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News18
3 days ago
- Business
- News18
Foreign Lobbyists Want India To Give Up Digital Competition Bill
India has the opportunity to shape the next decade of global digital regulation as a leader making rules that protect innovators, empower consumers and secure economic sovereignty There is a concerted effort by foreign lobbying organisations to pressure India to abandon its Digital Competition Bill. Lobbying is everywhere in the corridors of power, by think tanks both in India and abroad, industry association that house under the guise of startups but are actually working for foreign companies and even think tanks and policy advocates have been roped into to force the government to give up most of the clauses of the Digital Competition Act. It is essential to understand the importance of this bill, which is expected to level the playing field not only between Indian and foreign digital companies but also enable the Indian manufacturing sector to survive the onslaught of Chinese imports. Digital is taking over the retail sector at a breakneck pace; buyers are moving away from offline to digital, malls in metros are already witnessing a stagnation in rentals or vacancies. The online digital market is expected to touch $325 billion by 2030 according to Deloitte, growing 2.5 times the offline retail market. Real estate consultancy firm ANAROCK is even more bullish, it says that digital retail will touch $550 billion by 2035 in a report titled 'Future of Retail". It estimates the overall online market will jump to $325 billion in 2030 from $70 billion in 2022. However, it will be larger than the organised retail market, which is projected to reach just $230 billion in 2030, doubling from a base of $110 billion in 2022. Organised retail is defined by companies such as Trent and Reliance Trends, which rent malls and sell through them. Lobbyists try to downplay this growth of digital by comparing it not to the organised retail, but to the total retail market, where the unorganised sector is much larger. These lobbyists keep saying that digital is so small that it does not matter. Why are we trying to curb its growth? Online retail is driven by technology, creating jobs that fuel further innovation. Lobbyists representing Big Tech and industry bodies such as the Internet and Mobile Association of India (IAMAI) and the US-India Business Council (USIBC) have continuously raised objections to the bill and are especially concerned about its ex-ante regulatory approach. Their core argument is that India should avoid adopting an EU-style framework like the Digital Markets Act (DMA), and instead focus on strengthening its existing competition law through better enforcement. However, this opposition ignores India's interest as well as the fact that all these companies are following this very rule in the EU. It is as if they still want to treat India as a third world country where they can bully and beat their way into ignoring everything that is fair. Ex-ante regulation refers to a pre-emptive system of oversight. Rather than waiting for anti-competitive behaviour to occur and then reacting—as is the case with ex-post regulation—ex-ante rules seek to prevent abuses before they can harm consumers or distort markets. The draft Digital Competition Bill (DCB) proposes to classify certain large digital firms as 'Systemically Significant Digital Enterprises" (SSDEs), subjecting them to a set of obligations aimed at preventing monopolistic conduct. These include bans on self-preferencing, the misuse of non-public business data, and mandatory interoperability, along with requirements for transparency and user choice in defaults. Lobbyists write in the Economic Times of July 7, 2025 against the DCB, suggesting that India should avoid emulating Europe's 'stringent rules' and instead focus on building up the enforcement capacity of its existing framework under the Competition Act. They caution that hardwired bans could penalise scale, discourage innovation, and stifle growth. This is the traditional argument given by all Tech monopolists that scale will be affected, the question is whose scale it is the scale of these monopoly platforms that is affected. Who loses the whole economy of the country loses if these rules are not enacted. Jobs are lost, as consolidation of sellers leads to Chinese imports, which harms manufacturing. The loss of jobs in organised and unorganised retail has been well documented. In the long run this leads to the hollowing out of the Indian economy, like it has happened in the US. EU regulators are therefore insisting on controls. Lobbyists even get vague surveys done to show that DCB will harm MSMEs and legacy media publishes without checking the accuracy of the sample size and its impact. If ex-ante regulations are not applied these tech platforms have perfected the system of delaying any impact of regulations. They have been running circles around CCI by filing so many petitions in the court against every decision that no action can be taken against them. The action by CCI almost becomes irrelevant by the time it is implemented through the courts, which in India can take years. Moreover, the fine that is levied is so small and the profits that these platforms generate is so humongous that they are willing to pay the fine and continue doing what they were fined for. Another paper funded by Google and Amazon and written by the think tank Carnegie Endowment has a similar if more detailed