Facebook is suing a New Zealand company and three people over fake Instagram likes

Facebook is suing a company and three people based in New Zealand for allegedly selling fake likes, views and followers to Instagram users. The lawsuit, filed in U.S. federal court, alleged that defendants used different companies and websites to sell those fake engagement services, Facebook said Thursday evening. Still, their activity continued, Facebook said. Facebook said it counts 2.7 billion monthly users across its family of apps, which includes Instagram. Earlier this week, the company re


Facebook is suing a company and three people based in New Zealand for allegedly selling fake likes, views and followers to Instagram users. The lawsuit, filed in U.S. federal court, alleged that defendants used different companies and websites to sell those fake engagement services, Facebook said Thursday evening. Still, their activity continued, Facebook said. Facebook said it counts 2.7 billion monthly users across its family of apps, which includes Instagram. Earlier this week, the company re
Facebook is suing a New Zealand company and three people over fake Instagram likes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: saheli roy choudhury, chesnot, getty images
Keywords: news, cnbc, companies, revenue, defendants, facebook, platform, services, fake, instagram, zealand, lawsuit, suing, activity, company, likes


Facebook is suing a New Zealand company and three people over fake Instagram likes

Facebook is suing a company and three people based in New Zealand for allegedly selling fake likes, views and followers to Instagram users.

The lawsuit, filed in U.S. federal court, alleged that defendants used different companies and websites to sell those fake engagement services, Facebook said Thursday evening.

“By filing the lawsuit, we are sending a message that this kind of fraudulent activity is not tolerated on our services, and we will act to protect the integrity of our platform,” Jessica Romero, director of platform enforcement and litigation at Facebook, wrote in a post.

The tech giant said it previously suspended accounts that were associated with the defendants and formally warned them they violated the platform’s terms of use. Still, their activity continued, Facebook said.

Facebook said it counts 2.7 billion monthly users across its family of apps, which includes Instagram. Earlier this week, the company reported its earnings: Revenue exceeded expectations and the firm matched estimates for its daily active user growth.

The social media platform is undergoing a major transition from News Feed ads, as it seeks to grow advertising revenue from its newer Stories products from services including Instagram, WhatsApp and Messenger.


Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: saheli roy choudhury, chesnot, getty images
Keywords: news, cnbc, companies, revenue, defendants, facebook, platform, services, fake, instagram, zealand, lawsuit, suing, activity, company, likes


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Five of YouTube’s biggest markets in the world are in Asia

Each morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley. According to Vidyasagar, the first two markets in the world that turned to mobile ahead of desktop consumption of videos were actually Japan and South Korea. “Over the last few years, what we’ve seen in markets like India is truly astounding,” he said. We, last year, saw nearly a very, very high triple digit growth on mobile — on top of that very high volu


Each morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley. According to Vidyasagar, the first two markets in the world that turned to mobile ahead of desktop consumption of videos were actually Japan and South Korea. “Over the last few years, what we’ve seen in markets like India is truly astounding,” he said. We, last year, saw nearly a very, very high triple digit growth on mobile — on top of that very high volu
Five of YouTube’s biggest markets in the world are in Asia Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, regulatory, mobile, biggest, youtube, markets, nearly, users, tools, india, world, youtubes, tiktok, asia


Five of YouTube's biggest markets in the world are in Asia

By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy .

Each morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley.

YouTube has more than a billion users worldwide.

According to Vidyasagar, the first two markets in the world that turned to mobile ahead of desktop consumption of videos were actually Japan and South Korea. But others are catching up, he added.

“Over the last few years, what we’ve seen in markets like India is truly astounding,” he said. “India today has nearly 85% of its volume consumed through mobile devices. We, last year, saw nearly a very, very high triple digit growth on mobile — on top of that very high volume.”

The same is true for Southeast Asia, in markets like Thailand and Indonesia, he added.

That said, in recent years, social platforms like YouTube and others have come under regulatory scrutiny to monitor the spread of hate speech, misinformation and other kinds of banned content on their platforms.

In India, for example, a state court ordered the federal government to ban the popular Chinese video sharing app TikTok, saying it was encouraging pornography, Reuters reported. TikTok has been downloaded by nearly 300 million users so far in India, and the ban puts more than 250 jobs at risk, according to the news agency.

To live up to regulatory standards, companies like YouTube and social networking giant Facebook use a variety of tools, including artificial intelligence, to detect the presence of controversial materials on their sites.

