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Aug.23 -- Gene Munster, Loup Ventures managing partner, and Bloomberg's Ian King discuss the impact of the escalating China-U.S. trade war on the tech industry. They speak with Bloomberg's Emily Chang on "Bloomberg Technology."
From posting on social media to calling an Uber, mobile devices are becoming the command center for guiding day-to-day activities. Financial institutions want to get in on the action as well according to an industry insider.
(Bloomberg Opinion) -- When snack makers start to lament that Indians can’t afford to spend 5 rupees (7 cents) on biscuits,(1)it’s time to stop arguing over how much of the nation’s slowdown is cyclical and what part is structural.Considering its glaring income, wealth and consumption inequalities, India is a surprisingly calm society. However, when purchasing power dries up to the extent that rural laborers and urban blue-collar workers have to think twice about cheap munchies, then the situation is desperate. The culprit is deep-rooted wage suppression, a long-term issue that needs attention.Britannia Industries Ltd., the No. 1 Indian biscuit maker, recently sounded alarm bells over the sharp deceleration in its domestic sales volumes. Rival Parle Products Pvt. chimed in and said jobs were at risk for as many as 10,000 of its workers.A Parle executive blamed India’s 2017 goods and services tax, or GST. While the consumption tax may indeed have been an additional burden in an economy slowing under a disastrous November 2016 currency ban, the funk has its roots in insufficient wages. In recent years, only about a third of the economy’s income has gone to labor, with providers of debt and equity capital taking the rest, according to India Ratings and Research Pvt., a unit of Fitch Ratings. Raising that 33.2% labor share to the developing-country average of 37.4% would put an extra $100 billion of annual spending power in the hands of Indian households.Only then can India start facing up to the tougher challenge of reaching advanced-economy levels. It has a long way to go. The labor share of income in the U.S. was almost 57% in 2016, even after a near 10-percentage-point drop following World War II that was caused by technological changes and globalization, according to McKinsey & Co.Trouble is, the distribution of the Indian economic pie is more lopsided than the aggregate numbers suggest. As India Ratings’ analysis shows, 80% of the output generated in informal production gets used up in paying for capital, which is scarce; households get only 20% in exchange for toiling on farms and in cottage industries. At the same time, only 32% of the production of a bloated public sector is shared with the taxpayers and banks that provide the capital; as much as 68% goes to a privileged group of state and quasi-state workers who enjoy assured jobs and higher pay than they would in the private sector.The long-overdue privatization of inefficient behemoths like Air India Ltd. would reduce the wastage of capital in the public sector. But it won’t automatically help informal private businesses grow and become productive. In its first term, the government of Prime Minister Narendra Modi thought taxation would provide the required nudge. It set out to formalize entire supply chains by bringing even small firms under the ambit of the GST. The poorly designed, badly implemented plan backfired. Two years later, New Delhi is furious that it can’t meet revenue targets; its frustration is leading to an antagonistic stance toward firms. Meanwhile, industries from autos to biscuits are demanding lower GST rates. There’s no fiscal room to please all. The government hit the brakes on its own investments in the June quarter, amid an extended slump in private capital expenditure.Taxes aren't the solution. Easier hiring-and-firing norms – and not mere consolidation of archaic labor laws – will boost employment in more productive large firms that can pay better. If Amazon.com Inc. can build its largest global center in India, why should factories be afraid to scale up by hiring blue-collar workers? At the other end of the spectrum, small firms need finance.A yearlong liquidity crunch in the shadow banking industry has caused jitters in India’s market for loans-against-property, which is how midsize businesses finance themselves. But even the luxury of a $25,000 loan obtained by mortgaging property worth $350,000 isn’t for everyone, as Pratibha Chhabra, a financial inclusion specialist at the World Bank, notes. Most small firms only have inventory and invoices to pledge, and no lender wants to be left holding half-made chairs, or potatoes rotting in a warehouse.However, if a bank lending to a furniture maker or a potato farmer in India can get repaid directly by Ikea or PepisCo Inc. against certified invoices, it can share the benefit of the final customer’s creditworthiness with the borrowers. This is how Citigroup Inc. greases the global supply chain of 700 multinationals and their 70,000 vendors. Since most tiny businesses run on household labor, only statisticians will worry about whether wages or profits are getting the lift. Spending power in the economy will rise.Such financing is well established in developed markets, though in India “to efficiently finance small firms by locating them in larger supply chains will be the next frontier,” says Gaurav Arora, head of Asia Pacific at Greenwich Associates LLC.India is overdependent on Bangladesh’s model of microfinance, which uses group pressure and social shame to collect on exorbitantly priced – but collateral-free – small loans. The country is barking up the wrong tree. A woman doing embroidery on a sari will never get more than a fraction of what her craft will ultimately sell for. But she can be given access to cheap credit. Then, she’ll also be able to buy more biscuits for her children. (1) Cookies, to Americans.To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Does the August share price for Verizon Communications Inc. (NYSE:VZ) reflect what it's really worth? Today, we will...
