Indian startups vow to fight Google’s clout

Short Url
Updated 05 October 2020
Follow

Indian startups vow to fight Google’s clout

  • Although Google, owned by Alphabet Inc., has worked closely with India’s booming startup sector

NEW DELHI: Dozens of India’s technology startups, chafing at Google’s local dominance of key apps, are banding together to consider ways to challenge the US tech giant, including by lodging complaints with the government and courts, executives told Reuters.

Although Google, owned by Alphabet Inc., has worked closely with India’s booming startup sector and is ramping up its investments, it has recently angered many tech companies with what they say are unfair practices.

Setting the stage for a potential showdown, entrepreneurs held two video conferences this week to strategize, three executives told Reuters. “It’s definitely going to be a bitter fight,” said Dinesh Agarwal, CEO of e-commerce firm IndiaMART. “Google will lose this battle. It’s just a matter of time.”

He said executives have discussed forming a new startup association aimed chiefly at lodging protests with the Indian government and courts against the Silicon Valley company.

The uproar began last month when Google removed popular payments app Paytm from its Play Store, citing policy violations. This led to a sharp rebuke from the Indian firm’s founder, Vijay Shekhar Sharma, whose app returned to the Google platform a few hours later, after Paytm made certain changes.

In a video call on Tuesday, Sharma called Google the “big daddy” that controls the “oxygen supply of (app) distribution” on Android phones, according to an attendee. He urged the roughly 50 executives on the call to join hands to “stop this tsunami.”

“If we together don’t do anything, then history will not be kind to us. We have to control our digital destiny,” Sharma said.

One idea raised was to launch a local rival to Google’s app store, but Sharma said this would not be immediately effective.


Aramco’s 13% rally helps Saudi stocks post second weekly gain

Updated 5 sec ago
Follow

Aramco’s 13% rally helps Saudi stocks post second weekly gain

RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.  

Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.

The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.

The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.

Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.

Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.

On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.

“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.

“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”

Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.

The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.

On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.