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Business Tech Lite

Early 5G rollout boosts Qualcomm revenues

Bullish on the early success of its 5G rollout, chip-maker Qualcomm has posted strong results for its fourth quarter, logging $6.5 billion in revenue which is up 35 per cent (year-over-year).

The net income was $1.6 billion as shares of Qualcomm went up over 6 per cent in the after-hour trading on Wednesday.

“Our fiscal fourth quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” said Steve Mollenkopf, CEO of Qualcomm.

“We concluded the year with exceptional fourth quarter results and are well positioned for growth in 2021 and beyond. As the pace of disruption in wireless technology accelerates, we will continue to drive growth and scale across our RF front-end, Automotive and IoT adjacencies,” he explained.

In the fiscal 2020, the company delivered $2.4 billion of RF front-end revenue, up 60 per cent year-over-year.

Qualcomm is now one of the largest RF suppliers with design wins across all its premium-tier smartphone customers.

“The early success of our 5G rollout is a great testament to our strategy of investing well in advance of these large opportunities. 5G represents the single largest opportunity in our history, creating new opportunities to extend our leadership,” Mollenkopf said.

Inching closer to its 5G rollout, Reliance Jio, which counts 400 million subscribers on its 4G network in India, last month achieved a 1000 Mbps throughput milestone for its first round of 5G trials in partnership with Qualcomm.

The two companies announced that they have achieved over a 1Gbps (1,000 MBPS) speed on the Reliance Jio 5GNR solution and the Qualcomm 5G RAN Platform.

The company said during the earnings call with analysts that in the field of IoT, it is extending IP investments from across the company into the portfolio of connected and non-connected products with a broad portfolio of technologies, including connectivity, lower power processing, and security.

“We are also diversified across multiple product areas and industry verticals as we have nearly 13,000 customers,” Mollenkopf said.

“We’ve also brought wearable solutions to our smartphone OEMs, as well as the broader ecosystem of consumer product companies.”

Also Read: Rs 187 bn Required To Rollout 5G in Mumbai, Delhi: Report

Also Read: Apple expected to grow 15% riding on 5G wave

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Sport

Rafael Nadal marks 1000 single wins

Rafael Nadal (Xinhua/Bai Xuefei/IANS)

Twenty-time Grand Slam champion Rafael Nadal has added yet another feather to his already illustrious cap by becoming only the fourth tennis player to register 1000 Open Era single wins.

On Wednesday, Nadal defeated Feliciano Lopez 4-6, 7-6 (5), 6-4 to reach the third round of the ongoing Paris Masters.

The Spaniard is the fourth player to reach the milestone in the Open Era, joining Jimmy Connors (1,274-283), Roger Federer (1,242-271) and Ivan Lendl (1,068-242). The 34-year-old leads all players in the Open Era with an 83.3 winning per cent (1,000-201).

“(Winning 1,000 matches) means that I am old. That means that I played well for such a very long time, because to achieve that number is because I have been playing well for a lot of years and (that) is something that makes me feel happy,” Nadal was quoted as saying by the ATP Tour website.

“I just can say thank you very much to all the people that helped me and all the people that in any moment of my life helped me to be where I am,” he added.

The 13-time Roland Garros champion, who is aiming to capture his first Paris Masters title, will now face Jordan Thompson for a place in the quarter-finals. The 2007 runner-up has reached the quarter-finals or better in each of his previous seven tournament appearances.

Also Read: Federer and Nadal have very high mutual respect: Sania Mirza

Also Read: True Honour To Congratulate Nadal: Federer

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Economy EU News

Second waves expected to slow down EU economic recovery

European Commission Executive Vice-President Valdis Dombrovskis

The European Union’s (EU) economic recovery from the impact of the ongoing coronavirus pandemic is expected to be slower than previously thought due to a second wave in several countries of the bloc, a top official said in Brussels.

“The months ahead will be challenging for everyone, so it is especially important that we discuss and coordinate our policies,” Xinhua news agency quoted European Commission Executive Vice-President Valdis Dombrovskis as saying at a press briefing.

His remarks came after a virtual meeting of the EU’s economy and finance ministers.

