The Alliance of Digital India Foundation (ADIF) on Monday said it has filed a comprehensive complaint with the Competition Commission of India (CCI), bringing to light Google’s alleged anti-competitive practices in the online advertising sphere.

In the complaint, the ADIF outlined Google’s dominant position and “purportedly abusive behaviour” in both the online search advertising and online display advertising markets.

The apex body representing homegrown startups alleged that Google’s control over major online platforms, coupled with the fact that it derives 97 per cent of its revenue from advertising, “has led to practices that stifle competition and adversely affect Indian businesses.”

Prateek Jain, Associate Director-Startup and Alliances, Alliance of Digital India Foundation (ADIF), said the digital advertising landscape is critical for the growth and sustainability of India’s startup ecosystem.

“Our complaint to the CCI is a crucial step towards ensuring that this vital market operates on principles of fairness, transparency, and equitable competition. We believe that addressing these issues will not only benefit advertisers and publishers but will also foster innovation and create a more vibrant digital economy in India,” Jain added.

The complaint highlighted how Google imposes unfair conditions on advertisers in the realm of online search advertising, through its Ad Policies.

According to the ADIF, these included restrictions on call assets and prohibitions on third-party technical support. The foundation also raised concerns about the opacity of Google’s ad ranking system, describing it as a “black-box approach” that leaves advertisers in the dark about the services they are paying for.

Furthermore, ADIF argued that Google’s practices regarding trademark usage in keyword bidding create an artificial inflation of advertisement prices. Google allows competitors to bid on trademarked keywords, leading to a bidding war that ultimately benefits Google at the expense of advertisers and trademark owners.

The foundation also highlights inconsistencies in Google’s ad policy enforcement and the lack of transparency in its ad review and redressal processes. These practices often result in unfair denial of access to Google’s online search advertising platform for many advertisers.

In the display advertising market, ADIF’s complaint exposes how Google leverages its dominance across the entire value chain of the ad tech stack. Google engages in self-preferencing by tying its products together, such as DoubleClick for Publishers with AdX, and Display & Video 360 with AdX.

ADIF emphasised that as digital advertising spend continues to grow rapidly in India, it is imperative to address these market imbalances promptly. AGENCIES

A disappointing job scenario in the US coupled with the fear of a reverse Yen carry trade, following an interest rate hike in Japan, led Asian markets to crash on Monday.

However, the Indian benchmark indices showed resilience compared to its peers, down around 2.5 per cent.

Japan’s benchmark Nikkei 225 stock index nosedived nearly 13 per cent amid worries over the state of the US economy.

South Korean stocks tumbled by the most on record to a near nine-month low amid intensifying fears over a US economic slowdown. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) plummeted a record 234.64 points, or 8.77 per cent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 per cent loss the previous session, according to Yonhap news agency.

Heavy selling pressure was seen in all major Asian markets. Taipei fell by 4.43 per cent, Jakarta was down nearly 2 per cent, Hong Kong and Shanghai were down 1.43 per cent and 0.83 per cent), respectively.

The financial markets reacted to a report which showed that hiring by US employers slowed last month.

According to market analysts, equity markets are reacting to economic weakness, highlighted by disappointing earnings from a few US consumer-focused companies.

“It’s crucial to monitor these developments closely in the coming months,” said Trideep Bhattacharya, President and CIO-Equities, Edelweiss MF.

The VIX, an index that measures how worried investors are, fell about 20 per cent. The world’s largest cryptocurrency Bitcoin went down almost 14 per cent to $54,155.

Yeap Jun Rong of IG said that investors will be watching for data on the services sector from the US Institute for Supply Management.

Abhishek Banerjee, smallcase Manager and Founder at Lotusdew, said that bad job reports and impending conflict in the Middle East are all contributing to risk off today.

“However, indicators like oil price volatility, US yields and unfilled positions indicate the opposite. I think today is one of the buy-on-dip days for a long-term investor,” he added.

Santosh Meena, Head of Research, Swastika Investmart said that the global market is reeling as bears enter with a cocktail of bad news.

“The fear of a reverse Yen carry trade, following an interest rate hike in Japan, was the initial catalyst. This was compounded by fears of a recession in the USA after extremely poor job data, which spooked market sentiment,” he added.

The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy.

This expectation is now under threat with the fall in the US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent, said experts. AGENCIES

Global markets were in the deep red on Monday as the US economic slowdown weighed heavily on the financial markets.

