NEWSLETTER! Zomato’s Push for More Advertising Spending Rankles Restaurant Owners & Much More
Zomato is putting a lot of pressure on restaurants to invest more money into their business, through ad spend and covering the cost of cancellations, in return for increased orders. This could potentially be a great deal for both parties if managed correctly. It is being reported that Zomato is speaking to restaurants and persuading them to allocate more funds towards marketing on the platform. Additionally, this will bolster their presence on the food delivery service. Restaurant owners have reported that Zomato has been encouraging them to invest at least 5% of their revenue generated from their listings on the platform into advertisements, in order to increase their visibility. Zomato recommends that restaurants increase their ad spending on the platform to be more visible at the top of the search page on the app. At present, it is optional for restaurants to pay for ads, and it is not immediately clear how much Zomato earns through ads on the platform.
March has started out well for Asian markets thanks to a surge in activity at Chinese factories that has increased stock prices. Manufacturing activity is expanding at its fastest rate since 2012, signalling a robust economic recovery from last year’s slowdown. China’s non-manufacturing sectors, like services and construction, also did better than expected, according to the data. After a rough month in which central banks raised interest rates to fight inflation, this news has given the markets a much-needed boost. Investors are keeping a close eye on a high-level meeting in Beijing, where leaders will decide on their annual economic growth goal and show how they plan to reach it.
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The Indian Ministry of Electronics and Information Technology (MeitY) is getting ready to put in place the right know-your-customer (KYC) rules for online gaming platforms. Online gaming intermediaries must verify users during account registration, according to a recent MeitY amendment to the Information Technology Rules, 2021. The decision was made as the nation’s online gaming market expanded quickly and gave birth to unicorns like Dream11, MPL, and Games24X7. To meet the thorough KYC requirement, gaming platforms must offer tools like a video-based customer identification process. For deposits of up to $10,000, many gaming sites have asked for a one-time password and a self-declaration of name and ID number on any “required document.”
Singapore is closer to accepting its first conditional suggestion related to importing low-carbon electricity. This is part of their mission to bring in 4GW of electricity with low-carbon content by 2035. The Energy Market Authority has obtained over 20 requests for proposals as part of this move. Over the past couple of weeks, different companies have presented their final propositions for large-scale electricity imports from various nations. The proposals are currently being assessed.
The conditional approval will be granted to projects that meet Singapore’s requirements and receive support from the source countries. The government has started to roll out small-scale tests and experiments as a precursor to widespread imports. Among them are the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, and an agreement between YTL PowerSeraya & TNB Genco.
The conversation about sustainable fashion has become controversial and charged, with some accusing it of being elitist. Advocates for sustainable fashion argue that consumers should buy less, invest in quality pieces, and care for their clothes to reduce waste and overconsumption. However, this advice has been criticized for being impractical and out-of-touch, and for shaming those who cannot afford more expensive, sustainable options. Furthermore, the idea that luxury fashion is more sustainable than fast fashion is a myth, as luxury brands are often opaque about their supply chains and may engage in exploitation and pollution just like fast fashion brands. In fact, the biggest names in luxury fashion produce huge volumes of resource-intensive clothing and leather goods, contributing to the desire for constant newness and generating large carbon footprints.