MMT to raise $3 billion to trim Chinese stake
BENGALURU: MakeMyTrip is raising over $3 billion as part of its two-part capital raise, comprising a public equity offering and a private convertible note issuance, its latest Nasdaq filings showed.
The combined proceeds will be used for repurchasing a portion of its Class B shares from the Chinese travel agency Trip.com. MakeMyTrip first raised $180 million from Trip.com, then known as Ctrip, in 2016. In 2019, Trip.com increased its stake in MakeMyTrip to about 49% from 10% through a share-swap transaction, acquiring South African tech conglomerate Naspers' stake, which was MakeMyTrip's largest shareholder.
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India.com
21 minutes ago
- India.com
Infosys founder Narayana Murthy makes surprising statement on AI and jobs, he says...
Narayana Murthy (File) While many people around the world are worried about whether AI will take away jobs, N.R. Narayana Murthy is doing something different, he is using it to get more done. In a recent interview, Murthy said he uses ChatGPT, a tool by OpenAI, to help write his speeches. Thanks to this, he said that he has become five times more productive. 'Earlier, I used to take about 25-30 hours to prepare a lecture, because I take these things very seriously,' Murthy told Moneycontrol. 'There must be a theme, a sub-theme, they must be interrelated. At the end, there must be a strong message, all of that.' That changed when his son, Rohan Murty, asked him to try ChatGPT. 'In a matter of five hours, I could improve the draft. In other words, I improved my own productivity by as much as five times,' Murthy added. Murthy, who helped start Infosys and played a major role in building India's tech sector, is now a strong supporter of AI. And he wants others in the industry to also embrace this change. The IT industry veteran also believes that AI, if used as an assistive tool, will not only help software firms deliver faster and better results but also reduce errors and improve the quality of work. His advice to India's USD 280 billion IT industry is simple: 'Don't complain, move forward and grow.' He says AI isn't killing tech jobs but it is giving them a boost. The real benefit, according to Murthy, is that AI can help us: Ask better questions Write code faster Improve the quality of our work Back in the 1970s, Murthy used to create basic code templates manually, what he calls 'skeletons of code.' Today, AI can generate those same templates in just seconds. His comments come at a time when the IT industry in India is facing: Slow growth in revenue Careful hiring decisions The need to upgrade old ways of working Even top companies like Infosys and HCLTech have accepted that the industry is going through a big shift. Murthy compares today's fear of AI to the situation in 1970s Britain, when bank workers protested against the introduction of computers. But what happened later? That same industry now has 40 to 50 times more jobs. His message is clear: AI isn't a threat. It's a tool. Use it to grow.
The Wire
29 minutes ago
- The Wire
The Battle for TikTok Is at the Forefront of a Deeper Geopolitical Trend
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now World The Battle for TikTok Is at the Forefront of a Deeper Geopolitical Trend Shweta Singh 44 minutes ago US politicians worry that its owner, ByteDance, could be forced by the Chinese government to hand over American user data, or manipulate TikTok's algorithm to serve Beijing's political agenda. Representative image of a person holding phone with the TikTok app open on it. Photo: Solen Feyissa/Flickr (CC BY-SA 2.0). Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now After years of mounting scrutiny over TikTok's data practices, in 2024 the Chinese video platform was threatened with a forced sale in the US or a nationwide ban. With the deadline looming on June 19, US–China tech rivalry has entered a new and more aggressive phase. TikTok vowed to fight forced divestment, claiming it would 'trample' free speech. But what started as a controversy over data privacy now has global implications. This conflict is about more than just an app. It represents a shift in the balance of digital power — one that could redefine how nations view national security, economic sovereignty and the internet itself. In light of my research on AI bias, algorithmic fairness, and the societal impact of digital platforms and my experience advising government on AI regulation and digital ethics, I see TikTok as the flashpoint of a broader, more dangerous trend. Digital spaces are becoming battlefronts for geopolitical influence. TikTok has evolved from a social media app to – in the eyes of some policymakers – a digital weapon. Its massive global following has made it a cultural juggernaut. But this viral success has also made it a prime target in the escalating US-China tech war. US politicians worry that its owner, ByteDance, could be forced by the Chinese government to hand over American user data, or manipulate TikTok's algorithm to serve Beijing's political agenda. The concerns are serious, even if not proven. Platforms have been used to sway political sentiment before — as with Facebook in the Cambridge Analytica scandal. But TikTok is different. Its algorithm isn't like those of other social