take. The paper says that ex-ante regulation is not effective not only due to new rules but because it builds preventive capacity within regulators. This is particularly relevant in digital markets, where network effects and data lock-ins can lead to early entrenchment of power and create 'winner-takes-most" scenarios well before any formal abuse is registered. The central reason why Big Tech and their affiliated lobbyists are pushing back against the Digital Competition Bill lies in how it threatens the core of their business models. Ex-ante rules would curtail their ability to self-preference their services, integrate user data across platforms, and push default settings that steer users toward their own offerings. These practices have been instrumental in consolidating their dominance. While they argue that such regulation would stifle innovation and increase compliance costs, what they are effectively defending is their capacity to extract advantage from scale, integration, and opacity. Below is a snapshot of the main concerns raised by the lobbyists and their implications for competition and consumers in India: What's often left unsaid in the lobbyist submissions is that global giants are already adapting to the DMA in Europe. The opposition to India adopting a similar path has less to do with the principle of regulation and more with maintaining the asymmetry of power in markets like India, where regulatory institutions are weaker and startup ecosystems are still maturing. For Indian digital businesses, especially small and medium-sized enterprises, the current imbalance often manifests in opaque search rankings, exploitative commissions, and arbitrary changes to algorithmic visibility—all of which could be addressed through ex-ante mechanisms. Moreover, the claim that ex-ante rules will deter investment is not supported by global evidence. The DMA has not led to any large-scale disinvestment in Europe; instead, it has encouraged many emerging firms to explore European markets because they now face a more level playing field. For India, a calibrated ex-ante approach could do the same: enhance competition, promote innovation from the bottom up, and ensure that market dominance does not translate into market abuse. The Digital Competition Bill attempts to do exactly that. By identifying SSDEs based on both quantitative and qualitative thresholds, it aims to target those enterprises whose control over user data, platform infrastructure, and market access creates systemic dependencies. What the lobbyists are asking India to do is to delay such a move in favour of a slower, case-by-case model that has already proven inadequate in addressing fast-moving harms. Their appeals to protect innovation and investment are, in effect, appeals to maintain dominance and avoid disruption. India would do well to reject these pleas and proceed with a well-designed ex-ante framework—not as a copy of the EU model, but as a sovereign assertion of its right to define fair competition in its own digital economy. top videos View all India has the opportunity to shape the next decade of global digital regulation—not as a passive recipient of Western frameworks but as a proactive leader crafting rules that protect its innovators, empower its consumers, and secure its economic sovereignty. The Digital Competition Bill, with its ex-ante core, is a step in precisely that direction. K Yatish Rajawat is a public policy researcher and works at the Gurugram-based think tank Centre for Innovation in Public Policy (CIPP). Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18's views. Location : New Delhi, India, India First Published: July 08, 2025, 15:34 IST News opinion Opinion | Foreign Lobbyists Want India To Give Up Digital Competition Bill
IOL News
05-06-2025
- Entertainment
- IOL News
Discover exciting events in Cape Town: from comedy and decor exhibition to wine tasting
Loukmaan and Emo Adams will perform at The Jive Cape Town Funny Festival. Image: File The Jive Cape Town Funny Festival Escape the winter blues at this annual event, which is returning to the Mother City this weekend. Some of the nation's biggest acts are taking to the stage, including Dalin Oliver and Alan Committie, who will serve as the gathering's MCs. They will be joined by Sweden's Charlie Caper and Baccala Clown from Italy. South African talents who will take to the stage will be The Big Boys, Emo and Loukmaan Adams with Terry Fortune, Kagiso Mokgadi and Robby Collins. Where: The Pam Golding Theatre at the Baxter Theatre Company. When: Runs until Sunday, June 8, from 10am to 6pm. Decorex Cape Town This renowned gathering features several brands, themed exhibitions, new collaborations and insightful talks. This year's theme is "The Future of Living", which will explore how technology and design can revolutionise home life and improve the quality of life. Where: The Cape Town International Convention Centre. When: Runs until Sunday, June 8, from 10am to 6pm. The Trophy Wine Show This event invites wine-lovers to the single-night 2025 Public Tastings where they can indulge in around 150 wines of distinction, which include silver, gold and trophy winners. Some of the highlights will be the Best White and Best Red Wines of Show, the International Judges' trophy winner, Discovery of the Show (best value wine) and Best Premium Wine, with the medalists of the Most Successful Producer claiming the limelight. Where: The Cape Town International Convention Centre. When: Tuesday, June 10, from 5pm to 9pm.
