News in Numbers: Facebook’s users are growing at 17%
- Tata Steel said to be seeking UK government funds for Wales plant
- China paves way for Xi Jinping to stay longer with repeal of term limits
- India calls for changes in WTO to transform world economy
- Industry cautions against lending freeze in wake of PNB fraud
- Chemical industry to more than double to $300 billion by 2025
What is it? The fine imposed by European antitrust authorities on Google for having used its dominant search engine to direct traffic to its shopping comparison service.
Why is it important? The order will benefit non-Google price comparison service providers who lost out because of Google’s practice of promoting its own service ahead of generic search results. The fine amount is the largest imposed by any antitrust body.
Tell me more: European Commission found traffic to Google’s own shopping service increased manifold (45% in the UK), whereas rival websites have witnessed a sudden drop in traffic (85% in the UK).
What is it? The title sponsorship fee for five years of the Indian Premier League (IPL), the league T20 cricketing tournament. BBK Electronics-owned Vivo won the bid.
Why is it important? The Chinese phone brand retained its sponsorship rights with the bid, which it won after PepsiCo withdrew in 2015 following corruption charges in IPL. The earlier Vivo contract was for Rs200 crore for two years. The current one marks a 340% average yearly jump, while BCCI says it is a 554% jump over the previous contract.
Tell me more: Vivo beat sister company Oppo, whose bid was worth Rs1,432 crore.
What is it? The number of monthly active users on Facebook, the largest social networking site, which it reached late on Tuesday night.
Why is it important? The number of users, who have logged on to Facebook or its Messenger app at least once in the last one month, is more than the population of any country and even more than that of six continents, except Asia.
Tell me more: Facebook’s new users are growing at 17%, fast for a 13-year-old Internet company and 66% of its monthly users return daily, up from 55% when it had touched 1 billion users.
What is it? The maximum holding of any non-promoter investor can have in Reliance Industries Ltd (RIL), after the company gets shareholders’ approval on 21 July.
Why is it important? RIL will have to take this step in order to meet the central bank’s terms and conditions before starting its payments bank. It owns 70% stake in the new venture, with State Bank of India holding 30%. The central bank’s prior permission is needed if non-promoters increase equity stake beyond 5%.
Tell me more: RIL plans to amend its Articles of Association at the annual general meeting. The state insurer, Life Insurance Corporation of India, holds 8.31% in RIL.
What is it? The number of government departments to be completely computerised in the next few days.
Why is it important? With 100% digitization, these departments will turn into e-offices with electronic record-keeping, doing away with unwieldy physical records and obsolete papers. The government’s efforts at digitizing records have already resulted in 462,000 e-files, compared to last year’s 8,000.
Tell me more: The cumbersome processes of affidavits and attestation have been done away with in 58 central ministries/departments and 33 states and Union territories.
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