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LeEco Says Not Exiting India But Confirms 85% Layoffs

4Mar By PriyankaNo Comments

News

LeEco Says Not Exiting India But Confirms 85% Layoffs

Chinese handset maker LeEco today refuted reports of winding up its India operations but admitted that it has undertaken an "optimisation exercise" in the world's second largest smartphone market. "India is one of the most strategic markets for LeEco and hence no exit plan... (the company) has recalibrated and reimagined its business in India since last year and taken a number of steps to ensure that the scale of operations is in sync with resources," LeEco India said in a statement. Reports said the company has laid off 85 per cent of its staff in India and may shut its operations here. Top executives Atul Jain (COO smart electronics business) and Debashish Ghosh (COO Internet applications, services and content) have also reportedly quit. "As LeEco India transits to a more...

No Decision Yet on Apple’s Demand For Concessions: DIPP

6Feb By Press Trust of IndiaNo Comments

INDIA

No Decision Yet on Apple’s Demand For Concessions: DIPP

The government has not taken a final decision yet on the concessions being sought by US iPhone maker Apple for setting up a manufacturing unit in India, a top official said today. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that Apple has submitted certain demands for the government's consideration. "We had a meeting of all the concerned ministries and departments (on those demands) and we have asked them to look at those issues and take a view. No ministry has yet taken a final decision on any of those. But we are in touch with them," Abhishek told reporters here. He said the government supports all manufacturing, including value manufacturing, in the country by companies. "So we would definitely like to promote this. So we are coord...

Samsung to Launch Mobile Payments Service For Its Android Users

2Feb By PriyankaNo Comments

News

Samsung to Launch Mobile Payments Service For Its Android Users

Tech giant Samsung Electronics Co Ltd said on Thursday it will launch a mobile web payments service for all smartphones powered by Google Inc's Android mobile operating system in South Korea in the first quarter. The service, called Samsung Pay Mini, will allow Android smartphones to make online transactions in Samsung's home country after downloading a dedicated app. The company did not comment on whether the service will be offered in other markets. The announcement comes as Samsung seeks to boost its services offerings in a search for new growth. In October-December, the South Korean firm fell behind archrival Apple Inc in the global smartphone market for the first time since the fourth quarter of 2015, hurt by the demise of the fire-prone Galaxy Note 7 smartphones. The new ...

First Time Apple Cuts Tim Cook’s Payment

7Jan By NitishNo Comments

News

First Time Apple Cuts Tim Cook’s Payment

iPhone maker Apple has cut its CEO Tim Cook's salary by a whopping 15 percent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant's first annual revenue decline in 15 years. The company gave the 56-year-old USD 8.75 million in total compensation last year, down from the USD 10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday. Cook's salary rose to USD 3 million from USD 2 million last year, a 50 percent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 percent of their target, instead of the maximum amount like in recent years. Hence, Cook's cash bonus fell to USD 5.4 million in 2016, down from USD 8 million the year before and declining for the firs...

31Dec By Press Trust of IndiaNo Comments

INDIA, News

Apple to Make iPhones in Bengaluru

Apple is all set to start manufacturing its iconic iPhones in India at Bengaluru, as part of efforts to cash in on the world's second largest smartphone market in a big way. Local manufacturing is expected to help Apple price its phones more competitively in India as it currently attracts 12.5 percent additional duty on imports. The phones would be manufactured by Wistron, a Taiwanese OEM maker for Apple, according to top government sources. "Wistron has plans for setting up iPhone manufacturing plant for domestic market in Peenya," top government sources familiar with the developments told Pixr8. Another senior government official said Bengaluru has the talent required for quality high technology products and that was the reason for selecting the city. The official added that Foxcon...

Mohit Goel, Founder & MD of Freedom 251 Smartphone Quits

29Dec By PriyankaNo Comments

News

Mohit Goel, Founder & MD of Freedom 251 Smartphone Quits

The hype around India's cheapest smartphone Freedom 251 looking to near end. According to news update, Mohit Goel and Dharna Goel (Mohit's wife), the managing director of the Noida-based Ringing Bells which launched the Freedom 251 smartphone priced at Rs 250, resigned from their positions. According to sources, just 10 days back Ringing Bells closed its operations and a new company named MDM Electronics has been formed by the founders. The company's dealers too seem to have no clue about its plans. The much-hyped launch at an event in New Delhi, of smartphone indulge in controversies, with some people terming it a ponzy scheme. There were also several cheating cases filed against the company. The company's sector 62 office in Noida has been shut now. We were tried to calling Mohi...