platforms that rely on a user's social graph (what you follow, who you know) to connect people, organisations and places. Instead, TikTok uses a real-time recommendation system based on micro-interactions: how long you watch a video, whether you pause or replay it and even your swipe patterns. The result is an ultra-addictive content stream. This gives TikTok an almost unprecedented power to shape opinions, whether intentionally or not. TikTok in the US: three possible scenarios There are three potential outcomes for TikTok. The first is a forced sale to a US-based entity, which could satisfy lawmakers but likely provoke severe retaliation from China. The second is a ban, which may be more symbolic than effective, but would send a strong message. The third, and perhaps most likely, is a long, drawn-out legal battle that results in a stalemate. Trump seems set to extend the June 19 deadline, after all. But there's a deeper issue here. The world is becoming increasingly divided along digital lines. The US and China are building rival digital ecosystems, each suspicious of the other's platforms. Like past restrictions on Huawei and Nvidia chip exports, this case signals how national security and economic policy are merging in the digital age. This threatens to splinter the internet, with countries choosing sides for their suppliers based on political and economic allegiances rather than technical merit. For China, TikTok is a symbol of national pride. It's one of the few Chinese apps to achieve global success and become a household name in western markets. Forcing ByteDance to sell TikTok, or banning it, could be seen as an affront to China's ambitions on the global digital stage. It's no longer just about a platform — it's about control over the future of technology. TikTok's defenders argue that banning the app would undermine free speech, stifle creativity and unfairly target a foreign-owned platform. These concerns are valid, but the broader landscape of digital platforms is far from straightforward. Other platforms have faced criticism over allegations of spreading misinformation, amplifying bias and contributing to social harm. However, the key distinction with TikTok lies in its algorithm and its ability to sway opinions on a global scale. TikTok's 'for you' feed tracks micro-interactions, serving up personalised content with an addictive intensity. As a result, users can find themselves pulled deeper into curated content streams without realising the extent to which their preferences are being shaped. While its competitors might be able to spread misinformation and stoke division in more traditional ways, TikTok could potentially do so through the finely tuned manipulation of the user's attention. This is a potent tool in the world of digital politics. It also raises critical questions about how the US approaches regulation. Is TikTok a genuine national security threat or simply a symbol of the growing strategic competition between two superpowers? Rather than relying on bans and trade wars, what is needed is robust, cross-border frameworks that prioritise transparency, data protection, algorithmic accountability and the mitigation of online harms. Concerns about harassment, disinformation, addictive design and algorithms that amplify toxic content are not unique to TikTok. US legislation such as the Kids Online Safety Act and the proposed Platform Accountability and Transparency Act signal growing concern. But these efforts remain piecemeal. The EU's Digital Services Act is a welcome model for accountability. But global coordination is now essential. Without it, there is the risk of further fragmentation of the internet (what has been called the 'splinternet' — where access is determined by geopolitics rather than universal principles). The digital world has long been dominated by a handful of powerful corporations. Now it is increasingly shaped by state rivalries. The battle over TikTok is a harbinger of deeper tensions around how data, influence and trust are distributed online. The real question now is not whether TikTok survives, but whether nations can craft a digital future that prioritises democratic values, cross-border collaboration and the public good. This isn't just about national security or free speech. It's a defining moment in the battle for the future of the internet. This article was originally published on The Conversation. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Make a contribution to Independent Journalism Related News Two Systems, Two Spheres: The Slow, Painful Divorce of the US and China Weakened Russia, Rising China and an Unsteady US: A Strategic Triangle That India Must Navigate China Agrees to Supply US With Rare Earths: Trump US-China Trade Talks to Move Forward After Trump-Xi Call Officials of ED Are Evolving by Expanding Their Powers Day by Day: Madras HC Post Op Sindoor, Experts Say India Should Look Beyond Traditional Suppliers For Defence Procurement 'Same Sex Marriage Not Legalised But Couples Can Very Well Form A Family': Madras HC Number of Companies Awaiting Licences From China For Importing Rare-Earth Magnets Double in Two Weeks LA Protests: Trump's Decision to Deploy Military Criticised, California Governor Terms Move 'Deranged' About Us Contact Us Support Us © Copyright. All Rights Reserved.