Heavy selling pressure was seen in all major Asian markets. Japan crashed by 10 per cent, Seoul tumbled over 8 per cent, Taipei fell by 4.43 per cent, Jakarta was down nearly 2 per cent, Hong Kong and Shanghai were down 1.43 per cent and 0.83 per cent) respectively.

South Korea’s news agency Yonhap reported that due to a crash trading in the local benchmark index KOSPI 200 index held for five minutes.

The US stocks fell for the second consecutive session on Friday last week, with the Dow Jones Industrial Average sliding 1.51 per cent and the tech-heavy Nasdaq Composite sinking 2.43 per cent.

A disappointing jobs report spurred investor fears that the world’s largest economy is headed toward a recession, the report said

Indian stock markets also opened in the deep red on Monday. At 11 a.m., the Sensex was at 78,798, down 2,183 points or 2.70 per cent, and the Nifty was at 24,061, down 657 points or 2.66 per cent.

Santosh Meena, Head of Research, Swastika Investmart said, “The global market is reeling as bears enter with a cocktail of bad news. The fear of a reverse Yen carry trade, following an interest rate hike in Japan, was the initial catalyst. This was compounded by fears of a recession in the USA after extremely poor job data, which spooked market sentiment.”

“The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in the US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. Geopolitical tensions in the Middle East also are a contributing factor,” other experts said. AGENCIES

Employment in the STEM (science, technology, engineering and maths) robotics industry is expected to grow 10.8 per cent by 2032, according to a report on Monday.

The report by fintech platform Prodigy Finance showed that the robotics industry is undergoing a transformative revolution, and qualified professionals are in high demand.

Robotics is a dynamic field that combines engineering, computer science, mathematics, and design technology. Robotics graduates have diverse career options such as robotics engineer, design engineer, data scientist, machine learning engineer, algorithm engineer, and more. The average salary for these roles is around $93,000 annually.

“According to recent projections, STEM occupations are expected to grow 10.8 per cent by 2032. This projects a growing demand for skilled professionals in related fields,” said Sonal Kapoor, Chief Financial Officer at Prodigy Finance.

“Prodigy Finance has expanded its offerings to include more STEM programmes, including robotics. A master’s degree in robotics positions you at the forefront of this dynamic field, equipping you with the skills and knowledge to thrive in a rapidly evolving landscape,” Kapoor added.

Some popular programmes in Robotics are Master of Science (MS) and Master of Engineering (M Eng). The duration may range between 1 and 2 years, depending on the university and specialisation.

Studying a Master’s in Robotics abroad can be a transformative experience. Prodigy Finance is also providing loans to students wishing to pursue their master’s in the robotics field.

The company offers international student loans to study for Master’s in Robotics in countries like the US, the UK, Germany and Canada, among others. One does not require any collateral or co-signer to get an education loan from the company. The company also offers a simplified online loan application process, making it more accessible. AGENCIES

India, the world’s third-largest importer of crude oil, stands to gain as oil prices have fallen to an eitht-month low at $75.8 a barrel in the international market, with a more than $4 a barrel decline since Friday as the slowdown in the US and Chinese economies have raised fears of dampening demand.

With US job data showing an increase in the unemployment rate and a sharp fall in Chinese consumption of fuel amid a slowing economy, concerns of a dip in demand outweigh the supply-side fears caused by geopolitical tensions, according to market analysts.

The benchmark Brent crude fell by more than $1.04 to $75.8 a barrel on Monday after an over three per cent decline, while US West Texas Intermediate crude has come down to $72.43 a barrel.

The decline in oil prices augurs well for the Indian economy as the country imports around 85 per cent of its crude requirement and any decline in oil prices leads to a reduction in the country’s import bill. This in turn leads to a lowering of the current account deficit (CAD) and strengthening of the Rupee.

Apart from strengthening the external balance, a decline in oil prices also leads to lower prices of petrol, diesel and LPG in the domestic market, which in turn eases inflation in the country.

The government has also helped reduce the country’s oil import bill by allowing the oil companies to buy Russian crude at discounted prices despite Western pressures in the wake of the war with Ukraine. The Narendra Modi government has stood firm in maintaining its ties with Russia despite the sanctions against Moscow imposed by the US and Europe.