Vidyasagar said both YouTube and Google have invested extensively in technologies like machine learning and in people, as well as implemented tools and policies, to meet regulatory standards.

“We need a mix of both machine and human interference to come together here,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, regulatory, mobile, biggest, youtube, markets, nearly, users, tools, india, world, youtubes, tiktok, asia


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This self-driving start-up wants to do more than just deliver groceries to your doorstep

Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods


Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods
This self-driving start-up wants to do more than just deliver groceries to your doorstep Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, xiao, platform, selfdriving, wants, delivery, told, power, goods, cars, autox, groceries, doorstep, startup, deliver, vehicles


This self-driving start-up wants to do more than just deliver groceries to your doorstep

AutoX CEO: We want to ‘democratize’ self-driving cars 12:58 AM ET Tue, 23 April 2019 | 02:41

Self-driving cars are still a relatively new concept that’s being tested, but one start-up, AutoX, is thinking ahead and looking for different ways autonomous vehicles can be used.

Last year, the company launched a grocery delivery pilot program in San Jose, California. Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. Those items will be delivered to them by one of AutoX’s driverless cars.

The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX.

“For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday.

“That can power different vehicles. Those vehicles can transport human beings (and) can do delivery of goods,” he said at the Credit Suisse Global Supertrends Conference in Singapore. “We’re not choosing the vertical segment, but we’re providing the AI platform that can power all these self-driving cars.”

AutoX has raised around $43 million in funds, according to Crunchbase data. It includes an investment from China’s Dongfeng Motor Group.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, xiao, platform, selfdriving, wants, delivery, told, power, goods, cars, autox, groceries, doorstep, startup, deliver, vehicles


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This self-driving start-up wants to do more than just deliver groceries to your doorstep

Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods


Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods
This self-driving start-up wants to do more than just deliver groceries to your doorstep Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, autox, startup, groceries, xiao, delivery, cars, vehicles, goods, deliver, told, doorstep, power, wants, selfdriving, platform


This self-driving start-up wants to do more than just deliver groceries to your doorstep

AutoX CEO: We want to ‘democratize’ self-driving cars 12:58 AM ET Tue, 23 April 2019 | 02:41

Self-driving cars are still a relatively new concept that’s being tested, but one start-up, AutoX, is thinking ahead and looking for different ways autonomous vehicles can be used.

Last year, the company launched a grocery delivery pilot program in San Jose, California. Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. Those items will be delivered to them by one of AutoX’s driverless cars.

The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX.

“For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday.

“That can power different vehicles. Those vehicles can transport human beings (and) can do delivery of goods,” he said at the Credit Suisse Global Supertrends Conference in Singapore. “We’re not choosing the vertical segment, but we’re providing the AI platform that can power all these self-driving cars.”

AutoX has raised around $43 million in funds, according to Crunchbase data. It includes an investment from China’s Dongfeng Motor Group.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
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Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand

The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.” It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.” In 2016, Samsung experienced one of the worst tech


The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.” It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.” In 2016, Samsung experienced one of the worst tech
Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: saheli roy choudhury, magdalena petrova
Keywords: news, cnbc, companies, analysts, smartphone, launch, phone, note, delay, traded, samsung, samsungs, delays, date, hurts, 2000, folding, brand, say, shipping, galaxy


Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand

Samsung’s decision to delay the release of the nearly $2,000 foldable phone will hurt its brand reputation in the short term, but the flagging smartphone industry is still betting on the tech giant to produce a winner, analysts said Tuesday.

The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. After some reviewers, including CNBC’s Todd Haselton, encountered issues with early testing units, Samsung said Monday the phone “needs further improvements” before it’s released to customers. The company added that a new release date will be announced “in the coming weeks.”

Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat.

If the phone’s launch is delayed for too long, it will be a cause for concern among stakeholders, according to Daniel Yoo, head of global strategy and research at Kiwoom Securities. He told CNBC by email that Samsung’s flagship Galaxy S10 is seen as a “very satisfactory” device, but the launch of the foldable phone will determine if the world’s largest smartphone maker can remain a leader in the sector and continue to play an important role in technology advancement.

“I expect Samsung to solve all the problems before the newly announced official launch date, and the date will be most likely before the end of 2Q2019,” he said, referring to the three months that will end in June. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.”

Bob O’Donnell, president, founder and chief analyst at Technalysis Research, told CNBC’s “Squawk Box” on Tuesday that the delay will hit Samsung’s brand.

“Granted, it’s going to hit the brand, but I don’t think it’s a killer. It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.”

