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US consumers spent $9 billion online during the Black Friday sale, up by 21.6 per cent on a year ago. Smartphones alone accounted for $3.6 billion in sales — up by 25.3 per cent over the last year as people stayed indoors during the pandemic.
For Black Friday, Adobe had originally forecast sales between $8.9 billion and $9.6 billion, TechCrunch reported late on Saturday.
The $9 billion Black Friday sale figure makes the event the second-largest online spending day in the US history (after 2019’s Cyber Monday).
According to Adobe analysts, “Cyber Monday is likely to continue to be the biggest of them all, expected to bring in between $11.2 billion and $13 billion in e-commerce transactions”.
Earlier, American consumers’ online spending hit a record high of $5.1 billion on Thanksgiving Day with a year-on-year growth of 21.5 per cent, according to data by Adobe Analytics.
Heavy discounts and aggressive promotions since early November succeeded in making consumers loosen their wallet strings earlier, said Taylor Schreiner, director with Adobe Digital Insights.
Statistics provided by Adobe Analytics showed that nearly 50 per cent of the online spending was on the purchase of smartphones, and retailers with curbside pickup service had a much higher conversion rate of traffic to their websites.
“This year’s Black Friday won’t have as much ‘door-busting’ as usual. Retailers are pushing deals up and promising Black Friday deals to last for ‘all of November and December’,” said Adobe Analytics.
The National Retail Federation (NRF) said that the US holiday sales in the last two months of 2020 would grow 3.6 per cent to 5.2 per cent year–n year, reaching $755.3 billion to $766.7 billion.
Meanwhile, the NFR added that the US online sales and other non-store sales would increase 20 to 30 per cent year-on-year in the range of $202.5 billion to $218.4 billion in November and December, which is higher than $189.1 billion projected by Adobe Analytics.
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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DIFC FinTech Hive, the largest financial technology hub in the Middle East, Africa and South Asia (MEASA) region, part of Dubai International Financial Centre (DIFC), has signed a landmark agreement with Israel’s FinTech-Aviv.
FinTech Aviv was established in 2014 and serves the needs of the Israeli FinTech ecosystem and counts more than 6,000 startups and 300 research and development centres as members.
The agreement is the first of its kind for the UAE and Israel, and strengthens DIFC’s position as MEASA’s number one FinTech hub and one of the world’s top 10 FinTech hubs. The agreement announced Saturday will enable DIFC to further support the UAE in facilitating economic growth from the technology and innovation sectors.
Both parties will work together on events, knowledge sharing, talent development and facilitating mutual introductions and referrals for firms keen to expand in each respective jurisdictions.
Since DIFC’s FinTech Hive launched in January 2017, the hub has grown to become a leading centre of innovation globally. More than 50 per cent of all FinTech businesses in the GCC now operate from DIFC. The first half of 2020 witnessed DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.
Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive said: “Like Dubai, Israel is well regarded for its approach to innovation and embracing FinTech so it is important to collaborate now to share knowledge and develop the sector further. We are pleased to have partnered with FinTech-Aviv as we can achieve great things together. DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless.”
Nir Netzer, the Chairman of FinTech-Aviv said: “In this unprecedented time, we’re honoured to initiate this unique collaboration in order to facilitate the export of Israeli technologies to new markets.
“The FinTech-Aviv community and its 30,000+ Israeli and worldwide members, proudly hold the torch of this exciting initiative and are humbled to be leading Israeli FinTech companies towards the exploration of new horizons with our new business partners.”
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One of the State Bank of India (SBI)’s investors, French giant Amundi has announced that it would sell off its SBI green bonds if the bank grants a Rs 5,000 crore loan to Adani’s Carmichael coal mine in Australia.
“We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.
“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.
“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.
Amundi, which holds the bond in its Amundi Planet Emerging Green One fund, said it had learnt this week that SBI was considering financing the Carmichael thermal coal mine in Australia.
The Adani Carmichael project has been opposed by climate activists due to the issue of carbon emissions.
Reports said the move from Amundi demonstrates that some financial institutions understand the serious reputational risks associated with supporting a new thermal coal project like Adani’s mega mine, especially in the middle of a global pandemic and intensifying climate disasters.
Amundi is Europe’s largest asset manager and ranks in the top 10 globally. It manages assets worth 1,650 billion euros.
Responsible investment has been the starting point in Amundi’s investment policy. When it was created in 2010, Amundi made social and environmental responsibility one of its four founding pillars. It was one of the founding signatories of the Principles for Responsible Investment.
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The total foreign direct investment (FDI) during the second quarter of financial year 2020-21 stood at $28.10 billion, out of which FDI equity inflows were $23.44 billion.
“This takes the FDI equity inflows during the financial year 2020-21 up to September 2020 to $30,004 million, which is 15 per cent more than the corresponding period of 2019-20,” said an official statement.
