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Hong Kong looks to get Indian Investors

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Simon Galpin, Director-General of Investment Promotion at Invest Hong Kong

Simon Galpin, Director-General of Investment Promotion at Invest Hong Kong

SAN FRANCISCO (Diya TV) — Broadcasting the country as gateway to mainland China, Hong Kong on Friday attempted to attract Indian investors by asking them to set up ventures that would take advantage of their world-class infrastructure and stable tax system.

“India is a very important market for us and we are hopeful that we can attract more Indian companies to Hong Kong this year,” Invest Hong Kong associate director General Jimmy Chiang told reporters Friday.

Chiang represents a government department charged with attracting and facilitating foreign investment into Hong Kong.

While highlighting the purported advantages of investing in Hong Kong, Chiang said the country’s global finance hub offers a thriving infrastructure, low and stable tax system and an independent judiciary to protect the interest of investors.

“Hong Kong has simple and low tax system. But we are not a tax haven because profitable companies need to pay some tax to government, which is 16.5 percent of their profit.”

When questioned on the sector for Indian companies to invest in an effort to tap the Chinese market, Chiang said Indians can look at tourism and hospitality, consumer products and logistics and industrial goods.

“The key sectors for Indian investors are tourism and hospitality and its sub-sector food and beverage,” he said, adding, “Indian companies which are food suppliers and traders can look at the possibility of setting up sales offices here not only to cater to local needs of Hong Kong consumers but also make use Hong Kong as hub to sell products in mainland China.”

“Indian companies are very strong in doing jewelry, diamond and other luxury trading business and they can also make Hong Kong as hub for the same,” he said.

Opportunities are also available for logistics and shipping companies, and companies in the business of producing industrial products, Chiang said.

“These sectors demonstrate strong potential for our friends from India in terms of business development in Hong Kong and China.

“India is number one country for which we have received applications for work visas and this shows Indian investors are coming to Hong Kong to set up businesses.”

Last year, Invest Hong Kong assisted seven Indian companies in setting up investments and businesses in Hong Kong, Chiang said. “They were from consumer products financial services, tourism and hospitality as well as transportation and industry.”

In total, Invest Hong Kong is seeking to assist nearly 400 foreign companies set up business ventures this year. Last year, the Chiang’s administration assisted 375 companies from different parts of the world, he said. In 2014, Hong Kong attracted foreign investments of $103 billion, which is second to only that of mainland China’s that equalled $129 billion the same year. Chiang believes this year’s quota could be a bit ambitious, but is fully convinced it’s within the margin of possibility given the global economic climate.

“Hong Kong is super connector between China and rest of the world,” he said.

Currently, there are 8,000 companies with offices in Hong Kong, of which 3,798 companies have regional offices.

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Google launches mobile payment App Tez tailored to Indian users

Google launches mobile payment App Tez tailored to Indian users

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Tez

Following vast speculation, Google officially launched a mobile payment platform for the Indian market, called Tez.
Available for Android and iOS users in India, Tez initiates Google’s entry into the mobile payment industry in India.

MOUNTAIN VIEW, Calif. (Diya TV) — Following vast speculation, Google officially launched a mobile payment platform for the Indian market, called Tez.

Available for Android and iOS users in India, Tez initiates Google’s entry into the mobile payment industry in India. The app allow users to link their smartphones with their bank accounts and pay for goods and services online and at traditional brick-and-mortar stores.

Users can also make person-to-person instant money transfers, similar to PayPal.

With Tez, users pay directly from their bank account, using a Unified Payments Interface. Currently, the app works with all major banks, including Google partners Axis, HDFC Bank, ICICI and State Bank of India.

Tez is not a mobile wallet like PayTM and MobiKwik. Rather, instead of users storing money, it works more like Apple Wallet, linking the bank account, allowing payments to be deducted from the account.

According to Tez, it’s Tez Shield built-in security “helps to detect fraud, prevent hacking, and verify your identity.” Each transaction is secured with the user’s UPI PIN. Additionally, the app is secured with a Google PIN or a screen lock method such as fingerprint.

Tez says the app has partnered with a myriad of apps and vendors, including RedBus, PVR, Domino’s, Dish TV and Jet Airways. The app supports multiple languages: English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

Business owners can use the Tez with their current account to start accepting digital payments. Payments will go directly to their bank accounts “without any additional cost incurred for the transaction.”

During a launch event in Delhi, Caesar Sengupta, the head of Google’s Next Billion program said the app “works with the vast majority of Android smartphones in the country.”

The app launch took place on Sept. 18 with India Finance Minister Arun Jaitley saying, “Tez by Google is perhaps the simplest form of monetary transactions.”

