Hundreds chant anti-India slogans in seething Kashmir on eve of Muslim holy festival

Pakistani Christian shout slogans in support of Kashmiris at a rally in the connection of the country Independence Day in Quetta on August 11, 2019, after the Indian government stripped Jammu and Kashmir of its autonomy. Angry Kashmiris gathered at a mosque in Srinagar’s Soura neighborhood after afternoon prayers on Sunday and began shouting anti-India slogans, according to two Reuters witnesses. Protesters carried a large banner carrying the words “Save Article 35A,” referring to the constituti


Pakistani Christian shout slogans in support of Kashmiris at a rally in the connection of the country Independence Day in Quetta on August 11, 2019, after the Indian government stripped Jammu and Kashmir of its autonomy. Angry Kashmiris gathered at a mosque in Srinagar’s Soura neighborhood after afternoon prayers on Sunday and began shouting anti-India slogans, according to two Reuters witnesses. Protesters carried a large banner carrying the words “Save Article 35A,” referring to the constituti
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Company: cnbc, Activity: cnbc, Date: 2019-08-12
Keywords: news, cnbc, companies, eve, slogans, indian, soura, kashmirs, holy, jammu, hundreds, chant, india, seething, antiindia, kashmiris, marching, kashmir, region, festival, muslim


Hundreds chant anti-India slogans in seething Kashmir on eve of Muslim holy festival

Pakistani Christian shout slogans in support of Kashmiris at a rally in the connection of the country Independence Day in Quetta on August 11, 2019, after the Indian government stripped Jammu and Kashmir of its autonomy.

Hundreds of people protested in Kashmir’s main city of Srinagar on Sunday against India’s decision to curb its autonomy, despite new restrictions on travel and a seventh straight day of communications blackout.

Restrictions that had been temporarily eased on Friday and Saturday — allowing some bakeries, pharmacies and fruit shops to open ahead of the Muslim holy festival of Eid al-Adha — were reinstated in major parts of the city on Sunday afternoon.

Police vans drove around some areas ordering people to shut shop and go home, and most streets were silent by evening, as thousands of troops kept vigil, witnesses said.

Indian Prime Minister Narendra Modi’s government locked down the Muslim-majority region last Sunday, cutting off communications, detaining more than 300 political leaders and activists, and putting a “virtual curfew” into force with numerous roadblocks stopping movement.

Seeking to tighten its grip on the region also claimed by neighboring Pakistan, India announced last Monday that it was scrapping Jammu and Kashmir’s right to frame its own laws and allowed non-residents to buy property there.

Angry Kashmiris gathered at a mosque in Srinagar’s Soura neighborhood after afternoon prayers on Sunday and began shouting anti-India slogans, according to two Reuters witnesses.

Protesters carried a large banner carrying the words “Save Article 35A,” referring to the constitutional provision that India revoked last week. A swarm of women and girls in colourful headscarves followed the marching men.

“What do we want? Freedom! When do we want it? Now!” the crowd shouted, marching around the neighborhood.

Some of them held up paper banners, including one that read: “Modi, Kashmir is not your father’s property.”

India’s Home Ministry did not immediately respond to a request for comment. The demonstration in Soura followed a much larger protest in the same area on Friday, when pro-independence youths marched before being repelled by tear gas and pellets.

Leaders in Kashmir had warned of a backlash against the stripping of autonomy in a territory where militants have been fighting Indian rule for nearly 30 years, resulting in the deaths of more than 50,000 people.


Company: cnbc, Activity: cnbc, Date: 2019-08-12
Keywords: news, cnbc, companies, eve, slogans, indian, soura, kashmirs, holy, jammu, hundreds, chant, india, seething, antiindia, kashmiris, marching, kashmir, region, festival, muslim


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This 29-year-old scored a world-first for his $2 million Indian toy brand


This 29-year-old scored a world-first for his $2 million Indian toy brand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08
Keywords: news, cnbc, companies, toy, brand, indian, scored, worldfirst, 29yearold, million



Company: cnbc, Activity: cnbc, Date: 2019-08-08
Keywords: news, cnbc, companies, toy, brand, indian, scored, worldfirst, 29yearold, million


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Pakistan reacts to India’s revoking of Kashmir’s special status amid rising tensions

Pilgrims with their luggage seen going to the railway station during restrictions on Aug. 5, 2019 in Jammu, India. Nitin Kanotra | Hindustan Times | Getty ImagesPakistan has blamed India for illegally scrapping Kashmir’s special status, as tensions rise between the two nations. On Monday, Pakistan government said that New Delhi’s move to revoke a special status granted to the Indian state of Jammu and Kashmir was in breach of international law. Jammu and Kashmir is India’s only Muslim-majority s


