17 charged for Apple store theft worth $1 mn

17 charged for Apple store theft worth $1 mn

Police in the US has announced the arrest of 17 persons in connection with robberies targeting Apple stores across 19 counties in California that has caused a loss of over $1 million.

Earlier this week, electronics worth tens of thousands of dollars were stolen from the Palo Alto Apple store in California in less than 12 hours during the iPhone XS launch weekend.

In two days, the Palo Alto store was robbed of $107,000 worth of iPhones, computers and electronics.

The two robberies at the Palo Alto Apple store comes after last week’s launch of the iPhone XS and super premium iPhone XS Max which attracted higher than average enthusiasts to Apple stores through the weekend.

“The defendants are charged with entering the stores in large groups wearing hoodies and snatching products on display,” Attorney General Xavier Becerra said in a statement on Friday.

In some instances, the group was able to grab more than $20,000 in merchandise.

“Seven adults were arrested on September 25 and booked in the Alameda County Jail. Another is in custody in Sonoma County. Arrest warrants have been issued for nine other suspects. The probe is on,” Becerra added.

Notably, burglaries at Apple stores have become common over the past few years, with suspects taking incredibly quick approaches to swiping expensive products.

Between late August and September, six Apple Stores in the region were reportedly robbed at least nine times.

On Sunday, an Apple Store in Santa Rosa area was also looted for the second time in less than a month, according to Fox News.

Pakistan issues flood alert as heavy rains expected

The Pakistan Met Department has issued a flood alert as heavy rains and thundershowers with gusty winds were expected in Punjab province on Sunday.

“A strong weather system from central India will pass between New Delhi and Lahore during Saturday evening to Monday afternoon which can cause heavy to very heavy rainfall,” the weather office said in a notification on Saturday.

It said that widespread thunderstorms with scattered and isolated heavy falls are expected over the upper catchments of rivers in Lahore, Rawalpindi, Sargodha and Sahiwal divisions, reports Xinhua news agency.

“A very high flood is expected from Sunday in river Chenab at Marala and downstream, river Jhelum at Mangla, rivers Ravi and Sutlej,” the weather office said.

However, the scale of flood in Ravi and Sutlej in Pakistan would depend upon the releases from India, it further said.

The weather office also directed local administration to remain vigilant during the reporting period and depute extra staff for emergency services along with extra medical and paramedical staff at all health facilities.

India’s solar alliance gets major push with EIB funds

In a major push to India’s International Solar Alliance (ISA), European Investment Bank (EIB) President Werner Hoyer on Wednesday announced a major progress on tackling climate change globally at the One Planet Summit here.

Announcing progress on initiatives hailed as “transformative” that will deliver on the ambitious Paris Agreement to tackle climate change, he announced to bridge urban financing gap with Global Urbis, launch the Land Degradation Neutrality Fund and expand solar energy through the International Solar Alliance.

Global Urbis is a ground-breaking partnership to enhance climate action in cities around the world.

The Land Degradation Neutrality Fund is a unique way to finance climate adaptation and land restoration measures through projects that will benefit some of the most vulnerable communities.

In addition, the EIB President pointed to the EU bank’s commitment to backing the ISA to support solar energy and the exchange of technology.

The EIB is partnering with the ISA, bringing its expertise and financing to support the expansion of solar energy in India and other regions where solar power is one of the most abundant renewable energy sources but where technologies, funding and expertise are often lacking.

Adobe, Microsoft and SAP announce Open Data Initiative

In an effort to empower companies to derive more value from their data and deliver better customer experiences, Adobe, Microsoft and SAP have introduced the Open Data Initiative (ODI).

Announced at the “Microsoft Ignite” conference here late on Monday, the initiative will enhance data exchange between the applications and platforms offered by the three companies.

“Together with Adobe and SAP, we are taking a first, critical step to helping companies achieve a level of customer and business understanding that has never before been possible,” saidMicrosoft CEO Satya Nadella.

“Organisations everywhere have a massive opportunity to build AI-powered digital feedback loops for predictive power, automated workflows and, ultimately, improved business outcomes,” he added.

Companies around the world use software and services from Adobe, Microsoft and SAP to run product development, operations, finance, marketing, sales, human resources and more.

The core focus of the Open Data Initiative is to eliminate data silos and enable a single view of the customer, helping companies to better govern their data and support privacy and security initiatives.

“Adobe, Microsoft and SAP are partnering to reimagine the customer experience management category,” said Shantanu Narayen, CEO, Adobe.