Business Recorder
05-06-2025
- Business
- Business Recorder
SECP study outlines strategic roadmap reshaping Takaful sector
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has published a comprehensive study titled 'Future of Takaful in Pakistan – A Diagnostic Study,' which assesses the current landscape of the Takaful sector, and outlines a strategic roadmap reshaping the Takaful sector in Pakistan. The study provides a detailed analysis of the Takaful sector's performance, market share trends, and comparison with conventional insurance, while highlighting the evolution of the regulatory framework since the introduction of Takaful in Pakistan in 2005. It also benchmarks Pakistan's Takaful sector against international markets, including Malaysia, Saudi Arabia, Sudan, and Indonesia. Despite being part of the insurance sector for nearly two decades, Takaful currently constitutes only around 12% of the total insurance contributions in Pakistan. The study identifies key challenges impeding the sector's growth, such as limited public awareness, trust deficits in governance, inadequate product positioning, human resource constraints, regulatory gaps, and limited domestic Retakaful capacity. Recognizing the broader shift toward an Islamic financial the study proposes a series of targeted policy recommendations and action points to support this transition, including regulatory reforms, awareness initiatives, and stakeholder collaboration. The report can be accessed on the SECP's official website. The SECP encourages all stakeholders — including policymakers, regulators, insurers, and Shariah governance professionals—to review the study and actively participate in the collective effort to build a vibrant, takaful ecosystem in Pakistan. Copyright Business Recorder, 2025
Metro
02-06-2025
- Entertainment
- Metro
'SXSW London will be a love letter to the city - we ought to be here'
SXSW, a conference encompassing music, art, business and innovation, kicked off in London today for the first time in its 38-year history. Attendees will witness a historic 'love letter to London', SXSW CEO Max Alexander tells Metro, one of the conference's media partners, with more than 25 Shoreditch venues hosting daily talks, panels, performances and more. What began as a music industry conference in Austin, Texas, evolved into a broader cultural festival which has served as a platform for some of today's most successful artists and businesses. 'It makes no sense when you hear about it. But when you arrive, it suddenly makes sense because what you're being invited to do is to get out of your comfort zone. To challenge yourself by experiencing speakers or music, or cultural events that are not in your domain,' Max explains. 'This is at the heart of what Austin and London do as cities, which is to invite people to seek ideas. I have a profound love affair with London. 'I think it's the greatest city on earth. SXSW's ambition is to become part of the cultural fabric of London.' 'We want SXSW to be a love letter to London, while being incredibly respectful of what London already is: a profound nexus of culture, business, creativity, ideas, technology, finance, and philosophy,' Max adds. Ticketing app DICE has put together a list of their 25 grassroots artists you need to see in London over the next six months. With tickets ranging from free to £27.50, these shows will ensure a great night to suit all tastes and budgets. Click HERE to catch the full list. Choosing Shoreditch as the core of London's first SXSW conference was intentional. The London neighbourhood is like if the world itself were 'fractalised', Max says. 'Within Shoreditch alone, you have a mixed and diverse little city within itself. When planning this event, we looked at cities across Europe, but in the end, the siren song of London was impossible to resist. We ought to be here.' This year's conference is addressing six themes: Humanity, Machines & The Future of AI; Our Future Health; New Tech Frontiers; Tech, Government and The Future of Society, Navigating Business in a Changing World; Innovation Meets Imagination: The Future of Creativity. Hundreds of businesses and music artists will be platformed at this year's event – all intentionally chosen, so SXSW can be a place where attendees can come and see them to 'dream' about what they might be, Max said. 'We want to help amplify for London and for Britain and indeed for, for Europe and showcase technologies, business models, art forms, music creatives, and give people a really explicit platform for presentation and discovery and investigation,' he said. 