Pilgrims with their luggage seen going to the railway station during restrictions on Aug. 5, 2019 in Jammu, India. Nitin Kanotra | Hindustan Times | Getty ImagesPakistan has blamed India for illegally scrapping Kashmir’s special status, as tensions rise between the two nations. On Monday, Pakistan government said that New Delhi’s move to revoke a special status granted to the Indian state of Jammu and Kashmir was in breach of international law. Jammu and Kashmir is India’s only Muslim-majority s
Pakistan reacts to India’s revoking of Kashmir’s special status amid rising tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, kashmirs, reacts, indias, rising, state, pakistan, tensions, amid, india, told, special, kashmir, jammu, international, indian, region, revoking, status


Pakistan reacts to India's revoking of Kashmir's special status amid rising tensions

Pilgrims with their luggage seen going to the railway station during restrictions on Aug. 5, 2019 in Jammu, India. Nitin Kanotra | Hindustan Times | Getty Images

Pakistan has blamed India for illegally scrapping Kashmir’s special status, as tensions rise between the two nations. On Monday, Pakistan government said that New Delhi’s move to revoke a special status granted to the Indian state of Jammu and Kashmir was in breach of international law. The Indian High Commissioner to Pakistan, Ajay Bisaria, was summoned by Islamabad’s ministry of foreign affairs. During that meeting, “the Foreign Secretary conveyed Pakistan’s unequivocal rejection of these illegal actions as they are in breach of international law and several UN Security Council resolutions,” Pakistan’s foreign ministry said in a statement. On Monday, Interior Minister Amit Shah told India’s parliament that the central government would scrap Article 370, a constitutional provision that allows Jammu and Kashmir to make its own laws and grants special rights and privileges to permanent residents of the state. The order was subsequently approved by the Indian president. Jammu and Kashmir is India’s only Muslim-majority state and is part of the broader disputed Kashmir region. Pakistan called for a joint session of its parliament on Tuesday while the country’s army chief summoned an important conference to discuss regional security, local media reported. Analysts told CNBC that Monday’s move in New Delhi will likely intensify the animosity between the nuclear-powered rivals who’ve fought multiple wars over Kashmir.

International pressure

Pakistan will likely increase diplomatic pressure on India by turning to the international community, experts said. “They will continue to raise this at multilateral forums, including the UN General Assembly, to bring diplomatic attention back to India’s actions,” Akhil Bery, South Asia analyst at risk consultancy Eurasia Group, told CNBC. India deployed tens of thousands of troops across the Kashmir Valley in anticipation of a backlash. Authorities also banned public movements, shut down schools and colleges indefinitely and put two former chief ministers of the state under house arrest ahead of the announcement. Moeed Yusuf, associate vice president of the Asia Center at the U.S. Institute of Peace, told CNBC that there will likely be “strong resistance” from locals inside India-controlled Kashmir. “If that happens, Pakistan is surely going to up the diplomatic temperature to raise UN concerns about the human rights aspects of the Indian crackdown,” he said. Bery added that many Kashmiris believe the special provisions are crucial to their identity and they have “long been weary of a strong influence from Delhi.”

Greater military activity along the border

Analysts said they expect greater military activity along the so-called Line of Control, which is the de facto border between the Indian and Pakistani parts of Kashmir, and more unrest in the region. Islamabad said Monday it would “exercise all possible options” to counter the move.

“It’s important to keep in mind that in Kashmir, there’s actually two levels — there’s a domestic level, which is between the central government and the state of (Jammu and) Kashmir. Then, there’s an international component between India and Pakistan,” Faisel Pervaiz, South Asia analyst at Stratfor, told CNBC’s “Squawk Box ” on Tuesday. Both Pakistan and India lay claim to the region in full but control only parts of it. Within the India-controlled region of Kashmir, an insurgency began in the late 1980s when some fought to join Pakistan and some fought for independence. India has accused Pakistan of backing separatists by arming and training them. Islamabad denies that and says it only offers political support to the Kashmiri people, according to Reuters. International agencies have raised concerns over violence and human rights in India-controlled Jammu and Kashmir, as well as in the Pakistan-controlled regions of Azad Kashmir and Gilgit-Baltistan. “There is a long-running insurgency in Kashmir and the question is that is there going to be an uptick in attacks?” Pervaiz said. “Because as we saw back in February, when an uptick in attack happens, that can rapidly escalate tensions.” In February, India and Pakistan carried out air strikes in each others’ territories after a terrorist attack in India-controlled Kashmir killed more than 40 security officers.

