Category Archives: business

business, communication, electronics, finance, technology

PhonePe’s new SmartPOD smart speaker supports card payments too

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**PhonePe’s New SmartPOD Smart Speaker Supports Card Payments Too**

*By Dwaipayan Roy | October 7, 2025, 8:03 PM*

PhonePe, a leading name in the digital payments space, has launched its next-generation SmartSpeaker, called the SmartPOD. Unveiled at the Global Fintech Fest 2025, the SmartPOD marks a significant advancement by integrating card payments alongside UPI-based solutions specifically designed for small merchants.

**Designed for Small Businesses**

The SmartPOD is designed and manufactured in India, combining the functionalities of a Point-of-Sale (POS) device and a smart speaker into one compact unit. This device caters to the growing demand among small businesses that primarily accept UPI payments but often miss out on sales due to the lack of affordable card acceptance options.

Yuvraj Singh Shekhawat, PhonePe’s Chief Business Officer, commented, “It’s an ideal upgrade for smaller merchants who want to accept all forms of digital payments in an affordable way and helps them tap opportunities to expand and grow their business.”

**Advanced Features and Specifications**

Building on the foundation of the SmartSpeaker 2.0, the SmartPOD retains popular features such as celebrity voice confirmations, 4G connectivity, and fast charging. It also introduces a dual-display setup—one screen for customers and another for merchants—to enable transparent and seamless transactions.

Importantly, the SmartPOD supports card payments from all major networks including Visa, Mastercard, RuPay, and American Express. It supports modern payment technologies like NFC tap and EMV chip, broadening the payment options available to merchants.

**Strategic Vision and Availability**

PhonePe emphasizes that the launch of SmartPOD aligns with its broader vision to provide affordable and accessible digital payment devices to merchants of all sizes. The company also confirmed that all its existing hardware solutions will remain available, allowing businesses to choose devices that best suit their operational requirements.

As of March 31, 2025, PhonePe boasts over 610 million registered users and an extensive merchant network comprising 44 million outlets across India, underscoring its dominant position in the digital payments ecosystem.

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With the introduction of SmartPOD, PhonePe continues to empower small merchants by offering versatile and cost-effective payment solutions, further driving digital payment adoption across the country.
https://www.newsbytesapp.com/news/business/phonepe-launches-smartpod-a-smart-speaker-with-card-payment-capabilities/story

banking, business, economy, finance, interest rates

HDFC Bank cuts MCLR: How much could your EMIs drop?

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**HDFC Bank Cuts MCLR: How Much Could Your EMIs Drop?**
*By Mudit Dube | Oct 07, 2025, 04:30 PM*

HDFC Bank has announced a reduction in its Marginal Cost of Funds-based Lending Rates (MCLR), a move set to benefit borrowers with loans linked to this benchmark. The bank has cut the MCLR by up to 15 basis points (bps) for certain loan tenures. (For reference, one basis point is one-hundredth of a percentage point.)

**Revised MCLR Rates**

Following the revision, HDFC Bank’s MCLR rates now range between 8.45% and 8.65%, depending on the loan tenure. Here are the details of the rate cuts:

– **Overnight MCLR:** Reduced by 10 bps from 8.55% to 8.45%
– **One-Month MCLR:** Reduced by 15 bps from 8.55% to 8.40%
– **Three-Month MCLR:** Reduced by 15 bps from 8.60% to 8.45%
– **Six-Month MCLR:** Reduced by 10 bps from 8.65% to 8.55%
– **One-Year MCLR:** Reduced by 10 bps from 8.65% to 8.55%

**What is MCLR?**

MCLR stands for Marginal Cost of Funds-based Lending Rate. It is the minimum interest rate that a bank is required to charge on loans. This rate determines the baseline interest applicable to various loans and generally remains fixed for borrowers until updated as per the Reserve Bank of India’s (RBI) guidelines.

The RBI introduced MCLR in 2016 to improve the transmission of monetary policy changes into lending rates effectively, making the lending process more transparent and responsive to economic shifts.