Since launching on Google Play and iTunes store, the app has received positive reviews by users. On the Android platform, of nearly 15,000 reviews and over 100,000 users, the app has a 3.8 star rating, with over half of the reviews being 5-star. On the Apple platform, Tez has a 4.5-star rating with 15 reviews.

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Mahindra and Ford Announce Strategic Cooperation

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Ford Mahindra

Designed at leveraging the benefits of Ford’s global reach and Mahindra’s scale in India and successful operating model, Mahindra Group and Ford Motor Company announced a strategic alliance.

DEARBORN, Mich. (Diya TV) — Designed at leveraging the benefits of Ford and Mahindra’s strengths, Mahindra Group and Ford Motor Company announced a strategic alliance.

A Sept. 18 announcement by Ford says the “agreement between the two companies will allow each to leverage their mutual strengths during a period of unprecedented transformation in the global automotive industry.”

Areas of cooperation include:mobility programs; connected vehicle projects; electrification; product development; sourcing and commercial efficiencies; distribution within India; improving Ford’s reach within India; and improving Mahindra’s reach beyond India.

“Ford is committed to India and this alliance can help us deliver the best vehicles and services to customers while profitably growing in the world’s fifth largest vehicle market,” stated Jim Farley, Ford executive vice president and president of Global Markets.

Ford and Mahindra will work together for a period of up to three years. Following that the period may be extended.

“The changes facing the automotive industry globally are triggered by the accelerated rise of new technologies, sustainability policies and new models of urban shared mobility. Given these changes we see the need to anticipate new market trends, explore alternatives and look for ways to collaborate even as we compete and build powerful synergies that will allow rapid exploitation of the exciting new opportunities …,” said Dr. Pawan Goenka, managing director, Mahindra and Mahindra.

Mahindra is one of the leading utility vehicle manufacturers in India for over 70 years.

Mahindra owns a majority stake in Ssangyong Motor Company in Korea and is developing products like the GenZe – the world’s first electric connected scooter.

Ford is one of the largest exporters of cars from the U.S., manufacturing and exporting vehicles and engines from its manufacturing facilities in Chennai, Tamil Nadu and Sanand, Gujarat. India is also the second-largest Ford employee base globally, with more than 14,000 people working across the Ford India and Global Business Services operations in New Delhi, Chennai, and Coimbatore.

The Mahindra Group is a $19 billion federation of companies focused on “innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities.”

It is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defense and motorcycles. Mahindra employs over 200,000 people across 100 countries.

Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles. Ford employs approximately 203,000 people worldwide.

The two companies had a brief 1995 partnership for manufacturing the Ford Escort. However, after three years, the partnership ceased.

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Duke University Opens India office in Bengaluru

Duke University Opens India office in Bengaluru

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Duke University India

North Carolina-based private research university Duke University recently opened an India office in Bengaluru to foster its collaborations with Indian universities and organizations.

DURHAM, N.C. (Diya TV) — North Carolina-based private research university Duke University recently opened an India office in Bengaluru to foster its collaborations with Indian universities and organizations.

Duke University India “aims to expand the existing Duke-India partnerships, which include academic exchange programs and research collaborations,” Duke Today reported.

https://youtu.be/SLGE2vf-hTo

According to the report, the University’s current partners in India include NITI-Aayog, the Center for Environmental Planning and Technology University in Ahmedabad, Narayana Health City, IIM – Udaipur, IIM – Ahmedabad, and IIT- Gandhinagar.

Duke hosted a launch event on Sept. 18, celebrating the commencement of operations, featuring a conversation between Dr. Michael Merson, vice president and vice provost for global affairs at Duke and Dr. Devi Shetty, chairman and founder of Narayana Health.

“I think we cannot think of education if we don’t think of global education,” Namrata Jha, executive director of Duke University India said in a video posted by Duke Global. “Duke University has opened a new office in India, based in Bangalore to create more partnerships – research collaborations, university partnerships, more student exchange, faculty exchange, going to India and understanding about Indian culture, more student exchange, faculty exchange, going to India and understanding about Indian culture, learning from the community, giving back to the community. And my team at Duke University’s office in India will be working with faculty at Duke to make that happen.”

“India is unique. While it has lots of challenges, it is also a hub of intellect, of forward-looking thinking, young minds. It’s a fertile ground for doing something groundbreaking in this world. If the technological innovation and great minds of Duke University could tap into the young minds of India, I think we can create wonders,” she added.

Duke University is located in Durham, North Carolina.  More than 430 Indian students are currently enrolled there and nearly 700 Duke Alumni live in India.

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