The US position


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, kashmirs, reacts, indias, rising, state, pakistan, tensions, amid, india, told, special, kashmir, jammu, international, indian, region, revoking, status


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Indian coffee tycoon Siddhartha’s body found, police say

VG Siddhartha, the founder of the Cafe Coffee Day chain, poses for a profile shoot on Sept. 26, 2015 in New Delhi, India. Indian authorities confirmed on Wednesday they have recovered the body of coffee baron V.G. Siddhartha, the founder of the Cafe Coffee Day (CCD) chain, was not reachable since late Monday, his flagship entity Coffee Day Enterprises said in a regulatory filing. Siddhartha’s disappearance had spooked investors, which dragged Coffee Day Enterprises shares 20% lower on Tuesday. “


VG Siddhartha, the founder of the Cafe Coffee Day chain, poses for a profile shoot on Sept. 26, 2015 in New Delhi, India. Indian authorities confirmed on Wednesday they have recovered the body of coffee baron V.G. Siddhartha, the founder of the Cafe Coffee Day (CCD) chain, was not reachable since late Monday, his flagship entity Coffee Day Enterprises said in a regulatory filing. Siddhartha’s disappearance had spooked investors, which dragged Coffee Day Enterprises shares 20% lower on Tuesday. “
Indian coffee tycoon Siddhartha’s body found, police say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, body, river, coffee, day, reports, purportedly, cafe, tax, siddhartha, told, vg, say, indian, tycoon, siddharthas


Indian coffee tycoon Siddhartha's body found, police say

VG Siddhartha, the founder of the Cafe Coffee Day chain, poses for a profile shoot on Sept. 26, 2015 in New Delhi, India.

Indian authorities confirmed on Wednesday they have recovered the body of coffee baron V.G. Siddhartha, who was missing since Monday night, from the Nethravathi River near Mangaluru in the southern Karnataka state.

Siddhartha, the founder of the Cafe Coffee Day (CCD) chain, was not reachable since late Monday, his flagship entity Coffee Day Enterprises said in a regulatory filing.

“Based on preliminary reports, the police have identified the body as that of V.G. Siddhartha,” a police officer told Reuters.

His family has been notified, the officer added.

Siddhartha was traveling to Mangaluru, a port city about 350 kilometers from India’s tech hub of Bengaluru, when he had asked his driver to wait for him on a bridge while he went for a walk, a police official had told Reuters. When Siddhartha did not return, the driver alerted the police.

Television channels had showed rescue workers in rubber boats scouring the Nethravathi river near the bridge where Siddhartha, who hails from a coffee-growing family, was last seen.

Siddhartha’s disappearance had spooked investors, which dragged Coffee Day Enterprises shares 20% lower on Tuesday.

Some Indian media reports speculated Siddhartha was under pressure over outstanding debts. A letter, purportedly written by Siddhartha, had blamed an unnamed private equity partner for pressuring him into a share buyback and tax authorities for “harassment” and decisions that hurt the company’s liquidity.

“I fought for a long time, but today I gave up,” Siddhartha purportedly wrote in the letter, which was available on social media and published by media.

Reuters was not able to confirm the authenticity of the letter.

“The investigation in the case of V.G. Siddhartha and Cafe Coffee Day arose from the search in the case of a prominent political leader in Karnataka,” a statement from the Income Tax department said, without naming the politician.

“It is based on the unearthing of a credible evidence of financial transactions done by CCD in a concealed manner.”


Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, body, river, coffee, day, reports, purportedly, cafe, tax, siddhartha, told, vg, say, indian, tycoon, siddharthas


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Pompeo meets Indian leader amid trade tensions, Iran crisis

U.S. Secretary of State Mike Pompeo meets Indian Prime Minister Narendra Modi in New Delhi on June 26, 2019. U.S. Secretary of State Mike Pompeo held meetings in India’s capital on Wednesday amid growing tensions over trade and tariffs that has strained the partners’ ties. India’s trade with the U.S. has also seen steady growth at $150 billion annually. India stopped oil purchases from Iran after the U.S. sanctions waiver ran out in May but Indian officials have continued working out for a renew


U.S. Secretary of State Mike Pompeo meets Indian Prime Minister Narendra Modi in New Delhi on June 26, 2019. U.S. Secretary of State Mike Pompeo held meetings in India’s capital on Wednesday amid growing tensions over trade and tariffs that has strained the partners’ ties. India’s trade with the U.S. has also seen steady growth at $150 billion annually. India stopped oil purchases from Iran after the U.S. sanctions waiver ran out in May but Indian officials have continued working out for a renew
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Pompeo meets Indian leader amid trade tensions, Iran crisis

U.S. Secretary of State Mike Pompeo meets Indian Prime Minister Narendra Modi in New Delhi on June 26, 2019.

U.S. Secretary of State Mike Pompeo held meetings in India’s capital on Wednesday amid growing tensions over trade and tariffs that has strained the partners’ ties.

Pompeo called on India’s Prime Minister Narendra Modi on Wednesday morning, and later was meeting his counterpart S. Jaishankar.

