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Indian telecoms masts damaged amid farm protests

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India’s largest company said it was the victim of a campaign of vandalism against its businesses after more than 1,500 telecom towers were damaged amid protests by farmers against New Delhi’s agricultural reforms.

Mukesh Ambani and his telecom-to-retail conglomerate Reliance Industries have become the focus of anger from the thousands of protesters engaged in a months-long stand-off with Prime Minister Narendra Modi’s government over reforms which they say favour corporate interests.

Reliance on Monday said it would file a petition in the Punjab and Haryana High Court seeking official protection from what it called “an incessant, malicious and motivated vilification campaign against Reliance, which has absolutely no basis in truth”.

Activists said the new laws favour powerful corporations such as Reliance and the Adani Group, owned by billionaire Gautam Adani, over small farmers, claims both companies deny.

The three laws, passed in September, allow for greater private participation in agriculture including through contract farming between producers and companies. The protesters said Mr Modi was attempting to dismantle state-backed protections such as guaranteed prices, leaving them vulnerable to exploitation by companies. The government denies this.

Reliance, which owns India’s largest mobile operator Jio as well as its biggest retail and grocery network, said it had nothing to do with the laws and no intention of entering contract farming.

The company said “vested interests” and “business rivals” were behind the campaign that has damaged more than 1,500 towers, according to local authorities.

Critics have held up Mr Ambani and Mr Adani as examples of the growing power of large corporations under Mr Modi, who has sought to revamp India’s economy through business-friendly reforms and the privatisation of state companies. Protesting farmers have burnt Jio sim cards and effigies of the three men.

Adani, whose infrastructure-heavy conglomerate spans ports and power, runs grain silos for the state food-procurement company but said it does not own the grains nor set prices.

The company did not respond to a request for comment. It has previously called the claims against it “a clear attempt to not only tarnish the reputation of a responsible corporate but also misguide public opinion”.

Reliance has limited direct involvement in agriculture but its retail outlets are among the largest buyers of food products. It has pursued agritech initiatives through Jio, whose investors include global technology giants Facebook and Google.

Since launching in 2016, Jio has become India’s largest mobile operator attracting consumers through its rock-bottom prices and freebies.

Speaking in September, Harsimrat Kaur Badal, a former government minister who resigned over the reforms, pointed to Jio’s aggressive pursuit of mobile market share as an example of the risk to small farmers if corporations are allowed to play a bigger role in agriculture.

“They gave free phones . . . [users] got dependent on it,” Ms Badal told a television channel. “The competition was wiped out, [then] Jio jacked up their rates.”

Reliance argues that its businesses help Indian consumers by providing access to affordable and quality services, be they in mobile or retail.

The deadlock between protesters and Mr Modi’s government has grown into one of the biggest challenges facing the prime minister since he came to office in 2014 on a platform of reform.

While many economists believe such reforms are necessary to boost agricultural productivity, critics said the laws were rushed through parliament without adequate debate or efforts to build consensus.

The government has since met farm groups to negotiate a solution with little success so far.





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Ebay to sell South Korea unit for $3.1bn as local rivals target Coupang

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Ebay is set to sell its South Korea business to a local consortium for $3.1bn, according to people with knowledge of the matter, as rivals seek to turn up the heat on SoftBank-backed Coupang in the world’s fourth-largest ecommerce market.

The consortium, which consists of South Korea’s biggest bricks-and-mortar retailer E-Mart and internet group Naver, plans to buy an 80 per cent stake in eBay Korea for Won3.5tn ($3.1bn) with the US company retaining the remainder, said the people.

The purchase could help the consortium to overtake fast-growing Coupang, which raised $4.6bn in an initial public offering in New York in March to become the biggest player in South Korea’s highly competitive ecommerce market. Japanese technology group SoftBank is a large investor in Coupang.

Ebay Korea was the country’s third-largest ecommerce company with a 13 per cent market share last year, according to research group Euromonitor. Its three platforms — Gmarket, Auction and G9 — recorded Won20tn in transactions last year, data from Meritz Securities showed.

Euromonitor has forecast that South Korea’s ecommerce market will grow by 11 per cent this year to $116bn. But it is a fragmented market of more than a dozen players, with Coupang and Naver controlling 19 per cent and 14 per cent shares in terms of transaction volume, respectively.

South Korea is one of the world’s largest and fastest-growing ecommerce markets, driven by its tech-savvy population, high-speed internet infrastructure and densely populated environment. Ecommerce accounted for 35.8 per cent of the retail market last year, compared with 28.6 per cent in 2019, Euromonitor data showed.

E-Mart plans to fund the deal with Won3tn of asset-backed loans with the remainder paid by its cash holdings, while Naver will contribute Won100bn, according to an industry official close to the situation.

“Despite the funding structure, E-Mart needs Naver to make up for its weak online networks,” said the official.

Conglomerate Lotte Group and E-Mart were the final bidders for eBay Korea. Both have struggled to catch up with Coupang, which is investing heavily in logistics to boost its delivery times. Coupang almost doubled its revenues last year to $12bn as more consumers shifted to online shopping during the Covid-19 pandemic.

“Both Lotte and E-Mart were eager to take over eBay’s operations but E-Mart offered about Won500bn more,” added the industry official.