In 2016, Samsung experienced one of the worst technology recalls in recent times after some of its faulty Galaxy Note 7 devices suffered battery malfunctions and spontaneously caught fire.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: saheli roy choudhury, magdalena petrova
Keywords: news, cnbc, companies, analysts, smartphone, launch, phone, note, delay, traded, samsung, samsungs, delays, date, hurts, 2000, folding, brand, say, shipping, galaxy


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Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand

The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.” It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.” In 2016, Samsung experienced one of the worst tech


The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.” It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.” In 2016, Samsung experienced one of the worst tech
Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: saheli roy choudhury, magdalena petrova
Keywords: news, cnbc, companies, analysts, smartphone, launch, phone, note, delay, traded, samsung, samsungs, delays, date, hurts, 2000, folding, brand, say, shipping, galaxy


Samsung delays shipping its $2,000 folding smartphone. Analysts say that hurts the brand

Samsung’s decision to delay the release of the nearly $2,000 foldable phone will hurt its brand reputation in the short term, but the flagging smartphone industry is still betting on the tech giant to produce a winner, analysts said Tuesday.

The South Korean electronics firm was set to launch its Galaxy Fold smartphone on April 26. After some reviewers, including CNBC’s Todd Haselton, encountered issues with early testing units, Samsung said Monday the phone “needs further improvements” before it’s released to customers. The company added that a new release date will be announced “in the coming weeks.”

Samsung shares traded down 0.33% Tuesday afternoon, tracking below the South Korean benchmark index, Kospi, which traded near flat.

If the phone’s launch is delayed for too long, it will be a cause for concern among stakeholders, according to Daniel Yoo, head of global strategy and research at Kiwoom Securities. He told CNBC by email that Samsung’s flagship Galaxy S10 is seen as a “very satisfactory” device, but the launch of the foldable phone will determine if the world’s largest smartphone maker can remain a leader in the sector and continue to play an important role in technology advancement.

“I expect Samsung to solve all the problems before the newly announced official launch date, and the date will be most likely before the end of 2Q2019,” he said, referring to the three months that will end in June. “I doubt that the delay will be for long period of time given it had experience of Note 7 launch.”

Bob O’Donnell, president, founder and chief analyst at Technalysis Research, told CNBC’s “Squawk Box” on Tuesday that the delay will hit Samsung’s brand.

“Granted, it’s going to hit the brand, but I don’t think it’s a killer. It’s not like the Note 7 battery issue or anything like that,” he said, adding the smartphone giant needs “to get this right.”

In 2016, Samsung experienced one of the worst technology recalls in recent times after some of its faulty Galaxy Note 7 devices suffered battery malfunctions and spontaneously caught fire.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: saheli roy choudhury, magdalena petrova
Keywords: news, cnbc, companies, analysts, smartphone, launch, phone, note, delay, traded, samsung, samsungs, delays, date, hurts, 2000, folding, brand, say, shipping, galaxy


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Facebook says it ‘unintentionally uploaded’ 1.5 million users’ email contacts without permission

Social networking giant Facebook said on Wednesday evening it may have “unintentionally uploaded” the email contacts of up to 1.5 million users on its site, without their permission or knowledge, when they signed up for new accounts since May 2016. Those contacts were not shared with anyone and Facebook is deleting them, a company spokesperson told CNBC. People can also review and manage contacts they share with Facebook in their settings,” the spokesperson said. Facebook said it used to have a


Social networking giant Facebook said on Wednesday evening it may have “unintentionally uploaded” the email contacts of up to 1.5 million users on its site, without their permission or knowledge, when they signed up for new accounts since May 2016. Those contacts were not shared with anyone and Facebook is deleting them, a company spokesperson told CNBC. People can also review and manage contacts they share with Facebook in their settings,” the spokesperson said. Facebook said it used to have a
Facebook says it ‘unintentionally uploaded’ 1.5 million users’ email contacts without permission Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: saheli roy choudhury, niall carson, pa images, getty images
Keywords: news, cnbc, companies, million, facebook, uploaded, 15, unintentionally, process, spokesperson, email, giant, step, site, users, permission, contacts


Facebook says it 'unintentionally uploaded' 1.5 million users' email contacts without permission

Social networking giant Facebook said on Wednesday evening it may have “unintentionally uploaded” the email contacts of up to 1.5 million users on its site, without their permission or knowledge, when they signed up for new accounts since May 2016.

Users affected by that incident were not just limited to the United States, according to a source familiar with the matter.

