Microsoft joins India's ONDC WHAT HAS HAPPENED? US firm Microsoft has become the first big tech company to join the Open Network for Digital Commerce (ONDC), A government-backed project which is aimed at enabling small merchants and mom-and-pop stores in parts of the country to access processes and technologies that are typically deployed by large e commerce platforms such as Amazon and Flipkart. The software giant intends to introduce social e-commerce - group buying experience in the Indian market, Which would include a shopping app for Indian consumers along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers. WHAT IS OPEN NETWORK FOR DIGITAL COMMERECE ? It is an initiative aimed at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. ONDC is to be based on open-sourced methodology, using open specifications and open network protocols inde...
EU Illegally Seizing Russian Assets WHAT’S HAPPENING ? The European Union is looking at seizing Russian assets frozen under sanctions over Moscow’s war against Ukraine, To use them for the post-war reconstruction of the former Soviet republic wanting to integrate with Western democracies. While many in the EU say confiscation is politically and morally desirable, they also worry it is illegal and would open the bloc to lawsuits it could risk losing in its own courts. FREEZING OF THE ASSETS The 27-nation EU has sanctioned more than 1,200 individuals and 100 entities for destabilising Ukraine since Moscow annexed Crimea in 2014. Following Russia’s invasion of Ukraine on Feb. 24 this year, the EU blacklisted President Vladimir Putin, Foreign Minister Sergei Lavrov and oligarchs, among others. Those people are now barred from visiting the EU and their assets in the bloc are frozen – b...