India’s foreign ministry spokesman Raveesh Kumar said Pompeo and Modi exchanged “views on various aspects of Indo-US relationship.”

“Working together to further deepen our strategic partnership,” Kumar tweeted.

Pompeo arrived in New Delhi late Tuesday after visiting Saudi Arabia, the United Arab Emirates and Afghanistan on a trip aimed at building a global coalition to counter Iran.

His visit is the first high-level engagement between the two countries since Modi’s reelection last month. The countries call each other a strategic partner despite retaliatory tariffs they imposed on some of the other’s goods this month.

India imposed tariffs on 28 American products including walnuts and almonds on June 16 in retaliation for the U.S. ending India’s preferential trade status on June 1. The Trump administration imposed higher duties on products including aluminum and steel.

The visit also comes ahead of the scheduled meeting between President Donald Trump and Modi on the sidelines of the Group of 20 Summit in Japan later this week.

The two countries’ officials are also likely to discuss India’s plans to purchase Russia’s S-400 air defense system. U.S. has shown reservations about the deal. But still the U.S. has become India’s top defense supplier in last two years. India’s trade with the U.S. has also seen steady growth at $150 billion annually.

Indian officials say they have little differences with the U.S. over political and strategic issues including on Iran, but they have cautioned the two countries need to be careful on trade and commerce.

India stopped oil purchases from Iran after the U.S. sanctions waiver ran out in May but Indian officials have continued working out for a renewal of the waiver amid escalating tensions between the U.S. and Iran. Indian officials say while they understand the U.S. concerns regarding Iran, their country has taken an economic hit.

Before Pompeo’s arrival in India, hundreds of supporters of left-wing groups marched in central New Delhi to protest his visit and denounce American policies in the Middle East. They urged the Indian government not to cut off imports of oil from Iran, as the U.S. has demanded.

Pran Sharma, a protester, said there was a “bigger game” behind “the trade war” between India and the U.S.

“That is the invasion of Iran, for which it (U.S.) is making preparations. How it can get cooperation from India?” he said.


Company: cnbc, Activity: cnbc, Date: 2019-06-26
Keywords: news, cnbc, companies, crisis, trade, leader, modi, strategic, indias, tariffs, amid, tensions, countries, visit, pompeo, officials, indian, iran, meets


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How this Indian hotel chain plans to conquer the China market

Giulia Marchi | Bloomberg | Getty ImagesFor many foreign firms, China’s market is a notoriously tough nut to crack. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “In short, OYO copied what OY


Giulia Marchi | Bloomberg | Getty ImagesFor many foreign firms, China’s market is a notoriously tough nut to crack. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “In short, OYO copied what OY
How this Indian hotel chain plans to conquer the China market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: shirley tay
Keywords: news, cnbc, companies, chinese, company, chinas, indian, plans, china, oyo, market, local, conquer, hotel, chain, agarwal, shih


How this Indian hotel chain plans to conquer the China market

A Chinese national flag flies in front of a building under construction in the central business district of Beijing, China. Giulia Marchi | Bloomberg | Getty Images

For many foreign firms, China’s market is a notoriously tough nut to crack. Tech giants such as Amazon, eBay and Uber — which have a significant market presence in the United States — all called it quits on China after finding themselves unable to survive the cutthroat competition with local firms there. But Indian budget hotel chain, On Your Own Rooms, managed to be the exception to the rule. The Softbank-backed hotel start-up was founded in India in 2013, and has since grown to become one of South Asia’s largest hotel and accommodation chains. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. OYO Jiudian — its Chinese subsidiary — currently has nearly 10,000 hotels and 450,000 rooms across 320 cities under its name.

Why design a global company that will never be successful, versus a local entrepreneur? … That mindset enabled us to think two levels ahead of anybody else. Ritesh Agarwal chief executive officer of OYO Rooms

“In a brief period, we have emerged as the country’s second-largest hotel group and company,” Sam Shih, the chief operating officer of OYO Jiudian, told CNBC. China is the company’s biggest market today, OYO’s Chief Executive Officer Ritesh Agarwal said at a travel conference in Singapore in late May. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. He outlined two key traits of his business that allowed the company to reach the success it has in China’s market: strategic partnerships and a local entrepreneurial mindset.

Strong partnership

Agarwal said at the conference that the company has signed a “very strong, strategic partnership” with Ctrip, China’s largest online travel aggregator (OTA). “OYO Hotels used to distribute on Ctrip, but we had a very local traveler partnership — it was never really at a brand level,” Agarwal said. OYO’s “great working relationships” with prominent travel aggregators like Ctrip opens up new opportunities for the hotel chain and strengthens its reach to local communities, Shih told CNBC.

