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Samsung CEO To Quit Citing ‘Unprecedented Crisis’

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SAMSUNG CEO TO QUIT CITING UNPRECEDENTED CRISIS,Startup Stories,Latest Business News 2017,Samsung Electronics CEO resigns over unprecedented crisis,Samsung CEO Kwon Oh-hyun to resign citing unprecedented crisis,Samsung CEO to step down citing unprecedented crisis,Samsung Electronics CEO Kwon Oh-hyun Announces Sudden Resignation

Samsung Electronics CEO, Chairman and Head of Components business, Kwon Oh-Hyun announced his resignation from the company’s management. Kwon’s resignation is the latest management upheaval in the company, following the imprisonment of the de facto chief Jay Y. Lee.

In a letter to the employees, Kwon said he had been thinking about his departure “for quite some time” and could “no longer put it off.” Kwon also serves on the board of Samsung Electronics but will step down from all his roles by March 2018. “I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry,” he added in the letter.

 Kwon also added the company was “confronted with unprecedented crisis inside out,” referring to the imprisonment of Jay Y. Lee on corruption charges. Kwon’s resignation shows the bribery charges on Jay Lee could have had a major impact on the company’s operations and culture. The South Korean tech giant was also supposed to report their operating profits for the quarter ending in September. The leadership troubles, however, have not affected the company’s earnings. The projected operating rate of the company nearly tripled in three months, compared to a year ago. The company expects to have made around $ 54.7 billion in revenue and $ 12.8 billion in operating profits. This latest quarter reports mark the highest ever quarterly figure representing a 28% increase in year on year revenue and a 170% jump in operating profits. 

Kwon joined Samsung in 1985 as a researcher and took on the position of the CEO in 2012. He was made the chief executive officer of Samsung Display in 2016. According to a spokesperson for Samsung, a successor will be appointed for the company very soon. Speaking about Samsung, Kwon said he was proud of being a part of one of the most valuable companies in the world.“But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life,” he added.

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PayU Gets Final RBI Nod to Operate as Payment Aggregator Ahead of 2025 IPO

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PayU India, owned by Prosus, has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, a year after getting in-principle approval in April 2024. This authorization allows PayU to onboard new merchants and offer digital payment solutions, joining other major players like Razorpay, CCAvenue, and BillDesk.

The RBI’s nod comes as PayU prepares for its planned IPO in the second half of 2025, following a delay from its original 2024 timeline due to market conditions. The company, which serves over 450,000 merchants, reported $319 million in revenue from its core payments and credit business in the first half of FY25.

PayU stated that the approval will help it build a resilient, compliant, and innovation-driven institution, supporting merchants of all sizes and advancing the Digital India vision. The company has also strengthened its risk management and expanded its presence in real-time payments through a strategic stake in Mindgate Solutions.

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Google’s Iconic ‘G’ Logo Gets First Update in 10 Years

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Google has refreshed its iconic ‘G’ logo for the first time in nearly 10 years, replacing the familiar solid blocks of red, yellow, green, and blue with a smooth, vibrant gradient that blends these colors seamlessly. This subtle update gives the logo a softer, more fluid, and modern appearance, aligning with Google’s evolving digital identity and current design trends.

The new gradient transitions smoothly from red to yellow, yellow to green, and green to blue, making the logo more visually appealing and adaptable across various devices, especially on mobile platforms. This redesign also reflects Google’s growing emphasis on artificial intelligence, echoing the gradient style used in the branding of Google Gemini, the company’s AI-generative assistant.

The updated ‘G’ logo has started rolling out on iOS through the Google Search app and on some Android devices, particularly Pixel phones running the Google app beta version 16.18. However, most other platforms, including the web and non-Pixel Android devices, still display the classic solid-color logo. A wider rollout is expected in the coming weeks.

So far, Google’s main wordmark and other product logos like Chrome, Maps, and Gmail remain unchanged. Given the shift toward gradient designs and AI-inspired visuals, similar updates to other Google icons may follow in the future.

In summary, this first major update to the ‘G’ logo since 2015 signals a subtle but meaningful shift in Google’s branding strategy, blending tradition with innovation as the company deepens its focus on AI and modern design aesthetics.

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Ixigo Halts Bookings for Flights and Hotels to Turkey, China

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Indian online travel platform ixigo has suspended all flight and hotel bookings to Turkey, China, and Azerbaijan in response to these countries expressing support for Pakistan after India’s military strikes-dubbed ‘Operation Sindoor’-against terror bases in Pakistan and Pakistan-Occupied Kashmir. The move, announced by CEO Aloke Bajpai on X, was described as an act of solidarity with India during heightened diplomatic tensions following the Pahalgam terror attack.

ixigo’s decision aligns with similar actions by other Indian travel companies, including EaseMyTrip and Cox & Kings, which have also restricted travel services to Turkey, China, and Azerbaijan. The suspensions come amid widespread calls for boycotts after these countries condemned India’s military response and backed Pakistan.

The travel industry’s collective response underscores how geopolitical developments are influencing business decisions, with Indian companies emphasizing national interests and unity in the face of international criticism

 

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