Wednesday, 16th September ’20
Good morning, welcome to TMT Wednesday. The entire world is looking forward to India for the vaccine production as Bill Gates reiterated again the role of India in the vaccine manufacturing. Defense Minister Rajnath Singh announced that India-China is having a diplomatic dialogue to ease the cross-border tensions as China is illegally occupying 38,000 sq km in Ladakh. Also, Booker Prize 2020 nominations announced as Indian origin writer Avni Doshi made the list.
Let’s make the most of today and make it a winner to stand out in these asking times. Here are words of wisdom from Bill Gates,
Don’t compare yourself with anyone in this world… if you do so, you are insulting yourself.
MARKETS
Markets: The market gained strength after a day of correction and climbed higher on the back of positive global cues and rally in banking and IT stocks. Nifty ended above the 11,500 level on Tuesday. India-China tensions and global cues are what would drive the market in the coming days. In the US, the tech stocks led the rally, and Dow Jones Industrial Average, S&P, and Nasdaq Composite all climbed. EU shares fell flat with a focus on the central bank meetings.
TECHNOLOGY & INNOVATION
- A Parliamentary panel has batted for the abolition of long-term capital gains (LTCG) tax for all investments in startups which are made through collective investment vehicles such as angel funds, alternate investment funds, and investment Limited Liability Partnerships.
- China’s Semiconductor Manufacturing International Corp (SMIC) has asked for approval from the United States to continue supplying Huawei. Restrictions were imposed by Washington in May on Huawei barring major semiconductor equipment vendors from supplying Huawei.
- Fintech startup Klarna has raised a mega-round of funding led by Silver Lake. The company is raising $650 million at a post-money valuation of $10.65 billion. Klarna says it is now the highest-valued private fintech company in Europe following today’s funding round.
WHAT ELSE IS COOKING
- YouTube releasing its own version of TikTok in India with Shorts: YouTube is rolling out its version of social media rival TikTok, a new short-form video service called Shorts, enabled within its video-sharing platform. YouTube’s new product, which will compete with Facebook Inc’s Reels and TikTok, will let users record short mobile-friendly vertical videos and then add special effects and soundtracks pulled from a music library.
- US bans import of 5 Chinese goods produced using forced labour: The US has banned the import of five goods from China, including computer-parts, cotton and hair products, alleging that they are produced in forced labour camps in the restive Muslim-majority Xinjiang province. The products subject to the import ban are cotton, apparel, computer parts, and hair products. The fifth ban is on all products made with labour from the Lop County Number 4 Vocational Skills Education and Training Center in Xinjiang
- Govt bans export of onions with immediate effect: The government on Monday banned the export of all varieties of onions except those cut, sliced or broken in powder form, with immediate effect. The move was apparently aimed at increasing domestic supply and reducing prices that had risen from Rs. 35 to Rs. 40 in Delhi. The ban includes Bangalore rose onions and Krishnapuram onions.
BUSINESS LOUNGE
Are you on cloud?
Amazon’s phenomenal growth is no secret. But, in the process Amazon developed another service in the IaaS(Infrastructure as a service) and PaaS(Platform as a service) categories and dominated the huge potential market with a 34% market share and revenues of $35 billion(in 2018). This is the AWS or Amazon Web Services.
The conceptualization of the idea of AWS began in 2000 with merchant.com. Here Amazon realized that they needed to build IaaS internally to improve speed of development. Benjamin Black and Chris Pinkham wrote a short paper for Amazon’s infrastructure that is completely automated, standardized and relied on web services. At the same time, when Pinkham decided to leave for South Africa, Amazon retained him and asked him to work on AWS in a satellite office in Cape Town. There they worked on the idea of AWS and in March, 2006 S3 marked the official launch of AWS.
Today AWS offers a variety of services including computing, networking, computing, database, analytics, deployment, IoT and others. The most popular being the Amazon Elastic Compute Cloud(EC2) and Simple Storage Services(S3). EC2 allows you to rent virtual computers to run your application whereas S3 is for scalable storage infrastructure.
TMT VARSITY
Lead your business
Amazon has been a leader when it comes to business outlook and principles. Amazon’s leadership principles are something to look forward to when solving a business problem or for ideas of new projects. When it comes to the famous catchphrase “Customer is King”, Amazon is one of the companies that has stayed true to its values. Below are stated the Amazon’s leadership principles.
1. Customer Obsession
2. Ownership
3. Invent and simplify
4. Are right, a lot
5. Learn and be curious
6. Hire and develop the best
7. Insist on the highest standards
8. Think Big
9. Bias for action
10. Frugality
11. Earn Trust
12. Dive Deep
13. Have Backbone, Disagree and commit
14. Deliver results
Written by Kumar Sourav Mohanty, Akansh Bhatt, and Shashank Dobhal
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