Eight years ago, a coalition of retail banks in India built a mobile payments system called the UPI. The system is interoperable, allowing users to make instant peer-to-peer transactions between them -- across all participating banks -- and to merchants at zero cost. Today, it processes more than 12 billion transactions each month -- more than all card payments combined in India -- and has become the most popular way Indians transact online. Many U.S. giants have cited UPI as an example that other countries should also explore developing. We have also covered UPI several times over the years. NPCI, a quasi-regulator founded by India's central bank, oversees UPI. Four years ago, it announced plans to enforce a market share cap on each participating player. The quasi-regulator didn't want few players to become too powerful and any single participant to process more than 30% of all UPI transactions in a month. It later postponed the deadline to January 1, 2025. Walmart-owned PhonePe and Google Pay command more than 86% of the UPI market. Now, the NPCI is reportedly planning to extend the deadline again by up to two years. The reason? TechCrunch reports: The NPCI had initially planned to enforce the market share cap in January 2021, but postponed the deadline to January 1, 2025. TechCrunch had previously reported that the regulator was moving towards extending the deadline further after concluding that there is no practical solution to address the issue. One can argue that the NPCI shouldn't be interfering with free market forces and let people decide which apps they wish to use. TechCrunch adds: However, several UPI providers admit that an incentive plan that unfairly differentiates [one of the proposed solutions by some industry players] against PhonePe and Google Pay will be a bad look for the ecosystem and could send wrong signals to the investor community. U.S.-based investors, including Accel, Lightspeed, Tiger Global, Insight Partners, Invesco, Vanguard, BlackRock and Fidelity, are among some of the most prolific investors in Indian public firms and startups. Some of the choices made by the RBI [India's central bank] and other regulators have already spooked many investors.

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An anonymous reader quotes a report from CNBC: In 2022, at the height of the "great resignation," a record 4.5 million workers each month -- about 3% of the U.S. workforce -- were quitting their jobs. While some economists have said this pandemic-era trend is over, new research from Microsoft and LinkedIn forecasts that even more people plan to leave their jobs in 2024. Nearly half (46%) of professionals say they're considering quitting in the year ahead -- higher than the 40% who said the same ahead of 2021s great resignation, according to new research from Microsoft and LinkedIn, which surveyed more than 30,000 people in 31 countries between February and March 2024. In the U.S., LinkedIn has seen a 14% increase in job applications per opening since last fall, with 85% of workers saying they plan to look for a new role in 2024, a survey of 1,013 U.S. professionals conducted between November and December 2023 found. And Americans' confidence in their job-hunting prospects has reached its highest point in two years, a February 2024 ZipRecruiter survey of more than 2,000 jobseekers shows. This renewed sense of optimism is aided by the fact that the U.S. economy avoided the recession forecast for 2023, ZipRecruiter chief economist Julia Pollak tells CNBC Make It. [...] It's not just better labor market conditions driving more U.S. workers to consider a career change in 2024. Inflation is still squeezing Americans' budgets; nearly half (45%) of workers planning to switch jobs this year say they need a higher income, according to Monster's 2024 Work Watch Report. Job switchers tend to increase their salaries more quickly than those who stay put, per data from the Federal Reserve Bank of Atlanta. Changing jobs is coming with greater pay gains: New data from ADP shows the median year-over-year pay increase for job switchers was 10% in March, up from 2.9% six months prior. With salaries finally keeping up with inflation, Pollak adds, the return on investment of switching jobs feels "much higher" than it did six months ago.

