E-tailers plan big sales to woo customers

Before its own possible sale to rival Flipkart, e-commerce firm Snapdeal has announced its ‘Unbox Dhamaka Sale’ offering customers huge discounts and attractive deals. In its two-day mega sale on May 11–12, Snapdeal will offer up to 70 per cent discount on categories including home, fashion and electronics.
The announcement comes at a time when the market is abuzz with reports of Snapdeal being sold to larger rival, Flipkart.

Inconsistent rating agencies draw CEA flak

Chief economic adviser Arvind Subramanian (in pic) on Thursday slammed global rating agencies, saying they are following different standards for rating India and China. This comes after Fitch recently stuck to its guns, ignoring the finance ministry’s strong sales pitch for rating upgrade.

E-commerce sees consolidation growing in phases

Consolidation and growth has been going hand in hand in the Indian e-commerce space. The consolidation initially saw the bigger players buying out smaller ones, vertical players or start-ups that provide support services. However, in recent times we have seen sizeable players conceding to the competitive pressure in the industry.

Marquee Indian IT firms get ready for layoffs

Indian IT majors are hiring in America and firing in India. In the rarified world of the country’s $150 billion IT industry, lay offs have suddenly become the buzzword.
Infosys, Wipro and Cognizant, three marquee IT companies, are among those reportedly firing employees. The numbers range from 1,000 to 6,000. The Indian IT industry employs roughly 3.7 million people.

E-commerce crisis: Softbank writes off $1.4 billion in Indian market

India’s burgeoning e-commerce market is in the throes of a cash crunch. Japanese investor Softbank has announced that it has written off $1.4 billion investment in Indian e-commerce site Snapdeal and cab-hailing app Ola.
The losses have gone up $475 million, reported three months ago.

The death of password nears

Headlines about mass data breaches have become ominously routine, and yet password convenience still trumps security for most people. That’s why, year after year, the world’s most popular log-on remains “123456,” a password so obvious it accounted for 17 per cent of the 10 million compromised passwords analysed by Keeper Security, which sells a log-in management service.

India’s green car plan prioritises electric vehicles over hybrids

India’s most influential government think-tank has recommended lowering taxes and interest rates for loans on electric vehicles, while capping sales of conventional cars, signalling a dramatic shift in policy in one of the world’s fastest growing auto markets.
A draft of the 90-page blueprint, seen by Reuters, also suggests the government opens a battery plant by the end of 2018 and uses tax revenues from the sale of petrol and diesel vehicles to set up charging stations for electric vehicles.

Changing times: Travellers book closer to departure

In today’s fast life, everything is instant. Same for travel too. Travellers these days plan their vacations much closer to the dates — not just domestic trips, but international travel as well.
Till two to three years back, travellers would sit with the agents, make plans and book the air tickets and hotel rooms or purchase a package at least two to three months in advance.
Back then, international travel was not this common and for those who travelled, it was an annual affair.

As cyber warfare turns 10, the West risks falling behind

When Estonia became the first nation on the receiving end of an overwhelming cyber attack 10 years ago last week, government and other critical websites and systems such as banking collapsed in one of the most internet-connected countries of the time. Widely blamed on Russia, the assault prompted Western nations – including the United States – to plow billions into improving their own cyber defenses.

Facebook user base nears 2 billion, profit jumps 76%

SAN FRANCISCO: Facebo­ok on Wednesday reported that its quarterly profit surg­ed as its ranks of monthly us­e­rs closed in on two billion, but warned of rising expenses and slowing revenue growth. The leading social network said it made a profit of $3.06 billion on $8.03 billion in revenue in the first three months of this year, posting increases of 76 per cent and 49 per cent, respectively, compared with the same period last year.