Latest news with #Internet-based
Hans India
a day ago
- Business
- Hans India
ED summons Google, Meta in betting apps case
New Delhi: The Enforcement Directorate has summoned representatives of tech giants Meta and Google as part of a money laundering investigation against a number of illegal online betting platforms, official sources said on Saturday. The executives have been asked to depose before the agency on July 21 here and get their statements recorded under the Prevention of Money Laundering Act (PMLA), they said. There was no immediate response from the two companies. The federal agency is probing multiple platforms hosting illegal betting and gambling links, including instances of advertisements placed for them on various Internet-based social media outlets and app stores. The tech giants are understood to have been called by the ED to understand how such illegal platforms are able to place advertisements on their social media and communication links. Some actors, celebrities and sports persons are also under the scanner of the agency in these cases, and they are also expected to be summoned by the ED soon. The ED has said illegal online betting and gambling platforms were cheating innocent people of their hard-earned money and also laundering and evading taxes worth crores of rupees.
News18
2 days ago
- Business
- News18
ED summons Meta, Google officials in illegal betting case
Agency: PTI Last Updated: New Delhi, Jul 19 (PTI) The Enforcement Directorate has summoned representatives of tech giants Meta and Google as part of a money laundering investigation against a number of illegal online betting platforms, official sources said Saturday. The executives have been asked to depose before the agency on July 21 here and get their statements recorded under the Prevention of Money Laundering Act (PMLA), they said. There was no immediate response from the two companies. The federal agency is probing multiple platforms hosting illegal betting and gambling links, including instances of advertisements placed for them on various Internet-based social media outlets and app stores. The tech giants are understood to have been called by the ED to understand how such illegal platforms are able to place advertisements on their social media and communication links. Some actors, celebrities and sports persons are also under the scanner of the agency in these cases, and they are also expected to be summoned by the ED soon. The ED has said illegal online betting and gambling platforms were cheating innocent people of their hard-earned money and also laundering and evading taxes worth crores of rupees. PTI NES/PRS RHL Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
2 days ago
- Business
- New Indian Express
Illegal betting apps case: ED summons Google, Meta officials to depose before it on Monday
NEW DELHI: The Enforcement Directorate has summoned representatives of tech giants Meta and Google as part of its investigation into illegal betting apps case under provisions of the Prevention of Money Laundering Act (PMLA) and asked them to depose before it here for recording their statement on Monday, official sources said on Saturday. The two companies are yet to give their response on the development either through a public statement or to the agency. The ED has been probing multiple online platforms hosting illegal betting and gambling links, including instances of advertisements placed for them on various Internet-based social media outlets and app stores. According to the agency sources, the representatives of the tech giants have asked to depose before it to make the investigators understand how such illegal platforms 'are able to place advertisements on their social media and communication links'. Notably, even a few celebrities from the field of sports and cinema are also under the ED's scanner in these cases, as some of them are already questioned and a few others are also expected to be summoned by the agency soon, the sources said. Earlier, the ED in official statements had alleged that illegal online betting and gambling platforms were cheating innocent people of their hard-earned money and also laundering and evading taxes worth crores of rupees.
