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Artist, Band or Public Figure » Business Person
Artist, Band or Public Figure » Business Person
Artist, Band or Public Figure » Business Person
Artist, Band or Public Figure » Business Person
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Artist, Band or Public Figure » Business Person
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With the latest findings from TransUnion CIBIL Industry Insights Report (TransUnion), it seems Indian consumers have become aggressive with the use of credit cards in routine life. The consumers have developed an appetite for shopping, booking for holidays and borrowing by swiping a credit card. This is because TransUnion report indicate that credit card usage has hit an all-time high.
As per TransUnion third quarter 2018 report, Indians have 3.69 crore credit card accounts, outstanding balance of Rs 84,400 crore and the average balance per credit card holder was Rs 46,000. Those totals represent increases of 31.7 percent, 35.8 percent and 8.1 percent respectively, over third quarter 2017 figures.
Yogendra Singh, Vice President of Research and Consulting for TransUnion CIBIL said, “The Millennial (those who are born between 1980 and 1994) and Generation X (those who are born between 1965 and 1979) consumers are driving much of this growth and comprise well over half of all accounts and balances.”
It’s not just the number of credit cards that have gone up. The report adds that delinquencies – or the number of credit card holders carrying forward a balance have also gone up. Delinquencies have risen in this period (this is defined as amounts that are due for 90 or more days). It is 1.78 percent for the third quarter, up 28 basis points against third quarter of 2017.
Singh said, “From a consumer perspective, it’s immensely important that borrowers understand the importance of continuing to make on-time payments. This is especially important for younger consumers, who are generally less experienced in managing debt and are still building their credit habits.”
It’s important to understand using credit cards are most expensive forms of credit. Aman Kapoor chief engagement officer at Credit Sudhaar explained, “Generally the card outstanding gets charged about 3% per month which turns out to be 36% on an annualised basis. However, the effective interest that customer will pay is far higher and can go as high as 50% depending upon the repayment pattern”.
Despite their numerous benefits with rising usage, it’s important to know credit cards can even pose significant risks for those lacking financial disciple. If used carelessly, they can wreck your financial health for a long time and reduce your eligibility for any type of loans. Let’s look at major risks of using credit card and how you can avoid it.
Risk of overspending
Using credit card can be risky instrument for those who cannot refrain themselves from splurging money. The easy availability of credit along with exciting reward points, cashback offers and discounts often entices you to prepone expenditures and buy products which you can do without. This may lead you to spend more than what you can repay.
How to avoid it? Sahil Arora, Head of Payment Products at Paisabazaar.com said, “The best to way to avoid overspending is to keep track of unbilled balances on your credit card and spend only that can be repaid by the bill due date.”
Debt grows at electrifying speed
Generally the credit card holders are unable to restrict the usage of cards and this leads to a large amount reflecting as due on the monthly statements. This leads to revolving the credit and making partial payments by credit card holder. Kapoor explained, “So, if one was to calculate an outstanding amount of Rs 50,000 on credit card it will take almost 9 years to get repaid if the card holder was paying only minimum amount due every month”.
How to avoid it? Not revolving the credit will be the key to effective management of the credit cards.
Credit score gets damaged if you don’t pay up on time
Credit card transactions are considered as equivalent of taking loans. Hence, credit bureaus include credit card bill defaults in the credit report and reduce credit score accordingly.
How to avoid it? Arora suggested, “Those having a tendency to forget their bill due dates can set standing instructions in their bank account to enable automatic bill payment”.
Impacts credit score due to higher credit utilisation ratio
This ratio denotes the proportion of your total available credit limit availed by the cardholder. Credit bureaus consider credit utilisation ratio of over 40% as a sign of credit hungriness and it impacts your overall credit score. For instance, if you have a credit limit of Rs 1 lakh on your credit card you shouldn’t ideally exceed Rs 40,000 frequently on credit expenses.
How to avoid it? Abhishek Agarwal, CEO and Co-Founder of CreditVidya said, “Those who exceed 40% of their credit limit frequently should request their card issuers to increase their credit limit based on eligibility.” This will increase your total credit limit and hence, reduce credit utilisation ratio.
Charges incurred on unpaid bill amount
Credit cards charge 36-50 percent p.a. (varies from type of card and bank) on the unpaid credit bill amount. Failure to repay the minimum amount due, which is usually 5 percent of the bill amount, will attract an additional late payment fee of Rs 1,000 (varies from bank to bank). Remember that once a cardholder fails to repay the entire bill amount, all fresh transactions thereon will attract finance charges till the unpaid balance is paid off.
