Apple, Samsung Halt Laptop Imports, Jio Financial Listing, HDFC Merger: Top Stories From Weekend You Can't Miss

Apple and Samsung Halt India Laptop Imports Amid New Licensing Move: Tech giants Apple and Samsung have decided to halt their laptop imports to India in the wake of India’s new licensing requirements aimed at boosting domestic manufacturing, Bloomberg reported. The Indian government’s move is seen as a strategic step to promote the ‘Make in India’ initiative and reduce the country’s dependency on imports in the electronics sector.

While the move is expected to encourage local manufacturing, it has also raised concerns among global tech companies about the suddenness of the policy change. However, the Indian government will give companies about three months to transition before the new licensing regime comes into effect, Reuters reported.

Amazon and Indian Telcos Clash Over SMS Fees: Indian telecom companies (Reliance Jio, Bharti Airtel, and Vodafone Idea) are in a disagreement with global companies like Amazon over what constitutes an international SMS. Amazon wants a clear definition to prevent telecoms from charging higher rates, while telecoms argue that this could lead to fraud.

The issue is about how messages sent from abroad are charged differently from domestic messages. Amazon says advancements in technology make a clear definition unnecessary, but telecoms disagree. They believe the current definition accounts for changes in technology. The Telecom Regulatory Authority of India is involved in the discussion to bring clarity to this matter, the Economic Times reported.

Reliance to List Shares of Its Financial Unit: India’s business behemoth, Reliance Industries, has announced its plans to soon list shares of its financial unit. This move is seen as part of the company’s broader strategy to diversify its operations and tap into the growing financial sector of the country, Reuters reported. A listing date for Jio Financial Services is anticipated to be decalred at Reliance’s upcoming annual general meeting, Reuters reported.

Insurance Regulator Greenlights Exemptions for Merged HDFC Bank: India’s insurance regulator has allowed insurance companies to classify debt securities of HDFC Ltd as ‘housing and infrastructure’ assets. This decision came after HDFC Ltd merged with HDFC Bank.

The change ensures that insurance companies won’t exceed their investment limits in the financial sector after the merger. The bonds of HDFC Ltd will now be considered as exposure to the housing and infrastructure sector until they mature.

Additionally, insurance companies have until June 30, 2024, to comply with the norms for the maximum exposure to HDFC Bank. Some insurance companies hold shares of both HDFC and HDFC Bank, and this time frame allows them to adjust their investments accordingly.

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