Business

New Delhi, Aug 22 (IANS) WinZO, India’s largest social gaming and interactive entertainment platform, on Friday announced that it will withdraw its impacted offerings from August 22, following the passage of the Promotion and Regulation of Online Gaming Bill, 2025.

The company said it remains committed to complying with the law of the land while continuing to fuel India’s digital journey.

Launched in 2018, WinZO has grown into a community of over 250 million users engaging with more than 100 games in 15 languages, developed by third-party creators from across the globe.

The company said it has always upheld the highest standards of integrity, ensuring user safety and national security.

It added that every feature on the platform was driven by responsibility and innovation rather than the pursuit of monetisation.

The firm also expressed gratitude to its team, investors, and partners for standing by it through challenges such as the pandemic, taxation shocks, and regulatory changes.

“In compliance with the new law, we are responsibly withdrawing impacted offerings w.e.f 22nd August 2025,” the company said.

Meanwhile, PokerBaazi also announced that it has paused all real money online gaming operations with immediate effect.

“With a very heavy heart, we announce that PokerBaazi will be pausing its operations in compliance with The Promotion and Regulation of Online Gaming Bill, 2025. Effective immediately, no real money games will be offered on our platform,” the company said in a statement.

PokerBaazi added that it will evaluate the future course of action once the Bill is fully enacted.

The fresh announcements come after industry majors like Dream11 and My11Circle had already stopped offering real money games earlier this week -- underscoring the wide impact of the new legislation on India’s booming online gaming sector.

--IANS

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New Delhi, Aug 22 (IANS) The National Consumer Helpline (NCH) successfully facilitated refunds amounting to Rs 2.72 crore in July, addressing 7,256 consumer grievances across 27 sectors, the Ministry of Consumer Affairs said on Friday.

The e-commerce sector recorded the highest volume of refund-related grievances with 3,594 cases, resulting in refunds worth Rs 1.34 crore, followed by the travel and tourism sector, which accounted for refunds of Rs 31 lakh.

The helpline’s technological transformation has significantly enhanced its reach and efficiency.

Call volumes have increased more than tenfold, from 12,553 in December 2015 to 1,55,138 in December 2024, the Ministry stated.

Similarly, average monthly complaint registrations have grown from 37,062 in 2017 to 1,11,951 in 2024.

According to the Ministry, consumer adoption of digital channels has also surged, with grievance registration via WhatsApp rising from 3 per cent in March 2023 to 20 per cent in March 2025.

NCH acts as a unified platform bringing together consumers, government agencies, private sector companies, and regulatory bodies. The number of convergence partners has expanded steadily from 263 in 2017 to 1,131 companies in 2025, strengthening collaborative redressal mechanisms.

In line with its mandate to safeguard consumer rights and promote fair trade practices, the Department of Consumer Affairs monitors grievance data received through the NCH.

In addition, the Department also identifies companies with a high volume of complaints that are not yet part of the convergence programme for further engagement.

NCH collaborates with companies demonstrating a proactive approach to grievance redressal, onboarding them as convergence partners voluntarily, the Ministry highlighted.

Once onboarded, NCH provides these businesses with real-time complaint data, facilitating cooperative engagement and a free, equitable, and quick resolution.

NCH has integrated WhatsApp with its toll-free number (1915) in order to improve accessibility and expedite grievance registration during times of high call volume.

When customers experience lengthy wait times because of high traffic or technical issues, automated WhatsApp notifications are sent to them, allowing them to file complaints straight through the app.

This initiative enhances the helpline's responsiveness and efficiency by providing a smooth and easy-to-use substitute.

--IANS

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Seoul, Aug 22 (IANS) Hyundai Motor and Kia have partnered with South Korea's leading battery producers -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- to advance electric vehicle (EV) safety technologies, the companies said on Friday.

At Hyundai and Kia's Namyang research and development (R&D) centre in Hwaseong, south of Seoul, the companies unveiled the results of a yearlong collaboration with the battery makers on EV battery safety and signed a memorandum of understanding (MOU) to expand their cooperation going forward, reports Yonhap news agency.

The ceremony was attended by Hyundai-Kia R&D chief Yang Hee-won, LG Energy Solution chief executive officer (CEO) Kim Dong-myung, Samsung SDI CEO Choi Joo-seon and SK On CEO Lee Seok-hee, as well as officials from the transport and industry ministries.

The joint efforts began last August when Hyundai-Kia proposed setting up a task force on battery safety in the wake of a then public EV battery safety scare prompted by a massive fire incident.

Friday's MOU calls for the companies to continue joint research, share patent rights and develop new safety technologies, with the aim of setting industrywide safety benchmarks.