How to avoid it? Don’t overspend it’s as simple as that.
Avoid using multiple credit cards
Often, banks are offering free credit cards targeting to the millennials who are entering the workforce or switching jobs in early age. Also, there are co-branded cards being promoted targeting generation X consumers. To get additional benefits this consumer’s end up with multiple credit cards and not using them.
Also, lot of times this free credit cards are chargeable from second year or have conditions to use card for minimum Rs 50,000 annual expenses (varies from type of card and banks). If minimum expense criteria of bank is met they will waive off annual credit card charges. So, generally you overspend using all this cards to get waive off from this credit card charges and avail additional benefits offered.
How to avoid it: Gaurav Gupta is the Founder and CEO of Myloancare.in suggested, “If you don’t need multiple credit cards then you should return back the cards to respective bank and get it cancelled.” If you leave a card just lying with you then chances are banks will levy annual charges on the card despite not using it.
Credit: Moneycontrol
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2018 was a year of unicorns. India added eight unicorns to its kitty, the highest in a single calendar year. Swiggy, OYO, Paytm Mall, Udaan, Policy Bazaar, Zomato, Freshworks and Byju's were the eight startups that crossed $1 billion in valuation.
In the most recent example, Swiggy executed definitive agreements for a $1 billion funding round led by Naspers and saw new investors -- Tencent, Hillhouse Capital and Wellington Management Company coming on board.
The unicorns are also aiming at expanding footprints in the global market. OYO is currently in over 350 cities with over 12,000 asset partners spread across six countries including India, China, Malaysia, Nepal, the UK and UAE in the Middle East.
The company raised $800 million in its latest funding round led by SoftBank Investment Advisers (SBIA) along with the participation from existing investors - Lightspeed Venture Partners, Sequoia and Greenoaks Capital. The fundraising, the company said, is aimed to "strengthen its market position in its home markets - India and China - and support its international expansion plans".
Here's a quick look at how these companies fared in 2018:
Credit : cnbctv18.com
Swiggy on Thursday said it has closed a $1 billion funding round, led by existing investor Nasper, a move that will give the food delivery platform more muscle to compete against players like Zomato and FoodPanda.
Swiggy, in a statement said, it has executed definitive agreements for a $1 billion round of funding led by Naspers and saw new investors -- Tencent, Hillhouse Capital and Wellington Management Company coming on board.
The series H round also saw participation from other existing investors including DST Global, Meituan Dianping and Coatue Management, it added.
Swiggy said the latest fund-raising round is the "single largest in India's food technology sector to date" and takes the total funding raised by the Bengaluru-based company to $1.26 billion.
The fresh capital infusion will provide more ammunition to Swiggy as it battles Ant Financial-backed Zomato, Ola-owned Foodpanda and UberEats in the growing food delivery space in the country.
"As India's appetite for online food ordering grows, Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the 'Access' initiative for restaurant partners," Swiggy said in a statement.
It added that the fresh capital will also be used to hire talent, especially for machine learning and engineering roles across mid and senior levels.
Swiggy is focussed on further strengthening its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery, it said.
"As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we are pleased that visionary global investors share our purpose and have made such a significant investment in our future," Swiggy CEO Sriharsha Majety said.
In June this year, Swiggy had raised $210 million in funding led by Naspers and DST Global. Since then, the company has expanded to 42 additional cities and doubled its gross merchandise value. It has close to 1.2 lakh active delivery partners on its platform.
Founded in 2014, Swiggy has over 50,000 restaurant partners spread across more than 50 cities.
Credit: CNBCTV18.com
Facebook said in a blog post Wednesday it allowed other big tech companies to read users' private messages, but denies it did so without consent.
The post came in response to a New York Times investigation published Tuesday that said Facebook granted tech companies like Amazon, Microsoft, Netflix and Spotify special access to users’ personal data including private messages and contact details.
Facebook said it enabled partner companies like Spotify to access users' private messages after a user had signed into Facebook through the partner company's app.
Facebook has admitted it allowed other big tech companies to read users' private messages, but denies it did so without consent.
The response came in a blog post by the firm Wednesday after a New York Times investigation found that Facebook gave companies including Netflix, Spotify and the Royal Bank of Canada the ability to read, write and delete users' private messages. The report on Tuesday also said it permitted Microsoft's Bing search engine to view the names of nearly all of a Facebook user's friends without consent.
Facebook said it enabled partner companies like Spotify to access users' private messages after a user had signed into Facebook through the partner company's app.
Facebook has admitted it allowed other big tech companies to read users' private messages, but denies it did so without consent.
