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1. Violent PF withdrawal norms protests in Bengaluru force Narendra Modi govt to retreat: Buckling under protests and street violence in Bengaluru, the government today rolled back its order tightening rules for withdrawal of provident fund money, within hours of keeping it in abeyance for three more months. "The notification issued on February, 10, 2016 is cancelled. Now the old system will continue," Union Labour Minister Bandaru Dattatreya said at a press conference here. Later, the Labour Ministry issued a statement to say that "the workers are now free to withdraw the entire amount from the provident fund as per existing provisions… including the employers' share of 3.67 per cent". (PTI)
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2. Apple source code not handed to China: Apple denied providing Chinese authorities with special access to its devices, as the iPhone maker defended its position on encryption and cooperation with US law enforcement. The company's general counsel Bruce Sewell was appearing at a US congressional hearing on encryption's impact on law enforcement, as the high-tech giant battles the government over whether it should be compelled to help authorities in criminal cases. "We have not provided source code to the Chinese government," he told lawmakers. "We have been asked by the Chinese government. We refused," he said, adding that this had happened "within the past two years." (Reuters)
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3. Aston Martin Rapide launched at Rs 3.29 crore: Iconic British supercar brand Aston Martin today launched a souped up version of its four-door sports car Rapide at Rs 3.29 crore (ex-showroom Thane). The new 2016 Aston Martin Rapide will be sold through Performance Cars, a division of Infinity Cars, Aston Martin said in a release. "The new 6-litre Rapide offers unprecedented power and comfort at an extremely attractive price. India has been a market of strategic importance for Aston Martin," said Neil Slade, General Manager, Aston Martin. Powered by a V12 engine, the four-door Rapide can propel from 0-100 kmph in just 4.6 seconds and has a top speed of 306 kmph.
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The case came to fore when Income Tax department received details of Raninder allegedly holding the offshore account in the alpine nation as part of details received in this regard by the Central Board of Direct Taxes from their French counterparts in 2011. (Website Screenshot)
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5. After WhatsApp, Viber to encrypt user conversations: Following the footsteps of larger rival WhatsApp, instant messaging app Viber will encrypt user messages to protect texts and calls on its platform from "interception". "Our team at Viber has been working hard to give you more control over your private conversations. Today we are taking another step in this direction by making your private communication even safer through end-to-end encryption, hidden chats and message deletion," Viber COO Michael Shmilov said in a blogpost. He added that the company has been working on this for a long time and users can "confidently use Viber without fear of their messages being intercepted – whether it is in a one-to-one or group message, on a call, on desktop, mobile or tablet". (AP)
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6. Bitcoin wallet Zebpay crosses Rs 100 cr turnover: Bitcoin wallet firm Zebpay today said it has crossed Rs 100 crore turnover within 10 months of operations as more Indians are going for the digital currency. "In only 10 months, the company has crossed Rs 100 crore turnover in April 2016," Zebpay said in a statement. ebpay, a Bitcoin app, deals with Indian customers only and it has made PAN number a must for users for opening of wallet, company co-founder Sandeep Goenka said. Bitcoins are digital money and their value is determined o the basis of their demand and supply. The digtal money is limited in numbers. Only 21 million Bitcoins can be generated globally and they can be traded even in fractions, up to eight decimals. Last bitcoin will be generated in 2140 but 99 per cent would be already there by 2040. At present, the value of a Bitcoin is around $ 430 a unit, or about Rs 28,400. The value when Zebpay launched its operations was about $ 280. (Website Screenshot)
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7. Brexit would 'liberate' people across EU, says minister: A British vote to leave the European Union would "liberate" people across the continent by giving them the courage to demand change, a senior minister backing a so-called Brexit said today. Justice Secretary Michael Gove, a member of Prime Minister David Cameron's Cabinet, said a decision to leave the 28-member bloc in the June referendum would show that "a different Europe is possible". "Our vote to leave will liberate and strengthen those voices across the EU calling for a different future – those demanding the devolution of powers back from Brussels and desperate for a progressive alternative," he said. Gove added: "For Britain, voting to leave will be a galvanising, liberating, empowering moment of patriotic renewal.” (Reuters)
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8. HDFC Standard Life initiates IPO process: Becoming the first life insurer in the country to initiate IPO process, HDFC Standard Life today announced plans to launch its Initial Public Offer wherein parent HDFC Ltd would sell 10 per cent stake. While the financial details of the IPO are yet to be worked out, the IPO could be worth at least about Rs 2,000 crore, going by the valuation derived by the private insurer under its earlier off-market stake sale transactions. In a regulatory filing, Housing Development Finance Corporation Limited (HDFC) said the Board of Directors of its non-listed subsidiary, HDFC Standard Life Insurance Company Limited (HDFC Life), have approved taking steps to initiate the process for an IPO. The IPO would be by way of an offer for sale by HDFC Ltd of up to 10 per cent of its stake in the insurance company. (Reuters)
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9. ICICI Bank open to investing in startups: Country's largest private sector lender ICICI Bank said it is open to investing in startups in the financial technology space even though it has not earmarked a dedicated corpus for the investments. "We are looking whether we should also invest in these companies and if there is an opportunity and if there is a compelling proposition, we will look at it," the bank's Executive Director Rajiv Sabharwal told reporters here. In September last year, its smaller rival, South-based Federal Bank, announced a dedicated Rs 25 crore fund to invest in startups. (Reuters)
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10. Nestle relaunches Maggi noodles in atta, oats variants: Looking to claw back its market share in instant noodles segment, Nestle India has relaunched vegetable atta noodles and oats variants of Maggi. Besides, the company claimed that it has strengthened its leadership position in the category with more than 50 per cent market share after five months of the relaunch. "With the latest relaunch, we are aiming to provide more choices to suit consumer preferences, driving greater volumes and building back our market share. I am happy that we have gained month-on-month and continue to lead noodles category with over 50 per cent market share," Nestle India Chairman and Managing Director Suresh Narayanan said. (Reuters)