The OYO Dongxing Wenquan Hotel in Zhengzhou, China. OYO China

That partnership will help its Chinese subsidiary reach its goal of giving China’s middle-income population — estimated by the government to be about 400 million, or less than a third of the population — a “great living space” for less than 150 Chinese yuan ($21.71) per night, Shih added. “We’re excited by the possibilities of these mutually beneficial relationships,” he said.

Entrepreneurial mindset

OYO Jiudian’s success also stems from how it’s positioned itself in the world’s second-largest economy, Agarwal said. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “Why design a global company that will never be successful, versus a local entrepreneur? … That mindset enabled us to think two levels ahead of anybody else,” Agarwal said. With that in mind, the hotel chain “nativized” its offerings from the “point of view of a traveler in the country and what was lacking from his/her experience earlier when OYO was not around,” COO Shih said. “For instance, most foreign companies look at recruiting bilingual management teams in a different country,” he explained. “We didn’t make that a criterion because a Chinese company operating in the country wouldn’t have that constraint — and if we had that constraint, we would narrow our talent pool.” This helped the company to build a strong team of over 7,000 “OYOpreneurs” in China, with less than 20 of them English-speaking, he added. “In short, OYO copied what OYO itself has been executing since its inception in India to gain this momentum in China,” Shih said.

Big bets on China


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: shirley tay
Keywords: news, cnbc, companies, chinese, company, chinas, indian, plans, china, oyo, market, local, conquer, hotel, chain, agarwal, shih


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A firm on an island in the Indian Ocean is developing cutting-edge solar tech

One such way is through solar photovoltaic systems, which directly convert light from the sun into electricity. While the potential of solar power is clear, there are undoubted challenges too. On Reunion Island, a French island located in the Indian Ocean, one firm specializes in solar energy forecasting and develops technology to “improve the short-term predictability of solar generation.” In February 2019, for example, the Moroccan Agency for Sustainable Energy chose to use the firm’s forecast


One such way is through solar photovoltaic systems, which directly convert light from the sun into electricity. While the potential of solar power is clear, there are undoubted challenges too. On Reunion Island, a French island located in the Indian Ocean, one firm specializes in solar energy forecasting and develops technology to “improve the short-term predictability of solar generation.” In February 2019, for example, the Moroccan Agency for Sustainable Energy chose to use the firm’s forecast
A firm on an island in the Indian Ocean is developing cutting-edge solar tech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: anmar frangoul, dan sherwood, the image bank, getty images
Keywords: news, cnbc, companies, energy, developing, ocean, firm, photovoltaic, indian, reuniwatt, power, cuttingedge, technology, island, tech, sunlight, weather, solar, sustainable, services


A firm on an island in the Indian Ocean is developing cutting-edge solar tech

The Sun has been around for roughly 4.5 billion years and is crucial to life on Earth, providing our planet with an abundance of light and warmth.

As technology has developed, humans have come up with increasingly sophisticated methods of harnessing the Sun’s vast energy.

One such way is through solar photovoltaic systems, which directly convert light from the sun into electricity.

While the potential of solar power is clear, there are undoubted challenges too. According to the U.S. Energy Information Administration, these “limitations” include the fact that “the amount of sunlight that arrives at the Earth’s surface is not constant.”

The EIA adds that several factors — from location and the time of day to weather — influence the amount of sunlight on the Earth’s surface.

There are ways to overcome such issues, though. On Reunion Island, a French island located in the Indian Ocean, one firm specializes in solar energy forecasting and develops technology to “improve the short-term predictability of solar generation.”

Called Reuniwatt, the business offers a range of services including day-ahead, intra-day and intra-hour solar forecasts.

The firm has worked on experiments in the U.S. alongside the National Oceanic and Atmospheric Administration and its technology is also being used by solar projects around the world.

In February 2019, for example, the Moroccan Agency for Sustainable Energy chose to use the firm’s forecasting services for photovoltaic and concentrated solar power plants.

Caroline Lallemand is a geographic information system engineer at Reuniwatt. “In order to measure, then forecast, solar energy, Reuniwatt uses a multitude of data sources: satellite observations, weather models, ground sensor measurements and sky images,” she told CNBC’s “Sustainable Energy.”

“I design the pipelines to collect, clean, aggregate and share the data with the rest of the team,” she added. “The goal is to make sure that the forecasts that we send to our clients are always the most accurate.”


