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Tech Lite World News

Global app stores sales drop to $31.6 bn in Q3

TikTok saw approximately $914.4 million in consumer spending this quarter, bringing its lifetime total to roughly $6.3 billion, according to the report…reports Asian Lite News

Global consumer spending on in-app purchases, premium apps, and subscriptions on Apple App Store and Google Play declined by 4.8 per cent (year-over-year) to $31.6 billion in the third quarter (Q3), a new report showed.

App adoption also fell year-over-year, though not as sharply, declining by 1 per cent to 35.3 billion, according to Sensor Tower data.

Chinese short-form video app TikTok continued its reign as the top grossing non-game app worldwide across the App Store and Google Play combined.

TikTok saw approximately $914.4 million in consumer spending this quarter, bringing its lifetime total to roughly $6.3 billion, according to the report.

“TikTok was the No. 1 revenue-generating non-game app on the App Store, while on Google Play it came second to Google One, which maintained its No. 1 spot with a little more than $330 million,” it added.

The revenue generated on Apple’s marketplace was more than double that of Google Play’s, though it still fell 2.3 per cent YoY to $21.2 billion from $21.7 billion in the year-ago period.

Google Play saw a steeper decline as the store generated approximately $10.4 billion in consumer spending, down 9.6 per cent YoY from $11.5 billion in the third quarter last year.

TikTok was once again the most downloaded non-game app across both marketplaces, reaching approximately 196.5 million installs in Q3.

In the first half of 2022, Instagram was No. 1 by downloads on Google Play, but it traded that spot to fellow Meta app Facebook in Q3, which saw approximately 150.3 million first-time installs on the Android marketplace.

Consumer spending in mobile games declined even more steeply than non-game apps, with revenue for the category falling 12.7 per cent to $19.3 billion in the third quarter, the report mentioned.

Worldwide downloads of mobile games remained flat at 13.7 billion.

ALSO READ-Google receives 37,282 complaints from India in Aug

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-Top News UK News

Britain’s crisis boils over into other markets

Britain’s economic decline is turning into a crises, threatening to expose the fragility of global efforts to crush inflation…reports Asian Lite News

Britain’s rapid descent from stability to crisis is threatening to expose the fragility of global efforts to crush inflation, raising the specter of chaos spreading across financial markets.

Volatility has surged to the highest level since March 2020 across currency and bond markets. Bank of America’s global cross-asset market risk indicator also jumped to a level not seen since the start of the pandemic. Current and former government officials in the US warned about potential spillover.

“Fear is contagious,” said Ben Kumar, senior investment strategist at Seven Investment Management LLP. “Higher bond volatility in the UK caused by fund liquidations prompts pound sell-offs due to instability, which prompts UK equity outflows, which prompts parallel selloffs worldwide.”

Bloomberg reported that events like Russia’s default in 1998 and, more recently, Greece’s debt crisis show how single countries can trigger wider financial turmoil. The fear this time is that the UK’s troubles lay bare how quickly tensions between monetary and fiscal policy can erupt. Central banks waging an aggressive battle on inflation are jeopardizing hard-won economic recoveries.

The government could change course, but at the moment it’s showing no inclination to revise its budget plan after a package of tax cuts sent the pound tumbling and prompted the Bank of England to intervene in the bond market.

Former Treasury Secretary Lawrence Summers likened the array of risks confronting the global economy to the pre-crisis summer of 2007, with the UK’s current troubles just one example of potential breakdowns.

Cross-market currency volatility remained elevated Friday even after the pound recovered almost all of its losses following the Bank of England’s pledge to make unlimited purchases of longer-maturity bonds. Ten-year US bond yields have been moving in tandem with UK gilts all week.

“FX volatility creates sustained Treasury volatility, and also makes messaging and policy shifts from central banks all the more easy for the markets to question,” Michael Purves, founder of Tallbacken Capital Advisors wrote in a note. “By extension, this will make sustained risk asset buying all the more challenging.”