The response came in a blog post by the firm Wednesday after a New York Times investigation found that Facebook gave companies including Netflix, Spotify and the Royal Bank of Canada the ability to read, write and delete users' private messages. The report on Tuesday also said it permitted Microsoft's Bing search engine to view the names of nearly all of a Facebook user's friends without consent.
Facebook said it enabled partner companies like Spotify to access users' private messages after a user had signed into Facebook through the partner company's app.
In all, the Times report said Facebook's data-sharing arrangements benefited more than 150 companies. The deals, in turn, helped Facebook bring in more users, it also said.
"To be clear: none of these partnerships or features gave companies access to information without people's permission, nor did they violate our 2012 settlement with the FTC (Federal Trade Commission)," Facebook said in the blog post.
Facebook said it shut down its "instant personalization" process in 2014, which allowed users to link their Facebook accounts with other services to see public information their friends shared. But it admitted the software components for the service were left in place after it shut down, potentially allowing developers to continue accessing users' personal information. Facebook said it has "no evidence data was used or misused after the program was shut down."
Facebook has been embroiled in a series of scandals this year over how it handles users' personal data. Documents released by a British lawmaker earlier this month showed Facebook had considered giving other companies special access to personal data.
Facebook shares have tumbled nearly 20 percent this year as investors have questioned the company's leadership and the possibility of more regulation.
A spokesperson for Netflix told CNBC the streaming service had launched a feature in 2014 that enabled members to recommend TV shows and movies to their Facebook friends via Messenger or Netflix, but then shut it down in 2015. "At no time did we access people's private messages on Facebook, or ask for the ability to do so," the Netflix spokesperson said.
A Microsoft spokesperson told CNBC in a statement: "Throughout our engagement with Facebook, we respected all user preferences." RBC said its use of the Facebook platform was limited to the development of a service that enabled clients to facilitate payment transactions to their Facebook friends, which it decommissioned in 2015.
In a statement, Amazon said: "We only use information in accordance with our privacy policy." Spotify said it cannot read users' private Facebook inbox messages across any of its current integrations.
"Previously, when users shared music from Spotify, they could add on text that was visible to Spotify. This has since been discontinued. We have no evidence that Spotify ever accessed users' private Facebook messages," a spokesperson for the company said.
Credit : CNBCcom
Lyft CEO John Zimmer admits that a few years back he got depressed when he realized that Uber had 30 times more cash than his company.
"I didn't know what to do ... I got overwhelmed with the things I couldn't control," Zimmer told CNN's Laurie Segall. During that period, he said, he was "slow to lead."
Zimmer eventually came out of his funk. And Lyft not only survived, it filed plans just last week to go public.
But Zimmer's experience of feeling defeated at a critical stage is far more common than a lot of CEOs are willing to admit.
Whether your competitor gets more funding, captures bigger market share or nabs a choice client, here's what you can do to ensure the success of your own company long-term:
Get right with yourself
Make it a priority to take care of yourself physically and mentally, especially if you are depressed or anxious in the wake of what you perceive to be a defeat.
"Have daily practices that center you," said Peter Bregman, who founded the leadership advisory firm Bregman Partners.
For instance, meditating even for a few minutes in the morning and the afternoon can give you a chance to reset yourself, much the way sleep can, Bregman said.
Reach out to your competitor
In cases where you were directly competing for something (e.g., a big client), consider offering your congratulations to the competitor who won out.
"There is no downside to it," Bregman said. If anything, you distinguish yourself and you plant the seeds for a relationship, which can bear fruit down the line.
Put things in perspective
Setbacks happen, but they're temporary.
And success is never an all-or-nothing proposition.
"There's always room for more than one [successful company] in every market," said Dana Severson, cofounder of Startups Anonymous, a platform for founders to confidentially share their stories and challenges.
Also, just because a competing firm gets a big round of funding doesn't mean there won't be enough for you. "There is so much money out there if your idea is good enough," Bregman said.
Be realistic about what your competition just 'won'
Keep in mind, more funding doesn't guarantee success.
"People often think funding is a victory in and of itself," said Severson, who's founded other startups, including gourmet beef jerky seller Stick in a Box.
What's more, big funding brings big expectations and demands. It may even mean your competitor will need to take on a different kind of client than you'd like, he said.
And while more money means the other company can spend more than you on marketing and hiring, "that doesn't mean those are necessarily good business decisions," said executive coach Jerry Colonna, a founder of Reboot, which provides counseling and boot camps for CEOs, founders and venture capitalists.
