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Google to pay $90 mn to developers to settle Play Store lawsuit

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 Google has reached a settlement over a lawsuit with a group of developers, where it will establish a $90 million fund to support developers in the US who earned $2 million or less in annual revenue through Google Play, during each year from 2016-2021.

The proposed agreement, said Google, will help ensure that both developers and consumers can continue to benefit from Google Play.

“To continue to provide developers with a tiered pricing model, we’ll maintain Google’s 15 per cent commission rate for the first $1 million in annual revenue earned from the Google Play Store for US developers, which we implemented in 2021,” the Wilson White, VP, Government Affairs and Public Policy at Google said in a statement late on Thursday.

A vast majority of US developers who earned revenue through Google Play will be “eligible to receive money from this fund, if they choose”.

If the Court approves the settlement, developers that qualify will be notified and allowed to receive a distribution from the fund, Google added.

Developers around the world have earned more than $120 billion using the Google Play Store to date.

“In addition to the fund, we’re committing to maintain a number of existing practices and implement new benefits that help developers innovate and communicate with their users, said Google.

In new versions of Android, Google will maintain certain changes implemented in Android 12 that make it even easier for people to use other app stores on their devices, while being careful not to compromise the safety measures Android has in place.

To showcase independent and small startup developers building unique high-quality apps, Google is creating an “Indie Apps Corner” that will appear on the apps tab on the Google Play homepage and “shine a spotlight on these developers”.

Google said it will also publish annual transparency reports to share information about the Google Play Store, including statistics such as apps removed from Google Play, account terminations, and other data regarding how users interact with Google Play.

Business

Adani Groups Repays Loans Worth $2.65 Billion, Along With Interest Payment Of $203 Million

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Embattled Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Interest Payment of $203 Million

“The prepayment was done along with interest payment of USD 203 million,” it added. Further, the credit update states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

“The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies,” Adani Group said in the credit update. US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate’s market value at its lowest point.

Adani Group’s Comeback Strategy

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. The group has recast its ambitions as well as prepaid some loans to assuage investors. The credit update further highlights major improvements in key financial metrics – the portfolio’s combined Net Debt to EBITDA ratio has decreased from 3.81 in FY22 to 3.27 in FY23, run rate EBITDA surged from Rs 50,706 crore in FY22 to Rs 66,566 crore in FY23.

The credit update further states that the banking lines of Adani Group continue to show confidence by disbursing new debt and rolling over existing lines of credit. Moreover, rating agencies both domestic and international rating agencies have reaffirmed their ratings in all the group companies.

Debt Service Cover Ratio (DSCR) has improved to 2.02x during FY23 from 1.47x during FY22. Gross Assets increased to Rs 4.23 lakh crore, up by Rs 1.06 lakh crore. Gross Asset / Net Debt cover has improved to 2.26x in FY23 from 1.98x in FY22.

Continued investments in core infra projects

Continued investments in core infra with gross assets of Rs 3.77 lakh crore (89 per cent of the portfolio) provide long-term multi-decadal visibility of cash flow, it said, adding cash balance was higher by 41.5 per cent at Rs 40,351 crore against Rs 28,519 crore. Free Flow from operations – FFO – (EBITDA less finance cost less tax paid) was Rs 37,538 crore.

Cash Balance and FFO (together at Rs 77,889 crore) are much higher than debt maturity cover for FY24, FY25 and FY26 of Rs 11,796 crore, Rs 32,373 crore and Rs 16,614 crore, respectively, at the combined portfolio level.

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Business

How Ruias are reinventing the Essar Group

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For the last three years, the Mumbai headquartered Essar Group, founded by Shashi and Ravi Ruia, has deliberately kept a low profile. They were busy putting into action their deleveraging and monetisation strategy to free the group of all its debt and start on a clean state.

And they managed to do just that by monetising assets worth $25 bn by selling Essar Oil, Essar Steel, Essar Power and Essar Ports. Perhaps, for the first time in the country such huge debts have been paid off by a business house.

Leading from the front is the 54-year old Prashant Ruia, director, Essar Capital. He is working at a feverish pace to take the group to the next level. Between June 2022 and March 2023 the group made several big announcements. The group, it seems, is now approaching all its businesses with the mindset of a PE player.

According to sources, “The group has paid off 100% debt. Basically, the group has put in place the strategy of deleveraging and monetisation of assets, consolidation of operating companies, and getting into a new growth cycle.” And that is paying rich dividends.

Now with all debts paid, the mood at the Essar House is upbeat. The group has chalked up ambitious plans to be in the same areas where they have domain expertise. It will be Energy, Infrastructure & Logistics, Metals & Mining, and Technology & Retail.

To go with it, the group has identified three themes: Decarbonisation, Decentralisation and Digitisation. For instance, decarbonisation means the group wants to move away from fossil fuel to green fuel. To make this happen, Essar Oil UK, a 10 MTPA refinery acquired in 2011 which serves 16% of UK’s road fuel demand has entered into an agreement with Vertex Hydrogen. Vertex is part of Essar Energy Transition which is planning an investment of $3.6 bn in India ($1.2 bn) and the UK ($2.4 bn) to develop a range of low carbon energy transition projects which would include blue and green hydrogen, biofuels, battery storage, solar PV etc.

The investment in the UK will play a key role in supporting their government’s decarbonisation strategy.

Essar 2.0 sees the group focusing on transitioning existing assets to green businesses, while investing in creating new-age ESG-centric sustainable businesses.

Besides oil refineries and storage terminals in the UK, it has exploration and production facilities in Vietnam; Iron ore plant in USA, coal mine in Indonesia. It has entered into an agreement with Saudi Arabia to set up a 4 MTPA greenfield steel plant in Ras Al-Khair. In India, it has plans to set up 14 MTPA iron ore pellet plants close to Paradip port, Odisha and triple its CBM productions in West Bengal.

Essar Group which currently has a turnover of $15 bn and $1 bn profit will see most of its new initiatives becoming operational by December 2025 or early 2026. Looks like the second innings of the Ruias will be better than the first.

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International

Tom Cruise ‘would love to meet someone special’ after three failed marriages

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Hollywood star Tom Cruise has been married to Hollywood stars Mimi Rogers, Nicole Kidman and Katie Holmes, with the actor most recently being romantically linked to Shakira.

The unlikely pair met at the Formula 1 Grand Prix and while it seems Tom was “very interested in pursuing” the singer, she wasn’t so keen, reports

A source has revealed Tom’s friends have now given him some dating advice as he searches for “the one.”

The comments come after it was revealed Shakira “begged” Tom to “stop flirting with her” as the situation became “too much” for her following her painful split with Gerard Pique.

The 46-year-old singer and Barcelona defender, 36, announced their shock breakup in June last year after 12 years together.

Gerard has since moved on with Clara Chia Marti, 24.

“She doesn’t want to embarrass or upset him, but there’s no attraction or romance on her part – she was just being friendly. She’s flattered but not interested,” an insider told Heat Magazine.

The insider added that Tom has been searching for the right woman for years and said he has “the highest standards” and won’t settle for “second best” in a potential lover.

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