The pound renewed its decline after it emerged Prime Minister Liz Truss’s government has no plans to succumb to pressure from the markets or heed the advice of the International Monetary Fund. Truss blames Russia’s war in Ukraine as the event that’s rattled global markets.

“The UK policy debacle has been a big driver of recent market action,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “Given the strong macro parallels of high inflation, slowing growth and tightening monetary policy across most markets, investors often extrapolate new policy actions in one region to other regions.”

Others say it’s too soon to worry about a wider financial crisis. That could only happen if the UK selloff starts to impair the functioning of US bond markets, according to Ed Al-Hussainy, senior interest-rate strategist at Columbia Threadneedle Investments.

https://twitter.com/AZmilitary1/status/1576587150199779330

“So far, it has exacerbated poor liquidity on our side, but not enough to trigger financial stability concerns,” he said.

But it’s hard to ignore how intertwined UK markets are with their developed counterparts. As a major global financial center, the UK has trillions invested in global and US assets. In addition, markets are moving more in tandem, with one measure showing cross-asset correlations near their highest level in 17 years.

“The gilt market is specific to the UK, but this is all driving in the same direction of concerns about inflation,” Seema Shah, chief global strategist at Principal Global Investors told Bloomberg TV. “You can say there is the same movement everywhere.”

Economy grows in second quarter

Britain’s economy grew in the second quarter as it did not shrink as previously estimated, according to revised official data Friday which eased recession fears.

Gross domestic product expanded 0.2 percent in the three months to the end of June, upgraded from a modest 0.1-percent contraction, the Office for National Statistics said in a statement.

ALSO READ-IMF sounds alarm on Britain’s tax cut plans

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Africa News

Nigeria vows to continue anti-corruption campaign

Referring to the achievements in anti-corruption during his presidential terms, Buhari said the progress was one step in the reform process, which he had vowed to continue…reports Asian Lite News

 Nigerian President Muhammadu Buhari emphasized on Saturday the importance of continuing to fight corruption and preventing opportunities for corrupt practices in the country.

The president’s remarks came while addressing the nation in a broadcast as part of activities to mark the nation’s 62nd Independence Day in Abuja, the nation’s capital.

Referring to the achievements in anti-corruption during his presidential terms, Buhari said the progress was one step in the reform process, which he had vowed to continue.

“We strengthened the institutions for tackling corruption and also cultivated international support, which aided the repatriation of huge sums of money illegally kept outside the country,” he said.

According to the president, the increasing number of prosecutions and convictions, with associated refunds of large sums of money, is still ongoing.

ALSO READ-From Nigeria to Kenya, Indian Navy protects Africa coast

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-Top News Europe

“How much blood must still flow?”: Pope calls for end to Ukraine war

Pope expressed “great concern” and said that the course of the war in Ukraine has become “so serious, devastating and threatening.”…reports Asian Lite News

Taking a dim view of the “grave” situation that has arisen in recent days, Pope Francis made an appeal to Russian President Vladimir Putin to end the war and also to Ukrainian President Volodymyr Zelensky “to be open to serious proposals” for peace, reported Vatican News citing a working translation of the pontiff’s address in Italian.

“My appeal is addressed first and foremost to the President of the Russian Federation, imploring him to stop this spiral of violence and death, also for the sake of his own people. On the other hand, saddened at the immense suffering of the Ukrainian people as a result of the aggression they have suffered, I address an equally confident appeal to the President of Ukraine to be open to serious proposals for peace,” he said.

The speech was given by Pope Francis before leading the recitation of Sunday’s midday Angelus prayer in Saint Peter’s Square. He expressed “great concern” and said that the course of the war in Ukraine has become “so serious, devastating and threatening.”

Calling for an immediate ceasefire, Pope said it will be so if conditions for negotiations are “based on respect for the sacrosanct value of human life, as well as the sovereignty and territorial integrity of each country”, and the rights of minorities and legitimate concerns.

“I deeply deplore the grave situation that has arisen in recent days, with further actions contrary to the principles of international law. It increases the risk of nuclear escalation, giving rise to fears of uncontrollable and catastrophic consequences worldwide.”

