The Centre said that deliberations on the 2018 draft regulations for epharmacy are still ongoing, following which the Delhi HC granted an additional time of six weeks The Ministry of Health and Family Welfare in 2018 issued draft amendments to the Drugs and Cosmetics Rules, 1945 to regulate online sales of drugs Earlier this year, the DCGI sent show cause notice to about 20 epharmacies, including Tata 1mg, PharmEasy, Netmed, for selling drugs in contravention of the rules The Delhi High Court has granted the Centre an extension of another six weeks to finalise and inform the court about its stance on draft epharmacy regulations. The bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula, while hearing petitions seeking ban on sale of online drugs and against the 2018 draft rules released by the Ministry of Health and Family Welfare (MoHFW), said that the pending cases should not come in the way of the Centre taking steps against those violating the HC’s December 2018 order, news agency PTI reported. The HC had in 2018 ordered a stay on online pharmacies selling drugs without valid licences. Appearing for the government, Advocate Kirtiman Singh informed the court that deliberations on the draft regulations are still ongoing.  Consequently, the court gave the Centre an additional time of another six weeks to inform it about the outcome of the consultations and deliberations and the final stand of the government. The MoHFW in 2018 issued draft amendments to the Drugs and Cosmetics Rules, 1945 to regulate online sales of drugs. The ministry sought comments and suggestions on the rules, but the regulations have not been finalised yet.  At the heart of the matter are two petitions. While the South Chemists and Distributors Association’s plea has challenged the ministry’s draft notification, another petition by pharmacist Zaheer Ahmed has sought contempt action against pharmacies for selling drugs online in violation of the court’s order. Ahmed’s petition also seeks contempt action against the government for failing to ban unregulated online epharmacies.  It must be noted that the Drugs Controller General of India (DCGI) recently conducted fresh consultations on draft regulations for epharmacies with industry stakeholders. The meeting was attended by the All India Organization of Chemists and Druggists (AIOCD), representatives from the Pharmacy Council of India, and online pharmacy platforms, including Tata 1mg, PharmEasy, Netmed, and Practo.  The development came after the Delhi HC asked the government to take necessary actions against epharmacies.  Earlier in February, the DCGI sent show cause notices to 20 epharmacies, including Tata 1mg, Amazon, and Flipkart, for selling and distributing drugs in contravention of provisions of the Drugs and Cosmetics Act, 1940.  However, defending themselves, officials of the epharmacies reportedly approached the DCGI seeking an audience with the health ministry to clarify their position.  Last year, the Centre also came out with the draft New Drugs, Medical Devices and Cosmetics Bill, 2022, which sought to bring epharmacies under its ambit. However, the health ministry is now working on a revised draft of the bill and has also sought inputs from other departments.

Qakbot is a dangerous malware that made its way into over 700,000 computers across the world. According to the FBI, a multinational effort has taken down the malware that was infecting a wide network of computers. To take down the network Qakbot was routed through FBI-controlled servers. In a blog post, the security agency explained how it instructed infected computers in the US and elsewhere to download software that uninstalled the Qakbot malware.The installer also separated infected computers from the botnet, “preventing further installation of malware through Qakbot.”The US Department of Justice (DOJ) also noted the action was only restricted to the malware installed by Qakbot hackers and “did not extend to remediating other malware already installed on the victim computers.”How this malware affected usersHackers target victims by sending them spam emails containing attachments or links laden with this malware. Whenever victims click the link or download the attachment, Qakbot infects their computer. The system then becomes part of a botnet, which is a network of infected computers that are controlled remotely by hackers. After this, cybercriminals can install any malware on their victims’ devices, such as ransomware. Operation Duck HuntApart from the US operation, Europol and other security agencies from countries like France, Germany, the Netherlands, the UK, Romania and Latvia were also involved in a cybersecurity mission called Operation Duck Hunt for the same malware. As part of the latest operation, the DOJ seized $8.6 million worth of extorted funds in crypto. The report said the botnet was responsible for hundreds of millions of dollars in damages and infected more than 200,000 computers in the US. Qakbot has been around since 2008 and has been used by multiple ransomware groups. This includes Conti, REvil, MegaCortex and more. In a statement, US Attorney Martin Estrada said: “An international partnership led by the Justice Department and the FBI has resulted in the dismantling of Qakbot, one of the most notorious botnets ever, responsible for massive losses to victims around the world. Qakbot was the botnet of choice for some of the most infamous ransomware gangs, but we have now taken it out.”The Have I Been Pwned website is showing the compromised credentials FBI found during the operation. This site allows users to enter their email to check if they were affected. The Dutch National Police has also added affected credentials discovered by them to its Check Your Hack site.