In rupee terms, the FDI equity inflows of Rs 2,24,613 crore are 23 per cent more than the last year.
August 2020 was a significant month when FDI equity inflow of $17.48 billion was reported in the country.
According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), Mauritius and Singapore were the biggest sources of FDI in India with 29 per cent and 21 per cent contribution respectively.
The US, Netherlands and Japan followed with 7 per cent contribution each.
Among the sectors, services sector continued to lead with the highest share in FDI inflow. The sector, which includes financial, banking, insurance, outsourcing, R&D among others, received 17 per cent of the FDI equity inflow during the period under review.
Computer software and hardware segment got 12 per cent FDI share while the telecom sector received 7 per cent.
Among the states, Gujarat attracted the highest FDI equity inflow — 35 per cent of the overall funds coming in during April-September — followed by Maharashtra (20 per cent), Karnataka (15 per cent), and Delhi (12 per cent).
Commerce and Industry Minister Piyush Goyal tweeted: “Despite COVID, Foreign Direct Investment doubles year-on-year. Indicating global investors’ preference for India’s enabling environment under PM Narendra Modi, FDI increased from $14.06 billion to $28.1 billion in the July-September quarter.”
Inflow of foreign investments has been on the rise after the governments around the world, including in India, announced liquidity measures in the wake of the pandemic.
The Centre has also announced liberalising measures for FDI in several sectors, including contract manufacturing, coal mining, and defence that are likely to fetch in more investments.
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Alibaba Cloud remained the leader in the China Cloud services market in Q3 with a 41 per cent market share and continued strong growth.
The China Cloud infrastructure spend grew 65 per cent in Q3 2020 to exceed $5 billion for the first time, acceding to the data provided by the global market research firm Canalys.
Total expenditure was over $750 million higher than in the last quarter and nearly $2 billion more than in Q3 2019.
Huawei Cloud and Tencent Cloud both saw healthy growth, each taking a 16 per cent share.
Baidu AI Cloud was the fourth largest cloud service provider, accounting for 7 per cent of total spend in the country.
The top four vendors collectively accounted for 80 per cent of total spend in Q3 2020.
“Demand for cloud-based services reached new heights in China, as organisations reprioritised IT spending and accelerated digital transformation projects,” Canalys Chief Analyst Matthew Ball said in a statement.
“Remote learning and working, as well as gaming, streaming, ecommerce and other online services continued to drive consumption of cloud infrastructure resources”.
China remained the world’s second largest market, accounting for 14 per cent of global investment.
Alibaba Cloud reported strong growth in finance and retail, while its existing customer base continued to grow.
Huawei Cloud has seen rapid growth in the finance, industrial manufacturing, Internet and government sectors.
Tencent Cloud saw rising demand for its PaaS solution while Baidu AI Cloud was boosted by growth in the transportation, healthcare and financial sectors.
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Hissein Brahim Taha has been elected Secretary-General of the Organization of Islamic Cooperation (OIC), Al-Ekhbariya reported on Saturday.
According to Arab News, the former Chadian Minister of Foreign Affairs will take up the post in November 2021.
Current Secretary-General Youssef Al-Othaimeen welcomed his successor at the 47th session of the OIC Council of Foreign Ministers, in Niamey, Niger.
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As thousands of farmers from Punjab, Haryana and Uttar Pradesh are rallying at Delhi’s three interstate border points, banned secessionist group Sikhs For Justice (SFJ) is trying to fish in troubled waters by announcing $1 million aid for farmers who suffered injuries or damage to their vehicles while facing police action in Haryana.
The information has sent security agencies into a tizzy, with many deployed on protest spots in plainclothes to keep a close tab on SFJ supporters who may mingle with protesters as part of their “ill-intention” to lure innocent farmers and take undue advantage of the situation in the name of helping them.
In its recent announcement through a social media platform, the SFJ said it will provide $1 million aid to farmers from “Punjab and Haryana who have suffered bodily injuries or damage to their vehicles while facing police action during their hard-fought journey to Delhi”.
The SFJ’s message mentions its plan for opening a 24-hour call centre on November 30 in the US, Canada, the UK, France and Germany to accept online applications from farmers of Punjab and Haryana to reimburse for their losses and also to register votes for its “Khalistan Referendum”.
“SFJ is kick-starting the Khalistan Referendum voting from London on August 15, 2021 for the independence of Punjab,” mentions the message circulated by SFJ’s US-based General Counsel and group’s key leader Gurpatwant Singh Pannun — designated a terrorist by the Indian government.
Assuring farmers of Punjab and Haryana that the SFJ will bear all the losses they have suffered, Pannun stated that “once Punjab is liberated from Indian occupation, the loans of the farmers will be waived and free power supply granted”.