The companies have identified five priority projects covering safety-related patents, digital battery passports, design quality, manufacturing quality and firefighting technology.

"This collaboration was possible thanks to the determination of our leadership, the dedication of our researchers and support from government ministries," said Yang. "We will continue to work closely with battery makers to deliver safer and more reliable EVs."

LG Energy Solution's Kim said, "With the government and industry working as one team, LG Energy Solution will keep pushing to secure Korea's future competitiveness."

Choi of Samsung SDI called the initiative "a breakthrough that redefines industry safety standards and technological direction," pledging further work on sustainable battery technologies.

"This collaboration will take battery safety quality to the next level," SK On's Lee added.

--IANS

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New Delhi, Aug 22 (IANS) The US tariff hike of 50 per cent would hit Indian corporates unevenly, with the labour-intensive textiles and gems and jewellery segment expected to see only a moderate impact while pharmaceuticals, smartphones and steel are currently relatively insulated because of exemptions, existing tariffs and strong domestic demand, according to a report on Friday.

However, capital goods, chemicals, automobiles, and food and beverage exports would face the toughest adjustment, the S&P Global report states.

The fallout from a US move to double tariffs on Indian goods -- from 25 per cent to 50 per cent from August 27 -- in retaliation for New Delhi's oil trade with Moscow will not be uniform, in S&P Global Ratings' view. This will be the highest tariff in the region and will affect 50 per cent-60 per cent of India's total exports to the US.

However, the macroeconomic impact of the hike in tariffs would be cushioned by the large size of the India’s domestic market.

A recent Morgan Stanley report had stated that India is the “best placed country in Asia,” amid the global uncertainty triggered by US President Donald Trump’s threat to jack up tariffs, because of the nation’s low goods exports to GDP ratio.

“While India is exposed to direct tariff risks, we believe on balance India is less exposed to global goods trade slowdown considering that it has the lowest goods exports to GDP ratio in the region,” the report stated.

According to a Fitch report, the large size of India’s domestic market, which reduces reliance on external demand, is expected to insulate the country from the US tariff hike, with the economy expected to maintain a growth of 6.5 per cent in FY26.

Meanwhile, External Affairs Minister S. Jaishankar firmly defended India’s oil trade with Russia, stating that India is neither the largest importer of Russian crude nor isolated in its dealings with Moscow.

The Trump administration has claimed that the increased tariff is a direct response to India’s “increased purchases” of Russian oil during the Ukraine conflict.

Addressing a press briefing during his visit to Russia, EAM Jaishankar emphasised that India has increased its oil imports from the United States as well, and has acted in accordance with national interest and global market stability.

Jaishankar also made it clear that India is not the biggest purchasers of Russian oil, that is China. “We are not the biggest purchasers of LNG; that is the European Union. We are not the country that has the biggest trade surge with Russia after 2022; I think there are some countries to the South," Jaishankar remarked.

The minister also highlighted that India is not overly reliant on any single source and has significantly increased imports of oil from the US as well.

--IANS

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New Delhi, July 8 (IANS) WaveX, the startup accelerator platform under India’s Ministry of Information and Broadcasting, on Tuesday launched a nationwide initiative called 'Kalaa Setu – Real-Time Language Tech for Bharat.'

The challenge invites India’s top AI startups to develop scalable solutions for creating multimedia content from text, aimed at enhancing communication between the government and citizens in multiple Indian languages.

As India continues its digital governance journey, communicating effectively with citizens in their native languages has become crucial.

Traditional content creation methods are no longer fast enough or diverse enough to reach people across the vast country.

The government is increasingly turning to AI-driven solutions to ensure that information can be delivered instantly and in a way that resonates with every citizen, regardless of the language they speak.

The Kalaa Setu challenge focuses on three main areas where AI can help. First, it encourages the development of text-to-video technology, which automatically turns written content into videos with customisable environments, tones, and subjects.

Second, it promotes text-to-graphics solutions that can create data-driven infographics and visuals, making complex information easier to understand.

Finally, it calls for text-to-audio technologies that can generate natural-sounding speech in multiple languages, with the ability to adjust for regional accents and emotions.

The goal of Kalaa Setu is to break down the digital language barrier, enabling public authorities to transform official information into formats that are easy to understand and regionally relevant.

Whether it's farmers receiving weather alerts, students getting exam updates, or senior citizens learning about healthcare schemes, the initiative aims to deliver essential information in ways that are meaningful and accessible to all.

Startups interested in participating can register on the WaveX portal and apply by submitting a working Minimum Viable Concept (MVC) by July 30.

The shortlisted teams will present their solutions to a national jury in New Delhi. The winner will receive an MoU for full-scale development, support for pilot projects with key national broadcasters like AIR, DD, and PIB, and incubation under the WaveX Innovation Platform.

