India's semiconductor dream, Tesla's new CFO, Samsung's India play are some of the stories that piqued the interest of our readers this week
1) Bank more to gain moreAxis Bank's credit cards were considered the prima donna of the ecosystem because of their generous rewards programmes. But the bank recently made sweeping changes to its credit cards—including Magnus, Magnus Burgundy, and Axis Bank-Flipkart cards. Irked customers are making their voices heard on social media. However, Axis Bank is not the only one making such moves. Earlier this year in May, SBI Cards and Payment Services discontinued cashback on services like jewellery, utilities, school and educational services, and insurance. With the acquisition of Citi’s consumer banking business, Axis Bank’s cards portfolio has ballooned to 1.2 crore, and the new changes have sent a clear message: Engage more to gain more. Read more2) India's semiconductor dreamThe Covid-19 pandemic jolted the norms for many industries, and semiconductors were no exception. While automakers reduced their semiconductor chip orders due to slowing sales, the surge in demand for digital devices to aid the work-from-home or entertain-thyself-indoors mantra led to a severe shortage—experts say that it will only end by early 2024. This was also when governments worldwide realised that chips are just as essential as oil reserves. The crunch has led companies and the Indian government to ramp up domestic manufacturing and preserve the supply of chips. Global industry players are contributing to India's semiconductor dream too, and to reduce reliance on Taiwan (the biggest chip producer, which might be invaded by China, throwing another spanner in the wheels of the global economy). But what will it take to make an end-to-end chip in India? Let's find out. 3) Back to the basicsJongbum Park, popularly known as JB, arrived in India in 2018 as part of the reshuffle of the Indian team of South Korean electronics giant Samsung. It could not have been a tougher runway to land on. Samsung was no longer the leader—every quarter, the gap with a much-aggressive Chinese rival was widening at an alarming pace, and by the end of the first quarter of 2019, Chinese brands had a 66 percent market share. It was fast losing ground in the mass segment and was squeezed into the premium segment by OnePlus and Apple. JB went back to the Korean basics: Always prepare for tomorrow. If you don't harvest excessively in summer and preserve in winter, you will starve to death. JB waged a multi-level war to win back the Indian market. Here's a chronicle of the strategy as JB and Samsung gear up to take on Vivo and Apple, which are aggressively expanding their presence in India. Read more