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Chinese investors to invest $30 Million in 8 Indian start-ups

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New Delhi, Nov 13 :Chinese venture capital (VC) funds are likely to invest around $30 million in eight Indian start-ups, the Ministry of Commerce and Industry said after the 2nd Startup India Investment Seminar held in Beijing on Tuesday.

“In the 1st Startup India Investment seminar, 12 Indian start-ups participated, of which 4 secured a funding of $15 million from Chinese VCs. In the current round, 8 start-ups out of 20 participants are set to get commitment of around $30 million,” it said.

The Ministry said the seminar was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool to foster innovation and entrepreneurship among the Indian youth. The first seminar was held in November 2017.

“The event was planned to expose Chinese VCs and investors to the promising Indian start-ups and also help Indian start-ups to reach out to the large Chinese investors for receiving investment for their companies,” the Ministry said in a statement.

42 Indian entrepreneurs representing 20 Indian start-ups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar, it said.

Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin shared ICBC’s experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.

ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures, he said.

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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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Black Friday in-store shopping drops amid pandemic

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

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Retail Store Sales Down

New York: Christina, a 74-year-old woman, only spent about five minutes buying a toaster oven at Macy’s flagship store in New York city on Black Friday morning.

“It was quick, it was a short line. It is not very busy now,” the shopper, who did not give her surname, told Xinhua.

There were a few dozen in-store shoppers at Macy’s flagship store, Saks Fifth Avenue and other retailers’ stores in New York City on Black Friday, a sharp contrast to the crowded scenes in the same time any other year.

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

“This year is scary. You want to get out of the store quicker to protect yourself even though we have masks. We have to prevent socializing and gathering with large crowds. We have to keep a distance,” the 74-year old shopper said.

In the meantime, U.S. consumers’ online spending made a new record high of $5.1 billion on Thanksgiving Day with a year-on-year growth of 21.5 per cent, according to the data issued by Adobe Analytics.

As of Thursday afternoon, coronavirus deaths have added up to 24,241 and confirmed cases to 302,522 in New York City, according to The City, a project that tracks the spread of confirmed COVID-19 infections and fatalities in New York City.

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