An 86-year-old man turns a billionaire thanks to Apple’s secret new iPhone
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An 86-year-old man turns a billionaire thanks to Apple’s secret new iPhone

The chairman of the world’s largest contract chipmaker has become a billionaire thanks to expected demand for Apple Inc.’s new iPhone.
Taiwan Semiconductor Manufacturing Company’s (TSMC) shares have surged 27 per cent in the past year, lifting founder and Chairman Morris Chang’s personal fortune to $1 billion, according to the Bloomberg Billionaires Index. Chang, 86, owns 0.5 per cent of the business directly and through his family, according to a May 2017 filing to the Taiwan Stock Exchange.
The climbing valuation is being fuelled by optimism for a revenue boost from the upcoming iPhone release, as well as long-term expectations that cars, high-performance computing and the Internet of Things will be a new growth driver for its processors, according to Randy Abrams, a Taipei-based equity analyst at Credit Suisse Group.
Elizabeth Sun, TSMC’s spokeswoman, declined to comment on Chang’s net worth.
The Taiwanese chip giant reported after the market’s close on Thursday that its net income had fallen to NT$66.3 billion ($2.2 billion) in the three months ended June amid seasonal weakness in demand for smartphone chipsets and gains in the local currency. Analysts had been expecting earnings of NT$69.6 billion on average.
TSMC’s market cap has swelled to $183 billion, making it the most valuable company on Taiwan’s stock exchange. Hon Hai Precision Industry, the listed flagship of iPhone assembler Foxconn Technology Group, is the second-most valuable company on the exchange, rising 52 per cent in the past year to $66 billion.
The Taiwan Taiex Electronics Index, a measure of the market’s technology stocks, is up 18 per cent in the same period. Chang founded TSMC in 1987 with backing from Taiwan’s government, which remains the company’s largest shareholder through the National Development Fund’s 6.4 per cent stake. The graduate of Massachusetts Institute of Technology and Stanford University spent the majority of his career working for Texas Instruments Inc.
He established TSMC when he was in his mid-50s, where he became the first to build a semiconductor factory that made chips based on the designs of its customers. He stepped down as chief executive officer in 2005 only to return when TSMC’s business stagnated, serving another stint as CEO between 2009 and 2013.
 
For the first time in its trading history,Reliance Industries crosses Rs 5 lakh crore market-capitalisation
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For the first time in its trading history,Reliance Industries crosses Rs 5 lakh crore market-capitalisation

Reliance Industries, the most valuable firm on the bourses, added another feather in its cap by crossing the Rs 5 lakh crore market-capitalisation for the first time in its trading history. It has become the second only firm to do so after Tata Consultancy Service (TCS), which is now the second most valuable company in terms of market-capitalisation.   At 12:20 pm, the market-cap of the company stood at 5,05,970 crore on the BSE.
The stock gained as much as 1.8% to hit its fresh 52-week high of Rs 1558.80 on the BSE. RIL has surged nearly 11% so far in July and over 41% year-to-date.  Meanwhile, with market-cap of Rs 4,59,630 crore, TCS was trading 0.17% down at Rs 2,402 in the noon trade.
The oil-to-telecom conglomerate is slated to announce its earnings for the April-June quarter (Q1) on Thursday and hold its AGM the day after. Analysts expect the focus, both in terms of the June quarter numbers and the AGM, would be on the company’s telecom business Reliance Jio. Brokerage Motilal Oswal Securities believes RIL may report a decline in its gross refining margin (GRM) in the June quarter.
"RIL is expected to report a decline in its GRM in the quarter, led by narrowing light-heavy differential and inventory loss of ~USD1/bbl. While we expect subdued profitability in the refining segment, petchem profitability is likely to increase YoY/QoQ, led by improved deltas and increase in petchem volumes," said Motilal Oswal Securities in a June quarter preview report.
 