(Bloomberg) -- VMware Inc. agreed to purchase two software companies on Thursday, expanding its reach in development tools and cybersecurity.The Palo Alto, California-based company said the net cash payout for the two purchases will be $2.7 billion. It’s buying Pivotal Software Inc., which sells cloud software and services, for a blended share price of $11.71, representing an enterprise value of $2.7 billion. VMware also agreed to purchase Carbon Black Inc., a cybersecurity firm, for $26 a share, representing an enterprise value of $2.1 billion.VMware, which makes virtualization and networking tools and is majority-owned by Dell Technologies Inc., said the combined company will provide software to build, run, manage, connect and protect any app on the cloud or any device. Purchasing the two companies will accelerate VMware’s plan to deliver secure, multicloud application development.The two acquisitions “will meaningfully expand our ability to power our customer’s digital transformation,” said Pat Gelsinger, VMware’s chief executive officer.“These acquisitions address two critical technology priorities of all businesses today -- building modern, enterprise-grade applications and protecting enterprise workloads and clients,” he said.Pivotal CEO Rob Mee said, “Together, we will form an organization that combines Pivotal’s expertise modernizing organizations with VMware’s capabilities and experience operating at scale.”Once the deal for Waltham, Massachusetts-based Carbon Black is complete, VMware said it would be positioned to provide “highly differentiated, intrinsic security cloud” through big data, behavioral analytics and artificial intelligence.“We now have the opportunity to seamlessly integrate Carbon Black’s cloud native end point protection platform into all of VMware’s control points,” said Patrick Morley, Carbon Black’s CEO.Both transactions are expected to be completed in the second half of VMware’s fiscal year, which ends Jan. 31.JPMorgan Chase & Co. acted as financial adviser to VMware on the deals, with Morrison & Foerster LLP acting as legal adviser to VMware on the Carbon Black acquisition and Wilson Sonsini Goodrich & Rosati as legal counsel to VMware on the Pivotal purchase.(Corrects overall purchase price in headline, purchase values in story.)\--With assistance from Jim Silver.To contact the reporter on this story: William Turton in New York at email@example.comTo contact the editors responsible for this story: Tom Giles at firstname.lastname@example.org, Andrew Martin, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Apple stock fell 4.6% as the US-China trade war intensified today. China warned of tariffs on more US goods, followed by Trump's tweeted response.
In response to new tariffs from China and President Trump's tweets, the market tanked to session lows on Friday. The DJIA nosedived more than 600 points.
The global economic outlook continues to be a blurry picture with President Trump ordering US companies to search for alternatives to China, and Fed chairman Jerome Powell pledging to act appropriately to sustain the economic expansion.