News18
34 minutes ago
- News18
India's Rare Earth Diplomacy: The Pull The Magnets Hold & The Contest With China
Last Updated: Rare earth magnets are used in electric vehicles, missiles, drones, and smartphones. IREL and BARC have been tasked with commercialising indigenous magnet-making technologies Amid the breaking news on Israel-Iran conflict, the instability in the Middle East and analysis of the tragic air crash in Ahmedabad, India is quietly working the diplomatic channels and other power corridors — not to procure weapons or warheads, but for rare earth magnets. Rare earth magnets are the invisible muscle behind electric vehicles, missiles, drones, and smartphones. India's rare earth diplomacy is no longer buried in the footnotes of strategic policy memos. It is now to the fore of the silent, but systematic high-stakes geopolitical battle. With Beijing controlling over 90% of the global supply chain for rare earth elements, especially neodymium and dysprosium magnets, the urgency is now palpable. For India, this isn't just about market dominance or self-reliance, but about national security and 'technological sovereignty", an expression that PM Modi used in his crucial meeting with the top bureaucrats last month. INTER-MINISTERIAL MEETINGS AND OUTREACH An inter-ministerial meeting, co-chaired by the union minister for steel and heavy industries, H.D. Kumaraswamy, and union minister for mines and coal, G Kishan Reddy, brought together heavyweights from the ministries of Heavy Industries, Steel, Mines, Commerce & Industry, and the Department of Atomic Energy. The officers, informed of the developments, said that this meeting is one of the series of developments happening over the rare earth-related deliberations and decisions. The agenda was to break the Chinese monopoly on rare earth magnets and fast-track India's indigenous capabilities. 'This inter-ministerial effort will pave the way for India's self-reliance in strategic materials crucial for EVs, electronics, defence and other sectors," Kumaraswamy said in a statement after the meeting. At the centre of India's response are two little-known but powerful institutions—Indian Rare Earths Limited (IREL) and BARC. The plan is to not just mine the elements, but to crack the far more complex challenge of processing and commercialising high-grade rare earth magnets domestically — a stage where most countries drop out, and China dominates. HOW DID CHINA FLEX ITS MUSCLES OVER MAGNETS? In April, China flexed its control over the global rare earth supply chain by further tightening export controls on select items. The move sent shockwaves through global manufacturing sectors and particularly rattled India's auto and electronics industries that are increasingly reliant on rare earth magnets for everything from EV motors to missile systems. However, New Delhi appears to be responding with calculation. The Ministry of External Affairs (MEA) has stepped into what is traditionally a trade and industry domain. It is now engaging Chinese counterparts in both Delhi and Beijing, pushing for more transparency, consistency, and predictability in rare earth exports. The MEA's approach is measured and precise. Meanwhile, the ministry also quietly swung into action, opening fresh diplomatic channels with countries in Europe, Australia and Central Asia—the regions rich in rare earth reserves and wary of Chinese overreach. These aren't headline-grabbing bilateral summits, but slow, deliberate and calculated moves through joint ventures, technology transfers, exploratory talks, and all with one aim of diversifying supply and building parallel trust chains. India's search for new friends is as much about geopolitical strategy and also about geochemistry. The push aligns with PM Modi's vision of Atmanirbhar (self-reliant) Bharat and Viksit Bharat 2047, said a senior IAS officer, who is part of the rare earth deliberation. India is not just trying to weather the storm. It is now trying to build its own ark. IREL and BARC, the country's rare earth processing and atomic research backbones, are now tasked with commercialising indigenous magnet-making technologies. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : 360 degree view Narendra Modi news18 specials rare earth elements Location : New Delhi, India, India First Published: June 18, 2025, 13:01 IST News india India's Rare Earth Diplomacy: The Pull The Magnets Hold & The Contest With China