GST Impact: After 2 weeks of GST, council to take stock of nation-wide impact today
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GST Impact: After 2 weeks of GST, council to take stock of nation-wide impact today

Over two weeks into the GST regime, the all-powerful GST Council will meet today to take stock of the implementation of the new indirect tax. This will be the first meeting of the Council since the launch of the Goods and Services Tax (GST) on July 1 and the 19th since it was set up in September last year. But unlike the earlier meetings, when the states and Centre used to sit across the table and decide on a plethora of issues, this time the interaction would happen through video conferencing. "19th Meeting of GST Council under the Chairmanship of FM Arun Jaitley will be held through Video Conferencing on July 17 in Delhi," the finance ministry tweeted. After the last Council meet on June 30, it was decided that next meeting will happen on August 5.  The date of the meeting, sources said, was advanced as the Council wanted to take stock of the situation post the rollout and get a nation-wide report. The council,chaired by Jaitley and having state finance ministers as members, has over the past 10 months ironed out various contentious issues and decided on a four-tier tax structure of 5, 12, 18 and 28 per cent. Over the last two weeks, the ministry has been issuing clarifications on doubts raised by industry. Besides, Revenue Secretary Hasmukh Adhia has held a marathon six-day 'GST Master Class' for businesses and traders explaining the rules of the new tax regime and answering their queries online. The finance ministry had earlier said the GST has been implemented"without any major problems being reported" from the field offices.
Its the first US oil purchase for Bharat Petroleum , buys Mars, Poseidon
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Its the first US oil purchase for Bharat Petroleum , buys Mars, Poseidon

Bharat Petroleum Corp has made its first purchase of U.S. oil, buying high sulphur crudes Mars and Poseidon in a tender, its head of refineries R. Ramachandran said. BPCL is the second Indian refiner to buy U.S. Gulf crude after Prime Minister Narendra Modi's visit to Washington last month when President Donald Trump said the United States looked forward to exporting more energy products to the world's third-biggest oil buyer. BPCL has bought a cargo containing 500,000 barrels each of Mars and Poseidon for delivery from Sept. 26 to Oct. 10. Ramachandran said the landed price of the American oil cargo would be "reasonably competitive" to the delivered price of the high sulphur oil from the Middle East. Earlier this month Indian oil Corp, the nation's top refiner, bought 1.6 million barrels of Mars. A trade source said BPCL has bought the cargo from Shell. Refiners in India, the world's third biggest oil consumer, are diversifying crude imports as cheaper alternatives have emerged due to a global supply glut despite OPEC and some non-OPEC producers cutting output to jack up prices. Share of Middle Eastern crude in India's imports shrank in June to the smallest since October 2015, while that from south America, Africa and Central Asia including Russia rose. Current market dynamics are also helping India's plan to deepen energy ties with the United States. West Texas Intermediate oil prices are depressed relative to Middle East benchmark Dubai because of rising U.S. shale oil production and as the OPEC cuts have reduced the amount of Middle East medium, sour crude. Global oil output in June is 1.2 million barrels per day above a year ago, the International Energy Agency said on Thursday in its latest monthly report. "We are also looking at buying low sulphur oil from America if priced competitively. Our refineries need both low sulphur and high sulphur oil," he said, adding the latest purchase was a trial cargo. BPCL aims to operate its Kochi refinery in Southern India  at expanded capacity of 310,000 barrels per day (bpd) from September, he added. India is the latest Asian country to buy U.S. crude after South Korea, Japan, China, Thailand, Australia and Taiwan after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.  
Solar sector witnessed corporate funding of USD 4.6 billion globally
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Solar sector witnessed corporate funding of USD 4.6 billion globally

Solar energy sector witnessed corporate funding of USD 4.6 billion globally in the first six months this year, marginally higher than the year-ago period, says a report. Mercom Capital Group said the total corporate funding, including venture capital funding, public market and debt financing, stood at USD 4.6 billion in the first half of this year. The funding amount was USD 4.5 billion in the January- June period of last year. During the first six months of this year, there were 97 deals in the solar sector whereas there were 79 transactions in the same period a year ago. Global VC funding (venture capital, private equity, and corporate venture capital) for the sector in first half of 2017 was USD 713 million spread over 45 deals. The top VC deals during the first half of the current year included those involving ReNew Power Ventures, Greenko Energy Holdings, Hero Future Energies, Siva Power and Spruce Finance. Announced debt financing came to USD 3 billion in 33 deals, as per the report. During this period, there were 40 merger and acquisition transactions in the solar sector. The report said funding in the solar sector fell to USD 1.4 billion in the second quarter of 2017 as compared to USD 3.2 billion in the first quarter of the year. "There is a great deal of uncertainty in the solar markets right now, which is reflected in funding activity. However, solar public companies, especially on the US stock markets, have done well this year," Mercom Capital Group CEO Raj Prabhu said.
NanoPhone C – ‘World’s Smallest Phone’ Launched in India
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NanoPhone C – ‘World’s Smallest Phone’ Launched in India