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The interest Aleph Alpha has received so far—the company claims 10,000 customers across both business and government—shows it is able to compete, or at least coexist, with the emerging giants of the field, says Jörg Bienert, who is CEO of the German AI Association, an industry group. “This demand definitely shows it really makes sense to develop and provide these types of models in Germany,” he says. “Especially when it comes to governmental institutions that clearly want to have a solution that is developed and hosted in Europe.” Last year, Aleph Alpha opened its first data center in Berlin so it could better cater to highly regulated industries, such as government or security clients, that want to ensure their sensitive data is hosted in Germany. The concern about sending private data overseas is just one reason it’s important to develop European AI, says Bienert. But another, he says, is that it’s important to make sure European languages are not excluded from AI developments. Aleph Alpha’s model can already communicate in German, French, Spanish, Italian and English, and its training data includes the vast repository of multilingual public documents published by the European Parliament. But it’s not only the languages the company’s AI speaks that emphasize its European origins. The emphasis on transparent decision-making is part of an effort to combat the problem of AI systems “hallucinating,” or confidently sharing information that is wrong. Andrulis jumps at the chance to demonstrate how Aleph Alpha’s AI explains its decisions. When he asks Aleph Alpha’s AI model to describe the protagonist in H. P. Lovecraft’s short story, The Terrible Old Man, the AI replies: “The terrible old man is described as exceedingly feeble, physically and mentally.” Andrulis shows me how he can click on each of the words in that sentence to trace what informed the AI’s decision to say what it said. If Andrulis clicks on the word “mentally,” the AI refers him to the bit of text in the short story that informed that decision. This feature also works with images, he says. When the AI describes an image of the sun setting over Heidelberg, he can click on the word “sunset” and the AI again shows its workings—drawing a square around the part of the image where the horizon fades into layers of reds and yellows. Even to AI experts, this feels new. “They have started experimenting with trustworthy AI features, such as explainability, that I haven’t seen before,” says Nicolas Moës, director of European AI governance at the Future Society think tank. Moës believes these kinds of features could become more widespread once the EU passes its AI Act, sweeping legislation that is expected to include transparency requirements. Trade bodies, including the German AI association, complain that overly broad and onerous rules could slow Europe’s efforts to create a homegrown AI giant, forcing startups to focus on complying with the new rules instead of on innovation. But Moës argues the opposite, saying stricter rules could help European AI companies build better products and create a kind of standard of quality, echoing the success of other tightly regulated European industries. “The reason why German cars are seen as better is because there is a whole testing process,” he says.

