Business

New Delhi, Sep 27 (IANS) Digital infrastructure services provider Cloudflare on Tuesday announced a $1.25 billion 'Workers Launchpad Funding' programme to help startups grow their businesses.

The company partnered 26 leading venture capital firms to help startups building applications on Cloudflare Workers, a highly-scalable serverless computing platform that allows developers to build or augment apps without configuring or maintaining infrastructure.

"While we can provide the technology, we're thrilled to partner with some of the leading venture capital firms on the Workers Launchpad Funding Program, who will potentially invest more than a billion dollars in funding towards great startups built on Cloudflare Workers as they scale," said Matthew Prince, Co-founder and CEO of Cloudflare.

The venture capital firms include Altimeter Capital, Altos Ventures, Amplify Partners, Bain Capital Ventures, Bessemer Venture Partners, boldstart ventures, Cowboy Ventures, Lightspeed, Norwest Venture Partners, Threshold Ventures and others.

If selected by the participating venture capital firms, companies may receive a cash investment from these participating firms, as well as mentorship and support from Cloudflare.

With Cloudflare's network spanning more than 275 cities in over 100 countries around the world, developers can deploy code close to their users, bringing the speed, performance, and scale of Cloudflare to their customers.

Since 2017, more than 500,000 developers have built on Cloudflare's developer platform and launched more than three million applications.

"We look forward to seeing Workers enable a new class of edge-native companies, and we're excited to invest in these companies," said Renee Shah, Partner at Amplify Partners.

Enrique Salem, Partner at Bain Capital Ventures added that Cloudflare has created a platform that simplifies the development experience while maintaining cost-effectiveness to help empower startups and entrepreneurs, both big and small.

--IANS
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New Delhi, Sep 27 (IANS) Reliance Retail, Indias largest retailer, on Tuesday announced the launch of its fashion and lifestyle department store format, Reliance Centro.

The first Reliance Centro store was launched in Delhi's Vasant Kunj area.

Reliance Centro is aimed at democratising fashion in India by strengthening its reach and connect with consumers – right from categories like apparels, footwear, cosmetics, lingerie, sportswear to luggage and accessories with over 300 Indian and international brands.

Reliance Centro's core offerings are curated to make it the one stop fashion destination for all the fashion conscious mid-premium segment customer. For the fashionistas of Delhi, Reliance Centro is sure to appeal to their evolving tastes and meet the need for high definition fashion, through all seasons and for all ages.

The Reliance Centro store at Vasant Kunj embraces modern looks and ambience featuring an exciting range of good quality and fashion merchandise that is relevant to today's consumers. With wide variety of brands and style options available across key lifestyle categories the offering is designed to cater to every occasion – from parties to festivals to wedding, making Reliance Centro the preferred fashion destination for all needs.

Shoppers in Delhi can now look forward to a uniquely special and superlative shopping experience for trendy fashion with a wide range of products catering to Women, Men and kids.

This 75,000 sq ft store, which is one of its kind store in this region, is a complete department store with range of over 300 brands and more than 20,000 style options for the entire family.

This new shopping destination has a special inaugural offer for its customers, besides great relevant fashion at amazing prices. The inaugural offer to get Rs 1,500 off on shopping worth Rs 3,999 or get Rs 2,000 off on shopping worth Rs Rs 4,999 and above.

Residents can head to the Reliance Centro store at Vasant Kunj for the joy of a great shopping experience.

--IANS
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New Delhi, Sep 24 (IANS) The National Broadband Mission (NBM) under the Ministry of Communications on Saturday tweeted (and later deleted) that Prime Minister Narendra Modi will officially roll out the 5G services in India on October 1 -- the same day when the India Mobile Congress (IMC) kicks off which will heavily focus on 5G and related domains.

All the top telecom honchos -- including Reliance Industries Chairman and Managing Director Mukesh Ambani and Founder and Chairman of Bharti Enterprises Sunil Bharti Mittal -- are scheduled to join the keynote address at the sixth edition of the IMC that will take place at Pragati Maidan, New Delhi, from October 1-4.

"Taking India's digital transformation & connectivity to new heights, Hon'ble PM, @narendramodi, will roll out 5G services in India; at India Mobile Congress; Asia's largest technology exhibition," read the screenshot of the tweet (now deleted from the NBM handle).

The event will see participation from telecom gear manufacturers and other industry stakeholders, in the presence of IT Minister Ashwini Vaishnaw.