“Together, we will give enterprises the ability to harness and action massive volumes of customer data to deliver personalised, real-time customer experiences at scale,” he added.

According to Bill McDermott, CEO of SAP, the three companies understand that the customer experience is no longer a sales management conversation.

With the open data initiative, we will help businesses run with a true single view of the customer,” said McDermott.

Plea for Imran Khan’s disqualification rejected

The Pakistan Supreme Court on Monday rejected a petition seeking Prime Minister Imran Khan’s disqualification for not being truthful and righteous.

A three-judge bench headed by Chief Justice Saqib Nisar dismissed the petition on the grounds that it had already been rendered ineffective, reports Dawn .

The court ruled that the petition seeking Khan’s disqualification as an MNA (Member of National Assembly) was filed during the term of the previous National Assembly, which has now completed its tenure.

The petition was filed by advocate Danyal Chaudhry in May 2017 soon after the apex court had constituted a six-member Joint Investigation Team (JIT) to probe allegations of corruption against former Prime Minister Nawaz Sharif, and had been pending before the court since then.

Chaudhry sought a special oath for the JIT members to protect them from getting influenced by Khan’s speeches.

The petition had requested the apex court to restrain Khan from activities which could influence the minds of the JIT members because his speeches and press releases could prejudice the investigation team.

It alleged that Khan was making speeches to undermine the Panama Papers case judgement and further influence the expected outcome of the JIT investigation.

ICICI Bank, Kochhar have not filed for any settlement application, says SEBI

Securities market regulator SEBI on Wednesday said that ICICI Bankand its MD and CEO Chanda Kochhar have not filed for any settlement application under the consent mechanism.

“It is hereby clarified that ICICI Bank and Ms. Chanda Kochhar have filed replies to show cause notices issued by SEBI,” the regulator said in a statement on Wednesday.

“It is further clarified that, SEBI has not received any settlement application from ICICI Bank or from any other entity related to the matter.”

The clarification comes a day after the private lender denied filing any such application.

The company, however, said on Tuesday that it has submitted its response to the show-cause notice issued by SEBI.

“We have submitted our response to the show-cause notice issued by SEBI. We would like to clarify that we have not filed any application for settlement,” ICICI Bank had said in a regulatory filing on Tuesday.

On Tuesday, while answering questions on the issue after SEBI’s annual board meet, SEBI chief Ajay Tyagi said: “On the ICICI (issue), to my information some reply has come from the bank and the earlier CEO (Kochhar), so, we will examine that…”

On the plea for settlement through consent mechanism, Tyagi claimed ignorance. However, another SEBI official present at the conference confirmed the request.

The stock market regulator provides for an out-of-court settlement procedure to settle cases — consent mechanism — which does not warrant admission or denial of the alleged wrongdoing.

SEBI had issued a show-cause notice to ICICI Bank and its MD and CEO Kochhar regarding conflict of interest in lending to Videocon Group, which has had business tie-ups with her husband Deepak Kochhar.

Currently, former Supreme Court judge B.N. Srikrishna (Retd) is heading an independent enquiry into the allegations.

Despite rupee’s decline, paint industry expects robust growth

Despite rupee’s decline, paint industry expects robust growth

The Indian paint industry, which remains bullish in its outlook with an anticipated 15 per cent growth in the current fiscal on the back of a good monsoon and lower taxes, is weighing the impact of the depreciating rupee on its raw material cost, stakeholders say.

“Outlook for the industry is positive and we are expecting around 15 per cent growth in sales this year as the demand is expected to pick up on the back of reduction in the GST (Goods and Services Tax) rate, a good monsoon resulting in a higher rural incomes and because of the approaching festive season,” Indian Paint Association President and Berger Paints India’s Managing Director and CEO Abhijit Roy told IANS.

According to him, the demand for the paint industry usually picks up after the monsoon from September onwards and the 10 per cent reduction in GST from the earlier 28 per cent, as announced in July, would not only lead to higher volumes but also open the scope for premiumisation.

“We are witnessing industry-wide double-digit growth with an average 10-15 per cent as compared to about 9 per cent growth in the previous financial year,” AkzoNobel India’s General Manager (Decorative Paints, South Asia Cluster) David Teng said.

However, the falling rupee has presented a challenge to the industry.

“With rupee depreciating, there would be some possible adverse impact on the imported raw materials. Of the total raw materials, the import share is about 25-26 per cent. The cost of raw materials could go up by 1-2 per cent which can be borne. But then, margins could be under pressure,” Roy said.