PharmEasy is restructuring the debt agreement with Goldman, negotiating for a lower interest rate on the total loan The epharmacy unicorn is conducting a rights issue worth INR 3,500 Cr at a valuation of $500 Mn – $600 Mn, a far cry from its peak valuation of $5.6 Bn PharmEasy is expected to pay a part of the loan from the proceeds of the right issue, with the total payout to Goldman Sachs being around $100 Mn – $150 Mn PharmEasy is set to pay $100 Mn – $150 Mn of the $300 Mn debt to Goldman Sachs from the proceeds of the expected rights issue next week.  The investment bank is also considering converting around $38 Mn – $40 Mn of the debt into equity at the $424 Mn (INR 3,500 Cr) rights issue. The rights issue will likely value PharmEasy at $500 Mn – $600 Mn, significantly below its peak valuation of $5.6 Bn. In light of binding commitments from existing investors for the upcoming rights issue, PharmEasy is renegotiating its debt terms with Goldman, aiming for a reduced interest rate on the outstanding loan amount, ET reported, citing sources. “The rights issue is slated to start September 4, and based on a commitment from existing investors, the cash position of the firm is looking better than six months ago. This has led to the (discussions about) restructuring debt terms and conversion to equity,” one person aware of the talks told the publication. It is also likely that the payout to Goldman Sachs could reach $200 Mn, given that Manipal Group chairman Ranjan Pai is also interested in investing in the startup. Pai is expected to invest up to $160 Mn (INR 1,300 Cr) in the epharmacy unicorn, contingent on the amount invested by existing shareholders such as Temasek, Prosus Ventures and CDPQ, who are likely to lead the rights issue. PharmEasy raised the debt to settle an existing debt it secured from Kotak Mahindra Bank for financing the Thyrocare acquisition in 2021. The loan was structured as a five-year agreement with an annual interest rate of 17-18%. Goldman Sachs had set a covenant in the loan agreement, which mandated the epharmacy unicorn to raise INR 1,000 Cr ($120 Mn) in funding within a year of raising the debt. The failure to do so triggered a breach of covenant in June this year. PharmEasy is likely to pay back the remaining debt by March 2025.

For the last few years, the iPhone has always emerged as one of the — if not the — most popular smartphones in the world. It looks like 2023 isn’t going to be any different. Or at least the first half of it as a report by Omdia suggests that the iPhone 14 Pro Max is the most popular smartphone in the world. Notably, the iPhone 14 Pro Max is also the most expensive iPhone one can buy. “The iPhone 14 Pro Max is the most shipped smartphone worldwide in the first half of this year, with Apple shipping a total of 26.5 million units,” noted Omdia’s Smartphone Model Market Tracker. The data is for the first half of 2023. Demand for premium phones on the rise The report also highlights that the global smartphone market is recording negative growth. As per Omdia, this is primarily because the “the mid- to low-end market shrinks due to economic recession and the expansion of the used smartphone market.”The premium smartphone market, on the other hand, is steadily increasing because replacement demand for Apple’s premium models remains solid. “In addition, as the preference for Apple increases as a premium smartphone, especially within emerging markets, the sales volume and proportion of high-end models such as Pro and Max continue to increase among Apple’s iPhone series,” notes the report. The forecast for next year is also not too good for the smartphone market. “The slump in the mid- to low-end market is expected to continue into the second half of this year, and the increasing portion of the premium market is expected to continue in the second half of this year with the launch of the new iPhone 15 series,” said Jusy Hong, senior research manager, Omdia. Hong said that Apple will see a similar trend for iPhones. “Apple’s shipments of Pro and Pro Max will increase due to solid demand for premium models, but overall iPhone shipments this year will be similar to last year or decrease slightly due to weak demand for standard and plus models.”

