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amazon: Financial irregularities at Future Retail: Amazon



amazon: Financial irregularities at Future Retail: Amazon
NEW DELHI: US e-tailer Amazon has written to the independent directors of Future Retail (FRL), the parent company of Big Bazaar, about financial irregularities at the Kishore Biyani-led company.
The November 24 letter, reviewed by TOI, comes close on the heels of FRL executives accusing Amazon of misrepresentation and alleged FEMA and FDI violations. Amazon and FRL are fighting several lawsuits over the latter’s proposed sale of assets of Rs 24,700 crore to Reliance Retail Ventures, the retail arm of Reliance Industries.
An FRL spokesperson called Amazon’s letter a “thought,” said an FRL spokesperson: “All related party transactions and data on the use of funds are recorded and are part of the public disclosures made by the company as part of standard governance practices.Nothing new is exposed, except that false speculation has arisen from selective excerpts from these documents.”
The FRL board had formed a crisis management committee to deal with the situation arising from the Covid lockdown and its impact. “From time to time, various questions were raised by the committee and clarified through detailed explanations by management, supporting documents and presentations to their satisfaction, as well as special audits where necessary.”
Amazon cited FRL’s debt increase in 2019-20, saying that members of the audit committee have “expressed concerns about FRL’s financial management, including related party transactions…” Due to the significant debt of Rs 6,000 crore incurred in 2019-2020. has grown, FRL’s net debt has grown from about Rs 2,554 crore to Rs 8,762 crore within the span of just a year, Amazon said. The e-tailer urged the directors to investigate several of the group’s transactions. Amazon stressed that “FRL has consistently entered into ‘significant related party transactions’ with various entities of the Future Group…”
“During the 2019-2020 fiscal year (around March 2020, i.e. when the Covid-19 pandemic began), FEL, a company controlled by the Biyani family, received a capital advance from FRL amounting to INR 3,560,000,000. 000/- (Indian rupees three thousand five hundred and sixty crores),” Amazon said in the letter.



Over 1.3 Lakh Shortlisted Candidates for Tier-2 & 3, Check Cutoff Category by Category (Download PDF)




Over 1.3 Lakh Shortlisted Candidates for Tier-2 & 3, Check Cutoff Category by Category (Download PDF)

SSC CGL 2020-21 Tier-1 Result Analysis: Get the detailed analysis of SSC CGL Tier-1 2020-21 results and cut-off marks for different posts in different categories.

SSC CGL 2020-21 Tier-1 Result Analysis: SSC has announced the results of the Combined Graduate Level (CGL) Tier-1 2020-21 Exam held from 13e August to 24e August 2021 in online mode. Staff Selection Commission is conducting SSC CGL exam this year for the recruitment of: 7035 Vacancies under Group “B” and Group “C” Functions – Inspector/Sub-Inspector, Auditor, Accountant/Junior Accountant, Senior Secretariat Assistant/Upper Division Clerks, Tax Assistant, Upper Division Clerk (UDC), Assistant Section Officer, Junior Statistical Officer , and so forth.

SSC CGL 2020-21 Tier-1 Boundary Markers

Based on grades obtained in Tier-I exam, candidates have been shortlisted, by category, to appear in Tier-II and Tier-III exams. Separate limits have been set for the positions of Assistant Audit Officer and Assistant Accounts Officer (List-1), Junior Statistical Officer (JSO) (List-2) and all other positions (List-3).

As the Tier-I computer-based exam was conducted in multiple shifts, the marks scored by the candidates have been normalized according to the formula published by the Commission on its website on 07/02/2019. Such an normalized characters have been used to qualify candidates for the subsequent stages of the exam (i.e. Tier-II and Tier-III).

Check SSC CGL Messages, Salary, Job Profile and Promotion Policy:

Check Intelligence Bureau ASO Job Profile, Salary Scale & Promotions

Check ASO Central Secretariat Service (CSS) Job Profile, Salary, Promotion & Placement Details

Check SSC Junior Statistical Officer (JSO): Job Profile, Salary Scale & Promotions

Check CBI Sub Inspector Job Profile, Salary Scale, Training & Promotions

Check National Investigation Agency (NIA) Sub-Inspector Job Profile, Salary Scale & Promotions

Check Central Bureau of Narcotics Inspector & SI Job Profile, Salary Scale, Training & Promotions

Check SSC CGL Tax Assistant CBIC & CBDT Minimum Age / Salary / Job Profile / Promotion

Check SSC CGL Assistant Section Officer (ASO) in Railways Job Profile, Salary Scale & Promotion

Check Post Inspector eligibility, job profile salary, promotion and placement details

Let’s take a look at the category-by-category details of candidates who have provisionally qualified for Tier-2 & 3 and the limits applied for each category in the tables below:

SSC CGL 2020-21 Result: Candidates Qualified in Tier-I for entry into Tier-II (Paper-I and Paper-II) & Tier-III

*In addition to the UR candidates shown above, 3275-SC, 1014-ST, 19684-OBC, 7446-EWS, 93-ESM, 138-OH, 10-HH, 67-VH and 4-Others PwD candidates qualifying at UR Cut-off are listed under their respective categories.