According to sources, the government may showcase some successful 5G testbeds being run in the country by Reliance Jio, Airtel and Vodafone Idea at the IMC 2022, jointly organised by the Department of Telecommunications (DoT) and the Cellular Operators Association of India (COAI).

During his Independence Day address from the ramparts of the Red Fort, the Prime Minister had said that the 5G services will be launched in India soon.

Vaishnaw last month said the government expects 5G services to be rolled out in the country by October 12, and the Centre will make sure that the prices are affordable for the consumers.

Vaishnaw said that installations are being done and telecom operations are busy with the seamless rollout of 5G services.

The government will ensure that the 5G plans remain affordable for the public, the minister said.

The 5G services would be rolled out in a phased manner and during the first phase, 13 cities are likely to get the 5G internet services.

The cities are Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Gandhinagar, Gurugram, Hyderabad, Jamnagar, Kolkata, Lucknow, Mumbai and Pune.

Just like 3G and 4G, telcos will soon announce dedicated 5G tariff plans and according to industry experts, consumers may pay more to access the 5G services on their devices.

An immediate tariff war with the launch of 5G is unlikely, but it "will be competitive as India continues to be a price-conscious market".

--IANS
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New Delhi, Sep 24 (IANS) India was the fastest growing Internet of Things (IoT) module market with more than 264 per cent growth in the second quarter this year, a report showed.

Although growing on a lower base, the growth in IoT modules in India was driven by smart meters, telematics, point of sale (POS) and automotive applications, according to Counterpoint Research.

Global cellular IoT module shipments grew 20 per cent (year-over-year) in Q2 2022.

"The IoT module market is going through a critical phase where the Chinese brands have become bigger, making it very difficult for international brands to grow in silos," said senior research analyst Soumen Mandal.

The global cellular IoT module market continued to recover despite a tighter supply chain, Covid-19 lockdowns in China and macroeconomic headwinds.

The growth was driven by the ongoing digital transformation involving potential applications around critical infrastructure and logistics catered by some key fast-growing low-tier cellular technologies such as Cat-1 and NB-IoT.

"Further, module players modified their product offerings, striking partnerships across the value chain, from newer connectivity solution providers to acquiring some key competitors, as the IoT industry enters a very exciting growth phase," the report noted.

China retained its position as the world's largest IoT market, contributing to more than half of the demand despite the lockdowns.

"With six out of the top 10 IoT module vendors being from China and with the rising geopolitical competition and data privacy concerns, international players see an opportunity to consolidate and carve out a dichotomy in this segment," said Mandal.

The 5G IoT module shipments remain steady with prices still high and many projects still in pilot stages.

"It will take at least a couple of years to reach an inflection point. We expect the second half of 2023 to see a ramp-up for the 5G IoT modules with good pan-country 5G coverage and scale," said Associate Director Mohit Agrawal.

--IANS
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London, Sep 23 (IANS) To tackle high inflation, the Bank of England (BoE) has increased interest rates by 0.5 percentage points to 2.25 per cent, the highest since 2008 and the seventh successive since December 2021, as well as the second 50-basis-point increase in a row.

The central bank announced on Thursday that it will "take the actions necessary" to return inflation to the 2 per cent target sustainably in the medium term, reports Xinhua news agency.

The country's consumer price index (CPI) rose by 9.9 per cent in the 12 months to August, down from the 40-year high of 10.1 per cent in July.

Also on Thursday, the BoE decided to reduce the stock of purchased UK government bonds financed by the issuance of central bank reserves by 80 billion pounds ($90 billion) over the next 12 months to a total of 758 billion pounds.

The bank said that its staff now expected the UK's gross domestic product (GDP) to fall by 0.1 percent in the third quarter, below August's projection of 0.4 per cent growth, and a second successive quarterly decline.

It cemented fears that the UK economy will soon slide into recession.

Despite support packages announced by the UK government this month to cap energy prices, the BoE said energy bills will still go up and, combined with the indirect effects of higher energy costs, inflation is expected to remain above 10 percent over the following few months, before starting to fall back.

--IANS
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Lucknow, Sep 23 (IANS) The Uttar Pradesh government, through its investment promotion agency Invest UP, has been successful in attracting beverages industrial units in Gorakhpur, Amethi, Prayagraj and Chitrakoot.

Varun Beverages Ltd, all India franchisee of PepsiCo, has been allotted land in these districts through fast-track mode for setting up their units for producing carbonated soft drinks, fruit pulp or juice-based drinks.