Those contacts were not shared with anyone and Facebook is deleting them, a company spokesperson told CNBC.

“We’ve fixed the underlying issue and are notifying people whose contacts were imported. People can also review and manage contacts they share with Facebook in their settings,” the spokesperson said.

Business Insider first reported the news and said a security researcher noticed the tech giant was prompting some users to type in their email passwords when they opened an account to verify their identity.

Facebook said it used to have a step in the account verification process where some users had the option to confirm their email address and voluntarily import their email contacts onto the site. The feature was meant to help them find their friends more effectively and improve ads, according to the company.

That process was redesigned in May 2016. While the language, which explained the step, was removed, the feature itself was not, Facebook said. Hence, email contacts were still being uploaded to the site without users being aware of that fact.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: saheli roy choudhury, niall carson, pa images, getty images
Keywords: news, cnbc, companies, million, facebook, uploaded, 15, unintentionally, process, spokesperson, email, giant, step, site, users, permission, contacts


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UBS chairman: Europe is running out of economic policy options to boost growth

Both emerging markets and the U.S. appear poised to recover from last year’s economic stumbles, but problems persist for Europe, according to the head of global financial giant UBS. “We’re a bit skeptical about the ability of Europe to use stimulus to come out of this,” he said. In many European countries, including Italy and France, there’s very little room for governments to use fiscal policy to stimulate the economy, Weber said. Only Germany has room for additional fiscal measures, but Berlin


Both emerging markets and the U.S. appear poised to recover from last year’s economic stumbles, but problems persist for Europe, according to the head of global financial giant UBS. “We’re a bit skeptical about the ability of Europe to use stimulus to come out of this,” he said. In many European countries, including Italy and France, there’s very little room for governments to use fiscal policy to stimulate the economy, Weber said. Only Germany has room for additional fiscal measures, but Berlin
UBS chairman: Europe is running out of economic policy options to boost growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: saheli roy choudhury, angel navarrete, bloomberg, getty images
Keywords: news, cnbc, companies, economic, options, growth, weber, policy, europe, room, economy, running, monetary, lower, main, chairman, boost, fiscal, ubs


UBS chairman: Europe is running out of economic policy options to boost growth

Both emerging markets and the U.S. appear poised to recover from last year’s economic stumbles, but problems persist for Europe, according to the head of global financial giant UBS.

The continent is predicted to only achieve a slow rebound, Axel Weber, chairman of the Swiss investment bank, told CNBC’s Joumanna Bercetche in Washington D.C. on Thursday.

“We’re a bit skeptical about the ability of Europe to use stimulus to come out of this,” he said. “I think there is some downside risk in Europe and you have to acknowledge that. So, whilst I do have the main outlook to be a sort of L-shaped recovery, stabilization at a lower level, growth below potential, I don’t have the main scenario of a recession.”

The International Monetary Fund recently downgraded growth in the euro zone. It now expects the bloc to grow at 1.3 percent in 2019 — lower than its forecast had been six months ago.

In many European countries, including Italy and France, there’s very little room for governments to use fiscal policy to stimulate the economy, Weber said. That’s because their fiscal deficits are near the upper limit of the 3 percent of GDP that the European Central Bank allows. Only Germany has room for additional fiscal measures, but Berlin will only use it to boost the domestic economy, the UBS chief said.

On the monetary policy front, the ECB has pumped trillions of euros into the economy over the past few years to boost inflation and promote growth. Earlier this week, the ECB held interest rates steady.

“What you have to ask yourself is: After years of quantitative easing, is adding more of the same really going to have the same impact on the economy that it did have when they started this? My answer to that is, probably not,” Weber said.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: saheli roy choudhury, angel navarrete, bloomberg, getty images
Keywords: news, cnbc, companies, economic, options, growth, weber, policy, europe, room, economy, running, monetary, lower, main, chairman, boost, fiscal, ubs


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India heads to the polls today. Here’s what you need to know

India will start voting on Thursday to elect members to the lower house of Parliament. Prime Minister Narendra Modi and his ruling Bharatiya Janata Party hope to win power for a second five-year term — but opinion polls suggest it could be a close fight to the finish. There’ll be around 900 million eligible voters in India, almost three times the size of the U.S. population. That makes the elections — spread over seven phases that end on May 19 — the largest democratic exercise in the world. Vot


India will start voting on Thursday to elect members to the lower house of Parliament. Prime Minister Narendra Modi and his ruling Bharatiya Janata Party hope to win power for a second five-year term — but opinion polls suggest it could be a close fight to the finish. There’ll be around 900 million eligible voters in India, almost three times the size of the U.S. population. That makes the elections — spread over seven phases that end on May 19 — the largest democratic exercise in the world. Vot
India heads to the polls today. Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: saheli roy choudhury, noah seelam, afp, getty images
Keywords: news, cnbc, companies, india, know, heads, suggest, polls, win, term, voters, times, today, party, voting, heres, eligible, world, need


India heads to the polls today. Here's what you need to know

India will start voting on Thursday to elect members to the lower house of Parliament.