SSC CGL 2020-21 Result: Candidates Qualified in Tier-I for entry into Tier-II [Paper-I, Paper-II and Paper-IV (General Studies (Finance & Accounts))] & Level III

*In addition to the UR candidates shown above, 42-SC, 15-ST, 779-OBC, 503-EWS, 2-OH, and 1-HH candidates eligible for the UR cut-off are listed under their respective categories.

SSC CGL 2020-21 Result: Candidates Qualified in Tier-I for entry into Tier-II [Paper-I, Paper-II and Paper-III (Statistics)]

*In addition to the UR candidates shown above, 182-SC, 48-ST, 2119-OBC, 1183-EWS, and 9-OH candidates eligible for UR Cut-off are listed under their respective categories.

Note: Only those candidates are eligible for List-2 who applied for the position of JSO in their online application forms.

Also read: Common Eligibility Test (CET) by National Recruitment Agency (NRA) for SSC/Railways RRB/IBPS Bank 2021 Exams

How to Check SSC CGL Tier-1 2020-21 Result?

Qualified/unqualified candidates tags and final answer keys along with the question paper(s) in a standard format are hosted on 3rd December 2021 on the Commission’s website – Candidates can check their grades from 3rd Dec 2021 to 24e December 2021 by using his/her registration number/role number and registered password.

SSC CGL 2020-21 Tier-2 & Tier-3 Exam Dates and Admission Card

The Combined Graduate Level (Tier-II and Tier-III) exam, 2020 is tentatively scheduled from 28e January 2022 to 29e January 2022 and 6e February 2022 respectively, subject to applicable government terms and guidelines issued from time to time with a view to addressing the Covid-19 pandemic. The admission slips of the qualified candidates will be uploaded on the websites of the respective regional offices approximately 03 – 07 days before the Tier II exam is administered.


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Government ignored 2013 warnings over national lottery sale




Government ignored 2013 warnings over national lottery sale

The Fine Gael-Labour government ignored warnings in 2013 that the sale of the then National Lottery for €500 million could have serious consequences.

The National Lottery, which is under heavy pressure due to the difficulty of winning the jackpot, was sold to fund the National Children’s Hospital.

The deal was opposed in the Seanad by independent Senator Marie Louise O’Donnell, who warned it would net a €500 million bonus for “the swagmen, the looters and bootymen.”

The Fine Gael-Labour government ignored warnings in 2013 that the sale of the then National Lottery for €500 million could have serious consequences. Photo: Shutterstock

She said An Post would be “replaced by private sector companies and consortia, gaming and gambling organizations…who only make big bids on assets if they think they can make more money later on.”

She said the losers would be the public, noting that the lottery was “the people’s money.” It comes from the bottom of their pockets. It’s their lottery. It’s not yours.’

The senator was supported by Thomas Byrne of Fianna Fáil, who said: “It is generally the case with lotteries around the world that they remain in their own territory and are seen as a sign of nationality.”

EuroMillions Lottery Galway Station
The National Lottery, which is under heavy pressure due to the difficulty of winning the jackpot, was sold to fund the National Children’s Hospital. Photo: Shutterstock

There are now problems on two fronts as the National Lottery faces a pre-Christmas grilling by the mighty Joint Committee on Finance, Public Spending and Reform. Committee chair John McGuinness said the plan is to bring in the National Lottery before Christmas to answer questions.

‘We’re going to grill them on the numbers. What is the current level of profitability, what is the revenue, how much does the treasury get and what is the wages of those who run it? They have to explain how they turned the Lotto into a casino, falsifying the odds against the gambler.”

The Republic of Ireland boss discusses all things football with Alan Cawley on the latest #strongerwithsport

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Growing battle with TikTok, Facebook to test ‘Facebook Reels’ in US – TechCrunch




Growing battle with TikTok, Facebook to test 'Facebook Reels' in US - TechCrunch

Reels Coming to Facebook in the US The company announced this morning that it will be testing a new feature, Facebook Reels, that will allow Facebook users to create and share short video content directly in the news feed or in Facebook groups. The addition is an extension of tests launched earlier this year in India, Mexico and Canada that focused on bringing short videos to Facebook users, including by sharing existing Instagram roles on Facebook, as was reported.