China Tech Giant LeEco in Talks on $1.4 Billion Funding

29Dec By reutersNo Comments

CHINA, FUNDING

China Tech Giant LeEco in Talks on $1.4 Billion Funding

Cash-strapped Chinese technology conglomerate LeEco is in talks on securing a 10 billion yuan (USD1.4 billion) deal with an unnamed strategic investor, its listed unit said. Leshi Internet Information and Technology said in a filing to the stock exchange late Wednesday that its parent company had signed a framework agreement with the investor and the two sides were still discussing the final details. It did not disclose the identity of the investor, but the China Business News cited a source familiar with the situation as saying that it was an insurance company. LeEco has been expanding aggressively in a range of businesses including online entertainment, electric and driverless cars and smartphones, but the firm's billionaire chief executive Jia Yueting warned staff last month that ...

Chinese Smartphone Maker Oppo Plans $216 million Industrial Park in Greater Noida

27Dec By Press Trust of IndiaNo Comments

News

Chinese Smartphone Maker Oppo Plans $216 million Industrial Park in Greater Noida

Betting big on the booming Indian smartphone market, Chinese smartphone maker Oppo is planning an industrial park in Greater Noida which will house a manufacturing unit. "We already have a production unit in India and the SMT (surface-mount technology) centre is now undergoing the furnishment...it will be finished in February. Also, with regard to the industrial park, we will have the agreement signing press conference at the end of next month," Sky Li, vice president of Oppo and managing director of international mobile business and President of Oppo India. He said the industrial park is spread over 1,000 acres and entails investment of about 1.5 billion RMB (Renminbi) yuan or about USD 216 million. Oppo already has manufacturing operations in Noida. Exuding confidence on the co...

Samsung Will Offer AI Based Virtaul Assistant Service in Galaxy S8 Smartphone

7Nov By AdityaNo Comments

Tech

Samsung Will Offer AI Based Virtaul Assistant Service in Galaxy S8 Smartphone

Samsung Electronics said today it will offer an artificial intelligence assistant service in the upcoming flagship smartphone, as the South Korean firm seeks recovery from its global smartphone recalls. The Galaxy S8 will let users order food or perform other tasks without going through a third-party application but by simply asking the phone's virtual assistant, the company said in a statement. The artificial intelligence service will also be made available in Samsung's other consumer electronics products, such as refrigerators. The company declined to disclose what specific tasks the S8 phone will perform through its artificial intelligence feature but expected to unveil the next iteration for its flagship Galaxy device in spring as it has typically done in the past. Sales of the Gala...

Qualcomm Nears $37Bn Deal to Buy NXP Semiconductors: Source

23Oct By reutersNo Comments

ACQUISITION

Qualcomm Nears $37Bn Deal to Buy NXP Semiconductors: Source

Qualcomm is nearing a deal to acquire NXP Semiconductors for around $37 billion, a person familiar with the matter said on Friday, as the U.S. company seeks to expand the reach of its chips from phones to cars. The deal would make San Diego-based Qualcomm, which supplies Android smartphone makers and Apple, a bigger supplier to the automotive industry as it grapples with slowing smartphone sales and stiff competition from Chinese and Taiwanese rivals. The acquisition of NXP by Qualcomm for $110 per share in cash could be announced within days, although there is always a possibility of a last-minute glitch, the source said, asking not to be identified because the negotiations are confidential. NXP shares dropped 2.5% on the news to $101.90, while Qualcomm shares were up 2.2...

Google Pixel Launch: 6 key Announcements That Google Made

5Oct By NitishNo Comments

News

Google Pixel Launch: 6 key Announcements That Google Made

Internet giant Google on Tuesday challenged heavyweight rivals including Apple and Amazon with an array of new gadgets aimed at digital lifestyles. Smartphone 'Made by Google' Pixel is the first smartphone designed by Google, with the Silicon Valley powerhouse dictating the hardware, software and services the way Apple does with its iPhones. The Google-branded smartphone takes aim at flagship models by Apple, Samsung and others in the fiercely competitive market. Pixel, which comes in five and 5.5-inch (12.7 and 14-centimeter) screen sizes, boasts a fingerprint reader, a camera billed as the best in any smartphone, unlimited online storage for photos and videos, and quick charging combined with long battery life. Pixel is powered by the latest v...

Smartphone Repair Platform JustLikeNew Raises USD 500K From Angel Investors

21Sep By NitishNo Comments

FUNDING

Smartphone Repair Platform JustLikeNew Raises USD 500K From Angel Investors

Smartphone repair e-commerce platform JustLikeNew.In today said it has raised funds worth USD 500,000 (about Rs 3.3 crore) through LetsVenture, from angel investors Mindtree executive chairman Krishnakumar Natarajan and former Oracle India MD, Sandeep Mathur. Existing investors Aneesh Reddy and Vikas Tandon have also reinvested in the company, it said in a statement here. The start-up is productizing over 10,000 smartphone repair services on its platform. Incepted in mid-2014 and formally launched next year, the start-up currently provides free pickup and drop services for smartphones and tablets with a service turnaround time of 48 hours, bringing high-quality repair at customers' doorstep. JustLikeNew.In has also established a dominant presence in the B2B segment through partner...