As it prolongs, Pope termed the war a “terrible and inconceivable wound to humanity”, and said that instead of healing the war continues to shed “even more blood, risking to spread” further. “I am saddened by the rivers of blood and tears spilled in these months. I am saddened by the thousands of victims, especially children, and the destruction which has left many people and families homeless and threatened vast territories with cold and hunger.”

“Certain actions can never be justified, never!” Pope said.

Several Ukrainian regions have been in the headlines over alleged mass graves or due to the imminent risk to the nuclear plants. Taking note of the past such developments, Pope distressingly told the gathering that “it is disturbing that the world is learning the geography of Ukraine through names such as Bucha, Irpin, Mariupol, Izium, Zaparizhzhia and other areas, which have become places of indescribable suffering and fear.”

Pope Francis described the war “absurd” and questioned, “What is to happen next? How much blood must still flow for us to realize that war is never a solution, only destruction?”

“In the name of God and in the name of the sense of humanity that dwells in every heart, I renew my call for an immediate ceasefire. Let there be a halt to arms, and let us seek the conditions for negotiations that will lead to solutions that are not imposed by force, but consensual, just and stable.”

The pontiff urged all the protagonists of international life and the political leaders of nations to do everything possible to bring an end to the war, without allowing themselves to be drawn into dangerous escalations, and to promote and support initiatives for dialogue.

“Please let the younger generations breathe the holy air of peace, not the polluted air of war, which is madness! After seven months of hostilities, let us use all diplomatic means, even those that may not have been used so far, to bring an end to this terrible tragedy. War in itself is an error and a horror!” (ANI)

ALSO READ: Afghanistan remains springboard of terror: Putin

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-Top News Asia News

Kabul blast survivors take to street, raise security concerns

The protests went on from the Pol-e-Sokhta area of Kabul to the Mohammad Ali Jinnah hospital…reports Asian Lite News

Following a deadly explosion at an education centre in Kabul, a large number of students took to the streets of the city on Saturday. Some of them were said to be the survivors of the deadly blast.

Condemning the ghastly attack at the Kaaj Educational Center that resulted in 60 deaths and injuries to several others, some of the explosion attack survivors reportedly took part in the protests, Khaama Press reported.

As per local media, the student protestors were also repressed by the Taliban and the terror outfit reportedly used shafts as well as electric duty gears to disperse the students and beat the protestors.

The protests went on from the Pol-e-Sokhta area of Kabul to the Mohammad Ali Jinnah hospital, according to Khaama Press.

Meanwhile, numerous Kabul women from Afghanistan’s minority Hazara community on Saturday protested in the country’s capital against the terror attack at the Kaaj Educational Center. The women protestors dressed in black chanted slogans against the genocide of minorities and demanded their rights.

Friday’s blast follows many recent attacks against civilians and civilian infrastructure across Afghanistan, including in religious minority communities.

Families of victims and local residents raised security concerns and called on the Taliban to ensure the safety of the public and punish those responsible after the ghastly attack at an education centre in Kabul left 60 persons dead.

UNICEF said this “heinous act” claimed the lives of dozens of adolescent girls and boys and severely injured many more.

India condemned the terror attack on Saturday. External Affairs Ministry spokesperson Arindam Bagchi said, “We are saddened by yesterday’s terror attack at the Kaaj Educational Center in Dasht-e-Barchi, Kabul and extend our condolences to the families of the victims. Indian strongly condemns the continued targeting of innocent students at educational places.

“UN Secretary-General Antonio Guterres deplored the heinous attack on the Kabul educational centre – a predominately Hazara Shia area – which caused scores of casualties.

He expressed his condolences to the families of the victims and wishes a speedy recovery to those injured.

“Education is a fundamental right and an essential driver for sustainable peace and development,” he said.

The UN Security Council (UNSC), while condemning the terrorist attack, reaffirmed that terrorism in all its forms and manifestations constitutes one of the most serious threats to international peace and security. (ANI)

ALSO READ: Afghanistan remains springboard of terror: Putin

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-Top News China

Pak PM due in China

“Last minute details are being worked upon, but the visit is very much on,” sources said…reports Asian Lite News

Pakistan’s Prime Minister Shehbaz Sharif is expected to visit China in the last week of November, local media reported.

