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EU Antitrust Regulators to investigate Google, Indian government intends to prevent flash sales on e-commerce platforms

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Nicole Ryall, Mumbai Uncensored, 24th June 2021

On June 22, European Union antitrust regulators launched an investigation into Google’s AdTech division to see if the corporation favored its own product over competitors, advertisers, and online publishers.

According to projections, Google will earn $147 billion from online ads in 2020. Currently, the corporation is the world’s largest shareholder in online advertising. The most sales and earnings came from adverts that appeared on numerous properties, including search, YouTube, and Gmail. The display or network business, in which other media firms utilise Google’s technology to publish/sell ads on their websites or applications, accounted for 16 percent of Google’s overall income.

The EU Commission stated that it would investigate whether Google distorted competition by denying third parties access to user data for advertising purposes on apps and websites and reserving it for its own use. “We are concerned that Google has made it tougher for competing online advertising providers to compete in the so-called ad tech stack,” said Margrethe Vestager, European Competition Commissioner. She went on to say that the commission will look into Google’s user tracking rules to see if they were in accordance with fair competition.

A Google spokeswoman stated that the business would work with the commission constructively. “Thousands of European businesses use our advertising goods every day to reach new customers and fund their websites,” the company claimed. They select them because they are cost-effective and competitive.”

Vestager has fined Google more than $9.5 billion in the last decade for blocking its competitors in online commerce, Android devices, and online advertising.

In India, Amazon and other e-commerce sites may suffer difficulties

The Indian government has announced plans to impose harsher regulations on e-commerce sites like Amazon and Flipkart. The Department of Consumer Affairs has requested views and recommendations by July 6 on proposed changes to Consumer Protection.

One of the revisions, if accepted by the government, may prevent e-commerce behemoths from hosting flash sales of goods and services. Notably, both Amazon and Walmart-owned Flipkart run a number of Flash discounts throughout the year, which are said to be detrimental to small enterprises. The modifications would make it illegal for e-commerce websites to hold such deals.

Countless consumer and trader complaints

The government stated in a press release that it had received numerous complaints from customers, traders, and trade associations about rampant cheating and unfair trading practises in the e-commerce ecosystem. As a result, the Ministry of Consumer Affairs has urged that e-commerce platforms in India be prohibited from staging flash discounts. Festival seasons, such as Diwali and Independence Day, are popular for such deals.

“Certain e-commerce entities are limiting consumer choice by engaging in ‘back to back’ or ‘flash’ sales, in which one seller selling on the platform does not carry any inventory or order fulfilment capability and instead places a ‘flash or back to back order with another seller controlled by the platform,” according to the ministry. This precludes a level playing field and, as a result, limits custodial services.

Possible tampering with search results

According to the government, e-commerce platforms may be using the technology to manipulate search results in order to promote specific vendors and deals. Such techniques provide some merchants an unfair advantage over others. The amendments aim to make the e-commerce ecosystem more transparent.

Nodal and chief compliance officers will be appointed by e-commerce platforms

The Indian government recently demanded the appointment of nodal and compliance officers by social media firms and other media outlets. In a similar vein, the Indian government has proposed that e-commerce platforms hire a chief compliance officer, nodal officers, and resident complaints officers.

“To ensure compliance with the Consumer Protection Act, 2019 and Rules, the appointment of a Chief Compliance Officer, a nodal contact person for 24×7 coordination with law enforcement agencies, officers to ensure compliance with their orders, and a Resident Grievance Officer for redressing consumer grievances on the e-commerce platform has been proposed,” according to the ministry. This would ensure effective compliance with the Act’s and Rules’ provisions, as well as strengthen the e-commerce organisations’ grievance redressal mechanism.”

Prior to the date to be indicated, if possible

Another proposed amendment would make it necessary for products to include the best before or use before date so that customers can make an informed purchase decision. Consumers sometimes complain that they received expired products because it is not obligatory.

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Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

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Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

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Gold and Silver Rates Today: Latest Prices on July 24, 2024

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Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

  • Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
  • Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
  • Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
  • Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

  • Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
  • Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
  • Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
  • Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

  • Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
  • Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.

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Union Budget 2024: Key Changes to the New Tax Regime Announced by Finance Minister Nirmala Sitharaman

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In a significant announcement during the Union Budget 2024 speech, Finance Minister Nirmala Sitharaman introduced changes to the tax slabs under the new tax regime. Since becoming the default tax regime on April 1, 2023, employees have had the option to switch to the old tax regime by notifying their employers at the start of the financial year. This choice, however, can only be exercised once annually.

Revised Tax Slabs and Options for Employees

With the recent changes to the tax slabs, effective from April 1, 2024, there may be an opportunity for employees to choose their tax regime again, specifically for the purpose of Tax Deducted at Source (TDS) on their salaries. This update is particularly relevant for those who initially opted for the old tax regime but may now find the new regime more appealing due to the revised slabs.

The government has been actively promoting the new tax regime, making it increasingly attractive to taxpayers. The recent adjustments are part of this effort, aimed at encouraging more individuals to transition to the new system. Those who have already opted for the new tax regime could also benefit from reduced taxes, contingent on the proposals passing through Parliament and receiving the President’s assent.

Implications for Taxpayers

The changes introduced in the Union Budget 2024 are designed to streamline the tax process and provide more favorable conditions for taxpayers under the new regime. It’s a strategic move to widen the adoption of the new tax framework, which offers simplified tax calculations and potentially lower tax liabilities for many.

As the new provisions come into effect, employees and taxpayers are advised to review their financial planning strategies. Understanding the benefits and implications of the revised tax slabs will be crucial in making informed decisions about which tax regime to choose.

For the latest updates on the Union Budget 2024 and other financial news, stay tuned to Mumbai Uncensored News.

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