Remember, too, Colonna added, companies that gain "first mover advantage" don't necessarily succeed long-term (see Myspace, GeoCities and AOL).
Swim in your own lane
The best thing you can do for your company — and your sanity — is to pay attention to what you can control.
"Stay focused. If you spend the entire time looking left and right when you swim, you'll lose," Colonna said.
Especially focus on the quality of your own work. What does your company offer that distinguishes it from others in the industry? And what can you learn from your competitor to make improvements?
Once you're clear on answers to those questions, and have gotten some perspective on your current situation, you'll be better positioned to motivate and encourage your employees for the challenges ahead.
Credit: cnn.com
Facebook could be facing a multi-billion dollar fine after a European regulator announced Friday that it is launching an investigation into the company over failure to protect user privacy.
The Irish Data Protection Commission, which oversees Facebook's compliance with European law confirmed to CNN on Friday it launched a "statutory inquiry" into Facebook after receiving multiple reports of data breaches affecting the company.
News of the inquiry came just as Facebook announced that it had exposed photos from up to 6.8 million users. The incident comes after the company announced in September the biggest security breach in its history, in which hackers accessed the personal information of tens of millions of Facebook users.
The inquiry is the result of new powers given to the Irish data regulator as a result of the General Data Protection Regulation (GDPR), a European regulation that came into effect in May.
Because Facebook's European headquarters is in Dublin, it must under GDPR inform the Irish data regulator within 72 hours of discovering a breach.
Companies found to have run afoul of GDPR could face a maximum fine of $23 million or 4% of their annual worldwide revenue, whichever is higher.
In Facebook's case, the company had revenue of almost $40 billion in 2017, which means the company could face a fine of up to $1.6 billion if its revenue for 2018 remains roughly the same.
The bug, which involved the exposure of millions of Facebook users' photos and occurred over a 12-day period, was discovered in September. But Facebook reported the breach to its European regulator two months later, on November 22, according to the company.
Facebook said it filed the report as soon as it had "established it was considered a reportable breach."
Graham Doyle, the regulator's head of communications, said the Irish Data Commission launched an inquiry this week stemming from several breach notifications it has received from Facebook.
When Facebook made the announcement of its biggest breach ever in September, the Irish Data Protection Commission expressed concern at the time about the lack of information it said it had received from the company.
"We are in close contact with the Irish Data Protection Commission and are happy to answer any questions they may have," a Facebook spokesperson told CNN.
Credit: CNN.com
How Sweetgreen became a billion-dollar business
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Three college kids were craving healthy fast food so they created Sweetgreen. Today, it's a $1 billion salad chain.
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Once called the "King of Good Times" due to his extravagant lifestyle, controversial Indian tycoon Vijay Mallya has been embroiled in financial scandals since 2012.
Accused of fleeing from India in 2016 after defaulting on debts of more than $1bn (£785m), a London court has now ruled he should be extradited from the UK to India where he faces fraud charges - charges he denies.
The extradition ruling will be passed to the Home Secretary for approval. If he is sent home from the UK and found guilty, it will be a spectacular fall from grace for a man whose lifestyle brands have achieved global recognition and who has even spent time as a politician.
Mr Mallya became chairman of conglomerate United Breweries Group in 1983 aged just 28, inheriting the job when his father died.
It is best known for producing Kingfisher, India's most popular beer, but has also branched out into chemicals, paints and publishing, buying The Asian Age newspaper and Bollywood film magazine Cine Blitz.
However, the businessman's more recent ventures have courted controversy.
Kingfisher Airlines, launched in 2005, grew to become India's second largest domestic carrier, but racked up debts of more than $1bn (£755m) - much of which remains outstanding.
It was wound down in 2012 amid reports that pilots and cabin crew had worked unpaid for 15 months.
Mr Mallya was also forced to resign as chairman of United Spirits, India's biggest distiller, after its new owner Diageo accused him of financial wrongdoing.
Diageo is now suing the tycoon to recover payments worth $181m.
Despite the controversies Mr Mallya has maintained his trademark flamboyance and indulged his passions.
He helped co-found a Formula 1 team, Force India (although it went into administration in July when his assets were frozen), and bought Indian Premier League cricket franchise Royal Challengers Bangalore for more than £70m.
He was even a member of the upper house of India's parliament, elected in 2002 and then again in 2010. He quit in 2016 amid allegations of wrongdoing.
Since then his creditors and regulators have been closing in.
A group of Indian banks are seeking to recover more than $1bn of loans granted to his defunct Kingfisher Airlines.
And India's fraud office is investigating claims he funnelled loans to the struggling airline via other firms, and hid personal assets.