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Dell is making sure its employees follow the company's updated return-to-office policy through a series of new tracking techniques. According to The Register, Dell will track employees' badge swipes and VPN connections and include a color-coded attendance grading system that summarizes employee presence. "In the latest Jeff Clarke return-to-grade-school initiative, HR will be keeping an attendance report card on employees, grading them at four levels based on how well they meet the goal of being in the office 39 days a quarter," a source familiar with Dell told The Register, referring to the IT giant's chief operating officer. "Employees who do not meet the attendance requirement will have their status escalated up the ladder to Jeff Clarke, who apparently believes that being a hall monitor trumps growing revenue." From the report: Starting next Monday, May 13, the enterprise hardware slinger plans to make weekly site visit data from its badge tracking available to employees through the corporation's human capital management software and to give them color-coded ratings that summarize their status. Those ratings are: Blue flag indicates "consistent onsite presence"; Green flag indicates "regular onsite presence"; Yellow flag indicates "some onsite presence"; Red flag indicates "limited onsite presence". A second Dell source explained managers aren't on the same page about the consequences of the color tiers, with some bosses suggesting employees want to remain Blue at all times and others indicating there's more leeway and they could put up with a few red flags. "It's a shit show here," we're told. [...] "Dell is tracking badge-ins and VPN connections to ensure employees are onsite when they claim they are (to deter 'coffee badging' or scanning your badge then going immediately home)," a third source told us. "This is likely in response to the official numbers about how many of our staff members chose to remain remote after the RTO mandate." [...] We're told that the goal of the worker tracking appears to be workforce attrition. "The problem is the market is soft right now for tech," our second source, pointing to recent AWS job cuts. "Everyone is laying off." This person anticipates further Dell layoffs over the summer, though no dates have been set. Our third source indicated that the onsite tracking policy seems unusually aggressive for Dell. "Even pre-pandemic, they never pushed or pressured folks to be in the office," this person said. "A common phrase used to be 'Work happens where you make it,' with the office often being a ghost town multiple times a week, or after lunch, or pre-holidays." Dell in February reported fiscal year 2024 revenue of $88.4 billion, down 14 percent from 2023, and profits of $3.2 billion.

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A new national survey (PDF) from CNBC/Generation Lab of 1,033 people aged 18 to 34 found that an overwhelming 81% of respondents believe a four-day workweek would boost their company's productivity, while 19% said productivity would decline. CNBC reports: Those results from the "Youth & Money in the USA" survey come amid discussions around the potential benefits of switching from the standard five-day U.S. workweek to a four-day cadence without a pay cut. Some companies have begun testing the arrangement, and say it has mitigated employee burnout and strengthened business performance. Exos, a U.S. coaching company that trains top athletes and leads corporate wellness programs, recently reported results from the first six months of an ongoing four-day workweek experiment. The company said the shortened workweek increased efficiency along with revenue and retention. Although respondents to the CNBC/Generation Lab survey largely agreed on workweek length, they were less unified when asked about work setting. A 60% majority said they do their best work in the office, while the other 40% said they do so at home. Further reading: 32-Hour Workweek for America Proposed by Senator Bernie Sanders

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Smart home device maker Brilliant has laid off most of its staff and is seeking a buyer after failing to secure funding, CEO Aaron Emigh told The Verge. The company has shut down its support center and halted sales of its smart light switches and controllers, which integrate with various smart home platforms. Emigh said existing devices will continue to function, but their long-term functionality remains uncertain. Founded in 2016, Brilliant aimed to simplify smart home control but struggled with high prices, interoperability issues, and slower-than-expected market growth. The company raised $60 million in funding over eight years.

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Motional, the autonomous vehicle startup borne out of a $4 billion joint venture between Hyundai and automotive supplier Aptiv, will pause its commercial operations and delay plans to launch a driverless taxi service as it undergoes a restructuring, TechCrunch reported Tuesday. From a report: The aim is make progress on the core technology and the business model, while preserving capital, according to sources familiar with the changes. Motional has pushed its plan to launch a commercial driverless robotaxi service with its second-generation AV -- the Hyundai Ioniq 5 -- to 2026, two years later than planned. The company told employees Tuesday during an all-hands meeting that the changes will include layoffs, but did not provide a figure of how many people would be affected, according to sources who spoke to TechCrunch on condition of anonymity. Motional began notifying employees if they were laid off shortly after the meeting ended. The company employed more than 1,300 people prior to a 5% cut in workforce in March 2024. Motional will halt its commercial operations, which today includes taxi rides in autonomous Hyundai Ioniq 5 vehicles in Las Vegas via the Uber and Lyft network. The company will also end deliveries for Uber Eats customers in Santa Monica using its autonomous vehicles. A human safety operator is behind the wheel in all of its commercial operations.

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Ecobee, the company that pioneered smart thermostats with its Ecobee Smart in 2008, has announced it will end online support for the device and its commercial counterpart, the Ecobee Energy Management System, on July 31, 2024. The move will disable internet-dependent features such as web portal control, smart integrations, and weather-related functionality, while basic HVAC control and scheduling will remain operational.