**How Will This Affect Your EMIs?**

With the reduction in MCLR, borrowers with loans linked to these rates can expect a decrease in their Equated Monthly Installments (EMIs). The exact drop in EMIs will depend on the remaining loan tenure and the outstanding principal amount. However, even a small cut in interest rates can lead to noticeable savings over time.

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Stay tuned for more updates on how this rate revision impacts your loans and financial planning.
https://www.newsbytesapp.com/news/business/hdfc-bank-slashes-mclr-by-up-to-15-bps/story

business, economy, finance, inflation, stock market

Benign September inflation perks up Philippine stocks

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MANILA, Philippines — Investors were quick to take advantage of lower priced stocks on Tuesday, with the local bourse lighting up green after the inflation rate turned out to be lower than expected.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) recovered by 1.39 percent or 83.51 points to end at 6,083.83. Likewise,

https://business.inquirer.net/551274/benign-september-inflation-perks-up-philippine-stocks

business, economy, international, politics, technology

This is Modi government’s stance on cryptocurrency in India

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**Modi Government’s Stance on Cryptocurrency in India**
*By Dwaipayan Roy | Oct 07, 2025, 04:24 PM*

**What’s the story?**
Union Commerce Minister Piyush Goyal recently clarified the Indian government’s position on cryptocurrency. During his two-day visit to Doha aimed at boosting trade and investments between India and Qatar, Goyal stated that the government neither promotes nor discourages cryptocurrencies but focuses primarily on taxing them.

**Taxation Focus**
Goyal emphasized that the government intends to regulate cryptocurrencies through heavy taxation rather than imposing an outright ban. “As far as cryptocurrency, which is not backed by the Central Government, while there is no ban as such, we are taxing it very heavily,” he said. This approach is designed to protect people from getting trapped in unbacked cryptocurrencies that lack a support system.

**Digital Currency: India’s Sovereign Digital Rupee**
In addition to regulating existing cryptocurrencies, India is planning to introduce a sovereign digital currency backed by the Reserve Bank of India (RBI). According to Goyal, the new digital rupee will possess features similar to stablecoins and will incorporate blockchain-based traceability to ensure transparency and compliance. “Our idea is that this will only make it easier to transact,” he added.

**Tax Regulations on Virtual Digital Assets (VDAs)**
India has established a clear tax framework for virtual digital assets (VDAs), including cryptocurrencies and NFTs, although it does not recognize them as legal tender. The Union Budget for 2022-23 introduced a 30% tax on income generated from the transfer of VDAs. This tax rate applies regardless of any profit or loss incurred in other transactions within the taxpayer’s portfolio. Additionally, a 1% Tax Deducted at Source (TDS) was implemented on all crypto transactions exceeding ₹10,000 starting July 1, 2022.

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This balanced stance reflects the Indian government’s cautious approach towards cryptocurrencies—regulating through taxation and planning its own sovereign digital currency, while avoiding an outright ban.
https://www.newsbytesapp.com/news/business/we-are-not-encouraging-cryptocurrency-says-piyush-goyal/story

business, economy, international, politics, technology

This is Modi government’s stance on cryptocurrency in India

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**This is Modi Government’s Stance on Cryptocurrency in India**
*By Dwaipayan Roy | Oct 07, 2025 | 04:24 PM*

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**Union Commerce Minister Piyush Goyal Clarifies Government Position**

Union Commerce Minister Piyush Goyal recently clarified the Indian government’s stance on cryptocurrency during his two-day visit to Doha aimed at boosting trade and investments between India and Qatar.

Goyal emphasized that the government neither promotes nor discourages cryptocurrencies but imposes taxation on them. “We have not been encouraging cryptocurrency, which does not have sovereign backing or which is not backed by assets,” he stated.

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**Heavy Taxation Instead of a Ban**

Unlike some countries that have banned cryptocurrencies outright, India has chosen a different approach. Goyal explained that the government intends to regulate cryptocurrencies primarily through heavy taxation.

