Business

Seoul, Dec 30 (IANS) Samsung Electronics on Friday announced that it has hired former chief design officer of Mercedes-Benz China, Hubert H. Lee, as executive vice-president (EVP) and head of its MX (Mobile eXperience) design team.

Lee brings more than two decades of design and leadership experience with him to Samsung, the tech giant said in a blogpost.

At Mercedes-Benz, Lee was credited with leading numerous design projects and won multiple awards for his leadership of the company's design teams in China and the United States.

In his new role at Samsung, Lee will oversee the MX design team, which is in-charge of creating Galaxy products like S Series, Z Series, Galaxy Tab, Galaxy Watch and more.

His innovative perspective will help "shape the look and feel of Galaxy, building on the distinct design ethos that users know and love", the company said.

"Samsung is known for building some of the world's most beautiful products with designs that have transformed the mobile industry," said Lee.

"I am excited to join a company that is on the bleeding edge of mobile innovation and lead the team responsible for creating new mobile experiences through the art of design," he added.

--IANS
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New Delhi, Dec 30 (IANS) Former BharatPe co-founder and managing director Ashneer Grover on Friday hit out at top VC firm Sequoia Capital India, defending Singapore startup Zilingo's former CEO, Ankiti Bose, who was sacked over financial irregularities earlier this year.

In a series of tweets, Grover posted a short audio interaction between Ankiti and Grover, where she can be heard discussing a 220-page report on Singapore-based fashion-tech startup Zilingo and the fraud allegations, which was never made public.

Sequoia Capital India backed both BharatPe and Zilingo.

"Remember @AnkitiB of @Zilingo? She told me of her 'ordeal' at hands of @singh_sequoia and 4/7 India partners of @SequoiaIndiaSEA. I told her to complain in writing to @sequoia top bosses. Listen to what happened next. So much for Corp Governance and wearing the moral Halo,a posted Grover, along with the audio clip.

Grover asked what happened to the 220-page report.

"Did @sequoia top bosses hush it up or pursue it as a genuine complaint?What were the 220 pages about ? Why has @AnkitiB been silenced? What's the status of @Zilingo?" commented Grover who is facing a Rs 88.6 crore fraud case filed in the Delhi High Court by BharatPe.

In March this year, Zilingo suspended 30-year-old CEO Ankiti over complaints about alleged financial irregularities.

The startup had raised more than $300 million from top investors, including Temasek Holdings Pte and Sequoia Capital India.

Following an investigation led by an independent forensics firm, the startup decided to terminate Ankiti's employment.

On April 11, after her suspension on March 31, Ankiti brought to the board's attention, for the first time, certain harassment-related issues pertaining to past time periods, which did not include any harassment complaints against investors or their nominees.

A top consulting firm was then appointed to look into the claims of harassment brought to the Board's notice by Ankiti.

According to Zilingo, the investigation concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice, "contrary to media reports that have suggested that the suspension and investigations into Ankiti were aimed at suppressing the said harassment claims".

The company is deeply pained and disappointed to see the manner in which the board, investors and employees have been constantly attacked through ostensibly leaked and fake information," it had said.

Alarmed at the fraud allegations at some of its portfolio startups, Sequoia Capital India had released a blog post, saying it will continue to respond strongly when it encounters "willful misconduct or fraud", and take tough action wherever needed.

"These allegations are deeply disturbing. We have always strongly encouraged founders to play the long game. We focus on the enduring, and discourage focussing on vanity metrics. Despite that we find some counter-examples of what we espouse," the VC firm had said.

--IANS
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San Francisco, Dec 30 (IANS) While exploring the Apple Watch's ECG sensor in some depth, a team of researchers has said that the watch's ECG sensor data can be used to develop a robust and accurate stress prediction tool.

According to MacRumors, the researchers from the Canada-based University of Waterloo discovered a close relationship between ECG data, including heart acceleration and deceleration capacity, and participants' reported stress levels at the time the readings were taken, using the Apple Watch Series 6's ECG sensor.

Using this data, machine learning algorithms were created to create a prediction model.

The stress models are said to have a "high level of precision", but lower recall, said the report.

The study concludes that the Apple Watch has "promising" potential for stress prediction, and suggests that because the device collects additional health data such as sleep and activity data, even more, data points could be integrated into stress models to improve predictive accuracy.