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Apple is tweaking how it applies a new fee that can apply to iOS developers in the European Union as it continues to configure its approach to the bloc's Digital Markets Act (DMA): Developers of free apps will be able to avoid the fee entirely under changes it announced Thursday, which apply from today, while other developers earning under a certain revenue threshold will get longer before they have to pay Apple the fee. From a report: The so-called "core technology fee" remains opt in for iOS developers in the region, as Apple continues to offer its standard business terms, but those wanting to take up new entitlements the DMA has required Apple to offer -- such as allowing sideloading of apps, third party app stores, and support for alternative payment tech than Apple's own -- must agree to the set of business terms that include the CTF (as Apple calls it). The fee remains under scrutiny in the region where the Commission, which enforces the DMA on Apple and other gatekeepers -- and opened its first investigations including on Apple in March -- is actively exploring whether the mechanism is enabling the iPhone maker to avoid its obligations to open up the App Store to competition, such as from third party app stores. But so far the EU hasn't prevented Apple from charging a fee.

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According to CNBC, Google is laying off at least 200 employees from its "Core" teams and moving some roles to India and Mexico. From the report: The Core unit is responsible for building the technical foundation behind the company's flagship products and for protecting users' online safety, according to Google's website. Core teams include key technical units from information technology, its Python developer team, technical infrastructure, security foundation, app platforms, core developers, and various engineering roles. At least 50 of the positions eliminated were in engineering at the company's offices in Sunnyvale, California, filings show. Many Core teams will hire corresponding roles in Mexico and India, according to internal documents viewed by CNBC. Asim Husain, vice president of Google Developer Ecosystem, announced news of the layoffs to his team in an email last week. He also spoke at a town hall and told employees that this was the biggest planned reduction for his team this year, an internal document shows. "We intend to maintain our current global footprint while also expanding in high-growth global workforce locations so that we can operate closer to our partners and developer communities," Husain wrote in the email. [...] "Announcements of this sort may leave many of you feeling uncertain or frustrated," Husain wrote in the email to developers. He added that his message to developers is that the changes "are in service of our broader goals" as a company. The teams involved in the reorganization have been key to the company's developer tools, an area Google is streamlining as it incorporates more artificial intelligence into the products.

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Unity has appointed Matthew Bromberg, former CEO of Zynga, as its new CEO, president and board member. "Filling a role that has been temporarily filled by former Red Hat CEO Jim Whitehurst, Bromberg will formally join Unity as CEO on May 15," reports VentureBeat. "Whitehurst will serve as executive chair of the Unity board, and Roelof Botha will transition from chairman to lead independent board member." From the report: Bromberg fills a slot vacated by John Riccitiello, who resigned last fall after a pricing debacle that left game developers extremely angry at Unity. They calmed down after Unity walked back major parts of the price increase. It's an important time for Unity as it is about to ship Unity 6, the latest version of its game engine, in competition with Epic Games' Unreal Engine 5.4. Whitehurst will also return to Silver Lake, one of Unity's two largest shareholders, where he had previously been a senior advisor and will now join as a managing director leading both operating and investment team initiatives. Bromberg brings over 20 years of experience across the gaming industry, having previously served as Chief Operating Officer of leading mobile game developer and publisher Zynga, where he played a key role in the company's turnaround, and was responsible for Zynga's game studios globally, while also overseeing product development and design, technology, data, and analytics. Bromberg also held multiple leadership roles at Electronic Arts, where he helped scale the company's mobile division and led teams on four continents that built popular games across all major genres.

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The massive volumes of debt piling up around the globe forced the president of the World Economic Forum to reach back more than 200 years for a comparable period. Fortune: In an interview Sunday with CNBC at a WEF conference in Saudi Arabia, Borge Brende warned overall debt is approaching the world's total economic output. "We haven't seen this kind of debt since the Napoleonic Wars," he said. "We're getting close to 100% of global GDP in debt." According to the International Monetary Fund last year, global public debt hit $91 trillion, or 92% of GDP, by the end of 2022. That was actually a dip from pandemic-era debt levels but remained in line with a decades-long trend higher. Data on global debt during the Napoleonic Wars, which took place in the early 1800s, is harder to come by. But for comparison, some estimates put British government debt at more than 200% of GDP by 1815. Brende also told CNBC that governments need to take fiscal measures to reduce their debts without triggering a recession. For now, global growth is about 3.2% annually, which isn't bad, but it's also below the 4% trend growth the world had seen for decades, he said earlier in the interview. That risks a repeat of the 1970s, when growth was low for a decade, Brende added. But the world can avoid such an outcome if it continues to trade and doesn't engage in more trade wars. "Trade was the engine of growth for decades," he said.

