global slowdown: Two Sharp with ET: World Bank flags slowest growth since 2008; India to tighten grip on q-comm - The Economic Times Video
In today's edition of Two Sharp with ET, Nisha Poddar breaks down the two biggest updates in the world of business today. The World Bank has slashed its global growth forecast to 2.3% for 2025 — the slowest pace since 2008 — citing rising trade tensions driven by Trump-era tariffs and policy uncertainty. Meanwhile, in India, the government is stepping up scrutiny of the booming quick commerce sector. The FSSAI will lead surprise inspections of dark stores amid mounting food safety concerns and complaints about unhygienic conditions. Top players like Blinkit, Swiggy, and Zomato are under the scanner. With more users and orders, the government is tightening oversight on both food safety and misleading digital practices
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Time of India
41 minutes ago
- Time of India
Europeans seek 'digital sovereignty' as US tech firms embrace Trump
At a market stall in Berlin run by charity Topio, volunteers help people who want to purge their phones of the influence of US tech firms. Since Donald Trump 's inauguration, the queue for their services has grown. Interest in European-based digital services has jumped in recent months, data from digital market intelligence company Similarweb shows. More people are looking for e-mail, messaging and even search providers outside the United States. The first months of Trump's second presidency have shaken some Europeans' confidence in their long-time ally, after he signalled his country would step back from its role in Europe 's security and then launched a trade war. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Costco Shoppers Say This Wrinkle Cream Is "Actually Worth It" The Skincare Magazine Undo "It's about the concentration of power in US firms," said Topio's founder Michael Wirths, as his colleague installed on a customer's phone a version of the Android operating system without hooks into the Google ecosystem. Wirths said the type of people coming to the stall had changed: "Before, it was people who knew a lot about data privacy. Now it's people who are politically aware and feel exposed." Live Events Tesla chief Elon Musk, who also owns social media company X, was a leading adviser to the US president before the two fell out, while the bosses of Amazon, Meta and Google-owner Alphabet took prominent spots at Trump's inauguration in January. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Days before Trump took office, outgoing president Joe Biden had warned of an oligarchic "tech industrial complex" threatening democracy. Berlin-based search engine Ecosia says it has benefited from some customers' desire to avoid US counterparts like Microsoft's Bing or Google, which dominates web searches and is also the world's biggest email provider. "The worse it gets, the better it is for us," founder Christian Kroll said of Ecosia, whose sales pitch is that it spends its profits on environmental projects. Similarweb data shows the number of queries directed to Ecosia from the European Union has risen 27% year-on-year and the company says it has 1% of the German search engine market. But its 122 million visits from the 27 EU countries in February were dwarfed by 10.3 billion visits to Google, whose parent Alphabet made revenues of about $100 billion from Europe, the Middle East and Africa in 2024 - nearly a third of its $350 billion global turnover. Non-profit Ecosia earned 3.2 million euros ($3.65 million) in April, of which 770,000 euros was spent on planting 1.1 million trees. Google declined to comment for this story. Reuters could not determine whether major US tech companies have lost any market share to local rivals in Europe. Digital sovereignty The search for alternative providers accompanies a debate in Europe about "digital sovereignty" - the idea that reliance on companies from an increasingly isolationist United States is a threat to Europe's economy and security. "Ordinary people, the kind of people who would never have thought it was important they were using an American service are saying, 'hang on!'," said UK-based internet regulation expert Maria Farrell. "My hairdresser was asking me what she should switch to." Use in Europe of Swiss-based ProtonMail rose 11.7% year-on-year to March compared to a year ago, according to Similarweb, while use of Alphabet's Gmail, which has some 70% of the global email market, slipped 1.9%. ProtonMail, which offers both free and paid-for services, said it had seen an increase in users from Europe since Trump's re-election, though it declined to give a number. "My household is definitely disengaging," said British software engineer Ken Tindell, citing weak US data privacy protections as one factor. Trump's vice president JD Vance shocked European leaders in February by accusing them - at a conference usually known for displays of transatlantic unity - of censoring free speech and failing to control immigration. In May, Secretary of State Marco Rubio threatened visa bans for people who "censor" speech by Americans, including on social media, and suggested the policy could target foreign officials regulating US tech companies. US social media companies like Facebook and Instagram parent Meta have said the European Union's Digital Services Act amounts to censorship of their platforms. EU officials say the Act will make the online environment safer by compelling tech giants to tackle illegal content, including hate speech and child sexual abuse material. Greg Nojeim, director of the Security and Surveillance Project at the