The group has also threatened to take up the matter at the international level if the Indian government did not repeal its three contentious farm laws enacted in September.
“If the Modi government does not scrap the farm bills, as demanded by the farmers, SFJ will initiate legal action against India at the international level with the backing of various kisan organisations,” Pannun said in the message.
Security establishment, including anti-terror agencies, have since intensified efforts against the group banned by the MHA via a notification dated July 10 last year under the Unlawful Activities (Prevention) Act (UAPA) following its “anti-India activities” to disrupt law and order in the country.
However, the security officials maintained, no suspicious activity of the group has been noticed in the national capital or in the interstate border areas so far, even as central agencies are keeping a strict vigil to avoid any untoward activity.
It is the third such message circulated by the SFJ in the past one week. The SFJ earlier this week had called upon farmers of Punjab and Haryana to raise Khalistan flag at the India Gate here on the 12th anniversary of a terrorist attack in Mumbai on November 26, following which the national capital was put on high alert.
The SFJ had announced anti-India campaign, ‘Referendum-2020’, in November this year to seek secession of Punjab from India.
The move followed inputs that the Sikh community across India has rejected the Inter-Services Intelligence (ISI) sponsored propaganda of ‘Referendum-2020’. Pakistani intelligence agency ISI has been backing the malicious campaign launched by the SFJ as a large number of Pakistani Twitter handles have started tweeting in favour of the so-called ‘Referendum’.
Dubbing Sikhs in Kashmir as “freedom fighters and Sikh soldiers”, the US-based Khalistani radical outfit has urged them to support its most infamous agenda, ‘Referendum-2020’.
The group is already on the radar of the National Investigation Agency (NIA), which has been taking action against its key leaders such as Pannun and many others. In the beginning of September, based on NIA’s inputs, the MHA had issued an order to attach the properties of Pannun and SFJ’s Canada coordinator Hardeep Singh Nijjar.
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Historian Ramachandra Guha, a former member of the Committee of Administrators (CoA) that ran the Board of Control for Cricket in India (BCCI) during the reforms process ordered by the Supreme Court, has lashed out at the superstar culture in Indian cricket that has allowed top cricketers to have veto power over every decision.
In an interview to www.espncricinfo.com about his new book, The Commonwealth of Cricket, Guha lavished praised on former India captain Bishan Bedi but blames the Board, especially the Vinod Rai-headed CoA, for not showing enough spine to stand up to the likes of MS Dhoni and Virat Kohli.
“When Bedi once gave a television interview where he said some sarcastic things, he was banned for a (Test) match in Bangalore in 1974. Players had to get more power, they had to get organised, they had to be noticed, they had to be paid properly, which took a very long time. The generation of Bedi and (Sunil) Gavaskar was not really paid well till the fag end of their careers,” said Guha.
“But now to elevate them into demigods and icons — one of the things I talk about is (Virat) Kohli and (Anil) Kumble and their rift (Kumble was forced to step down as coach after the 2017 Champions Trophy). How essentially Kohli had a veto over who could be his coach, which is not the case in any sporting team anywhere,” Guha questioned the power given to the Indian captain.
Guha also touched upon an incident during a CoA meeting when he had asked the committee to consider demoting Dhoni in the central contracts system as he had retired from Test cricket. The rest of CoA, he says, was too scared to do that.
“(MS) Dhoni had decided: I’m not going to play Test cricket. He was only playing one-day cricket. And I said (in the CoA) that he should not get a (Grade) A contract. Simple. That contract is for people who play throughout the year. He has said, ‘I’m not playing Test cricket’. Fine. That’s his choice and he can be picked for the shorter form if he is good enough. (They said) ‘No, we are too scared to demote him from A to B’. And more than the board, the CoA, appointed by the Supreme Court, chaired by a senior IAS officer, was too scared. I thought it was hugely, hugely problematic. So I protested about it while I was there. And when I got nowhere, I wrote about it,” he explains.
Guha also lashed out at the current BCCI president Sourav Ganguly, saying that the former India captain has capitulated.
“(Sourav) Ganguly (the BCCI president) has capitulated. I mean, there are things he should not be doing, given his extraordinary playing record and his credibility, whether he should be practising this shocking conflict of interest. The kind of example it sets is abysmal. I say this with some sadness because I admired Ganguly as a cricketer and as a captain. I’m glad I’m out of it and I’m just a fan again. I can just enjoy the game and not bother about the murkiness within the administration,” he said.
Guha called Bishan Bedi a man of character.
“He is a person of enormous character, integrity and principle. He never equivocates, he never makes excuses. And he calls it as it is. These kinds of people are rare in public life in India. To find someone like Bishan Bedi, who is ramrod straight in his conduct, in any sphere of public life in India today is increasingly rare. He is also an incredibly generous man,” Guha said of Bedi.
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