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An anonymous reader quotes a report from Business Insider: WeWork has a new plan to get out of bankruptcy -- and it doesn't involve Adam Neumann, who wants to acquire the flexible office provider he created. WeWork announced Monday that it has raised $450 million in equity funding, which it could use to emerge from Chapter 11. The company also said it has a plan in place to "eliminate all of its $4 billion of outstanding, prepetition debt obligations." A vote on the plan -- which has support from the owners of most of WeWork's debt -- is scheduled for May 30, according to Bloomberg. The majority of the funding -- $337 million, to be exact -- would come from Cupar Grimmond, and SoftBank would still own a stake in the company, according to the outlet. But Neumann, who has recently expressed interest in purchasing WeWork for more than $500 million, doesn't plan to go down without a fight. "After misleading the court for weeks, WeWork finally admitted it is trying to sell the company to a group led by Yardi for far less than we are continuing to propose," Susheel Kirpalani, an attorney for Neumann's new real estate startup Flow Global, told Business Insider in a statement, adding, "so we anticipate there will be robust objections to confirming this plan."

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Millions of Americans pay for Netflix, doling out anywhere from $6.99 to $22.99 a month. It's a common belief that you can get out of recurring charges like this by canceling your credit card. Netflix won't be able to find you, and your account will just go away, right? You wouldn't be crazy for believing it, but it's a myth that canceling a credit card will definitely stop your recurring charges. From a report: Nearly 46% of Americans opened a new credit card last year, according to Forbes, which means millions of Americans also canceled old ones. When you switch cards, Netflix doesn't just stop your service -- they just start charging your new card. Granted, it might be easier to just cancel your Netflix subscription directly. There's a largely hidden service that enables Netflix and most other subscription services to keep throwing charges at you indefinitely. "Banks may automatically update credit or debit card numbers when a new card is issued. This update allows your card to continue to be charged, even if it's expired," Netflix says in its help center. Most major card providers offer a feature that enables this, including Visa. In 2003, Visa U.S.A. started offering a new software product to merchants called Visa Account Updater (VAU), according to a 2003 American Banker article. The service works with a network of banks to create a virtual tracking service of Americans' financial profiles. Whenever someone renews, or switches a credit card within their bank, the institution automatically update the VAU. This system lets Netflix and countless other corporations charge whatever card you have on file.

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As of today, Walmart is able to sell physical goods directly to users inside Roblox. Digiday adds: The introduction of real-life e-commerce could be a watershed moment for the company's ambitions to become an all-encompassing destination for virtual life. Walmart's Roblox e-commerce experience launches later today, with users inside the pre-existing Walmart Discovered able to have real-life items shipped directly to their doorsteps. Users entering the experience will be greeted with a new storefront showcasing virtual twins of select physical items sold at real-life Walmart stores. After trying out the virtual items on their avatars, players will be able to load an e-commerce experience that takes the form of a browser window inside Roblox imitating the experience of shopping on Walmart's website -- essentially a virtual laptop set up inside Roblox to access Walmart.com. The commerce feature within Walmart Discovered will be gated specifically to users aged 13 or older in the United States only. "There is a traditional sort of checkout flow where you put your name, your address and your credit card information, and that's all powered by a Walmart API that handles all of the information super securely -- it's very safe," said Walmart director of brand experiences and strategic partnerships Justin Breton. "And once you hit checkout, you'll get your confirmation email from Walmart. All of that is handled by us on the back end, the user will then get their item in the mail, but the virtual twin is granted immediately back on Roblox."

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Amazon says its deliveries are getting even faster, announcing that it delivered over 2 billion items the same or next day to Prime members during the first three months of 2024, breaking its record for 2023. From a report: The company says it delivered almost 60 percent of Prime orders the same or next day in 60 of the biggest metropolitan areas in the US.

