Flipkart Forays into Original Content: Launches Flipkart Video Originals Launched, Reliance Jio Pushes for Tax Rate Cut, Fortnite Chapter 2 Out

Flipkart marks entry into original content: launches Flipkart Video Originals. Telecom majors push for Tax relief and incentives. How to reignite growth in the automobile sector? Inside Google’s annual "Made by Google" event. Fortnite unveils Chapter 2. JP Morgan Chase and Citigroup record rise in profits while Goldman Sachs and Wells Fargo miss estimates.

 

TELECOM

Airtel and Jio clash over interconnection usage charges.

Divergence: The telecom wars were on full swing at the Indian Mobile Congress. Bharti Airtel pounded on rival Reliance Jio over its recent move to charge INR6 paise/minute for voice calls made by its users to other networks. Gopal Vittal, MD and CEO for India and South Asia for Airtel, said interconnection usage charges (IUC) are not part of tariffs but clearing charges among operators to transmit calls. Financial Express
 
Jio countered saying that it will compensate users by giving free data of equal value, and called IUC an “outdated” concept.
 
Airtel also called on tariffs to go up, arguing that they are too low and unsustainable at present.

Both call for tax relief and incentives.

Convergence: Amidst the disagreements, the two telecom giants did find areas of consensus. Both Airtel and Jio were united in their call for financial relief and reforms for their debt-laden sector through lower taxation, reduced spectrum charges, deferment of universal services obligation fund (USOF) and refund of input tax credit. ET Telecom

Convergence: Amidst the disagreements, the two telecom giants did find areas of consensus. Both Airtel and Jio were united in their call for financial relief and reforms for their debt-laden sector through lower taxation, reduced spectrum charges, deferment of universal services obligation fund (USOF) and refund of input tax credit. ET Telecom

 

AUTO

How the automobile industry in India can hasten the turnaround in growth.

Things Fall Apart: Recent data from SIAM showed that passenger vehicle sales fell 23.69% in September, prolonging the slowdown streak that has engulfed the automobile industry in India. This is the eleventh consecutive month of decline -  the longest ever. 

Commercial vehicles, passenger cars, two-wheelers, tractors, and construction equipment are down 15% to 40% in their monthly sales volume Y-o-Y. This is the first time in several decades that all five of these broader automotive segments are witnessing a concurrent downturn.

Amidst this slump, here are six suggestions by Livemint that the automotive ecosystem can adopt to hasten the much-needed turnaround in growth. Livemint

Tata open to finding partners for Jaguar Land Rover, not looking to sell.

No Good News: Losses at Tata’s automotive business have been mounting on the back of the ongoing slump in automobile sector in India, as well as trouble overseas, including an economic slowdown in China and the uncertainty over Brexit. 

Tata’s Jaguar Land Rover (JLR) reported that it would suspend production at its UK plants for one week after the planned Brexit date of October 31 to adjust to adverse market conditions, including uncertainty over Brexit. 

Against this backdrop, Natarajan Chandrasekaran, Chairman of Tata Sons has said that the conglomerate is open to finding partners for the automaker but isn’t planning on selling the embattled unit. BS

 

UNICORNS

Flipkart announces foray into original video content.

Crafted by Flipkart: Walmart-owned ecommerce giant Flipkart has launched ‘Flipkart Video Originals’, marking is foray into original video content. 

The move comes two months after it introduced free video streaming service to draw new users from small towns and cities in India.

The creator to join the platform is Academy Award Winner Guneet Monga. Yourstory

India business accounted for less than 10% of Uber's layoffs globally.

We Regret to See You Go: Uber India constitutes c. 2% of the ride-hailing platform’s revenue, but contributes to a large part of its expenses, making it a likely target for cost-cutting. 

Uber has laid off 350 of its staff as part of its third global retrenchment drive this year, of which under 10% are based in India. 

The first job cuts happened in July when staff from the marketing and analytics team were let go. The next set took place in September, when product and technology positions were eliminated. This one however, not affect India. ET Tech

 

TECH

What you missed from Google’s annual "Made by Google" event.

Live from New York, It’s Alphabet Night: Google recently held its annual “Made by Google” hardware event in New York City. They announced launch dates for Stadia, Pixel Buds, Pixelbook Go, Nest WiFi, Pixel 4, and more. Here’s a list of all the announcements and their details. (Tweet This)

Fortnite’s Chapter 2 is here.

Out With the Old, In With the New: The two-year-old map of Fortnite is gone. Developer Epic has rebooted the game with an all-new Chapter 2, which introduces a new island for players to explore. It looks wilder than its predecessor, and will only grow more complicated as it evolves through new updates and new seasons. The Verge

 

US BANKS

Four big banks report Q3 earnings. JP Morgan Chase and Citigroup record rise in profits while Goldman Sachs and Wells Fargo miss estimates.

Up...: On Tuesday, JP Morgan Chase posted record revenue numbers that exceeded expectations, causing its stock to rise 3.1%. Despite lower interest rates, it mitigated negative impacts on the back of its consumer banking operations. Q3 revenue rose 8% while profit also increased by the same amount. CNBC
 
...And Down:
Meanwhile, Goldman Sachs’s Q3 numbers also missed analyst estimates, but in the other direction. Its profit fell 26% Y-o-Y while its return on equity was 9%. Investment banking revenue has declined 15% and the investment bank took a $267mn markdown on public investments. Goldman’s stock fell c. 1.9%. Markets Insider
 
Two more big banks reported third-quarter earnings on Tuesday. Citigroup reported a rise in profits while Wells Fargo’s quarterly profit took a hit. WSJ

 

FIN.

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