.

The Libra project, which is still in development, aims for the launch of its first version this year.

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Markets open on a positive note on Wednesday morning

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Sensex equity Nifty

Mumbai: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

The Sensex of the BSE opened at 41,467.13 points and touched a high of 41,532.29 points. The Sensex touched a low of 41,451.71 points.

On Tuesday the Sensex closed at 41,323.81 points.

The Sensex was trading at 41,466.43 points up by 141.73 points or 0.35 per cent at 9.26 a.m

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 12,218.35 points after closing at 12,169.85 points on Tuesday.

The Nifty is trading at 12,203.35 points on Wednesday morning at 9.29 a.m.

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