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Pursuing an unfair business practices case against Amazon, America's Federal Trade Commission has now "accused" Amazon of using Signal, reports the Seattle Times: The newspaper notes that the app "can be set to automatically delete messages, to hide information related to the FTC's ongoing antitrust investigation into the company." In a court filing this week, the FTC moved to "compel" Amazon to share more information about its policies and instructions related to using the Signal app... The FTC accused Amazon executives of manually turning on the feature to delete messages in Signal even after the company learned that the FTC was investigating and had told Amazon to keep documents, emails and other messages. Many of Amazon's senior leaders used Signal, according to the FTC, including former CEO and current chair Jeff Bezos, CEO Andy Jassy, and general counsel David Zapolsky, as well as Jeff Wilke, former head of Amazon's worldwide consumer business, and Dave Clark, former worldwide operations chief. "Amazon is a company that tightly controls what its employees put into writing," FTC attorneys said in a court filing Thursday. "But Amazon's senior leadership also used another channel for internal communications and avoided the need to talk carefully by destroying the records of their messages...." In the court filing Thursday, the FTC asked Amazon to provide two troves of documents related to its use of Signal: Amazon's document preservation notices and its instructions about the use of "ephemeral messaging applications, including Signal." The FTC said Amazon waited for more than a year after it learned of the investigation to instruct its employees to preserve Signal messages. "It is highly likely that relevant information has been destroyed as a result of Amazon's actions and inactions," the FTC wrote in court records.

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America's Federal Trade Commission "is sending more than $5.6 million in refunds to consumers," reports the Associated Press, "as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video footage from outside access." In a 2023 complaint, the FTC accused the doorbell camera and home security provider of allowing its employees and contractors to access customers' private videos. Ring allegedly used such footage to train algorithms without consent, among other purposes. Ring was also charged with failing to implement key security protections, which enabled hackers to take control of customers' accounts, cameras and videos. This led to "egregious violations of users' privacy," the FTC noted. The resulting settlement required Ring to delete content that was found to be unlawfully obtained, establish stronger security protections and pay a hefty fine. The FTC says that it's now using much of that money to refund eligible Ring customers. According to their announcement Tuesday, the FTC is now sending 117,044 PayPal payments to affected consumers...

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An anonymous reader quotes a report from TechCrunch: Darktrace is set to go private in a deal that values the U.K.-based cybersecurity giant at around $5 billion. A newly formed entity called Luke Bidco Ltd., formed by private equity giant Thoma Bravo, has tabled an all-cash bid of $7.75 per share, which represents a 44% premium on its average price for the three-month period ending April 25. However, this premium drops to just 20% when juxtaposed against Darktrace's closing price Thursday, as the company's shares had risen 20% to 5.18 pounds in the past month. Founded out of Cambridge, U.K., in 2013, Darktrace is best known for AI-enabled threat detection smarts, using machine learning to identify abnormal network activity and attempts at ransomware attacks, insider attacks, data breaches and more. The company claims big-name customers including Allianz, Airbus and the city of Las Vegas. After raising some $230 million in VC funding and hitting a private valuation of $1.65 billion, Darktrace went public on the London Stock Exchange in April 2021, with an opening-day valuation of $2.4 billion. Its shares hit an all-time high later that year of 9.45 pounds and plummeted to an all-time low of 2.29 pounds last February. But they had been steadily rising since the turn of the year and hadn't fallen below 4 pounds since the beginning of March. The full valuation based on Thoma Bravo's offer amounts to $5.3 billion on what is known as a full-diluted basis, which takes into account all convertible securities and is designed to give a more comprehensive view of a company's valuation. However, the enterprise value in this instance is approximately $4.9 billion, which includes additional considerations such as debt and cash positions. [...] The deal is of course still subject to shareholder approval, but the companies said that they expect to complete the transaction by the end of 2024. "The proposed offer represents an attractive premium and an opportunity for shareholders to receive the certainty of a cash consideration at a fair value for their shares," Darktrace chair Gordon Hurst said. "The proposed acquisition will provide Darktrace access to a strong financial partner in Thoma Bravo, with deep software sector expertise, who can enhance the company's position as a best-in-class cyber AI business headquartered in the U.K."

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Alphabet has reported first quarter results that topped analysts' estimates with soaring profits in its cloud division. It also announced its first-ever dividend. CNBC shares the results: Earnings per share: $1.89 vs. $1.51 per share expected by LSEG Revenue: $80.54 billion vs. $78.59 billion expected by LSEG Wall Street is also watching several other numbers in the report: YouTube advertising revenue: $8.09 billion vs. $7.72 billion expected, according to StreetAccount. Google Cloud revenue: $9.57 billion vs. $9.35 billion expected, according to StreetAccount. Traffic acquisition costs (TAC): $12.95 billion $12.74 billion expected, according to StreetAccount. Alphabet's revenue increased 15% from $69.79 billion a year earlier, the fastest rate of growth since early 2022. Alphabet said its board approved a cash dividend of 20 cents per share to be paid on June 17, to stockholders of record as of June 10. The company said it "intends to pay quarterly cash dividends in the future."

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