The company has proposed to invest Rs 3,740 crore in total in all the four plants with about 5,650 expected job opportunities.

Chief Executive Officer, Invest UP, Abhishek Prakash said: "Under the leadership of Chief Minister Yogi Adityanath and guidance of industrial development minister Nand Gopal Gupta 'Nandi', policy of fast-track land allotment and promotion of mega projects in the state are proving to be significant enablers in attracting investment in the state."

Additional Chief Executive Officer, Prathamesh Kumar said that Varun Beverages Ltd. has been allotted 45-acre land through fast-track mode in Narkatha village of Gorakhpur.

The company proposes to invest Rs 1071. 28 crore here with around 1,500 expected employment avenues.

With allotment of 68. 6-acre land in Bargarh Industrial Area in Chitrakoot, Varun Beverages Ltd has proposed to invest around Rs 496.57 crore with estimated jobs to the tune of 1,000.

Around 24.7-acre land has been allotted in Saraswati Hi-Tech City, Naini-Prayagraj and the investor has proposed to invest Rs 1,052.57 crore with 1,500 employment opportunities, while 26.1-acre area has been allotted in in Trishundi Industrial Area-Amethi, where proposed investment is Rs 1,119.59 crores with 1,650 expected jobs.

--IANS
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Jaipur, Sep 22 (IANS) Heritage hotels should promote and preserve the local art and culture around them, Rajasthan Governor Kalraj Mishra said on Thursday while addressing the inaugural session of the 9th annual convention of Indian Heritage Hotels Association (IHHA) at Alila Fort Bishangarh in Jaipur.

"The Covid-19 pandemic has been a challenging time for all sectors but the tourism and hospitality industry was the worst hit. The folk arts and artistes also had to face immense losses during the pandemic. When the heritage hotels are recuperating as important tourist destinations across the country, they must proactively promote and preserve the local art and culture around them," the Governor said.

"The way of life of the local communities, their handicrafts, modes of livelihood, the crops they grow, their traditional ways of entertainment and leisure should be part of the experiences the heritage hotels give to tourists," he said.

The Governor also talked about late former Rajasthan chief minister, Bhairon Singh Shekhawat's efforts in the development of tourism and conservation of heritage in the state. He further said that with a melange of magnificent forts, palaces and castles, Rajasthan has immense possibilities for tourism.

V.P. Singh Badnore, former Punjab Governor, said, "Rajasthan is the first state to declare tourism as an industry and this will give a big boost to employment in the state. This will also aid the hoteliers, tour guides, and restaurateurs etc who suffered a catastrophic blow in the pandemic." He further stressed on the need to preserve not just the tangible heritage assets such as buildings, monuments etc but also the intangible heritage assets like folklore, culture, among others.

Former Deputy Speaker and owner of Alila Fort, Bishangarh, Rao Rajendra Singh, said, "As per the World Travel and Tourism Council report, in 2019 the hotel and tourism sector's contribution to the national economy was worth Rs 15 trillion. During the Covid-19 pandemic, there was a 40 per cent fall and it dropped to Rs 9 trillion. Now in 2022, the industry has surpassed pre-Covid levels and now it stands at Rs 15.9 trillion."

Highlighting the importance of employment the sector provides, he said that every year it gives 2.4 million jobs. The sector is also gender neutral and provides employment to many women, he added.

President of Honour (Emeritus), IHHA, Maharaja Gaj Singh of Jodhpur, said that heritage plays a significant role in reminding people of the social values of the ancestors. Every state has its own unique heritage which needs to be protected, he added.

Conference Chairman and Vice President, IHHA, Steve Borgia, introduced the theme of the convention - 'Reincarnation of IHHA to Conserve and Protect Indian Heritage'. "The world is eagerly looking for a different 'India' and there is a need to think and do differently and strengthen our destinations and focus on the resurrection of all monuments, forts, palaces etc," he said.

--IANS
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Mumbai, Sep 22 (IANS) The Reserve Bank of India (RBI) on Thursday cancelled the licence of The Laxmi Co-operative Bank Ltd in Maharashtra's Solapur.

Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22.

The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

Following are the reason the central bank stated for cancelling the licence:

- The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.

- The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;

- The continuance of the bank is prejudicial to the interests of its depositors;

- The bank with its present financial position would be unable to pay its present depositors in full; and

- Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.