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: anmar frangoul, dan sherwood, the image bank, getty images
Keywords: news, cnbc, companies, energy, developing, ocean, firm, photovoltaic, indian, reuniwatt, power, cuttingedge, technology, island, tech, sunlight, weather, solar, sustainable, services


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Flipkart co-founder explains why foreign companies often struggle to succeed in India

Many foreign companies find it tough to succeed in India. Bansal, one of the co-founders of the Indian e-commerce giant, told CNBC that India is “definitely a very different market than Western markets.” Foreign direct investments would only be allowed into e-commerce companies that provide marketplaces for buyers and sellers, according to the new rules. The new rules took effect in February, and followed complaints from local Indian retailers and traders about anti-competitive practices from th


Many foreign companies find it tough to succeed in India. Bansal, one of the co-founders of the Indian e-commerce giant, told CNBC that India is “definitely a very different market than Western markets.” Foreign direct investments would only be allowed into e-commerce companies that provide marketplaces for buyers and sellers, according to the new rules. The new rules took effect in February, and followed complaints from local Indian retailers and traders about anti-competitive practices from th
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Company: cnbc, Activity: cnbc, Date: 2019-05-07  Authors: weizhen tan
Keywords: news, cnbc, companies, explains, local, foreign, ecommerce, companies, bansal, struggle, pangarkar, hard, cofounder, succeed, policies, profits, india, flipkart, indian


Flipkart co-founder explains why foreign companies often struggle to succeed in India

Many foreign companies find it tough to succeed in India. One reason, according to Flipkart co-founder Binny Bansal, is their inability to deal with India’s unique environment, as well as the frequent policy changes by the government. Bansal, one of the co-founders of the Indian e-commerce giant, told CNBC that India is “definitely a very different market than Western markets.” Speaking to CNBC’s Christine Tan at the Credit Suisse Global Supertrends Conference in Singapore in April, he said: “For Flipkart, we had to start our logistics arm on our own, which is something you don’t see happening globally. So you have to do things in a different way because of how the market is structured.” That ability to learn to “do things on your own” and scale up “becomes an advantage for Indian startups, (which) can compete better,” said Bansal. That’s not the “strength of a lot of foreign companies,” he added.

Things take a lot of time and capital to really develop and mature, and if policies keep changing, then every second or third year, it becomes very hard for everyone. Binny Bansal co-founder of Flipkart

Flipkart’s logistics arm, called eKart, was founded in 2010. Its Western competitor, Amazon, started calling itself a transportation service provider for the first time in 2016. It was only in recent years that Amazon significantly expanded its logistics footprint, leasing dozens of aircraft and thousands of trucks to handle some of its massive shipments.

New e-commerce rules

Recent developments have made it difficult for foreign companies to compete in Asia’s third-largest economy. Last December, the Indian government effectively banned Amazon and Flipkart, which is owned by Walmart, from selling products of companies in which they have an equity stake. The government announced that e-commerce firms could no longer form exclusive selling arrangements with sellers or offer steep discounts to consumers based on those deals. Foreign direct investments would only be allowed into e-commerce companies that provide marketplaces for buyers and sellers, according to the new rules. The new rules took effect in February, and followed complaints from local Indian retailers and traders about anti-competitive practices from the likes of Amazon and Flipkart. That same month, the Indian government again outlined more regulations for the sector, focusing on data measures and improved privacy safeguards. That followed a move by the central bank in 2018 that forced payments providers — such as Mastercard and Visa — to store Indian users’ data locally.

Those changes in policies have made the environment even tougher to navigate, said Bansal. “Things take a lot of time and capital to really develop and mature, and if policies keep changing, then every second or third year, it becomes very hard for everyone. For large companies it becomes hard to navigate, for small companies it just becomes hard to start and survive,” he said, at the conference. “When we started, there were very few policies. But in 2018, 19, if you want to start an e-commerce company, you have to really go through what can you do, what can you not do,” Bansal continued.

Uncertainty looms

Amazon’s Chief Financial Officer Brian Olsavsky said in a call with analysts in January that there is “much uncertainty” regarding the impact of the rule changes on India’s e-commerce sector. “Our main issue and our main concern is trying to minimize the impact to our customers and sellers in India,” he had said. But one expert told CNBC that some sectors are more vulnerable than others, especially those that are “driven by politics.” “Generally, retail is politicized because it has a number of small businesses that can make money only if the pricing remains firm (less competition),” said Nitin Pangarkar, an associate professor at the National University of Singapore Business School. “Retail also employs lots of people. That is why politicians will protect local retailers whose profits (and possibly existence) may be challenged by multinationals,” he added. “Many other sectors may not face as much scrutiny or regulation.”