(Bloomberg) -- Qualcomm Inc. won’t have to renegotiate its patent licenses while appealing an antitrust ruling won by the U.S. Federal Trade Commission, a federal appeals court ruled.Qualcomm has raised “serious questions” about the merits of the trial court’s ruling, a panel of the U.S. Court of Appeals for the Ninth Circuit said Friday in an order putting the May 21 decision on hold.Forcing the chipmaker to enter into new contracts imposes changes that “cannot be easily undone should Qualcomm prevail on appeal,” the three-judge panel in San Francisco said in a seven-page order that was unusually detailed. There’s no guarantee the three judges who considered Qualcomm’s request will be on the panel hearing the appeal in JanuaryU.S. District Judge Lucy Koh found in May that Qualcomm’s “no license, no chips” policy unfairly leveraged the company’s market position to force customers to pay inflated prices for chips and royalties for their technology. She ordered the company to end the policy and renegotiate some of its contracts.Read More: Judge’s Conundrum: Is Qualcomm a Monopolist, or Merely a Bully?Qualcomm has argued that Koh’s order would undermine its entire business. Under the original ruling, the company would be forced to renegotiate patent-licensing contracts with phone makers, a process that could slash its largest source of profit. It would create binding arrangements that wouldn’t be reversed, even if Qualcomm got the ruling overturned on appeal.The San Diego-based chipmaker is unusual in the chip industry because it gets the majority of its profit from fees on patents that cover the fundamentals of how modern phone systems work. Apple Inc., Samsung Electronics Co. and all of the world’s biggest phone makers have to pay whether or not they use its chips. That arrangement has caused intense legal fights and regulatory scrutiny around the world for Qualcomm.The case has split the U.S. government, especially the two agencies charged with antitrust matters. While the FTC -- an independent agency -- argued that Qualcomm harmed competition, the U.S. Justice Department said Koh’s ruling harmed consumers.Qualcomm also got the backing of other areas of the Trump administration, as both the Defense Department and Department of Energy said the order threatens national security and America’s lead role in 5G, the next-generation of wireless technology that promises to transform everything from robotic surgery to autonomous vehicles.“Whether the district court’s order and injunction represent a trailblazing application of the antitrust laws, or instead an improper excursion beyond the outer limits of the Sherman Act, is a matter for another day,” the appeals panel said, referring to the federal antitrust law.The language of the ruling has improved Qualcomm’s chance of winning the appeal or reaching a settlement with the agency, said Jennifer Rie, an analyst with Bloomberg Intelligence.Ankur Kapoor, an antitrust lawyer with Constantine Cannon in New York who’s not involved in the case, said the panel’s detailed ruling may be an attempt to “explain their thinking” in a case with high stakes for the company. He said the court wanted to maintain the status quo, especially considering the potential impact to Qualcomm’s long-term business and the fact that the appeal is being expedited, with a decision expected shortly after January arguments.In some ways, Qualcomm’s licensing program “appears significantly impaired regardless” because of the legal strains on the company and the slowdown in the “horrendous” chip market, said Stacy Rasgon, an analyst with Bernstein Research.FTC ‘Disappointed’FTC Bureau of Competition Director Bruce Hoffman said he was disappointed in the court’s ruling and noted that only part of the court’s ruling was put on hold. Qualcomm still can’t enter into exclusive deals on modem chips, can’t interfere with any customer’s ability to communicate with government agencies and must submit to monitoring, which the FTC said promotes competition. Qualcomm didn’t ask the appeals court to put those aspects on hold.“The Bureau of Competition will monitor Qualcomm’s conduct relating to the on-going injunctive provisions, and we stand ready to evaluate any information from industry participants relating to whether Qualcomm is complying with its obligations,” Hoffman said.The court order previews some of the arguments that Qualcomm is expected to make when it files its written arguments with the Ninth Circuit later Friday. Qualcomm will argue that Koh stretched the definition of antitrust rules under U.S. law and ignored evidence that showed there was competition.Koh had no right to decide that Qualcomm’s rates were unreasonable, order the company to give licenses to its competitors or decide whether or not it has to supply chips to handset makers, the San Diego-based company contends.The case is Federal Trade Commission v. Qualcomm, 17-220, U.S. Court of Appeals for the 9th Circuit (San Francisco).To contact the reporters on this story: Susan Decker in Washington at email@example.com;Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Peter Blumberg, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
AMD stock hit a new 13-year high after the EPYC Rome server CPU launched. How can AMD outperform Intel CPUs at such low prices and still profit?