Russia has emerged as the largest supplier of crude oil to India replacing Iraq and Saudi Arabia which occupied the top slot earlier. India has in fact become the largest purchaser of Russia’s seaborne oil which accounted for close to 38 per cent of India’s total oil imports.

According to an ICRA report, the price of oil imports from Russia was 16.4 per cent and 15.6 per cent lower than the corresponding levels from the Gulf countries in FY2023 and 11 months of FY2024, respectively.

India’s strategy of continuing to buy cheap oil from Russia has resulted in the saving of around $7.9 billion in the country’s oil import bill during the first 11 months of the fiscal year 2022-23 and also helped the country to lower its CAD.

These large purchases of Russian oil have also helped keep prices in the world market at more reasonable levels which have benefited other countries as well.

Data compiled by the Ministry of Commerce and Industry shows that in terms of volume, the share of crude petroleum imported from Russia jumped to 36 per cent in 11 months of FY2024 from two per cent in FY2022, while that from West Asian countries (Saudi Arabia, the UAE and Kuwait) fell to 23 per cent from 34 per cent. The discounts on Russian oil generated huge savings in the oil import bill. AGENCIES

Prime Minister Narendra Modi on Monday said India’s prowess in electronics is powered by innovative youth, as the electronics exports, driven by Apple iPhones, reached the third spot in the top 10 exports in the April-June quarter (Q1 FY25).

According to data by the Department of Commerce, electronics exports are now in the third position, with engineering products at the top, followed by petroleum.

“This is indeed a matter of immense joy. India’s prowess in electronics is powered by our innovative ‘Yuva Shakti’. It is also a testament to our emphasis on reforms and boosting Make in India,” the Prime Minister said in a post on X social media platform.

“India remains committed to continuing this momentum in the times to come,” PM Modi added.

According to Electronics and IT Minister Ashwini Vaishnaw, India’s “electronics export now is among the top 3”.

“Making in India, shipping worldwide,” the minister posted on X.

Apple is all set to cross $9.5 billion in revenue this year in the country, garnering more than 7 per cent market share. The Cupertino-based tech giant clocked nearly $8 billion in revenue in India in the last fiscal year.

Driven by the friendly production-linked incentive (PLI) scheme, the tech giant achieved record export numbers around $3.8 billion in the April-June period (Q1 FY25) in the country.

Experts said the long-term growth outlook remains positive with Apple being well-positioned to capitalise on India’s growth trajectory over the next decade.

During the company’s quarterly earnings call last week, Apple CEO Tim Cook said the company has once again set a quarterly revenue record (April-June period) in India, riding on robust local manufacturing amid the government’s push and growing export figures.

According to Luca Maestri, CFO of Apple, the company saw strong performance in emerging markets, with June quarter records for Mac in Latin America, India and South Asia.

The company has sufficient headroom for growth in the country over the upcoming quarters, with the new iPhone series and the festive season sales. AGENCIES

Electric vehicle sales by Kia, South Korea’s No 2 automaker, in the United States from January to July jumped twofold on-year thanks to the strong demand of the company’s EV9 SUV model, industry data showed on Monday.

According to the data from the Korea Automobile & Mobility Association, Kia’s EV sales in the U.S. during the first seven months of the year totalled 33,957 units, marking a twofold rise from 16,941 units last year, reports Yonhap news agency.

Kia’s U.S. EV sales performance is especially noteworthy when compared with the overall segment growth in the country. The total U.S. EV market grew by only 0.9 per cent on-year during the cited period, from 638,716 units to 644,752 units.

Industry watchers attribute the strong demand of the EV9 SUV model as a key driver of Kia’s growth in the segment in the American market.

From January to July, 11,486 units of the EV9 were sold in the country, accounting for 34 per cent of Kia’s total EV sales there.

Thanks to Kia’s performance, Hyundai Motor Group maintains a double-digit market share in the U.S. EV market. From January to July, the group’s market share reached 11.1 per cent, marking the highest portion for the period in the group’s history.

The proportion of EVs within Kia’s entire eco-friendly vehicle lineup, encompassing EVs, hybrids and plug-in hybrid models, has also significantly increased.

From January to July this year, EVs accounted for 44.5 per cent of Kia’s total eco-friendly vehicle sales, with 33,957 out of 76,393 units sold being EVs. The portion is nearly double from last year’s 23.7 per cent reading. AGENCIES

Mongolia attracted a total of 436,617 foreign tourists in the first seven months of this year, the country’s Ministry of Culture, Sport, Tourism and Youth reported on Monday.

