Digital Financial News

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ITC Ltd, the diversified conglomerate, is set to declare its Q1 results today. The cigarette manufacturer is expected to see decent double digit growth in the net profit for the first quarter of FY24, while its revenue is likely to remain flat on a year-on-year (YoY) basis. ITC Q1 net profit is expected to rise 16.7% on-year to ₹4,886 crore led by steady growth in cigarette and fast-moving consumer goods (FMCG) businesses, as per brokerage poll by Livemint.

Mohamed Alabbar is more than just the managing director of Emaar Properties, the Dubai real estate firm that built the world’s tallest building, the Burj Khalifa. The multi-faceted entrepreneur and investor is also taking on Amazon in West Asia and spearheading UAE’s first digital bank Zand. In a video interview with Kailash Babar and Arijit Barman, Alabbar spoke frankly about mistakes made in India, future growth prospects and investment opportunities in digital assets as well as the stronger than ever bilateral ties between UAE and India.

In recent months, hope has been bubbling around the world that digital businesses, which earlier appeared to be perennial lossmakers, may be able to make profits at some point. This hope has mostly been triggered by the build-up of the first quarterly profit that Uber has turned in. This, along with an apparent improvement in the basic numbers of some digital businesses, has led to a rally in some of these stocks.

On August 7, 2023, PayPal (NASDAQ: PYPL) announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), aimed at transforming payments in web3 and digitally native environments. The announcement was made in San Jose, California, and marks a significant step in bridging the gap between fiat and digital currencies.

Canada's central bank has spent the last few years carrying out research into a digital loonie and what design features would be relevant to citizens with diverse payment needs and circumstances.But in a new paper, bank staffers note that most Canadians do not experience gaps in their access to a range of payment methods, and this would probably continue to be the case in a cashless environment.Nearly all - 98% - of Canadian adults have a bank account, while 87% have a credit card and internet access is high.The paper notes that this still leaves some people that could face difficulties making payments if merchants no longer generally accepted cash as a method of payment.However, for a payment-oriented CBDC to successfully address this issue, it would have to see widespread adoption among the majority of people who would not need it.

Apple says the federal government’s plan to regulate its payment services is a dangerous overreach and is being driven by the self-interested misrepresentations by major banks about how the iPhones work.

Russian experts say they think that the government will use the digital ruble to pay state benefits – and think the CBDC could be used to evade sanctions.

Half of all proceeds from fraud and financial scams in Australia are being washed through cryptocurrency platforms, according to data from the Australian Financial Crimes Exchange.

LS Digital Group, India’s largest homegrown integrated digital marketing services company, has made its third acquisition with the buyout of digital marketing agency Social Panga as part of its strategy to provide end-to-end services to brands, a top company executive said. The Social Panga acquisition deal, which is split 50/50 between cash and equity, will help the company bolster its creative and communication practice, LS Digital Group founder and CEO Prasad Shejale told ET. Social Panga’s co-founders Himanshu Arora and Gaurav Arora will join the LS Digital Group as co-founders.

European Union has raised data privacy concerns at the meta information portal that India has proposed for the micro, small and medium enterprises (MSME) of the G20 countries. The portal is sought to have details of MSMEs of every G20 member including the sectors and products they deal with. Establishing an online digital portal is crucial as it would offer integrated research, trade and business information for market research by the MSMEs. «Some members, including the EU, have raised data privacy concerns. They have asked how will the portal and data be managed,» said an official. Officials said that setting up the MSME portal is one of the three high-ambition goals, an outcome on which is being seen at the upcoming G20 Trade and Investment Ministerial meeting in Jaipur from August 24 to 25.

About 65% of all traffic is attributed to video sites, up from 51% in 2016. Every day, people watch around 1 billion hours of video on YouTube. Netflix is responsible for 15% of global internet traffic.

MUMBAI : Tata Projects Ltd expects to earn around 20% of its revenue from building factories for semiconductor manufacturing by FY25-26, its managing director, Vinayak Pai, said in an interview. “One of our strong focus areas is design and EPC (engineering, procurement and construction) of state- of-the-art gigafactory for semiconductor and electronics manufacturing. We can leverage our significant experience in electronics and solar panel manufacturing facilities as well as data centres to deliver value to our customers for semiconductor and chip manufacturing," Pai said.

ICICI Prudential Life Insurance Company Anup Bagchi has got his task cut out and given his banking background, his focus is on simplifying Life Insurance products. In an interview, Bagchi said just like the Indian Premier League (IPL) changed the way people watched cricket, consumers need simpler life insurance products, and insurers need to design a simpler process of onboarding customers for complex products. Earlier an executive director at ICICI Bank, he was named CEO for five years starting 19 June.

NEW DELHI : The government may define individuals below 18 years as underage for the online gaming sector for processing of personal data, while the definition of underage might be revised in the case of edtech and healthcare sectors under the digital personal data protection law, a senior official aware of the matter said. “For healthcare and education, the age limits can be reduced to below 18, which will not pose an issue.

OpenAI and Google are really worried that their products are dangerous and pose severe, unpredictable risks to public safety, they could stop developing them. It is reasonable, therefore, to suspect that their calls for regulation of so-called foundation models are partly motivated by the desire to lock-in their dominant market positions. Even the narrative of the dangers and risks of generative AI takes us in direction determined by a few big companies in Silicon Valley and the intellectual and media eco-system they have promoted.

NEW DELHI : India is working with multilateral forums, including the UN and the G20, to create collaborations that would certify, register, test and benchmark Indian digital public infrastructure (DPIs) and public goods (DPGs), two people with direct knowledge of the matter said. The success of some of the government’s popular DPI programmes like CoWin, UPI, Digilocker and Diksha (national digital infrastructure for teachers) has prompted New Delhi to seek its own rating and testing mechanism for DPIs and DPGs, the people mentioned above said.

Jobs most at risk Not all jobs are at risk. Well, some roles are more at risk than the others. Here’s what surveys tell us: an OpenAI report, published this March, suggests that four in five US workers could have at least 10% of their tasks automated by generative AI, and one in five could see at least half of their responsibilities affected.

air pollution mitigation, the use cases for AI in governance are endless. New Delhi plans to use AI to synchronise traffic signals so that there’s less congestion. Tamil Nadu expects to roll out a system of smart street monitoring to detect street light failures in real time.

Jey Uso has been relegated to the prestigious alumni section on the official WWE website, marking a dramatic turn in his wrestling journey. The former tag team champion's recent actions on the latest SmackDown episode have sent shockwaves through the wrestling community, culminating in a declaration of departure that has now been mirrored on WWE's digital platform. Here's the unfolding tale.

By Davit Kirakosyan