Moreover, the researchers hypothesise that the Apple Watch could be used to aid mental health care by providing activities such as breathing exercises to offset stress signals and responding early to changes in mental health, the report added.

Meanwhile, a recent study also revealed that the Apple Watch can help detect silent heart disease.

The Mayo Clinic study explains that cardiac dysfunction often goes undiagnosed due to its asymptomatic nature, meaning people with it are unaware of it.

The findings showed that "consumer-watch ECGs acquired in nonclinical environments can identify patients with cardiac dysfunction".

--IANS
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New Delhi, Dec 30 (IANS) As 2022 is coming to an end, Microsoft on Friday revealed its best Xbox games of 2022 that gamers will want to get their hands on to wrap up the year.

Starting with the racing game of the year, the latest edition of the "Forza Horizon 5 Hot Wheels" has been specially enhanced for Xbox Series X/S.

With photorealistic graphics, authentic sounds, a life-like environment, and immense detailing, it sets the tone for next-gen gaming.

The next in the line is "Sea of Thieves", which lets gamers sail the open seas as a pirate with fellow shipmates, looting islands, tackling a gigantic Kraken, and sinking other ships.

"Grounded", which tells the story of a shrunken teenager trying to return to normal size while navigating Grounded's reactive world, is one of the best survival games of the year, the company mentioned.

With new creatures, locations, and surprises, it puts gamers' creative skills to the test.

"Gears 5", packed with horror, action, and power gives gamers the satisfaction of a quick reload, also the captivating storytelling, shooting mechanics, and excellent graphics give the game an edge.

The third-person shooter game is the sixth entry in the franchise and direct sequel to Gears of War 4, continuing the story of the Coalition of Ordered Government's (COG) fight against an enemy force -- the Swarm.

Lastly, a murder mystery game, "Pentiment", inspired by medieval art and weaves an unmatched narrative, lets players shape their character into anything from a pious theologian to a rebellious hooligan in 16th-century Italy.

Diving deep into history, this game has charm and appeal from and for the ages, said the company.

--IANS
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Lucknow, Dec 25 (IANS) Akasa Air is commencing its air service from Lucknow on Sunday.

It is scheduled to start two flights from Lucknow -- one to Bengaluru and the other to Mumbai.

Airline officials met UP Chief Minister Yogi Adityanath and handed him the first symbolic boarding pass.

The chief minister said, "UP is benefitting massively from the Udaan scheme started by Prime Minister Narendra Modi. He has allowed people from even the lowest rungs of society to dream of travelling by air. The improving air services in UP are a realisation of this dream."

Akasa Air was represented by its CEO Vinay Dubey, co-founder Neelu Khatri, cofounder Pravin Aiyar and other senior officials.

The chief minister said that along with Lucknow which is being connected to Mumbai and Bengaluru, Varanasi should also be connected to these routes.

The Varanasi route has maximum passengers and this will be beneficial for both the residents of the state and for the airlines, he said.

He also suggested that Akasa Air start air services from Lucknow, Varanasi and Kushinagar to Kathmandu in Nepal. There is a great demand for this route among countries with a large Buddhist population, he said.

The Chief Minister further said that connectivity has a huge role to play in increasing the pace of development.

To that end, the government is trying to connect maximum cities in the state with expressways and air services.

Yogi Adityanath said that right now, nine airports are functional in the state and are serving 75 destinations. Another 10 airports are under construction.

He added that Uttar Pradesh would soon have five international airports -- Varanasi, Kushinagar and Lucknow are operational while Jewar and Ayodhya are under progress.

"It is the government's responsibility to ensure better connectivity for the 25-crore people in the state and to provide them with good air connectivity. Air connectivity is not ordinary connectivity but very beneficial in improving and increasing tourism potential of the state," he said.

--IANS
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By Atul Krishan
New Delhi, Dec 24 (IANS) The Centre Bureau of Investigation (CBI) has learnt in the Chanda Kochhar case that loans which were sanctioned by ICICI Bank were adjusted in RTL (rupee term loan) of Rs 1,730 crore.