Alongside Kalaa Setu, WaveX has also launched the 'Bhasha Setu' challenge, which focuses on real-time language translation. Startups can apply for Bhasha Setu until July 22.

Both Kalaa Setu and Bhasha Setu are part of the India Government's broader push to leverage AI for inclusive governance.

These initiatives aim to bridge communication gaps and ensure that every citizen has access to essential information in their own language. By promoting AI-driven solutions for multilingual content creation and language translation, the government is working to create a more inclusive, technology-driven future for all Indians.

WaveX is an important part of the Ministry of Information and Broadcasting’s WAVES initiative, which is focused on nurturing innovation in the media, entertainment, and language technology sectors.

The platform offers startups the opportunity to pitch their ideas, gain mentorship, and collaborate with government agencies, investors, and industry leaders.

--IANS

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Washington, July 7 (IANS) US President Donald Trump on Monday started sending out tariff letters to countries, saying he would impose a 25 per cent tariff on goods from Japan and South Korea from August 1.

The US President announced the decision on his social media platform, Truth Social, where he posted copies of the letters.

The letters warned Japan and South Korea not to retaliate by increasing their own import taxes, or else the US administration would increase import taxes.

“If for any reason you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,” Trump said in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

“Please understand that the 25 per cent number is far less than what is needed to eliminate the Trade Deficit disparity we have with your country,” Trump said in both letters, encouraging them to manufacture goods in the United States to avoid tariffs.

“There will be no tariff if South Korea or Japan or companies within your country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely-In other words, in a matter of weeks,” Trump added.

Trump has threatened to send more letters out to heads of countries before the July 9 deadline, to make deals or face the threat of higher tariffs.

“These Tariffs may be modified, upward or downward, depending on our relationship with your country. You will never be disappointed with the United States of America,” Trump said in the letters sent out to Japan and South Korea.

Meanwhile, the United States' Treasury Secretary Scott Bessent said that Washington is close to reaching agreements on several trade deals as “a lot of proposals” have poured in from various countries at the last minute.

Trump has announced a number of trade deals, including with Vietnam and China. He had stated last month that the US and India “may sign an agreement that will open up India for US goods.

India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington after the trade talks with US officials without reaching a final agreement on the sensitive issue of trade in agricultural and dairy products that the US is pushing for.

--IANS

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Mumbai, July 7 (IANS) The Securities and Exchange Board of India (SEBI) on Monday said that analysis of profit and loss of individual traders in Equity Derivatives Segment (EDS) suggests that at aggregate level, nearly 91 per cent of individual traders incurred net loss in EDS in FY 2025 (similar trend was observed in FY2024).

The comparative study of growth in trading in Equity Derivatives Segment (EDS) vis-a-vis Cash Market after recent measures showed that Index options turnover, year on year, is down by 9% (in premium terms) and 29 per cent (in notional terms).

“However, compared to 2 years ago, index options volume is up by 14 per cent (in premium terms) and 42 per cent (in notional terms),” the SEBI study said, adding that turnover of individuals in premium terms in EDS is down by 11 per cent year on year and up by 36 per cent over similar period two years ago.

According to the regulator, the number of unique individual investors trading in EDS is down by 20 per cent compared to previous year and up by 24 per cent from 2 years ago.

“India continues to see relatively very high level of trading in EDS, compared to other markets, particularly in index options,” the study noted.

SEBI said that trends in turnover of index options will continue to be observed from the perspective of ensuring investor protection and market stability.

In order to ensure that the rapid growth in derivatives market matches with commensurate risk monitoring metrics, SEBI has introduced certain measures, which are better monitoring and disclosure of risks in derivatives, reducing instances of spurious ban periods for derivatives on single stocks and better oversight over the possibility of concentration or manipulation risk in index options.

In order to present the factual impact of these measures, the trading activity of both investors individual investors for the period from December 2024 to May 2025 was analysed by the regulator.

—IANS

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Dhaka, July 7 (IANS) Bangladesh’s Awami League Party on Monday expressed deep concerns over the fast deteriorating economic situation in the country under the interim government led by Mohammed Yunus.

Taking to X, the Awami League Party said, "Mob violence meets market meltdown: Bangladesh's economy bleeds under Yunus regime ... Once hailed as a rising economic star, Bangladesh now faces an investment freefall, mob rule, and a governance vacuum. 253 cases of mob violence, 163 lives lost, foreign investment at a 14-year low, factories shutting down, industries gasping for survival."

Quoting an old Bengali proverb, the party added: "No food to give, yet always ready to strike, aptly defines the present Yunus regime".