The businessman has denied all allegations, labelling the investigation against him as a "witch hunt".
Credit : bbc.com
In 2000, Bill and Melinda Gates launched the Bill and Melinda Gates Foundation to provide health care facilities and education to underprivileged people across the world. In 2015, Mark Zuckerberg and his wife Priscilla Chan announced that they would give away 99 per cent of their shares in the Facebook for human development. It is not unusual for the tech CEOs to donate billions of dollars in charity. But not Steve Jobs.
Interestingly, the Apple co-founder apparently never donated a single penny towards any charity in his life. Jobs might come across as a tightwad from his lack of donations or his lack of support for charitable organisations, but he had his reasons.
Job's daughter, Lisa Brennan-Jobs recently published a memoir-- Small Fry-- detailing her life with her famous father. In the book, Lisa gives a kaleidoscopic view of Jobs, citing incidents that often leave you perplexed. In one of such incidents Lisa revealed why Jobs never gave away a dime in charity.
It was a few weeks after Christmas when Lisa joined the Palo Alto High School or 'Paly' when Jobs' wife, Laurene, took her on a trip with the Audubon Society. A few days later, a distraught Jobs came in Lisa's room. When Lisa questioned him about the cause of his unrest, Jobs revealed that it was her bird trip with the Audubon Society.
"What matters in life," he said, "is only what you do with your own hand."
However, when she failed to understand what he meant, he explained, "That bird trip...That sort of-thing...These sorts of things don't mean anything. They aren't real."
Jobs' discrete explanation at the time didn't help Lisa in understanding what he truly had meant until days later she learned that the trip had been given to them in the hopes that either Laurene or Jobs himself would donate money to the society, which as Lisa wrote in her book, is what had actually bothered her father.
Notably, Jobs wasn't frugal only while giving away money in charities but also while conducting his household. In the book, Lisa recalls that Jobs made calculations out loud about the cost of things at the grocery store and the restaurants. She wrote that her father would be indignant when things were too expensive. He would also refuse to buy things when he thought that the budget or the purchase was more than what a normal family could afford, even though he could afford it.
The reason for this thrifty behaviour, as one can understand, was Jobs' humble roots. Jobs didn't come from a well-to-do family. Money wasn't ample but it was enough. This is what motivated him to drop out of Reed after completing just one semester in the college. This stayed with him even when Apple became big and he became rich. He believed in earning things and in spending based on requirements that would meet the demands of an average American family.
This, however, didn't stop him from helping people near and dear to him or indulging from time to time. He bought an Alfa Romeo car for one of his girlfriends, Tina, and paid off Laurene's student loans. He also kept two cars- a Porsche and a large silver Mercedes-- for himself.
Credit: indiatoday.in
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HCL Technologies (HCL) on Thursday announced that it will acquire select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews.
The announcement raised initial shock waves from analysts and industry watchers which in turn reflected in the stock. The questions are very evident- why such a huge payout for seven software products? Does the product business really have revenue scalability potential? Is HCL Tech paying too much and getting too little in the process? Will this impact dividends?
While there are lot of risks, as is the case in any acquisition, the management seems to have a long term strategy in play.
First the deal value
The company will be paying IBM $1.775 billion for seven products, which are across marketing, security and commerce. 48-50 percent of the amount will be paid when the deal is closed, between April and June 2019, while the remaining a year later.
It will pay a majority of the amount in cash via its internal accruals and about $300 million of debt will be taken to fund the deal.
As of September 30, 2018, HCL Tech had $1.59 billion net cash in its books. The payout of cash via internal accruals has been done keeping in mind its dividend distribution strategy as well as its commitment to scale business and invest in digital technologies. This means that HCL Tech will not take the entire cash on books, but a significant portion of it but at the same time it expects a good quarterly cash generation.
The company also reiterated that five of the seven products were already a part of an IP deal with IBM, where HCL Tech received a revenue share. While these five products have been acquired, HCL continues to work on an IP model with IBM for other products. So the $650 million is the incremental amount that will come in as a result of the acquisition.
The long term play
Once the deal is completed, HCL Tech expects an annual incremental revenue of $650 million from the acquired business. HCL Tech divides its businesses into Mode 1 (Core services), Mode 2 (next generation services) and Mode 3 (Products & platforms). The acquisition falls under the Mode 3 segment. Mode 3 recently hit a revenue run rate of $1 billion. Once the deal is done, the management expects to cross $1.66 billion of revenue run from the Mode 3 business alone.
Credit: cnbctv18.com
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