Regardless of industry, however, India has some inherent challenges that companies have to learn to navigate. Infrastructure is still bad, while work ethics and productivity in the country have not caught up with workers in other countries, according to Pangarkar. Still, some companies — particularly those in the consumer goods industry — have found success and even built profits in the Indian market, he said, pointing to multinational companies such as Unilever and Nestle as examples. But beyond looking at the traditional definition of success, Pangarkar said companies should use their India operations to benefit themselves in some way. “The key is to have a multi-dimensional view of success — not just local profits but how the Indian operation can contribute to the whole. For example, IBM employs lots of software developers in India and the low cost software coming from the Indian labs might enhance its overall competitiveness which is not reflected in local profits,” Pangarkar noted. — CNBC’s Saheli Roy Choudhury and Eugene Kim contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-07  Authors: weizhen tan
Keywords: news, cnbc, companies, explains, local, foreign, ecommerce, companies, bansal, struggle, pangarkar, hard, cofounder, succeed, policies, profits, india, flipkart, indian


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Cyclone slams Indian temple town after a million people flee east coast homes

Tourists wait for their vehicle and to be evacuated from Puri in the eastern Indian state of Odisha on May 3, 2019, as cyclone Fani approaches the Indian coastline. Cyclone tracker Tropical Storm Risk put Fani as a powerful category four storm on a scale of one to five. A major hospital in the city suffered extensive structural damage but all patients and staff were safe, authorities said. In neighboring Bangladesh to the north, authorities have begun moving 500,000 people from seven coastal dis


Tourists wait for their vehicle and to be evacuated from Puri in the eastern Indian state of Odisha on May 3, 2019, as cyclone Fani approaches the Indian coastline. Cyclone tracker Tropical Storm Risk put Fani as a powerful category four storm on a scale of one to five. A major hospital in the city suffered extensive structural damage but all patients and staff were safe, authorities said. In neighboring Bangladesh to the north, authorities have begun moving 500,000 people from seven coastal dis
Cyclone slams Indian temple town after a million people flee east coast homes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03
Keywords: news, cnbc, companies, indian, trees, flee, cyclone, temple, power, told, homes, authorities, odisha, shut, slams, town, east, state, million, storm, coast, puri


Cyclone slams Indian temple town after a million people flee east coast homes

Tourists wait for their vehicle and to be evacuated from Puri in the eastern Indian state of Odisha on May 3, 2019, as cyclone Fani approaches the Indian coastline.

A cyclone barreled into eastern India on Friday, bringing down trees and power lines and “extensively” damaging the tourist town of Puri, but there were no early reports of casualties with a million people evacuated before it made landfall.

Tropical Cyclone Fani, the strongest to hit India in five years, spent days building up power in the northern reaches of the Bay of Bengal before it struck the coast of the state of Odisha at around 8 a.m., the state-run India Meteorological Department (IMD) said.

Howling winds gusting up to 200 kph (124 mph) whipsawed trees, uprooting scores, and driving rain impacted visibility, while streets were deserted in the state capital Bhubaneswar and Puri.

“Damage in Puri is extensive, power supply, telephone lines disrupted,” Odisha’s Special Relief Commissioner Bishnupada Sethi told Reuters, referring to the seaside Hindu temple town that is popular with pilgrims and was directly in the storm’s path.

“No casualty has been reported so far,” he said.

Cyclone tracker Tropical Storm Risk put Fani as a powerful category four storm on a scale of one to five. The IMD said the storm was now weakening.

Close to 60 km (37 miles) inland, winds brought down electricity poles in Bhubaneswar, where authorities had ordered the airport to stay closed. Schools and colleges in Odisha were also shut. A major hospital in the city suffered extensive structural damage but all patients and staff were safe, authorities said.

“It was a massive cyclone, like many others our house is flooded. Boundary walls of houses around us have collapsed, trees have been uprooted. It is a panic situation,” Anuradha Mohanty, a Bhubaneswar resident, told Reuters.

People packed into shelters, spreading mats to wait out the storm, television and social media showed.

More than 600 pregnant women were shifted into safe locations, with nearly 500 ambulances on standby. Some 242 medical institutions had been provided with power back-up, government authorities said.

In neighboring Bangladesh to the north, authorities have begun moving 500,000 people from seven coastal districts, a government minister said.

The storm is due to hit Bangladesh late on Saturday and ahead of that, ports have been ordered shut, a government official said.

Odisha had evacuated more than a million people from the most vulnerable communities along the low-lying coast, Chief Minister Naveen Patnaik said on Twitter.

Hundreds of disaster management personnel were deployed in the state, and doctors and other medical staff were told to defer any leave until May 15.

Neighboring West Bengal also planned to shut down the airport at Kolkata, its state capital.


Company: cnbc, Activity: cnbc, Date: 2019-05-03
Keywords: news, cnbc, companies, indian, trees, flee, cyclone, temple, power, told, homes, authorities, odisha, shut, slams, town, east, state, million, storm, coast, puri


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Netflix not concerned about lower prices, except in one huge market

If there’s a market where Netflix is concerned about plan pricing as Disney begins its big push into the video streaming market, it’s not the U.S. The struggle to get the Indian market right is not a new issue for Netflix, but it is one the company’s management team openly addressed on its Tuesday earnings call. Netflix is still one of the most expensive video streaming options in India. The Netflix Indian subscriber based has estimated by industry sources at 1 million, though the company has sa