This was revealed after a special CBI court on Saturday remanded former ICICI Bank CEO-MD Chanda Kochhar and her husband Deepak Kochhar to CBI custody till December 26. The CBI had arrested the couple on Friday in connection with their alleged role in the ICICI Bank-Videocon money laundering case. Venugopal Dhoot of Videocon Group is a co-accused in the case.

During the preliminary inquiry, the CBI has learnt that Chanda Kochhar sanctioned credit facilities of Rs 3,250 crore by violating the rules of Banking Regulation Act, RBI guidelines and credit policy.

That various sanctioning committees of ICICI Bank sanctioned loans to Videocon Group companies, namely Millennium Appliances India Ltd (MAIL), RTL of Rs 175 crore on June 30, 2009; loan of Rs 240 crore to Sky Appliances Ltd (SAL) on November 17, 2010; loan of Rs 110 crore to Techno Electronics Ltd (TEL) on November 17, 2010; loan of Rs 300 crore to Applicomp India Ltd (AIL) on May 30, 2011; and loan of Rs 750 crore to Videocon Industries Ltd (VIL) on October 31, 2011.

These loans amounting to Rs 1,575 crore were sanctioned by various committees.

The loans sanctioned to SAL, TEL and AIL were for the purpose of enabling them to repay the unsecured loan availed by these companies from VIL. It also sanctioned a loan to VIL for refinancing the existing loans of the company.

Sandeep Bakshi, K. Ramkumar, Sonjoy Chatterjee, N.S. Kannan, Zarin Daruwala, Rajiv Sabharwal, K.V. Kamath and Homi Khusrokhan, all senior officials of ICICI Bank, were part of the committees which sanctioned the loans.

"These loans turned non-performing assets (NPA) due to which the ICICI Bank suffered losses and the accused made wrongful gains. ICICI Bank had also released the security available in the form of FDR of Rs 50 crore in the accounts of Sky Appliances Ltd and Techno Electronics Ltd without any justification," the CBI said.

Chanda Kochhar took over the charge of ICICI Bank as Managing Director and Chief Executive Officer on May 1, 2009. The aforesaid credit limits to the above said Videocon Group companies were sanctioned after she assumed charge as the MD-CEO of the bank.

These loans were sanctioned by different sanctioning committees in which Chanda Kochhar was one of the committee members.

The committees sanctioned RTL of Rs 300 crore to VIEL and Rs 750 crore to VIL. In 2012, the existing outstandings of the six accounts were adjusted in RTL of Rs 1,730 crore sanctioned under refinancing of domestic debt. The account of VIL and its group companies were declared NPA in June 2017.

(Atul Krishan can be approached at atul.k@ians.in)

--IANS
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New Delhi, Dec 23 (IANS) Google on Friday said it has approached the National Company Law Appellate Tribunal (NCLAT) to appeal the Competition Commission of India's (CCI) decision to penalise the tech giant Rs 1,338 crore for abusing its dominant position in multiple markets in the Android mobile device ecosystem.

In a statement to IANS, Google said it has decided to appeal the CCI's decision on Android as "we believe it presents a major setback for our Indian users and businesses who trust Android's security features, and potentially raising the cost of mobile devices".

"Android has greatly benefitted Indian users, developers, and OEMs, and powered India's digital transformation. We look forward to making our case and remain committed to our users and partners," a Google spokesperson said.

In October, the Indian anti-competition watchdog also slapped its second penalty on Google -- this time to the tune of around $113 million (Rs 936 crore) -- for abusing its dominant position with respect to its Play Store policies.

The CCI directed Google to cease and desist from indulging in anti-competitive practices.

Google strongly disagreed with the CCI's decision, saying it is taking all appropriate legal steps to defend the Android business model in the country.

Google is optimistic that the "NCLAT will take full account of the evidence on record and the tremendous contribution that Android has made to the massive growth and prosperity of the mobile ecosystem in India".

Android has created more choice for everyone, and supports thousands of successful businesses in India and around the world, according to the company.

The appellate tribunal will take into account "this irreparable harm Android stakeholders will face if a stay is not granted pending the outcome of the appeal", according to the company.

Not just Google, but even some Indian phone manufacturers disagree with the CCI's remedies, given its obvious adverse implications.

India is Google's largest market by users.

