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In 2018, India reported about 1.4 lakh account takeover (ATO) login attempts every hour from people using stolen or generated username and password, a latest cyber security report has revealed. India was the second most preferred target destination after the US, recording more than 120.8 crore ATOs in just the one year.
A New York student sued Apple for $1 billion, claiming the company’s facial-recognition software falsely linked him to a series of thefts from Apple stores. Ousmane Bah, 18, said he was arrested at his home in New York in November and charged with stealing from an Apple store. The arrest warrant included a photo that didn’t resemble Bah, he said in a lawsuit.
The scare happened on March 20 when AI 315 was operating from Osaka to Hong Kong with over 170 people on board, before flying back to India. “The aircraft had to hold for very long time before landing and hence due (to) critical fuel, the pilot declared May Day. It was no fault of AI,” said an airline spokesman.
In a move to accelerate its localisation efforts, Infosys and Wipro have hired 10,000 and 6,000 people respectively in the US over the last three years. These numbers include 600 sales personnel at Infosys and Wipro each in the US over the last three years, who are tasked with adding new customers to its rosters and mining large accounts effectively.
Guha has been with Wipro for over 25 years and was the vertical head for BFS Americas in his previous role. He is based in New York and will report to Wipro CEO Abidali Neemuchwala. “Farooq has decided to step down due to health reasons. Shaji will continue as president in an advisory capacity. We thank him for his valuable contribution over the years and wish him a speedy recovery,” Wipro told TOI.
Japan’s Soft-Bank is reportedly looking to make a $2-3 billion investment in India’s fastest-growing telecom firm, Reliance Jio, as Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco being in discussions to buy a 25% stake in Reliance Industries’ refining and petrochemical business.
Under this newly launched liquidity infusion mechanism, banks sell dollars to the RBI and get rupee funds from it with the guarantee that the central bank will return the dollars after three years. So in effect, banks get rupee funds at a time when they are short on liquidity while the dollars that the RBI buys from the banks add up to the country’s foreign exchange (forex) reserves, thus boosting the rupee’s strength against the greenback.
The White House on Monday announced it was calling an end to six-month waivers that had exempted countries from unilateral US sanctions on Iranian oil exports. Starting in May, these countries -- India, China, Turkey, Japan, South Korea, Taiwan, Italy and Greece -- would face sanctions if they continue to buy oil from Iran.
India’s ban on popular Chinese video app TikTok is resulting in “financial losses” of up to $500,000 a day for its developer, the company said in a court filing. TikTok allows users to create and share short videos with special effects and is one of the world’s most popular apps. It has been downloaded by nearly 300 million users so far in India.
Based on a complaint filed before the standing committee, the Directorate General of Anti-profiteering (DGAP) investigated the books of accounts of P&G India pre and post November 15, 2017, and concluded that the consumer goods manufacturer has not lowered prices of certain of its products despite cut in GST rate to 18 per cent from 28 per cent.
The National Aviators’ Guild said in a communication to members that 410 pilots had resigned between last September and March 31, 2019 and that the airline now has on its rolls about 1,527 pilots. “Wet lease plans are being looked at and clarity will be provided when modalities will be worked out and a concrete plan is available,” NAG said.
Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries. "Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products," he said. Indian refiners are increasing their planned purchases from the nations of the Opec, Mexico and the US to hedge against loss of Iranian oil.
Tax experts said that companies were relying on VAT rulings and clearing cash dues to employees and suppliers before paying GST and the ruling will change this practice. "Businesses should be very cautious in understanding the distinction between the VAT position and the GST position as the consequences could be very severe. This decision states this aspect very clearly," said M S Mani, partner at Deloitte India.