The ministers met to discuss the economic recovery in the bloc against a backdrop of tightened measures to curb the second wave of the pandemic.

The Commission will publish its autumn economic forecast on Thursday, Dombrovskis said.

He highlighted the urgency of reaching an agreement within the EU institutions on the 750-billion-euro recovery plan, the bulk of which is a 672.5-billion-euro tool named Recovery and Resilience Facility.

European Commission

Dombrovskis stressed that the member states need to prepare and implement the ambitious plans with reforms and investments to support the recovery and transformation of their economies.

At the meeting, the Ministers renewed the discussion of new fiscal rules, which was disrupted by the pandemic early this year.

“We shall come back to it once this acute phase of the crisis is over,” said Dombrovskis.

Wednesday’s meeting also adopted conclusions on an action plan against money laundering and terrorism financing presented by the European Commission in May.

The continent’s overall coronavirus caseload and death toll currently stood at 10,866,134 and 277,125, respectively, according to the latest update by the European Centre for Disease Prevention and Control.

Also Read: EU sees fast recovery of domestic tourism

Also Read: Europe reels under second Covid-19 wave

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-Top News USA

US formally comes out of the Paris Agreement

U.S. President Donald Trump. (Photo by Ting Shen/Xinhua/IANS)

The US has formally left the Paris Agreement, marking the only nation among nearly 200 signatories that abandoned this global agenda on combating climate change.

US President Donald Trump announced in June 2017 that his country would leave the Paris Agreement.

According to the agreement, its signatories can only formally request to quit the pact three years after it takes force, which falls upon November 4, 2019, and the withdrawal will take effect one year from delivery of the notification, meaning that the US will formally pull out of the pact on November 4 this year, Xinhua reported.

Trump announced the withdrawal soon after he took office, citing concerns about the pact’s threat to the US economy.

The Trump administration also rolled back environmental rules made in the Obama era to prop up the coal industry by allowing it to emit more greenhouse gases into the air.

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-Top News UK News USA

Asian Lite Daily Digital – November 5, 2020 – Trump Triggers Faux Pas

Trump Triggers Faux Pas; ‘No Foreign Interference in Election’; The ‘Samosa Caucus’ Won Big At The US Elections; Sarah McBride First Transgender State Senator; Arnab Arrested in Suicide Abetment Case – all in Asian Lite Daily Digital – click here to read the full edition.

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Business India News

Domestic flights to fly at 60% capacity till February

The limited domestic passenger flight capacity, of up to 60 per cent of pre-Covid level, has been extended till February 24, 2021.

In September, the Centre had increased the limited domestic passenger flight operations’ capacity to 60 per cent from the earlier 45 per cent.

Till now, the Centre has permitted only 60 per cent capacity utilisation in the domestic sector with effect from September 2, 2020.

The capacity has been increased in a graded manner from the 35 per cent to 45 per cent capacity from June 27, post the initial re-start of operations of the scheduled domestic flights from May 25.

Passenger air services were suspended on March 25 due to the nationwide lockdown to check the spread of Covid-19, and resumed in a phased manner.

Reacting to the extension, a Vistara spokesperson said: “We will comply with the government mandate and hope that the cap can be reviewed in coming weeks.”

Also Read: Vistara’s non stop Doha flight to start on 19th

Also Read: Spice operates first charter flight to Georgia

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Cricket Sport

Virat, Rohit retains ODI top ranks

Virat Kohli (R) and Rohit Sharma

Star Indian batsmen Virat Kohli and Rohit Sharma have maintained their top two positions in the latest ICC ODI rankings for batters which got updated on Wednesday following the conclusion of three-match series between Pakistan and Zimbabwe.

Meanwhile Pakistan all-rounder Imad Wasim has gained three spots to reach 49th position even as captain Babar Azam has bridged the gap a little with the Indian pair. Babar’s 221 runs, which include a knock of 125 in the third match on Tuesday evening, see him gain eight points though he remains in third position.

