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Google creates new parent company

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(Last Updated On: October 25, 2022)

Move to place businesses under new firm Alphabet to allow reporting of results of diversified operations separately.

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Google, the US technology company, is reorganising under a new moniker – Alphabet – in a move underscoring its founders’ ambitions to pursue ventures far beyond the company’s internet search core, from self-driving cars to cutting-edge medical research.

It will still use the Google name for its popular internet search engine, mapping service and related products.

However, Larry Page, Google’s CEO and co-founder, said on Monday the creation of the new holding company will provide more independence for divisions like Nest, which makes internet-connected home appliances, and Calico, which is researching ways to prolong human life.

Analysts said the move may also be an attempt to satisfy Wall Street’s demands for more fiscal accountability: As part of the reorganisation, Page said the company will begin reporting financial results by segments.

Google reported more than $14bn in profit on $66bn in sales last year, most of it from lucrative internet advertising, while other ventures have required large investments without showing immediate returns.

The company’s stock has surged in recent weeks after a new chief financial officer announced other moves to rein in corporate spending.

Rise of Sundar Pichai

The reorganisation cements the rise of Sundar Pichai, a longtime Google executive, who will become CEO for the core Google business.

Page will be CEO of the new holding company, with his co-founder Sergey Brin serving as president.

Google’s executive chairman, Eric Schmidt, will have the same title at Alphabet.

“Sundar has been saying the things I would have said (and sometimes better!) for quite some time now,” Page wrote in a blog post announcing the changes.

Pichai, 43, who was named overall chief of Google products last autumn, is viewed by many as a potential successor to Page.

Pichai was part of the team that launched the Chrome browser in 2008 and also worked on various search products, including Google Toolbar, Desktop Search, Gadgets and Google Gears, according to the company.

Before joining Google, Pichai worked as an engineer at manufacturer Applied Materials, followed by a stint in management consulting at McKinsey & Company.

Originally from Tamil Nadu province in southeast India, Pichai received a B Tech from the Indian Institute of Technology (IIT) Kharagpur.

He also has a Master of Science from Stanford University and a Master of Business Administration from the Wharton School of the University of Pennsylvania.

More authority

With the reorganisation, Page indicated that he wants to give more authority to CEOs of the companies that will be part of the new entity known as Alphabet.

“Our company is operating well today, but we think we can make it cleaner and more accountable,” he wrote.

“We believe this allows us more management scale, so we can run things independently that aren’t very related.”

Businesses that will operate separately under the Alphabet umbrella include Calico, which Google established to conduct health research in 2013; Nest, which Google acquired in 2014; Fiber, which is building high-speed broadband networks in several cities; and the Google X, the research lab responsible for Google’s self-driving car venture and previously developed its controversial Internet headset, known as Glass.

Alphabet will also oversee Google Ventures and Google Capital, two corporate investment entities that focus on early- and growth-stage start-ups.

Google’s YouTube video division, however, will remain part of the core business under Pichai, although Page made a point of praising its chief, Susan Wojcicki, another longtime ad executive.

Written by: Aljazeera

Source: Agencies

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Tripartite trade meeting held in Kabul to boost regional connectivity

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(Last Updated On: April 26, 2024)

A tripartite meeting between the delegations of Afghanistan, Turkmenistan and Kazakhstan was held in Kabul with the aim of connecting North Asia to South Asia and reducing transit and transportation costs among these three countries, the Ministry of Trade and Commerce said in a statement.

In this meeting, an agreement was reached on the creation of a joint technical committee to continue the talks.

This tripartite meeting was held under the leadership of Nooruddin Azizi, the Acting Minister of Industry and Commerce, Vice President of Turkmenistan and Srik Zhumangarin, the Deputy Prime Minister of Kazakhstan.

Earlier, a bilateral meeting was held between the delegation of the Islamic Emirate and Turkmenistan. The ministry of commerce said the participants of the meeting discussed the construction of a large joint logistics center in Torghondi, the trilateral transit agreement between the IEA, Turkmenistan, and Kazakhstan, the expansion of Afghanistan’s railway, solving issues related to Afghan transit and export goods, and a number of other commercial issues.

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No destructive groups including Daesh present in Afghanistan: Yaqub Mujahid

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(Last Updated On: April 26, 2024)

Acting Minister of National Defense Mohammad Yaqub Mujahid has said that no destructive groups including Daesh have physical presence in Afghanistan, adding the Islamic Emirate of Afghanistan (IEA) will not allow anyone to pose threat to any country in the region from the Afghan soil.

Mujahid made the remarks in a meeting with a delegation from Malaysia in Kabul on Thursday.

According to a statement released by the Ministry of Defense, Mujahid highlighted Malaysia’s “good treatment” of Afghan refugees and its long-standing relations with Afghanistan, and said that Malaysia is a powerful Islamic country and visits should increase.

He added that with the establishment of the Islamic Emirate, occupation and war ended in Afghanistan, and the country is fully secure.

Based on the statement, the Malaysian delegation called Afghanistan a friendly country and while emphasizing on comprehensive cooperation, it assured that what they have seen in Afghanistan will be shared with the authorities of their country.

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EU allocates 17 million euros to support Afghans on the move

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(Last Updated On: April 26, 2024)

The European Union signed an agreement worth 17 million euros with the International Organization for Migration (IOM) to improve access to basic services, increased economic opportunities and protection for Afghans on the move and their host communities in Afghanistan.

The needs of women and girls are a particular focus of the programme, EU said in a statement released on Thursday.

The statement noted that from January 2023 until April 2024, over 1.5 million Afghans returned from Pakistan and Iran.

“I am deeply moved by the hardship returnees face when being deported to Afghanistan. In a country suffering from poverty and climate change, and in a city that just saw devastating earthquakes, this truly is a crisis within a crisis.”, said Peteris Ustubs, Director for the Middle East, Asia and Pacific of the European Commission’s Department for International Partnerships during the signing ceremony at the IOM transit centre in Herat.

Raffaella Iodice, EU Chargée d’Affaires a.i. to Afghanistan, added “The solidarity of the Afghan people towards their brothers and sisters is an inspiration. We must assure that communities hosting and helping new arrivals are supported. The partnership with IOM ensures access to essential services and provides protection for Afghan returnees and their host communities. As women and girls can be particularly affected, we make sure that all members of society can benefit”.

“IOM’s continued partnership with the EU has been critical in enabling our teams to reach hundreds of thousands of Afghan returnees and other vulnerable communities in the country”, said IOM Afghanistan Chief of Mission, Maria Moita. “Thanks to this renewed commitment, we will be able to focus on addressing the immense challenges in the areas of return and contribute to reintegration, social cohesion, and longer-term solutions for those communities.”

This additional contribution is part of a 5-year programme that is being implemented across Afghanistan and in four countries in the region. It builds on the EU’s previous support to IOM to improve the wellbeing of Afghans forced to return to the country, EU said.

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