Have responsibility for getting things right in tech: Sundar Pichai
San Francisco, May 9: Amid a global call to regulate digital platforms and safeguard users' data privacy, Google's Indian-born CEO Sundar Pichai has reiterated that the tech companies have a "deep responsibility to get things right".
Kicking off the annual "Google I/O" developer conference at its Mountain View campus in California on Tuesday, Pichai said we're at an important inflection point in computing, and it's exciting to be driving technology forward.
"But it's clear that we cannot just be wide-eyed about what we create. There are very real and important questions being raised about the impact of technology and the role it will play in our lives," Pichai told the gathering of over 7,000 developers.
"We know the path ahead needs to be navigated carefully and deliberately -- and we feel a deep sense of responsibility to get this right," Pichai added.
Pichai's call came after Microsoft CEO Satya Nadella on Monday stressed that the company is determined to ensure users' data and is building secure solutions towards preserving data privacy.
"We have the responsibility to ensure that the new-age technology is empowering everyone, creating equitable growth for all while creating employment on the global scale," Nadella said at the annual Microsoft "Build 2018" developers' conference.
Echoing Nadella, the Google CEO said that "the need for useful and accessible information is as urgent today as it was when Google was founded nearly two decades ago".
"What's changed is our ability to organise information and solve complex, real-world problems thanks to advances in Artificial Intelligence (AI)," he added.
Betting big on AI, Pichai said there's a huge opportunity for this technology to transform many fields.
"Already we're seeing some encouraging applications in healthcare. We've also found that our AI models are able to predict medical events, such as hospital readmissions and length of stays, by analyzing the pieces of information embedded in de-identified health records," he said.
"Another area where AI can solve important problems is accessibility," he added.
During an earnings call in April, Pichai said that Google was ready for the European Union's General Data Protection Regulation (GDPR) to harmonise data privacy laws that would come into effect on May 25.
After four years of debate, the GDPR was finally approved by the EU Parliament on April 14, 2016. Organisations that fail to comply with the new regulation may face hefty fines.
In a blog, Google said it was informing advertisers and publisher partners about changes to its ad policies.
"Google already requires publishers and advertisers using our advertising services to get consent from end users to use our services, as required under existing EU law. However, the GDPR will further refine these requirements," the post added.
"To comply, we will be updating our EU consent policy when the GDPR takes effect and the revised policy will require that publishers take extra steps in obtaining consent from their users," it added.
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Rupee falls 1 paisa to fresh all-time low of 84.32 against US dollar
Mumbai, Nov 7: The rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment.
Forex traders said investors were also cautious ahead of the US Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.
However, a correction in the dollar index against major currencies helped the rupee and restrained the slide, they added.
At the interbank foreign exchange, the rupee opened at 84.26 against the US dollar. During the session, the local currency touched a high of 84.26 and a low of 84.38. It finally settled at 84.32, a loss of just 1 paisa against its previous close.
On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.
The rupee touched fresh record lows again on the back of weak domestic equities and sustained FII outflows. However, the softening of the US Dollar index from Wednesday's highs cushioned the downside, forex traders said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent lower at 104.86.
Brent crude, the global oil benchmark, fell 0.32 per cent to USD 74.68 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on overall strength in the US Dollar on the back of Donald Trump’s victory in the US Presidential elections and FII outflows. However, softening of commodity prices amid easing geopolitical risk premium may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Any intervention by the RBI may also support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US and FOMC meeting decisions. The Bank of England's monetary policy decision is also due.
"With Asian currencies down, US Dollar up, and yields up, the RBI does not have any option but to allow the rupee to fall to ensure that REER remains competitive for our exports.
"If the FOMC is a bit hawkish in its tone or does not cut rates today or says it will not cut in December, then we could see another fall in rupee to the extent of 84.50," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
BoE and FOMC are expected to cut interest rates by 25 bps. USD/INR spot price is expected to trade in a range of 84.15 to 84.60, Choudhary said.
In the domestic equity market, the 30-share BSE Sensex fell 836.34 points, or 1.04 per cent, to close at 79,541.79 points, while Nifty declined 284.70 points, or 1.16 per cent, to settle at 24,199.35 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data.
"Importers need to be covered for any imports to be paid in November and for December should buy any dip near 84. Exporters are likely to book on every uptick of 25 paise after watching the markets," Bhansali said.