E-commerce site Yerha.com on Thursday announced the launch of what is claimed to be the 'smallest phone in the world' - the Elari NanoPhone C. Specifically, the company claims the NanoPhone C is the world's smallest GSM phone, said to be no bigger than a credit card. The Elari NanoPhone C price in India is Rs. 3,940, and it is available in Black, Rose Gold, and Silver colour variants. In a statement, Yerha says the NanoPhone C is a "stylish, ultra-compact, anti-smart mobile phone" that's meant for smartphone users who "wish to maintain an active lifestyle having the opportunity to completely disconnect, while staying reachable and retaining other features, when required." The NanoPhone C weighs 30 grams, and measures 94.4x35.85x7.6mm. It sports a 1-inch 128x96 pixels TFT display. It runs RTOS, and is powered by a MediaTek MT6261D chipset, coupled with 32MB of RAM. It comes with 32MB of storage that's expandable via microSD card (up to 32GB). The dual-SIM (Micro-SIM) phone is powered by a 280mAh battery that is claimed to last up to 4 hours of talk time, and up to 4 days of standby time. It features a MP3 player, FM radio, voice recording, and phone recording functions. Apart from GSM connectivity for phone calls, it comes with a 3.5mmhead phone jack, and a Micro-USB port. The NanoPhone C also features Bluetooth connectivity that enables it to connect with Android and iOS devices, which also lets it accept and make calls from connected smartphones. The company is also touting a Magic Voice function, which the company claims lets users prank call their friends
Government’s clarification: No GST on hostels, old gold, used cars, office gifts
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Government’s clarification: No GST on hostels, old gold, used cars, office gifts

It's been two weeks after the Goods and Services Tax was rolled out on the intervening night of June 30 -July 1. The GST was meant to simplify the whole taxation system, however, it has created some confusion among traders and people as to how it will be calculated on some services. The Ministry of Finance has since taken to Twitter to clarify some of the doubts over GST and its applicability. Here are some of the goods and services that won't attract GST. GST on sale of old gold jewellery by individuals: If you hold jewellery and want to sell it to any gold shop, it won't come under GST. Revenue Secretary Hasmukh Adhia had said that 'purchase of old gold jewellery by a jeweller from a consumer will be subject to GST at the rate of 3 percent under reverse charge mechanism.' The Revenue department further clarified that "even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course or furtherance of his business (as selling old gold jewellery is not the business of the said individual), and hence does not qualify to be a supply per se." "Accordingly, the sale of old jewellery by an individual to a jeweller will not attract the provisions of Section 9(4) and jeweller will not be liable to pay tax under reverse charge mechanism on such purchases," it said. GST on sale of old cars or two-wheelers: According to Revenue department, above mentioned (jewellery case) principal will apply on sale of old cars or two-wheelers and no GST will be payable even though the supply would be for a consideration. Services provided by the Housing Society RWA: The government explained that the supply of service by RWA (unincorporated body or a registered non- profit entity) to the members of a housing society or a residential complex are exempt from GST. However, the charges should be less than Rs 5000 per month per member. If the charges are above Rs 5000 per member and the annual turnover of RWA by way of supplying of services and goods is also Rs 20 lakhs then GST will apply. Services provided by an educational institution to students, faculty and staff: The Finance Ministry refuted the media reports that claimed that 18 per cent GST will be levied on annual fees charged for lodging in hostels. The Ministry said, "This is not true. There is no change in tax liability relating to education and related services in the GST era, except reduction in tax rate on certain items of education." Services provided by an educational institution to students, faculty and staff are fully exempt under GST. GST on employers' gift: The government said that gifts upto a value of Rs 50,000 per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000 made without consideration are subject to GST, when made in the course or furtherance of business. Gift has not been defined in the GST law. In common parlance, gift is made without consideration, is voluntary in nature and is made occasionally.
‘Sakhi pack’ for women,launched by Vodafone: Allows mobile recharge without disclosing number
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‘Sakhi pack’ for women,launched by Vodafone: Allows mobile recharge without disclosing number