Naver is one of Korea’s most popular internet portals and more than 40 per cent of eBay Korea’s customers access it via the former’s search engine.

Shinsegae, E-Mart’s parent company, and Naver partnered in March by swapping stakes in each other worth Won250bn.

Ebay Korea declined to comment. E-Mart said in a regulatory filing that it was in talks with eBay but a sale had not been finalised. Naver said in a separate filing that the deal had not been concluded.



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ByteDance revenues more than doubled in 2020 to $34.3bn

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ByteDance increased its revenues 111 per cent last year to $34bn and had 1.9bn monthly users across its apps at the end of the year, said its incoming chief executive Liang Rubo on Thursday, according to people familiar with the matter.

The owner of the short-video apps TikTok and Douyin recorded a surge in users as coronavirus lockdowns across the world left people searching for more entertainment online. Douyin, the Chinese sister app to TikTok, was ByteDance’s largest driver of revenue and has become a destination for shoppers looking to buy products from livestreaming presenters.

Facebook, the world’s biggest social media group, reported 2.85bn monthly users as of March 31.

ByteDance recorded an annual gross profit of $19bn but a net loss of $45bn for the year because of non-cash items including share-based compensation and fair-value changes of its shares, and heavy investment in new businesses, the people said. The company had 110,000 employees at the end of they year.

The financials were first reported by the Wall Street Journal and Chinese media.

Its chief rival in China, Kuaishou, reported a net loss of $15.4bn on $8.5bn in revenue last year — four times less than ByteDance — and 481m monthly users during the period. Kuaishou is trading in Hong Kong at a market capitalisation of HK$801bn ($103bn), while ByteDance has yet to reveal its plans for an initial public offering.

ByteDance raised about $5bn in December at a $180bn valuation, according to people familiar with the matter. The Beijing-based company is the world’s most valuable start-up, according to CB Insights. 

Liang made his first all-hands staff meeting speech on Thursday after he began the transition to chief executive last month, following founder Zhang Yiming’s announcement that he would step down at the end of the year. Zhang said he wanted to focus on innovation and “longer-term initiatives”.

Liang, a ByteDance co-founder who staff regard as Zhang’s loyal right-hand man, was previously head of human resources. Even after a six-month handover period, staff said they expected him to not make big changes and to continue taking direction from Zhang.

As Beijing increases its scrutiny of tech giants, several high-profile founders and chiefs have stepped back this year. Colin Huang stepped down as chair of ecommerce platform Pinduoduo in March, days after Eric Jing resigned as chief of Ant Group.

Liang told employees he was disclosing the financial figures as part of a drive for greater transparency at the company.



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Coronavirus latest: Royal Caribbean delays inaugural sailing of ship due to Covid cases

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Monique Roffey in London with a poster of her novel ‘The Mermaid of Black Conch’
Monique Roffey in London with a poster of her novel ‘The Mermaid of Black Conch’, which is published in paperback this month by Vintage © Monique Roffey

In April 2020, as coronavirus spread around the world, Monique Roffey published her seventh book.

She went with UK-based Peepal Tree Press, a small Caribbean-focused independent company, to publish The Mermaid of Black Conch after the majors rejected her fantastical tale of a mermaid from another era.

“Indie published me in the eye of the storm,” Roffey says. “I did everything I could to get it noticed.”

The Trinidadian-born author crowdfunded £4,500 for a publicist for her novel but as the healthcare crisis took hold she feared her mermaid tale would slide by unnoticed.

She was struggling to pay the rent while the Covid-19 crisis cancelled book tours and festivals.

“Covid was potentially disastrous for my book,” she says. “It was in danger of falling into the Covid chasm.”

But then the lyrical tale of loneliness, love and otherness caught the attention of the literary world and judges applauded it. In January, the novel won the prestigious £30,000 Costa book award, with judges calling it “extraordinary”, “captivating” and “full of mythic energy and unforgettable characters”.

And, bingo, suddenly everyone wanted to read about the mermaid Aycayia, says Roffey, who (full disclosure) attended the same school in the outskirts of Port-of-Spain as I did. 

The story has sold about 60,000 copies in print and online and this month it is published in paperback format by Vintage. For two consecutive weeks this year the novel topped The Times bestseller list. Film rights could well be next.

“Against all the odds, I have done well during Covid,” Roffey says from her home in London. “In 20 years of writing, with many ups and downs, I have seen nothing quite like this.”

Her novel of fantasy and folklore tapped into a desire for reading and imagination during the dark days of coronavirus-induced lockdowns. Roffey joined many authors pivoting online with book launches and literary festivals, which meant she gained global readers.

“In 2020, the nation turned to books for comfort, escapism and relaxation,” says the Publishers Association, the UK’s trade organisation that serves book and journal publishers. “Reading triumphed, with adults and children alike reading more during lockdown than before.”

Income from fiction rose 16 per cent last year to £688m, while the total for consumer publications rose 7 per cent in the UK to £2.1bn, the UK trade body says. 

“Basically a book, which was roundly ignored, rejected, published in the first Covid wave and that nobody registered,” was relaunched, Roffey says.

From nobody wanting the book, suddenly billboards of its cover are cropping up around town, she adds.

This is the sixth article in a series for the blog that explores the effects of the pandemic on people and businesses around the world



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