The industry is keeping a “close look on the situation” and would take a decision on whether “the rising cost is to be borne or to be passed on to consumers”, he said, adding the benefits of lower tax rates have been passed on to consumers and the industry wanted prices to settle down.

“Consumers could get confused with too many changes and the retail trade needs to understand the price trend and accordingly adapts to it,” Roy explained.

Echoing Roy, IPA Vice President and Nippon Paint (India) President (Decorative Business) S. Mahesh Anand told IANS: “The industry is weighing the impact of the rupee on input cost. Since, it has been promoting the pass-on of the GST reduction benefits to consumers and thereby expecting a further increase in demand, a price increase, at this point, is not likely.”

Roy, however, pointed out that the rupee’s volatility was “not the only factor” causing the increase in cost of the imported raw material and that the supply-demand situation of these inputs were also a determining factor.

“Prices of imported raw materials with higher supply may come down in dollar terms, and then it may neutralise the impact of the rupee,” he said.

The rise in crude oil prices and the decline in the rupee’s value is a “double whammy for the industry”, Teng said.

“Market dynamics will decide the future course of action with regard to price revision. The cost of crude-based monomers and titanium dioxide has remained elevated for the past few quarters. As a result, margins of paint companies have been impacted. Since most of the raw materials are imported, the rupee’s deprecation is another challenge for the industry,” he added.

However, the industry is betting big on growth in housing and automobile sectors for paint demand to pick up, both in the decorative and industrial segment.

New housing launches in India’s top seven cities of India increased at approximately 27 percent on a year-on-year basis during January-March 2018 and similarly, the demand for commercial and office space went up by approximately 23 percent during the same period.

“It is expected that the housing sector would generate enough opportunities for the growth of the decorative paint business, which accounts for 70 per cent of the domestic paint industry,” Anand said.

The growth of the industrial paints segment that has a share of 30 per cent of the overall industry, is dependent on the automotive industry as 45 percent of the industrial paints are consumed by this sector.

“There is a clear trend for incremental demand of industrial paint in the automobile sector with growing sales of passenger cars, commercial vehicles, along with two- and three-wheelers,” Anand added.

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New iPhones evoke a Ferrari dream among Indian smartphone users

New iPhones evoke a Ferrari dream among Indian smartphone users

New Delhi, Sep 17 (IANS) As Apple refreshed its luxury iPhone line-up last week, Manu Jain who is Vice President, Xiaomi Global and Managing Director, Xiaomi India, tweeted: “Choose wisely — MI (Xiaomi) or EMI”.

Jain reacted to a follower who mentioned that one has to shell out Rs 12,075 a month as zero-cost EMI for a period of one year to own the 512GB variant of iPhone XS Max that will come for a mind-boggling Rs 144,900 in India.

Apple this month announced two other new models. The iPhone XS with 512GB storage model will cost Rs 134,900 and the cheapest of the lot, the iPhone XR, has a starting price (64GB) of Rs 76,900 in India.

The message from the $1 trillion company is loud and clear: Come what may, either own a new iPhone with a higher price tag or adjust with older and discounted models.

Here is the truth: Apple shipped 63 million iPhone X’s (now discontinued) till August this year. According to Counterpoint Research, iPhone X is on track to become the most successful revenue and profit-generating iPhone ever.

These 63 million-odd consumers are set to upgrade to new “luxury” iPhones – down payment or via EMI route — so the global smartphone powerhouse is safe here.

India contributed to just one per cent of the total iPhone X shipments till August. In 2017, Apple sold nearly 3.2 million iPhones in India and the company does not appear to be either in a panic or aggressive mode to change the status quo at the moment.

The company is also not in a mood to compete with Xiaomi or other Chinese brands but aims to keep its brand image and aspirational value intact, say experts.

“Apple remains a luxury brand and this has been their overall strategy for years. India is not in the list of top 10 global markets for them when it comes to new iPhone launches. The company has a strong loyal base globally who will buy its devices despite the hefty price tag,” Jaipal Singh, Associate Research Manager, Client Devices, IDC India, told IANS.

“For the Indian market, Apple will never compete with Chinese brands by lowering prices of new iPhones,” Singh added.

According to Tarun Pathak, Associate Director, Mobile Devices and Ecosystems at Counterpoint Research, hardcore Apple users would be willing to shell out the hefty price because owning a new Apple device is a status symbol for them.

“However, that section is still small. We believe that Apple strategy in India should be to sell more iPhones rather than new iPhones. Given the stickiness of the iOS ecosystem, these older iPhone users are likely to upgrade to iPhone only,” Pathak told IANS.

