Week 12 – check out what happened in the technology world

Friday weekly News Wrap up

This week was important for Crypto investors and enthusiasts as the Finance Bill 2022 was to be approved. The crypto tax legislation has become law. Mr. Narendra Modi applauded the Government e-marketplace for achieving an order value of Rs 1 Lakh Crore in a single year! The EU has reached a provisional agreement on the Digital Markets Act which aims to make the digital sector fairer and more competitive. Instagram has added two New Ways to Control Instagram Feed – Favorites and Following, two new ways to choose what you see in your feed.

Lok Sabha passes Finance Bill 2022; Crypto Tax Legislation becomes law

The Lok Sabha on Friday approved the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal. Indians will begin paying a capital gains tax of 30% on crypto transactions in just one week.

The Finance Bill 2022 passed in Lok Sabha with new crypto tax rules.

▫️ 30% Flat tax on every profit.

▫️ 1% TDS on every trade/transaction (July Onwards)

▫️ No Deductions.

▫️ No Loss setoff.

This development has upset the crypto community.

PM Modi applauds Government e-Marketplace Achieving Order Of ₹ 1 Lakh Crore

The Prime Minister of India Mr. Narendra Modi, said that GeM (Government e-marketplace) has achieved order value of Rs 1 Lakh Crore in a single year! This is a significant increase from previous years. The GeM platform is especially empowering MSMEs, with 57% of order value coming from MSME sector.

Government e-Marketplace (GeM) is a one-stop portal to facilitate online procurement of common use Goods & Services required by various Government Departments / Organizations / PSUs. GeM aims to enhance transparency, efficiency and speed in public procurement. It provides the tools of e-bidding, reverse e-auction and demand aggregation to facilitate the government users achieve the best value for their money.

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Credit: LinkedIn Page PMO India

New law to curb Big Tech dominance

As per a Press Release, the Council and the Parliament reached a provisional political agreement on the Digital Markets Act (DMA), which aims to make the digital sector fairer and more competitive. Final technical work will make it possible to finalize the text in the coming days.

The European Union has had to impose record fines over the past 10 years for certain harmful business practices by very large digital players. The DMA will directly ban these practices and create a fairer and more competitive economic space for new players and European businesses. These rules are key to stimulating and unlocking digital markets, enhancing consumer choice, enabling better value sharing in the digital economy and boosting innovation. The European Union is the first to take such decisive action in this regard and I hope that others will join us soon.

Experts believe that this is a  landmark law to curb the market dominance of US big tech giants by negotiators of the European Parliament and EU member states.  The Digital Markets Act is designed to protect consumers. It also gives rivals a better chance to survive against powerful tech firms.

The DMA defines clear rules for large online platforms. It aims to ensure that no large online platform that acts as a ‘gatekeeper’for a large number of users abuses its position to the detriment of companies wishing to access such users.

As per the Council and the European Parliament, a gatekeeper is a company either has had an annual turnover of at least €7.5 billion within the European Union (EU) in the past three years or have a market valuation of at least €75 billion and secondly it must have at least 45 million monthly end-users and at least 10 000 business users established in the EU.

SMEs are exempt from being identified as gatekeepers, apart from in exceptional cases

Congnizant unveils new logo

Cognizant launched its new logo and tagline, Intuition engineered™, introducing the latest evolution in the company’s brand identity.

Brian Humphries, CEO Of Cognizant, wrote in LinkedIn:

We are proud to reintroduce the Cognizant brand today to reflect the company we’ve become: a modern digital company, a global technology services leader with a unique perspective on how digital can help businesses become more agile, automated, and innovative.
    
The Cognizant brand now displays a new visual identity and new logo that includes the tagline, intuition engineered. 

This is our promise to engineer our clients’ businesses so they can anticipate their customers’ needs and act to meet them with the speed and insight of human intuition. 

With our new visual identity, we are not signaling a shift in Cognizant’s direction or strategy. 

Instead, we are shifting our brand expression to better mirror the value we already bring to clients—our ability to help them with their most strategic initiatives, which include becoming modern businesses. 

Huge thanks to our talented and resourceful associates, who now number more than 330,000, for their commitment and engagement to evolve Cognizant to a global leader in technology services that can deliver on the promise of intuition engineered.   

I’m proud to be leading this great company of dedicated professionals who are united by our purpose to engineer modern businesses to improve everyday life. We have never been more optimistic about Cognizant’s prospects.

Instagram launches ‘Following’ and ‘Favorites’ features

Instagram has added two New Ways to Control Instagram Feed – Favorites and Following, two new ways to choose what you see in your feed. A user can add up to 50 accounts to the favourite list, and posts from those accounts will also show up higher in the home feed. One can make changes to this list at any time — people are not notified when they are added or removed. 

To use Favorites and Following, tap on Instagram in the top left corner of your home page to choose what you see.

The features are added this week. In a blog in the Meta Newsroom, the company specifies:

More Choice and Control Over What You See in Your Feed
We’re always working on new ways to improve your Instagram experience. We’ll continue to build features like Favorites and Following to give you more choice and control over what you see, and help make the time you spend on the app feel more intentional.
Sevashree Mohapatra
A strategic Corporate Communication leader and technology enthusiast, I have more than 20 years of experience in content, corporate communication, and Strategy. Having worked in major media houses and MNCs like Hindustan Times, Ogilvy, ArcelorMittal, and Suez, I have helped brands to create value for their customers.