"From crippling interest rates to systematic destruction of the private sector, business leaders say they've never seen such dysfunction including power outages, gas shortages, tax harassment, import scams. All while the government throws flashy investment conferences for photo ops," the Awami League mentioned.

The party highlighted that under the Yunus led interim government, Foreign Direct Investment (FDI) in the country declined from $3.48 billion (2018–19) to $910 million (2024–25), letters of credit for capital goods fell by 27 per cent, industrial production was slashed and the investor confidence has been shattered.

"In 1971, we lost our intellectuals. In 2025, we're losing our entrepreneurs," the party quoted Shawkat Aziz Russell, Bangladesh Textile Mills Association (BTMA), as saying.

Highlighting rising concerns of Bangladesh's business community, the party stated that the situation isn't just an "economic downturn" but an act of "sabotage". It further questioned whether the Yunus regime "will change the course or let the nation collapse".

Earlier in May, the Awami League reported that FDI, a key indicator of international confidence in an economy, has seen a "dramatic drop" under the current administration.

"In just eight months, Bangladesh has witnessed a reported $208 million decline in FDI — a severe blow to an economy already on the ropes. Law and order issues, politically motivated violence, and an unpredictable regulatory environment have all contributed to the exodus of foreign investors," read a statement issued by the party.

"Incidents of looting and vandalism have increased, and even multinational brands like Pizza Hut and Bata have suffered from attacks and disruptions. Instead of intervening to protect businesses and restore stability, the government has largely remained passive, allowing fear and uncertainty to fester," the party stated.

--IANS

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Rio de Janeiro, July 7 (IANS) Finance Minister Nirmala Sitharaman on Monday said that BRICS is a vital platform for advancing inclusive multilateralism, and especially when global institutions are facing a crisis of legitimacy and representation, it must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South.

Addressing the BRICS Finance Ministers and Central Bank Governors meeting here, she highlighted India's demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures, according to a Finance Ministry post on social media platform X.

FM Sitharaman further said that India's policy response to trade and financial restrictions has focused on diversifying markets, promoting infrastructure-led growth, and implementing structural reforms aimed at boosting competitiveness and productivity.

"While South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action, and BRICS countries are well placed to deepen cooperation on sustainable development," she emphasised.

Earlier, the Finance Minister discussed various issues of bilateral cooperation, including collaboration across multiple sectors to further strengthen strategic partnerships during her meetings with BRICS counterparts in Rio de Janeiro.

In her meeting with Russian Finance Minister Anton Siluanov on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting, she discussed issues of bilateral cooperation, particularly in the financial sector, as well as matters related to the New Development Bank.

FM Sitharaman also met her Chinese counterpart Lan Fo’an and emphasised that India and China are uniquely positioned to drive inclusive global growth and innovation, as the two largest and fastest-growing economies in the world. Finance Minister Sitharaman highlighted that the two countries can strengthen collaboration across a wide range of areas, given their rich human capital, deep civilisational ties, and expanding economic influence.

--IANS

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New Delhi, July 6 (IANS) Commerce Minister Piyush Goyal on Sunday shared key highlights from the Ministry last week, where he met Export Promotion Councils and industry associations to review free trade agreements (FTAs), their impact, utilisation, and industry expectations from the ongoing trade talks.

Proposed SEZ reforms aimed at easing procedures and boosting growth were also shared during the meeting, as the minister urged industries to scale up manufacturing, diversify supply chains, and cut import dependence.

“India is now manufacturing toys domestically and exporting to 153 countries, thanks to consistent policy support and strict quality standards. At the 16th Toy Biz International B2B Expo 2025 at Bharat Mandapam, urged the industry to focus on strong branding, eye-catching packaging, and innovative design to tap global markets,” Goyal said in a post on X social media platform.

The first consignment of 1 metric tonne of rose-scented litchis from Pathankot, Punjab, was flagged off to Doha, Qatar last week.

“Also, 0.5 metric tonne of litchi was flagged off to Dubai, marking a boost to India’s fresh fruit exports. While mangoes, bananas, grapes, and oranges lead, fruits like cherries, jamuns, and litchis are gaining global traction, strengthening India’s potential in global markets and benefiting our farmers,” the Commerce Minister highlighted.

‘Indian Mango Mania 2025' was held in Abu Dhabi to showcase India’s finest mango varieties, including GI-tagged and regional specialities from Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, and several eastern states. Mango-based delicacies were also featured. The UAE remains the top export destination for Indian mangoes, informed the minister.

“The first National Skill Olympiad to promote seafood value addition and create a skilled workforce in the sector was held. It is an effort aimed at making India a global hub for value-added seafood exports,” he added.

—IANS

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