“As far as cryptocurrency, which is not backed by the Central Govt, while there is no ban as such, we are taxing it very heavily,” he said. This strategy aims to protect people from falling victim to unbacked cryptocurrencies lacking any formal support system.

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**India’s Plan to Introduce a Sovereign Digital Currency**

In addition to regulating private cryptocurrencies, India plans to roll out a sovereign digital currency backed by the Reserve Bank of India (RBI). This new digital rupee will share characteristics similar to stablecoins and will feature blockchain-based traceability to ensure transparency and compliance.

“Our idea is that this will only make it easier to transact,” Goyal remarked regarding the upcoming digital currency.

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**Clear Tax Framework for Virtual Digital Assets**

India has established a defined tax framework for virtual digital assets (VDAs), such as cryptocurrencies and NFTs, despite not granting them legal tender status.

In the Union Budget 2022-23, the government introduced a 30% tax on income earned from the transfer of VDAs. This tax rate applies regardless of any profit or loss from other transactions in the taxpayer’s portfolio. Additionally, from July 1, 2022, a 1% Tax Deducted at Source (TDS) is levied on all crypto transactions above ₹10,000.

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**Summary**

To summarize, the Modi government’s approach to cryptocurrency emphasizes regulation through significant taxation rather than prohibition. While discouraging unbacked cryptocurrencies, the government is moving forward with its own digital currency initiative to facilitate easier and more transparent transactions in India’s financial ecosystem.
https://www.newsbytesapp.com/news/business/we-are-not-encouraging-cryptocurrency-says-piyush-goyal/story

business, conflict, hostage situation, international, politics

Many details to be worked out on Trump Gaza plan, Qatari official says

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**Many Details to Be Worked Out on Trump Gaza Plan, Qatari Official Says**

A Qatari official has stated that many details still need to be worked out regarding the Trump administration’s Gaza plan. The proposed deal would see Israel receive the return of all 48 hostages after two years of captivity by Hamas.

US President Donald Trump has been involved in efforts to negotiate the release of these hostages amid ongoing tensions with Hamas.

*Photo credit: Kevin Lamarque/Reuters, Ramadan Abed/Reuters*
https://www.jpost.com/israel-news/defense-news/article-869677

business, internet, judiciary, law, technology

Supreme Court denies Google’s appeal, upholds Play Store reform order

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**Supreme Court Denies Google’s Appeal, Upholds Play Store Reform Order**

*By Mudit Dube | Oct 07, 2025, 10:30 AM*

—

**Overview**

The US Supreme Court has declined Google’s request to stay a lower court’s order that mandates significant changes to its Play Store. This decision comes as Google prepares to appeal a lawsuit ruling filed by Epic Games, the developer of the popular game Fortnite.

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**Injunction Details**

The injunction was issued last year by US District Judge James Donato. It requires Google to allow users to download rival app stores within the Play Store and make Play Store’s app catalog available to competitors. However, these changes will not take effect until July 2026.

Additionally, the judge ruled that Google must permit developers to include external links in their apps. This would enable users to bypass Google’s billing system.

—

**Background of the Legal Battle**

Epic Games filed the lawsuit against Google in 2020, accusing the tech giant of violating antitrust laws through its restrictive app store policies. Epic won a jury trial in San Francisco in 2023, and the July ruling was subsequently upheld by a federal appeals court.

Google has consistently denied any wrongdoing. The company called Judge Donato’s order unprecedented, warning that implementing the changes could cause reputational harm, introduce safety and security risks, and potentially place Google at a competitive disadvantage.

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**Google’s Appeal Strategy**

In its Supreme Court filing, Google highlighted that the mandated changes could impact over 100 million US Android users and 500,000 developers. The company intends to file a full appeal with the Supreme Court by October 27, which could lead the justices to take up the case during their current nine-month term.

—

**Epic Games’ Position**

Epic has accused Google of using “flawed security claims” as a pretext to maintain control over Android devices. The developer urges the Supreme Court to let Judge Donato’s injunction take effect, arguing that consumers and developers would benefit from increased competition, more choices, and lower prices.