As per the data submitted by the bank, about 99 per cent of the depositors are entitled to receive full amount of their deposits from the DICGC. As on September 13, the DICGC has already paid Rs 193.68 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

--IANS
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New Delhi, Sep 22 (IANS) IndiGo, India's leading carrier, has started new daily direct flights between Mumbai and Ras Al-Khaimah (United Arab Emirates) from Thursday.

Ras Al-Khaimah is the 100th overall destination and 11th in the Middle East in the 6E network. It was also named as Gulf tourism capital for 2020 and 2021 by the Gulf Cooperation Council.

The operator and managing body of Ras Al-Khaimah International Airport welcomed the arrival of the inaugural IndiGo flight from Mumbai.

The aircraft received a ceremonial water cannon salute as it taxied to the terminal to mark the occasion.

Chairman of Ras Al-Khaimah International Airport Engineer, Sheikh Salem Bin Sultan Al Qasimi; Atanasios Titonis, Chief Executive Officer of Ras Al-Khaimah International Airport; Stanislav Bujnovsky, Director -- Commercial and Business Development, welcomed Pieter Elbers, Chief Executive Officer, IndiGo, who travelled in the inaugural flight to Ras Al-Khaimah.

Elbers said, "We are very pleased to commence this first direct connection between Mumbai and Ras Al-Khaimah. For IndiGo, this is the 100th destination in the 6E network and our fourth emirate. Ras Al-Khaimah, which is known for its bright agricultural surroundings, is also focused on becoming the regional leader in sustainable tourism, which aligns well with our overall focus on sustainability. In vast and diverse India, IndiGo already serves an unparalleled 74 cities and communities throughout the nation. This new route, warmly welcomed by our customers and authorities, further enhances connectivity in the region as envisioned in IndiGo's strategy."

Sultan Al Qasimi said: "It is our pleasure to welcome IndiGo airlines to Ras Al-Khaimah International Airport and to be able to acknowledge the increased passenger flow from the Indian subcontinent. The driving force behind Ras Al-Khaimah's economy lies in its thriving tourism and industrial sector and IndiGo's approach is well-aligned to our passenger needs."

Titonis said: "IndiGo is the right airline partner in our portfolio as we are on our way to move into a destination airport. This partnership will boost our business and will open a new channel to serve the tourism for Ras Al-Khaimah as an Emirate."

--IANS
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Ahmedabad, Sep 21 (IANS) Adani Transmission Ltd (ATL), India's largest private power distribution company and the transmission arm of the diversified Adani Group, has submitted its Green House Gases (GHG) emission reduction plans, focussing on Science Based Targets initiative (SBTi), an international drive for containing global warming.

ATL has submitted its detailed plan and targets for GHG emission reduction to SBTi within one year towards its commitment to contribute to contain global warming.

As a part of its continued focus on sustainable growth and its net zero journey, ATL committed for the SBTi in October 2021. ATL will act in alignment with the much-needed climate action and devise a strategy to restrict global warming to 1.5 degree Celsius.

To meet these targets associated with the SBTi commitment, ATL has rolled out definite strategies. In a first-of-its-kind initiative in the country, ATL's subsidiary AEML (Adani Electricity Mumbai Ltd) has introduced green tariffs, which enables AEML consumers to opt for green energy and receive a Green Power Certificate every month. This initiative is popular with consumers who wish to reduce their carbon footprint.

"We take seriously all initiatives focused on contributing to India's climate commitment through resolute climate action," said Anil Sardana, MD & CEO, Adani Transmission Ltd. "Submitting targets for the SBTi reiterates our commitment to devising sustainable ways of doing business. It also reinforces India's efforts to reduce climate risk through individual and collective action. A culmination of several smaller actions such as energy efficiency initiatives at sub-stations, de-linking of substations from the grid for auxiliary power while connecting them with solar energy, and introduction of efficient transmission lines aimed at reducing losses, combined with wider actions such as introduction of green tariff at AEML, will significantly contribute towards achieving positive climate action."

Signing up for the SBTi is an important step in the context of India's commitments to the Paris Climate Agreement. ATL became a signatory of UN Energy Compact at COP26 held in Glasgow in 2021. Through SBTi, companies are setting science-based emissions reduction targets - across their entire value chain - that are consistent with keeping global warming at 1.5 degree Celsius above pre-industrial levels. SBTi committed companies get 24 months to submit their targets. ATL, after committing to SBTi in Oct 2021, is one of the few companies to submit the emission reduction targets within one year.

SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It defines and promotes best practices in science-based target setting and independently assesses companies' targets.

--IANS
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