During the period, Russia, China and South Korea were Mongolia’s top sources of tourist arrivals, the ministry noted in a statement, Xinhua news agency reported.

Around 30 per cent of the total tourists visited the country in the past month alone.

To diversify its economy, which is heavily reliant on the export-oriented mining sector, Mongolia has been implementing measures to promote tourism.

As part of the efforts to promote the tourism sector, the Asian country has declared 2023-2025 as “Years to Visit Mongolia,” with a target of attracting at least 1 million foreign tourists per year.

Last year, Mongolia attracted over 650,000 foreign tourists and earned $1.2 billion from the tourism sector, marking an all-time high. AGENCIES

Indian equity indices opened in the deep red on Monday following negative cues from Asian peers.

At 9.42 a.m., Sensex was down 1,509 points or 1.86 per cent at 79,460 and Nifty was down 465 points or 1.88 per cent at 24,252.

The market trend remains negative. On the National Stock Exchange (NSE), 110 shares are trading in the green and 2,126 shares in the red.

Selling pressure is also being seen in small and medium stocks. Nifty midcap 100 index is down 1,677 points or 2.90 per cent to 56,236 and Nifty smallcap 100 index is down 598 points or 3.18 per cent to 18,202.

Almost all the indices are trading in the red. Auto, IT, PSU Bank, Fin Service, Realty, Energy and Infra are major laggards.

Hardik Matalia, Research Analyst at Choice Broking said, “The global market witnessed sharp selling pressure as there is a fear that the United States is heading to a recession.”

“After a gap down opening, Nifty can find support at 24,300 followed by 24,250 and 24,200. On the higher side, 24,500 can be an immediate resistance, followed by 25,600 and 25,650,” he added.

In the Sensex pack, Tata Motors, Maruti Suzuki, JSW Steel, Tata Steel, Power Grid and Reliance are the top losers. Sun Pharma, HUL, Asian Paints and Nestle are the top gainers.

Another expert said, “The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in the US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. Geopolitical tensions in the Middle East also are a contributing factor.”

The foreign institutional investors (FIIs) sold equities worth Rs 3,310 crore on August 2, while domestic institutional investors bought equities worth Rs 2,965 crore on the same day. AGENCIES

Sri Lanka’s Immigration Department has reverted to issuing on-arrival visas at the points of entry, and airport after the Supreme Court suspended a controversial deal outsourcing online visa issuing to a tripartite joint venture, including an Indian company.

Issuing of online visas for visitors to the island nation ground to a halt when the Supreme Court on Friday suspended the agreement signed by the Sri Lanka Immigration Department with three parties — Singapore-registered GBS Technology Services, the UAE-registered IVS Global-FZCO and the Dubai-headquartered VFS VF Worldwide Holdings Ltd.

Though now based in Dubai, VFS was originally founded in India and the majority of the company is owned by an American investment firm, Blackstone.

Sri Lanka’s Opposition had charged that the government had amassed $10 million from the controversial deal which was diverted to the upcoming election campaign. However, the government denied the allegation.

The country’s apex court issued the suspension until the final hearing of several fundamental rights petitions filed by three lawmakers and Translation International Sri Lanka (TISL), among others.

The petitioners had charged that the procedural violations and abuse of public trust had been caused by officials in the procurement of private entities to handle the Electronic Travel Authorisation (ETA) system for issuing visas to tourists visiting Sri Lanka.

They claimed the deal had affected the tourism industry, national economy and national security.

The petitioners had cited the Public Security Minister, the Controller General of Immigration, the Sri Lanka Tourism Development Authority, GBS Technology Services & IVS Global-FZCO, VFS VF Worldwide Holdings LTD, the Cabinet of Sri Lanka and the Attorney General.

While suspending the operation of foreign companies from issuing online visas, the Supreme Court had ordered the Immigration Department to return to the ETA system that was there before last April run by a local company Mobitel, which provided the service for one dollar.

Depending on the visa category, VFS Global was charging different prices, from $10 to much more.

However, Public Security Minister Tiran Alles has told the media that the ETA system run by Mobitel cannot be restored as many changes have been introduced. There were changes in laws which were passed in the Parliament. AGENCIES