“Last minute details are being worked upon, but the visit is very much on,” sources told The News on Saturday.

Meanwhile, Pakistan Embassy in Beijing hosted an event on floods in Pakistan to lay stress on the need for proactive climate action and international solidarity to mitigate the effects of climate change.

“Delighted to host representatives of multilateral organizations, Chinese think tank and academia at the embassy. Briefed them on recent floods in Pakistan and Pakistan’s vulnerability to climate change. Touched by their desire to contribute,” Pakistan’s Ambassador Moinul Haque said.

According to the News International citing a statement, international organizations, Chinese think tanks, NGOs, Global Young Leaders Dialogue (GYLD) members and Pakistani community members attended the Beijing event.

Speaking at the event, the Pakistani Ambassador briefed the audience about the extent and nature of the recent unprecedented floods in Pakistan.

During the occasion, Ambassador also expressed gratitude for the support extended by the international community, particularly China and the UN. He reiterated the need for proactive climate action and international solidarity to mitigate the effects of climate change.

Haque stressed that it was unfortunate that despite being a low carbon emitter, Pakistan was among the countries most vulnerable to climate change. He called on rich countries to help the developing states affected by climate change. Ambassador hoped that the international community would remain engaged with Pakistan in the rehabilitation and reconstruction phase, The News International reported.

Earlier, on Friday, newly appointed Finance Minister Ishaq Dar sought the support of the Chinese ambassador for securing the rollover of State Administration of Foreign Exchange (SAFE) deposits of $2 billion due in March 2023 to materialise financing requirements under the International Monetary Fund’s programme.

Pakistan has to secure a rollover of USD 2 billion in SAFE deposits for the current fiscal year, as per the IMF’s condition.

The development came after US Secretary of State Antony Blinken called on Pakistan to seek debt relief from its close partner China in view of the countrywide cataclysmic floods.

The remarks had drawn a censorious response from China, whose foreign ministry spokesperson Wang Wenbin had called out the US for “passing unwarranted criticism against Pakistan-China cooperation” and urged it to do something “real and beneficial” for the people of Pakistan, reported Dawn. (ANI)

ALSO READ: Pakistan’s love-hate relationship with IMF

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-Top News UK News

Train strikes, energy hikes add to a week of turmoil

Four labor unions have called three, 24-hour strikes over the next eight days, ensuring service disruptions for much of the week…reports Asian Lite News

Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets.

Only about 11% of train services were expected to operate across the UK. According to Network Rail. Unions said they called the latest in a series of one-day strikes to demand that wage increases keep pace with inflation that is expected to peak at around 11% this month.

Consumers were also hit with a jump in their energy bills Saturday as the fallout from the Russian invasion of Ukraine pushes gas and electricity prices higher. Household bills are expected to rise by about 20%, even after the government stepped in to cap prices.

Prime Minister Liz Truss, who has been in office less than a month, cited the cost-of-living crisis as the reason she moved swiftly to introduce a controversial economic stimulus program, which includes 45 billion pounds ($48 billion) of unfunded tax cuts.

Concern that the plans would push government debt to unsustainable levels sent the pound tumbling to a record low against the dollar this week and forced the Bank of England to intervene in the bond market.

“We need to get things done in this country more quickly,” Truss said in an unapologetic column for The Sun newspaper published Saturday. “So I am going to do things differently. It involves difficult decisions and does involve disruption in the short term.”

Many workers aren’t convinced.

Four labor unions have called three, 24-hour strikes over the next eight days, ensuring service disruptions for much of the week.

The timing is of particular concern for runners and fans trying to get to the capital for Sunday’s London Marathon, with is expected to attract 42,000 competitors.

Mick Lynch, general secretary of the Rail, Maritime and Transport Workers Union, said the strikes were designed to target the annual conference of Truss’s Conservative Party, which begins Sunday in Birmingham, England.