For Zimbabwe, Brendan Taylor and Sean Williams have advanced among batters after slamming fine centuries in the series. Taylor has progressed nine slots to 42nd position after scoring 204 runs including a knock of 112 in the first match. Williams has advanced 12 places to 46th position with 197 runs including an unbeaten 118 in the final match.

In the list of bowlers, New Zealand pace spearhead Trent Boult remains at the top spot, followed by India’s Jasprit Bumrah. Pakistan fast bowler Shaheen Afridi has achieved a career-best 16th position in the Rankings after a notable performance in the series with the hosts won 2-1.

Shaheen has gained eight places to move into the top 20 for the first time in his career with a match-winning haul of 5/49 in the opening ODI of the series in Rawalpindi.

Wahab Riaz, also a left-arm fast bowler like Shaheen, is another one to gain in the latest rankings update. He has moved up six places to 60th position, grabbing five wickets in two matches, including a haul of 4/41 in the second match of the series.

Also Read: Virat a complete cross format player: Joe Root

Also Read: Rohit Sharma becomes third in IPL to cross 5K runs

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Economy World News

Uncertain US elections erode rupee value

The uncertainty regarding the US election outcome impacted the Indian rupee which plunged to a two month low mark during Wednesday’s trade session.

The rupee hit an intraday low of 74.88 as there were indications that the US presidential results might be contested in courts.

At around 3.15 p.m., the rupee traded at 74.80 to a greenback.

“Markets would not like a delayed result, which can lead to prevalence of more risk-off sentiment,” Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.

“No matter who wins. Stimulus shall be coming. So expect US dollar to weaken in two week’s time after a clear win.”

At the end of the day’s trade, the rupee stood at 74.7462 from its previous close of 74.4063 to a greenback.

“A lack of clarity on the outcome of the US Presidential Election has created a lot of uncertainties,” said Nish Bhatt, Founder and CEO, Millwood Kane International.

“Global equity and currency market have reacted according to it. With the US Dollar gaining strength, the Indian rupee saw a decline, as it slipped towards the crucial 75 per US dollar mark.”

Rahul Gupta, Head of Research, Currency, at Emkay Global Financial Services, said: “The USDINR spot is respecting the immediate resistance of 75, but the caution and volatility will keep the appreciation intact.”

“For the coming sessions, we expect USD-INR spot to trade in between 74-75.50.”

Also Read: India’s exports go down 5.4% in October

Also Read: India grants 100% Tax Exemption To Abu Dhabi’s SWF

Categories
Arab News Business

Vistara’s non stop Doha flight to start on 19th

Vistara.

Full-service carrier Vistara will operate special, non-stop flights between Delhi and Doha from November 19.

The airline will operate its Airbus A320neo twice a week between the two cities, on Thursdays and Sundays, as part of the bilateral ‘transport bubble’ agreement between India and Qatar.

“We are pleased to strengthen our presence in the Middle East by adding another global city to our steadily growing network, albeit for special flights under the ‘transport bubble’,” said Leslie Thng, Chief Executive Officer, Vistara.

“As an economic hub of the region, Doha continues to draw business travellers and is home to a large number of Indian expatriates.”

The Tata SIA Airlines Ltd, known by the brand name Vistara, is a joint venture between Tata Sons and Singapore Airlines Ltd (SIA).

Also Read: Vistara operates first Delhi-London long haul flight

Also Read: Tata may take over Air India by New Year

Categories
Business Economy

SBI net jumps 51.88% in Q2

Lending major State Bank of India on Wednesday reported a rise of 51.88 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.

Accordingly, the lenders’ net profit increased to Rs 4,574 crore from Rs 3,012 crore reported for the corresponding period of the previous fiscal.

Besides, the Net Interest Income (NII) increased to Rs 28,181 crore in Q2FY21 from Rs 24,600 crore in Q2FY20, an increase of 14.56 per cent YoY.

“Bank has delivered a strong performance in Q2FY21 with all round improvement in ‘Profitability, Capital Adequacy and Provision Coverage Ratio, including Additional Provision over Minimum Regulatory Provisions’ required,” the lender said in a statement.

Also Read: India’s exports go down 5.4% in October

Also Read: India’s data centre market to reach $5bn value by 2025: Crisil