Yahoo
01-07-2025
- Business
- Yahoo
4 Internet Delivery Services Stocks to Watch in a Thriving Industry
The Zacks Internet - Delivery Services industry participants, such as GoDaddy GDDY, Vipshop Holdings VIPS, QuinStreet QNST and Asure Software ASUR, are well-positioned for growth due to their sustained efforts in adapting to changing consumer preferences. A greater Internet presence in emerging markets, a burgeoning affluent middle class and the accelerated uptake of smartphones are set to aid Internet-Delivery Services industry participants. Online delivery is yet to expand beyond major metros, underlining lower penetration and significant room for growth. However, persistent macroeconomic uncertainties, protracted inflationary conditions and still-high interest rates remain major challenges. Elevated operating expenses related to hiring new employees and sales and marketing strategies to capture more market share are likely to strain margins in the near term. As expansion into newer markets will take some time to generate volumes, higher upfront costs might erode profitability. Industry Description The Zacks Internet - Delivery Services industry primarily comprises companies that offer services via Internet-based platforms. These include food delivery, online travel booking, direct marketing, media services and web hosting, among others. Some companies in this space offer Internet domain registration and web hosting registration, and sell e-business-related software and services. A few industry participants provide air and train ticket bookings, customized holiday packages, hotel bookings, bus tickets and car hire services. Some players offer online direct marketing and media services, including online messaging, email broadcasting, search engine marketing and brand management facilities. Growth-stage companies in the industry are spending more on R&D and sales & marketing, making it difficult for them to generate profits in the near term. Trends Shaping the Future of the Internet - Delivery Services Industry Smartphones and Internet Penetration Fuel Growth: The relentless rise in smartphone usage and better Internet access are reshaping the delivery services landscape. Whether it's ordering dinner, booking a trip, or managing HR software from a mobile app, the digital shift is unlocking massive opportunities. Companies in the Zacks Internet – Delivery Services industry are riding this wave, with 4G adoption already widespread and 5G now emerging as a game-changer, bringing faster connections and more seamless user experiences. The broader and deeper this connectivity runs, the more scalable and efficient these businesses can become. Shifting Consumer Preferences: The shift in consumer preferences, driven by convenience and easy accessibility, is anticipated to aid the industry. The accelerated transition from offline to online food ordering, as well as the rising penetration of online travel booking, augurs well for industry players. However, as higher consumer spending appetite is the main driver of the overall industry's health, any sluggishness in the global economy will pose a risk. Tech Innovations Give the Industry an Edge: Advances in technology, including smart routing algorithms, real-time GPS tracking and predictive delivery models, are making the customer experience faster, more reliable and more transparent. These advances are driving down delivery times, reducing inefficiencies and giving early adopters a real edge in a highly competitive market. Tariff War Risks: Although these companies don't directly import goods, the fallout from a tariff war can still hit them hard. When tariffs drive up prices, small businesses pull back, new startups pause their launches and enterprise clients grow cautious. That ripple effect is evident from weaker advertising spending, fewer domain registrations or slower demand for digital tools. So, while the pain may be indirect, it's real, and it could weigh on revenue growth and margins if trade tensions keep escalating. Higher Upfront Costs to Hurt Profitability: Online delivery is yet to expand beyond major metropolitan areas, underscoring lower penetration and significant room for growth. However, higher upfront costs associated with expansion strategies may erode profitability. Intensifying competition from big tech giants is another challenge for industry participants. Amazon continues to build out its delivery muscle, and Alphabet is expanding into food delivery with projects like Wing and its suite of apps. These tech giants bring deep pockets, vast infrastructure and enormous user bases, raising the bar for everyone else in the industry. For smaller players, the pressure to scale quickly while defending their turf is becoming a high-stakes balancing act. Zacks Industry Rank Indicates Bright Prospects The Internet - Delivery Services industry is housed within the broader Computer and Technology sector. It carries a Zacks Industry Rank #55, which places it among the top 22% of about 250 Zacks industries. The group's Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, implies solid near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. The industry's positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock-market performance and valuation picture. Industry Outperforms S&P 500 and Sector The Zacks Internet-Delivery industry has outperformed the S&P 500 composite and the broader Zacks Computer and Technology sector over the past year. The industry has risen 23.2% during this period, while the S&P 500 and the broader sector have gained 11.7% and 11%, respectively. Industry's Current Valuation On the basis of forward 12-month price-to-sales (P/S), a commonly used multiple for valuing Internet-Delivery stocks, the industry is currently trading at 1.81X compared with the S&P 500's 5.23X and the sector's 6.62X. Over the past five years, the industry has traded as high as 2.03X and as low as 0.66X and recorded a median of 1.07X, as the charts below show. 4 Stocks to Watch Vipshop Holdings: It is an online discount retailer for brands. The company offers branded products to consumers in China through flash sales on its website. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Vipshop Holdings' continued efforts to strengthen product offerings and improve product procurement are aiding its financial performance, given the growing proliferation of online shopping. Further, the solid execution of its merchandising strategy is bolstering its active customer base. Additionally, Vipshop Holdings' quarterly results are likely to keep benefiting from its deepening focus on high-margin-generating apparel-related businesses, especially the discount apparel business. Furthermore, the company's deep discount channels are expected to bolster its online gross merchandise volumes in the quarters ahead. The Zacks Consensus Estimate for current-year earnings has been revised upward by 4 cents to $2.49 per share over the past 60 days. QuinStreet: It is a provider of online direct marketing and media services. QuinStreet offers online messaging, email broadcasting, search engine marketing and brand management services. QuinStreet is benefiting from the accelerated shift from an offline to an online business model across industries. Ad spending is likely to continue increasing, driven by improving business activities. The company is well-positioned to bank on this opportunity and acquire new customers and high-value deals. QuinStreet carries a Zacks Rank #2 at present. The Zacks Consensus Estimate for fiscal 2026 earnings has been revised downward by 5 cents to $1.05 per share in the past 30 days. GoDaddy: It is an Internet domain registrar and web hosting company that also sells e-business-related software and services. The company is engaged in designing and developing cloud-based technology products for small businesses, web design professionals and individuals. GoDaddy is benefiting from strong momentum across the Applications & Commerce business and expanding its global footprint. Growth in bookings, primarily driven by strong customer additions and price increases in various domains, has been a key catalyst. GDDY's focus on pricing, bundling and cost optimization, along with innovation in commerce and seamless user experiences, ensures continued momentum. It is also expanding its commerce offerings, seeing significant growth in gross payment volume. GDDY stock carries a Zacks Rank #3 (Hold) at present. The Zacks Consensus Estimate for 2025 earnings has been revised downward by 6.8% to $5.92 per share over the past 60 days. Asure Software: This is a cloud computing firm that offers business clients the chance to modernize their human capital management (HCM), time and attendance solutions, and payroll and taxes. Asure Software's strategic initiative to become a pure software-as-a-service HCM company is aiding its top-line growth. This Zacks Rank #3 company's focus on driving innovation for its HCM solutions is helping it expand its footprint in the HCM market. New client additions and a continued focus on cross-selling to existing clients are driving Asure Software's revenues. The company's differentiated employee strategy, measurement capabilities and comprehensive product offerings are helping it win new customers. The Zacks Consensus Estimate for Asure Software's 2025 earnings has remained unchanged at 90 cents per share in the past 60 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GoDaddy Inc. (GDDY) : Free Stock Analysis Report QuinStreet, Inc. (QNST) : Free Stock Analysis Report Asure Software Inc (ASUR) : Free Stock Analysis Report Vipshop Holdings Limited (VIPS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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
The Hindu
25-06-2025
- The Hindu
ED raids in Gujarat, Maharashtra in ₹100-cr cyber ‘fraud' case
The Enforcement Directorate (ED) on Wednesday (June 25, 2025) conducted searches in Gujarat and Maharashtra as part of a money laundering probe against fraudsters, who allegedly committed cyber crimes like digital arrests and illegally transferred funds of more than ₹100 crore abroad, official sources said. The raids were conducted in Surat and Ahmedabad in Gujarat and in Mumbai by the Ahmedabad zonal office of the federal probe agency under the provisions of the Prevention of Money Laundering Act (PMLA). The money laundering case stems from a 2024 Gujarat Police FIR against Makbul Doctor, Kaashif Doctor, Bassam Doctor, Mahesh Mafatlal Desai, Maaz Abdul Raheem Nada and some others, the sources said. The accused are alleged to have been involved in cheating the general public through various cyber frauds such as fake USDT trading (crypto currency), digital arrests, threatening innocent individuals by sending fake notices of law enforcement agencies etc., they said. Cyber frauds like 'digital arrests' and fake summons or notices sent in the name of police or investigative agencies have led to duping of a number of persons over the last few years as the victims are forced to stay on video calls over Internet-based social media platforms with the scammers extorting money from them by threatening action by law enforcement agencies. The ED, according to the sources, suspects that funds obtained from the victims through this cyber fraud were collected in bank accounts which were opened by either using KYC of dummy persons or forging identity documents. Such illicit funds were converted into crypto currency through various 'Angadiya' or hawala operators and they are suspected to have remitted more than ₹100 crore funds abroad in the recent past, the sources said.