“We don’t want to inconvenience the public, and we’re really sorry that that’s happening,” Lynch said. “But the government has brought this dispute on. They (put) the challenges down to us, to cut our jobs, to cut our pensions and to cut our wages against inflation.”

Lynch urged Transport Secretary Anne-Marie Trevelyan to take “urgent steps to allow a negotiated settlement.” The union said the latest figures showed railway bosses benefiting from government tax cuts.

As a result of the strike, there will be no service between London and major cities such as Birmingham, Manchester and Newcastle on Saturday. Lingering disruptions are likely to effect service on Sunday morning as well.

Runners and spectators traveling to London for the marathon, which begins at 9:30 a.M., have been warned they are likely to be frustrated by the strike.

“It is particularly disheartening that this weekend’s strike will hit the plans of thousands of runners who have trained for months to take part in the iconic London Marathon,” said Daniel Mann, director of industry operations at Rail Delivery Group. “That will also punish the many charities, large and small, who depend on sponsorship money raised by such events to support the most vulnerable in our community.

ALSO READ-Pakistan, Taliban ties under unprecedented strain

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-Top News Asia News

Mission Debugging: No cell phones during Pak cabinets

The move is the latest measure taken by the government to prevent further security breaches after a slew of audio leaks rang alarm bells in the corridors of power…reports Asian Lite News

Fears prompted by the all-out national security incident after Pakistan Prime Minister Office audios were mysteriously leaked into the public domain remained in the air at the federal cabinet’s meeting as the government barred members from taking their mobile phones inside the meeting, the media reported.

Sources said that the meeting chaired by Pak Prime Minister Shehbaz Sharif was not held until it was ensured that the mobile phones of the cabinet members were collected outside the room, the Express Tribune reported.

The move is the latest measure taken by the government to prevent further security breaches after a slew of audio leaks rang alarm bells in the corridors of power, with the opposition — mainly PTI — raising questions about flaws in the cyber security of the highest office of the land.

The meeting also discussed the issue of audio leaks in detail and endorsed the decision of the National Security Committee (NSC) to conduct a thorough investigation into the matter. On Wednesday, the NSC okayed the formation of a body to investigate audio leaks.

A day ago, a new standard operating procedure (SOP) was implemented at the PM House whereby staff member and an officer was disallowed from taking their mobile phone inside the building.

PM Sharif had on Tuesday at a press conference called the controversial audio leaks a serious ‘security lapse’ and said a high-powered inquiry committee would probe into the matter.

ALSO READ: Pakistan’s love-hate relationship with IMF

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Social Media Tech Lite

Google receives 37,282 complaints from India in Aug

The company said that as part of its automated detection processes, it removed 551,659 accounts in the country…reports Asian Lite News

Google received 37,282 complaints from Indian users in the month of August in compliance with the new IT Rules, 2021. The tech giant also removed a total of 551,659 pieces of bad content, as a result of user complaints in the country.

The complaints Google received in India consisted of various categories including infringement of intellectual property rights and violation of local laws prohibiting types of content on grounds such as defamation.

Most of the complaints it received from Indian users were related to copyright violations (35,649), while other categories included trademark, court order, graphic sexual content, circumvention, and others.

“In addition to reports from our users, we invest heavily in fighting harmful content online and use technology to detect and remove it from our platforms,” it said in its monthly compliance report.

The company said that as part of its automated detection processes, it removed 551,659 accounts in the country.

“We invest heavily in fighting harmful content online and use technology to detect and remove it from our platforms. This includes using automated detection processes for some of our products to prevent the dissemination of harmful content such as child sexual abuse material and violent extremist content,” said Google.

In accordance with the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT Rules), Google, along with other social media platforms, is mandated to publish monthly transparency reports with details of complaints received from users in India and the actions taken, as well as removal actions taken as a result of automated detection.

Under the new IT rules 2021, big digital and social media platforms — with more than 5 million users — have to publish monthly compliance reports.

