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ByteDance to India court: Freezing local bank accounts is illegal

China’s ByteDance has told an Indian court that a government freeze on its bank accounts in a probe of possible tax evasion amounts to harassment and was done illegally, according to a filing seen by the Reuters news agency.
ByteDance in January reduced its Indian workforce after New Delhi maintained a ban on its popular video app TikTok, imposed last year after a border clash between India and China. Beijing has repeatedly criticised India over that ban and those of other Chinese apps.
An Indian tax intelligence unit in mid-March ordered HSBC and Citibank in Mumbai to freeze bank accounts of ByteDance India as it probed some of the unit’s financial dealings. ByteDance has challenged the freeze on the four accounts in a Mumbai court.

China , Beijing , Mumbai , Maharashtra , India , United-states , New-delhi , Delhi , Singapore , Chinese , Inmobi-pte , Joe-biden

South Korea's LG to shut its loss-making smartphone division | Business and Economy News

South Korea’s LG Electronics Inc will wind down its loss-making mobile phone division after failing to find a buyer, making it the first major smartphone brand to completely withdraw from the market.
The company will end production and sales of mobile phone products on July 31 to focus resources on growth areas including electric vehicles (EVs), smart homes, robotics and artificial intelligence, it said in a statement.
Phones constituted 8.2 percent of LG sales last year and there will be a short-term loss of revenue, but the company expects the closure to be financially favourable in the long run. It will strengthen its car parts business and continue to develop mobile technologies such as sixth-generation networking and cameras, it said.

China , Seoul , Soult-ukpyolsi , South-korea , United-states , Xiaomi , Fujian , Chinese , America , Korea , Ko-eui-young ,

Markets today: Sensex crashes by up to 1,400 points as Covid cases, restrictions spook markets

All sectoral sub-indices, with the exception of Nifty IT, faced losses.

Mumbai , Maharashtra , India , Siddharth-khemka , Axis-bank , Indusind-bank , Infosys , Reuters , Bajaj-auto , Nifty-financial-services , Tata-consultancy-services , Nifty-bank

Major mining project takes centre stage in Greenland vote

Greenlanders are bracing for a snap election that is being viewed as a referendum on a controversial mine that has not yet opened.
Kvanefjeld, the rare-earth mineral project near Narsaq in southern Greenland, has divided the political system for more than a decade, and is of significant importance to the global mining industry.
The small town Narsaq in the south of Greenland [Martin Zwick/REDA&CO/Universal Images Group via Getty Images]Greenland Minerals, an Australian company, owns the site and China’s Shenghe Resources is its largest shareholder.
According to the company, Kvanefjeld has “the potential to become the most significant Western world producer of rare earths”.

Narsaq , Kommune-kujalleq , Greenland , Australia , United-states , Kvanefjeld , Denmark , Copenhagen , Køavn , Sermitsiaq , Kommuneqarfik-sermersooq , Nuuk

GameStop plans $1bn share sale after Reddit-fuelled rally

GameStop Corp on Monday increased the value of new stock it may sell from $100m to $1bn, as the United States video game retailer seeks to capitalise on a surge in its shares from a Reddit-driven rally this year.
GameStop stock has rampaged over 900 percent higher since January in highly volatile trading as amateur investors organised on social media sites such as Reddit staged a stubborn buying spree, winning out over Wall Street hedge funds that had bet against its shares rising
GameStop’s shares fell as much as 13.9 percent on Monday. They briefly reversed course to trade up slightly, but were trading lower again at 11:53 am EDT (15:53 GMT) at $188.50.

United-states , Joseph-feldman , Ryan-cohen , Exchange-commission , Telsey-advisory-group , Gamestop-corp-on , Reuters , Gamestop , Gamestop-corp , Wall-street , Texas-based-gamestop , Advisory-group

Indians are obsessed with online discount, even if it comes at the cost of privacy

Indians are obsessed with online discount, even if it comes at the cost of privacy
The country stood 19th among 21 nations in the National Privacy Test conducted by a VPN provider.
Representational image.
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Sanjay Kanojia/AFP
India is considered to be the fastest-growing tech hub in the world. But the country may struggle to hold that title with its dismal digital hygiene standards.
The country stood 19th on a ranking of 21 countries in the National Privacy Test, according to a recent survey by VPN provider NordVPN. The survey, launched in November 2020, assessed the digital habits, privacy awareness, and risk tolerance of over 48,000 participants from around the world.

Germany , India , Panama , Sanjay-kanojia , National-privacy-test , Business-and-economy , Nord-vpn , Internet-privacy , Online-discount , Netflix , Spotify , Amazon

Amazon's PR offensive: Taking on critics, unions and lawmakers | Business and Economy News

Amazon lashes out at bad coverage, angry lawmakers and workers seeking to unionise.

Show-types , Tv-shows , Business-and-economy , Inequality , Media , United-states , Us-amp-canada , காட்டு-வகைகள் , தொலைக்காட்சி-நிகழ்ச்சிகள் , வணிக-மற்றும்-பொருளாதாரம் , சமத்துவமின்மை

US court orders halt to 'Satan Shoe' sales in Nike trademark row | Business and Economy News

A United States federal judge has sided with sportswear giant Nike Inc in ordering a company in New York to temporarily stop further sales of “Satan Shoes” it produced in collaboration with the rapper Lil Nas X.
US District Judge Eric Komitee in Brooklyn ruled three days after Nike sued MSCHF Product Studio Inc, claiming that the black-and-red, devil-themed sneakers, which carry the Nike “swoosh” logo, infringed its trademarks.
The shoes are customised versions of the Nike Air Max 97 sneakers that purport to contain one drop of human blood in the midsoles and are printed with “Luke 10:18,” a biblical passage referring to Satan’s fall from heaven.

New-york , United-states , Brooklyn , Eric-komitee , Product-studio-inc , Nike-inc , Reuters , Lil-nas , Judge-eric-komitee , Studio-inc , Nike-air-max , Old-town-road

Firm at heart of J&J vaccine woes has history of safety citations | Business and Economy News

Emergent BioSolutions has been cited for issues like poorly trained employees, cracked vials and mould, the AP reported.

China , New-york , United-states , Netherlands , Massachusetts , Bayview , Canton , Marcellinus-dordunoo , Donald-trump , Joe-biden , Centers-for-disease , Pfizer

Made in the USA: Manufacturing expands at fastest pace since 1983

Measures of new orders, production and hiring all jumped, and more firms reported optimistic outlooks about the future.

Louisiana , United-states , Texas , Americans , Timothy-fiore , Institute-for-supply-management , Supply-management , Economy , News , Business-and-economy , Manufacturing , Us-amp-canada