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**Appeals Court Ruling**

In July, a three-judge panel from the San Francisco-based 9th US Circuit Court of Appeals upheld the injunction. The panel noted that Epic’s lawsuit was “replete with evidence that Google’s anticompetitive conduct entrenched its dominance” in the app store market.

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**What’s Next?**

As the legal battle continues, industry observers are closely watching to see how the Supreme Court will handle Google’s full appeal later this month, which could dramatically reshape the Android app ecosystem.

—

*Stay tuned for updates on this developing story.*
https://www.newsbytesapp.com/news/business/supreme-court-rules-against-google-forcing-play-store-policy-overhauls/story

awards, business, entertainment, social media, technology

Instagram introduces ‘Ring’ award to honor top creators globally

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Instagram Introduces ‘Ring’ Award to Honor Top Creators Globally

By Mudit Dube | Oct 07, 2025, 10:57 AM

What’s the story?
Instagram has announced a new awards program called the ‘Ring’, aimed at honoring top creators on its platform. The first batch of 25 winners will be announced next week.

This initiative is part of Instagram’s ongoing effort to recognize and celebrate those who drive cultural change and push boundaries through their creative work.

Judging Panel

The judging panel for the ‘Ring’ award features a distinguished lineup of personalities, including Instagram head Adam Mosseri, acclaimed director Spike Lee, renowned designer Marc Jacobs, popular YouTuber Marques Brownlee, actress Yara Shahidi, and legendary makeup artist Pat McGrath.

Each winner will receive a custom-designed gold ring created by English fashion designer Grace Wales Bonner, along with a digital golden ring displayed on their Instagram profile. Additionally, winners will have the exclusive opportunity to customize a unique “Like” button for their feed posts.

Strategic Shift Amid Payout Program Changes

The launch of the ‘Ring’ award comes as Meta has been scaling back its creator payout programs in recent years. Earlier this year, Meta discontinued a program that compensated creators for ads featured on their profiles.

In 2023, the company stopped paying bonuses to Reels creators on both Instagram and Facebook, and in 2022, it shut down its affiliate marketing bonuses. These moves signal a shift in how Meta supports creators financially.

Challenges Faced by Creators

Creators have faced a declining number of brand deals, with a reported 52% drop in 2024. According to Bank of America, along with fewer sponsored partnerships, competition is intensifying as more paid partnerships become concentrated among a smaller group of top creators.

Despite these challenges, Instagram remains committed to recognizing and celebrating its most creative users, and the ‘Ring’ award symbolizes this dedication.

The Vision Behind the ‘Ring’ Award

Instagram describes the ‘Ring’ award as a celebration of creativity — honoring those who aren’t afraid to take creative risks and forge their own paths. In a company blog post, Instagram said the award is “all about celebrating those who bring people together over their creativity, and deserve recognition.”

https://www.newsbytesapp.com/news/science/instagram-s-new-ring-award-will-honor-top-creators/story

business, internet, judiciary, law, technology

Supreme Court denies Google’s appeal, upholds Play Store reform order

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**Supreme Court Denies Google’s Appeal, Upholds Play Store Reform Order**

*By Mudit Dube | Oct 07, 2025, 10:30 AM*

—

**Overview**

The US Supreme Court has declined Google’s request to stay a lower court’s order mandating major changes to its Play Store. This decision comes as the tech giant prepares to further appeal a ruling in a lawsuit filed by Epic Games, the developer of the popular game Fortnite. The original July ruling was upheld by a federal appeals court.

—

**Details of the Injunction**

The injunction, issued by US District Judge James Donato last year, requires Google to allow users to download rival app stores within its own Play Store ecosystem. Additionally, Google must make the Play Store’s app catalog available to competitors. However, these provisions are not set to take effect until July 2026.

Judge Donato also ruled that Google must permit developers to include external links in their apps. This change will allow users to bypass Google’s billing system, marking a significant shift in Google’s app store policies.

