Truecaller has dialled into some trouble with investigative research outfit Viceroy alleging tax loopholes and skirting regulation by the software firm. Credit card concerns for banks as numbers start to fall after the RBI regulation kicks in. Job losses galore from Softbank to Meta, founders scaling down as losses mount and stocks sink.
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 30. And here is what we are tracking. Sequoia backed truecaller in focus after activist short seller Weiser II research said in a report that global privacy and data protection laws would soon make its business redundant. detailing the investigation. The report highlights that regulatory and legal crackdowns have forced the company to skirt regulations and or avoiding taxes through uncreative loopholes, which we believe will be inevitably cut off. India is the biggest market for the caller ID software, which saw sales growth 133 percentage in the January to June period with to 35 point 5 million monthly active users. That's MAU and 194 point 4 million daily active users.Et learns that after the Reserve Bank of India rule mandating credit card operators to deactivate cards that are inactive for 365 days came into effect, the number of credit cards in force declined to about 78 million in August 2022, a fall of more than 2 million in one month, while SBI cards market share based on the number of cards in force increased from 19.2 percentage in August 2022 HDFC Bank and access bank saw their market share fall from 22.4 percentage and 15.5 percentage in July to 21 percentage and 14.7 percentage respectively in August. Good news for visa aspirants. The US embassy and consulates in India will begin student visa interviews from mid November. The United States will also open 100,000 slots over the next few weeks for applicants of H and L worker visas specially for Dropbox cases. This would be especially for first time applicants. In global news, Softbank is planning to cut at least 30 percentage of staff at its ambitious investment arm the Vision Fund. As per reports, the proposed cuts follow a record $23 billion loss by the fund. Softbank is not alone in making cuts. Meta platforms I NC chief executive officer Mark Zuckerberg, outlined that the social media giant will be smaller in 2023 as the company freezes, hiring and V structures to cost this is the first major budget cut since the founding of Facebook in 2004. You have been listening to Roopsha Dasguupta tune into et play Economic Times latest platform for all audio content.
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