Prime Minister Narendra Modi and his ruling Bharatiya Janata Party hope to win power for a second five-year term — but opinion polls suggest it could be a close fight to the finish.

The coalition led by Modi’s party is predicted to win 273 of the 543 parliament seats being contested, one seat more than the number needed to govern, Reuters reported.

There’ll be around 900 million eligible voters in India, almost three times the size of the U.S. population. That makes the elections — spread over seven phases that end on May 19 — the largest democratic exercise in the world. Indian citizens who are 18 or older are eligible to participate.

Votes will be counted on May 23 and results are likely to be announced the same day.


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: saheli roy choudhury, noah seelam, afp, getty images
Keywords: news, cnbc, companies, india, know, heads, suggest, polls, win, term, voters, times, today, party, voting, heres, eligible, world, need


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India elections: Congress minimum income support scheme

Congress’ president, Rahul Gandhi, recently said income tax would not be increased to implement the scheme, according to local media reports. That “runs counter to plans to keep within fiscal and revenue deficit goals,” Radhika Rao, an economist at DBS Group, told CNBC. “I’m sure they’re going to tap the (Reserve Bank of India) for more dividends,” she told CNBC. “If that committee comes out with a certain recommendation, I don’t think Congress is going to shy away from taking that additional ca


Congress’ president, Rahul Gandhi, recently said income tax would not be increased to implement the scheme, according to local media reports. That “runs counter to plans to keep within fiscal and revenue deficit goals,” Radhika Rao, an economist at DBS Group, told CNBC. “I’m sure they’re going to tap the (Reserve Bank of India) for more dividends,” she told CNBC. “If that committee comes out with a certain recommendation, I don’t think Congress is going to shy away from taking that additional ca
India elections: Congress minimum income support scheme Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: saheli roy choudhury, t narayan, bloomberg, getty images
Keywords: news, cnbc, companies, minimum, schemes, spending, tax, scheme, congress, elections, india, told, varma, additional, taxes, support, public, income


India elections: Congress minimum income support scheme

Congress’ president, Rahul Gandhi, recently said income tax would not be increased to implement the scheme, according to local media reports. In its election manifesto, Gandhi’s party also outlined other social sector schemes including farm loan waivers and higher spending on education that the party says it would pursue if it wins the elections.

That “runs counter to plans to keep within fiscal and revenue deficit goals,” Radhika Rao, an economist at DBS Group, told CNBC. “This implies that either public (capital expenditure) commitments might have to be scaled back or fresh revenue generating measures are required to fund additional funding requirements.”

Since raising taxes in the current economic environment would likely be an unpopular move, Congress may have to rely on non-tax revenues such as divestment of public assets, said Priyanka Kishore, head of India and Southeast Asia economics at consultancy Oxford Economics.

“I’m sure they’re going to tap the (Reserve Bank of India) for more dividends,” she told CNBC. Last year, the RBI board decided to form an expert committee to look into how much the central bank should hold in its reserves amid New Delhi’s push to access the surplus. “If that committee comes out with a certain recommendation, I don’t think Congress is going to shy away from taking that additional cash.”

If no new funds are raised, and a Congress-led government opts to dip into its normal budget, then that could cut into the country’s spending on public infrastructure, according to Sonal Varma, managing director and chief India economist at Nomura. That could, in turn, take a bite out of economic growth.

Investment activity in India has recovered in recent quarters, largely supported by public spending on infrastructure, Varma added.

“This will … severely impair the capex cycle,” she wrote in a recent note. Still, she added, a Congress government may need to offset existing subsidies and schemes to fund the program or consider imposing additional taxes — but there’s “limited wiggle room” as direct and indirect tax collections this year have remained largely lackluster.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: saheli roy choudhury, t narayan, bloomberg, getty images
Keywords: news, cnbc, companies, minimum, schemes, spending, tax, scheme, congress, elections, india, told, varma, additional, taxes, support, public, income


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