'There is simply put, nothing else like it in Europe. We want to encourage people to see and value each other's disciplines. More Trending 'This is a space we invite people to come to and to be inspired in and to dream in. That's valuable in and of itself, and I hope will be incredibly valuable in the medium and long term to the city and to the United Kingdom.' But the thing Max hopes attendees will take from this year's conference is to learn something new, and make a new friend in East London. He said: 'Learning something new is just such a fabulous thing, because when we stop learning, we die.' SXSW begins today and will run until Friday, June 7. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: SXSW London: Everything you can expect from festival's inaugural week in the Capital MORE: Brothers deny murder of man who died from 'catastrophic' injuries 41 years ago MORE: 'Beautiful' woman in her 20s stabbed to death in middle of town centre
Yahoo
28-05-2025
- Business
- Yahoo
Macy's Inc. Reports Q1 Declines but Came Out Ahead of Guidance
Macy's Inc., continuing to aggressively close underperforming department stores, reported drops in profits and sales for the first quarter of 2025 but said the performance was better than expected. Net income dropped to $38 million, or 13 cents per diluted share, in the quarter ended May 3, from $62 million, or 22 cents per diluted share, in the year-ago quarter. More from WWD Assessing Modern Luxury With Bluemercury's Maly Bernstein FIT's 2025 'Future of Fashion' Showcase Embraces Trends of the Present Bloomingdale's Unveils Coniglio Palm Beach Collection and Carousel Operating income declined to $94 million last quarter, from $125 million in the year-ago period. Net sales slipped to $4.6 billion in the latest quarter, from $4.85 billion in the year-ago period. Based on the dynamic situation with tariffs, and what the company sees as some moderation in discretionary spending and a heightened competitive promotional landscape, Macy's reduced its earnings guidance for the year, but maintained its sales projection and stated it feels 'confident' it can adapt to the changes. 'We continued to execute against our Bold New Chapter strategy during the quarter, scaling key initiatives that improved our customer experience and contributed to stronger than expected performance across all three of our nameplates,' Tony Spring, Macy Inc.'s chairman and chief executive officer, said in a statement issued Wednesday morning. 'Our first-quarter results give us confidence that we have the right strategy and team in place to navigate the current environment while we continue to invest in our customer on the path to returning Macy's Inc. to sustainable profitable growth.' Officials also indicated that the results reported beat previously issued guidance on sales and earnings per share. Macy's Bold New Chapter strategy, introduced in February 2024, involves investing in 'go-forward' stores with increased staffing in high-traffic areas such as women's shoes and fitting room areas, fresher products and improved visuals. Macy's has designated 350 go-forward department stores. The strategy also calls for closing about 150 poor-performing department stores over a three-year period, while 'accelerating and differentiating luxury,' striving for organic growth and store expansion at both Bloomingdale's and Bluemercury, including opening Bloomie's units, which are scaled down, specialized versions of the full-line Bloomingdale's department stores. By division last quarter, Macy's net sales, including owned and licensed and through the store's marketplace format, were down 0.9 percent. For the Macy's 'go-forward' department stores, comparable sales were down 1.9 percent. Bloomingdale's comparable sales rose 3.8 percent on an owned, licensed and marketplace basis. Bluemercury's net sales rose 0.8 percent, and on a comparable basis were up 1.5 percent. Macy's now expects adjusted earnings before interest, taxes, depreciation and amortization, as a percent of total revenue, to range between 7.4 percent to 7.9 percent, down from its previous forecast of 8.4 percent to 8.6 percent. Adjusted diluted earnings per share are seen coming in at $1.60 to $2, down from the previous forecast of $2.05 to $2.25 per diluted earnings per share. However, the company's forecast for sales is unchanged at $21 billion to $21.4 billion for this year. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