IIT Madras Pravartak Technologies Foundation is collaborating with GITAA, an IIT Madras-incubated company, to offer a cricket analytics course titled ‘Howzzat – Cricstats? Exploring the world of cricket analytics’ for aspiring sports data analysts and sports enthusiasts.The objectives are to help participants explore the field of sports data analytics through real world case studies, introduce industry experts who can share their views on how analytics has influenced sports and to enable students understand the fundamentals of data science from top academicians.The course is offered in online mode and has a duration of eight weeks. Sharing his thoughts on data analytics as a game changer, Professor Kamakoti, Director, IIT Madras, said, “Sports analytics is a valuable tool that helps sports organisations, coaches, players, and fans gain a deeper understanding of the game and optimize performance. As the sports industry continues to embrace data-driven decision-making, the demand for professionals with expertise in sports analytics is expected to rise. Pursuing a course in Sports Analytics can be a rewarding and promising pathway for those passionate about sports.”Founded by academicians from IIT Madras, GITAA imparts training in Data Sciences, Machine Learning and Artificial Intelligence. IITM Pravartak Technologies is a Section 8 Company housing the Technology Innovation Hub on Sensors, Networking, Actuators and Control Systems. It is funded by Department of Science and Technology, Government of India, under its National Mission on Interdisciplinary Cyber-Physical Systems and hosted by IIT Madras.Elaborating on the need for such courses, Hemalatha D Dayalan, an Indian cricketer, right-handed batter, and right-arm off-break bowler, said, “As a cricketer, analytics helps as you get to learn from your past performances and it helps to grow as a player in future. Analytics will help to know what your strengths and weaknesses are. Coaches and the players can know in which area the person has to grow. When I want to know more about my batting or bowling, I did like to watch the video replays of my performance and see the analytical observations. Sports analytics is very important for the beginners and the cricketers .For any kind of sport, it is very helpful.”This introductory course aims to offer a deep dive into the world of sports data analytics with an emphasis on cricket. The course is designed to provide the student a solid understanding of the fundamentals of data science along with practical examples from the field of cricket. IITM Pravartak Technologies will facilitate the course and GITAA will be the knowledge partner.Elaborating on this course, Professor Raghunathan Rengasamy, Dean (Global Engagement), IIT Madras, and a Co-Founder of GITAA, said, “Analytics plays an important role in every facet of cricket ranging from scouting to fan engagement to off-field player management. There is not an aspect of the game that data science has not touched.”The course is designed by leading academicians in the data science field from IIT Madras and aims to provide aspiring sports data analysts and students with the skills required to analyze large amounts of data related to various aspects of the sport to gain insights, make informed decisions, and improve team and player performance.Highlighting the unique aspects of this initiative, Dr. Babji Srinivasan, Associate Professor, Department of Applied Mechanics, IIT Madras, said, “Cricket analytics, I believe, is a crucial necessity to not only improve players performance but also raise the overall standard of the game and enhance the experience of every fan.”

SoftBank’s affiliate SVF Growth Singapore plans to sell 10 Cr shares of Zomato at a minimum price of INR 94 per share On August 28, Tiger Global sold its entire 1.44% stake in Zomato for INR 1,123 Cr Since starting operations from Mumbai in late 2018, SoftBank has realised $5.5 Bn in exits from its India portfolio, with $1.5 Bn coming from exits in the past 12 to 18 months Japanese tech investor SoftBank is set to offload a 1.17% stake in Indian foodtech giant Zomato for at least INR 940 Cr.  As per the deal terms, the investment firm’s affiliate SVF Growth Singapore plans to offload 10 Cr Zomato shares at a floor price of INR 94 per share, according to a CNBC report. This price represents a discount of nearly 0.7% compared to Zomato’s stock closing price on August 29. As per the report, Kotak Securities will be the sole book runner for the deal. This comes days after reports said that the tech investor was looking to offload more shares of the foodtech major via block deals. The development follows the expiration of the lock-in period for Blinkit investors, who received Zomato shares following the acquisition of the quick commerce player by the latter, on August 25. SoftBank, which was an investor in Blinkit, received a stake of 3.35% in Zomato post the acquisition last year.  Even at the floor price of INR 94, SoftBank will still be able to book hefty profits as the implied value of the Zomato shares that it received following the Blinkit deal stood at INR 70.76 per share. This is the second major Zomato investor selling a stake in the foodtech giant. Just yesterday, US-based hedge fund Tiger Global exited Zomato by selling 1.44% stake via open market transactions for INR 1,123 Cr. The Japanese tech investor has realised exits to the tune of $5.5 Bn from its India portfolio since starting operations from Mumbai in late 2018. Of this, $1.5 Bn has been made through exits in the past 12 to 18 months. The latest development comes amidst a wave of share sales by major global investment firms in new-age tech startups following a rise in their stock prices this year on change in investor sentiments. Prior to this, Chinese tech investor Tencent sold 2.1% of its stake in PB Fintech, the parent of Policybazaar and Paisabazaar, for INR 562 Cr ($68 Mn). Chinese internet major Ant Group also dumped 3.6% stake in fintech giant Paytm for INR 2,037 Cr through multiple block deals earlier this month.  Meanwhile, Zomato shares have been witnessing an uptick on the bourses on its improving financial numbers. The foodtech major reported a net profit of INR 2 Cr in the June quarter of 2023. On a year-to-date (YTD) basis, Zomato shares have zoomed 59.70%. Shares of Zomato ended 2.51% higher at INR 94.65 on the BSE on Tuesday (August 29).