ALSO READ-Amazon, Google, Microsoft face UK probe over cloud dominance

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-Top News Africa News

Coup In Burkina Faso

In the capital Ouagadougou, pre-dawn gunfire around the presidential palace was heard at the start of a day that culminated in the latest ousting…reports Asian Lite News

Military officers have seized control of Burkina Faso, claiming to be restoring peace to the jihadist-wracked country as they overthrew a junta leader who had also come to power in a coup at the start of this year.

In the capital Ouagadougou, pre-dawn gunfire around the presidential palace was heard at the start of a day that culminated in the latest ousting.

On Friday, more than a dozen soldiers in fatigues appeared on the state television and radio broadcaster to announce the removal of Lieutenant-Colonel Paul-Henri Sandaogo Damiba for failing to stem a jihadist insurgency.

They proclaimed 34-year-old Captain Ibrahim Traore in charge.

“We have decided to take our responsibilities, driven by a single ideal: the restoration of security and integrity of our territory,” they said.

With much of the Sahel region battling a growing Islamist insurgency, the violence has prompted a series of coups in Mali, Guinea and Chad since 2020.

In January, Damiba installed himself as leader of the country of 16 million after accusing elected president Roch Marc Christian Kabore of failing to beat back the jihadists.

But with more than 40 percent of the former French colony outside government control, the latest putsch leaders said Damiba, too, had failed.

“Far from liberating the occupied territories, the once-peaceful areas have come under terrorist control,” the new military leaders said.

They then suspended the constitution, sealed the borders, dissolved the transitional government and legislative assembly and instituted a 9:00 pm to 5:00 am curfew.

New strongman Traore was previously head of anti-jihadist special forces unit “Cobra” in the northern region of Kaya.


Calls for ‘restraint’

Damiba’s Patriotic Movement for Preservation and Restoration (MPSR) had said earlier that there was an “internal crisis in the army” prompting troop deployments in key areas of the capital.

Government spokesman Lionel Bilgo had said the “crisis” concerned an army pay dispute, and that Damiba was taking part in negotiations.

In the morning, shots rang out in the Ouaga 2000 neighbourhood, which houses both the presidential and junta headquarters.

“I heard heavy detonations around 4:30 am and now the roads around my home have been sealed off by military vehicles,” a resident close to the presidential palace said.

State television was cut for several hours prior to the military announcement, broadcasting just a blank screen with the message “no video signal”.

By evening, soldiers were still in place at key points of the city, and streets were mostly deserted.

In a statement, the Economic Community of West African States (ECOWAS) “condemned in the strongest possible terms” the latest seizure of power, calling it “inappropriate” at a time when progress was being made for a return to constitutional order by July 1, 2024.

The French foreign ministry told its citizens in the Burkina capital, believed to number between 4,000 and 5,000, to stay home, while the European Union expressed “concern” at the unfolding events.

The United States said it was “deeply concerned” by the situation in Ouagadougou.

“We call for a return to calm and restraint by all actors,” a State Department spokesperson said.

Rein in jihadists

Though Damiba had promised to make security his priority when he took charge on January 24, violent attacks have increased since March.

In the north and east, towns have been blockaded by insurgents who have blown up bridges and attacked supply convoys.

As in bordering countries, insurgents affiliated with Al-Qaeda and the Islamic State group have stoked unrest.

Thousands have died and about two million have been displaced by the fighting since 2015 when the insurgency spread to Burkina Faso, which has since become the epicentre of the violence across the Sahel.

In September, a particularly bloody month, Damiba sacked his defence minister and assumed the role himself.

Earlier this week, suspected jihadists attacked a convoy carrying supplies to the town of Djibo in the north of the country. The government said 11 soldiers died and around 50 civilians were missing.

On September 5, an improvised explosive device struck a supply convoy in the north killing 35 civilians and wounding 37.

The following day, at least nine people — seven civilians and two soldiers — were killed in two separate attacks by suspected jihadists.

Much of the impoverished Sahel region is battling the insurgency.

Starting in northern Mali in 2012, the insurgents attacked neighbouring Burkina Faso and Niger in 2015.

The violence has in recent years begun to spill over into coastal states Ivory Coast, Togo and Benin.

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