Center for Democracy & Technology, said Europeans' concerns about the US government accessing their data, whether stored on devices or in the cloud, were justified. Not only does US law permit the government to search devices of anyone entering the country, it can compel disclosure of data that Europeans outside the US store or transmit through US communications service providers, Nojeim said. Mission impossible? Germany's new government is itself making efforts to reduce exposure to US tech, committing in its coalition agreement to make more use of open-source data formats and locally-based cloud infrastructure. Regional governments have gone further - in conservative-run Schleswig-Holstein, on the Danish border, all IT used by the public administration must run on open-source software. Berlin has also paid for Ukraine to access a satellite-internet network operated by France's Eutelsat instead of Musk's Starlink. But with modern life driven by technology, "completely divorcing US tech in a very fundamental way is, I would say, possibly not possible," said Bill Budington of US digital rights nonprofit the Electronic Frontier Foundation. Everything from push notifications to the content delivery networks powering many websites and how internet traffic is routed relies largely on US companies and infrastructure, Budington noted. Both Ecosia and French-based search engine Qwant depend in part on search results provided by Google and Microsoft's Bing, while Ecosia runs on cloud platforms, some hosted by the very same tech giants it promises an escape from. Nevertheless, a group on messaging board Reddit called BuyFromEU has 211,000 members. "Just cancelled my Dropbox and will switch to Proton Drive," read one post. Mastodon, a decentralised social media service developed by German programmer Eugen Rochko, enjoyed a rush of new users two years ago when Musk bought Twitter, later renamed X. But it remains a niche service. Signal, a messaging app run by a US nonprofit foundation, has also seen a surge in installations from Europe. Similarweb's data showed a 7% month-on-month increase in Signal usage in March, while use of Meta's WhatsApp was static. Meta declined to comment for this story. Signal did not respond to an e-mailed request for comment. But this kind of conscious self-organising is unlikely on its own to make a dent in Silicon Valley's European dominance, digital rights activist Robin Berjon told Reuters. "The market is too captured," he said. "Regulation is needed as well."
Time of India
2 hours ago
- Time of India
Reducing acute dependence, countering China's near monopoly: India readies Rs 5,000 crore scheme for rare earth minerals
The incentives in India's proposed programme will be distributed through a reverse bidding mechanism. (AI image) India is readying a plan to reduce its acute dependence on China for rare earth minerals. The move comes at a time when China has imposed export curbs on rare earths and Indian industry has raised alarm bells on shortage of magnets and other components. India is looking at a Rs 3,500-Rs 5,000 crore scheme to promote the production of rare earth minerals and derived magnets domestically, with approval expected within two weeks, according to a senior government official. "The priority is to start domestic-critical mineral production in the shortest time period," the official told ET. China dominates global supply of rare earth magnets and has implemented export restrictions. These essential minerals, vital for manufacturing automobiles, electric vehicles (EVs) and renewable energy infrastructure, face supply constraints. The incentives in India's proposed programme will be distributed through a reverse bidding mechanism. This initiative follows an internal ministerial assessment that highlighted the necessity to diversify supply sources, given the substantial reliance on imports from China. Also Read | India bleeds Pakistan dry: Water at 'dead' levels in Pakistan's dams; bigger Indus river plans in the works - top points to know "Fresh steps are being taken to boost domestic availability of critical minerals," the official said, noting that a minimum of five major Indian companies have informally shown interest in manufacturing these materials during discussions with government authorities. India's Rare Earth Requirements The automotive sector has highlighted concerns about Chinese restrictions and requested governmental assistance. In April, Beijing introduced mandatory special export licences for seven rare earth elements and associated magnets. In India, manufacturers of EVs and wind turbines represent the primary consumers of rare earth elements, accounting for more than 50% of the projected domestic demand of 4010 metric tonnes in 2025. The overall requirement is anticipated to reach 8220 metric tonnes by 2030. Also Read | 'Dramatic decline…watch out…': China's exports to US dip sharply amid Trump trade war; why India needs to be on the guard Additionally, the government intends to modify the Mines and Minerals (Development and Regulation) Act to bolster the critical mineral initiative. Beyond regulatory adjustments, the Centre anticipates limited but commercially viable domestic production of rare earth permanent magnets to commence later this year. Financial support has been allocated to Midwest Advanced Materials Private Ltd, Hyderabad, by the ministry of science and technology. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
2 hours ago
- Economic Times
Watch video: Rishabh Pant's backflip celebration after Test ton at Headingley breaks the internet, beats Dhoni's record
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