Israel has launched a 225-million-shekel ($70.8 million) programme to boost high-tech developments in the Arab sector in the country.
The five-year plan, announced by the Israel Innovation Authority (IIA) and the Ministry for Social Equality, on Wednesday, is set to encourage entrepreneurship and hi-tech employment in the Arab communities, Xinhua news agency reported.
The programme includes the setup of entrepreneurship centers, technological accelerators to advance new ideas, angel clubs to recruit investors, and a technological incubator to promote Arab entrepreneurship.
“Incorporating high-tech employees from the Arab sector is a highly important social, financial, and strategic need,” said Orit Farkash-Hacohen, Israel’s minister for innovation, science and technology.
In 2019, only one percent of high-tech employees in Israel were from the Arab society, said a report published by the Bank of Israel.
Apple raises starting salary for retail workers amid unionisation push
Alarmed at unionisation efforts at its own retail stores, Apple is reportedly increasing the hourly salary of its retail and corporate employees.
The Wall Street Journal reported that Apple is increasing the hourly rate for retail workers from $20 to $22 per hour and some regions will start higher.
The tech giant is also increasing starting salaries amid rising inflation, a tight labour market and unionisation pushes, the report mentioned.
The iPhone maker told employees in an email that the company is increasing its overall compensation budget.
“Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers,” an Apple spokesman said in a statement to WSJ.
“This year as part of our annual performance review process, we’re increasing our overall compensation budget.”
Earlier reports said that the tech giant’s vice president of people and retail, Deirdre O’Brien, was trying to dissuade retail workers from joining a union.
Three of Apple’s own stores — one each in New York, Maryland, and Georgia in the US — are planning to form a union.
While the Apple store in Georgia will vote starting June 2, Apple’s retail store in Maryland will vote starting June 15 to form a union.
To date, no Apple store has successfully formed a union.
Apple recently hiked benefits for both part-time and full-time retail employees.
Lenovo India logs $2.2 billion in sales with 38% Year on Year growth
Global technology brand Lenovo Group on Thursday reported record fiscal year results, with historic highs on both profit and revenue fronts, as its India business reached record high.
The total revenue for all Lenovo businesses in India was $2.2 billion for the full fiscal year ending March 31, representing a year-on-year increase of 38 per cent.
It was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold, said the company.
“Our 38 per cent increase in revenue for FY21/22 clearly shows that Lenovo is meeting the expanding need for transformational technology solutions in India,” said Shailendra Katyal, Managing Director, Lenovo India.
“Additionally, this year our service-led transformation strategy has shown concrete results, with a 58 per cent rise in our services booking revenue,” he informed.
Globally, annual net income reached the $2 billion mark, up 72 per cent year-on-year, with revenue growing by $10 billion for the second year running to reach $71 billion, the company said in a statement.
“Although last year was challenging for the world, with the accelerated global digital and intelligent transformation, Lenovo delivered a record year of profit and revenue,” said Yuanqing Yang, Lenovo Chairman and CEO.
“We will capture this window of opportunity, double our R&D investment, drive service-led transformation, realise our ESG goals, and stay flexible and resilient to bring the entire company to new heights,” Yang added.
Lenovo said it navigated industry-wide supply shortages, pandemic disruption, geopolitical uncertainties, and higher inflation to deliver a record year.
Foreign investors trim Rs 2.5 lakh crore in 8 months, more than it invested in past several years
Continuing its selling spree for the eighth consecutive month in May, foreign portfolio investors have pulled out around Rs 2.5 lakh crore from the Indian equity market.
So far in 2022 itself, FPIs sold investments worth over Rs 1.7 lakh crore, as per data available with National Securities Depository Limited (NSDL) showed.
With this recent slippage of investments out of India in these consecutive months in a row, FPIs have trimmed an amount over and above their entire portfolio created in the preceding 7-8 years. Overseas investors bought Rs 2.2 lakh crore equities between 2014 and 2020 in the domestic stock market, Moneycontrol reported, quoting NSDL data.
Notably, the unprecedented FII sell off has been fuelled by soaring global inflation, the possibility of aggressive monetary tightening in India and other advanced countries including the US, fears of a recession in the US and the ongoing war in Ukraine.
There are strong possibilities of more policy rate hikes in the US in the coming monetary policy meets.
In India too, central bank RBI is mulling further rate hikes, said its Governor Shaktikanta Das earlier this week, but declined to mention by what percentage points.
Earlier this month, the RBI’s Monetary Policy Committee (MPC), in an off-cycle review meeting, hiked the benchmark rates by 40bps to 4.4 per cent owing to a high inflation at over six per cent upper tolerance band for four months in a row. Das said the move was taken to avoid a steep hike in June.
“Globally, risk aversion is high and markets may continue to be under pressure for some time. This, together with the rupee’s depreciation versus the dollar, raises the possibility that FII outflows may continue in the short term,” said Yesha Shah, Head – Equity Research, Samco Securities.
From a more mid-to-long term perspective, given India’s fundamental positioning and structural appeal among emerging economies, foreign investors are poised to make a comeback, Shah added.
However, according to Manojh Vayalar, VP- Equity Derivatives at Religare Broking: “This (current trend) suggests that the net outflow in equity that we have been witnessing since the last 8-10 months is rather a profit booking than an hurried exit.”
The money the foreign investors invested in the last 10 years as per index has yielded them around 80 per cent returns, Vayalar said.
Murder of Dalit youth over interfaith love in Karnataka: 2 arrested
Gyanvapi dispute: Petitioner says plea based on ‘British map’
Two Delhi hospitals report fire incidents
Anushka is not having an easy time on ‘Chakda Xpress’ prep
Mamta government wants CM, not Governor, as Chancellor of state varsities
Rape threat to wife and daughter, actor Khesari Lal Yadav seeks action
Water Tanker Association strike in Mumbai, water supply has been disrupted in hospitals, hotels and many buildings in amid rising heat
Mumbai suburban AC train ticket rates slashed by 50%
Can Arif Mohd Khan give PM Modi his Kalam moment?
Jacqueline Fernandez’s 7.27 crore has been confiscated by ED
Business2 years ago
Target to make India a manufacturing hub of construction equipment: Nitin Gadkari
Crime1 year ago
Class 10 student shoots dead classmate in Uttar Pradesh school
Business2 years ago
Amazon starts selling car, bike insurance in India
Maharashtra1 year ago
Mumbai Mayor hits the streets, orders people to wear masks
Maharashtra2 years ago
Allow Bakri-Eid with restrictions: Maharashtra Congress to CM
Business2 years ago
PSB loan disbursal picks up pace, rise to Rs 12K cr under ECLGS
Crime2 years ago
Goat ‘arrested’ for not wearing mask in Uttar Pradesh
Bollywood2 years ago
Actress Diana Penty: I’m usually not a love story kind of person