This is exactly what Apple has done. The company has slashed prices of older iPhones for the Indian consumers who want to upgrade to iPhone 7, iPhone 8 and even iPhone X.

Apple has discontinued the “super premium” iPhone X that actually did quite well despite low sale predictions.

The Cupertino-based company has also bid goodbye to iPhone SE – its least expensive model which was being assembled in India and the iPhone 6s — marking the end of iPhones with headphone jacks.

According to Pathak, the fact is that aspirational user audience is more in number than hardcore iPhone users in India. So there can be uptick in Apple numbers driven by cheaper older generation iPhones.

Depending on the quarter, the older generation iPhones capture somewhat half to two-third of Apple’s total sales in India.

“As custom duty continues to have impact on iPhone prices and making new iPhones is costlier, the price cut and subsequent promotions of older generation iPhones can increase iPhone sales in India. iPhone 7 can be the new iPhone 6 for Apple in the country,” noted Pathak.

Since Apple does not manufacture or assemble its products in India, the price will always be on the higher side.

“What Apple can do for the Indian market is to open experiences centres, the way Samsung and OnePlus have done, to pull more Android users towards its ecosystem. A bigger retail presence will help Apple gain more share in the price-sensitive Indian market,” Singh emphasised.

Apple is currently going through an overhaul under Michel Coulomb, the new head of the India operations who took over from Sanjay Kaul in December last year.

The iPhone maker is also seeking tax relief and other incentives from the government to begin assembling more handsets in the country and its proposal to set up a manufacturing unit is reportedly being evaluated.

According to Pathak, new iPhones can still be a good upgrade for users in India which have skipped the previous iPhone generations but the company will never lower the prices for new iPhones.

In a nutshell, CEO Tim Cook has clearly told India that Apple is the Ferrari in the world of smartphones and to own that exclusiveness, shell out extra – cash down or EMI — as others are doing.

Source:- Latest Business News Headlines

Lower food prices ease India’s WPI to 4.53% in August

A massive fall in food prices and cost of primary articles eased India’s annual inflation rate based on wholesale prices to 4.53 per cent in August from a 5.09 per cent rise in July.

However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) furnished by the Ministry of Commerce and Industry on Friday was still higher than 3.24 per cent reported for the corresponding period of 2017.

“Build up inflation rate in the financial year so far was 3.18 per cent compared to a build up rate of 1.41 per cent in the corresponding period of the previous year,” the Ministry statement said here.

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage, slipped by (-) 0.15 per cent, from an increase of 1.73 per cent in July.

Similarly, the prices of food articles dipped. The category has a weightage of 15.26 per cent in the WPI index. It deflated by (-) 4.04 per cent from a rise of (-) 2.16 per cent.

Interestingly, the cost of fuel and power category, which commands a 13.15 per cent weightage, increased at a slower pace of 17.73 per cent from a growth of 18.10 per cent.

However, expenses on manufactured products registered a rise of 4.43 per cent from 4.26 per cent.

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Mattis to remain Pentagon chief: Trump

Mattis to remain Pentagon chief: Trump

US President Donald Trump has said that Defence Secretary James Mattis will remain in office, dismissing reports that he is looking for possible replacements for the Pentagon chief.

“He’ll stay right there. We’re very happy with him. We’re having a lot of victories,” Trump said on Wednesday when asked by reporters at the White House whether he was considering replacing Mattis.

The remarks came as The Washington Post columnist Josh Rogin wrote in an article that the administration has been considering possible replacements for Mattis for weeks.

Rogin added that no decisions were made yet, though White House officials expected that Mattis will leave his position in the coming months.

The Trump-Mattis relationship was put under limelight a day earlier after excerpts from an explosive book mentioned that the Defence Secretary had made disparaging remarks about the President.

According to the book, “Fear: Trump in the White House“, authored by veteran investigative reporter Bob Woodward, Mattis was quoted as having told associates that Trump acted like “a fifth- or sixth-grader”.

Mattis denied earlier that he ever said or heard the quotes attributed to him in the book.

“While I generally enjoy reading fiction, this is a uniquely Washington brand of literature, and his anonymous sources do not lend credibility,” Mattis said in a statement.

Trump called Woodward’s book “a total piece of fiction”, while praising Mattis’ statement as “beautiful”.

In a statement to The Washington Post, Woodward said, “I stand by my reporting”. According to the author, the book was based on hundreds of hours of conversations with direct players.

Woodward has been a reporter at The Washington Post since 1971 and remains an associate editor. He is most famous for breaking the story of the Watergate scandal, which prompted the resignation of Richard Nixon from the presidency in 1974.

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