The Bombay High Court recently granted interim relief to Zilingo founder Ankiti Bose in a defamation suit filed by her against Pinstorm founder Mahesh Murthy in relation to certain articles written by him in a magazine. The court has issued a permanent injunction against the defendants from publishing any such remarks in the future. The case revolved around defamatory remarks in an article published in March 2023 by the defendant Murthy. Bose, co-founder of the e-commerce startup Zilingo, had sought a declaration that the comments were defamatory and tortious, causing significant reputational damage. In its decision, the court refuted the defendant’s statement that the article did not refer to the plaintiff directly. Having closely examined the article, the court found that despite the absence of a direct reference to Ankiti Bose, the evidence linked the remarks clearly to her as she is the only female co-founder of the fashion portal named in the article. Consequently, the Court ruled in favour of Ankiti Bose, highlighting its commitment to protecting individuals against misleading comments, even if they are made using indirect language. “We are pleased that the honourable court has taken cognizance of our client’s grievances and granted her injunctive relief. Ms. Bose has undergone significant distress as a result of malicious and unfounded media hitjobs including the “opinion” in Outlook Business authored by Mr. Murthy. Ms Bose has always reposed faith in the wisdom and sanctity of Indian courts and we are pleased that the honourable court has granted our client’s requests. Our client will continue to seek recourse against other malicious misinformation and defamatory campaigns being run by media agencies,” said Pradeep Jain, Singhania & Co LLP.

The National Payments Corporation of India (NPCI) is in talks with Payments NZ for introduction of UPI in New Zealand Commerce Minister Piyush Goyal and his counterpart Damien O’Connor, during a meeting, said introduction of UPI would promote ease of doing business between the countries While countries like Bhutan, Nepal, and UAE have already adopted UPI, India is also in talks with many other countries for introduction of the payments system As part of its attempts to make the Unified Payments Interface (UPI) global, India is now in talks with New Zealand to introduce the homegrown payments system in the country to improve the ease of doing business, and trade and tourism between the two. The matter was discussed during a bilateral meeting between Commerce and Industry Minister Piyush Goyal and New Zealand’s Minister for Trade and Export Growth Damien O’Connor, as per a joint statement. “Ministers welcomed early discussions between National Payments Corporation of India (NPCI) and Payments NZ regarding the Unified Payments Interface (UPI) system and agreed that both sides should continue deliberations on this issue. They agreed that introduction of UPI in New Zealand would promote ease of doing business between both the countries and promote trade and tourism as well,” the statement said. It is important to note that India, as part of its trade relationship with New Zealand, imports logs and forestry products, wool and edible fruit and nuts, wood pulp, among others, from the country while exporting precious metals and gems, textiles, and motor vehicles, and more.  Besides, Indian students comprise the second-largest number of international students in New Zealand. Digital payments in India have grown by leaps and bounds since the launch of UPI. Over the last few years, the Centre has signed pacts with different nations for usage of UPI to improve cross border payments and facilitate trading and tourism. In 2022, NPCI’s international arm signed an MoU with France-based Lyra Network for the country to accept UPI and RuPay Cards. In July this year, Prime Minister Narendra Modi said that India and France agreed to use UPI.  Meanwhile, Bhutan, Nepal, UAE, and Canada have also adopted the UPI system in their countries.  NPCI’s international arm is also in talks to extend the UPI services to the US, other European countries, and West Asia. India’s UPI transactions almost reached the 1,000 Cr mark in the month of July, rising over 6.6% month-on-month (MoM) to 996 Cr. If compared with the last year, the number of transactions jumped 58% from 628 Cr in July 2022.