Microsoft's TikTok deal a 'poisoned chalice': Bill Gates | WeForNews | Latest News, Blogs Microsoft’s TikTok deal a ‘poisoned chalice’: Bill Gates – WeForNews | Latest News, Blogs
Connect with us

Business

Microsoft’s TikTok deal a ‘poisoned chalice’: Bill Gates

Trump earlier set a deadline around September 15 for Microsoft to close the deal with TikTok that it was pursuing.

Published

on

BILL Gates

San Francisco, Aug 9 : As Microsoft pursues talks to purchase the US business of TikTok, Bill Gates has termed the potential deal between the two companies a poisoned chalice.

In an interview with the Wired, published on Saturday, the Microsoft co-founder said that being a top player in the social media business is not a simple job.

“Who knows what’s going to happen with that deal. But yes, it’s a poison chalice,” the billionaire philanthropist was quoted as saying in the interview.

When asked if he is wary of Microsoft getting into the social media game, Gates suggested that the software giant’s entry will give Facebook more competition which is “probably a good thing.”

Reacting to a question on US President Donald Trump’s demand that that the country should get a large percentage of the proceeds if part of the short video-sharing platform TikTok’s business is bought by an American firm, Gates said that the way things were proceeding were quite strange and the cut thing is “doubly strange.”

“Anyway, Microsoft will have to deal with all of that,” he was quoted as saying.

Trump earlier set a deadline around September 15 for Microsoft to close the deal with TikTok that it was pursuing.

The US President followed it up with an executive order on August 6, prohibiting US firms from doing transactions with TikTok after September 20.

A “shocked” TikTok on August 7 threatened legal action against the executive order.

“We will pursue all remedies available to us in order to ensure that the rule of law is not discarded and that our company and our users are treated fairly — if not by the Administration, then by the US courts,” TikTok had said in the statement.

Business

Vodafone Wins Arbitration Against India In Rs 20K Cr Retrospective Tax Dispute Case

Published

on

vodafone

New Delhi: Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore.

The Permanent Court of Arbitration at The Hague has ruled that the conduct of India’s tax department is in breach of “fair and equitable” treatment.

Voafone had moved the International Court of Justice (ICJ) in 2016 due to a lack of consensus between the parties’ arbitrators in finalising a judge for the tax dispute.

Following this, a tribunal was constituted in June 2016 after Vodafone challenged India’s use of a 2012 legislation that gave it powers to retrospectively tax deals like Vodafone’s $11 billion acquisition of a 67 per cent stake in Hutchison Whampoa in 2007. The retrospective tax law had been enacted after the Supreme Court judgement went in Vodafone’s favour.

Vodafone had challenged the tax department’s demand of Rs 7,990 crore as capital gains taxes (Rs 22,100 crore after including interest and penalty) under the Netherlands-India Bilateral Investment Treaty (BIT).

Buoyed by the arbitration award, Vodafone Idea stock closed 12 per cent higher at Rs 10.20.

Continue Reading

Business

GST E-Invoicing Mandatory From October

Published

on

By

GST Collection Down

New Delhi: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.

Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance.

The relief, however, would be there for relatively smaller businesses, as the threshold for mandatory e-invoicing, a step to improve tax compliance, was earlier planned to be kept at Rs 100 crore, is set to be raised to Rs 500 crore on the recommendations of an empowered panel of the Goods and Services Tax (GST) Council.

The initial date for its roll out was April 1, 2020, but the Centre notified October 1, 2020, as revised date for implementation of e-invoicing.

As per the website of the Good and Service Network ‘e-invoicing’ has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.

Continue Reading

Business

Online grocery to become $18bn industry in India by 2024: Report

Published

on

By

Online shopping, sharing data

As companies from Reliance to Amazon put their top dollar in serving daily grocery at your doorstep, a new report said on Friday that online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024.

According to a joint report by a joint initiative by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January.

Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned.

“The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve a larger set of customers, and some challenges with it,” said Hari Menon, co-founder and CEO of BigBasket.

The report found that demand for comfort foods like noodles and cookies, immunity boosters like lemon and hygiene products like sanitizers picked up after the pandemic while essentials remained strong.

Snacks and branded foods grew by 5 per cent quarterly pre-Covid, however growth jumped to 75 per cent in the June quarter.

Within snacks and branded foods, biscuits and cookies was the largest sub-category and grew the most in Q2.

Beverages grew by 2 per cent quarterly pre-Covid, however growth jumped to 50 per cent in Q2.

“Personal Care grew by 5 per cert quarterly pre-Covid but jumped to 24 per cent in Q2 due to Covid.

“We have observed that traditional brands which pivoted quickly to be digitally ready brands have seen 2x+ jump in sales compared to offline brands. We are excited to have this opportunity to serve the ecosystem,” said Anil Kumar, founder and CEO of consulting firm RedSeer.

Home utilities grew by 6 per cent quarterly pre-Covid but jumped to 11 per cent in Q2.

Within home utilities, detergents and dishwash were the largest sub-category but grew the least in the last quarter.

According to the report, home utilities were not severely affected by the pandemic.

-IANS

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.