—

**Background of the Legal Battle**

Epic Games filed the lawsuit against Google in 2020, alleging that Google’s restrictive app store rules violated antitrust laws. The company won a jury trial in San Francisco in 2023, a verdict that has since been upheld.

Google denies any wrongdoing. The company has described Judge Donato’s order as unprecedented, warning that it would cause reputational harm, pose safety and security risks, and place Google at a competitive disadvantage if implemented.

—

**Google’s Appeal Strategy**

In its Supreme Court filing, Google emphasized that the mandated changes would have profound implications for over 100 million US Android users and 500,000 developers. The company plans to submit a full appeal to the Supreme Court by October 27, potentially prompting the justices to take up the case during their current nine-month term.

—

**Epic Games’ Position**

Epic Games has accused Google of leveraging “flawed security claims” to justify its control over Android devices. The developer urges the Supreme Court to allow Judge Donato’s injunction to take effect so that consumers and developers can benefit from increased competition, more choices, and lower prices.

—

**Previous Court Rulings**

In July, a three-judge panel of the San Francisco-based 9th US Circuit Court of Appeals upheld the injunction. The panel noted that Epic’s lawsuit contained substantial evidence demonstrating how Google’s anticompetitive conduct entrenched its market dominance.

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**Conclusion**

The Supreme Court’s refusal to stay the injunction marks a critical moment in the ongoing legal battle over the future of Google’s Play Store. With significant changes set to roll out by mid-2026, the case remains a key point of contention around competition and control in the mobile app market.
https://www.newsbytesapp.com/news/business/supreme-court-rules-against-google-forcing-play-store-policy-overhauls/story

awards, business, entertainment, social media, technology

Instagram introduces ‘Ring’ award to honor top creators globally

Leave a comment

**Instagram Introduces ‘Ring’ Award to Honor Top Creators Globally**
*By Mudit Dube | Oct 07, 2025, 10:57 AM*

—

Instagram has announced a new awards program called the **’Ring’**, aimed at honoring top creators on its platform. The first batch of 25 winners will be awarded next week. This initiative reflects Instagram’s commitment to recognizing and celebrating individuals who drive cultural change and push boundaries through their creative work.

### Judging Panel

The judging panel for the ‘Ring’ award features several notable personalities, including:
– Instagram Head **Adam Mosseri**
– Director **Spike Lee**
– Designer **Marc Jacobs**
– YouTuber **Marques Brownlee**
– Actress **Yara Shahidi**
– Makeup Artist **Pat McGrath**

Each winner will receive a custom-designed gold ring created by English fashion designer **Grace Wales Bonner**, along with a digital golden ring displayed on their Instagram profile. Winners will also have the opportunity to customize a unique “Like” button for their feed posts.

### Strategic Shift in Creator Programs

The launch of the ‘Ring’ award comes amid Meta’s recent scaling back of creator payout programs. Earlier this year, Meta discontinued a program that compensated creators for ads on their profiles. Additionally, in 2023, Meta stopped paying bonuses to Reels creators on Instagram and Facebook and shut down its affiliate marketing bonuses in 2022.

### Challenges Facing Creators

Creators have experienced a 52% drop in brand deals in 2024, reflecting a challenging landscape for monetization. Bank of America noted last year that alongside the decline in sponsored partnerships, competition is intensifying, with more paid partnerships concentrated among top creators.

Despite these challenges and shifts, Instagram remains committed to celebrating its most creative users through this symbolic new awards program.

### Vision Behind the ‘Ring’ Award

Instagram describes the ‘Ring’ award as a way to celebrate those who are unafraid to take creative risks and forge their own paths. In a company blog post, the award is said to be “all about celebrating those who bring people together over their creativity, and deserve recognition.”

—

With the introduction of the ‘Ring’ award, Instagram continues to highlight the importance of creativity and innovation within its creator community, even as monetization models evolve.
https://www.newsbytesapp.com/news/science/instagram-s-new-ring-award-will-honor-top-creators/story