--IANS
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Mumbai, Dec 23 (IANS) Software company IceWarp on Friday announced that it intends to double employee strength by the end of 2023 in India.

Currently, the company's India team has a strength of 100 members.

The company also announced the inauguration of a new office in Mumbai to accommodate its growing team.

The company said that the larger office setup will allow the IceWarp India team to accommodate new resources from all departments, planned to hire in order to address the growing business requirements.

"We believe that our office's expansion in Mumbai will reinforce our commitment towards the region as we look forward to providing seamlessly collaborated Enterprise Email and Collaboration solutions to organisations of all sizes," Pramod Sharda, CEO, IceWarp India, and Middle East said in a statement.

With a solid presence across 50 countries, IceWarp offers an affordable, seamlessly integrated, and easy-to-use communications solution to businesses and provides a true alternative to Microsoft 365 and Google Workspace.

"This new office expands IceWarp's foothold at the heart of the business hub of the country and will thus, allow it to strengthen its position in the country and exponentially grow its vision," it said.

The company also mentioned that it is keen on partnering with equally motivated and driven professionals from various fields like marketing, sales, operations, CRM, and support to grow with the brand.

--IANS
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New Delhi, Dec 23 (IANS) Twitter has laid off more employees from its remaining public policy team, after laying off an unknown number of engineers in its infrastructure vertical last week.

A member of the Twitter public policy team tweeted late on Thursday that she has been laid off.

"Yesterday was my last day at Twitter, as half of the remaining Public Policy team was cut from the company. It's hard to convey how fortunate I feel to have had this exceptional opportunity. This was, indeed, a dream job," posted Theodora (Theo) Skeadas.

"I am unbelievably proud of the work we did to protect people in global conflicts including Iran, Ukraine, and Libya," she added.

According to Musk, Twitter now has just over 2,000 employees (it had more than 7,500 employees when he took over in October.

Musk said in the latest live audio conversation platform Twitter Spaces that Twitter was on track to lose about $3 billion next year but should now be "roughly cash flow break even" after his job cuts.

The company has been hit by at least 100 former employees of various legal violations, including gender discrimination in layoffs and failing to pay promised severance.

Twitter laid off around 3,700 employees in early November in the first cost-cutting measure. Hundreds more resigned later.

The company was also sued in the US for mass layoffs without giving employees advance written notice.

The lawsuit has been filed in the US District Court in the Northern District of California, in violation of worker protection laws, including the federal Worker Adjustment and Retraining Notification Act as well as the California WARN Act, both of which require 60 days of advance notice.

The lawsuit is seeking "a range of relief, including compensatory damages (including wages owed), as well as declaratory relief, pre- and post-judgment interest, plus other attorneys' fees and costs".

--IANS
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Islamabad, Dec 20 (IANS) Pakistan's Defence Minister Khawaja Asif said on Tuesday that the government would approach the provinces for the implementation of a policy aimed at saving energy, local media reported.

Briefing the media after a meeting of the federal cabinet, Asif that Prime Minister Shehbaz Sharif had held several meetings on the issue and a final decision would be taken by Thursday, Dawn reported.

He said that estimates have shown that if 20 per cent of the government workforce worked from home on a rotation basis, Pak Rs 56 billion could be saved.

"It is mainly about the nation limiting its lifestyle," he said.

Asif added that the timing of wedding halls would be restricted to 10 pm, while restaurants, hotels and markets would close down by 8 pm in order to save energy.

He, however, said that there may be some room for the closing time for restaurants to be extended by an hour, Dawn reported.

The minister said that by implementing these steps, the country would be able to save Rs 62 billion.

Asif also said that the government is slowly working on shifting to renewable energy, but until that is achieved, such measures are important.

He went on to say that energy-efficient fans and bulbs would soon be introduced in the markets, which would further help save Rs 38 billion.

"Similarly, if street lights are used alternatively, we would be able to save Rs 4 billion."

The minister revealed that the government is also in talks with motorcycle companies for electric bikes.

"The motorcycles that run on petrol will slowly be phased out. We have begun importing e-bikes and have started negotiations with motorcycle companies for modification of the existing motorcycles. This will save us around Rs 86 billion," he added, Dawn reported.

If all these measures are translated, Asif said, "You will see that a lot of money can be saved."

--IANS
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