In addition, Facebook today says it will also test a new feature that will give Instagram creators in the US the ability to feature their Instagram roles as featured content on Facebook. When the creators sign up, their videos will appear in the “Reels” section of users’ news feed, alongside other roles created on Facebook.

There will be many places for users to create roles from Facebook when the new feature launches.

Initially, you can tap the “Create” button in the “Reels” section that appears when browsing the News Feed while looking at reels, or tap “Reels” at the top of your News Feed. From here, users gain access to a standard set of creation tools, including those for video recording, music selection, film roll import, timed text, and more — just like you would access on Instagram.

For audio, you can pick a song from Facebook’s music library, record your own original audio, or even use someone else’s audio, if their roles are set to “public.” There’s also a variety of effects and editing tools to choose from, including a timer for hands-free reel recording, tools to speed up or slow down a portion of the video or your original audio, and some augmented reality effects created. by Facebook or third-party developers.

Facebook told us that for now “most” features of Instagram Reels will also be available on Facebook Reels. But other features — like Remix (it’s a take on TikTok’s side-by-side videos called Duets) — will be added over time as the test scales to more people. The UI for Reels may also evolve over time to look slightly different from Reels on Instagram, depending on user feedback.

After a reel is created, you can choose who to share it with, such as “Friends”, a specific audience such as “Friends except…” or the general audience. The latter is the default setting.

The feature will be made available within Facebook groups, where roles can be created and then shared with members of the community with similar interests.

Users can also choose to tap “My Roles” to view past creations. And you can browse those created by others in the News Feed and in certain groups and pages – where you can like, comment on, or share them, just like any other type of post. Roles will now also appear in search results, Facebook told us.

Like much of what appears on Facebook, Reels is recommended to users based on what people are interested in, what they are up to, and what is generally popular. This applies to both the shared Instagram roles and the Facebook roles.

Image Credits: Facebook (roles in groups)

The company explained that the decision to replicate the Reels product within Facebook is the result of growing consumer interest in video, especially short video. Today, video accounts for nearly half of all time spent on Facebook. on Facebook’s latest revenue call, CEO Mark Zuckerberg noted that Reels was “already the biggest contributor to Instagram engagement growth,” given the popularity of short video.

“We’re very focused on making it easy for everyone to create videos and then watch those videos across all our different services, starting with Facebook and Instagram,” he had told investors.

But Facebook also understands that people have different communities and audiences on Instagram and Facebook, so offering a cross-posting option may not have been enough.

For existing Reels creators who still want to tap into Facebook’s general audience, a new option will allow them to ensure their Reels are shared on Facebook. This can be useful for those who have more general interest Reels content.

These shared roles also display the creator’s Instagram username, which could help them build a following. The creators’ roles can also be remixed, with the creator’s permission, and their original audio can be reused in other people’s roles, just like on TikTok.

This feature will also be introduced as a “test,” Facebook said.

While Instagram is already starting to monetize through ads, Facebook told us that Reels on Facebook doesn’t currently have ads. But “we plan to roll out ads in the future,” a Facebook spokesperson added.

Image Credits: Facebook (Share Instagram roles with Facebook opt-in flow)

Reels, Facebook’s Answer to the Growing Threat of TikTok, First launched a year ago to a worldwide audience. This launch alone wasn’t enough to put Instagram in the top spot as the world’s most downloaded mobile app. in 2020, that victory went to TikTok, after years of Facebook apps dominating the top lists. And TikTok continues to top the App Store charts today, both in terms of app installs and consumer spending, according to multiple third-party reports.

For Facebook, TikTok poses an existential threat to its business. If users’ time and attention is diverted elsewhere, Facebook’s advertisers can follow, impacting Facebook’s bottom line. So instead of competing with TikTok in just one app, Facebook now uses two. And it takes advantage of the interoperability of its apps to ensure that the best content can flow to both places with ease.

The company also invests directly in the maker community in hopes of tipping the scales back in the right direction.

In July, the company announced a plan to invest more than $1 billion in creators on both Facebook and Instagram through 2022. This fund will reward more than just the creators of Reels, to be clear, as it will also pay out bonuses for videos with in-stream ads enabled or for enabling IGTV ads among others. It will also reward the best creators who have invited fans to send them tips in the form of a virtual currency, “stars”. But Instagram Reels, and now Facebook Reels, will be included in that initiative.

Today, Facebook said it will announce additional bonus programs and seed funding in the coming months that will pay out bonuses for Reels on Facebook. These will be funded from that $1 billion commitment. The company declined to share details on this front, but this news alone indicates that Facebook Reels is much more than just “a test” in Facebook’s eyes.

The new features of Facebook Reels will start rolling out in the US starting today, August 19. It will be available first to a “small percentage” of US users on iOS and Android.

The feature will also remain active in India, Mexico and Canada.

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