If there’s a market where Netflix is concerned about plan pricing as Disney begins its big push into the video streaming market, it’s not the U.S. The struggle to get the Indian market right is not a new issue for Netflix, but it is one the company’s management team openly addressed on its Tuesday earnings call. Netflix is still one of the most expensive video streaming options in India. The Netflix Indian subscriber based has estimated by industry sources at 1 million, though the company has sa
Netflix not concerned about lower prices, except in one huge market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: noah higgins-dunn
Keywords: news, cnbc, companies, price, streaming, lower, netflix, huge, market, earnings, company, india, concerned, video, indian, million, prices


Netflix not concerned about lower prices, except in one huge market

If there’s a market where Netflix is concerned about plan pricing as Disney begins its big push into the video streaming market, it’s not the U.S. It’s India.

Netflix has raised its prices on plans in the U.S. and recently announced intentions to do the same in Brazil, Mexico and some countries in Europe, but it is struggling to lower its price tier in India as it looks to add more subscribers in a country that has more than 460 million internet users.

The struggle to get the Indian market right is not a new issue for Netflix, but it is one the company’s management team openly addressed on its Tuesday earnings call.

“We’re quite certain that we should do something to find a price tier that’s lower than the existing lowest price tier to broaden that accessibility,” said Netflix’s Chief Product Officer Greg Peters on the company’s Q1 earnings call. “We think that they’ll be important to adding members in India.”

Netflix is still one of the most expensive video streaming options in India. According to a recent Reuters report, the three Netflix monthly plans in India range from 500 rupees ($7.20) to 800 rupees ($11.50), significantly above the price points of Amazon Prime Video’s plan ($14 a year) and roughly twice as much as Hotstar, the country’s largest video streaming service, owned by Disney.

The Netflix Indian subscriber based has estimated by industry sources at 1 million, though the company has said it is aiming for 100 million subscribers in India.

In March, Netflix began offering a mobile-only test plan at roughly $3.60, based on current exchange rates. During the earnings call, Peters acknowledged that the plan is something the company is trying out, but isn’t “positive that’s the right model.”

Now upcoming streaming services could threaten to take a larger share of the market, like Disney and Apple. Netflix officials said on the earnings call that the increasing competition in the U.S. isn’t something the company can worry about too much.

Among the comments from Netflix CEO Reed Hastings on the earnings call:

“We can’t get obsessed about any one company.”

“It’s a mix of yes it’s competition, that hurts, but on the other hand it gets internet viewing more popular with everyone.”

“There is a lot of new and strengthening competition with Disney entering the market, HBO getting additional funding. … It is what it is; we’re not going to be able to change it.”

“There’s a ton of competition out there, and Disney and Apple add a little bit more, but frankly, I doubt it will be material because, again, there’s already so many competitors for entertainment time.”

Last year Netflix Chief Content Officer Ted Sarandostold CNBC that Asia’s young and increasingly digital population presents an “incredible opportunity” to ramp up the company’s international subscribers. The company hopes to add 100 million subscribers in India alone, which has proved its desire for video streaming by turning en masse to YouTube and other similar video services, Sarandos said.

A report by global management consulting firm Boston Consulting Group predicted the over-the-top, or OTT, market in India will grow to $5 billion in 2023, although last year it was estimated to be $500 million. Kanchan Samtani, a partner and managing director at BCG, noted the country has a price sensitive market and it’s challenging to break through the clutter.

Netflix has continued to push original content in India, and Sarandos said it was “super encouraged,” with Netflix India originals like “Sacred Games,” “Delhi Crime” and “Love Per Square Foot,” which have gained a lot of viewers in the country. On Monday, the company announced it would be adding 10 more original films to its roster that will be produced by Indian companies, and plans to release 15 total by the end of 2020.

International markets have spearheaded Netflix’s growth as it begins to slow down in domestic markets. The company beat estimates by adding 7.86 million international paid subscriber additions compared to the 1.74 million domestic additions. It has focused on localizing its content and moving away from dubbing.

The company has continued to spend on original content and has investors concerned over its free cash flow. The company reported a negative $380 million net cash flow, $93 million more than the same period last year, and the company expects its 2019 free cash flow deficit to be greater than the negative $3 billion previously expected.

“As we sort of have that ongoing content investment and we’re really providing stories that Indian consumers really love, it’s an opportunity for us to look at how we broaden the accessibility of the service then to more and more Indian consumers,” Peters said.

Shares of Netflix fell about 1% after reporting its first-quarter earnings after the bell Tuesday and teetered between positive and negative territory Wednesday morning. The company’s Q1 revenue, earnings and subscriber numbers beat Wall Street expectations.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: noah higgins-dunn
Keywords: news, cnbc, companies, price, streaming, lower, netflix, huge, market, earnings, company, india, concerned, video, indian, million, prices


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