CCI vs Google, Reliance has financial ambitions and generosity

Hi people !

If you’re reading this before 1:30pm IST on Sunday, you’re probably gearing up for the T2o (cricket) clash between India and Pakistan. Hopefully it’s a cracker of a contest and the rain doesn’t spoil the party in Melbourne. Crossed fingers!

Quick Stats: The total prize money is $5.6 million for the T20 World Cup. The winners will receive a check for $1.6 million. And the finalists will win $800,000.

There is cricket. There is Diwali. There are sweets and family. We know! So let’s get started.

Here’s a soundtrack to get you in the mood 🎵

To breathe by Cryosis

We are addicted to this title thanks to our reader Nikita Sanghvi!

A lot of things caught our attention this week 👀

  1. Parle’s first acquisition?

The nearly 100-year-old maker of the ubiquitous Parle G – the world’s best-selling biscuit – has apparently never acquired another company. All of those Parle cookie brands you see on your supermarket shelves are homegrown in the truest sense of the word.

But things could change. According The economic periodParle could be in early talks to take over Poland’s second-largest biscuit maker called Dr Gerard.

Why now?

Well, as one investment banker quoted in the ET article put it, “Cookie makers are all trying to improve their offering through premiumization. Parle is still primarily a mass brand and an acquisition will help access a ready-made portfolio.

Of course, Parle G could be the money spinner. But it already has premium cookies like Milano too. So – why now and why Dr. Gerard?

2. Google faces the ire of the Competition Commission of India

The CCI has a specific role: to protect the consumer from the predatory practices of companies. Today, it seems that Google India is in the crosshairs. He came down hard on the company’s anti-competitive practices.

Now, it’s going to take some time to read the entire 293-page investigative order. But let’s just look at an excerpt from the report. About Google Chrome.

You see, Android has a 95% market share. It’s a real monopoly and mobile manufacturers are dependent on the OS (operating system). So when Google decides that its Chrome browser comes pre-installed on Android devices to gain maximum distribution, it’s an unfair advantage. Chrome has a 67% market share on mobile phones. And no one else can really compete. You can’t even uninstall Chrome.

Also, Google does not release certain features for other web browsers. For example, on Gmail, users can search and read a message even if they don’t have an active internet connection. But this only works if you are using Chrome. If you try this on Firefox, Edge, or Opera, you’ll be disappointed.

Finally, when developers build mobile websites, they mainly test if it works well on Chrome. They don’t care much about how it looks on Microsoft Edge or Mozilla Firefox. This creates an inferior experience for the user.

So yes, the result of all this? A fine of ₹1,337.6 crore on the tech giant!

3. Addiction goes all out for finance

Reliance wants to create a financial services arms, call it Jio Financial Services Ltd. (JFSL) and list it on the stock exchange.

His projects? All money!

They want to give you loans, sell you insurance, become a broker so you can buy and sell stocks, and maybe even start mutual funds. Sounds like all the stuff younger brother Anil Ambani had his fingers into, right?

And apparently they already have the licenses for the key companies. Everything seems to have happened under the radar.

At Mukesh Ambani’s words“JFS will be a truly transformational, customer-centric and digitally driven financial services company, delivering simple, affordable, innovative and intuitive financial services products to all Indians”

Is another industry about to be disrupted?

Infographics 📊

Money Tips 💰

Do you feel generous?

When we talk about money, we usually mean things like “saving” more and “investing” more. We rarely say “give” more. So we thought we’d change that today and talk about donating some of our money to charity.

Now you don’t really need to have hundreds of thousands of rupees in your bank account to set up your personal philanthropy plan.

All you have to do is decide what percentage of your monthly income you want to spend on this cause. It could be as low as 1% or even 10%. It’s entirely up to you and it’s not really a competition. All we do is establish a habit of generosity.

Next, identify a charity you would like to donate to. And one of the easiest ways to do that is to find something very close to your heart. Something you are passionate about. It could be animal welfare. It could be child rearing. It might help the elderly. There are many organizations that do phenomenal work and you just have to dig a little to find the one you connect with.

Yes, some of these charitable donations even qualify for a tax deduction. But don’t let that be your motivation of course.

Or maybe you don’t want to donate to charity. And you just want to help the people around you who deserve a little help. It’s great too.

That Swiggy or Zomato delivery guy who delivered your piping hot pizza in the rain? They could do it with a big smile and a big tip from you.

Your housekeeper who has her child’s school fees to pay next week? Offer to help her and see her face light up.

After all, if you’re lucky enough to get to a place where money isn’t a nagging concern, it’ll be pretty satisfying to use your good fortune to help others, right?

And who knows, maybe one day those people you helped will pass the kindness on to someone else.

Isn’t that the kind of world we all want to live in?

The other side

A few weeks ago we did a story on Truecaller. It summarizes and simplifies the elements of a report by Viceroy Research, a UK-based short seller. Since then, we’ve had the opportunity to speak to people at Truecaller who continue to deny most of the claims made in the report. And to offer a more balanced take on the matter, we’ll list a few things that Truecaller highlighted in their rebuttal.

The first bit is the simplest. Viceroy is a short seller. They make money when the stock price takes a hit. And what better way to do that than to release a report that could negatively impact a company’s prospects, huh? Moreover, since Viceroy has been condemned in the past for posting false information about a South African retail banking company, you can’t exactly expect them to be unbiased. So this makes little sense.

Truecaller also states that they are GDPR compliant from the day of application. They therefore believe that it is unlikely to affect them negatively in the years to come. They also claim that they are not under investigation for tax evasion in India. However, the company’s 2021 prospectus states that “Truecaller’s Indian subsidiary is subject to tax proceedings in India relating to 2017-2018 with total potential exposures of up to SEK 11.4 million”.

We do not know if these tax procedures are still ongoing.

Finally, the main argument of Truecaller is that they are always about consent. This is something they repeatedly highlight in the corporate statement they released earlier this month and you can read the full draft. here.

So yes, Truecaller continues to deny most of the allegations and we would like to know what you think of the whole matter.

Readers recommend 🗒️

Cultural card by Erin Meyers

As an article in HBR says, “Success today depends on navigating the wild variations of how people in different societies think, lead, and get things done. By circumventing common stereotypes and learning to decode the behavior of other cultures at all scales, we can avoid offending (and taking!) and better capitalize on the strengths of increased diversity.

If you manage people from different cultures and backgrounds, this book is a must read.

Thank you for this great recommendation, Rohit Jejani!


Anyway, that’s it for us today. We wish you and your loved ones a very Happy Diwali and hope this festive season brings much warmth and joy to your life! 🪔

Oh, there’s just one more thing before you leave…

You know those cool parents who give you gifts you really love during Diwali? That special gift among unlimited Soan Papdi boxes?

This Diwali, give us a chance to be that cool parent and thank you for your endless love and support in bringing us to nearly 600,000 followers…

We are giving away exciting Diwali gift baskets to 3 lucky winners!

Each basket contains an Amazon Echo with Alexa built-in, a special collection of Diwali sweets, and of course, a gift basket isn’t complete without our exclusive Finshots mug.

To enter the contest for a chance to win, go to this link now to participate. All you have to do is follow 4 easy steps!

Do it now!

Happy Diwali once again!

Sunny Side Up gives you an appointment next Sunday.