In an innovative move, Vodafone India on Friday launched Sakhi pack for its women  customers. The new pack provides the facility to its users to conveniently recharge their mobile phones, without sharing their mobile numbers with retailers. Vodafone India, in the past ran a pilot test of this scheme in selected areas, where it got a phenomenal response. After which, Vodafone decide to rollout the plan nationwide. Vodafone said in 2014, an estimated 300 million fewer women owned a mobile phone than men. This gender gap, according to the company, is the largest in the emerging economies and prevents many women benefiting from mobile services. The Sakhi scheme also provide the users connectivity with 10 minutes of calling even with zero balance on their phone. Here is a step wise guide to avail the Sakhi pack.
  • To avail the Vodafone Private Recharge option, a user needs to send an SMS - 'Private - to 12604. The SMS message would be toll free.
  • After which, the users will be able to make a Private Recharge through an OTP code, without sharing mobile number.
  • The received One Time Password (OTP) can also be used for all recharges done over a 24 hour period.
   
BSNL: All set to offer ultra fast 1,000 mbps broadband services
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BSNL: All set to offer ultra fast 1,000 mbps broadband services

Telecom Minister Manoj Sinha today launched a next generation optical fibre-based technology on BSNL network that will enable the state-run firm to provide broadband connection with download speed of up to 1,000 mbps. Bharat Sanhcar Nigam Ltd at present offers broadband facility with top download speed of 100 megabit per second on its fibre-to-the-home network. "BSNL has successfully implemented a major project of NG-OTH technology in 44 cities covering state capitals and major cities. Under this project, total 100 major cities including state capitals shall be covered in phased manner during current financial year," Sinha said while inaugurating the new system here. He said that the next generation optical transport network (NG-OTN) would be implemented in three phases with a total outlay of Rs 330 crore. "This project aimed to enhance existing 10G capacity to 100G capacity of Optical Fibre infrastructure of BSNL. This means now in back-end we will have 10 times more capacity and will be launching new plans with 10 times more speed. This enhanced capacity will help retail customer base of BSNL in landline, FTTH and mobile services," BSNL Chairman and Managing Director Anupam Shrivastava said.
Your flight ticket rate could increase based on the climatic changes
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Your flight ticket rate could increase based on the climatic changes

Get ready to shell out more for your flight ticket if climate change continues unabated. Researchers have found that rising temperatures would mean increased weight restrictions on a significant number of flights, potentially imposing increased costs on the aviation industry in the next century.
"Our results suggest that weight restriction may impose a non-trivial cost on airlines and impact aviation operations around the world," said Ethan Coffel of Columbia University in the US who is lead author of a study published in the journal Climatic Change.  According to climate change projections, the annual maximum temperatures at airports worldwide could increase by four to eight degrees Celsius by 2080.
Air temperature has an important effect on aircraft takeoff performance. For a given runway or aircraft there is a temperature threshold above which an aircraft cannot take off at its maximum weight, requiring a weight restriction, removing passengers, cargo or fuel.
Coffel and his colleagues developed a model to project future weight restrictions across a fleet of aircraft with different takeoff weights operating at a variety of airports. They constructed performance models for five commercial aircraft (Boeing 737-800, Airbus A320, Boeing 787-8, Boeing 777-300, and Airbus A380) at 19 major airports in different temperature zones and elevations worldwide.
They included projections of daily temperatures from a climate model suite known as CMIP5 under two carbon emissions scenarios to calculate possible weight restrictions that might be required at these airports during a day.
In this research the researchers found that from 2050 onwards, on average five to 25 per cent of flights departing during the warmest hour of the day may require some weight restriction below their maximum takeoff weights.  These restrictions could total between 0.5 and four per cent of total aircraft payload capacity in the worst cases.
"Both mid-sized and large aircraft are affected, and airports with short runways and high temperatures, or those at high elevations, will see the largest impacts," Coffel explained.